OKLAHOMA
CITY, May 12, 2023 /PRNewswire/ -- SandRidge
Energy, Inc. (the "Company") today announced that its Board of
Directors (the "Board") has (1) declared a one-time dividend of
$2.00 per share (for a total payout
of approximately $74 million), (2)
planned an on-going quarterly dividend of $0.10 per share starting after the second quarter
2023 first payable in August 2023,
and (3) authorized up to $75 million
in stock buybacks.
The one-time $2.00 per share
dividend was declared today and will be payable on June 7, 2023 to shareholders of record on
May 24, 2023.
The Board also announced that it currently plans to commence an
on-going quarterly dividend of $0.10
per share starting after the second quarter 2023, estimated to be
first paid in August 2023, continuing
every quarter thereafter until noticed.
The Company also announced today that the Board has approved a
$75 million stock buyback program.
The shares will be purchased from time-to-time on the open market
with cash on hand at the Company.
The Company will continue to maintain optionality to execute on
value accretive merger and acquisition opportunities that could
bring synergies, leverage our core competencies, complement our
portfolio of assets, further utilize our net operating losses or
otherwise yield attractive returns for our shareholders. We will
also continue to focus on growing the cash value allocation
capability of our asset base in a safe, responsible and efficient
manner, while exercising prudent capital allocations to projects we
believe provide high rates of returns in the current commodity
price environment.
About SandRidge Energy, Inc.
SandRidge Energy, Inc. (NYSE: SD) is an independent oil and gas
company engaged in the development and acquisition of oil and gas
properties. Its primary area of operations is the Mid-Continent
region in Oklahoma and
Kansas. Further information can be
found at
www.sandridgeenergy.com.
Contact Information
Investor Relations
SandRidge Energy, Inc.
1 E. Sheridan Ave. Suite 500
Oklahoma City, OK 73104
investors@sandridgeenergy.com
This release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
that are based on present circumstances and on the Company's
predictions with respect to events that have not occurred, that may
not occur, or that may occur with different consequences and timing
than those now assumed or anticipated. Such forward-looking
statements, including the expected future payment of dividends and
any statements of the plans and objectives of management for future
operations and forecasts of future growth and value, are not
guarantees of future performance or results and involve risks and
uncertainties that could cause actual events or results to differ
materially from the events or results described in the
forward-looking statements. Such forward-looking statements are
made only as of the date of this release and the Company assumes no
obligation to update forward-looking statements to reflect
subsequent events or circumstances. Readers should not place undue
reliance on these forward-looking statements.
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SOURCE SandRidge Energy, Inc.