SandRidge Again Shows Discipline, Selling Dynamic Offshore Assets
SandRidge Energy agreed to divest its Gulf of Mexico assets, just two years after former CEO Tom Ward purchased Dynamic Offshore, which gave the company some of the cheapest oil assets in North America, according to Ward.
This sale by new CEO James Bennett shows, once again, how far SandRidge has come since Tom Ward's tenure ended in June of last year. The $750 million in cash being injected into SandRidge will give the company $2 billion in liquidity, allowing the company to add more rigs and increase production in its most profitable play, the Mississippian Lime.
Don't miss out on this winner
There's a huge difference between a good stock, and a stock that can make you rich. The Motley Fool's chief investment officer has selected his No. 1 stock for 2014, and it's one of those stocks that could make you rich. You can find out which stock it is in the special free report: "The Motley Fool's Top Stock for 2014." Just click here to access the report and find out the name of this under-the-radar company.
This segment is from Tuesday's edition of "Digging for Value," in which sector analysts Joel South and Taylor Muckerman discuss energy and materials news with host Alison Southwick. The twice-weekly show can be viewed on Tuesdays and Thursdays. It can also be found on Twitter, along with our extended coverage of the energy and materials sectors @TMFEnergy.
The article SandRidge Again Shows Discipline, Selling Dynamic Offshore Assets originally appeared on Fool.com.Joel South owns shares of SandRidge Energy. Taylor Muckerman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2014 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.