Sandridge Energy Ready for Oil Boom ($SD)
All of us energy investors have been eagerly awaiting the talked about oil boom. If the Keystone Pipeline actually goes though, and oil boom could be here before we know it. Let’s look to Michelle Fox for Sandridge Energy’s CEO’s point of view.
For SandRidge’s Tom Ward, that pipeline is important. It allows the United States to use oil produced in North America, and not overseas, he said. Plus, if it isn’t transported to the U.S., it will go elsewhere.
“The Canadian oil has to go someplace,” he said. “That oil, if it doesn’t come to Cushing, will go to Asia or some other place. And we might as well be using it here.”
The southern leg of the pipeline, in the meantime, will help transport backlogged oil to the south. And according to Ward, there is more oil to come. Oil production in the U.S. has increased in the last three years from 5 million barrels a day to nearly 6 million barrels a day, he said.
“That’s just the beginning,” he said. “Our company alone grew our production last year by 64 percent.”
Looks like SD is ready for an oil boom and would be ready and willing to take part. Doesn’t sound like a bad plan to me. If the pipline actually goes through, SD will be worth watching!
Quotes taken from report by Michelle Fox, Read the entire article here.
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