While major oil companies including Exxon Mobil have chosen to continue to operate under the integrated model, others, like ConocoPhillips, have spun off their refining businesses to concentrate on higher margin production units.

FORBES: Billionaire Carl Icahn Scraps Plans To Take CVR Energy Private

We continue to expect annual global consumption to exceed annual global mine production by a significant margin over the next 10 years, a situation that has existed since about 1986.

FORBES: Cameco Sinks As Sales Drop Post-Fukushima

Like many of its competitors, Exxon is putting its chips on higher-margin exploration and production operations.

FORBES: Oil & Gas Paradigm Shift: Exxon Sells Japanese Downstream Assets For $3.9B