Our purpose

To play a significant role in meeting the world’s energy needs through the safe, efficient and responsible production of hydrocarbons while creating value for our stakeholders.

Our strategy

To create value by continuing to build a global, diversified oil and gas company focused on value creation, cash flow and distributions.

Our business model

Our strategy is underpinned by our business model. We aim to maximise the value from our high quality UK asset base by investing in lower risk, high return projects to maintain production levels while generating substantial free cash flow.

At the same time, we seek to grow and diversify through acquisition of conventional, cash generative, producing assets, leveraging our full cycle capabilities, global footprint and strong financial position to establish a material production base in at least one region outside the UK.

Our strategic pillars

Focus areas

  • Protect the safety and wellbeing of our people
  • Safeguard the communities in which we operate and the environment
  • Progress towards Net Zero
  • Measure, verify and report the data to support our goals
  • Include relevant metrics in our compensation programmes

Focus areas

  • Robust margins in times of low commodity prices
  • Access to a range of profitable investment opportunities
  • Ensure we have longer-term investment options including organic and inorganic opportunities
  • Rigorous prioritisation and capital allocation process

Focus areas

  • Leverage our global footprint, full cycle capabilities and mergers and acquisitions expertise to diversify and expand our investment opportunity set
  • Utilise our deep organisational competence and operating skills to drive standards, efficiencies and control over capital expenditure levels

Focus areas

  • Maintain a strong balance sheet with the potential for an Investment Grade credit rating
  • Disciplined annual budget and long-term planning processes
  • Conservative financial risk management policy, including a disciplined hedging programme
  • Ensure a sustainable dividend