SandRidge Energy, Inc. is a company engaged in

hydrocarbon exploration Hydrocarbon exploration (or oil and gas exploration) is the search by petroleum geologists and geophysicists for hydrocarbon deposits, particularly petroleum and natural gas, in the Earth's crust using petroleum geology. Exploration methods ...

in the Mid-Continent region of the

United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

. It is organized in

Delaware Delaware ( ) is a U.S. state, state in the Mid-Atlantic (United States), Mid-Atlantic and South Atlantic states, South Atlantic regions of the United States. It borders Maryland to its south and west, Pennsylvania to its north, New Jersey ...

and headquartered in

Oklahoma City Oklahoma City (), officially the City of Oklahoma City, and often shortened to OKC, is the List of capitals in the United States, capital and List of municipalities in Oklahoma, most populous city of the U.S. state of Oklahoma. The county seat ...

Oklahoma Oklahoma ( ; Choctaw language, Choctaw: , ) is a landlocked U.S. state, state in the South Central United States, South Central region of the United States. It borders Texas to the south and west, Kansas to the north, Missouri to the northea ...

. As of December 31, 2021, the company had of oil equivalent net proved reserves, of which 11% was

petroleum Petroleum, also known as crude oil or simply oil, is a naturally occurring, yellowish-black liquid chemical mixture found in geological formations, consisting mainly of hydrocarbons. The term ''petroleum'' refers both to naturally occurring un ...

, 34% was

natural gas liquids Natural-gas condensate, also called natural gas liquids, is a low-density mixture of hydrocarbon liquids that are present as gaseous components in the raw natural gas produced from many natural gas fields. Some gas species within the raw natura ...

, and 55% was

natural gas Natural gas (also fossil gas, methane gas, and gas) is a naturally occurring compound of gaseous hydrocarbons, primarily methane (95%), small amounts of higher alkanes, and traces of carbon dioxide and nitrogen, hydrogen sulfide and helium ...

History

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 A chief operating officer (COO), also called chief operations officer, is an executive in charge of the daily operations of an organization (i.e. personnel, resources, and logistics). COOs are usually second-in-command immediately after the C ...

of that company from 1989 until 1996. On November 5, 2007, the company became a

public company A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

. In April 2012, the company acquired Dynamic Offshore Resources, LLC for $680 million in cash and approximately 74 million shares of stock. On December 19, 2012, the company announced the sale of its Permian Basin properties to Sheridan Production Partners II, a privately held Houston-based oil and gas company, for $2.6 billion in cash. The transaction closed on January 1, 2013. 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 President most commonly refers to: *President (corporate title) * President (education), a leader of a college or university *President (government title) President may also refer to: Arts and entertainment Film and television *'' Præsident ...

and

CEO A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

. In 2014, the company sold its assets in the

Gulf of Mexico The Gulf of Mexico () is an oceanic basin and a marginal sea of the Atlantic Ocean, mostly surrounded by the North American continent. It is bounded on the northeast, north, and northwest by the Gulf Coast of the United States; on the southw ...

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 Colorado is a U.S. state, state in the Western United States. It is one of the Mountain states, sharing the Four Corners region with Arizona, New Mexico, and Utah. It is also bordered by Wyoming to the north, Nebraska to the northeast, Kansas ...

, after acquiring the assets of EE3, LLC, for $190 million in cash. On January 6, 2016, the NYSE delisted the company. On January 21, 2016, the company settled a dispute with

Occidental Petroleum Occidental Petroleum Corporation (often abbreviated Oxy in reference to its ticker symbol and logo) is an American company engaged in hydrocarbon exploration in the United States and the Middle East as well as petrochemical manufacturing in the ...

over a 30-year

carbon dioxide Carbon dioxide is a chemical compound with the chemical formula . It is made up of molecules that each have one carbon atom covalent bond, covalently double bonded to two oxygen atoms. It is found in a gas state at room temperature and at norma ...

gas treatment agreement. To exit the agreement, the company transferred all of the exploration and production

midstream The oil and gas industry is usually divided into three major components: upstream, midstream and downstream. The midstream sector involves the transportation (by pipeline, rail, barge, oil tanker or truck), storage, and wholesale marketing of cr ...

assets in the Pinon Field to Occidental Petroleum along with $11 million in cash. On May 16, 2016, the company filed for

bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the deb ...

, 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. The company was re-listed on the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock excha ...

. On November 15, 2017, the company announced it would buy Bonanza Creek for $746 million; however, on December 28, 2017, the company terminated the agreement, since investors, led by

Carl Icahn Carl Celian Icahn (; born February 16, 1936) is an American businessman and investor. He is the founder and controlling shareholder of Icahn Enterprises, a public company and diversified conglomerate holding company based in Sunny Isles Beach, ...

, protested the acquisition. SandRidge agreed to reimburse Bonanza Creek $3.7 million for transaction-related expenses. In February 2018, Midstates Petroleum offered to acquire Sandridge, which was rejected by the board. On February 8, 2018, the company announced the termination of CEO James Bennett and the departure of CFO Julian Bott. On February 26, 2018, the company announced 80 layoffs in Oklahoma City. Effective January 29, 2019, Paul D. McKinney became

president President most commonly refers to: *President (corporate title) * President (education), a leader of a college or university *President (government title) President may also refer to: Arts and entertainment Film and television *'' Præsident ...

and

chief executive officer A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

of the company. On In June 2019, the company announced layoffs of 10% of its staff. In December 2019, John P. Suter replaced McKinney as president and chief executive officer. In February 2020, the company announced plans to lay off more than half of its workforce in Oklahoma City. In February 2021, the company sold its assets in the North Park Basin for $47 million.

Environmental impact

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.

References

External links

{{DEFAULTSORT:Sandridge Energy 2006 establishments in Oklahoma 2007 initial public offerings Companies based in Oklahoma City Companies listed on the New York Stock Exchange Companies that filed for Chapter 11 bankruptcy in 2016 Energy companies established in 2006 Natural gas companies of the United States Non-renewable resource companies established in 1984 Oil companies of the United States Petroleum in Oklahoma