IOCs Focus Cash on Shareholders, Carbon

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IOCs are staying committed to new strategies and fiscal restraint despite recent cash windfalls, our analysis shows. They are targeting stronger finances, improved returns and higher payouts, to rebuild investor confidence and bolster future resilience. We see more tension around future spending hikes, now likely to diverge from past upcycles, as pressure to spend more on low-carbon ventures limits upstream investment.

Corporate Strategy
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Fri, Jun 2, 2023