Bennett points out three things worth noting. First, the company's skill set is transferable to other basins. Second, the company has a large capacity to execute. Third, SandRidge is a pioneer of new technologies. All of which suggest that if the right opportunity arose, SandRidge Energy could consider a major acquisition of cash flowing assets in a legacy basin that are ripe for redevelopment using its innovation and technology.
One other thing the company made clear on the call is that its current cost structure, even after a large headcount reduction, is still geared for a 20-rig program. That means the company's current capacity is enough to run nearly three times as many rigs as it's currently running. These are really wasted costs from a shareholder perspective, unless of course the company plans to be back up to 20 rigs within the next year or so. The only way it could add that many rigs would be if oil prices suddenly doubled, or if the company made a substantial acquisition of acreage that had very compelling drilling economics.
SandRidge Energy is looking for outside-the-box solutions to get its balance sheet in line with its cash flow. One option not off the table is to acquire its way into balance by making a meaningful acquisition of oil and gas properties that not only produce strong cash flow today, but also come with untapped upside. It's a long shot, but if the company could pull it off, it would be a real coup.
Mr. Beasley was appointed as a director in 2013. Mr. Beasley founded Eaton Group Inc., a Houston-based
executive leadership and strategic investment firm.
The University of Texas at Austin
1969 – 1974
Activities and Societies: UT Swimming & Water Polo Scholarship - Varsity Letterman, Pre-Med Honor Society, Acacia Fraternity
Margolis and Gutierrez,, " birds of a feather flock together " Both will someday end up in jail. Insider trading,Gutierrrez ---- and no securities license for that fraud Margolis. Don't give that fraud Margolis a dime.
Use Morningstar and Bloomberg for info.
"wall street" seems view the plan favorably . The stock rebounded Th and went up on Fri.
All the reviews say the same thing. Its not just Apple that caused the calamity , Incompetent Management,
No leadership, no communication, Gutierrez was clueless, and their was very poor if no training. Too fast of a ramp up of production. Management in AZ had no clue what was going on in NH, NH has no clue what was going on in mesa. Time and time again, "it wasn't just Apple" ..
According to Bloomberg, the issue, which was initially marketed for $1 billion, will yield a return of 8.75% which is 7.23% higher than the US treasuries with similar maturity dates. This validates the information from Bank of America (NYSE:BAC) Merrill Lynch indices that average investors expect a premium of 6.37% over what is offered by government securities.Crude oil prices that have plunged to their lowest level in six years and as a result have hit the liquidity position of energy companies. As a result these companies have resorted to various measures - some quite extreme - to cope with the impact of created by the fall in prices. Measures being taken include cost reductions, selling off assets, cutting capital spending or similar to this case, raising capital through issuing debt instruments.
Sandridge is not the only company to issue secured notes, whereas Peaboy Energy Corporation (NYSE:BTU) and Warren Resources Inc (NASDAQ:WRES) also issued secured notes earlier this year in order to raise capital to fund operations.
Meanwhile, Bloomberg Intelligence (BI) analyst Spencer Cutter, said he is not surprised that Sandridge is issuing second lien debt because the company had only recently got their credit agreement amended so they could do that. He added that it is a smarter way to issue this kind of debt as the company gets a flexible borrowing base with the option to revise it every few months, unlike bonds whose terms and conditions remain the same throughout the maturity date.
KDP Investment Advisors reported on Thursday that Sandridge had agreed to reduce its borrowing base from $900 million to $500 million. According to data compiled by Bloomberg, Sandridge has so far withdrawn $235 million out of the initially authorized $900 million.
JAMES D. BENNETT
PRESIDENT AND CHIEF EXECUTIVE OFFICER
Mr. Bennett was promoted to Chief Executive Officer and President in June 2013. Prior to that he served as President and Chief Financial Officer since March 2013 and Executive Vice President and Chief Financial Officer since January 2011. From 2010 until he joined the Company, he was Managing Director for White Deer Energy, a private equity fund focused on the exploration and production, oilfield service and equipment, and midstream sectors of the oil and gas industry. From 2006 to December 2009, Mr. Bennett was employed by GSO Capital Partners L.P. where he served in various capacities, including as its Managing Director. Mr. Bennett graduated with a Bachelor of Business Administration degree with a major in Finance from Texas Tech University in 1993. Mr. Bennett has served on the board of directors of the general partner of Cheniere Energy Partners L.P. and PostRock Energy Corporation... (Appears to be a bean counter)
OKLAHOMA CITY, May 28, 2015 /PRNewswire/ -- SandRidge Energy, Inc. (the “Company”) (NYSE:SD) announced today
the commencement of a private offering of $1 billion in aggregate principal amount of senior secured notes due 2020 (the
“Notes”). The Notes will be secured on a second lien priority basis and guaranteed by each of the Company’s restricted
subsidiaries that will guarantee the Company’s revised revolving credit facility. The issuance of the Notes will be conditioned
on, among other things, the effectiveness of a fully-committed revised $500 million borrowing base first lien revolving credit
The Company intends to use the net proceeds from this offering to repay borrowings under its existing revolving credit facility
and for general corporate purposes.
The Notes and related guarantees are being offered by the Company only to qualified institutional buyers under Rule 144A
of the Securities Act of 1933, as amended (the "Securities Act"), and to non-U.S. persons in transactions outside the United
States under Regulation S of the Securities Act. The Notes will not be registered under the Securities Act, or any state
securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an applicable
exemption from the registration requirements of the Securities Act and applicable state securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the
Notes, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction
The building is a former GT Technologies building. Last year, a deal between Apple and GT to build a sapphire manufacturing operation in the area failed when GT went bankrupt.
Solar panels on the roof of the Mesa building caught fire today and according to reports, nobody was hurt in the incident.
You’ll recall that Apple has made light of its use of renewable energy at data centers in the past. It’s not clear at this time if anything about the solar panels is to blame for this fire.
According to NBC 12, a dozen people were evacuated from the facility, and it took 35 minutes to put out the flames.
We’re still looking into this all, but for now, check out this Twitter
You wont believe it. What a bunch of junk. Just like Margolis just a bunch of junk.
After more than six months of shedding rigs and jobs, the oil patch could be showing signs of recovery, according to two reports released Friday. Oklahoma’s rig count has risen by one each of the past two weeks. newsok
Rig count may 27 ----After more than six months of shedding rigs and jobs, the oil patch could be showing signs of recovery, according to two reports released Friday.
The country’s drilling companies mothballed three rigs last week, marking the 24th consecutive decline, but the slowest drop since Dec. 12. In Oklahoma, the rig count increased by one for the second straight week, Baker Hughes reported Friday.
Some industry observers see the increases and slower declines as indication that the industry is recovering.
“We believe that should West Texas Intermediate crude oil prices remain near $60 (per barrel), U.S. producers will ramp up activity given improved returns with costs down by at least 20 percent,” Goldman Sachs analysts Damien Courvalin and Raquel Ohana said in a report released Friday. “Last week’s rig count is a first sign of this response and suggests that producers are increasingly comfortable at the current costs/revenue/funding mix.”
Nationwide, 885 rigs are now searching for oil and natural gas. The count is down 54 percent from 1,929 on Nov. 1. The U.S. count peaked at 4,530 in 1981 and bottomed at 488 in 1999.
State has 104 rigs
In Oklahoma, 104 rigs are active, down 51 percent from 214 on Nov. 26.
Upon the motion (the “Motion”)2
of GT Advanced Technologies Inc. (“GT”) and its
affiliated debtors as debtors in possession (collectively, “GTAT” or the “Debtors”), for an order
further extending the time by which GTAT must file notices of removal of civil actions and
proceedings to which GTAT is or may become parties (collectively, the “Civil Actions”) Pursuant to Bankruptcy Rule 9006(b), the time provided by Bankruptcy Rule
9027 to file notices of removal of the Civil Actions is extended through and including the later of
(a) September 2, 2015, or (b) should the Court enter an order terminating the automatic stay as to
a particular Civil Action, for such Civil Action, 30 days after the entry of the order terminating
the automatic stay
July crude CLN5, -0.23% added $1.74, or 3%, to settle at $60.72 a barrel on the New York Mercantile Exchange. Based on the most-active contracts, that was Nymex oil’s largest one-day point and percentage gain since April 20 and the highest settlement in more than a week, according to FactSet data. ( and the summer driving season hasn't started yet) Go SD , shorts got to cover eventually