Oil and Gas Producers
A term that is used often in this book is integrated major (or major). This term refers to the industry business model of a large, vertically integrated oil and gas producer that has upstream, midstream, and downstream operations. Upstream refers to exploration and production, midstream consists of storage and transport, downstream refers to refining and retail operations. For integrated majors, the road ahead is one marked with significant challenges. In the wake of maturing basins, integrated majors are faced with stable to decreasing crude oil and natural gas production. The majors are also faced with the challenges associated with increasing crude oil and natural gas reserves in an environment where the preponderance ...
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