Our Ambition and Strategy
Our Strategic pillars
With a clear ambition and unwavering commitment to the North Sea, we are confident in the region’s opportunities, the strength and depth of our asset portfolio and our ability to maximise shareholder returns across our core strategic pillars.
BUY ASSETS
Leverage our proven M&A execution capabilities and deep integration expertise to BUY and build a portfolio of significant scale
- Pursue value accretive transactions with a focus on our core UKCS market
- Leverage our full cycle capabilities to materialise value across asset packages
- Take a measured approach to M&A opportunities, following stringent investment criteria
BUILD ASSETS
Develop projects with strong economics and lower carbon intensity to BUILD a robust long-term portfolio
- Pursue low carbon intensity greenfield projects that significantly transform our emissions footprint
- Target adjacent upside potential to existing greenfield developments
- Invest in brownfield opportunities close to existing infrastructure with attractive returns
- Seek operatorship, where possible, to control our capital programme and ensure the robust high grading of opportunities
BOOST ASSETS
Deploy our deep operational expertise and pioneering minds to BOOST field performance and enhance margins
- Develop and deploy innovative technology to maximise field recovery
- Focus on production efficiency initiatives to optimise revenue realisation and lower unit operating costs
- Deliver digitalisation initiatives to reduce risk and drive down costs
- Build strategic relationships with key supply chain partners, leveraging on our scale of operations
Our Strategic Enablers
Our success is underpinned by the safe, efficient and responsible production of our company’s assets and supported by a robust and solid financial framework. Our people are core to our success. We will only succeed if we work together, harnessing the collective expertise and experience of our people.
ROBUST FINANCIAL FRAMEWORK
A robust and balanced framework supports strong sustainable returns
- Preserve balance sheet strength with a targeted leveraged position below 1.5X
- Maintain a balanced capital allocation framework to maximise growth while providing material shareholder returns
- Take a disciplined approach to financial risk management, hedging, budgeting and long-term investment planning
SAFETY, SUSTAINABILITY AND OUR PEOPLE
We put our people, their safety and environmental responsibility at the heart of everything we do
- Ensure no harm to our people or environment, by excelling as safety leaders
- Focus on delivering our well-defined, short term emissions reduction initiatives
- Transition the portfolio over the medium to long term, targeting Net Zero by 2040, on a net equity basis
- Recruit, retain and develop a skilled, adaptable and diverse workforce
- Align our people goals and performance management to our company values and behaviours
- Give back to the communities in which we operate, to make a positive difference
Contact Us
Reach out to find out more on how we’re redefining North Sea oil and gas production