SandRidge Energy News

[Just the facts]

You said it.

But that isn't what you said I said. What is kind of funny is that in the elevator a few days ago an Edmond resident expressed frustration that cracks in his house, that he said were the result of earthquakes, was preventing him from selling his house. He went on to say that his realtor told him he needed to fix them but by the time he paid for that (estimated at about $20,000), it would make a big dent in his 'profit'. At which point he said he would be better off staying in a house that needs $20,000 in repairs. Needless to say he was not happy when discussing it with his friend.

Now I understand this was just one person but still could become a reality for more and more homeowners in the north part of the metro.

[PhiAlpha]

I have heard from a pretty good source that layoffs are coming at Sandridge in the next week or two. Not that surprising but as always, disappointing.

[Stickman]

I think they came to an agreement on the seven disposal wells. Lawsuits are becoming unaffordable.

[sooner88]

SandRidge borrows $489 million | News OK

[Easy180]

SandRidge borrows $489 million | News OK

I bet whatever bank(s) received that max out request winced a little when they spotted it.

[OU Adonis]

I bet whatever bank(s) received that max out request winced a little when they spotted it.

They are also looking to restructure debt, which means potential BK.

[gopokes88]

I'm kinda starting to wonder if banks are starting to think, well let's just keep borrowing and refinancing until oil recovers, rather not have to take over the company. If SD can stay afloat in this market anyone can.

[jn1780]

It worked well for the banks to take on toxic debt last time. The government and the Federal Reserve have their back.

[PhiAlpha]

I'm kinda starting to wonder if banks are starting to think, well let's just keep borrowing and refinancing until oil recovers, rather not have to take over the company. If SD can stay afloat in this market anyone can.

Yes, that is exactly what they are thinking to a point. They are also encouraging noncore asset sales.

[gopokes88]

Yes, that is exactly what they are thinking to a point. They are also encouraging noncore asset sales.

I mean if you're going to force someone into bankruptcy do it when oil is $100, not $30. Selling non core is a good idea as well.

[Tundra]

SandRidge On The Verge Bankruptcy: Would Be 2nd Largest Shale Chapter 11 In Past Year | Zero Hedge

[Stickman]

Does this mean nobody wants to buy them? Lets see now............... company worth a 100 million but has 2 billion in debt.
Kind of sounds toxic. I think CHK is right behind them, other than Icahn and the street keeping it going.

Thanks Tom and Aubrey.



Sorry, just sounding off about past losses.

[Bits_Of_Real_Panther]

A.V. Jones of Quantum Energy Partners eyes stressed Sandridge Energy Inc. - Houston Business Journal

A Houston private equity big shot is considering options to salvage the beleaguered Oklahoma-based SandRidge Energy...

[PhiAlpha]

A.V. Jones of Quantum Energy Partners eyes stressed Sandridge Energy Inc. - Houston Business Journal

A Houston private equity big shot is considering options to salvage the beleaguered Oklahoma-based SandRidge Energy...

A PE backer or purchase out of bankruptcy by someone like BP would be the best case scenario for Sandridge.

[Canoe]

Anyone else hear the rumors about layoff this Wednesday?

[PhiAlpha]

Anyone else hear the rumors about layoff this Wednesday?

I haven't heard a specific date, but have head that it will be this week or next.

[Scotty22]

Yes layoffs are happening tomorrow unfortunately.

The layoffs will be 30-50%. Pretty scary around here. Say some prayers for families affected.

[Pete]

Yes layoffs are happening tomorrow unfortunately.

The layoffs will be 30-50%. Pretty scary around here. Say some prayers for families affected.

Hang in there, Scotty.

Hopefully your job survives.

[Pete]

I've been told that a decent number of managers were let go yesterday and today there will be more wide-spread cuts.

I suspect after this round that all of SD could fit into about 1/3rd of the tower.

After that, it might make sense for OG&E to buy the complex, consolidate their employees there, and continue to lease to Sandridge.

It would also provide SD much needed working capital as they continue to fight for survival.

[Pete]

Hearing layoffs have started today...

[TreyDoggg]

hearing the same things. Sounds like the beginning of the end for Sandridge.

[PhiAlpha]

hearing the same things. Sounds like the beginning of the end for Sandridge.

If layoffs signaled the beginning of the end for a company, every energy company in OKC other than Continental would be going out of business soon. I think the most likely scenario is that they file Chapter 11 and are refinanced by a PE backer or purchased by a company like BP.

[FritterGirl]

Hearing layoffs have started today...

Two friends I know have been lain off. Will see what the final tally is. Sad day all around.

[sooner88]

NewOK reporting that they laid off 440 jobs, leaving 717 employees companywide and 376 in OKC after layoffs.

[Pete]

I wonder how many of those 440 were in OKC?