The threat of climate change represents an existential challenge to the oil and gas industry, and to the Majors in particular. If they are to remain investible – five, ten years from now – all will need to transition to business models that are aligned with the goals of the Paris Agreement. What that actually entails is the trillion-dollar question – one which the entire industry is wrestling with right now. The answer is indeterminate and evolving; the timing ambiguous. But some things are clear. This is a journey. Everyone – consumers, policy-makers, corporations, investors – is moving in the same direction. Different routes, different velocities, but one direction. And the Majors have no choice but to make the journey. Staying put is not an option.