As Exxon Mobil and Chevron digest the results of their recent arbitration fight, they are singing a different strategic tune on several fronts — even if both share plans to deliver significant growth this decade. For one, the two largest producers in the US Permian Basin are split on their strategic emphasis in the play between volume growth or free cash flow in the coming years. For another, the two US majors sit at different points in the high-grading of their downstream portfolios. As for their appetite for inorganic growth, expect Chevron to take a breather as it consolidates its long-awaited Hess acquisition while Exxon shows willingness to strike again at compelling opportunities. Chevron is still letting the ink dry on its $55 billion Hess purchase completed on Jul. 18, whereas Exxon has had over a year to digest its $64.5 billion acquisition of Pioneer Natural Resources. That deal effectively doubled Exxon's Permian output overnight, and subsequent growth has pushed its production there to around 1.6 million barrels of oil equivalent per day. But CEO Darren Woods says Exxon is still a natural consolidator in the Permian moving forward given its ability to unlock significant incremental resources via proprietary technologies and unique development practices. For instance, a proprietary lightweight proppant is now improving Exxon's recovery rates by up to 20%. "Does that create opportunities for the one plus one equals three?" Woods asked on Exxon's second-quarter earnings call, referencing Exxon's criterion of only seeking out M&A deals in which value is created beyond the simple addition of the acquired assets. "I say it absolutely does." As the most integrated and diversified major across upstream, midstream and downstream oil and gas, Exxon intends to scope out technology-led M&A opportunities across the value chain, Woods said.