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Resource duration is back, but cheap capital is not. We look at how higher financing costs are reshaping project economics, shareholder returns and who should own long-life oil and gas resources through development.
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For decades, upstream was assumed to be the cash engine of the integrated oil company. But the post-separation performance of Marathon, Murphy and ConocoPhillips suggests the harder question is not where the cash is generated, but what management does with it.
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Murphy Oil was once an unusually complete and technically ambitious oil company for its size. Over the past decade, much of that business has been sold, separated or reshaped. This article looks at what Murphy built, what changed, and why the shareholder outcome has been far less impressive.
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ConocoPhillips has announced Ryan Lance’s retirement as CEO, with Andy O’Brien taking over. The succession does not prove PetroEquity’s earlier argument, but it sharpens it: COP got bigger. O’Brien now has to show whether it got better.
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excerpt for ghost EOG Resources began as Enron Oil & Gas. This is the story of how successive management teams turned technical insight, capital discipline and industry crises into one of the finest records of value creation in upstream.
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Who is the best explorer? Comparing ExxonMobil, Eni, TotalEnergies, BP, Shell and Chevron, asking who preserved the capability to find new resources, who lost strategic continuity, and who ultimately had to buy barrels discovered by somebody else.
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🎧 Prefer to listen? Chevrons different bet0:00/2309.549661× We previously examined how Shell changed after acquiring BG Group in 2016. The deal deepened Shell’s exposure to natural gas, LNG and the increasingly complex markets through which gas molecules are produced, traded, transported and sold. Over the following decade,