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Tuesday, July 02, 2024

Last known survivors of Tulsa Race Massacre challenge Oklahoma high court decision


Lessie Benningfield Randle, a Tulsa Race Massacre survivor, is pictured during the House General Government Committee meeting at the Oklahoma Capitol, Oct. 5, 2023. Attorneys for Randle and Viola Ford Fletcher, the last two remaining survivors of the massacre, asked the Oklahoma Supreme court Tuesday, July 2, 2024, to reconsider the case they dismissed last month and called on the Biden administration to help the two women seek justice. Credit: AP/Doug Hoke

By The Associated Press
July 2, 2024 

OKLAHOMA CITY — Attorneys for the last two remaining survivors of the 1921 Tulsa Race Massacre asked the Oklahoma Supreme Court on Tuesday to reconsider the case they dismissed last month and called on the Biden administration to help the two women seek justice.

Viola Fletcher, 110, and Lessie Benningfield Randle, 109, are the last known survivors of one of the single worst acts of violence against Black people in U.S. history. As many as 300 Black people were killed; more than 1,200 homes, businesses, schools and churches were destroyed; and thousands were forced into internment camps overseen by the National Guard when a white mob, including some deputized by authorities, looted and burned the Greenwood District, also known as Black Wall Street.

In a petition for rehearing, the women asked the court to reconsider its 8-1 vote upholding the decision of a district court judge in Tulsa last year to dismiss the case.

“Oklahoma, and the United States of America, have failed its Black citizens,” the two women said in a statement read by McKenzie Haynes, a member of their legal team. “With our own eyes, and burned deeply into our memories, we watched white Americans destroy, kill, and loot.”

“And despite these obvious crimes against humanity, not one indictment was issued, most insurance claims remain unpaid or were paid for only pennies on the dollar, and Black Tulsans were forced to leave their homes and live in fear.”

Attorney Damario Solomon Simmons also called on the U.S. Department of Justice to open an investigation into the massacre under the Emmett Till Unsolved Civil Rights Crime Act of 2007, which allows for the reopening of cold cases of violent crimes against Black people committed before 1970. A message left with the DOJ seeking comment was not immediately returned.

The lawsuit was an attempt under Oklahoma's public nuisance law to force the city of Tulsa and others to make restitution for the destruction. Attorneys also argued that Tulsa appropriated the historic reputation of Black Wall Street “to their own financial and reputational benefit.” They argue that any money the city receives from promoting Greenwood or Black Wall Street, including revenue from the Greenwood Rising History Center, should be placed in a compensation fund for victims and their descendants

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Tulsa Race Massacre survivor Viola Ford Fletcher gestures while speaking during an interview with The Associated Press, June 16, 2023, in New York. Attorneys for Fletcher and Lessie Benningfield Randle, the last two remaining survivors of the massacre, asked the Oklahoma Supreme court Tuesday, July 2, 2024, to reconsider the case they dismissed last month and called on the Biden administration to help the two women seek justice. Credit: AP/Mary Altaffer

Monday, June 03, 2024


Oil companies 'make up for lost time' as consolidation sweeps across
industry



Ines Ferré
·Senior Business Reporter
Sun, Jun 2, 2024,

Oil and gas companies in the US have been on a consolidation tear, and industry watchers predict it isn't over.

Last year, crude oil and natural gas exploration and production companies increased spending on mergers and acquisitions to $234 billion, the biggest amount adjusted for inflation since 2012, according to data from the Energy Information Administration.

The latest tie-up, announced on Wednesday, involves Houston-based ConocoPhillips (COP) and Marathon Oil (MRO) in a deal valued at $22.5 billion, including debt.

"They're all the same underpinnings. It's buying acreage, it's buying inventory," Matt Willer, managing director of capital markets and partner at Phoenix Capital, told Yahoo Finance. He added, "Now recognizing that oil and gas isn't going anywhere likely during our lifetime, [the oil producers] have to make up for lost time."

Willer says the wave of mergers and acquisitions in the energy space comes after more than a decade of underinvestment amid political and regulatory uncertainty over the oil and gas landscape as the US transitions to green energies.

The appetite for oil and gas has only grown over the last year as US oil production hit new highs after Russia's invasion of Ukraine temporarily sent prices past $130 a barrel in 2022.


ExxonMobil recently acquired Pioneer Natural Resources. (AP Photo/Mark Humphrey, File) (ASSOCIATED PRESS)

On the heels of record profits and strong balance sheets, consolidation went into full swing last year with two of the biggest deal announcements since Occidental Petroleum (OXYacquired Anadarko Petroleum in 2019.

In October ExxonMobil (XOMannounced a $60 billion acquisition of Pioneer Natural Resources. More than a week later, Chevron (CVXsaid it would buy Hess Corporation (HES) for $53 billion.

Among other deals announced last year was Tulsa, Okla., based ONEOK (OKE) acquiring Magellan Midstream for $18.8 billion, forming one of the largest US energy pipeline companies.

At the end of last year, Occidental Petroleum agreed to buy privately held CrownRock in a cash-and-stock deal valued at $12 billion.

In January, Chesapeake Energy (CHK) said it would buy Southwestern Energy (SWN) in an all-stock deal valued at $7.4 billion.

The following month, Diamondback Energy (FANG) announced it was buying Endeavor Energy (EDR) for $26 billion.


ConocoPhillips is buying Marathon Oil in a deal valued at $22.5 billion, including debt. (AP Photo/Matt Rourke, File) (ASSOCIATED PRESS)


More acquisitions are expected, according to a survey of oil and gas executives conducted by the Federal Reserve Bank of Dallas.

Among those who responded, 77% said they anticipate more M&A activity in the next two years.

Among large-cap companies surveyed, 35% said their main goal this year was to acquire assets.

Now that the biggest players have announced their acquisitions, industry watchers expect smaller deals to follow suit.

"I think this is all about consolidating into a smaller number of players in a very mature industry that is looked at as something that is not going to last forever," Sarah Hunt, Alpine Saxon Woods chief market strategist, told Yahoo Finance.

"Nobody wants to end up being too small to compete with some of the big guys. So I think you will see some of this continue,” Hunt said.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre.