ExxonMobil has the most aggressive growth strategy of the Majors peer group. The portfolio has been rebuilt through the downturn via counter-cyclical exploration, M&A and discovered resource opportunity (DRO) access, allowing it to lock in rock-bottom costs. New projects will be brought online in a stronger price environment. The contrarian approach of investing in acreage and data is part of a revitalised exploration strategy embracing greater high-impact exploration. Recent success with the world-class Liza discovery and bolt-on finds in Guyana has emboldened this strategy. It now has a strong position in deepwater acreage, and much of it lies outside proven basins. Key elements of the strategy include exploring in basins with profitable hubs 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.