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.