In this month’s Energy Snapshotwe review the situation in Ukraine as a European reassessment of energy supply and demand is a likely legacy. W e examine the upstream oil and gas M&A market. In North America, we revisit US tight oil capital investment and cost of supply themes. In the refining sector, investment continues to shift from complex operations to simpler distillation. Finally, we highlight our recent Canadian Montney play analysis andlook at IOC production growth.