We analyse a range of topics this week including: M&A activity Permian well productivity gains and a new ethane export deal with China announced by the Trump administration. What is the rationale behind the DJ Basin deal between SRC and Noble? How do Permian well productivity gains impact supply models? In addition we provide a deep dive into Total's entry into the top five largest LNG sellers after acquiring Engie's LNG portfolio. Finally we analyse how the newly announced ethane export deal with China could affect the next wave of US steamcracker capacity.