“That's an impressive number. That's a big deal,” said Phil Macy, who has been a SandRidge shareholder for four years.
Despite reduced expenses and increased production, several shareholders expressed concern about SandRidge's stock price, which has traded well below $10 for most of the past five years. SandRidge shares rose 7 cents, or 1.5 percent, Monday to close at $4.83
“I've been staying up nights worried about this stock,” shareholder Rosalee Bridge said during the meeting Monday. “Why this stock is dead in the water, I'll never know. No one is interested in it. Can't we do something to stop that?”
Bennett said the company expects its current strategy to pay off for shareholders.
“We're all shareholders,” he said of the management team. “It's our goal and job to get the stock price up. We want to generate a return for you and for us.
“I think the measures we're trying to take — hydrating the capital program, drilling the best known parts of the play, reducing our overhead structure and cost structure, keeping our well costs down, acquiring acreage at competitive prices — we think all those things are adding value for shareholders.”
Bridge was not fully satisfied with the answer.
“I understand all that, but it's not working,” she said.
“I'm not totally dumb, Obviously I'm a little dumb or I wouldn't be investing in this,” she said. “I just really thought that the company was valued more than the selling price, so I thought it was a good opportunity. I just cannot figure out why it doesn't all go together.”