Q4 2016 earnings: Shell and ExxonMobil's Q4 earnings come in below expectations, but strategies on track; Anadarko to increase drilling activity and alert for bolt-on M&A following deleveraging progress; ConocoPhillips ups dividend and initiates share buybacks. Macro: Wood Mackenzie lowers 2018 Brent forecast; profit-taking and rotational selling of oil and gas shares continues. Companies: Premier agrees refinancing terms. M&A: Shell now over one third of the way to its US$30 billion disposal target; KUFPEC takes advantage of the Majors' asset sales programmes. Exploration: Statoil makes another incremental discovery in Norway, but latest Johan Sverdrup appraisal fails to increase resource estimates.