Following McKinney’s departure, John P. Suter, currently SandRidge COO, has agreed to serve as interim president and CEO. (Source: SandRidge Energy Inc.)
SandRidge Energy Inc. said Dec. 13 Paul D. McKinney has stepped down as CEO, a post he had held for less than a year.
The resignation of McKinney as president and CEO and as a board member is in connection with SandRidge’s latest initiative, according to the company release.
Citing commodity prices, SandRidge launched a series of actions, including a possible minimal 2020 capex plan, that it said is designed to maximize free cash flow while also improving shareholder value. Following McKinney’s departure, John P. Suter, currently SandRidge COO, has agreed to serve as interim president and CEO.
“In light of the current challenging price environment, we are re-evaluating our 2020 capital plans with an emphasis on cost control and free cash flow generation,” Jonathan Frates, chairman of the board at SandRidge, said in a statement. “Our goal is to maintain our strong balance sheet and pursue only high return opportunities.”
The majority of SandRidge’s production is generated from the Mississippian Lime formation in Oklahoma and Kansas. The company also holds positions in the northwest Stack play in Oklahoma and the North Park Basin in Colorado.
McKinney had joined SandRidge in January 2019 following a tumultuous year for the company, which included a pressure campaign from famed activist investor Carl Icahn. He had previously served as president and COO of Yuma Energy Inc.
Now interim CEO, Suter has served as SandRidge COO for the past three years after joining the company in April 2015. He previously held management roles with American Energy Partners LP, Chesapeake Energy Corp., Continental Resources Inc. and Cabot Oil & Gas Corp.
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