Oil and natural gas exploration company SandRidge Energy Inc. started a series of actions aimed at improving shareholder value, according to a Dec. 13 news release.
The company will evaluate its 2020 capital expenditure program to maximize cash flow, and SandRidge's board and management will undertake a comprehensive review of the company to improve operational efficiencies and cost controls.
"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," SandRidge board Chairman Jonathan Frates said in the release. "Our goal is to maintain our strong balance sheet and pursue only high-return opportunities."
In addition, Paul McKinney resigned as president and CEO of SandRidge and from the company's board. COO John Suter agreed to be interim president and CEO.