Direct Answer
51 SEC filers are classified under the Standard Industrial Classification codes that describe the integrated oil majors industry, and their latest annual reports show $1.15 trillion of combined revenue and a median operating margin of 5.6%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Integrated oil majors are the largest listed oil and gas groups, with global upstream portfolios, refining, chemicals, trading and a growing low-carbon business. Their scale lets them fund long projects and large dividends through price cycles. The first numbers to compare across companies here are production and reserve life, cash flow from operations and dividend and buyback coverage.
Key Industry Metrics
- Production and reserve life: Daily output and the years of reserves behind it. A long reserve life with steady output shows the portfolio can sustain payouts; shrinking reserve life needs new discoveries or purchases.
- Cash flow from operations: Cash generated by the business before capital spending. It funds investment, dividends and buybacks; compare across prices to see how sensitive it is to oil and refining margins.
- Dividend and buyback coverage: How many times operating cash flow after investment covers shareholder payouts. Strong coverage means payouts are funded from earnings, not borrowing; low coverage invites cuts.
- Return on capital employed: Operating profit relative to the capital invested in the business. It rises and falls with commodity prices, so compare through a full cycle against the company's cost of capital.
- Net debt to capital: Borrowings less cash as a share of total capital. Majors typically keep it moderate to ride out price falls; a rising ratio reduces room for payouts and projects.
Primary Macro Drivers
- Oil and gas prices: Prices set upstream revenue for a large production base, so changes move cash flow from operations and the capacity for dividends and buybacks.
- Refining margins: Product spreads drive downstream earnings, which can offset weaker upstream results and support cash flow through the cycle.
- Project sanction discipline: How selectively the group approves large projects decides future production and returns, shaping return on capital employed and net debt.
- Government terms and taxes: Royalties, windfall taxes and production-sharing terms decide how much of each barrel's value is kept, affecting cash flow and returns.
Major Risks
- Price cycles and impairment risk: Lower long-term price assumptions can force write-downs on assets and cut cash flow; watch impairment charges and breakeven prices.
- Energy transition and demand uncertainty: Slower fossil demand growth would shorten asset lives and returns; watch reserve life, capital shifts and low-carbon spending results.
- Political and sanctions exposure: Assets in unstable or sanctioned countries can be lost or restricted; watch the share of production in higher-risk regions.
- Large project cost overruns: Mega-projects can cost more and start later than planned, delaying cash flow; watch budget revisions and capital spending against guidance.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Mixed |
| Capital Intensity | High |
| Regulatory Intensity | Medium |
| Industry Maturity | Mature |
| Geographic Importance | Global |
Integrated Oil Majors Filers in the SEC Record
51 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification codes 1311, 2911. Their latest fiscal years end between 2025 and 2026, and together they reported $1.15 trillion of revenue. Median revenue growth over the prior year was -1.2%. Median operating margin was 5.6% and median net margin 5.4%. Median total liabilities were 42% of total assets, and 35 of 51 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Exxon Mobil Corp | $332.2 billion | -5.0% | n/a | 8.7% | FY 2025 |
| Chevron Corp | $189.0 billion | -6.8% | n/a | 6.5% | FY 2025 |
| Marathon Petroleum Corp | $132.7 billion | -4.4% | 6.2% | 3.0% | FY 2025 |
| Phillips 66 | $132.4 billion | -7.5% | n/a | 3.3% | FY 2025 |
| Valero Energy Corp | $122.7 billion | -5.5% | 2.6% | 1.9% | FY 2025 |
| Conocophillips | $58.9 billion | 7.7% | n/a | 13.6% | FY 2025 |
| Pbf Energy Inc. | $29.3 billion | -11.4% | -0.2% | -0.5% | FY 2025 |
| Eog Resources Inc | $22.6 billion | -4.5% | 28.2% | 22.0% | FY 2025 |
The 8 largest of 51 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Integrated Oil Majors guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the Integrated Oil Majors industry?
Key performance indicators for the Integrated Oil Majors industry include: Production and reserve life, Cash flow from operations, Dividend and buyback coverage, Return on capital employed, Net debt to capital. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Integrated Oil Majors industry?
The Integrated Oil Majors industry exhibits mixed cyclicality characteristics. Some segments move with the broader economy while others maintain more stable demand, making stock selection within the group particularly important.
What are the biggest risks in the Integrated Oil Majors industry?
The primary risks for Integrated Oil Majors companies include: Price cycles and impairment risk, Energy transition and demand uncertainty, Political and sanctions exposure, Large project cost overruns. Investors should assess each company's exposure to these factors and its track record of navigating them.