Deintegration: Strategy or Tactic?
By Olivier Abadie , James Burkhard , David Hobbs, and Philippe Michelon
Vertical integration, the dominant strategic model for integrated oil and gas companies (IOCs), has been challenged over the past decade by a more attractive financial valuation of pure exploration and production companies. But can this premium last? And would demerging help IOCs improve their performances, especially in emerging markets?
Please note: Figure 2 was updated on 18 January 2013 to correct line labels....
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