Key Takeaways from Our 2026 London Summit

We hosted ~60 corporates and >220 investors at our annual conference this week. Upstream growth is back in vogue, though capital allocation remains conservative, prioritising consistency and optionality as macro volatility becomes the new normal. 1) Growth back into focus: upstream growth is firmly back in vogue, but aggregate capex budgets haven't changed, made possible by a continued move to de-emphasize renewables and by targeted E&P growth investments (select greenfield activity, satellites, asset swaps, infill drilling and tie-backs);