SandRidge Energy

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.

An oil and gas operation in northwestern Oklahoma's Mississippi Lime formation.
Joe Wertz / StateImpact Oklahoma

As SandRidge Energy struggles with $4.6 billion in debt and a faltering stock price that’s threatening its listing on the New York Stock Exchange, the Oklahoma City oil and gas company is facing another problem: Earthquakes and new regulations designed to slow the shaking:

Former Chesapeake Energy employees leave the building with their belongings after the Sept. 29, 2015 buyouts.
Brent Fuchs / The Journal Record

It's been a rocky five days for Oklahoma's energy sector, with downsizing, buyouts, and even a possible de-listing from the New York Stock Exchange.

Provided

SandRidge Energy said Thursday it plans to lay off 132 employees from its Oklahoma City headquarters.

According to a statement issued by company CEO James Bennett, declining oil and natural gas price have forced the company to adjust its workforce to align with "the realities of a lower commodity price."

The layoffs would cut headquarter staffing by about 20 percent. SandRidge currently employs 661 in Oklahoma City.

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