John Suter, currently chief operating offer of SandRidge Energy Inc., Oklahoma City, will serve as interim president and chief executive officer following the resignation of Paul McKinney as chief executive officer and a board member.
Suter has served as the company’s chief operating officer for the past 3 years. He joined SandRidge in April 2015 as senior vice president of midcontinent operations.
The move is in connection with an initiative by the company to improve shareholder value, SandRidge said in a press statement. The company will evaluate its 2020 capital expenditure program with a focus on maximizing free cash flow and management and the board review the company aiming to improve operational efficiencies and cost controls, it said.
For this year’s third quarter, the company reported a net loss of $182 million and net cash provided by operating activities of $33 million. After adjusting for certain items, the company's adjusted net loss amounted to $17 million, operating cash flow totaled $26 million and adjusted EBITDA was $26 million for the quarter. As of Nov. 12, the company’s 2019 operational and capital expenditure guidance was projected to be $160-170 million.
