The document summarizes key themes from oil and gas company earnings calls in Q1 2019. The top three themes were 1) portfolio optimization, 2) cash flow, and 3) project updates. Financial performance dominated calls, with a focus on project expansions, US shale consolidation, and the growing importance of gas. Cost control and efficiency remained priorities amid pressure on margins. North American shale consolidation and interest in alternative energy were expected to continue going forward.