In the largest Lower 48 deal since 2012, Concho will acquire pure-play RSP Permian for $9.5 billion in an all stock transaction. Some expect more large-scale deals to follow. But will they? Initial market reaction suggests that any subsequent deals will face significant headwinds. We sort through the signals. In other news from the week, Gulf of Mexico Lease Sale 250 proved to be a bargain hunter’s paradise, and the shelf surprised. We use our Contour upstream valuation tool to consider the impact of Matador’s investment in NGL infrastructure and round out the week with a look at both Oklahoma and Wyoming.