President Trump has signed executive orders pushing for the completion of the Keystone XL and Dakota Access pipelines. There are immediate implications on differentials and costs. Elsewhere the M&A market shows that last week's big deals were not outliers. Sanchez just announced the acquisition of 110 000 acres in the western Eagle Ford adding to the company's $2.3 billion purchase of Anadarko's Eagle Ford assets earlier in January. Targa and Plains All American have each announced midstream deals totalling over $2.7 billion that will impact the competitiveness of moving barrels out of the Permian. Lastly OFS giants Schlumberger and Halliburton openly projected rising costs in North America. Rig count spiked by 35 units last week marking the largest per week growth in two years and Halcón announce their arrival in the Permian. Please see our full write up for details.