Updating Lower 48 competitor groups: the new shale Majors Report

Insight 24 April 2023

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Report summary

Through a systematic approach, we expand the list of Lower 48 ‘Majors’ from just two (ExxonMobil and Chevron) to a total of seven companies. Two years of continual M&A combined with more elaborate and updated business models were catalysts for reevaluating who the Super-Independents in US shale are benchmarked against. The inclusion of ConocoPhillips, Occidental, EOG, EQT and Devon into the Majors competitor group challenges how peers and stakeholders should think about the next decade of US onshore. Our scorecard approach is not a ranking but rather a comparison to today’s Lower 48 Majors. It helps identify new E&Ps to learn from and attempt to outperform.

Executive summary
Introduction
Why separate the Majors in the Lower 48?
- Growth trends
- Catalyst for new Lower 48 groupings (1): M&A and production scale
- Catalyst for new Lower 48 groupings (2): growing global strategies
Systematically re-evaluating ‘L48 Majors’
New benchmarks drive new behaviours
- Considerations for investors
- Considerations for producers
Comparison to CoRSI
Macro impacts
Appendix