SandRidge Energy

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.

SandRidge Energy
Brian Hardzinski / KGOU

Oklahoma City-based SandRidge Energy has formally filed for Chapter 11 bankruptcy protection.

The company announced  a prearranged restructuring plan Monday morning that was endorsed by a majority of its lenders and bondholders. SandRidge will swap $3.7 billion for stock in the reorganized company. 

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.

Lawmakers gather in the House chamber at the state Capitol before Gov. Mary Fallin delivers her 2016 State of the State address.
Kate Carlton Greer / KGOU

Four stories that were trending or generated discussion online or on KGOU’s social media platforms during the past week.

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

SandRidge Energy Inc. confirmed Wednesday morning it laid off 172 people at its Oklahoma City headquarters this week. CEO James Bennet said in a press release that the company would not waver from making tough decisions to protect the long-term stability of the business.

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.

A SandRidge Energy well in northwestern Oklahoma.
Joe Wertz / StateImpact Oklahoma

SandRidge Energy has agreed to shutter some disposal wells in earthquake-prone northern Oklahoma in a settlement that avoids legal action by state oil and gas regulators.

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.

Provided

State oil and gas authorities are finalizing legal action to force a “financially strapped” Oklahoma energy company to abandon disposal wells suspected of contributing to earthquakes.

Sandridge Energy has been defying directives from the Oklahoma Corporation Commission to shut down six disposal wells in north-central Oklahoma. Commission staff are finalizing a legal filing that, if approved, could modify permits and halt operation of the wells.

Chesapeake Energy employees leave buildings after layoffs were reported Sept. 29, 2015.
Brent Fuchs / Journal Record

The downturn in energy prices dominated the news cycle in Oklahoma in 2015, affecting the bottom line of every oil and natural gas producer, the state’s budget, and had countless trickle-down effects in a state with an economy so reliant on the energy sector.

The price plummet actually started in June 2014, when oil was still above $100 per barrel. They rapidly declined, beginning 2015 at around $55, and currently sit in the $30-40 range.

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