OKLAHOMA CITY – One of Oklahoma City’s most well-known energy companies has filed for bankruptcy.
SandRidge Energy Inc. announced it filed bankruptcy Monday morning.
In 2015, officials say Sandridge lost $4.3 billion after gas and oil prices fell consistently.
In February, officials announced that the Oklahoma City workforce at SandRidge dropped from 548 to 376.
SandRidge stock prices have dropped 52 percent in the last year.
On May 16th, the energy company confirmed it has filed for bankruptcy.
SandRidge said in a court filing that it had total assets of $7.01 billion and total debt of $4 billion as of March 31, Reuters reports.
As part of the filing, the company’s day-to-day operations will continue as usual.