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.