• <strike id="q0iu2"></strike>
  • The Annual Shale Gas Technology & Equipment Event
    logo

    The 15thBeijing International Shale Gas Technology and Equipment 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 11:28 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.

    日韩免费一级毛片| 在线播放亚洲精品| 久久精品成人免费网站| 亚洲欧美日韩综合久久久久| 国产精品99亚发布| 精品无码人妻一区二区三区| 日韩精品免费视频| 国产色无码精品视频免费| 国产 日韩 中文字幕 制服| 国产精品女在线观看| 久久亚洲精品成人无码| 久久精品国产四虎| 2021年国产精品久久| 99视频都是精品热在线播放| 亚洲国产精品一区二区第一页 | 国产自偷亚洲精品页65页| 国产精品 码ls字幕影视| 日韩不卡在线播放| 无码专区人妻系列日韩精品少妇 | 视频一区精品自拍| 精品乱子伦一区二区三区高清免费播放 | 日韩中文字幕在线免费观看| 日韩AV无码不卡网站| 国产精品福利久久| 精品久久洲久久久久护士免费| 亚洲精品国产第一综合99久久| 91成人午夜在线精品| 国产成人亚洲精品| 5x社区精品视频在线播放18| 国产午夜精品无码| 亚洲A∨精品一区二区三区| 国产99久久九九精品无码| 亚洲精品色播一区二区| 国产精品无码亚洲一区二区三区| 中文字幕亚洲精品无码| 97香蕉久久夜色精品国产| 亚洲精品国产av成拍色拍| 欧亚精品卡一卡二卡三 | 99久久亚洲精品无码毛片| 久久久91精品国产一区二区| 亚洲欧洲国产精品你懂的|