Exxon's CEO used that word in January 2026 — not because the barrels aren't there, but because the rules aren't durable. Chevron, in the same room, was ready to move. What splits two majors looking at identical geology is fiscal terms, not reserves.

Thousands of energy, finance and policy leaders in one place for four days makes a decent barometer. The clearest signal from Abu Dhabi: the industry has stopped saying "transition" and started saying "addition" — and five other shifts worth noting.