Hints and tips:
...David Lawler, who heads BP’s US shale business, was hired from independent producer Sandridge Energy in 2014 to set up an autonomous unit that could bring an entrepreneurial spirit to operations even as...
...Oklahoma City-based SandRidge Energy, for example, filed for Chapter 11 last May, at the lowest point of the industry’s activity....
...Mr Lawler was recruited from independent producer Sandridge Energy with a mandate to inject some small-company dynamism into BP and to develop its “unconventional” resources, including shale....
...BlackRock spokesman Ed Sweeney said in a statement: “We are pleased to resolve this matter....
...The largest bankruptcies were Sandridge Energy, which owed $8.3bn, and Linn Energy, which owed $6.1bn....
...SandRidge Energy, an Oklahoma-based gas producer, said it had hired advisers to look at a possible bankruptcy, and warned there was “substantial doubt regarding the company’s ability to continue as a going...
...Companies including Sandridge Energy have been borrowing using “second lien” debt, which is secured on assets and typically ranks below senior secured loans, but above unsecured bonds....
...To that end, BP has cut about a third of the division’s staff and appointed David Lawler to run the business, recruiting him from SandRidge Energy, one of those smaller producers....
...The credit rating agency also put nine more companies on a negative outlook for possible future downgrades, including Whiting Petroleum, Denbury Resources, Halcon Resources and SandRidge Energy....
...At the other end of the scale, companies such as Laredo Petroleum, SandRidge Energy and Range Resources would have debts about four times their ebitda, according to Tudor Pickering, while for Ultra Petroleum...
...SandRidge shares were down 0.8 per cent at $5.05 in early Thursday trading....
...and then quickly sold them on to SandRidge....
...It said it believed Sandridge’s assets were worth about $20 per share if “properly managed”....
...Ed Crooks is the FT’s US industry and energy editor. John Authers is away. ed.crooks@ft.com...
...Mr Icahn took a 5.6 per cent stake in the company in January, part of a rising trend of investor activism in the energy industry that has included pressure on boards at Chesapeake Energy, Sandridge Energy...
...Mr McClendon set up Chesapeake in 1989, together with co-founder Tom Ward, now chief executive of rival oil and gas company SandRidge, and took it public in 1993....
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