Insight
The Majors' upstream transformation
This report is currently unavailable
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
All of the Majors have fundamentally transformed their upstream portfolios in recent years. In terns of volume, the Majors have captured 62 billion boe of new reserves, and added 6.2 million boe/d to 2030 production. In terms of value, corporate cash flow breakevens have fallen to US$40/bbl; returns from growth projects have increased by 50%. How did they do it? New resource capture has come in the form of exploration, M&A and DROs, augmented by organic additions from within the portfolio. But re-engineering has come at a cost, and value creation is not ubiquitous.
Table of contents
- Executive summary
Tables and charts
This report includes the following images and tables:
- The Majors Upstream Valuations (US$ Millions)
What's included
This report contains:
Other reports you may be interested in
Insight
Chevron completes Hess acquisition and closes gap to ExxonMobil
On 18 July 2025, it was announced that the International Chamber of Commerce (ICC) ruled in favour of Chevron and Hess in the dispute.
$1,350
Asset Report
Vital Energy - Lower 48 Upstream
Analysis of Vital Energy's Lower 48 assets
$22,800
Country Report
Kazakhstan upstream summary
Three super-giant fields dominate a well-established upstream industry - The Tengizchevroil (TCO), Kashagan and Karachaganak ...
$6,480
