While the world needs a growing supply of affordable, reliable and sustainable energy in line with net-zero goals, companies need to choose their own path through the energy transition. Divergent strategies are emerging as companies seek growth opportunities while responding to pressures from investors and governments. Large, integrated energy companies are deciding where to allocate capital as the energy mix shifts toward low-carbon resources. How will the classes of energy companies be defined in the future? How robust is an “Integrated Energy Company” strategy of providing a diverse range of energy supplies, versus a more focused strategy of providing renewables, low carbon fuels or oil & gas?