Our analysis of exploration results in 2019 highlights major achievements and events of conventional exploration during the past year. As explorers are determined to stay disciplined and profitable, we see exploration spend and activity remain flat while initially-estimated discovered volumes were highest in five years. A large part of added volumes came from a record number of giant finds. This brought down discovery cost per barrel while support positive value creation. As discoveries are further announced and appraised, we can expect exploration economics to improve further.