Sanchez headed for Wall of Shame

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ChuckGeb
Posts: 945
Joined: Thu Nov 21, 2013 2:46 pm

Sanchez headed for Wall of Shame

Post by ChuckGeb »

Sanchez Energy Announces Engagement of Financial Advisor to Explore Strategic Alternatives
HOUSTON, Dec. 04, 2018 (GLOBE NEWSWIRE) -- Sanchez Energy Corporation (NYSE: SN) today announced that it has engaged Moelis & Company LLC as financial advisor to explore strategic alternatives to strengthen its balance sheet and maximize the value of the company.

“Throughout this year, the company has been focused on taking critical steps to stabilize its production profile and reduce the capital intensity of the business. The responsive actions taken by our team are beginning to result in increased operating margins and cash flow as we head into 2019,” said Tony Sanchez, III, President and Chief Executive Officer of Sanchez Energy. “However, these operational challenges, combined with volatility in the commodity markets and the company’s leverage, led the company to review opportunities to improve its financial flexibility for continued success in the future.”

The company and management are evaluating strategic alternatives to help provide the company with financial stability, but no assurances can be given as to the outcome or timing of the process. The company does not intend to make any future announcements concerning this process unless and until the company otherwise determines that disclosures are necessary or appropriate.

Translated upcoming Chapter 11 Filing will be quite a feeding frenzy with all that cash.
dan_s
Posts: 34463
Joined: Fri Apr 23, 2010 8:22 am

Re: Sanchez headed for Wall of Shame

Post by dan_s »

They cannot survive an extended period of $50 oil, but they do seem to have enough cash to survive well into 2019. They should have been selling some assets three months ago.
Dan Steffens
Energy Prospectus Group
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