Concluding Thoughts
Over the next several years, integrated majors will face increasing challenges not only from NOCs, but smaller exploration and production (E&P)-focused firms. There are numerous smaller, independent companies that aren't saddled with refineries or retail gasoline stations that are nimble and able to react to opportunities in the market. Many of these smaller firms have increasingly strong balance sheets and are able to access capital with similar ease to that of many majors. This new cadre of competitors will provide integrated majors considerable competition or present possible partnership or acquisition opportunities.
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