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 deposits of hydrocarbons, particularly petroleum and natural gas, in the Earth using petroleum geology. Exploration methods Vis ...

in the Mid-Continent region of the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

. It is organized in

Delaware Delaware ( ) is a state in the Mid-Atlantic region of the United States, bordering Maryland to its south and west; Pennsylvania to its north; and New Jersey and the Atlantic Ocean to its east. The state takes its name from the adjacent Del ...

and headquartered in

Oklahoma City Oklahoma City (), officially the City of Oklahoma City, and often shortened to OKC, is the capital and largest city of the U.S. state of Oklahoma. The county seat of Oklahoma County, it ranks 20th among United States cities in population, a ...

Oklahoma Oklahoma (; Choctaw language, Choctaw: ; chr, ᎣᎧᎳᎰᎹ, ''Okalahoma'' ) is a U.S. state, state in the South Central United States, South Central region of the United States, bordered by Texas on the south and west, Kansas on the nor ...

. 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 mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crud ...

, 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 natur ...

, and 55% was

natural gas Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbo ...

History

SandRidge was founded in 2006 by

Tom L. Ward Tom L. Ward is a prominent Oklahoma City businessman and philanthropist. He is currently the chairman and CEO oMach Resources a privately owned energy company in Oklahoma City, OK. He was the founder and former chairman and CEO oTapstone Energy ...

upon the acquisition 46% of Riata Energy from Malone Mitchell III for $500 million. Ward previously co-founded

Chesapeake Energy Chesapeake often refers to: *Chesapeake people, a Native American tribe also known as the Chesepian * The Chesapeake, a.k.a. Chesapeake Bay *Delmarva Peninsula, also known as the Chesapeake Peninsula Chesapeake may also refer to: Populated plac ...

with Aubrey McClendon and was the

chief operating officer A chief operating officer or chief operations officer, also called a COO, is one of the highest-ranking executive positions in an organization, composing part of the "C-suite". The COO is usually the second-in-command at the firm, especially if t ...

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 stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (l ...

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 investment ...

. 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

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: Automobiles * Nissan President, a 1966–2010 Japanese ful ...

and

CEO A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

. In 2014, the company sold its assets in the

Gulf of Mexico The Gulf of Mexico ( es, Golfo de México) is an oceanic basin, ocean basin and a marginal sea of the Atlantic Ocean, largely surrounded by the North American continent. It is bounded on the northeast, north and northwest by the Gulf Coast of ...

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 The Niobrara Formation , also called the Niobrara Chalk, is a geologic formation in North America that was deposited between 87 and 82 million years ago during the Coniacian, Santonian, and Campanian stages of the Late Cretaceous. It is compose ...

Colorado Colorado (, other variants) is a state in the Mountain West subregion of the Western United States. It encompasses most of the Southern Rocky Mountains, as well as the northeastern portion of the Colorado Plateau and the western edge of t ...

, 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 (chemical formula ) is a chemical compound made up of molecules that each have one carbon atom covalently double bonded to two oxygen atoms. It is found in the gas state at room temperature. In the air, carbon dioxide is transpar ...

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 crud ...

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 debtor ...

, 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 of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed c ...

. 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 financier. He is the founder and controlling shareholder of Icahn Enterprises, a public company and diversified conglomerate holding company based in Sunny Isles Beach. Icahn takes l ...

, 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: Automobiles * Nissan President, a 1966–2010 Japanese ful ...

and

chief executive officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

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 The Kansas Corporation Commission (KCC) is the public utilities commission of the state of Kansas run by three Commissioners appointed by the Governor with the approval of the Senate. The Commission has the responsibility of ensuring that natural g ...

order mandating cutbacks in injection well volumes and pressures. SandRidge, which along with

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