International Independents - Refreshing the value proposition

International Independents have struggled to capture market attention with their focus on capital-intensive growth projects and frontier, higher risk and reward exploration. But the peer group holds transformational wild cards with 1) exploration exposure with the potential for needle-moving success and 2) scope to increase shareholder returns or M&A activity as cash flow ramps up medium-term. We look at how these companies might rekindle the market’s interest.