Ann: Operations Update, page-40

FYI Hoot - Glencore is in the oil space (see below from website). I agree though that M&A activity will be subdued. G is getting caned because of lesser quality assets compared to BHP et al. Part of this quality perception is that many of its assets are in Africa, including the oil. Glasenburg has been on record saying he doesn't like greenfield mining but it seems he plays the oil exploration game.

We trade in crude oil, refined products and natural gas. We source crude oil and oil products from a range of suppliers, with additional interests in oil and gas production sharing contracts.
We also have a substantial shipping portfolio and access to a range of logistics, storage and investment capabilities.
Our exploration and drilling programme has resulted in several new oil discoveries which are awaiting appraisal and development. We have interests in three deep-water licences offshore from Equatorial Guinea as well as two operating fields in Chad.