This month we examine the M&A and LNG markets post Shell-BG. In M&A, buyers and sellers cannot agree on future oil prices, but opportunities are being weighed. In LNG, Shell re-enforces its position as global LNG leader at an interesting time for the LNG market. We also provide an update to our US L48 asset breakevens, oil price to 2016 and US refinery margins as the oil market seems to have found a bottom. Finally, we look at regional gas pricing and our company valuations against the market.