XOM - Biden Fracking Policy And Why Exposed E&Ps Do Not Care

• Many seem surprised by a federal lease ban. They shouldn't, as this was well-telegraphed.
• More than a year of foreshadowing gave E&Ps with exposure time to build a permit backlog to work through. The moratorium only impacts future lease sales.
• Production on federal acreage is unlikely to fall for several years, and I doubt federal land sales are gone for good - just more restrictive.
• For those that fear heavy-handed energy regulation, remember that the court system remains stuffed with Republicans in most District Courts of Appeal/the US Supreme Court.

For further details see: