Two major energy firms headquartered in Oklahoma City have yet to release their quarterly and yearly earnings but one of them, Chesapeake Energy will make those figures available on Wednesday.
SandRidge Energy, facing critical financial challenges has yet to make a commitment to a firm date, except to say its report will be released sometime between Feb. 24 and Feb. 29th. There has been no definite date and time announced and no information is available on the company website.
Both companies are struggling; both have made layoffs and both have hired consulting firms over the past several months to assist with financial restructuring which could lead to each filing for Chapter 11 reorganization bankruptcy.
Chesapeake’s quarterly reports will be on Wednesday, with the information released before the market open. Executives will also hold a conference call at 8 a.m. Oklahoma time to offer their views on the numbers.
Investors in SandRidge Energy are waiting and wondering what will happen with the company. It laid off hundreds of workers at its Oklahoma City headquarters as well as most of the workforce at its Lariat Services Group subsidiary. The company also borrowed nearly $500 million in late January according to a Form 8-K filed with the Securities and Exchange Commission.
Just last week, nearly three dozen investors stretching worldwide disclosed they have ownership stakes in the company. Among them are Fairfax Financial Holdings Limited and FFHL Group Ltd.; Blackrock Inc. of New York; Vanguard Group Inc. of Pennsylvania and firms based in Hong Kong, the United Kingdom and Barbados.
SandRidge also has had to deal with the state order to shut down seven of its wastewater disposal wells in northern Oklahoma where they are suspected of causing earthquakes. The energy downturn plus the disposal well challenges have resulted in SandRidge stock going from $7 a share two years ago to 4-5 cents a shae on the New York Stock Exchange.
