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SandRidge Energy, Inc. Message Board

  • taipanman2003 taipanman2003 Jul 25, 2013 10:54 AM Flag

    trust distributions...........

    should be announced any day now. Would this be a indication of what SD earnings would look like?

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    • sdr and sdt both released distribution amts today after the bell. SDT just under threshold sdr did better. More gas than oil in production as orginally published. off set price of higher gas. sdr up in aftermarket sdt no trades.

    • SDT fully drilled out, SDR likely drilled out by EOY. PER finished up by 2Q of 2014. Subordinated units convert to commons within 12 months after completion of drilling obligations. Trust distributions were higher than most estimates. Simplification of the company will be nice. Sale of commons for future CAPEX, and much better returns to SD on equivalent amount of CAPEX shifted from Trusts to higher WI areas.

      • 1 Reply to rainbow3100
      • Yes , .68 distribution announced and up .55 in after hours. Strong move for SDR, I picked up a few shares in it awhile back, largely because of the low amount of NG that was hedged, and the low prices that the NG was hedged at, it has strong exposure to NG upside but lacking as much upside in Oil, as Oil was hedged at relatively high prices.

        Once these trust obligations get cleared up, SD will be a much cleaner and easier company to analyze. SDT is already out of the way, SDR by year end and PER likely by 2Q 2014. We still have 2 J/Vs but removing 3 layers of accounting and liabilities to the Trusts is a big step in the right direction.

        I haven't run SD's percentage ownership in the Trusts for awhile (somebody else want to do it and report back?), but its well under 50%, so in theory each buck that switches from Trust drilling to SD drilling returns at least double. Hundreds of Millions have been spent drilling these Trusts each quarter. SDT is no longer getting drilled, this is a positive. And SDR likely gone by EOY.

        A nice analysis from Seeking Alpha, or one of the analyst addressing this shift in CAPEX seems in order. It is definitely significant.

    • You would think, however, it seems to me like in the past they haven't matched up very well.

 
SD
4.080.00(0.00%)Oct 23 4:02 PMEDT

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