BP was well-placed financially to enter the recent down-cycle having successfully delivered on a three-year, 10-point plan that simplified and re-shaped its portfolio. The oil price fall provided fresh impetus in its drive to re-engineer its portfolio, and the company adapted to a 'lower for longer' price environment. BP has done a number of deals to secure long-term production allowing it the flexibility to pursue its ‘ value over volume’ strategy focused on capital discipline. In this move to a broader growth strategy, deepwater and exploration have become increasingly focused. This shift will likely also include the capture of discovered resource opportunities and small-scale M&A. The overall direction of BP's upstream strategy is towards growing its gas and advantaged oil portfolio, with assets that are low-cost or high-margin, and building on an already deep resource base. Full details are available to download in pdf and excel format.