SandRidge Draws Interest from Multiple Bidders
SandRidge Energy Inc has been approached by 26 potential bidders for a buyout of the company or some of its assets, the U.S. shale oil producer said on Friday, days after activist investor Carl Icahn took control of its board. The list includes Midstates Petroleum, whose previous attempt to buy SandRidge was rebuffed by the company - a move that was criticized by Icahn and some other shareholders.
SandRidge Says Approached by 17 Potential Buyers, Including Icahn
SandRidge Energy Inc said on Friday it had been approached by 17 potential bidders for a buyout, including billionaire Carl Icahn who is fighting for control of the oil and gas producer's board.Icahn has criticized SandRidge's leadership, forced the removal of its chief executive officer and got the company to back out of its planned buyout of rival Bonanza Creek Energy Inc .The investor…
SandRidge to Evaluate All Buyout Offers
SandRidge Energy Inc, which is in the middle of a proxy fight with top shareholder Carl Icahn, said on Monday it would evaluate buyout offers, including one from Icahn. The activist investor, who offered to buy the company last week, said he planned to nominate directors who would push for a sale of SandRidge Energy. Reporting by Karan Nagarkatti
Midstates Petroleum Seeks Merger with SandRidge Energy
A merger could create $1 bln producer in the Mississippian Lime. Midstates Petroleum Co Inc on Tuesday sought to merge with larger rival SandRidge Energy Inc in a deal that could create the biggest oil producer in the Mississippian Lime shale formation. Both companies have a large presence in the Mississippian Lime, which is primarily an oil producing area spread across Northern Oklahoma and Southern Kansas.
Icahn Steps Up Fight Against SandRidge's Plan to Buy Bonanza Creek
Activist investor Carl Icahn on Friday stepped up its fight against SandRidge Energy Inc's plan to buy a rival, urging fellow stockholders to vote against the oil and gas company's plan to issue shares for the $746 million deal. Several other holders including Fir Tree Partners and Susquehanna Advisors Group have come out against the purchase and said SandRidge was paying an unjustified premium.
SandRidge Offers Icahn Some Deal Records, Rebuts Claims
SandRidge Energy Inc on Monday pushed back against activist investors Carl Icahn and Fir Tree Partners' attack on the oil and gas producer's proposed $746 million acquisition of rival Bonanza Creek Energy Inc. In a letter to its shareholders, the Oklahoma City-based energy firm said opponents' claims the transaction would hurt shareholder value were "false and reckless…
Icahn Seeks to Inspect SandRidge Energy Books, Records
Activist investor Carl Icahn has asked to inspect certain books and records of SandRidge Energy Inc , according to a regulatory filing on Friday. Icahn seeks to investigate the compensation of SandRidge's senior management, the proposed acquisition of Bonanza Creek Energy Inc and the recent poison pill plan laid out by SandRidge, according to the filing.
SandRidge Energy Seeks Bankruptcy Protection
SandRidge Energy Inc and master limited partnership Breitburn Energy Partners LP filed for bankruptcy protection on Monday, the latest U.S. oil and gas companies to fall victim to weak oil prices. A plunge in global crude prices has now pushed at least 28 publicly traded North American oil and gas producers to seek bankruptcy protection since early 2015, according to a Reuters review of regulatory filings.
Penn Virginia Files for Bankruptcy Protection
Oil and natural gas producer Penn Virginia Corp said on Thursday it had filed for bankruptcy protection, the latest company to fall victim to the oil price rout. Dozens of U.S. shale companies have sought bankruptcy protection in recent months as a near-60 percent slump in oil prices since mid-2014 erodes cash flows. This has forced companies to restructure debt taken on during a frenzy of development in recent years.
SandRidge No Longer a DoJ Antitrust Target
Oil and gas producer SandRidge Energy Inc said on Friday the company is no longer a target of a federal grand jury probe concerning violations of antitrust law related to the leasing of oil and gas properties. The Oklahoma-based company had said in May the transactions subject to the government's inquiry date from 2012 and prior years. The U.S.
Even Bankrupt Shale Drillers Keep Pumping Oil
As oil prices nosedived by two-thirds since 2014, a belief took hold in global energy markets that for prices to recover, many U.S. shale producers would first have to falter to allow markets to rebalance. With U.S. oil prices now trading below $40 a barrel, the corporate casualties are already mounting. More than 50 North American oil and gas producers have entered bankruptcy since early 2015…
Even Bankrupt US Shale Drillers Keep Pumping
As oil prices nosedived by two-thirds since 2014, a belief took hold in global energy markets that for prices to recover, many U.S. shale producers would first have to falter to allow markets to rebalance. With U.S. oil prices now trading below $40 a barrel, the corporate casualties are already mounting. More than 50 North American oil and gas producers have entered bankruptcy since early 2015…
SandRidge to Evaluate Options Including Bankruptcy
SandRidge Energy Inc said on Wednesday it had engaged advisers to evaluate options including a private restructuring or reorganization under Chapter 11. The company said there was substantial doubt about its ability to continue as a going concern. A more than 60 percent fall in oil prices since mid-2014 has eroded cash flows at several oil and gas producers, leaving them struggling to service debt payments.
Zombies Appear in U.S. Oilfields as Crude Dips Lower
Drained by a 17-month crude rout, some U.S. shale oil companies are merely hanging on for life as oil prices lurch further away from levels that allow them to profitably drill new wells and bring in enough cash to keep them in business. The slump has created dozens of oil and gas "zombies," a term lawyers and restructuring advisers use to describe companies that have just enough money to pay interest on mountains of debt…
Linn Energy Exploring Debt Options to Weather Oil Collapse
Indebted Linn Energy LLC is exploring distressed restructuring options with Barclays as stubbornly low oil and natural gas prices test its ability to service $10 billion of debt after next year, sources with knowledge of the matter said. Houston-based Linn Energy, an independent U.S. oil and gas producer, suffered a 12 percent reduction in…
US Oil Producers Mull Wastewater Spin-offs
Some U.S. oil producers are trying to sell parts of their lucrative saltwater disposal businesses in a sign that cheap crude is already forcing cash-starved companies to sell assets so oil can keep flowing. Many oil companies rely on outside contractors, which tend to be small, privately-held companies, to inject the briny byproduct of crude production hundreds or thousands feet deep into the earth…
Oklahoma Court Rules Earthquake Victim Can Sue Oil Companies
An Oklahoma woman who was injured when an earthquake rocked her home in 2011 can sue oil companies for damages, the state's highest court ruled on Tuesday, opening the door to other potential lawsuits against the state's energy companies. Oklahoma has experienced a dramatic spike in earthquakes in the last five years, and researchers have…
OK Regulator: Quake Increase a "Game Changer"
From June 17 to 24, there have been 35 earthquakes of magnitude 3.0 or greater in the state, according to the Oklahoma Geological Survey. Particularly worrying for regulators, some of the recent quakes occurred in the Oklahoma City metropolitan area, where there are no high-volume wastewater injection wells. The spike in quakes comes roughly…
New Money Sustains US Oil
U.S. oil companies, still smarting from the crude price rout, are attracting a wave of new investment from unlikely sources - hedge funds and private equity firms flocking to the energy market for the first time to bet on a rebound. By pouring billions of dollars into energy shares and bonds in the past few months these newcomers, dubbed "energy tourists" by Houston's seasoned dealmakers…
BP Hires Head of US Shale Unit before Spin-off
Oil major BP has appointed a chief executive to look after its U.S. onshore oil and gas assets, months ahead of its plan to spin off the business to boost the profitability of its shale gas portfolio in the country. SandRidge Energy Inc's former Chief Operating Officer David Lawler will take on the Houston-based role on Sept. 15. He will head the new business - called U.S.
