XOP - Judge's order to resume federal drilling auctions likely has limited impact

imaginima/E+ via Getty Images The U.S. Interior Department says it is reviewing yesterday's court ruling that it must resume auctioning oil and gas leases on federal lands but is not saying when auctions might resume. The preliminary injunction theoretically opens up millions of acres to potential new leases, but as a practical matter, it is unlikely to spark a rush of new development, thus shares of companies that produce a substantial amount of oil and gas on federal acreage do not appear to be moving on the news, according to Al Root of Barron's. Devon Energy ([[DVN]] -2%) and EOG Resources ([[EOG]] -1.2%) trade lower, while ConocoPhillips ([[COP]] +0.1%) and Murphy Oil ([[MUR]]) are little changed. ETFs: [[XLE]], [[XOP]] Most U.S. drilling occurs on private land and was not affected by Biden's order halting new leases, and some companies loaded up on federal leases in the last months of the Trump

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Judge's order to resume federal drilling auctions likely has limited impact