Independents - Themes from Q4 2013 results presentations

Portfolio restructuring took hold among Independents during 2013, part of the industry's response to poor shareholder returns in previous years. The group outperformed in 2013, achieving a 12-month Total Shareholder Return of 17%, up from 1% in 2012. The companies most exposed to unconventional oil and active in restructuring performed best, and expenditure will increase in 2014. Explorers fared less well as a number of key wells disappointed.