PUBLISHER: GlobalData | PRODUCT CODE: 1901437
PUBLISHER: GlobalData | PRODUCT CODE: 1901437
2025 Global Upstream Benchmark of Supermajors
The 2025 Global Upstream Benchmark of Supermajors report provides a comprehensive analysis of the oil and gas sector, focusing on the performance of seven major companies: ExxonMobil, Chevron, Shell, BP, TotalEnergies, Eni, and ConocoPhillips. The report highlights a post-pandemic recovery phase, characterized by fluctuating commodity prices, capital discipline and shifting shareholder priorities. The market is witnessing a mixed transition from traditional oil and gas operations to integrated energy solutions, with a significant emphasis on LNG and renewable energy investments, with varying levels of success across segments and companies.
Market overview
The 2025 Global Upstream Benchmark of Supermajors report provides a comprehensive analysis of the oil and gas sector, focusing on the performance of seven major companies: ExxonMobil, Chevron, Shell, BP, TotalEnergies, Eni, and ConocoPhillips. The report highlights a post-pandemic recovery phase, characterized by fluctuating commodity prices, capital discipline and shifting shareholder priorities. The market is witnessing a mixed transition from traditional oil and gas operations to integrated energy solutions, with a significant emphasis on LNG and renewable energy investments, with varying levels of success across segments and companies.
Key findings
- Production and Reserves: Total upstream entitlement across the supermajors to increase from 18 mboed in 2024 to over 20 by 2026, with all supermajors set for growth despite mixed 2025.
Financial Performance -
- US. supermajors combine the highest share prices, margins and declining RLI.
- European supermajors display higher leverage and lower margins and EPS, with mixed E/P ratios but a healthy diversified portfolio, despite higher risk.
- Investment Strategies: TotalEnergies and Shell lead in project breadth with numerous upcoming projects, while American supermajors focus on fewer, high-value projects.
Looking ahead
The report notes how supermajors anticipate continued volatility in commodity prices, but display exposure to an LNG glut and prolonged low oil prices. Companies are expected to navigate these challenges by optimizing their portfolios, focusing on low-cost, high-margin assets, and expanding their LNG capabilities. The strategic emphasis will likely shift towards enhancing operational & portfolio efficiency, presenting trade-offs for decarbonization targets, with a keen eye on emerging markets and E&P technological developments.
Key Highlights
Production and Reserves -
- Total upstream entitlement across the supermajors to increase from 18 mboed in 2024 to over 20 by 2026, with all supermajors set for growth despite mixed 2025.
Financial Performance -
- US. supermajors combine the highest share prices, margins and declining RLI.
- European supermajors display higher leverage and lower margins and EPS, with mixed E/P ratios but a healthy diversified portfolio, despite higher risk.
- Investment Strategies:
- TotalEnergies and Shell lead in project breadth with numerous upcoming projects, while American supermajors focus on fewer, high-value projects.
Scope
- Upstream operational, financial, ESG and risk benchmar of Oil & Gas Supermajors
Reasons to Buy
- Benchmark Supermajors: ExxonMobil, Chevron, Shell, BP, TotalEnergies, Eni and ConocoPhillips.
- Assess Oil & Gas Supermajors' key production and reserves metrics, financial indicators, operational metrics benchmarking, ESG target performance and risk exposure.
- Identify business strategies, performance and market opportunities.
Table of Contents
Table of Contents
1 Executive Summary
- 1.1 Market overview
- 1.2 Key findings
- 1.3 Looking ahead
2 Methodology
3 Key Upstream Metrics Benchmarking
- 3.1 Oil & Gas Production
- Total Oil & Gas Production
- 3.2 Oil & Gas Reserves
- Total Entitled Reserves by Region
- Reserves by Resource Type
- Reserves by Terrain
- Crude Oil & Condensate Reserves by Project Stage
- Natural Gas Reserves by Project Stage
- 3.3 Reserve Indexes
- Reserves Life Index
- Reserve Replacement Ratio
- 3.4 Upstream Spending
- 3.5 Oil & Gas Portfolio
- Geographical split
- Production HHI concentration
- Vertical Integration
- 3.6 Overview
4 Financial Metrics Benchmarking
- 4.1 Stock Performance & Valuation
- Share Price Performance
- Stock Price to Net-Income
- 4.2 Cashflow
- Upstream Operating revenue
- Operating Cashflow per boe
- 4.3 Returns
- Net Profit Margin
- Earnings Per Share
- Return on Capital Employed
- 4.4 Liquidity & Debt
- Quick Ratio
- Net-Debt-to-Equity
5 Upstream Operational Metrics Benchmarking
- 5.1 Portfolio Economics
- IRR
- Payback years
- Net Present Value
- 5.2 Cost & Revenue of Upstream Operations
- Cost per barrel
- Net-back per boe
- Average Upstream prices
- Breakeven prices
- 5.3 Upstream Capex Allocation
- 5.4 Development Times
6 FIDs, projections & Asset-Level Analysis
- 6.1 Final Investment Decisions (FIDs)
- FIDs
- Capex Sanctioned
- 6.2 Asset Analysis
- 6.3 Oil Assets
- 6.4 Gas & Integrated LNG Assets
7 Risk Exposure & Mitigation
- 7.1 GlobalData Upstream Risk Index
- 7.2 Regulatory and Geopolitical Landscape
- 7.3 Sensitivity to price shocks
8 ESG
- 8.1 Decarbonization targets
- 8.2 Upstream Emissions
List of Table
List of Tables
- Table 1: Production, Reserves and Capex Overview
- Table 2: Asset Commentary
List of Figure
List of Figures
- Figure 1: Total Oil & Gas Production Entitlement (mboed)
- Figure 2: Total Remaining Entitled Reserves by Region (boed)
- Figure 3: Total Remaining Entitled Reserves by Region
- Figure 4: Total Remaining Entitled Reserves by Terrain (boed)
- Figure 5: Crude Oil and Condensate Remaining Entitled Reserves (billion bls)
- Figure 6: Natural Gas Remaining Entitled Reserves (tcf)
- Figure 7: Reserves Life Index (RLI)
- Figure 8: Reserve Replacement Ratio RRR
- Figure 9: Upstream Capex as % of Cashflow, by Company & Year
- Figure 10: Oil & Gas Production Entitlement by Country
- Figure 11: Production Concentration Index (HHI)
- Figure 12: Oil & Gas Income by Market Segment (million $)
- Figure 13: Share Price (year-end)
- Figure 14: Stock Price to Net-Income
- Figure 15: Upstream Operating Revenue (million $)
- Figure 16: Operating Cashflow per boe
- Figure 17: Net Profit Margin
- Figure 18: Earnings per Share
- Figure 19: Return on Capital Employed (ROCE%)
- Figure 20: Quick Ratio
- Figure 21: Net-Debt-to-Equity
- Figure 22: Internal Rate of Return (IRR) of Upstream Projects
- Figure 23: Payback Years vs Number of New Projects
- Figure 24: Net Present Value of Upstream Projects
- Figure 25: Capex and Opex per barrel of oil equivalent
- Figure 26: Net-back per barrel of oil equivalent
- Figure 27: Average Realized Oil & Gas Price-Without Hedge ($/boe)
- Figure 28: Upstream Oil Break-even Price (avg)
- Figure 29: BP Upstream Capex Allocation (e)
- Figure 30: Chevron Upstream Capex Allocation (e)
- Figure 31: ConocoPhillips Upstream Capex Allocation (e)
- Figure 32: Eni Upstream Capex Allocation (e)
- Figure 33: Shell Upstream Capex Allocation
- Figure 34: ExxonMobil Upstream Capex Allocation (e)
- Figure 35: TotalEnergies Upstream Capex Allocation
- Figure 36: Current Upstream Project Development Times
- Figure 37: Known Upcoming Projects
- Figure 38: Known FIDs by Project stage
- Figure 39: Project Cost Sanctioned
- Figure 40: Oil Assets Benchmark
- Figure 41: Gas Assets Benchmark
- Figure 42: GlobalData Upstream Risk Index
- Figure 43: Target Year for Net-zero GHG Emissions and Zero Flaring
- Figure 44: Emissions Intensity Targets
- Figure 45: Upstream Scope 1 & 2 GHG Emissions
