Texas has removed BlackRock from its list of oil and gas investment boycotters after the asset manager shrank its ESG footprint, ending a three-year quiet confrontation that saw Texas state investment vehicles pull billions out of BlackRock.
The June 3 industry shakeup further consolidates both the booming, but maturing Permian Basin in West Texas and the niche minerals and royalties space in which companies own the rights to fossil fuels beneath the surface, but do not drill or operate the wells.
Curious Minds Corner
Why is oil measured in “barrels,” and how much is that?
The 42-gallon barrel became standard in the early Pennsylvania oil fields for transport; it’s still the industry unit today.