Oklahoma City’s SandRidge Energy, Inc. apparently figured its 11-month leadership under Paul D. McKinney wasn’t working and replaced him on Friday with interim CEO John P. Suter.
McKinney had been CEO only since January 2019 and his replacement came as SandRidge announced it had initiated a series of actions designed to “improve shareholder value.”
One of those actions was to replace McKinney who left as President and CEO and a member of the board. Suter served as the company’s Chief Operating Office and agreed to serve as Interim President and Chief Executive Officer.
Suter joined SandRidge in April 2015 as Senior Vice President of Mid-Continent Operations, bringing with him extensive experience in the exploration and production sector, including management roles with American Energy Partners, LP, Chesapeake Energy Corporation, Continental Resources, Inc., and Cabot Oil & Gas Corporation.
In addition to a new President, the company announced plans to evaluate and produce a “minimal 2020 capex plan” to maximize free cash flow.
Jonathan Frates, Chairman of the Board, stated, “In light of the current challenging price environment, we are reevaluating our 2020 capital plans with an emphasis on cost control and free cash flow generation. Our goal is to maintain our strong balance sheet and pursue only high return opportunities.”
SandRidge Energy shares closed up 13 cents at $4.08 in Friday’s trading on the New York Stock Exchange.