Industry Oil and gas industry Products PetroleumNatural gas Founded 2006 Number of employees 2,200 | Traded as NYSE: SD Key people James Bennet, CEO Revenue 104 million USD (Q3 2016) | |
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Production output 49.6 thousand barrels of oil equivalent (303,000 GJ) per day (Q3 2016) CEO James D. Bennett (Jun 2013–) Subsidiaries National Energy Group, SandRidge Midstream, Inc. | ||
SandRidge Energy, Inc. is a petroleum and natural gas exploration company headquartered in Oklahoma City, United States.
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History
SandRidge was founded in 2006 by Tom L. Ward by buying approximately 50% of Riata Energy of Amarillo, Texas. Ward previously co-founded Chesapeake Energy with Aubrey McClendon and was the chief operating officer of that company from 1989 until 1996.
The company went public via an initial public offering on November 5, 2007, selling over 28 million common shares.
On June 19, 2013, after a series of missteps, CEO Tom L. Ward was ousted by the board of the directors and James Bennett became President and CEO. Bennett first joined the company in 2010 and previously worked at GSO Capital Partners.
In 2014, the company sold its assets in the Gulf of Mexico for $750 million.
In 2015, the company acquired Pinon Gathering Company, owner of 370 miles of gathering lines, which reduced Sandridge's lease operating and gathering expense.
In 2015, the company acquired 136,000 net acres in the Niobara shale formation for $190 million in cash.
In 2016, the company went through a Chapter 11 bankruptcy reorganization.
Operations
In the third quarter of 2016, the company produced 49.6 thousand barrels of oil equivalent (303,000 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 company has formed 3 public royalty trusts: