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  "docSlug": "ef179647d85b",
  "documentTitle": "SandRidge Energy (SD)",
  "authorId": "14_Icahn",
  "authorName": "Carl C. Icahn",
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  "presentationDate": "2018-05-24 00:00:00",
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  "notes": "Uses a quote-contradiction framework to undermine the Board's credibility.",
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      "kind": "list",
      "text": "No known progress building necessary infrastructure in the North Park\nHad one board member resign and another terminated\nMissed out on full benefit of ~50% run up in oil price\nUnclear long-term vision or strategy",
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      "text": "Total Shareholder Return: -27%\nProduction Decline: -26%\nEBITDA Decline: -43%\nEnterprise Value Decline: -25%\nAcreage Position Decline: -43%\nDeal Breakup Fees Spent: $3.7 million\nCash Severance Paid: $23.7 million\nAdjusted G&A per Barrel vs Closest Peer: 137%",
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      "text": "Total Shareholder Return: -27%",
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      "kind": "paragraph",
      "text": "- The SandRidge Board, 2017 Proxy Statement",
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      "kind": "quote",
      "text": "Since [emerging from bankruptcy], the Board has overseen significant accomplishments, and we are proud of the results that our Company delivered during a challenging period.",
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      "text": "Since [emerging from bankruptcy], the Board has overseen significant accomplishments, and we are proud of the results that our Company delivered during a challenging period. — The SandRidge Board, 2017 Proxy Statement",
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      "text": "Note Q1 2018 period ended figures are most recent quarter Q1 2018 vs first quarter post bankruptcy Q4 2016. (1)Midstates Petroleum is SandRidge's only public peer focused on the Mississippian Lime formation.",
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      "kind": "title",
      "text": "The Current Board's Track Record",
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