Bloomberg Long is the new deep. Just ask SM Energy Co., which on Tuesday spent $1.6 billion to expand its acreage in America’s most prodigious oil patch, the Permian Basin. The unique geologic makeup of the Permian, consisting of multiple layers of oil- and gas-trapping shale that span hundreds of miles, is well suited for a technique that’s allowing …

  Bloomberg Abbott Laboratories posted a surprise third-quarter net loss after the value of its stake in EpiPen maker Mylan NV slumped as the stock dropped in recent months. Abbott became Mylan’s biggest shareholder last year after selling its generic drugs unit in Europe and developed markets to the drugmaker, and still holds a 13 percent stake. As Mylan became …

  Bloomberg The world’s largest publicly listed oil company says ample production from US shale regions will keep prices subdued for years to come, disagreeing with others in the industry who have warned about a looming shortage. Rex Tillerson, chief executive officer at Exxon Mobil Corp., presented an upbeat view of how technology will allow companies to pump more, preventing …