Mar 1, 2017 - Energy & Environment

Exxon goes big on U.S. drilling

Ben Geman, author of Generate

Charles Rex Arbogast / AP

Exxon Mobil Corp. is making its closely watched analyst presentation today, and it underscores how the global oil giant is bullish on U.S. drilling projects. Exxon's plan to boost capital spending by $3 billion to $22 billion this year includes a big chunk of cash devoted to shale oil projects—the stuff tapped by fracking—in Texas, New Mexico and North Dakota.

More than one quarter of the planned spending this year will be made in high-value, short-cycle opportunities, including in the Permian and Bakken basins. — From Exxon's summary

Why it matters: Exxon's plan signals that the country's most powerful oil company is confident about making money from U.S. oilfields even as prices remain modest. "These resources are robust at lower prices," new CEO Darren Woods said in his presentation Wednesday.

The background: Exxon has been spending aggressively to expand its footprint in the Permian region that straddles Texas and New Mexico. Exxon said it has more than 5,500 wells in the Permian and North Dakota's Bakken region that provide better than 10 percent returns even if oil prices are as low as $40 per barrel, with nearly one-third offering "significantly higher" profits. Prices are currently trading at roughly $54 per barrel.

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Axios
58 mins ago - Science

3 dead and thousands evacuated as Northern California fires explode

A building at the Meadowood Napa Valley luxury resort burns after the Glass Fire moved through the area on September 28, 2020 in St. Helena, California. Photo: by Justin Sullivan/Getty Images

Three people have died in a wildfire in Northern California and tens of thousands were evacuated across the state, as firefighters contended with strong winds and dry conditions that saw blazes explode across the state on Monday.

Driving the news: Shasta County Sheriff Eric Magrini confirmed the deaths occurred as the Zogg Fire spread across 15,000 acres, forcing the evacuation of 1,200 people. More than for 5o,000 people, per AP.

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Axios
Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 33,273,720 — Total deaths: 1,000,555 — Total recoveries: 23,056,480 — Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 7,147,241 — Total deaths: 205,031 — Total recoveries: 2,794,608 — Total tests: 102,342,416 — Map.
  3. Business: Companies are still holding back earnings guidance.
  4. Health: Trump announces plan to distribute 150 million rapid tests —The childless vaccine.
  5. Media: Fauci: Some of what Fox News reports about COVID-19 is "outlandish"
  6. States: Cuomo extends New York moratorium on evictions until 2021.
  7. World: More than 1 million people have now died from coronavirus — India the second country after U.S. to hit 6 million cases.
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Dave Lawler, author of World
1 hour ago - World

Global coronavirus death toll crosses 1 million

Data: Our World in Data; Chart: Sara Wise/Axios

The global toll of confirmed deaths from COVID-19 crossed 1 million on Monday, according to data from Johns Hopkins.

By the numbers: More than half of those deaths have come in four countries: the U.S. (204,762), Brazil (141,741), India (95,542) and Mexico (76,430). The true global death toll is likely far higher.

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