|Traded as|| NYSE: SD |
Russell 2000 Component
|Founder||Tom L. Ward|
|Headquarters|| SandRidge Center |
Oklahoma City, Oklahoma
| William Griffin, CEO |
Michael Johnson, CFO
John V. Genova, Chairman
|Products|| Petroleum |
|37.8 thousand barrels of oil equivalent (231,000 GJ) per day (2017)|
Number of employees
SandRidge Energy, Inc. is a petroleum and natural gas exploration and production company organized in Delaware and headquartered in Oklahoma City, Oklahoma.
Petroleum is a naturally occurring, yellowish-black liquid found in geological formations beneath the Earth's surface. It is commonly refined into various types of fuels. Components of petroleum are separated using a technique called fractional distillation, i.e. separation of a liquid mixture into fractions differing in boiling point by means of distillation, typically using a fractionating column.
Natural gas is a naturally occurring hydrocarbon gas mixture consisting primarily of methane, but commonly including varying amounts of other higher alkanes, and sometimes a small percentage of carbon dioxide, nitrogen, hydrogen sulfide, or helium. It is formed when layers of decomposing plant and animal matter are exposed to intense heat and pressure under the surface of the Earth over millions of years. The energy that the plants originally obtained from the sun is stored in the form of chemical bonds in the gas.
Hydrocarbon exploration is the search by petroleum geologists and geophysicists for hydrocarbon deposits beneath the Earth's surface, such as oil and natural gas. Oil and gas exploration are grouped under the science of petroleum geology.
In in first quarter of 2018, the company produced 35.6 thousand barrels of oil equivalent (218,000 GJ) per day. 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.
The barrel of oil equivalent (BOE) is a unit of energy based on the approximate energy released by burning one barrel of crude oil. The BOE is used by oil and gas companies in their financial statements as a way of combining oil and natural gas reserves and production into a single measure, although this energy equivalence does not take into account the lower financial value of energy in the form of gas.
The Permian Basin is a large sedimentary basin in the southwestern part of the United States. The basin contains the Mid-Continent Oil Field province. This sedimentary basin is located in western Texas and southeastern New Mexico. It reaches from just south of Lubbock, past Midland and Odessa, south nearly to the Rio Grande River in southern West Central Texas, and extending westward into the southeastern part of New Mexico. It is so named because it has one of the world's thickest deposits of rocks from the Permian geologic period. The greater Permian Basin comprises several component basins; of these, the Midland Basin is the largest, Delaware Basin is the second largest, and Marfa Basin is the smallest. The Permian Basin covers more than 86,000 square miles (220,000 km2), and extends across an area approximately 250 miles (400 km) wide and 300 miles (480 km) long.
West Texas is a loosely defined part of the U.S. state of Texas, generally encompassing the arid and semiarid lands west of a line drawn between the cities of Wichita Falls, Abilene, and Del Rio.
SandRidge was founded in 2006 by Tom L. Ward upon the acquisition 46% of Riata Energy from Malone Mitchell III for $500 million. Ward previously co-founded Chesapeake Energy with Aubrey McClendon and was the chief operating officer of that company from 1989 until 1996.
Tom L. Ward is a prominent Oklahoma City businessman and philanthropist. He is currently the Chairman and CEO of Mach Resources, a privately owned energy company in Oklahoma City, OK. He was the founder and former Chairman and CEO of Tapstone Energy and SandRidge Energy, Inc. and is the former President, Chief Operating Officer, and co-founder of Chesapeake Energy.
Chesapeake Energy Corporation is a company engaged in hydrocarbon exploration. It is headquartered in Oklahoma City. The company is named after the founder's love for the Chesapeake Bay region.
Aubrey Kerr McClendon was an American businessman and the founder and chief executive officer of American Energy Partners, LP. He also co-founded Chesapeake Energy, serving as its CEO and chairman. He was an outspoken advocate for natural gas as an alternative to oil and coal fuels, and a pioneer in employing fracking.
On November 5, 2007, the company became a public company via an initial public offering, trading under the symbol "SD" on the New York Stock Exchange (NYSE).
A public company, publicly traded company, publicly held company, publicly listed company, or public limited company is a corporation whose ownership is dispersed among the general public in many shares of stock which are freely traded on a stock exchange or in over the counter markets. In some jurisdictions, public companies over a certain size must be listed on an exchange. A public company can be listed or unlisted.
Initial public offering (IPO) or stock market launch is a type of public offering in which shares of a company are sold to institutional investors and usually also retail (individual) investors; an IPO is underwritten by one or more investment banks, who also arrange for the shares to be listed on one or more stock exchanges. Through this process, colloquially known as floating, or going public, a privately held company is transformed into a public company. Initial public offerings can be used: to raise new equity capital for the company concerned; to monetize the investments of private shareholders such as company founders or private equity investors; and to enable easy trading of existing holdings or future capital raising by becoming publicly traded enterprises.
The New York Stock Exchange is an American stock exchange located at 11 Wall Street, Lower Manhattan, New York City, New York. It is by far the world's largest stock exchange by market capitalization of its listed companies at US$30.1 trillion as of February 2018. The average daily trading value was approximately US$169 billion in 2013. The NYSE trading floor is located at 11 Wall Street and is composed of 21 rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007. The main building and the 11 Wall Street building were designated National Historic Landmarks in 1978.
In 2008, the company's stock price hits the all-time high of $68 a share.
In April 2012, the company acquired Dynamic Offshore Resources, LLC for $680 million in cash and approximately 74 million shares of stock.
On June 19, 2013, citing "a need for new leadership", CEO Tom L. Ward was ousted by the board of the directors and James Bennett became President and CEO.
In 2014, the company sold its assets in the Gulf of Mexico for $750 million.
In October 2015, the company acquired Pinon Gathering Company, owner of 370 miles of gathering lines.
In November 2015, the company acquired 136,000 net acres in the Niobrara Formation of Colorado, after acquiring the assets of EE3, LLC, for $190 million in cash.
On January 6, 2016, the NYSE delists the company as it hit a share value of 15 cents.
On January 21, 2016, the company settled a dispute with Occidental Petroleum over a 30-year carbon dioxide gas treatment agreement. To exit the agreement, the company transferred all of the exploration and production midstream assets in the Pinon Field to Occidental Petroleum along with $11 million in cash.
On May 16, 2016, the company filed for bankruptcy, citing a high debt load and low commodity prices.
On October 4, 2016, the company emerged from bankruptcy reorganization, reducing debt by $3.7 billion. NYSE relists the company under the "SD" symbol.
On November 15, 2017, the company announced it would buy rival Bonanza Creek for $746 Million.
On December 28, 2017, the company announced that they would not continue with the purchase of Bonanza Creek, as investors, led by Carl Icahn, had protested the acquisition. SandRidge agreed to reimburse Bonanza Creek $3.7 million for transaction-related expenses.
In February 2018, Midstates Petroleum Inc. disclosed an offer to take over Sandridge, which was rejected by the board.
On February 8, 2018, the company announced that CEO James Bennett was fired without cause, and would be exiting with a severance package valued at $26.5 million. The company also announced that CFO Julian Bott would leave after the firm's 2017 annual report is filed.
Earthquakes, due to induced seismicity produced by injected wastes, had also substantially reduced in frequency and intensity, due to a Kansas Corporation Commission order mandating cutbacks in injection well volumes and pressures. SandRidge, which along with Chesapeake Energy was one of the two major producers in Southcentral Kansas, appealed the order.
The company has formed 3 public royalty trusts:
ConocoPhillips is an American multinational energy corporation with its headquarters located in the Energy Corridor district of Houston, Texas in the United States. It is the world's largest independent pure-play exploration and production company and the company ranked No. 95 in the 2018 Fortune 500 list of the largest United States corporations by total revenue. ConocoPhillips was created through the merger of American oil companies Conoco Inc. and Phillips Petroleum Co. on August 30, 2002. In 2012, ConocoPhillips spun off its downstream assets as a new, separate company, Phillips 66.
A royalty trust is a type of corporation, mostly in the United States or Canada, usually involved in oil and gas production or mining. However, unlike most corporations, its profits are not taxed at the corporate level provided a certain high percentage of profits are distributed to shareholders as dividends. The dividends are then taxed as personal income. This system, similar to real estate investment trusts, effectively avoids the double taxation of corporate income.
Devon Energy Corporation is a company engaged in hydrocarbon exploration in North America. It is organized in Delaware and headquartered in the 50-story Devon Energy Center in Oklahoma City, Oklahoma.
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Pioneer Natural Resources Company is a company engaged in hydrocarbon exploration in the Cline Shale, which is part of the Spraberry Trend of the Permian Basin, where the company is the largest acreage holder. The company is organized in Delaware and headquartered in Irving, Texas.
SandRidge Center is a prominent skyscraper in the central business district of downtown Oklahoma City, in the U.S. state of Oklahoma. The tower has 30 floors and is 393 feet (120 m) tall, making it the sixth-tallest building in Oklahoma City and the eleventh-tallest in the state. It is the headquarters of gas production and exploration company SandRidge Energy Corporation. In January 2010, SandRidge announced a $100 million renovation for the building and four other buildings to be called SandRidge Commons.
Continental Resources, Inc. is an American petroleum and natural gas exploration and production company based in Oklahoma City. The company was founded by Harold Hamm in 1967 at the age of 21 as Shelly Dean Oil Company, originally named for his Mr. Hamm's two daughters. In 1990 Shelly Dean re-branded itself as Continental Resources and since the early 2000's has become a leading upstream oil and natural gas company that primarily uses hydraulic fracturing and horizontal drilling to produce from low permeability formations in the lower 48 continental United States.
Linn Energy, Inc. was a company engaged in hydrocarbon exploration. It was incorporated in Delaware and headquartered in Houston. In 2018, the company split into Roan Resources and Riviera Resources.
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American Energy Partners, LP, also known as AELP, was an American natural gas and oil company founded in April 2013 by Aubrey K. McClendon. The company managed affiliates responsible for natural shale gas and oil production and exploration in the United States, as well as management of assets, minerals, royalties and nonoperated properties. It was headquartered in Oklahoma City, Oklahoma, and employed over 450 people as of August 2015. AELP announced on May 18th, 2016, two months after McClendon's death, it would end operations and close by the end of summer 2016.