Devon Energy Corp.’s rank-and-file workers are in for a surprise holiday treat: $10,000 bonus checks.
In the latest sign that boom times are back for the U.S. oil patch, Devon told its 1,600 employees on Tuesday that workers below the vice president level will be getting the unexpected cash, CEO Rick Muncrief said in an interview. The bonuses are a reward for successfully integrating with WPX Energy Inc. after the companies agreed to merge last year, Muncrief said.
I keep forgetting that all the Devon shares I own came from years of accumulating WPX. Pretty funny.
And I got WPX from a WMB spin-off years before that.
I wonder what comes next.
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How OPEC+ Regained Control Of The Oil Markets
During Brandon's Watch
Summary:
- The combination of strategic petroleum releases from major oil importers and the discovery of a new Covid variant sent oil prices crashing last week
- There was plenty of pressure on OPEC+ to cancel its planned production increase on the back of that bearish news
- By sticking to its guns but ensuring markets that it would intervene if necessary, OPEC+ was able to regain control of the oil market.
Major SPR releases weren't from just major oil importers -- the US led the campaign to release crude oil from the SPRs. The new Covid variant was a one-week story. So far.
From the linked article:
Last week’s decision from the alliance may have brought down a notch or two the tension with the U.S. Administration, but it also reminded the U.S. shale patch who is in charge of the oil market, just as American oil producers are drafting their capital budgets for 2022.
U.S. oil firms are set to increase production next year, but they may not spend too much on new drilling activity, with oil slipping to $70 from $80 a barrel in just a few days and Omicron still creating uncertainty about demand.
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