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This June 2006 photo provided by Devon Energy Corporation shows the Jack 2 well located in the Gulf of Mexico, approximately 170 miles southwest of New Orleans in approximately 7,000 feet of water.
This June 2006 photo provided by Devon Energy Corporation shows the Jack 2 well located in the Gulf of Mexico, approximately 170 miles southwest of New Orleans in approximately 7,000 feet of water.
(Devon Energy handout/AP)

BREAKINGVIEWS

Activist investors squeeze the last drop from energy firms

Reuters Breakingviews delivers agenda-setting financial insight. Its global correspondents react to stories as they develop, delivering sharp and provocative commentary on big financial news as it breaks.

Activist investors in America’s energy patch are not quite out of fuel. Hedge fund Audley Capital’s effort to inject fresh board blood into $1.8-billion coal miner Walter Energy suggests bigger targets with egregious governance like Chesapeake Energy and Hess are growing scarce. But there are still a few where weak performance invites scrutiny.