SandRidge Energy Inc. confirmed yesterday that it has hired advisers to evaluate options including a bankruptcy filing, in what could be the most high-profile reorganization yet in U.S. shale oil industry, Reuters reported. The company, battered by a 60 percent slide in oil prices since mid-2014, said in a regulatory filing there was substantial doubt about its financial viability. The company "has engaged advisors to assist with a private restructuring or reorganization under Title 11 of the U.S. Bankruptcy Code in the foreseeable future," the filing said. SandRidge is one of dozens of oil and gas companies with piles of debt that look increasingly difficult to pay as revenues, oil and gas output, and reserves tumble on low prices. A pullback in expensive new drilling means SandRidge's oil and gas output fell 18 percent in the fourth quarter of 2015 compared with the same period a year ago. Read more.
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