Lead stories: ExxonMobil and Noble strike US$10 billion of Permian deals. Q4 results preview: we look ahead to a busy few weeks anticipating more evidence of the shift from survival to growth. Macro: Brent stable; oil and gas shares lack direction. Companies: 2017 E&P budgets now up 10%; CNOOC and Lundin unveil double digit capex increases; Gazprom s net income rises. Exploration: Statoil makes high return incremental discovery in Norway; Tullow s ninth Kenyan discovery boosts reserves to 800 mmbbl; jury still out on Shell s Nova Scotia wildcat programme. Other: Statoil sells down UK floating wind pilot project.