The majors' downstream profits once again provided a much-needed financial fillip, offsetting predominantly weaker upstream results in 2016. And some see downstream investment opportunities to further bolster cash flow from the segment. Years of restructuring - to shed loss-making smaller refineries and retail operations and cut costs in fuel logistics and distribution - have made the majors' downstream portfolios resilient, despite weaker refining profits last year compared with 2015. Management is eager to apply the kind of cost-cutting discipline seen downstream to upstream operations. For Total, "the backbone of the group's resilience was the downstream", chief executive Patrick Pouyanne says.
展开▼
