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Upstream Majors company benchmarking 2016

Upstream Majors company benchmarking 2016

Report summary

The Majors’ integrated business model, strong balance sheets and deep investment cuts have supported dividends in the downturn. These defensive qualities have also helped the group deliver better stock market performance than oil and gas sub-sectors since oil prices collapsed.

Capital discipline will frame the strategic response into the recovery phase; value will win out over volume. Smarter capital allocation is already driving better returns on next generation projects. Positive free cash flow generation may not be far off; what’s less clear is whether this will signal a new phase of growth.

We review how the down cycle has impacted the Majors' positioning on key performance metrics in this insight, using the latest metrics from our Corporate Benchmarking Tool. The report benchmarks the relative performance of BP, Chevron, Eni, ExxonMobil, Shell, Statoil and Total.

What's included?

This report includes 1 file(s)

  • Benchmarking the Majors 2016.pdf PDF - 1.01 MB


The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation all impact the production process.

This forces companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Company Benchmarking report provides a unique perspective on corporate positioning using our proprietary, forward-looking metrics on financial health, value, production, reserves and costs.

Widely used by both the energy and financial sectors, our report gives you a unique perspective on key strategic and financial challenges, as well as opportunities facing this oil and gas company.

Wood Mackenzie provides an independent evaluation and expert opinion on the operational performance, strategy and future of the world's top oil and gas companies. Our unique, objective analysis helps you understand, validate, compare and challenge market and corporate views so you can assess strategic opportunities.

  • Executive summary
    • The main deliverable for this report is a slide pack, which can be found in the downloads area.
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We work across every sector of oil, gas, power, renewables, chemicals, metals and mining, covering more than 150 countries. Our proprietary data and models are at the core of everything we do, ensuring our independent asset and company valuations are thoroughly robust and that we offer an accurate forward-looking view of economic indicators such as market supply, demand and price trends.

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