The number of publicly traded companies in Oklahoma fluctuated over the past year as the state added and lost several firms through mergers and initial public offerings.
Oklahoma City-based SandRidge Energy Inc. and Tulsa-based Midstates Petroleum Corp. both returned to the Oklahoma Inc. rankings this year after sitting out a year when their stock stopped trading while the companies were in bankruptcy reorganization.
While both companies returned to the Oklahoma Inc. rankings, both struggled over the past year and both ended up in the bottom three slots on the list. The companies also have crossed paths several times over the past year as SandRidge executives twice rebuffed Midstates’ offers to buy the Oklahoma City company or its assets.
Oklahoma also gained three new publicly traded companies over the past year. Oklahoma City-based Chaparral Energy Corp. shares began trading over the counter in May 2017, and the stock moved to the New York Stock Exchange in July, trading under the ticker symbol “CHAP.”
The move marked the culmination of more than a decade of effort for the Oklahoma City oil and natural gas producer to join a major stock exchange.
“Going from over-the-counter to the New York Stock Exchange is going to provide more liquidity and more opportunity for new investors,” CEO Earl Reynolds said in July. “It’s the logical next step for our company.”
Oklahoma City-based Bank7 Corp. in September completed an initial public offering, raising at least $50.1 million and becoming Oklahoma’s third publicly traded bank. The bank’s stock trades on the Nasdaq under the symbol “BSVN.”
Also in September, Oklahoma City-based Roan Resources became publicly traded on the over-the-counter market. The stock is expected to move up to the New York Stock Exchange by the end of the year.
Roan Resources was created last year with the combination of Tulsa-based Citizen Energy II and part of Houston-based Linn Energy, which had recently emerged from bankruptcy reorganization. Another portion of Linn Energy earlier this year spun off as Riviera Resources Inc.
Roan Resources in September completed a reverse merger with Linn, taking over its over-the-counter stock. Roan then changed the stock symbol to “ROAN.”
“This has been a long process to get to this point, but it’s been a lot of fun,” CEO Tony Maranto said in an interview with The Oklahoman.
“This is a very important step for us. It is the culmination of our year-one goal for the company. From this point, our goal is to launch off and see how much value we can add.”
While the state has gained publicly traded companies, others have consolidated or have been purchased.
Tulsa-based Williams Cos. Inc. in August completed a merger with its master limited partnership, Williams Partners LP. Stillwater-based Southwest Bancorp, parent of Bank SNB, sold in October 2017 to Arkansas-based Simmons First National Corp.
At least one company likely is in its final year on the Oklahoma Inc. list. Oklahoma City-based Sonic Corp. in September announced that executives have agreed to sell the company to Inspire Brands Inc. in a deal worth $2.3 billion. The buyer is a privately held company that owns more than 4,700 Arby’s, Buffalo Wild Wings and Rusty Taco locations worldwide.
(c)2018 The Oklahoman
Visit The Oklahoman at www.newsok.com
Distributed by Tribune Content Agency, LLC.