Since taking over as CEO in August 2013, Lee Tillman has led MRO’s ongoing efforts to change its legacy integrated image to that of a pure independent E&P model. Reconfiguration of the upstream portfolio into one dominated by onshore North American resource play assets has been a key element of the transformation campaign. This has included steps such as monetizing interests in Angola projects during 2013, selling the North Sea business in 2014, and initiating a $500mm non-core divestiture program this year. The goal behind this portfolio streamlining process has been to focus capital and resources on projects with higher risk-adjusted rates of return such as those offered in onshore North American resource plays. To that end, Mr. Tillman described progress that the company has made capturing drilling efficiencies and improving operating practices in the Eagle Ford, Bakken and Oklahoma basins. Going forward, MRO is navigating the challenging commodity price environment by spending within cash flow (factoring in capital expenditures and dividends), preserving balance sheet strength and allocating resources towards more predictable short-cycle investments.