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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.

Updated 13 mins ago - World

Myanmar's deposed leader Aung San Suu Kyi sentenced to 4 years in prison

An anti-coup protest in Yangon, Myanmar.Photo: Hkun Lat/Getty Images

A Myanmar court sentenced the country's ousted leader, Aung San Suu Kyi, on Monday to four years in prison on charges of "inciting public unrest" and breaking COVID-19 protocols, per the New York Times.

Why it matters: It's the first of several verdicts that could result in the 76-year-old Nobel laureate being imprisoned for the rest of her life.

2 hours ago - World

Pope Francis denounces European governments' migrant response

Pope Francis adresses refugees at the Reception and Identification Centre (RIC) in Mytilene on the island of Lesbos on Sunday. Photo: Louisa Gouliamaki/Pool/AFP via Getty Images

Pope Francis criticized European countries' response to migrants and asylum seekers during his visit to a refugee camp on the Greek island of Lesbos Sunday.

Why it matters: The pope said "migration is a humanitarian crisis that concerns everyone," but little had changed in the global response to displaced peoples since his first visit to Lesbos five years ago, per a transcript of his remarks. "Human lives, real people, are at stake. ... let us stop this shipwreck of civilization!"