Lead stories: BHP Billiton rejects activist investor proposals. Macro: early signs that the oil market is starting to rebalance; oil and gas shares underperform. Companies: Total strengthens Algerian portfolio; Schlumberger to partner with YPF in Argentina’s Vaca Muerta shale. M&A: ConocoPhillips’ asset divestments exceed US$16 billion in two weeks; Rosneft buys growth assets in West Siberia. Exploration: Lundin adds reserves in Norway.