Global Upstream Benchmark of Supermajors (ExxonMobil, Chevron, Shell, BP, TotalEnergies, Eni, and ConocoPhillips)

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

$3000
Buy Report Download FREE Resources

Published: December 17, 2025 Report Code: GDUKOG144932-ST

Select Item

Benchmark the world’s leading oil and gas supermajors with GlobalData’s Upstream Supermajors report. Compare upstream production, reserves, financial performance, ESG targets, LNG strategies, risk exposure, and investment priorities across ExxonMobil, Chevron, Shell, BP, TotalEnergies, Eni, and ConocoPhillips. Analyze production growth forecasts, reserve profiles, capital allocation strategies, portfolio optimization trends, and competitive positioning shaping the future of the global upstream oil and gas industry.

Report Value Proposition – Why This Matters for You

The global oil and gas industry continues to navigate a complex environment shaped by commodity price volatility, capital discipline, energy transition pressures, and evolving shareholder expectations. As supermajors balance short-term profitability with long-term strategic transformation, understanding how industry leaders compare across operational, financial, and ESG performance has become increasingly important.

GlobalData’s Global Upstream Benchmark of Supermajors report provides a detailed comparative assessment of seven leading upstream operators: ExxonMobil, Chevron, Shell, BP, TotalEnergies, Eni, and ConocoPhillips.

This report helps energy companies, investors, analysts, and strategy teams evaluate production growth, reserve strength, financial resilience, ESG positioning, risk exposure, and investment strategies across the industry’s most influential upstream players. It also highlights how companies are positioning themselves for future growth through LNG expansion, portfolio optimization, and selective diversification initiatives.

Key Insights in the Global Upstream Supermajors Market

  • Comparative benchmarking of seven leading global oil and gas supermajors.
  • Total upstream entitlement across the supermajors is forecast to increase from 18 mboed in 2024 to more than 20 mboed by 2026.
  • All major operators are expected to deliver upstream growth despite mixed short-term performance.
  • US supermajors demonstrate stronger margins and higher share prices.
  • European supermajors maintain more diversified portfolios but face higher leverage and lower earnings performance.
  • LNG continues to emerge as a major strategic growth area across the sector.
  • Portfolio optimization remains focused on low-cost, high-margin upstream assets.
  • ESG targets and decarbonization commitments vary significantly across companies.
  • Commodity price volatility and potential LNG oversupply remain key industry risks.

Scope

What You Will Learn

  • Upstream production and reserve benchmarking across leading supermajors

  • Financial performance analysis including margins, leverage, EPS, and valuation metrics

  • Comparative ESG performance and target assessment

  • LNG investment strategies and future growth opportunities

  • Risk exposure analysis by company and region

  • Capital allocation and portfolio optimization approaches

  • Competitive positioning across the global upstream sector

  • Production growth outlook and reserve life comparisons

  • Strategic differences between US and European supermajors

  • Key market risks influencing future performance

Target Buyers for This Report

This report may support decision-making for:

  • Oil and gas supermajors

  • National oil companies (NOCs)

  • Upstream strategy and planning teams

  • Corporate finance departments

  • Investor relations professionals

  • Energy market analysts

  • Asset and portfolio managers

  • Institutional investors

  • Industry consultants and advisors

  • Market intelligence teams

How Companies Use This Report

Energy companies may use this report to benchmark operational performance, reserve strength, production growth, and financial results against major industry competitors.

Corporate strategy and portfolio management teams can leverage the insights to evaluate capital allocation approaches, identify performance gaps, and assess opportunities for operational improvement.

Investors and financial analysts may utilize the report to compare valuation metrics, profitability trends, leverage profiles, and future growth potential across the world’s leading upstream operators.

Additionally, ESG and sustainability teams can use the analysis to assess how peer companies are balancing decarbonization ambitions with production growth objectives and shareholder returns.

Key Highlights

  • Production and reserves

    • Total upstream entitlement across the supermajors is forecast to increase from 18 mboed in 2024 to over 20 mboed by 2026

    • All supermajors are expected to deliver upstream growth despite mixed performance in 2025

  • Financial performance

    • US supermajors combine:

      • The highest share prices

      • Stronger margins

      • Declining reserve life index (RLI)

    • European supermajors display:

      • Higher leverage

      • Lower margins and earnings per share

      • Mixed enterprise value-to-production ratios

      • More diversified portfolios, albeit with higher risk

  • Investment strategies

    • TotalEnergies and Shell lead in project breadth with numerous upcoming developments

    • US supermajors focus on fewer, higher-value projects under tighter capital discipline

Market Outlook

  • Continued exposure to commodity price volatility

  • Risk of prolonged low oil prices and exposure to a potential LNG glut

  • Portfolio optimization focused on low-cost, high-margin upstream assets

  • Expansion of LNG capabilities as a strategic priority

  • Increased emphasis on operational and portfolio efficiency

  • Trade-offs emerging between efficiency gains and decarbonization ambitions

  • Ongoing focus on emerging markets and advances in E&P technologies

Reasons to Buy

Benchmark Against Global Upstream Industry Leaders

The report provides detailed comparative analysis of ExxonMobil, Chevron, Shell, BP, TotalEnergies, Eni, and ConocoPhillips across critical performance indicators.

It enables organizations to benchmark production volumes, reserve profiles, financial metrics, ESG commitments, investment priorities, and risk exposure to better understand competitive positioning within the global upstream oil and gas market.

Built on Trusted GlobalData Energy Intelligence

Built using GlobalData’s proprietary energy datasets, upstream industry expertise, and benchmarking methodologies, this report combines operational analysis, financial intelligence, ESG assessment, and strategic evaluation into a comprehensive decision-support resource.

Trusted by energy companies, investors, and industry stakeholders worldwide, the report provides a reliable view of how leading supermajors are navigating an evolving energy landscape.

Act Now to Strengthen Strategic Positioning in the Upstream Oil & Gas Sector

As the oil and gas industry balances production growth, energy transition pressures, capital discipline, and evolving market risks, competitive benchmarking has become essential for strategic decision-making. Organizations that understand how leading supermajors are managing portfolios, allocating capital, and positioning for future growth may be better equipped to optimize performance and identify opportunities in an increasingly complex energy market.

ExxonMobil
Chevron
Shell
BP
TotalEnergies
Eni
ConocoPhillips

Table of Contents

1 Executive Summary

1.1 Market overview

1.2 Key findings

1.3 Looking ahead

2 Methodology

3 Key Upstream Metrics Benchmarking

3.1 Oil & Gas Production

– Total Oil & Gas Production

3.2 Oil & Gas Reserves

– Total Entitled Reserves by Region

– Reserves by Resource Type

– Reserves by Terrain

– Crude Oil & Condensate Reserves by Project Stage

– Natural Gas Reserves by Project Stage

3.3 Reserve Indexes

– Reserves Life Index

– Reserve Replacement Ratio

3.4 Upstream Spending

3.5 Oil & Gas Portfolio

– Geographical split

– Production HHI concentration

– Vertical Integration

3.6 Overview

4 Financial Metrics Benchmarking

4.1 Stock Performance & Valuation

– Share Price Performance

– Stock Price to Net-Income

4.2 Cashflow

– Upstream Operating revenue

– Operating Cashflow per boe

4.3 Returns

– Net Profit Margin

– Earnings Per Share

– Return on Capital Employed

4.4 Liquidity & Debt

– Quick Ratio

– Net-Debt-to-Equity

5 Upstream Operational Metrics Benchmarking

5.1 Portfolio Economics

– IRR

– Payback years

– Net Present Value

5.2 Cost & Revenue of Upstream Operations

– Cost per barrel

– Net-back per boe

– Average Upstream prices

– Breakeven prices

5.3 Upstream Capex Allocation

5.4 Development Times

6 FIDs, projections & Asset-Level Analysis

6.1 Final Investment Decisions (FIDs)

– FIDs

– Capex Sanctioned

6.2 Asset Analysis

6.3 Oil Assets

6.4 Gas & Integrated LNG Assets

7 Risk Exposure & Mitigation

7.1 GlobalData Upstream Risk Index

7.2 Regulatory and Geopolitical Landscape

7.3 Sensitivity to price shocks

8 ESG

8.1 Decarbonization targets

8.2 Upstream Emissions

Table

Table 1: Production, Reserves and Capex Overview

Table 2: Asset Commentary

Figures

Figure 1: Total Oil & Gas Production Entitlement (mboed)

Figure 2: Total Remaining Entitled Reserves by Region (boed)

Figure 3: Total Remaining Entitled Reserves by Region

Figure 4: Total Remaining Entitled Reserves by Terrain (boed)

Figure 5: Crude Oil and Condensate Remaining Entitled Reserves (billion bls)

Figure 6: Natural Gas Remaining Entitled Reserves (tcf)

Figure 7: Reserves Life Index (RLI)

Figure 8: Reserve Replacement Ratio RRR

Figure 9: Upstream Capex as % of Cashflow, by Company & Year

Figure 10: Oil & Gas Production Entitlement by Country

Figure 11: Production Concentration Index (HHI)

Figure 12: Oil & Gas Income by Market Segment (million $)

Figure 13: Share Price (year-end)

Figure 14: Stock Price to Net-Income

Figure 15: Upstream Operating Revenue (million $)

Figure 16: Operating Cashflow per boe

Figure 17: Net Profit Margin

Figure 18: Earnings per Share

Figure 19: Return on Capital Employed (ROCE%)

Figure 20: Quick Ratio

Figure 21: Net-Debt-to-Equity

Figure 22: Internal Rate of Return (IRR) of Upstream Projects

Figure 23: Payback Years vs Number of New Projects

Figure 24: Net Present Value of Upstream Projects

Figure 25: Capex and Opex per barrel of oil equivalent

Figure 26: Net-back per barrel of oil equivalent

Figure 27: Average Realized Oil & Gas Price-Without Hedge ($/boe)

Figure 28: Upstream Oil Break-even Price (avg)

Figure 29: BP Upstream Capex Allocation (e)

Figure 30: Chevron Upstream Capex Allocation (e)

Figure 31: ConocoPhillips Upstream Capex Allocation (e)

Figure 32: Eni Upstream Capex Allocation (e)

Figure 33: Shell Upstream Capex Allocation

Figure 34: ExxonMobil Upstream Capex Allocation (e)

Figure 35: TotalEnergies Upstream Capex Allocation

Figure 36: Current Upstream Project Development Times

Figure 37: Known Upcoming Projects

Figure 38: Known FIDs by Project stage

Figure 39: Project Cost Sanctioned

Figure 40: Oil Assets Benchmark

Figure 41: Gas Assets Benchmark

Figure 42: GlobalData Upstream Risk Index

Figure 43: Target Year for Net-zero GHG Emissions and Zero Flaring

Figure 44: Emissions Intensity Targets

Figure 45: Upstream Scope 1 & 2 GHG Emissions

Global Upstream Benchmark of Supermajors (ExxonMobil, Chevron, Shell, BP, TotalEnergies, Eni, and ConocoPhillips) standard reports
Currency USD
$3,000

Can be used by individual purchaser only

Most Popular
$6,000

Can be shared by unlimited users within one corporate location e.g. a regional office

$9,000

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Add to Basket

Undecided about purchasing this report?

Enquire Before Buying Download FREE Resources

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Sample Report

Global Upstream Benchmark of Supermajors (ExxonMobil, Chevron, Shell, BP, TotalEnergies, Eni, and ConocoPhillips) was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying
testimonial-image
testimonial-image
testimonial-image
testimonial-image
testimonial-image
testimonial-image
testimonial-image

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

 Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

 Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

 Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

 Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

 Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

 Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

 Senior Account Manager, TSYS

Related reports

View more Upstream reports
Oil and Gas
New
CCUS Market Outlook and Trends - H2 2026
$2,500 | July 2026
Oil and Gas
New
Global Oil and Gas Projects Outlook to 2030 - H1…
$3,000 | June 2026
Oil and Gas
New
Global Propylene Industry: Capacity and Capital Expenditure Forecasts with Details…
$3,995 | June 2026
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Global Upstream Benchmark of Supermajors (ExxonMobil, Chevron, Shell, BP, TotalEnergies, Eni, and ConocoPhillips) in real time.

  • Access a live Global Upstream Benchmark of Supermajors (ExxonMobil, Chevron, Shell, BP, TotalEnergies, Eni, and ConocoPhillips) dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.
Tell me more