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SN - Sanchez Energy: Lower Oil Prices Push Company Closer To Restructuring
Sanchez Energy Corporation
The fall in oil prices has exacerbated Sanchez Energy's (SN) challenges. It's now exploring strategic alternatives and has resorted to paying its Series A and Series B preferred dividends with a significant amount of common stock instead of cash.
The path to refinancing Sanchez's 2021 notes looked challenging already due to its earlier production problems. The decline in oil prices means that Sanchez also will be burning more than $100 million in cash per year just to maintain production levels at current strip prices.