Sandridge Energy (SD) Announces $2 Special Dividend; Announces $75M Share Buyback
SandRidge Energy, Inc. (SD) 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.