The energy transition ignites change and fuels modifications in numerous aspects of the society, specifically in the oil and gas industry. Besides, it creates a dynamic environment, an uncertain policy, and an economic environment for international oil companies (IOCs), affecting their business strategies. However, only a few studies focused on the implications of the energy transition on IOCs’ strategies. This paper's main objective was to map the impact of the energy transition on the factors shaping IOCs’ business strategies. By conducting a discourse analysis of annual reports of three IOCs (Royal Dutch Shell, BP, and Equinor), in combination with several interviews. The results reveal that the energy transition is a topic of debate for IOCs. Several factors have known fluctuations in importance over the years due to the energy transition. However, not all these fluctuations in factors are explained by the influence of the energy transition. Also, six new energy transition-related factors are proposed and found to impact the IOCs' strategy. Furthermore, although IOCs are an indispensable part of the puzzle to the energy transition's success, collaboration is vital. The IOC’s renewable investments lag, but the newly presented strategies could move the energy transition from being a topic of debate to a shift of substance. This paper concludes with recommendations for further scientific research.