- The oil majors that prepare for a world of $65-$75 crude will be the ones that reward shareholders, Citigroup says, naming ConocoPhillips (COP -0.1%) and Total (TOT +0.4%) at the top of the list.
- Success in the current environment involves a steep focus on self-help in the form of cost cutting and delivery of current growth investment, with the potential around costs substantial for an industry that has seen 10 years of inflationary pressures, the firm says, seeing TOT as a leading self-help story by its deep cultural change and COP by the ability to combine a cost-cutting story with a high exposure to low cost shale growth.