The Majors are very careful with their words. Every remark is considered, every message carefully crafted. Months of preparation go into showpiece strategy days – the most important date in any company calendar. So what are they saying, and what can we draw from it? In this note, we consider the evolving strategies of Shell and BP from a different perspective: through the words they use when speaking to investors. Which terms are they emphasising, how has messaging evolved, and how does the language of investor relations map to strategy?