There were mixed messages from the Q2 2016 results. The sustainability of the Majors dividends was once again in focus as net debt crept up and earnings for most came in below market expectations. But there were also early signs that the US E&P investment cycle is bottoming out. And M&A led repositioning is accelerating as more players buy into the low end of the global cost curve. In this insight we analyse the main trends from the results season and what these mean for shareholder returns and the investment cycle.