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  1. Default Re: SandRidge Energy News

    Quote Originally Posted by gopokes88 View Post
    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.

  2. Default Re: SandRidge Energy News

    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.

  3. #428

    Default Re: SandRidge Energy News

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

  4. #429

    Default Re: SandRidge Energy News


  5. #430

    Default Re: SandRidge Energy News

    Quote Originally Posted by sooner88 View Post
    I bet whatever bank(s) received that max out request winced a little when they spotted it.

  6. #431

    Default Re: SandRidge Energy News

    Quote Originally Posted by Easy180 View Post
    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.

  7. #432

    Default Re: SandRidge Energy News

    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.

  8. #433

    Default Re: SandRidge Energy News

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

  9. Default Re: SandRidge Energy News

    Quote Originally Posted by gopokes88 View Post
    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.

  10. #435

    Default Re: SandRidge Energy News

    Quote Originally Posted by PhiAlpha View Post
    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.

  11. #436

  12. #437

    Default Re: SandRidge Energy News

    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.

  13. Default Re: SandRidge Energy News

    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...

  14. Default Re: SandRidge Energy News

    Quote Originally Posted by Bits_Of_Real_Panther View Post
    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.

  15. #440

    Default Re: SandRidge Energy News

    Anyone else hear the rumors about layoff this Wednesday?

  16. Default Re: SandRidge Energy News

    Quote Originally Posted by HHE View Post
    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.

  17. #442

    Default Re: SandRidge Energy News

    Yes layoffs are happening tomorrow unfortunately.

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

  18. #443

    Default Re: SandRidge Energy News

    Quote Originally Posted by Scotty22 View Post
    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.

  19. #444

    Default Re: SandRidge Energy News

    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.

  20. #445

    Default Re: SandRidge Energy News

    Hearing layoffs have started today...

  21. #446

    Default Re: SandRidge Energy News

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

  22. Default Re: SandRidge Energy News

    Quote Originally Posted by TreyDoggg View Post
    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.

  23. #448

    Default Re: SandRidge Energy News

    Quote Originally Posted by Pete View Post
    Hearing layoffs have started today...
    Two friends I know have been lain off. Will see what the final tally is. Sad day all around.

  24. #449

    Default Re: SandRidge Energy News

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

  25. #450

    Default Re: SandRidge Energy News

    I wonder how many of those 440 were in OKC?

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