Following the BG acquisition in 2016, Shell is in a generational shift in strategy. It is transitioning from emphasising volume growth to being unequivocally driven by shareholder returns. Integration of BG is allowing it to rationalise the combined acreage and high-grade opportunities to develop a world-class exploration portfolio. Prior to BG, Shell's portfolio was already differentiated by its breadth and diversity. It included incremental potential, new plays in producing 'heartland' basins and 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. Its total resource add from exploration over the last decade was 13.6 bnboe. Much of the conventional resource will be challenging to commercialise, but Shell's refocus on low breakeven incremental prospects around existing production hubs is resulting in improved returns.