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Yesterday after the close, SandRidge Mississippian Trust I (SDT) announced quarterly distribution for its fourth quarter of 2013 (the three months ended December 31, 2013 which reflect production revenues for the period from September 1, 2013 through November 30, 2013). The distribution - after the effect of the Subordination Support - came in at $0.50 per common unit.

For the second quarter in a row, the Trust's oil production - that accounts for the larger portion of the Trust's income - surprised by their steeper-than-expected decline. For the period, oil volumes (which included ~3.8% of natural gas liquids) were 81 thousand barrels, a 20.6% drop from the 102 thousand barrels produced during the third quarter.

In the third...

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