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Coronavirus in Oklahoma: SandRidge senior executives latest employees to be let go

SandRidge Energy's corporate headquarters is in downtown Oklahoma City. [OKLAHOMAN ARCHIVES]
SandRidge Energy's corporate headquarters is in downtown Oklahoma City. [OKLAHOMAN ARCHIVES]

SandRidge Energy will separate seven additional employees from its Oklahoma City staff year, including the man who led the company on an interim basis until just about a month ago, filings show.

John P. Suter, the company’s chief operating officer, will depart July 1, as will Michael A. Johnson, SandRidge’s chief financial officer.

Suter, an oil and gas executive with past ties to Continental Resources Inc., Chesapeake Energy Corp. and American Energy Partners, served as SandRidge’s interim CEO between Dec. 13 and April 8. He was succeeded by Carl F. Giesler Jr., previously the CEO of Austin-based Jones Energy.

SandRidge’s efforts to achieve success since it emerged from bankruptcy in 2016 have been challenging.

Since Suter took over from Paul D. McKinney, who was only on the job as CEO for a little less than a year, the company has announced a string of planned staffing and salary cuts.

In February, it announced it would cut more than half of its 120 employees at its corporate headquarters in Oklahoma City effective April 3, and limit its 2020 capital expenditures to bare essentials.

Earlier this month — just weeks after Geisler’s arrival — it announced it would cut an additional 26 staff in Oklahoma City, and then followed that with a notification about the additional workers a week ago.

The company discussed Suter and Johnson’s planned July 1 departures in a filing it made with the U.S. Securities and Exchange Commission.

In the same filing, SandRidge notified regulators and investors it had added additional risk factors (COVID-19-related economic disruptions and the crash in oil prices) to its annual report, noting they could “materially and adversely” impact its operations and financial condition.

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Jack Money

Jack Money has worked for The Oklahoman for more than 20 years. During that time, he has worked for the paper’s city, state, metro and business news desks, including serving for a while as an assistant city editor. Money has won state and regional... Read more ›

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