Society is pressing companies and products to compete on carbon, but no one knows precisely what this means, what factors differentiate the winners, or which emission metric will matter the most—absolute or intensity. As the world transitions, what role will oil and gas companies play? How will companies compete on carbon? How will these companies adapt—decarbonizing, moving to alternative energy sources, or by building entirely new product and businesses. What does the pathway to net zero for oil and gas look like?