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Sometimes, a sum of inefficiencies can result in extraordinary outcomes. From a rather typical Russian O&G company, Surgutneftegas (SGTPY) has turned into a huge cash pile ($52 bn) with some O&G assets ($17 bn of worth) over the past few decades. Surgut could spend this money on lucrative investments like a normal company, but for some reason, the management prefers to keep the cash untouched. The company still pays dividends from it, and that's where the opportunity lies.
Against the background of significantly lower oil prices and the higher rouble, Surgut's prefs offer an unconventional