In our top story, the Trans Mountain pipeline expansion will have a new owner, and it’s Canada. That announcement has received mixed reactions from the Canadian oil and gas sector. They are pleased the Canadian government has stepped up to resolve the political and constitutional dispute surrounding the expansion but say the purchase of Kinder Morgan Canada’s pipeline and related infrastructure doesn’t resolve any of the outstanding issues. News of Ottawa’s intention to find a private buyer for the assets was also welcomed by trade associations and industry insiders. “A very bittersweet outcome. Yes, the country is better off with this pipeline being built,” former pipeline executive Dennis McConaghy told Hart Energy. “But a country where its regulatory approvals are not sufficient for the private sector to accept completion risk is really dysfunctional.” Finance minister Bill Morneau said the decision was exceptional and that the rule of law needs to be seen as a business advantage to investing in Canada.

It’s been back and forth recently, with Saudi Arabia and Russia discussing last week raising OPEC and non-OPEC oil production by some one million barrels per day. OPEC’s chief said a complaint from U.S. President Donald Trump over high prices triggered the idea of upping output. But we learned this week, production output most likely won’t be raised this year. OPEC and non-OPEC allies are reportedly sticking to the oil pact until the end of 2018 but are ready to make gradual adjustments to offset any supply shortage. A Gulf source familiar with Saudi thinking told this to Reuters.

In A&D news, Callon Petroleum is building onto its Delaware Basin position with a $570 million bolt-on acquisition. The bolt-on comprises oil and gas properties covering about 28,567 net surface acres primarily in Ward County, Texas, that Callon will acquire from Cimarex Energy. Also, Matador Resources successfully tapped equity markets in may for acquisition and midstream improvements in the Delaware Basin. That might be a sign that E&Ps frozen out of capital markets may finally see a spring thaw, experts say.