E&P vs. M&A&D - Where is the most value created in the Upstream today?

Mr. Smith will be comparing value creation for companies that primarily grow through exploration and production (E&P) strategies versus companies that grow primarily through mergers, acquisitions and divestitures strategies (M&A&D). He has a unique vantage point of the industry based on the work done by John S. Herold, an independent research firm that specializes in the analysis of companies, transactions, and trends in the global energy industry.