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SandRidge Energy, Inc.NYSE
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  • Tue, Nov. 8, 4:38 PM
    • SandRidge Energy (NYSE:SD): Q3 Adj income of $25.3M.
    • Revenue of $104M (-42.3% Y/Y).
    • Press Release
    | Tue, Nov. 8, 4:38 PM
  • Tue, Nov. 8, 11:13 AM
    • Oklahoma’s oil and gas regulator says it plans to shut some disposal wells and reduce the volume of others in response to Sunday’s earthquake near the Cushing oil hub.
    • The Oklahoma Corporation Commission says its plan covers 700 sq. miles but does not say how many wells were affected; when a quake of similar magnitude hit the state in September, the agency ordered 37 wells shut over a 500 sq. mile area.
    • Pipeline operator Magellan Midstream Partners (NYSE:MMP) quickly resumed normal operations at Cushing following a controlled shutdown of its assets after the quake, while Kinder Morgan (NYSE:KMI) and Enbridge (NYSE:ENB) said their facilities were not affected.
    • Oklahoma's top oil and gas producers include CLR, CHK, DVN, MRO, NFX, XEC and SD.
    | Tue, Nov. 8, 11:13 AM | 61 Comments
  • Tue, Oct. 4, 6:49 PM
    • SandRidge Energy (SD, OTCPK:SDOC) says it has emerged from Chapter 11 bankruptcy and has resumed trading of newly issued common stock under the SD ticker symbol.
    • SD says it now has ~$525M in liquidity and has eliminated $3.7B in pre-petition debt, converted to equity in the newly reorganized company.
    • "We can focus now on creating value through safe and efficient oil and gas operations without the debt burden we've had in the past," CEO James Bennett says, adding that its 650K-acre holdings in the Mississippi Lime mean that it is "still a material employer in Oklahoma."
    | Tue, Oct. 4, 6:49 PM | 80 Comments
  • Tue, Sep. 13, 10:48 AM
    • U.S. and Oklahoma state officials are lowering by 22 the number of injection wells ordered to be shut in at an area where a 5.8-magnitude earthquake occurred on Sept. 3.
    • State officials say the 27 wastewater wells ordered to be shut compared with the shutdown of 37 wastewater injection wells announced within hours of the quake earlier this month, while the EPA ordered the shut-in of five wells in its area of jurisdiction, down from 17 shut-ins it announced earlier this month.
    • The mandatory shut-ins are expected to last at least six months and may become permanent, depending on new data that is collected.
    • PetroQuest Energy (NYSE:PQ) reportedly has been the only publicly traded U.S. company among the operators affected by regulators' orders.
    • Oklahoma's top oil and gas producers include CLR, CHK, DVN, MRO, NFX, XEC and SD.
    | Tue, Sep. 13, 10:48 AM | 4 Comments
  • Fri, Sep. 9, 7:15 PM
    • SandRidge Energy (OTCPK:SDOC) wins court approval for a plan to exit bankruptcy, overcoming opposition from shareholders who had accused it of misrepresenting its value.
    • Although shareholders typically lose their investment during a bankruptcy, SD's shareholders were hoping to prove its assets were valuable enough so they would recoup some money after repaying creditors.
    • SD filed a prepackaged Chapter 11 bankruptcy in May with $4.4B of debt.
    | Fri, Sep. 9, 7:15 PM | 64 Comments
  • Tue, Sep. 6, 12:39 PM
    • A backlash against fracking in Oklahoma could grow following this weekend's 5.6-magnitude, earthquake as the U.S. Geological Survey examines whether the record-breaking tremor was triggered by the underground disposal of wastewater from oil and gas production.
    • The USGS says it "cannot currently conclude whether or not this particular earthquake was caused by industrial-related, human activities. However, we do know that many earthquakes in Oklahoma have been triggered by wastewater fluid injection.”
    • “They are going to push the industry to come up with some permanent solutions,” says Michael Lynch of Strategic Energy & Economic Research. “It’s hard to believe Oklahoma would move to ban fracking, but I can see where they would say to people that they have to do something else with the wastewater."
    • PetroQuest Energy (PQ -3%) was ordered to shut four of its disposal wells in Oklahoma, and was the only publicly traded U.S. company among the operators affected by state regulators' orders to suspend a total of 37 wastewater disposal wells.
    • Oklahoma's leading oil and gas producers include CLR, CHK, DVN, MRO, NFX, XEC and SD.
    | Tue, Sep. 6, 12:39 PM | 51 Comments
  • Thu, Sep. 1, 6:21 PM
    • A prepackaged bankruptcy at SandRidge Energy (SD, OTCPK:SDOC) is under threat as a group of stockholders hits up court to charge the company with grossly understating its value.
    • The move comes as the group hopes to buck long odds and show the company has assets valuable enough to repay creditors and have something left for shareholders.
    • Adviser Houlihan Lokey estimates SandRidge's enterprise value post-reorg at $1B-$1.3B, but the filing shareholders say it's valued at almost three times that, relying on information from consultant SSR.
    • SandRidge had estimated its assets at $7B as of March 31, against some $4B in debt.
    | Thu, Sep. 1, 6:21 PM | 22 Comments
  • 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