The oil and gas (O&G) industry is not new to volatility. Over the past fifty years, the industry has seen its highs and lows, but today the industry is under unique pressures on all fronts. A balanced energy strategy—security, supply diversification, and low-carbon transition—is under severe pressure. The energy industry has made strides in the past decade to build a more sustainable energy system, but recent global and geopolitical events have revealed the vulnerability in supply and demand chains. As a result, many energy companies have shifted their focus from energy sustainability to energy security. Industry pundits believe a focus on energy security will serve to accelerate the drive to net-zero emissions over the medium and longer term. Companies reimagining their strategies around energy security will quickly learn that future energy security depends on a more diversified mix of energy sources. Thus, the near-term focus on energy security could provide a catalyst that will fuel the attainment of sustainability goals. Simultaneously, O&G companies will likely enter the year with healthy balance sheets and continued capital discipline that could help the energy underinvestment of recent years and accelerate energy transition.  But one thing is for sure, in order for O&G companies to reinvent themselves they will need to embrace new digital, intelligent technologies and smart operating models that will enable the future of tomorrow’s energy demands.