SandRidge Energy News

[sooner88]

I'm surprised Sandridge didn't consolidate into the Parkside building and sell off their main tower. Surely they don't need all of the space they currently have.

They could still relocate to the Parkside building as a tenant.

[gopokes88]

They could still relocate to the Parkside building as a tenant.

Shhhhhh

[Pete]

Icahn takes control of Sandridge board:

https://www.reuters.com/article/us-s...-idUSKBN1JF229

[gopokes88]

Interesting to see what will happen with Sandridge

[Pete]

Sandridge really has very little remaining impact on the OKC economy.

The last time they did layoffs they were down to 189 employees and I bet that number is even smaller now.


Whatever happens, almost certainly their tower and garage will go on the market, and that's a good thing as both are sitting pretty much empty in the heart of downtown as the Parkside Building has done for years. At least with the latter we have a new buyer who will bring more workers downtown.

Change is usually good... Prolonged uncertainty is almost always bad.

[gopokes88]

Sandridge really has very little remaining impact on the OKC economy.

The last time they did layoffs they were down to 189 employees and I bet that number is even smaller now.


Whatever happens, almost certainly their tower and garage will go on the market, and that's a good thing as both are sitting pretty much empty in the heart of downtown as the Parkside Building has done for years. At least with the latter we have a new buyer who will bring more workers downtown.

Change is usually good... Prolonged uncertainty is almost always bad.

I've heard two schools of thought.
1st. Ichan buys them take them private and slowly sells off all the assets to various companies.
2nd. Ichan buys SD takes it private. Then starts buying up other post bankrupt energy companies, merging them into Sandridge, and IPO as a new entity. Sandridge would be well positioned for this because they have the facility already in place to support a larger company. His next target is likely Midstates.

[Pete]

Hope it's the latter!

[shawnw]

I heard they were only taking up a few floors now in their building

[mugofbeer]

Bye, bye Sandridge. Icahn will do only what serves Icahn which will be to do what he can to improve it's sales value and sell it off.

[HOT ROD]

Is Icahn a modern day 'Edward Lewis'?

[mugofbeer]

wouldn't that put him on the #metoo list?

Icahn is about the last of the true corporate raiders. These are ultra-wealthies who would buy a large quantity of a company's stock so they could force their way onto the company board of directors, place a loyal CEO and often sell the company either in pieces or as a whole to another company. Sometimes, they have worked out the company, improved it's financials and eventually sold their stock at a good profit so they don't always kill the company. He has been involved in CHK recently but I'm not sure he still is or not. Many people don't remember T Boone Pickins was one back in the 70s and 80s. Icahn is acting right out of his playbook with SD.

[dcsooner]

This game of shifting deck chairs among OKC O&G companies is discouraging. Empty or near empty buildings, layoffs, takeovers all indicate instability and does not make me confident OKC should or will remain a significant employer. Companies moving from one building to another represents neutral absorbson. Call me a pessimist but these events do not reflect vibrancy. Add the GE Baker Hughes news

[PhiAlpha]

This game of shifting deck chairs among OKC O&G companies is discouraging. Empty or near empty buildings, layoffs, takeovers all indicate instability and does not make me confident OKC should or will remain a significant employer. Companies moving from one building to another represents neutral absorbson. Call me a pessimist but these events do not reflect vibrancy. Add the GE Baker Hughes news

No offense, but I don’t think you’re connected enough with the oil and gas industry here or up to date enough with employment in OKC to accurately make that assessment.

[dcsooner]

No offense, but I don’t think you’re connected enough with the oil and gas industry here or up to date enough with employment in OKC to accurately make that assessment.

No offense taken, BUT, can you offer offsetting facts that counter my observatsions from afar of instability in Oil and Gas?

[Pete]

No offense taken, BUT, can you offer offsetting facts that counter my observatsions from afar of instability in Oil and Gas?

PhiAlpha knows, as do others in the industry, that more O&G companies will soon be moving downtown. There should be some hard news on that soon.

Also, remember that Enable Midstream is moving to BOK Park Plaza which will help accomodate their growing workforce.

[gopokes88]

Lol.

[gopokes88]

https://newsok.com/article/5607812/s...uy-the-company

SD rejects all offers, looks to buy assets. Midstates, bonanza creek, and Chaparral will all likely be on that list.

[kevin lee]

I'm assuming that's a good thing, right?

[gopokes88]

I'm assuming that's a good thing, right?

Good thing for OKC especially since they'll start growing again, the stock is off 12% because SD basically said our shares are only worth $12-13.

[Pete]

Reports that SandRidge is cutting its headquarters jobs from 120 to 57.

57 people working in that 30-story tower.

[PhiAlpha]

Reports that SandRidge is cutting its headquarters jobs from 120 to 57.

57 people working in that 30-story tower.

Your own office? I’ll do you one better! How about your own floor?

[dcsooner]

People, let's all stop referring to OKC as a major O&G player. Those days are long gone

[thunderbird]

People, let's all stop referring to OKC as a major O&G player. Those days are long gone

We are still much bigger than many other O&G cities. Sure, Denver-Houston-dallas are still bigger, we're really not that far behind. Low $ oil is everywhere, not just OKC.

[gopokes88]

Well that stinks.

[5alive]

I just wonder what is to become of Houston ...much more O&G than OKC.