The Majors are adapting to lower prices and re-emphasising growth. M&A, discovered resource opportunities and portfolio high-grading are repositioning portfolios lower down the cost curve. We expect all the Majors to grow production out to 2020: Permian tight oil, deepwater and gas are the core growth themes. The peer group will also be generating free cash flow above US$50/bbl and returns on next generation projects have improved following progress in driving down costs and re-scoping developments. Portfolios will continue to evolve in preparation for the radical changes in the energy mix and the threat of production decline post-2025.