The Brent price required for cash-flow neutrality continues to fall. The weighted average was US$93/bbl heading into 2015, US$75/bbl by the end of the year and US$65/bbl entering 2016. Action taken since has reduced our current estimate to just US$53/bbl; an impressive 40% lower than 18 months ago. But can companies generate free cash flow? We review the current corporate positioning, and the strategic actions taken.