A comparative analysis of climate-related disclosures across six oil and gas majors found that TotalEnergies and ExxonMobil “demonstrate the most mature integration of climate concerns into capital planning and disclosures”.
The study was conducted by Robert Eccles, professor of management practice at Saïd Business School of the University of Oxford. It assessed the extent of the six companies’ reporting on GHG emissions and reserve valuation and CapEX, based on their 2024 regulatory filings. The study also compared the integration of climate-related risks in the companies’ business strategies.
Both TotalEnergies and ExxonMobil were also found to provide clear disclosures on targets, business model evolution and financial scenario testing.
Chevron and ConocoPhillips exhibited “moderate levels of transparency”, whilst BP and Shell provided strong narrative commitments to decarbonisation but lacked financial specificity and CapEX accountability in their filings.
The study reads: “From a sector-wide perspective, Scope 1 and 2 emissions reporting is now standard, though methodologies and baseline years vary. Scope 3 emissions remain the industry blind spot, with most firms either omitting them entirely or addressing them in non-financial contexts.”
“Similarly, reserves valuation and CapEx disclosures remain largely decoupled from 1.5°C or Net Zero scenario planning. Few companies stress-test reserves or CapEx pathways against low-carbon pricing environments leaving investors with limited insight into stranded asset risk,” it continues.
People:Robert Eccles
