SandRidge Energy, Inc. (SD) - NYSE
  • Mon, May 16, 8:29 AM
    • SandRidge Energy (OTCPK:SDOC) files for Chapter 11 bankruptcy protection, the latest energy company to buckle under the weight of weak oil prices.
    • SDOC says it reached a restructuring support agreement with creditors that own more than two thirds of its $4.1B in funded debt obligations, which includes a reserve-based lending facility and the conversion to equity of ~$3.7B of other funded debt.
    • The company says it expects to have enough liquidity to fund operations and its capital program through Chapter 11 without the need for further capital.
    • SDOC says it has ~$7B in assets and $4B in debt.
    | Mon, May 16, 8:29 AM | 49 Comments
  • Fri, May 13, 5:06 AM
    • Three oil and gas bankruptcies this week - Chaparral Energy, Penn Virginia (NYSE:PVA) and Linn Energy (NASDAQ:LINE) - suggests that crude at $45 a barrel isn't even enough to rescue energy companies on the verge of collapse.
    • According to law firm Haynes & Boone, 130 North American oil and gas producers and service companies have filed for bankruptcy since the start of 2015 owing almost $44B.
    • More energy firms are also nearing default, including Breitburn Energy Partners (NASDAQ:BBEP) and SandRidge Energy (NYSE:SD).
    | Fri, May 13, 5:06 AM | 86 Comments
  • Wed, May 4, 6:26 PM
    • SandRidge Energy (NYSE:SD) is in discussions with its creditors about reaching a debt restructuring deal ahead of a possible bankruptcy filing, Reuters reports.
    • If SD seeks bankruptcy protection, there is no certainty it would get enough support among creditors beforehand for a prepackaged deal, according to the report; a potential alternative would be a pre-negotiated bankruptcy, with some but not all debt investors agreeing on terms.
    • SD, which had $3.6B in debt as of Dec. 31, has an interest payment due June 1; while the company has missed such payments before, it managed to make them later.
    | Wed, May 4, 6:26 PM | 40 Comments
  • Fri, Apr. 15, 10:58 AM
    • SandRidge Energy (SD, OTCPK:SDOC) says it is no longer a target of a federal grand jury probe concerning antitrust violations related to leasing of oil and gas properties.
    • SD had said last May that it was the subject of a grand jury investigation of possible violations of antitrust laws in the purchase or lease of land, oil or natural gas rights from 2012 and prior years.
    • Now read Wait and see with SandRidge Energy
    | Fri, Apr. 15, 10:58 AM | 13 Comments
  • Mon, Mar. 28, 6:55 PM
    • The U.S. Geological Survey releases maps that for the first time show potential seismic dangers from man-made as well as naturally-occurring earthquakes.
    • The states most as risk of earthquakes from oil and gas activity - Oklahoma, Kansas, Texas, Colorado, New Mexico and Arkansas, in order - are largely concentrated in regions where the energy industry disposes of millions of gallons of wastewater that is produced during the drilling and pumping process.
    • In 2015, the USGS recorded 2,500 quakes with a magnitude of 2.5 or higher in Oklahoma, up from just three in 2005; the state's leading oil and gas producers include CLR, CHK, DVN, SD and MRO.
    | Mon, Mar. 28, 6:55 PM | 37 Comments
  • Wed, Mar. 16, 6:53 PM
    • SandRidge Energy (NYSE:SD) discloses that it made $50.1M in interest payments, as it continues to work with creditors on debt restructuring options.
    • SD last month deferred making $21.7M in interest payments and enter into a 30-day grace period, but it says it made the payment yesterday within the grace period and made another $28.4M due on other debt today.
    • The company says it has been engaged in discussions with certain stakeholders regarding strategic alternatives to reduce its indebtedness.
    • SD also asks to delay its 10-K filing, and expects its accounting firm will say there is substantial doubt about the company's ability to continue as a going concern.
    | Wed, Mar. 16, 6:53 PM | 41 Comments
  • Thu, Mar. 3, 2:34 PM
    • Chesapeake Energy (CHK +34.4%) looks headed for the biggest two-day gain in its history after announcing its cooperation in the federal antitrust case against former CEO Aubrey McClendon.
    • CHK says it received immunity under a Justice Department leniency program that shields companies from criminal charges if they are first to report antitrust violations.
    • University of Houston law professor Darren Bush tells CNBC that the way the indictment was written by prosecutors "indicated they targeted McClendon as having initiated the conspiracy," and was "the big fish" prosecutors were after.
    • Bush also says it is probable that the co-conspirator in the case - reportedly former SandRidge (SD +19.3%) CEO Tom Ward - had agreed to testify against McClendon at trial, and then plead guilty afterward.
    • NYU law professor Harry First says it is possible that the alleged co-conspirator testified against McClendon before the grand jury that ended up indicting him, and the conspirator would have been granted immunity from his own testimony being used against him as part of a separate prosecution.
    | Thu, Mar. 3, 2:34 PM | 60 Comments
  • Wed, Mar. 2, 4:02 PM
    • SandRidge Energy (OTCPK:SDOC -4.1%) is said to be the unnamed company in yesterday's federal indictment of former Chesapeake Energy CEO Aubrey McClendon, Bloomberg reports.
    • The indictment named "Company B" and its chairman/CEO as taking part in the alleged antitrust violations during 2007-12; SandRidge was led until 2013 by Tom Ward, who co-founded Chesapeake Energy along with McClendon in 1989.
    | Wed, Mar. 2, 4:02 PM | 18 Comments
  • Tue, Feb. 23, 6:13 PM
    • Cash-strapped energy companies are coming under increasing pressure from U.S. bank lenders and could see an average 15%-20% cut in their credit lines, the head of JPMorgan Chase's (NYSE:JPM) commercial bank says.
    • Banks had been more lenient with energy clients despite the prolonged slump in oil prices, but JPM's Doug Petno says that is changing, as companies such as Linn Energy (NASDAQ:LINE) and SandRidge Energy (NYSE:SD) max out revolving credit lines.
    • Petno says JPM is not waiting for April redetermination, when banks traditionally reassess the value of oil reserves underpinning energy loans to reassess its exposure.
    • JPM says it plans to increase provisions for expected losses on bad energy loans by more than 60% during Q1.
    • Earlier: Banks lower as JPMorgan warns on energy
    | Tue, Feb. 23, 6:13 PM | 44 Comments
  • Wed, Feb. 17, 8:57 AM
    • SandRidge Energy (NYSE:SD) says it will exercise its grace period and defer making $21.7M in interest payments on its outstanding $543.6M principal amount of 7.5% senior notes due 2023 and its outstanding $46.9M principal amount of 7.5% senior convertible notes due 2023.
    • SD says it has sufficient liquidity to make the payments but will use the 30-day grace period in connection with its ongoing discussions with stakeholders.
    | Wed, Feb. 17, 8:57 AM | 63 Comments
  • Thu, Jan. 28, 7:02 PM
    • A lower outlook for oil and natural gas prices prompts a round of reductions in energy company estimates, ratings and price targets at Wunderlich, which downgrades Chesapeake Energy (NYSE:CHK), Halcon Resources (NYSE:HK), Oasis Petroleum (NYSE:OAS) and Whiting Petroleum (NYSE:WLL) to Hold from Buy and SandRidge Energy (NYSE:SD) to Sell from Hold.
    • Wunderlich also upgrades Cimarex (NYSE:XEC) to Buy from Hold with a $122 price target price, as the stock has weakened and the firm gives more credit to the company for its Cana-Woodford assets.
    • The firm says nearly all of its covered companies that predominantly operate in the Bakken Shale are now rated Hold or Sell, but that it mostly reflects the tougher economics of the region rather than the quality of the companies.
    | Thu, Jan. 28, 7:02 PM | 27 Comments
  • Mon, Jan. 25, 2:47 PM
    • SandRidge Energy (SD -28.3%) agrees to transfer substantially all its exploration, production and midstream assets, as well as $11M in cash, to Occidental Petroleum in return for the termination of a 30-year natural gas supply contract.
    • SD says the transfer settles all claims for the removal of CO2 from natural gas volumes produced by the company in the Piñon field in west Texas.
    • Reports say the company is exploring debt restructuring options, and could announce the appointment of restructuring advisers as early as this week.
    | Mon, Jan. 25, 2:47 PM | 15 Comments
  • Mon, Jan. 25, 3:17 AM
    • Struggling with the fallout from plunging energy prices, SandRidge Energy (NYSE:SD) is exploring its debt restructuring options and has been in talks with investment banks and law firms about hiring advisors.
    • Debtwire had reported on Jan. 13, that SandRidge - which produces oil and gas from shale formations in the Mid-Continent region of the U.S. - had hired Houlihan Lokey to craft a restructuring plan.
    | Mon, Jan. 25, 3:17 AM | 35 Comments
  • Wed, Jan. 20, 4:58 PM
    • Oklahoma regulators reach a compromise with SandRidge Energy (NYSE:SD) after a month-long standoff in which the company refused to shut-in six of its disposal wells thought to be linked to earthquakes.
    • SD agrees to remove seven wells from disposal operations and cuts back its total volume for the areas in question by 40%, or ~191K bbl/day; three of the seven wells that will stop disposal will cease operation entirely, while the other four will be used as monitoring wells in an Oklahoma Geological Survey research project.
    • State officials say the agreement puts an end to a possible court battle between SD and the state.
    | Wed, Jan. 20, 4:58 PM | 19 Comments
  • Wed, Jan. 13, 5:47 PM
    • Operators of 27 oil and natural gas wastewater disposal wells in northwest Oklahoma are asked by the Oklahoma Corporation Commission to reduce volume following an outbreak of moderate earthquakes in the past week.
    • Under the voluntary directive, the regulator is asking operators to reduce total volumes into saltwater disposal wells by ~18%, or nearly 54.9K bbl/day.
    • Among the 27 disposal wells are seven operated by SandRidge Energy (NYSE:SD), which has defied a December commission directive to limit disposal well activity in another area of the state; the new directive also includes disposal wells operated by units of Chesapeake Energy (NYSE:CHK) and Midstates Petroleum (NYSE:MPO).
    • More than 30 earthquakes greater than magnitude 3.0 have struck in the area during the past month, including a 4.8-magnitude quake last Thursday.
    • Separately, SD says it is laying off 226 workers at its Lariat Services Group subsidiary in northwestern Oklahoma, ~87% of the total workforce.
    | Wed, Jan. 13, 5:47 PM | 14 Comments
  • Wed, Jan. 6, 5:41 PM
    • The NYSE says it will delist SandRidge Energy (NYSE:SD) from the exchange and immediately suspend trading in SD’s common stock, determining the company is no longer suitable for listing based on abnormally low price levels.
    • SD closed today's trade at $0.15/share and are down more than 90% in the past year; Moody’s recently called SD a “potentially unsustainable capital structure.”
    • Earlier: SandRidge continues to resist call to shut wells amid earthquake concerns
    | Wed, Jan. 6, 5:41 PM | 38 Comments
Company Description
SandRidge Energy Inc is an oil and natural gas company engaged in exploration, development and production activities in the Mid Continent, Gulf of Mexico and Gulf Coast.
Industry: Oil & Gas Drilling & Exploration
Country: United States