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An oil tanker at sunset near Galveston, Texas. Photo: Dave Walsh/VW Pics/UIG via Getty Images

Yesterday's Gulf of Mexico lease sale drew $178 million in winning bids from oil companies, spanning 144 tracts in the region that cover around 800,000 acres.

The big picture: The total was very modest by comparison to many sales in the past, including auctions in the mid-2000s, when high oil prices led to high bids totaling several billion dollars.

  • Reuters notes that oil companies showed "tepid interest." But it was still $53 million more than the $125 million in winning bids from the Gulf of Mexico sale last March.

What they're saying: "With an increase in competitive bids and dollar amount from the last round, companies demonstrated their continued confidence in the region," Wood Mackenzie analyst William Turner said in a short note.

  • He added: "Increased competition centering around more selective blocks close to infrastructure tells us that capital is returning to the Gulf of Mexico."

By the numbers: The largest single bid came from Hess, which offered $26 million for a block in the Mississippi Canyon region off Louisiana's coast. Exxon had the highest total amount of winning bids at $40.6 million.

  • All of Interior's data for the sale is here.

Between the lines: This S&P Global Platts story looks at companies' strategies in the sale, noting interest in frontier prospects that are long-term bets. From their piece...

"Bidders in Lease Sale 251 appeared more willing to focus on deepwater exploratory prospects than in the last couple of auctions, when companies chose acreage for its proximity to infrastructure and near-term production prospects, Mike Celata, regional Gulf director for the US Bureau of Ocean Energy Management, said."

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The rebellion against Silicon Valley (the place)

Photo illustration: Sarah Grillo/Axios. Smith Collection/Gado via Getty Images

Silicon Valley may be a "state of mind," but it's also very much a real enclave in Northern California. Now, a growing faction of the tech industry is boycotting it.

Why it matters: The Bay Area is facing for the first time the prospect of losing its crown as the top destination for tech workers and startups — which could have an economic impact on the region and force it to reckon with its local issues.

Erica Pandey, author of @Work
1 hour ago - Economy & Business

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Illustration: Annelise Capossela/Axios

As teleworkers flit from city to city, they're creating a huge tax mess.

Why it matters: Our tax laws aren't built for telecommuting, and this new way of working could have dire implications for city and state budgets.

Wanted: New media bosses, everywhere

Illustration: Sarah Grillo/Axios

The Washington Post, Los Angeles Times, Reuters, HuffPost and Wired are all looking for new editors. Soon, The New York Times will be too.

Why it matters: The new hires will reflect a new generation — one that's addicted to technology, demands accountability and expects diversity to be a priority.