SandRidge Enters Confidentiality Agreement with Carl Icahn

M.Cap: $373mm | SandRidge Energy, Inc. (NYSE: SD) is an oil and natural gas exploration and production company headquartered in Oklahoma City, Oklahoma with its principal focus on developing high-return, growth-oriented projects in the U.S. Mid-Continent and Niobrara Shale.

On July 22, 2025, Carl Icahn and the company entered into a confidentiality agreement in connection with Brett Icahn’s appointment to the company’s Board of Directors. Source

Past

In late 2017, SandRidge Energy announced a $746M acquisition of Bonanza Creek, sparking immediate opposition from Fir Tree Partners and Carl Icahn, who viewed the deal as highly overpriced and value-destructive. Icahn launched a proxy fight, filed multiple letters, demanded board changes, and criticized the company's poison pill and governance practices, with support from other shareholders like Susquehanna and Cannell. Fir Tree also voiced support for Icahn while gradually reducing its stake. Despite board resistance, Icahn escalated efforts by nominating a full slate for board elections, hiring former executives, and publicly campaigning for change. Proxy firms ISS and Glass Lewis backed portions of Icahn’s slate and opposed SandRidge’s proposals. At the June 2018 AGM, four Icahn nominees were elected, two company nominees retained seats, and a subsequent agreement led to board expansion and appointment of a fifth Icahn nominee. Shareholders also rejected the company’s poison pill and executive compensation plan, marking a decisive activist victory.