Activity in the US Lower 48 is not slowing down as we enter Holiday season. This week's note addresses: recent deals in the DJ Basin, an update on Keystone XL pipeline, Devon's results for a new STACK well, and the newly-announced deal between Talos and Stone Energy. What is the rationale behind the recent uptick in M&A activity in the DJ Basin? What can we learn from Devon's new 5,100 boe/d STACK well? We also cover the recent approval of an alternate route for Keystone XL pipeline and the newly announced deal between Talos and Stone to form a premier offshore-focused E&P company.