US Firms Pull Back From The World

US majors and upstream firms are eying growth after two fallow years. In doing so they are further intensifying their focus on domestic, rather than overseas, opportunities. The Mena region barely gets a look in. Short-term this approach no doubt represents good value. Long-term they are missing a trick.

Chevron, the second US major alongside ExxonMobil, sees itself as an integrated international company. You wouldn’t know it from the firm’s Q3 results.

Not only does its Mena output remain at precisely zero with no sign of a restart at the Saudi/Kuwait shared Neutral Zone, the fact that 200,000 b/d capacity here is still out does not rate a mention: off the spreadsheet (given that it has been out for over a year), out of mind, as it were. No mention of exploration assets in the KRG or Morocco either. (CONTINUED - 2357 WORDS)

DATA INSIDE THIS ARTICLE

table Exxonmobil: ‘Relentless Focus’ On Spending Cuts ($Bn)