OXY - Occidental Petroleum Corporation
38.30 +0.18 (0.47%)
Pre-Market: 8:32AM EST
| Previous Close | 38.44 |
| Open | 38.26 |
| Bid | 0.00 x 3200 |
| Ask | 38.54 x 1100 |
| Day's Range | 37.96 - 38.36 |
| 52 Week Range | 37.96 - 73.64 |
| Volume | 8,754,556 |
| Avg. Volume | 9,019,106 |
| Market Cap | 33.77B |
| Beta (3Y Monthly) | 0.87 |
| PE Ratio (TTM) | 26.85 |
| EPS (TTM) | 1.42 |
| Earnings Date | Feb 10, 2020 - Feb 14, 2020 |
| Forward Dividend & Yield | 3.16 (8.29%) |
| Ex-Dividend Date | 2019-12-09 |
| 1y Target Est | 51.55 |
- Bloomberg
Icahn Says Occidental Won’t Hit Target Without ‘Fire Sale’
(Bloomberg) -- Activist investor Carl Icahn said Occidental Petroleum Corp.’s new target for assets sales won’t be achieved without a “fire sale” that includes its pipeline system, Western Midstream Partners LP, which was already shopped to potential buyers earlier this year.Occidental’s Chief Executive Officer Vicki Hollub said Wednesday in a statement she was “highly confident” the company will exceed the upper end of its $10 billion to $15 billion asset sale plan by the middle of 2020. The oil producer also said it had closed its joint venture with Ecopetrol, raising $1.5 billion in cash and carried capital, and announced $200 million of non-core asset sales.The new timing should be a “slight positive” for Occidental stock because it’s six months ahead of schedule, Leo Mariani, an analyst at KeyBanc Capital Markets Inc., said in a note.Icahn disagreed. The investor, who’s planning a proxy battle for Occidental next year, said in an interview Hollub’s new sales target and the promise of dividend growth “clearly takes stockholders and the market for fools.” Icahn has said he recently reduced his stake in Occidental to 23 million shares, worth roughly $900 million. He owned 33 million shares, or 3.7%, as of June 30, according to data compiled by Bloomberg.“Results are not achieved through endless repetition,” he said. “Instead, they require disciplined and prudent decision-making from the start, which certainly hasn’t occurred here.”A representative for Occidental didn’t immediately respond to a request for comment.A key to beating Hollub’s target is the potential sale of Occidental’s stake in Western Midstream, a pipeline system it inherited in the Anadarko takeover that has a market value of $8.7 billion. The oil producer said it expects to close a “deconsolidation” of Western Midstream by the middle of 2020 along with “the value acceleration of non-strategic or non-core upstream and midstream assets.” The bulk of the asset sale target is made up of an $8.8 billion sale of Anadarko’s African assets to Paris-based Total SA, agreed to in May.Icahn said he believed Hollub assumed Western Midstream was worth more than $15 billion because that’s the valuation she paid for it. “She certainly didn’t do her homework when she bought it from Anadarko,” Icahn said. “Its purchase price valuation is turning out to be a fiction.”The billionaire investor said last week he was planning to launch a proxy fight at Occidental after its $37 billion takeover of Anadarko Petroleum Corp. earlier this year. The billionaire argued the deal, which did not go before a shareholder vote, has put the company’s financial future, including its dividend, at risk if oil prices falter.Shares in Occidental fell about 0.8% in New York to $38.12, giving the company a market value of roughly $34 billion.Hollub said in the statement that she has made debt reduction and protecting Occidental’s dividend her “top priorities” following the Anadarko takeover. The stock is trading at the lowest in about 14 years as investors balked at the amount of borrowing needed to complete the deal, and then questioned whether Occidental can produce enough oil to manage the debt burden.“Hollub and her board should be on notice. Stockholders are watching and fire sales will not be tolerated,” Icahn said, adding that investors will not allow the company to pay down debt “by further punishing stockholders.”To contact the reporters on this story: Scott Deveau in New York at sdeveau2@bloomberg.net;Kevin Crowley in Houston at kcrowley1@bloomberg.netTo contact the editors responsible for this story: Simon Casey at scasey4@bloomberg.net, Christine Buurma, Pratish NarayananFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Reuters
Occidental Petroleum stepping up oil and gas asset sales: marketing document
BANGALORE/HOUSTON (Reuters) - Occidental Petroleum Corp is stepping up its oil and gas-producing property sales, adding land in Utah's Uinta Basin acquired as part of its $38 billion deal for Anadarko Petroleum, according to a marketing document seen by Reuters. Occidental aims to reduce the $40 billion of debt from the Anadarko purchase and has raised about $10 billion so far through sales of properties, including a liquefied natural gas project in Mozambique and oil production elsewhere in Africa. Its latest offer covers about 190,000 net acres in Uinta Basin's Greater Natural Buttes gas field that could bring between $190 million to $240 million based on prior gas deals in the Rockies, according to a source familiar with the matter.
- PR Newswire
Ecopetrol and Occidental complete investment agreement in the US Permian Basin
BOGOTÁ, Colombia, Nov. 13, 2019 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("the Company") informs that today it completed the joint venture transaction announced last July 31, 2019. Through this deal, the Company and Occidental Petroleum Corp (OXY) agreed to form a strategic alliance or Joint Venture ("JV") for the development of unconventional reservoirs in approximately 97,000 acres of the Permian Basin in the State of Texas (US). For these purposes, Ecopetrol Permian LLC, 100% owned by Ecopetrol S.A., has acquired a 49% stake in Rodeo Midland Basin LLC, a company incorporated in the State of Delaware, meeting the capital requirements of such jurisdiction and whose economic activity will be directed towards the execution of the joint development plan under the JV.
- Business Wire
Occidental Reports Continued Momentum Executing Against Key Strategic and Financial Initiatives
Occidental Petroleum Corporation (“Occidental” or “the Company”) (OXY) today provided an update on its speed and momentum executing against key strategic and financial initiatives designed to maximize shareholder value following the close of its acquisition of Anadarko Petroleum (“Anadarko”) on August 8, 2019. Ecopetrol Joint Venture: Occidental has completed the transaction to form its previously announced strategic partnership with Ecopetrol to develop 97,000 net acres of assets in the Midland Basin for $750 million in cash plus $750 million in carried capital.
- American City Business Journals
Oxy's latest asset for sale? Another office campus
Houston-based Occidental Petroleum Corp. (NYSE: OXY) has put another office campus up for sale as a result of its acquisition of The Woodlands-based Anadarko Petroleum Corp.
- Zacks
Oil & Gas Stock Roundup: EOG & Occidental Report Q3 Earnings
While the commodity pricing scenario continues to be challenging, both EOG Resources (EOG) and Occidental Petroleum (OXY) benefited from higher year-over-year production.
- GuruFocus.com
Nobody Knows Nothin' at Psychological Extremes
There are two psychological extremes in the stock market. First, when a group of stocks has an unusually long streak of success, it gets extrapolated way out into the future Continue reading...
- Reuters
Exclusive: Occidental seeks up to $700 million for Anadarko assets in Wyoming, Colorado - sources
Occidental Petroleum Corp is soliciting bids for oil and gas properties in Wyoming and Colorado that it acquired when it purchased Anadarko Petroleum, hoping the assets will fetch up to $700 million, according to people familiar with the matter. Occidental offered about 200,000 acres in the Denver-Julesburg Basin of Wyoming and Colorado that produce $66 million a year in cash flow, mostly in mineral royalties, according to marketing documents. RBC Capital Markets is handling the sale, with bids due next month.
- TheStreet.com
Occidental Pete Falls on Report It's Seeking Bids for Some Anadarko Assets
The Houston energy company is seeking bids of as much as $700 million for Anadarko Petroleum properties in Wyoming and Colorado.
- Rigzone.com
Oxy to Sell Permian Campus After Anadarko Acquisition
Occidental plans to sell a four-story office building in the heart of the Permian Basin and move employees into a nearby one owned by Anadarko.
- GuruFocus.com
Stocks That Fell to 3-Year Lows in the Week of Nov. 8
Occidental Petroleum, Expedia, Nokia and Diamondback Energy present buying opportunities Continue reading...
- Bloomberg
Occidental to Sell Permian Campus After Anadarko Takeover
(Bloomberg) -- Occidental Petroleum Corp. plans to sell a four-story office building in the heart of the Permian Basin and move employees into a nearby one owned by Anadarko Petroleum Corp., the oil producer it bought for $37 billion three months ago.The 213,000 square-foot complex will be vacated by April 2020 and is a “compelling” investment opportunity, according to a marketing document from CBRE Group Inc., the real-estate broker handling the sale alongside Midland-based Moriah Real Estate Co.The property was built in 2014 and is located in Westridge Park on the west side of Midland, near the airport. It’s also close to Anadarko’s campus and directly opposite Chevron, which Occidental outbid to acquire Anadarko. EOG Resources Inc. also has an office nearby.“We have told our employees in Midland that they will be moving into the state-of-the-art building that Anadarko began constructing prior to the acquisition,” Melissa Schoeb, a spokeswoman for Occidental, said by email. “The building is large enough to house our combined workforce and we will begin the move when it’s ready for occupancy.”Occidental is under pressure to sell assets and pay down debt after the acquisition, which has been criticized by investors including billionaire activist Carl Icahn. The stock plunged this week after Chief Executive Officer Vicki Hollub slashed 2020 capital spending by 40%, raising concern that the company won’t pump enough oil to cover dividend payouts and debt service.To contact the reporter on this story: Kevin Crowley in Houston at kcrowley1@bloomberg.netTo contact the editors responsible for this story: Simon Casey at scasey4@bloomberg.net, Mike JeffersFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Bloomberg
Oil Caps Weekly Gain as Traders Shake Off Trump Tariff Comments
(Bloomberg) -- Oil erased an early loss Friday, capping a weekly gain as investors shrugged off a comment by President Donald Trump that the U.S. hasn’t agreed to fully roll back tariffs with China.Futures in New York climbed 1.9% on the week to settle at a six-week high. U.S. equities drifted after Trump said the U.S. hasn’t agreed to a tariff rollback with China, tempering some of the optimism that a preliminary trade deal will be reached next month. Investors have been whipsawed the past two days amid an onslaught of contradictory headlines about progress in the trade war.“The U.S. is still looking to get something done so it’s just an on again, off again thing with bantering back and forth,” said Kyle Cooper, research director at IAF Advisors in Houston. “Optimism regarding the U.S.-China trade deal is the driving force behind it.”Oil has fallen about 14% since hitting this year’s peak in April as the trade spat saps crude consumption and global supplies expand. OPEC and its partners will probably keep output steady when they meet next month as markets are on track to re-balance, according to Goldman Sachs Group Inc. and Trafigura Group Ltd.“OPEC’s ability to cut production and help prices firm has neared its limits and Saudi Arabia might find it difficult to convince other members to deepen product cuts,” said Daniel Ghali, commodity strategist at TD Bank in Toronto. “If OPEC can’t deepen their commitment we are set for an oversupply and that is going to be bearish for prices.”See also: Aramco Taps Billionaire Olayans, Saudi Prince for IPO OrdersWTI for December delivery rose 9 cents to settle at $57.24 a barrel on the New York Mercantile Exchange.Brent for January settlement rose 22 cents to $62.51 a barrel on the London-based ICE Futures Europe Exchange. The global benchmark crude traded at a premium of $5.25 to WTI.“The U.S.-China trade talks are heading in the right direction” but “there are still several obstacles that will need to be overcome,” said Stephen Brennock, an analyst at PVM Oil Associates Ltd. in London. “The road to a final resolution will be bumpy. The upside for the risk-asset complex is limited and the current momentum is built on wobbly foundations.”Rolling back tariffs would pave the way for a de-escalation in the trade war that’s cast a shadow over the world economy. China’s key demand since the start of negotiations has been the removal of punitive tariffs, which by now apply to the majority of its exports to the U.S.“If anything, Trump’s statements were a dose of reality,” said Ashley Petersen, oil market analyst at Stratas Advisors in New York. “Investors got a little too optimistic and too excited and spiked these prices and now we are seeing a rollback as the White House comes out with fairly firm statements.”To contact the reporter on this story: Jacquelyn Melinek in New York at jmelinek@bloomberg.netTo contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net, Mike JeffersFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- American City Business Journals
Billionaire activist investor cuts stake in Oxy, still plans to fight
Icahn sent another letter to Oxy's shareholders airing his grievances with the company's leadership.
- GuruFocus.com
Increasing Output and IMO 2020: Oil Price Outlook Stays Low as Headwinds Abound
Oil companies with complex refineries stand to benefit the most from supply and regulatory changes Continue reading...
- InvestorPlace
7 Large-Cap Stocks to Give a Wide Berth
Generally, people turn to large-cap stocks when the future looks uncertain. It's almost cliche but has an element of truth to it. Large-cap stocks are generally more diversified, so if one part of the company's portfolio gets hit, it has more to make up for it. And some even have counter-cyclical components, specifically for this purpose.But that can get tricky, since focused companies usually are better at understanding the sector where they operate and can adjust to economic cycles. Either way, the point is being selective.This is plainly illustrated in the stocks below. These seven large-cap stocks are in sectors that are struggling now, and probably for a while to come. Some of the stocks have unique situations that turn good stocks in good sectors into stocks to avoid.InvestorPlace - Stock Market News, Stock Advice & Trading TipsEither way, steer clear of these stocks. To keep your portfolio moving in the right direction, adjust your strategy accordingly. Large-Cap Stocks: Occidental Petroleum (OXY)Source: Shutterstock Occidental Petroleum (NYSE:OXY) has not been doing well recently. As a matter of fact, the stock just hit a 14-year low this week.Much of the problem was its big buy of Anadarko Petroleum for $57 billion. At the time, it looked like a smart play on the domestic oil trend in the U.S. However, it's now a very heavy albatross.As we've sunk into a global recession -- all save the U.S. for now -- oil prices have been sinking. And if they're not sinking, they're certainly not rising. Even Saudi Arabia is talking about cutting production simply because there's already a glut in the market.And that's not to mention the fact that OXY likely paid top dollar for Anadarko, which is looking worse and worse. * 7 Beverage Stocks to Stock Up On Don't let its 8% dividend fool you. It's likely to get cut soon anyway. Schlumberger (SLB)Source: Valentin Martynov / Shutterstock.com Schlumberger (NYSE:SLB) is the world's largest oil services company. And after explaining why OXY is in such a pickle right now, it's a pretty similar story for SLB.If companies aren't drilling, then they don't need drilling equipment. When oil fields are slowing down or shutting down, they don't need oil services. When exploration slows, which is the bread and butter of SLB's business, the stock goes down.To be fair, SLB stock is treading water year-to-date. And its solid 5.6% dividend puts it above water. However, the stock is off 31% in the past 12 months and the future of the industry doesn't have a lot of sunshine.This isn't to say that this oil field legend is doomed. It's just going through a rough patch. But there's little point buying now when the trend still has more downside than upside. As I like to say, you couldn't pay me enough to invest my family's nest egg in any of these risky stocks. I prefer to invest in what I've dubbed "bulletproof stocks." Walgreens (WBA)Source: saaton / Shutterstock.com Walgreens (NASDAQ:WBA) seemed like the stock that was ushering in the consumer-facing side of modern healthcare in the U.S. and the United Kingdom.But things aren't looking so rosy now.It's not that the sector is under a great deal of pressure. This is a stock and company-specific issue. It seems any company that touches Rite Aid (NYSE:RAD) properties withers.WBA made a move for the entire company but was spurned by regulators. But it did acquire a portion of RAD shops. The hope was scaling up would bring more economies of scale and better margins. But it hasn't worked out that way yet. And just this week WBA announced that it was exploring the idea of going private. This was a shock -- and not a good one. The news sent the stock down further. * 7 Stocks to Sell Before They Roll Over While most analysts don't give the possibility much credence, it doesn't help the stock, which is now off 13% year-to-date and 28% for the year. Mylan (MYL)Source: sylv1rob1 / Shutterstock.com Mylan (NASDAQ:MYL) manufactured its first pill in 1966. Today, it's the second-largest generic drug manufacturers in the U.S.Just this year, it purchased Pfizer's (PFE) Upjohn unit that makes off-patent drugs. It has acquired a number of generic competitors over the years and continues its growth.But this side of the pharmaceutical business isn't what it used to be and growth by acquisition doesn't necessarily boost margins.Perhaps that was the logic in misclassifying its famous EpiPen so it could get some big bottom-line growth. But it was a lazy -- and illegal -- way to go about it, and now it has to pay the price with snowballing investigations, rising legal bills and growing numbers of analysts downgrading the stock.This is a falling knife you don't want to try catching. FedEx (FDX)Source: Antonio Gravante / Shutterstock.com FedEx (NYSE:FDX) is another mighty company that should be doing well in this expanding world of e-commerce. The problem is, the optimism got out ahead of the reality.Now that FDX is a global logistics company, it is more sensitive to global trends. And as the world's growth slows, so does FDX's.The other challenge is rising competition in both global and local markets. And in June of this year, FDX announced it wasn't renewing its express delivery service contract with e-commerce giant Amazon (NASDAQ:AMZN).Neither company walks away a winner in this decision and FDX has yet to announce a deal with another major retailer to fill the shoes of AMZN. But next-day delivery isn't cheap, and it's likely that FDX wasn't expecting the massive business the holiday season brings to help its earnings or margins at the end of the day. * 7 Earnings Losers That Were Hit Hard This Season Including its 1.6% dividend, FDX stock is about even year-to-date, but it's off 30% in the past year. And don't expect much upside until it fills the gap in AMZN revenue. Rather than throwing your money away here, you're much better off looking for stocks that exhibit the following characteristics: * Strong dividend growth * Stellar record of paying consistent dividends * An above-average yield (against the S&P 500) * Market-beating growth Posco (PKX)Source: testing / Shutterstock.com Posco (NYSE:PKX) is one of the top four steelmakers in the world. While it's based in South Korea, it also has joint operations in the U.S. with United States Steel (NYSE:X) in Pennsylvania and California.The story in this sector is once again the global slowdown. If fewer people are buying plants and equipment, or cars or other durable goods (or goods in general), then steel production falls.And when you're one of the biggest steel producers in the world, you can't keep your furnaces running if there's no demand for output.PKX is moving ahead with a lithium project in Argentina, but that isn't anywhere near completion. It's just good to know it's looking at supplementing its core market.Given the fact that global growth may remain slow for a while, there's no point in bargain hunting at this point. Deutsche Bank (DB)Source: Martynova Anna / Shutterstock.com Deutsche Bank (NYSE:DB) somehow remains the leading bank in Germany. And because of that, it's one of the key lenders to the European Union.Germany is known as the banker of Europe, given the fact that it's the largest economy on the continent and as a key EU partner, it runs the finances. When Greece was teetering, it was Germany that underwrote the loans to bail it out.But all that intertwined business has left it exposed on a number of levels to exploitation inside and outside the bank. It's constantly embroiled in scandals and hidden losses.It's Europe's version of too-big-to-fail bank. And since it has bankrolled the EU, it's even harder to shut it down or break it apart.Germany is now on the brink of recession and Europe isn't doing much better, especially as Brexit remains an issue. This is no time to add this kind of risk to your portfolio.To prepare for a shifting market, I suggest steps that every investor should take right now:* Follow the money: Buy stocks that are seeing massive cash infusions.* Protect your portfolio: Invest in market-beating stocks with my simple trick.* Go risk-off: Strong fundamentals are more paramount than ever.My stock-picking track record includes the following: * 274% gain in semiconductor stock Nvidia (NASDAQ:NVDA) * 134% gain in defensive plays * 123% gain in a personnel service stockTo learn how to invest in this shifting market, and to receive my top stock picks, click here.Louis Navellier had an unconventional start, as a grad student who accidentally built a market-beating stock system -- with returns rivaling even Warren Buffett. In his latest feat, Louis discovered the "Master Key" to profiting from the biggest tech revolution of this (or any) generation. Louis Navellier may hold some of the aforementioned securities in one or more of his newsletters. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Stocks to Sell Before They Roll Over * 5 Beaten-Up Stocks to Buy That Could Be Saved By An Acquisition * 4 Startup Stocks Getting Smashed The post 7 Large-Cap Stocks to Give a Wide Berth appeared first on InvestorPlace.
- Barrons.com
Carl Icahn Renews Attack on Occidental Petroleum
Occidental’s controversial purchase of Anadarko Petroleum in August “is seriously jeopardizing the company’s future value,” the activist investor said in an open letter to shareholders.
- Bloomberg
Icahn to Plan Proxy Fight at Occidental After Cutting His Stake
(Bloomberg) -- Carl Icahn plans to launch a proxy fight at Occidental Petroleum Corp. following cuts to the company’s budget this week that may put its dividend at risk because of debt incurred in its $37 billion takeover of Anadarko Petroleum Corp.The activist investor said in a letter to shareholders Friday he plans to begin his campaign ahead of Occidental’s annual general meeting next year, confirming an earlier report from Bloomberg.“We fully intend to run a proxy fight, and if elected, work to right this teetering ship,” Icahn said in the letter.The investor once again centered his criticisms on Occidental Chief Executive Officer Vicki Hollub and the company’s board. He argued they have overseen the erasing of more than $21 billion in market value since news broke in mid-April that Occidental would engage in a bidding war for Anadarko. He referred to the deal as the “OxyDarko Disaster.”Icahn said he recently reduced his stake in Occidental to 23 million shares, worth roughly $900 million. He owned 33 million shares as of June 30, according to data compiled by Bloomberg.“I have no faith in Hollub or her board, and even though I do believe that OXY owns good assets, I draw the line at exposing more than $1 billion to a CEO and board who have gambled the company to further, in my view, their own agendas –- all at the expense of stockholders,” Icahn said.The stock gained as much as 2.2% Friday. It was up about 1% to $39.39 at 12:59 p.m. in New York trading, giving the company a market value of about $35.2 billion.A representative for Occidental didn’t immediately respond to a request for comment.Occidental’s stock plunged this week after Hollub slashed 2020 capital spending 40%, leaving analysts concerned there would be enough oil to meet targets for production, debt reduction and the dividend.While Hollub said protecting the payout is her “top priority,” analysts at JPMorgan Chase & Co. said a dividend cut would be prudent given the company’s debt burden.“The underlying assets are solid, but the free cash flow/dividend/leverage profile simply does not work,” JPMorgan’s Phil Gresh said in a note on Nov. 6. He recommended Occidental reduce the payout by two-thirds.Icahn believes the Anadarko deal risks the future of the company if oil prices falter. He estimates that for every $1 decline in the price of a barrel of oil, the company will lose $260 million in free cash flow. Occidental’s financial position puts its dividend is at risk, he said.The billionaire investor had previously sought to replace four Occidental board members, including Chairman Eugene Batchelder, this year but failed to win sufficient support from shareholders to push ahead.Occidental is this year’s worst performer on the S&P 500 Energy Index.(Updates with details from Icahn letter starting in first paragraph.)\--With assistance from Kevin Crowley.To contact the reporter on this story: Scott Deveau in New York at sdeveau2@bloomberg.netTo contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, Matthew Monks, Simon CaseyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Reuters
Activist investor Icahn sells nearly a third of his Occidental Petroleum stake
Activist investor Carl Icahn, who has been waging a bitter battle against Occidental Petroleum Corp's board over its $38 billion (£29.76 billion) acquisition of Anadarko Petroleum, cut his holdings in the oil and gas producer by nearly a third, according to an open letter to shareholders released on Friday. Icahn has opposed the deal as "hugely overpriced" and a misplaced bet-the-company gamble on oil prices rising, and urged Occidental's board to instead put the company on the market. Occidental bought rival Anadarko in August for $38 billion despite investor opposition to the deal, which did not go to an Occidental shareholder vote for approval.
- TheStreet.com
Occidental Petroleum Jumps After Carl Icahn Trims Stake, Vows 2020 Proxy Fight
Occidental Petroleum shares jumped higher Friday after billionaire activist investor Carl Icahn trimmed his stake in the oil group while vowing to run a proxy fight against the board next year.
- Reuters
The Permian paradox: Texas shale players go green to drill more
HOUSTON/BENGALURU (Reuters) - As the thirst for electricity to power drilling rigs in West Texas drives the state's energy needs to new highs, oil and gas companies are increasingly relying on wind and solar power to ensure that the shale boom continues. Oil and gas firms operating in the Permian shale basin in West Texas, the nation's biggest, have been largely behind growth in the area's energy demand, according to Electric Reliability Council of Texas (ERCOT), which oversees most of the state's electricity grid.
