SandRidge Records $516 Million Loss for 2Q

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Oklahoma City-based SandRidge Energy, Inc. recorded a net loss of $516 million, or 73 cents a share, in the second quarter of 2016, according to the company’s quarterly report recently filed with the U.S. Securities and Exchange Commission. That compares to a loss of $1.6 billion, or $2.78 a share, in the second quarter one year ago.

Revenues were $99.4 million, down from $230 million from the same quarter one year ago.

The company’s 10-Q filing revealed SandRidge had $2.2 billion in total assets including $634 million in cash with total liabilities listed at $4.5 billion in debt.

On May 18, SandRidge filed for Chapter 11 bankruptcy after issuing a warning in March that it was considering a bankruptcy reorganization filing due to heavy debt levels and low commodity prices. On July 15, the bankruptcy court approved the company’s disclosure statement regarding the plan. SandRidge is in the process of soliciting votes for the plan.

The oil and natural gas exploration and production company could emerge from bankruptcy on September 6 if the bankruptcy court confirms its reorganization plan.

If approved, the plan would also secure a $35 million, five-year mortgage on SandRidge’s Oklahoma City headquarters and other downtown real estate.

 

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