Oil & Gas Majors

The two crude benchmarks and US natural gas, monthly since 2005. Every other chart in this sector is downstream of these three lines: they set upstream earnings, they set refining input costs, and with a lag they set drilling budgets.

Company-reported hydrocarbon production for 2023 to 2025. Definitions are not identical across issuers (net versus available-for-sale, oil plus NGL versus worldwide boe), so this is each company's own disclosed series, not a standardized entitlement barrel.

Six years of revenue for the largest integrated majors. The 2020 collapse and the 2022 spike are the same commodity cycle running through every line, which is exactly what owning all five segments at once is supposed to smooth.

Operating margin for fiscal 2025. The spread is wide for companies doing nominally the same thing: state-controlled producers with low-cost domestic barrels sit far above the western majors, whose large refining and trading arms carry high revenue at thin margins.

Capital expenditure for fiscal 2025. Capex discipline is the defining post-2020 behavioral change in this industry, and the absolute numbers remain well below the pre-2015 era in real terms.

Operating cash flow minus capital expenditure for fiscal 2025. This is the cash that funds dividends and buybacks after the wells and plants are paid for, and it is the number the post-2020 capital-discipline story is built on.

Company-disclosed LNG volumes. Units are not converted: Cheniere reports TBtu loaded, Shell reports liquefaction in million tonnes, TotalEnergies reports LNG sales in million tonnes. Read it as three sourced series, not a league table.

The highest-frequency read on whether supply is running ahead of demand. Builds and draws in these tanks move crude futures on the morning they are published, and the level relative to the seasonal norm is what traders actually react to. The Strategic Petroleum Reserve is available as a separate line because it moves on politics rather than on market balance.