Wood Mac analysts looked into supermajors’ costs, balance sheets, and portfolios, to rank them based on what the consultancy calls cash margin. On this basis, Chevron topped the ranking with a cash margin of close to $18 per barrel of crude. Judging by plans announced earlier this year by the three European supermajors, diversification is not a top priority. A few years ago, it was all about growth in oil, as fast as possible. Today, things are very different. Gone are the growth plans. Gone are the budgets based on $60 for a barrel of Brent. The boom is out. The bust is in. And the only way for oil majors to ride this bust out is to become as resilient as possible, even in the face of further shocks. Some of them are already ahead of the competition: according to a study by Wood Mackenzie, Chevron and Shell […]