SandRidge Energy, Inc.
| Public company | |
| Traded as | OTC Pink Current: SD |
| Industry | Petroleum industry |
| Founded | 2006 |
| Founder | Brian Michaels |
| Headquarters | Oklahoma City, Oklahoma, U.S. |
Key people | James Bennet CEO |
| Products |
Petroleum Natural Gas |
Production output | 79.9 thousand barrels of oil equivalent (489,000 GJ) per day (Q3 2015)[1] |
| Revenue |
 US$625 million (YTD 2015)[1] |
| Total equity |
-US$10.66 billion (2015)[1] |
Number of employees | 2,200 |
| Website |
www |
SandRidge Energy, Inc. is a petroleum and natural gas exploration company headquartered in Oklahoma City, United States.
Current operations
In the third quarter of 2015, the company produced 79.9 thousand barrels of oil equivalent (489,000 GJ) per day.[1]
SandRidge's drilling activities are focused on its oil properties in the Mid-Continent and Permian Basin. The Company also maintains production in West Texas. In 2015 the company added Colorado reserves in the Niobara Shale region.
Royalty Trusts
The company has formed 3 public royalty trusts:
- Sandridge Permian Trust (NYSE: PER) - owner of royalty interests in oil and natural gas properties in the Central Basin Platform of the Permian Basin in Andrews County, Texas.
- SandRidge Mississippian Trust I (NYSE: SDT) - owner of royalty interests in oil and natural gas properties in the Mississippian formation in Alfalfa, Garfield, Grant and Woods counties in Oklahoma.
- SandRidge Mississippian Trust II (NYSE: SDR) - owner of royalty interests in oil and natural gas properties in the Mississippian formation in Alfalfa, Grant, Kay, Noble and Woods counties in northern Oklahoma and Barber, Comanche, Harper and Sumner counties in southern Kansas.
Lariat Services
The company owns Lariat Services, Inc., an owner of drilling rigs.[2]
History
SandRidge was founded in 2006 by Tom L. Ward by buying approximately 50% of Riata Energy of Amarillo, Texas. Ward previously co-founded Chesapeake Energy with Aubrey McClendon and was the chief operating officer of that company from 1989 until 1996.[3]
The company became a public company via an initial public offering on November 5, 2007, selling over 28 million common shares.[4]
On June 19, 2013, after a series of missteps, CEO Tom L. Ward was ousted by the board of the directors and James Bennett became President and CEO.[5] Bennett first joined the company in 2010 and previously worked at GSO Capital Partners.[6]
In 2014, the company sold its assets in the Gulf of Mexico for $750 million.[7]
In 2015, the company acquired Pinon Gathering Company, owner of 370 miles of gathering lines, which reduced Sandridge's lease operating and gathering expense.[8]
In 2015, the company acquired 136,000 net acres in the Niobara shale formation for $190 million in cash.[9]
On May 16, 2016 SandRidge Energy, Inc. filed for Chapter 11 bankruptcy protection wiping out 3 billions worth of share holder's money. The company emerged from bankruptcy on October 4 2016, with the same management team.
References
- 1 2 3 4 "SANDRIDGE ENERGY, INC. UPDATES SHAREHOLDERS ON OPERATIONS AND REPORTS FINANCIAL RESULTS FOR THIRD QUARTER AND FIRST NINE MONTHS OF 2015" (PDF). November 4, 2015.
- ↑ Lariat Services
- ↑ "Tom Ward Of SandRidge Energy: Another CEO That's Got To Go". Forbes. February 11, 2013.
- ↑ "SandRidge Energy, Inc. Prices Initial Public Offering". PRNewswire. November 5, 2007.
- ↑ "SandRidge Energy Board Ousts Founder Tom Ward". CNBC. June 19, 2013.
- ↑ Sandridge: Management Team
- ↑ "SandRidge to Sell Gulf of Mexico Business for $750 Million". Bloomberg. January 7, 2014.
- ↑ "SandRidge Energy, Inc. Announces Acquisition of Pinon Gathering Company, LLC". PRNewswire. October 5, 2015.
- ↑ "SandRidge Energy, Inc. Acquires North Park Basin Niobrara Shale Oil Assets for $190 Million in Cash". PRNewswire. November 4, 2015.