Upstream, Downstream and the Battle for Capital
For decades, upstream was treated as the economic heart of the integrated oil company. But Marathon, Murphy and ConocoPhillips produced a surprising result after separating their downstream businesses. What happened to the cash — and what does it tell us about oil-company strategy today?
Petroequitysignal upstream versus downstream
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For decades, upstream was treated as the economic heart of the integrated oil company. But Marathon, Murphy and ConocoPhillips produced a surprising result after separating their downstream businesses. What happened to the cash — and what does it tell us about oil-company strategy today?
Read the related PetroEquity Signal analysis:
When Downstream Beat Upstream — What three oil-company break-ups tell us
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.
Oberon Houston
