{
  "docId": "019dd923-622b-71dc-a6dc-2ebffcf637e2",
  "docSlug": "ef179647d85b",
  "documentTitle": "SandRidge Energy (SD)",
  "authorId": "14_Icahn",
  "authorName": "Carl C. Icahn",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-05-24 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 10,
  "pageCount": 24,
  "prevPage": 9,
  "nextPage": 11,
  "slideType": "valuation_table",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 45,
  "notes": "The slide uses the company's own data to argue that the stock is significantly undervalued.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-2ebffcf637e2/10",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-2ebffcf637e2#slide-10",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "SandRidge's own analysis (even at the December 5, 2017 Strip of ~$52/$3.00), which adds risk-weighted unproved reserves to proved reserves, shows a PV-10 value as high as $57 per share.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5377-73e2-a96e-ee49471c6a95",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.09
      },
      "kind": "list",
      "text": "SandRidge's own analysis (even at the December 5, 2017 Strip of ~$52/$3.00), which adds risk-weighted unproved reserves to proved reserves, shows a PV-10 value as high as $57 per share.\nYet the stock continues to trend downwards, settling at $13.98 as of May 24, 2018.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fc445399-2fb8-489f-b298-a5136a4672fd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "PV-10 value per share: $57.54",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5377-73e2-a96e-f2839666b555",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "Note: TPUD (Technical PUDs) are undeveloped locations that meet the technical criteria to be considered proved reserves, but have not been determined to meet SEC criteria.\nSource: SandRidge December 2017 investor presentation filed Nov 15, 2017.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7aeb24f6-14fd-48fe-9f32-0f8f3cc41edf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.5,
        "x": 0.25,
        "y": 0.24
      },
      "kind": "table",
      "text": "SandRidge Proved Reserves table showing MM Boe, PV-10, and Per Share values for North Park, Mid-Con, and Consolidated assets.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9c0e375a-2a51-4db9-a24a-9ad49fe43abb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.05,
        "y": 0.03
      },
      "kind": "title",
      "text": "Underlying Value",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e146673a-3e4a-49af-9890-d3001fb812ea",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "6b458fa7-dcb2-4005-acec-37abd0f8ff22",
      "evidence": "Contrasts company's internal valuation ($57) with market price ($13.98) to expose market failure/mismanagement.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 17,
      "from": 8,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "3dd76b6e-5748-4fc1-9040-4f84e63221c2",
      "evidence": "The current board's failure is highlighted.",
      "position": 0,
      "objective": "What is the cost of inaction?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}