SandRidge Energy, Inc.
TypePublic company
NYSE: SD
Russell 2000 Index component
IndustryPetroleum industry
Founded2006 (2006)
FounderTom L. Ward
Headquarters SandRidge Center
Oklahoma City, Oklahoma
United States
Key people
 Grayson Pranin, CEO
Salah Gamoudi, CFO
Jonathan Frates, Chairman
ProductsPetroleum
Natural gas
Natural gas liquids
Production output
18.6 thousand barrels of oil equivalent (114,000 GJ) per day (2021)
RevenueIncrease $168 million (2021)
Increase $116 million (2021)
Total assetsIncrease $352 million (2021)
Total equityIncrease $245 million (2021)
Number of employees
101 (2021)
Websitesandridgeenergy.com
Footnotes / references
[1]

SandRidge Energy, Inc. is a company engaged in hydrocarbon exploration in the Mid-Continent region of the United States. It is organized in Delaware and headquartered in Oklahoma City, Oklahoma.

As of December 31, 2021, the company had 71.3 million barrels of oil equivalent (436,000,000 GJ) of oil equivalent net proved reserves, of which 11% was petroleum, 34% was natural gas liquids, and 55% was natural gas.[1]

History

SandRidge was founded in 2006 by Tom L. Ward upon the acquisition 46% of Riata Energy from Malone Mitchell III for $500 million. Ward previously co-founded Chesapeake Energy with Aubrey McClendon and was the chief operating officer of that company from 1989 until 1996.[2]

On November 5, 2007, the company became a public company via an initial public offering.[3]

In April 2012, the company acquired Dynamic Offshore Resources, LLC for $680 million in cash and approximately 74 million shares of stock.[4]

On June 19, 2013, citing "a need for new leadership", CEO Tom L. Ward was ousted by the board of the directors and James Bennett became President and CEO.[5]

In 2014, the company sold its assets in the Gulf of Mexico for $750 million.[6]

In October 2015, the company acquired Pinon Gathering Company, owner of 370 miles of gathering lines.[7]

In November 2015, the company acquired 136,000 net acres in the Niobrara Formation of Colorado, after acquiring the assets of EE3, LLC, for $190 million in cash.[8]

On January 6, 2016, the NYSE delisted the company.[9]

On January 21, 2016, the company settled a dispute with Occidental Petroleum over a 30-year carbon dioxide gas treatment agreement. To exit the agreement, the company transferred all of the exploration and production midstream assets in the Pinon Field to Occidental Petroleum along with $11 million in cash.[10]

On May 16, 2016, the company filed for bankruptcy, citing a high debt load and low commodity prices.[11]

On October 4, 2016, the company emerged from bankruptcy reorganization, reducing debt by $3.7 billion. The company was re-listed on the New York Stock Exchange.[11]

On November 15, 2017, the company announced it would buy Bonanza Creek for $746 million;[12] however, on December 28, 2017, the company terminated the agreement, since investors, led by Carl Icahn, protested the acquisition. SandRidge agreed to reimburse Bonanza Creek $3.7 million for transaction-related expenses.[13]

In February 2018, Midstates Petroleum offered to acquire Sandridge, which was rejected by the board.[14]

On February 8, 2018, the company announced the termination of CEO James Bennett and the departure of CFO Julian Bott.[15][16]

On February 26, 2018, the company announced 80 layoffs in Oklahoma City.[17]

Effective January 29, 2019, Paul D. McKinney became president and chief executive officer of the company.[18]

On In June 2019, the company announced layoffs of 10% of its staff.[19]

In December 2019, John P. Suter replaced McKinney as president and chief executive officer.[20]

In February 2020, the company announced plans to lay off more than half of its workforce in Oklahoma City.[21]

In February 2021, the company sold its assets in the North Park Basin for $47 million.[22]

Environmental impact

Earthquakes, due to induced seismicity produced by injected wastes, had also substantially reduced in frequency and intensity, due to a Kansas Corporation Commission order mandating cutbacks in injection well volumes and pressures. SandRidge, which along with Chesapeake Energy was one of the two major producers in Southcentral Kansas, appealed the order.[23][24]

References

  1. 1 2 "SandRidge Energy, Inc. 2021 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ Finger, Richard (February 11, 2013). "Tom Ward Of SandRidge Energy: Another CEO That's Got To Go". Forbes.
  3. ↑ "SandRidge IPO Soars 23%". The Wall Street Journal. November 7, 2007.
  4. ↑ "SandRidge Energy, Inc. Announces Closing of Acquisition of Dynamic Offshore Resources, LLC and Closing of $750 Million Offering of Senior Notes" (Press release). PR Newswire. April 17, 2012.
  5. ↑ "SandRidge Energy Board Ousts Founder Tom Ward". CNBC. June 19, 2013. Archived from the original on October 14, 2017. Retrieved April 22, 2018.
  6. ↑ Polson, Jim; Wethe, David (January 7, 2014). "SandRidge to Sell Gulf of Mexico Business for $750 Million". Bloomberg L.P.
  7. ↑ "SandRidge Energy, Inc. Announces Acquisition of Pinon Gathering Company, LLC" (Press release). PR Newswire. October 5, 2015.
  8. ↑ "SandRidge Energy, Inc. Acquires North Park Basin Niobrara Shale Oil Assets for $190 Million in Cash" (Press release). PR Newswire. November 4, 2015. Archived from the original on 14 October 2017.
  9. ↑ Wilmoth, Adam (January 6, 2016). "NYSE delists SandRidge stock after price hits 15 cents a share".
  10. ↑ Passut, Charlie (January 27, 2016). "SandRidge Settles CO2 Contract Dispute With Occidental". Shale Daily. Natural Gas Intelligence.
  11. 1 2 Wilmoth, Adam (October 4, 2016). "SandRidge Energy emerges from bankruptcy". The Oklahoman.
  12. ↑ Benny, John; Paul, Anirban (November 15, 2017). "SandRidge Energy to buy Bonanza Creek in $746 million deal". Reuters.
  13. ↑ Svaldi, Also (December 28, 2017). "Denver-based Bonanza Creek Energy left standing at the altar". Denver Post. Archived from the original on 20 April 2018.
  14. ↑ Wilmoth, Adam (April 5, 2018). "Icahn to nominate directors to SandRidge board".
  15. ↑ Wilmoth, Adam (February 8, 2018). "Embattled SandRidge Energy CEO is out".
  16. ↑ Wilmoth, Adam (February 9, 2018). "Former SandRidge CEO to receive $26.6 million in dismissal".
  17. ↑ Wilmoth, Adam (February 26, 2018). "SandRidge Energy lays off 80 OKC employees".
  18. ↑ "SandRidge Energy Announces New President and CEO" (Press release). PR Newswire. January 28, 2019.
  19. ↑ Money, Jack (June 13, 2019). "SandRidge cuts designed to help keep company strong, CEO says".
  20. ↑ "SandRidge Energy Announces a Series of Initiatives to Improve Shareholder Value" (Press release). PR Newswire. December 13, 2019.
  21. ↑ Money, Jack (February 5, 2020). "SandRidge announces plan to cut more than half of remaining OKC workers".
  22. ↑ "SandRidge Energy, Inc. Announces Closing of North Park Basin Asset Sale For $47 Million" (Press release). PR Newswire. February 8, 2021.
  23. ↑ Dowd, Rebecca (July 12, 2015). "Fracking divides small town of Anthony, Kansas". University Daily Kansan.
  24. ↑ Beckman, Abigail (January 11, 2016). "Increasing Number Of Earthquakes Prompts New Regulations In Kansas, Oklahoma Oil Industries". KMUW.
  • Business data for SandRidge Energy, Inc.:
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.