Reproduced from a Goldman Sachs report; Chart: Axios Visuals

A Goldman Sachs note this week helps visualize one reason analysts believe Devon Energy's $2.6 billion merger with WPX Energy makes sense: It helps Biden-proof Devon to a degree.

The state of play: Goldman analysts looked at how much of various shale producers acreage in the prolific Permian Basin is on federal lands, since Joe Biden has pledged to thwart new oil-and-gas development there. Devon's federal lands exposure is one reason their shares "remain out of favor," Goldman notes, although WPX also has a decent — albeit much smaller — share of their acreage in federal areas.

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