KGOU

Business Intelligence Report

Fridays at 6:44 a.m., 8:44 a.m., 12:35 p.m., and 5:44 p.m.

A weekly feature produced in partnership with the Journal Record, Oklahoma's weekday newspaper and website specializing in business, legislative and legal news. Editor Ted Streuli and Journal Record reporters discuss business and economic development in the state.

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SandRidge Energy sign
Brian Hardzinski / KGOU

Monday morning Oklahoma City-based SandRidge Energy formally filed for bankruptcy.

The move wasn’t unexpected among energy observers, but one of the interesting things about this particular filing is that SandRidge has almost twice as many assets as it does debt.

The Zoo Amphitheatre at 2101 NE 50th St. in Oklahoma City.
Brent Fuchs / The Journal Record

Two months ago Oklahoma City opened The Criterion, a new 3,500-seat theater in Bricktown. The venue has has already seen concerts by My Morning Jacket, Grace Potter, and most recently, Sturgill Simpson this past Wednesday evening. Later this year the Tower Theatre will open in Uptown, and there’s going to be an outdoor patio for concerts west of downtown.

But these are all indoor venues. Oklahoma City only has two large outdoor amphitheaters – The Zoo Amp, and Frontier City – both in the northeast part of the city.

An artist’s conception of the new convention center in downtown Oklahoma City.
Populous and GSB Inc.

During Tuesday’s Oklahoma City Council meeting, Ward 5’s David Greenwell said it’s hard to get excited about things like the proposed MAPS 3 convention center until you see some of the architectural renderings.

Those were presented this week, and one of the issues with this new convention center seems to be parking.

Ward 2 councilman Ed Shadid, who’s pretty vocal about his concerns when it comes to using public money for large-scale projects, raised the point during the architects’ presentation.

Dr. Billy D. Schumpert, left, checks on Debbie Brewer at Eastern Oklahoma Medical Center in Poteau on Tuesday while Kody Smith, infection preventionist and registered nurse, looks on.
Amanda Corbin / Poteau Daily News

Proposed cuts to Oklahoma’s Medicaid reimbursement rate that could be as high as 25 percent are threatening the services offered by rural hospitals across the state.

Jaynie Studenmund addresses the audience during the Oklahoma City University Meinders School of Business Women in Leadership conference Wednesday at the Cox Business Services Convention Center in Oklahoma City.
Brent Fuchs / The Journal Record

The nation’s workforce is getting older, and more diverse, with more women and minorities ascending to top spots some of the nation’s largest companies.

The neon sign still stands outside the Sunshine Cleaners building at 1012 NW First St. in Oklahoma City.
Brent Fuchs / The Journal Record

The revitalization of downtown Oklahoma City continues to move west, and developers are always looking for ways to offset or subsidize the costs of their projects.

Tulsa resident Ashley Hacker exits a polling place after casting his vote on a sales tax extension proposal Tuesday.
Rip Stell / The Journal Record

Voters across Oklahoma went to the polls on Tuesday for mostly local elections, including a series of sales tax initiatives in both northeast and central Oklahoma.

In the city of Tulsa, voters approved three separate tax propositions totaling 0.55 percent. They deal with public safety, infrastructure, and capital projects as part of the Vision 2025 program first approved in 2003.

“The tax rate will not go up in Tulsa,” said The Journal Record’s managing editor Adam Brooks. “It’s just extending what they already have and will stay at 8.517 percent.”

SandRidge Energy
Brian Hardzinski / KGOU

One of Oklahoma City’s major energy producers unveiled its latest earnings reports earlier this week.

It wasn’t good news – it really hasn’t been for any of the state’s energy giants as they continue to feel the effects of this nearly two-year downturn in commodity prices . On Tuesday, SandRidge Energy announced it lost $74 million in the fourth quarter of 2015 – down 58 percent year-over-year and missing Wall Street expectations.

New Source Energy Partners is headquartered at 914 N. Broadway Ave. in Oklahoma City.
Brent Fuchs / The Journal Record

It’s been more than 18 months since the start of the energy downturn that saw the price of oil dip to about $30 dollars a barrel.

It’s slowly starting to rebound, and it’s led to bankruptcies, a few success stories, and even some variables that have nothing to do with market forces.

Last week New Source Energy Partners filed for Chapter 7 bankruptcy. The small company based in an office along Broadway in Oklahoma City’s Automobile Alley had a credit cut in October that took its borrowing base from $49 million to $24 million.

A bartender pours a glass of wine at Cafe 501 in Edmond.
Brent Fuchs / The Journal Record

Oklahoma’s $1.3 billion budget shortfall has dominated news coverage of the 2016 legislative session, but one of the bills the public is most interested in is a proposal to overhaul the state’s alcohol laws.

The new Norman Regional Moore during the final stages of construction, March 2016.
Brian Hardzinski / KGOU

Oklahoma saw its first taste of severe weather in 2016 earlier this week, and it’s the time of year when people start reflecting on past events and disasters.

The 2013 series of storms devastated the suburb of Moore, with two dozen deaths, the destruction of two elementary schools, and the leveling of the Moore Medical Center between Telephone Road and Interstate 35.

A little less than two months from now the new Norman Regional Health System facility is scheduled to open on that same site.

Provided

Two days after his surprising death, civic and industry leaders remembered Aubrey McClendon as a pioneer and a visionary in oil and natural gas drilling. But if you talk to current and former employees, they keep using one word: genuine.

A building on the Chesapeake Energy Corporation campus.
Brent Fuchs / The Journal Record

Last week major Oklahoma energy players Devon and Williams Companies unveiled their latest earnings reports, showing huge fourth-quarter losses. The news wasn’t any better this week for Oklahoma City oil and gas giants Chesapeake Energy and Continental Resources also posted significant losses.

oil pump jack
Paul Lowry / Flickr

It’s been another volatile week for Oklahoma’s energy industry, and many of the state’s oil and gas companies released earnings report for the final quarter of 2015 that continue to paint a grim portrait of the economic downturn.

 

Workers erect scaffolding outside the First National Center building in downtown Oklahoma City.
Brent Fuchs / The Journal Record

On Tuesday, the Oklahoma City Council discussed making changes to the tax increment finance district, or TIF, for the area affected by MAPS projects.

The council wants to increase the budget for the downtown MAPS district – adding $40 million to bring the total to $165 million.

“The says that the investment so far has already brought in $1.8 billion in private money, and adding the $40 million would bring in another $1 billion,” said The Journal Record’s managing editor Adam Brooks.

Five years ago, Tonia Sina was diagnosed with a blood-clotting disorder called atypical hemolytic uremic syndrome.
Photo illustration by Brent Fuchs and Bryan M. Richter / The Journal Record

There’s no shortage of issues to address when it comes to the $900-million-and-counting budget shortfall over the next four months of legislative session.

The number could grow larger when the Board of Equalization certifies new numbers later this month. In Gov. Mary Fallin’s executive budget unveiled Monday during her State of the State address, most state agencies will see a 6 percent cut. Some, like the Oklahoma Health Care Authority, will take a smaller 3 percent hit.

Brent Fuchs / The Journal Record

Two Oklahoma energy companies announced key business decisions this – one took on more debt, and the other cut spending by $1 billion.

It’s been a rocky few months for SandRidge Energy – the company’s stock has been delisted from the New York Stock Exchange, and has been in a dispute with the Oklahoma Corporation Commission over compliance with wastewater directives in earthquake-prone areas. On Monday, the Oklahoma City-based company announced it would borrow $488 million to pay for general corporate operations.

Customers enter a Wal-Mart Neighborhood Market in Luther. It is one of six stores the company is closing in Oklahoma.
Brent Fuchs / The Journal Record

On Tuesday, Greater Oklahoma City Chamber president Roy Williams said the U.S. Department of Justice will hold off on suing Oklahoma County over issues at the jail just west of downtown.

The jail has had problems for years, and in 2008 Oklahoma County entered a consent decree with the U.S. Department of Justice to fix overcrowding and repair issues at the facility just west of downtown.

The site of the MAPS 3 park in downtown Oklahoma City.
Samuel Perry / The Journal Record

Ever since the 2009 passage of the MAPS 3 sales tax incentive that would fund a series of civic project in Oklahoma City, residents have been waiting for the park.

The so-called "core-to-shore" vision would connect the Myriad Botanical Gardens with the Oklahoma River, with an already-built pedestrian bridge bisecting Interstate 40 and connecting the two halves of the 70-acre greenbelt.

SandRidge Energy in downtown Oklahoma City.
Brent Fuchs / The Journal Record

After months of speculation, the New York Stock Exchange delisted SandRidge Energy after threatening to do so for month, citing an "abnormally low" stock price as its reasoning.

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