The majors' messy divide
Two gassy Europeans, two shale-obsessed Americans and one in between is too simplistic a division
It remains true that there are striking similarities between the five largest oil majors' strategies—focus on value over volume growth, lower production costs and high grading of portfolios through asset divestment, capital discipline and a commitment to shareholder value. But the shorthand for how to separate them may be less apposite. The received wisdom is that you can split the firms into the two firmly European majors, Shell and Total, which have bet significantly on LNG and got firmly on board with various energy transition technologies. The two US heavyweights, ExxonMobil and Chevron, have retrenched to international mega-projects and a domestic shale oil core. BP, with its British ro
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
