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• This Texas Oil Town Sees Strongest Salary Growth In US
  OilPrice.com -Driven by the U.S. shale boom in the...
  OilPrice.com -Driven by the U.S. shale boom in the Permian basin, personal income in Midland County, Texas, grew by the highest percentage—17.5 percent—of all metropolitan counties in the United States last year, data from the Bureau of Economic Analysis (BEA) showed.
  
  The average personal income in the metropolitan areas of the United States grew by 5.7 percent, the data showed, while personal income in the non-metropolitan part of the U.S. increased by 4.8 percent last year.
  
  Last year, personal income increased in 3,019 U.S. counties, decreased in 91 counties, and was unchanged in 3, according to estimates released by the BEA.
  
  Personal income in Midland and Odessa—two of the centers of the Permian shale production—increased in percentage terms more than the personal income in large cities, while per capita personal income in Midland and Odessa was higher than the per capita personal income in New York, San Francisco, or Boston, according to Bloomberg estimates of the data.
  
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• ConocoPhillips targets $50 billion free cash flow over next decade
  (Reuters) - ConocoPhillips unveiled a long-term plan...

  (Reuters) - ConocoPhillips unveiled a long-term plan on Tuesday to boost oil and gas production by about 3% per year, restrain annual spending to about $7 billion and return $50 billion to shareholders over the next decade.

  
  

  The announcement comes as investors, frustrated by weak commodity prices for 5 years, have been pressuring oil and gas companies to cut back on drilling and shore up cash to return to shareholders.

  
  The largest U.S. independent crude producer said it expects to spend about $20 billion on dividends and $30 billion in share buybacks in 10 years.
  

  ConocoPhillips will spend about $4 billion per year on shale, running about 20 drilling rigs across its four fields, and boosting shale production from more than 400,000 barrels per day (bpd) next year to around 900,000 bpd by the end of the decade, it said.

  
  The company plans a future sale of 25% of its Alaska assets, in line with its practice of not holding 100% equity in major projects.
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• Exxon Says N.Y. Used Fraud Claims to Score Political Points
  Three weeks ago, Exxon was ...
  
  
  Three weeks ago, Exxon was facing charges of fraud, brought by New York Attorney General Letitia James.
  
  Those charges were dropped at the 11th hour.
  
  New York, more or less, failed to produce evidence backing their allegations, making bringing the charges, suspect.
  
  Bloomberg - You’d expect most companies accused of a longstanding fraudulent scheme to be thrilled if the government dropped those claims against them. Not so for Exxon Mobil Corp. -- at least not today.
  
  The energy giant unleashed a torrent of criticism against New York Attorney General Letitia James in court filings Monday, more than a week after the state sought to drop two out of four claims on the last day of a civil trial that has yet to be decided by the judge. Exxon says the government couldn’t prove the fraud claims and only made them “to score headlines and political points.”
  
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• Gulfport Energy to cut jobs, halt share buybacks
  NEW YORK – U.S. gas exploration and production company Gulfport Energy Corp (...
  NEW YORK – U.S. gas exploration and production company Gulfport Energy Corp (GPOR.O) on Monday confirmed that it would cut jobs, change its board and end its share buybacks, in a bid to reverse a slide in its stock price.
  
  Gulfport shares have lost about 67% of their market value in the last 12 months, as weak natural gas prices have eroded its profitability and forced it to slash capital investment.
  
  Gulfport, whose production is focused primarily in the Utica Shale in Ohio and SCOOP acreage in Oklahoma, also made a new commitment to use excess cash to pay down debt, which totaled $2.1 billion as of the end of September.
  
  The company said it would shed about 13% of its workforce. It also said that Chairman David Houston will not seek reelection to the company’s board when his term ends in 2020, with two other directors – Craig Groeschel and Scott Streller – stepping down from Gulfport’s board by the end of this year.
  
  
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• Oil falls more than 1% as trade uncertainty, oversupply concerns weigh
  CNBC - 📉Oil prices fell more than 1% on Monday, erasing last week’s gains and tumbling...
  CNBC - 📉Oil prices fell more than 1% on Monday, erasing last week’s gains and tumbling alongside U.S. stocks on uncertainty over a trade deal between the United States and China.
  
  Brent crude futures fell 95 cents, or 1.5%, to settle at $62.35. West Texas Intermediate (WTI) crude fell 67 cents, or 1.2%, to settle at $57.05.
  
  “Crude has become highly reactive to whichever way the wind is blowing in the (U.S.-China) trade talks. When it falters, prices get punished,” said John Kilduff, a partner at Again Capital LLC in New York. “This headwind of slack demand growth keeps holding us back.”
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