An exclusive, data-driven analysis of supermajor corporate strategy, financial performance, low-carbon investment, and portfolio changes.

The world’s largest energy companies are at a pivotal moment. A clear strategic divergence has emerged between US majors, who are being rewarded for their core oil and gas focus, and their European peers, who are recalibrating their energy transition plans amid profitability challenges. Companies like BP and Shell have started to scale back renewable investments, blurring the lines that previously separated their strategies from those of their US counterparts.

What’s Inside the Report:

Strategic & Financial Benchmarking
- Compare Total Shareholder Return (TSR) against low-carbon investment for all supermajors between 2020 and 2025.
- Analyze shareholder payouts, which spiked to $22 per boe in 2023 but are forecast to decline to $18 per boe in 2025.
- See how recent payout ratios, averaging 36% of upstream revenue in 2024, remain far above historical norms of 15-20%.

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