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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.

Go deeper

Ben Geman, author of Generate
Nov 4, 2020 - Energy & Environment

A look at Texas' energy complexities

Data: EIA; Chart: Sara Wise/Axios

Texas went fairly comfortably red again, but it looked quite close for a while, and so now seems as good a time as any to look at the state's energy as well as political complexities.

The intrigue: Texas is increasingly no longer seen as only the oil patch, and it's a fascinating state to watch. That's especially the case at a time when the future of oil demand remains a question mark and more and more countries are vowing new steps on climate — regardless of U.S. policy.

Kaine, Collins' censure resolution seeks to bar Trump from holding office again

Sen. Tim Kaine (center) and Sen. Susan Collins (right). Photo: Andrew Harnik/Pool via Getty Images

Sens. Tim Kaine (D-Va.) and Susan Collins (R-Maine) are forging ahead with a draft proposal to censure former President Trump, and are considering introducing the resolution on the Senate floor next week.

Why it matters: Senators are looking for a way to condemn Trump on the record as it becomes increasingly unlikely Democrats will obtain the 17 Republican votes needed to gain a conviction, Axios Alayna Treene writes. "I think it’s important for the Senate's leadership to understand that there are alternatives," Kaine told CNN on Wednesday.

Stark reminder for America's corporate leaders

Rosalind "Roz" Brewer is about to become only the second Black woman to permanently lead a Fortune 500 company. She starts as Walgreens CEO on March 15.

Why it matters: It's a stark reminder of how far corporate America's top decision-makers have to go during an unprecedented push by politicians, employees and even a stock exchange to diversify their top ranks.