In 2013, the oil and gas companies that deliver premium value to shareholders won’t be the one-size-fits-all generalists of old.

“In 2013, generalists will be left behind,” said Christopher Click, partner at Booz & Co., a global management consulting firm.

Instead, the success stories will focus on specialization, emphasizing distinctive capabilities and pulling back in other areas.

“A capabilities-driven strategy can drive returns higher even as prices fall,” said Click, an author of a report on prospects for the oil and gas industry.

Click said highly integrated, diversified business models ...