The oil and gas industry is facing a crucial moment in the energy transition, where the development of low-carbon solutions (LCS) is becoming increasingly important. Despite facing challenges such as regulatory uncertainties and cost obstacles, there is a significant opportunity for growth in LCS businesses. A benchmarking survey of 28 global energy companies reveals that success in the LCS market will come to those who adopt the right operating models, focus on their competitive strengths, and collaborate within the broader LCS ecosystem. Investment in low-carbon solutions is on the rise, with major companies investing billions in areas like carbon capture, low-carbon fuels, and feedstocks. Key milestones in 2024, such as ExxonMobil's Baytown Hydrogen project and Repsol's renewable fuel strategy, demonstrate the industry's commitment to sustainability. By making strategic moves and driving innovation, oil and gas companies can position themselves for long-term growth and contribute to reshaping global energy markets.