ExxonMobil's integrated business model is emerging from the down cycle in good shape. Scale leadership has been firmly established by three counter cyclical acquisitions in three different continents totalling close to US$11 billion. The company has enjoyed recent success from a revitalised exploration strategy embracing greater high impact frontier exploration. It has a strong position in deepwater acreage although much of it lies outside proven basins. The world class Liza discovery and bolt on finds in Guyana is justifying this high impact approach. Key elements of the strategy include exploring in the most profitable areas where discoveries can be tied back to existing infrastructure; and accessing and expanding in new areas especially where there has been world class exploration success.