SandRidge Energy Inc. (NYSE: SD) said Jan. 28 that oil and gas industry veteran Paul D. McKinney has been named as the Oklahoma City-based E&P’s next president and CEO.
McKinney will join SandRidge, effective Jan. 29, from Yuma Energy Inc., where he served as the company’s president and COO. He succeeds William M. Griffin, who took over as SandRidge’s president and CEO last year after James Bennett was ousted in a victory for activist investor Carl Icahn.
SandRidge came under pressure from Icahn, who had objected to Bennett’s compensation and the company’s $746 million bid to buy rival Bonanza Creek Energy Inc. (NYSE: BCEI). Julian Bott, the company’s CFO, was also pressured to leave by Icahn in early 2018.
RELATED: SandRidge Energy Exits Permian Basin Central Basin Platform
McKinney has 35 years of oil and gas industry experience and, prior to Yuma, held a variety of senior roles at Apache Corp. (NYSE: APA). He began his career with Anadarko Petroleum Corp. (NYSE: APC), where he spent 23 years in various positions.
“I am very excited to be joining SandRidge and honored to work with the SandRidge team as we develop our plans for the future,” McKinney said in a statement.
The majority of the SandRidge’s production is generated from the Mississippi Lime formation in Oklahoma and Kansas. Development activity is currently focused on the Meramec formation in the Northwest Stack Play in Oklahoma and multiple oil-rich Niobrara benches in Colorado’s North Park Basin.
“The company’s asset base and existing investment opportunities are impressive and have set SandRidge up for organic growth,” McKinney continued. “I look forward to developing these exciting assets as well as pursuing the many opportunities that exist in the market today.”
Reuters contributed to this report.
Recommended Reading
Toby Rice: EQT Considers Own East Coast LNG [WATCH]
2023-03-17 - EQT President and CEO Toby Rice told Hart Energy in an exclusive interview at CERAWeek by S&P Global that the company has been considering its own LNG projects.
Williams' Zamarin Is "Not Giving Up" [WATCH]
2023-03-16 - Williams' Chad Zamarin sat down with Hart Energy's executive director at large Nissa Darbonne to talk about why he feels hopeful about the future of natural gas as a decarbonization tool in the energy transition.
Exxon CEO Woods Argues Against Scope 3
2023-03-10 - Exxon Mobil Corp. CEO Darren Woods argued during CERAWeek by S&P Global in Houston that applying Scope 3 measures to a specific company had its downsides, although he said the Scope 3 measure for the GHG protocols was relevant at the macro level.
Chevron CEO Mike Wirth on Structural Changes to Gas Markets, Permian ‘Challenges’
2023-03-07 - Speaking during the CERAWeek by S&P Global conference, Chevron Chairman and CEO Mike Wirth said Russia’s invasion of Ukraine will have long-lasting effects on global natural gas markets while labor, supplies remain challenging in the Permian.