How will traditional upstream strategies respond to change?

The strategies of the biggest players in the global upstream industry are being challenged and changed by the energy transition. It is adding layers of complexity to long-term investment decisions and portfolio planning, and undermining the role of traditional forms of resource capture. What does a switch to gas mean for portfolio value, given a boe of gas trades at a far smaller value than oil? What future role for large-scale M&A, given the current state of the market and dismal shareholder reactions in 2019 to big deals? And will rising dividend ratios be enough to keep the sector 'investable'? This is a version of a presentation made at the 2019 Wood Mackenzie Energy & Commodities Summit, held on Tuesday 12 November in Singapore.