This report highlights how companies in the oil and gas as well as mining and minerals fields can create shared value by pursuing opportunities that tie business success to the prosperity of host communities and countries, often working in collaboration with gov-ernments, multilateral institutions, nonprofit organizations, and even competitors. While the sectors’ downstreami products and services create tremendous benefits for society, this report focuses on the upstream – the activities related to extraction – area of the business. This is an important area to investigate due to the magnitude of the oppor-tunities for both business and society and the history of adversarial relationships that exists among companies, host communities and countries, and other stakeholders. For extractives companies, addressing this dynamic and becoming governments’ and com-munities’ partner of choice – for extraction and for societal development – will be the next competitive advantage.