A Sanctuary of Harmony
Finding an answer to a certain problem is way different from giving an actual solution to that problem. For a solution...
TO CALL 2020 tough for shalemen is to call a monsoon a mist. Covid-19 has halved the value of fracking firms this year. Rig counts are down (see chart). A perfect time for consolidation, then. Yet besides Chevron’s $5bn bid for Noble Energy in July, deals have been sparse. Buyers fret that investors will punish them for overpaying. Targets fear selling amid sinking oil prices. Many bosses’ yearly pay exceeds rewards from a sale, notes Devin McDermott of Morgan Stanley, a bank. So all eyes are on Devon Energy’s $2.6bn offer to buy WPX Energy, a smaller rival, announced this week. The merged entity will have 400,000 acres in the Delaware basin and, it is hoped, $575m in annual savings. Andrew Dittmar of Enverus, an analytics firm, says Devon will rely less on wells on federal land, where Joe Biden wants to curb drilling if he becomes president. Devon’s share price jumped by 11% on the news. Fellow frackers will take note. This article appeared in the Business section of the print edition under the headline "Shelling out on shale’s sale" Reuse this contentThe Trust Project
WHEN BARTLEBY reflects on life’s lessons, he always remembers his grandfather’s last words: “A truck!” Bartleby’s uncle also suffered an early demise, falling into a vat of polish at the furniture factory. It was a terrible end but a lovely finish. Whether you find such stories amusing will depend on taste and whether you have heard them before. But a sense of humour is, by and large, a useful thing to have in life. A study of undergraduates found that those with a strong sense of humour experienced less stress and anxiety than those without it. Humour can be a particular source of comfort at work, where sometimes it can be the only healthy reaction to setbacks or irrational commands from the boss. Classic examples can be found in both the British and American versions of the TV sitcom “The Office”, where workers have to deal with eccentric, egotistical managers, played respectively by Ricky Gervais and Steve Carell. The comedy stems, in part, from the way that the office hierarchy requires the employees to put up with the appalling behaviour of the manager. And those programmes also illustrate the double-edged nature of workplace humour. When the bosses try to