Oil Company In The News -- June 18, 2018

Updates

June 20, 2018: Icahn is said to have won control of board at SandRidge. SandRidge shares are up over 2% today.

Original Post

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From Reuters via Rigzone:

SandRidge Energy Inc said on Friday it had been approached by 17 potential bidders for a buyout, including billionaire Carl Icahn who is fighting for control of the oil and gas producer's board.

The activist investor, however, said in response he had no plans to make a bid soon, adding that any bid would depend on the approval of a majority of the unaffiliated shareholders.

Icahn has criticized SandRidge's leadership, forced the removal of its chief executive officer and got the embattled company to back out of its planned buyout of rival Bonanza Creek Energy Inc.

The investor, who said in April he was willing to buy the company, will now have to await a June 19 shareholder vote for directors as he seeks to revamp the board with his seven preferred nominees. Icahn holds a 13.6 percent stake in the company.

Much more at the link, including other links.

SandRidge is tracked here.

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BYD - BAD Decision

A reader alerted me to this story.

Over at Forbes, "Electric Shock: Buffett-Backed BYD Plunges On Profit Warning."

Warren's comment? "It seemed like a great idea at the time."

Google BYD Los Angeles Albuquerque.