The Majors' Q4 2025: Scale Wins, and the Scoreboard Is Getting Shorter

CIR | Issue 15 | April 24, 2025 Q1 2025 earnings season delivered a familiar split for upstream operators: disciplined capital allocation rewarded, growth-at-any-cost punished, and natural gas producers still waiting for a turn that hasn't arrived. With WTI averaging roughly $71-73/bbl in the quarter and Henry Hub stuck