Widgets Magazine
Page 19 of 23 FirstFirst ... 14151617181920212223 LastLast
Results 451 to 475 of 573
  1. #451

    Default Re: SandRidge Energy News

    Quote Originally Posted by Pete View Post
    I wonder how many of those 440 were in OKC?
    Looks like 172. (548 in OKC at end of 2015, 376 now).

  2. #452

    Default Re: SandRidge Energy News

    Quote Originally Posted by sooner88 View Post
    Looks like 172. (548 in OKC at end of 2015, 376 now).
    If that's correct, the reduction in the OKC workforce would be about 32%.

    Still, 172 jobs is not going to have a big impact on the local economy.

    Best wishes to those who lost their jobs today. I've been through something similar a few times myself and it sucks, particularly in the short term.

  3. #453

    Default Re: SandRidge Energy News


  4. #454

    Default Re: SandRidge Energy News

    SandRidge Energy considering bankruptcy | News OK

    SandRidge Energy is considering reorganization under Chapter 11 bankruptcy, the Oklahoma City energy firm disclosed Wednesday in a regulatory filing.

    The company has engaged advisors to assist with a private restructuring or reorganization under Title 11 of the U.S. Bankruptcy Code in the foreseeable future, which raises substantial doubt about its ability to continue as a going concern," SandRidge said in the annual report filed with the U.S. Securities and Exchange Commission.

    SandRidge, which lost $4.3 billion in 2015, said "declining industry conditions" and substantial long-term debt prompted the firm to hire advisors to help it evaluate methods to restructure, amend or refinance its debt.

  5. #455

    Default Re: SandRidge Energy News

    I wonder if OG&E will purchase the tower from Sandridge.

  6. #456

    Default Re: SandRidge Energy News

    Sandridge files Prepackaged Chapter 11.


    http://investors.sandridgeenergy.com...s/default.aspx

  7. #457

    Default Re: SandRidge Energy News

    Talk about history repeating itself. Boom times see us demolishing historic structures in hopes of greater things. Failure to prepare for the inevitable bust times leaves behind a soon to be overgrown and unsightly corporate plaza.

  8. #458

    Default Re: SandRidge Energy News

    Quote Originally Posted by Midtowner View Post
    Talk about history repeating itself. Boom times see us demolishing historic structures in hopes of greater things. Failure to prepare for the inevitable bust times leaves behind a soon to be overgrown and unsightly corporate plaza.
    This is chapter 11 not 7.

    3.7 billion of SDs 4.1 billion in debt will convert into equity in the new stock. They'll emerge from bankruptcy with a very strong balance sheet. Current stockholders are going to get wiped out, but SD will survive and emerge stronger. This is very good news.

  9. #459

    Default Re: SandRidge Energy News

    Quote Originally Posted by gopokes88 View Post
    Current stockholders are going to get wiped out, but SD will survive and emerge stronger. This is very good news.
    Unless, of course, one is a current sucker^H^H^H^H^H^Hstockholder.

  10. #460

    Default Re: SandRidge Energy News

    Quote Originally Posted by stile99 View Post
    Unless, of course, one is a current sucker^H^H^H^H^H^Hstockholder.
    Sucks for me in that regard but SD staying afloat is better for the city as a whole. This is why you don't put all your eggs into on basket.

  11. #461

    Default Re: SandRidge Energy News

    Quote Originally Posted by gopokes88 View Post
    This is why you don't put all your eggs into on basket.
    You've clearly fallen for all the basket industry hype.

  12. #462

    Default Re: SandRidge Energy News

    Quote Originally Posted by Pete View Post
    You've clearly fallen for all the basket industry hype.
    Dang autocorrect

  13. Default Re: SandRidge Energy News

    Thank you for heads up this morning. I immediately put a sell order in for the entire 47000 shares I owned and was able to sell without a loss. If I hadn't seen it...would have been a loss as bought at .03 and sold at .03. Last I saw...it was .02. Wish I had sold at .06 on Friday though. Always a day late.....


    Quote Originally Posted by OU Adonis View Post
    Sandridge files Prepackaged Chapter 11.


    http://investors.sandridgeenergy.com...s/default.aspx

  14. #464

    Default Re: SandRidge Energy News

    http://www.forbes.com/sites/bryanric...x#11bbb6f18bac

    Interesting read...Not sure Sandridge still has 1000 employees, but the point about filing Chapter 11 as a backroom deal that gains the creditors a massive advantage is...well, something else.

  15. #465

    Default Re: SandRidge Energy News

    Quote Originally Posted by Teo9969 View Post
    http://www.forbes.com/sites/bryanric...x#11bbb6f18bac

    Interesting read...Not sure Sandridge still has 1000 employees, but the point about filing Chapter 11 as a backroom deal that gains the creditors a massive advantage is...well, something else.
    Nothing new there. Commons always get the shaft in these operations. Forget all the mottos praising employees and empty talks of (corporate) ethical responsibility. Survival of the fittest rules the day. Let's see how this plays out, and if current employees end up getting anything in the new Co. post BK.

  16. #466

    Default Re: SandRidge Energy News

    Quote Originally Posted by mimino View Post
    Nothing new there. Commons always get the shaft in these operations. Forget all the mottos praising employees and empty talks of (corporate) ethical responsibility. Survival of the fittest rules the day. Let's see how this plays out, and if current employees end up getting anything in the new Co. post BK.
    The rich get richer while the middle class get smaller and lower class gets larger. Hey,It's the American way.

  17. #467

    Default Re: SandRidge Energy News

    An update by the Journal.

    Senior solution: SandRidge offers plan that could help it exit bankruptcy
    By: Sarah Terry-Cobo
    The Journal Record

    OKLAHOMA CITY – SandRidge Energy Inc. is one step closer to expediting its bankruptcy proceedings.
    The driller asked the Securities and Exchange Commission to approve changes to its senior notes, in a regulatory document filed Monday.

    The company will offer up to $300 million in new, convertible senior notes due in 2020 in exchange for debtors who hold SandRidge’s 8.75-percent senior second-lien notes due in 2020.

    SunTrust Robinson Humphrey Energy Research Managing Director Neal Dingmann said the filing shows SandRidge CEO James Bennett is working to swap out old debt for new debt and get through the bankruptcy process quickly and retain most of the company’s assets.

    “I think they are doing the right thing to see if the bondholders are going to accept their plan,” he said. “Really it is in the bondholders’ hands now.”

    University of Central Oklahoma finance professor Stuart MacDonald said SandRidge could come out of bankruptcy if the Houston court accepts the deal. But commodity prices must improve and remain steady for the company to survive.

    SandRidge alerted investors in March it would soon explain an independent auditor’s concerns about the company’s ability to continue, and said it was examining bankruptcy as a possible option to reduce its debt. The company filed for Chapter 11 bankruptcy protection on May 16. It had $7.01 billion in assets and nearly $4 billion in debt, according to the filing.

    The company’s untenable financial position was driven in part by 0-percent interest rates, MacDonald said. The company sold bonds and notes to help it lease land and minerals and find petroleum reserves. Oil and gas reserves were used as collateral when SandRidge sought more debt to finance more drilling. But commodity prices crashed and took down the value of the petroleum reserves.

    Many shale drillers found themselves with large debts with collateral rapidly declining in value. Oklahoma public oil and gas companies Chaparral Energy Inc., Post Rock Energy Corp. and New Source Energy Partners are among others in bankruptcy proceedings.

    Zero-percent interest rates encouraged drillers to keep spending money, and a highly leveraged business model became advantageous in the short term to both lenders and borrowers, MacDonald said.

    “Then any disruption to the increase in value of the assets you’re developing makes the whole thing collapse,” he said. “There has got to be a turnaround in the price for the shale (financing) model to be effective in the long term.”

    If all the drillers’ creditors approve its proposal, there’s a greater likelihood the judge will approve it, MacDonald said. SandRidge categorized its debtors into seven groups, with three expected to approve the plan. Two groups are expected to reject the proposal, according to the filing. One of those expected to reject the plan is preferred stockholders, who will lose any remaining value in those shares.

    The bankruptcy proceedings have essentially turned over the company to creditors, MacDonald said. Bondholders have a lot of power in bankruptcy proceedings because creditors have the leverage to renegotiate debt covenants, and shareholders lose any remaining value, he said.

    Dingmann said SandRidge has the opportunity to grow if it can successfully complete the bankruptcy proceedings. The driller has to focus on the most profitable part of its Mississippi Lime and Rocky Mountain oil leases, rather than exploring the edges of the plays, he said.

    SandRidge spent too much time drilling on the edges of the Mississippi Lime play, he said. Its Colorado oil and gas wells can provide cash to help pay for operations in Oklahoma. At about $50 per barrel, Bennett should be able to profitably drill and dispose of wastewater in the Sooner State, he said.
    West Texas Intermediate closed Monday at $45.24.

    Texas’ Southern District Bankruptcy Court is expected to hold a hearing on Aug. 9 for SandRidge’s proposal.

  18. Default Re: SandRidge Energy News


  19. Default Re: SandRidge Energy News


  20. #470

    Default Re: SandRidge Energy News

    Quote Originally Posted by PhiAlpha View Post
    Better news - Unless you were a former shareholder who got wiped out.

  21. Default Re: SandRidge Energy News

    Quote Originally Posted by OKCRT View Post
    Better news - Unless you were a former shareholder who got wiped out.
    That would've happened whether they emerged from bankruptcy or not. This is good news regardless. The alternative was SD liquidating all their assets, almost everyone at the company losing their jobs, OKC losing a good corporate sponsor and HQ, and the shareholders still would've been wiped out. Bankruptcy sucks but I'm not sure what alternative you're looking for.

  22. #472

    Default Re: SandRidge Energy News

    Quote Originally Posted by PhiAlpha View Post
    That would've happened whether they emerged from bankruptcy or not. This is good news regardless. The alternative was SD liquidating all their assets, almost everyone at the company losing their jobs, OKC losing a good corporate sponsor and HQ, and the shareholders still would've been wiped out. Bankruptcy sucks but I'm not sure what alternative you're looking for.

    I didn't hold any of the bad paper so it doesn't effect me. For me,you and many others this is good news. For some folks that had their stock turn into newspaper I don't imagine they view this as good news. I feel sorry for them and wish there was some they could recoup some of their losses in SD.

  23. #473

    Default Re: SandRidge Energy News

    Quote Originally Posted by OKCRT View Post
    I didn't hold any of the bad paper so it doesn't effect me. For me,you and many others this is good news. For some folks that had their stock turn into newspaper I don't imagine they view this as good news. I feel sorry for them and wish there was some they could recoup some of their losses in SD.
    They were getting wiped out either way. This is why they say stocks are risky. Stockholders are the lowest on the totem pole

  24. Default Re: SandRidge Energy News

    Quote Originally Posted by OKCRT View Post
    I didn't hold any of the bad paper so it doesn't effect me. For me,you and many others this is good news. For some folks that had their stock turn into newspaper I don't imagine they view this as good news. I feel sorry for them and wish there was some they could recoup some of their losses in SD.
    Yeah but again, what difference does this make to former common stockholders? They would've been wiped out regardless of whether SD filed Chapter 7 or 11...it doesn't matter. Feel sorry for them all you want but unless they just wished ill will on SD for going bankrupt, I don't really know what resolution they were looking for... Your comments don't make any sense.

  25. #475

    Default Re: SandRidge Energy News

    According to the article, SandRidge is not going to be selling their tower. If that is the case, what will OGE do for new office space? Will they go back to building on the Stage Center site once the economy improves?

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Parkside Building
    By Pete in forum Development & Buildings
    Replies: 539
    Last Post: 04-02-2020, 02:15 PM
  2. Oklahoma business energy news
    By ou48A in forum Businesses & Employers
    Replies: 616
    Last Post: 05-10-2017, 12:23 PM
  3. Devon Energy in [on] the News/Media
    By cameron_405 in forum Current Events & Open Topic
    Replies: 3
    Last Post: 04-12-2011, 07:10 AM
  4. Rappel down Sandridge Tower
    By metro in forum Current Events & Open Topic
    Replies: 27
    Last Post: 09-04-2010, 09:50 PM
  5. SandRidge to move downtown.
    By Theo Walcott in forum General Civic Issues
    Replies: 57
    Last Post: 07-16-2007, 07:30 AM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Single Sign On provided by vBSSO