Last night I was chatting to an energy Portfolio Manager (PM) and asked what he thought of the ConocoPhillips conference call, held yesterday: “ConocoPhillips are just waiting to get taken over.” Meanwhile, a different client sent me this doozy from Shell. A -40% Reserves Replacement Ratio, 73% replacement organic, trailing 3 year average 84% reserves replacement, with <8 years reserves life. In case you are new here, we are aiming to replace reserves annually, so