Following completion of the BG acquisition in 2016, Shell is in the midst of a generational shift in strategy. It is transitioning from emphasising volume growth to being unequivocally driven by shareholder returns. The integration of BG allowed Shell to rationalise the combined acreage and high-grade opportunities to develop a world-class global exploration portfolio. Prior to BG, Shell's portfolio was already differentiated by its breadth and diversity. It included near-field, high-return, incremental potential, new plays in producing 'heartland' basins and longer-term, high-impact, frontier opportunities. BG added acreage and assets in all of these themes. Shell has now renewed focus on capital discipline, and is making swift progress on a planned disposal programme of up to US$30 bn.