SandRidge Mississippian Trust I: Is There A Bottom?
- SDT’s average daily oil production for the Q2 period dropped by 16.4% sequentially, after a ~22% sequential decline posted in the previous report period.
- The surprisingly steep oil production declines confirm that the Trust’s wells have performed poorly.
- The risk of yet another downward revision to the Trust’s oil reserves at year end is high.
- I estimate the next distribution per unit to be $0.23-$0.24, materially below my year-ago model estimate.