Each one in plain English, with the numbers worked through for a shareholder.
24 Apr 2015agm notice● Neutral
SandRidge sent stockholders its proxy statement for the June 4, 2015 annual meeting, asking them to elect three Class III directors, raise authorized common shares to 1.8 billion from 800 million, and increase the 2009 Incentive Plan share pool. Auditor ratification and an advisory pay vote were also on the agenda.
SANDRIDGE ENERGY INC shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
SandRidge reported fourth-quarter 2014 adjusted net income of $44.1 million ($0.08 per diluted share) and adjusted EBITDA of $224 million. It set a 2015 capital plan of $700 million, 56% below 2014, and reported year-end reserves of 516 MMBoe.
SandRidge filed an amended 10-Q/A for the quarter ended June 30, 2014, restating results to accrue CO2 under-delivery penalties quarterly ($8.5 million for the three months). It also disclosed a material weakness in internal controls.
SandRidge filed its 10-Q for the quarter ended September 30, 2014, alongside restated 2013 and 2014 filings. The restatement corrected the accrual of CO2 under-delivery shortfall penalties and disclosed a material weakness in internal controls.
SandRidge reported third quarter 2014 results with adjusted EBITDA of $225 million and adjusted net income of $43.0 million ($0.07 per diluted share). It also restated 2013-2014 quarterly results for a CO2 penalty accrual.
SandRidge filed an amended 10-Q for the quarter ended March 31, 2014, restating results to accrue an $8.3 million CO2 under-delivery penalty in that quarter and disclosing a related material weakness in internal controls.
TPG-Axon entities and Dinakar Singh filed a final Schedule 13D amendment as an exit filing, reporting 20,224,001 SandRidge shares (4.1%) as of December 15, 2014, below the 5% reporting level.
TPG-Axon entities and Dinakar Singh filed a voluntary Schedule 13G reporting beneficial ownership of 20,224,001 SandRidge shares (4.1%), below the 5% threshold, plus economic exposure to about 6.5% through a basket swap.
Lenders amended SandRidge's credit agreement to give it more time to file its delayed third-quarter financials and waived any default triggered by the CO2 penalty accounting issue disclosed weeks earlier.
SandRidge reported Q3 2014 production of 80 MBoe per day, up 14% on the prior quarter, and raised 2014 capex guidance by $75 million to $1.55 billion. It also said its 10-Q would be delayed by an SEC review of CO2 penalty accrual timing.
SandRidge disclosed that penalty fees owed to Occidental Petroleum under a 30-year CO2 delivery agreement may have been accrued in the wrong accounting periods, warning that prior financial statements might need to be restated.