Insight
The Majors’ resilience: stress-testing upstream cash margins
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
We put the Majors' upstream cash margins under the microscope. What did we learn? Chevron stands out for its resilience and upside leverage. Resource theme weighting critical to weathering low prices. World-class assets underpin outperformance. High-grading has a vital role to play in future proofing portfolios. Covid-19 and the oil price collapse will be a call to action to strip out assets that are under water at low prices. ExxonMobil has the biggest opportunity to deliver margin expansion through the sale of low-margin assets.
Table of contents
- Executive summary
Tables and charts
This report includes the following images and tables:
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Pre-capex margins at US$30/bbl flat real
What's included
This report contains:
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