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PEER STRATEGY

Majors Learn Lessons of 2013, Reap Rewards in 2022

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At just under $108 per barrel, oil prices in the first half of 2022 averaged roughly the same as they did nine years previously. Yet the world’s five leading oil majors made almost twice as much in adjusted earnings this time around, some of them while producing less oil and/or gas. The improved numbers are the result of an almost decade-long focus by BP, Chevron, Exxon Mobil, Shell and TotalEnergies on portfolio rationalization and efficiencies that are — quite literally — paying dividends in the higher oil price environment.

Topics:
Corporate Strategy , Majors, Capital Spending, Upstream Projects
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