These factors were materiality and profitability, cash flow uplift and production uplift.

“The ‘winners’ therefore own material new projects that represent a large component of their market value, are highly profitable and will materially lift their future cash flows and production in both the short and medium term on our estimates at a Brent oil price in the $ 50-60 (barrel a day) range,” the note said.

Goldman warned, however, that the metrics used did not take into consideration the rest of these firms’ business, only their portfolios.

In the Americas, Goldman Sachs suggested that EOG, Range Resources, Devon, Concho, Anadarko and Petrobras hold the best projects.

“The industry has shifted from long-cycle projects to short-cycle,” the bank said. In 2010, short-cylce projects made up only 16 percent of its “Top Projects” analysis report, but they now account for 50 percent of the total.

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