Oil & Gas Majors
Crude and Natural Gas Benchmarks
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.
Integrated Major Revenue
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.
Integrated Major Operating Margin
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.
Integrated Major Capital Spending
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.
