Upstream Capital Allocation - Value versus Volume

The new mantra of 'value over volume' is the industry's response to a decade of under-delivery on growth and weak stock market performance in the last two years. In practice it's about capital discipline and allocating the expected higher cash flow in the coming years. How will the Majors balance multiple investment options in conventional new projects, unconventionals and a refreshed appetite for exploration; with demands for increased shareholder returns? Getting the balance right could...