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Carl Icahn. Photo: Heidi Gutman/CNBC/NBCU Photo Bank/NBCUniversal via Getty Images

Carl Icahn increased his stake in Occidental Petroleum from 2.5% to nearly 10%.

Why it matters: Icahn has been feuding with Occidental since last summer, believing his $38 billion takeover of Anadarko Petroleum was too expensive and poorly structured.

  • Now he's taking advantage of macro conditions (coronavirus, Saudi-Russia deal collapse, etc.) to strengthen his hand, as Occidental's market cap has fallen to $10.5 billion and it just slashed its dividend for the first time in 30 years.

Icahn wants control, which would include a new CEO and a new board of directors.

  • The bottom line: "Many shale producers including Occidental were struggling to turn a profit even before the coronavirus and tension among big oil-producing states sent crude prices down sharply. Occidental is particularly vulnerable given its high debt level — roughly $40 billion at last count," writes the Wall Street Journal.

Go deeper: What the oil market's collapse means for the climate

Go deeper

Virginia energy giant quietly boosts McAuliffe

Former Virginia Gov. Terry McAuliffe speaks during a campaign rally on Oct. 15 in Henrico, Virginia. Photo: Win McNamee/Getty Images

Virginia Democrat Terry McAuliffe has sworn off money from the Richmond company Dominion Energy. But the utility has found more subtle ways to back McAuliffe's gubernatorial bid, records show.

Driving the news: Dominion's political action committee has donated $200,000 to a murky political group called Accountability Virginia PAC, which has been running ads attacking Republican candidate Glenn Youngkin.

2 hours ago - Technology

Race and technology in America

Illustration: Annelise Capossela/Axios

The technology industry is famously determined to change the world — but its efforts to diversify its workforce and remove bias from its products haven't changed nearly enough.

Biden: "Being a cop today is one hell of a lot harder than it's ever been"

President Biden speaks during the 40th Annual National Peace Officers Memorial Service at the U.S Capitolon Oct. 16. Photo: Brendan Smialowski/AFP via Getty Images

President Biden speaking at the U.S. Capitol on Saturday honored members of law enforcement who died in the line of duty in 2019 and 2021 and saluted those who are currently serving.

Driving the news: "We expect everything of you, and it's beyond the capacity of anyone to meet the total expectations. Being a cop today is one hell of a lot harder than it's ever been," Biden said.