SandRidge Energy

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SandRidge Energy, Inc.
Public company
Traded as NYSESD
Industry Oil and gas industry
Founded 2006
Founder Tom L. Ward
Headquarters Oklahoma City, United States
Key people
James Bennet, CEO
Products Petroleum
Natural gas
Production output
49.6 thousand barrels of oil equivalent (303,000 GJ) per day (Q3 2016)[1]
Revenue Decrease US$104 million (Q3 2016)[1]
Decrease -US$404 million (Q3 2016)[1]
Total assets Decrease -US$1.866 billion (2016)[1]
Total equity Decrease -US$2.675 billion (2016)[1]
Number of employees
2,200
Website www.sandridgeenergy.com

SandRidge Energy, Inc. is a petroleum and natural gas exploration company headquartered in Oklahoma City, United States.

History[edit]

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.[2]

The company went public via an initial public offering on November 5, 2007, selling over 28 million common shares.[3]

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.[4] Bennett first joined the company in 2010 and previously worked at GSO Capital Partners.[5]

In 2014, the company sold its assets in the Gulf of Mexico for $750 million.[6]

In 2015, the company acquired Pinon Gathering Company, owner of 370 miles of gathering lines, which reduced Sandridge's lease operating and gathering expense.[7]

In 2015, the company acquired 136,000 net acres in the Niobara shale formation for $190 million in cash.[8]

In 2016, the company went through a Chapter 11 bankruptcy reorganization.[9]

Operations[edit]

In the third quarter of 2016, the company produced 49.6 thousand barrels of oil equivalent (303,000 GJ) per day.[1]

SandRidge owns oil properties in the Mid-Continent, which accounts for 93% of production. It also owns properties in the Permian Basin, West Texas and in the Niobrara Formation of Colorado.[1]

The company has formed 3 public royalty trusts:

  • Sandridge Permian Trust (NYSEPER) - 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 (NYSESDT) - 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 (NYSESDR) - 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.

References[edit]

External links[edit]