The Annual Offshore Oil & Gas Event
logo

The 25thBeijing International Offshore Oil & Gas Exhibition

ufi

BEIJING,CHINA

March 26-28,2025

LOCATION :Home> News > Industry News

In Icahn-SandRidge tiff, bitter words hide overlapping targets

Pubdate:2018-06-19 11:20 Source:liyanping Click:
NEW YORK (Bloomberg) -- The oil industry’s ugliest battle is heading for a climax in Oklahoma City on Tuesday. But SandRidge Energy Inc. is probably bound for the auction block anyway.

Whether SandRidge or activist investor Carl Icahn wins control of the board this week, the oil and natural gas explorer is expected to sell some or all of its drilling rights as it tries to reverse a long slide in its stock value, according to David Beard, an analyst with New Orleans investment manager Coker & Palmer Inc.

Icahn is seeking to replace the entire seven-member board at Oklahoma-based SandRidge, which has seen its stock plummet more than 40% since a 2016 bankruptcy. Under pressure from Icahn, SandRidge canceled an acquisition, dismissed two top executives and announced a “strategic review” of assets in just the past six months. Both sides have promised a shakeup.

“Icahn and the management team are probably closer than a lot of these fights would suggest,” Beard said in a telephone interview. “They both want to sell the company -- it’s just a matter of magnitude and speed. Icahn wants to move faster. If you agree, you’ll vote for him.”

SandRidge has drilling rights on more than a half-million acres across Oklahoma, Kansas and Colorado. But many of its fields are either aging properties saddled with declining production and higher costs, or lacking pipeline access that would make new drilling viable, Beard said.
Billions lost

The company’s market value topped $11 billion in 2008, when oil prices soared near $150/bbl. But a heavy debt load and the plunge in oil prices starting in 2014 eventually forced it into bankruptcy. It ended last week with a market value of about $550 million.

The proxy fight has gotten nasty, with an almost daily flurry of news releases and open letters in which the New York billionaire and the Great Plains explorer excoriated one another. SandRidge blasted Icahn for “half-truths and hyperbole” and a “simply terrible” track record. Meanwhile, Icahn bemoaned a “litany of missteps and blatant transgressions” by directors and “egregious” pay packages.

SandRidge said June 15 that it had signed confidentiality agreements to share information with 17 potential bidders, including Icahn. Giving Icahn full control of the board would threaten that progress, the driller said in a statement.

“If Icahn gets his way by seizing control of or placing his non-independent nominees on the board, he will be in a position to simultaneously run and bid for the company -- putting his interests ahead of other shareholders,” the company said.

'Disingenuous sham'

Icahn, the company’s top shareholder with a 13.6% stake, has said SandRidge’s board can’t be trusted to make the right decision on any sale.

“The facts show the board’s strategic review process is a disingenuous sham -- window dressing designed to convince shareholders that this board actually wants to maximize value when in reality their primary focus is (and always has been) perpetuating themselves in office,” he said in a rebuttal on Friday.

SandRidge has insisted on “unreasonable and onerous terms” with potential bidders designed to impede any deal, Icahn said. His investment firms “do not presently” intend to bid for the company. If that changes, he promised not to interfere in the process.

Two shareholder advisory firms -- Institutional Shareholder Services Inc. and Glass Lewis & Co. -- recommended splitting the difference in reports earlier this month. They urged shareholders to elect four SandRidge nominees and three of Icahn’s selections, although they differed on which ones. SandRidge is using a so-called universal proxy card that allows investors to pick and choose from both the company’s and Icahn’s slates at next week’s meeting.
 

主站蜘蛛池模板: 99国内精品久久久久久久| 校花被扒开尿口折磨憋尿| www.日韩在线| 国产成人免费在线| 男女性高爱潮免费网站| 久久人人爽人人爽大片aw| 国产视频xxxx| 香蕉视频一区二区| 亚洲AV无码不卡| 国产亚洲精品aaaaaaa片| 最近手机版免费中文字幕| xxxx黑人da| 亚洲国产片在线观看| 另类老妇性BBWBBW| 久久精品国产一区二区电影| 欧美jizz18性欧美| 777四色米奇欧美影院| 亚洲精品美女在线观看播放| 国产成人麻豆tv在线观看 | 成人免费乱码大片A毛片| 18禁裸乳无遮挡啪啪无码免费 | 国产成人无码精品一区在线观看| 天天综合色一区二区三区| 最近中文字幕版2019| 美女和男生一起差差差| 亚洲精品亚洲人成在线播放| 一区二区福利视频| 久久嫩草影院免费看夜色| 国产在线一区二区三区av| 少妇无码太爽了在线播放| 男人桶女人j的视频在线观看| 黄+色+性+人免费| 亚洲乱码精品久久久久..| 国产精品水嫩水嫩| 日本肉体裸交xxxxbbbb| 蝌蚪蚪窝视频在线视频手机| 男女xx00动态图120秒| 131的美女午夜爱爱爽爽视频| 中文字幕视频不卡| 亚洲成A人片在线观看无码| 边吃奶边扎下很爽视频|