North Dakota's oil production breaks record in May at 1.245 million b/d (+20,000 b/d m-o-m), in line with our forecast of 1.241 million b/d (or +16,000 b/d m-o-m). We see production down in June at 1.228 million b/d (-17,000 b/d m-o-m), as stormy weather hampered completion efforts. Second quarter results have started to come in, with EOG and Laredo underscoring our “two-speed industry” thesis. BP acquires BHP Billiton’s onshore US operations for $10.5 billion, above the expected range of $8-$10 billion, adding another oil major to the Permian basin. Apache starts a midstream joint venture with private equity firm Kayne Anderson, which will serve its Alpine High development as well as adding much-needed Texan pipeline capacity....