The decline in oil prices, which began in the second half of 2014, turned out to be a protracted phenomenon and was a serious challenge for the industry. Oil and gas companies, in the leading oil-producing countries, were forced to rebuild their strategies, adapting to the new realities of the market. This article gives a brief overview and analysis of strategies used by the modern oil and gas market main players, including a description of their strengths and weaknesses. The common strategic concepts and management solutions that are specific to each of the companies separately are identified. For the purpose of this article, there are seven companies which were included in the analysis: ExxonMobil, Chevron, BP, Royal Dutch Shell, Total, Eni and Statoil. © 2019, Primrose Hall Publishing Group.