Read on Twitter
Welcome to another edition of “Oil & Gas execs paying themselves an absurd amount to destroy billions in shareholder capital”
Today’s edition features an entire shitty family:
The Dirty Sanchez boys that ran Sanchez Energy $SN
From 2014-18 they made: $117MM (that we know about)
Today’s edition features an entire shitty family:
The Dirty Sanchez boys that ran Sanchez Energy $SN
From 2014-18 they made: $117MM (that we know about)
On the payroll of Sanchez Energy $SN from 2014-2018:
CEO, Antonio Sanchez Jr: $35MM
Chairman, Antonio Sanchez III: $57MM
EVP, Patricio Sanchez: $10MM in 2017-18
Stock: -99.9% and getting written down further in bankruptcy court
CEO, Antonio Sanchez Jr: $35MM
Chairman, Antonio Sanchez III: $57MM
EVP, Patricio Sanchez: $10MM in 2017-18
Stock: -99.9% and getting written down further in bankruptcy court
*Billy Mays Voice*
But WAIT, there’s MORE!
They also ran Sanchez Midstream $SNMP, which also went bankrupt
Patricio Sanchez banked $12MM as President/COO of that ShitCo LP
The board featured some #Elite independent directors:
Antonio Sanchez III: $1.7MM
Eduardo Sanchez: $1.2MM
But WAIT, there’s MORE!
They also ran Sanchez Midstream $SNMP, which also went bankrupt
Patricio Sanchez banked $12MM as President/COO of that ShitCo LP
The board featured some #Elite independent directors:
Antonio Sanchez III: $1.7MM
Eduardo Sanchez: $1.2MM
The Dirty Sanchez family paid themselves more than what the company is currently valued at in bankruptcy court. These bastards can’t even pay back their bankruptcy loan.
For the love of God, let energy ShitCos like this die in Chapter 7.
Don’t give these fucks another chance.
For the love of God, let energy ShitCos like this die in Chapter 7.
Don’t give these fucks another chance.
These quotes aged well.
Remember in 2013 when Sanchez Energy paid $100MM to buy 40K acres ($2,500K/acre) in Mississippi when a previous deal a month earlier went for $144/acre?
Remember who the seller was? That’s right, family member Eduardo Sanchez.
https://www.wsj.com/articles/no-headline-available-1384118857
Remember in 2013 when Sanchez Energy paid $100MM to buy 40K acres ($2,500K/acre) in Mississippi when a previous deal a month earlier went for $144/acre?
Remember who the seller was? That’s right, family member Eduardo Sanchez.
https://www.wsj.com/articles/no-headline-available-1384118857
From January:
Creditors alleged another Sanchez-owned company overcharged Sanchez Energy to the tune of $10MM
Oh, and on the eve of its bankruptcy, Sanchez paid out bonuses to its executives
In case you’re wondering where Whiting $WLL got its playbook
https://www.wsj.com/articles/sanchez-energy-creditors-seek-to-sue-for-hundreds-of-millions-11580147876?emailToken=417ab904893f7089292545a60a3749f8Gx+dpZ4yjZyblOvsPTT9RnmJhOfFVW8KisW7rfzoHhEgu86j+aR8sXBftoq9VrY4SnPHZkRUrHuZbpUV+lRy4sOQ+qudHEmOHSdq51kHTgmheuK+9Fr/2B+s/VvxITzc&reflink=article_copyURL_share
Creditors alleged another Sanchez-owned company overcharged Sanchez Energy to the tune of $10MM
Oh, and on the eve of its bankruptcy, Sanchez paid out bonuses to its executives
In case you’re wondering where Whiting $WLL got its playbook
https://www.wsj.com/articles/sanchez-energy-creditors-seek-to-sue-for-hundreds-of-millions-11580147876?emailToken=417ab904893f7089292545a60a3749f8Gx+dpZ4yjZyblOvsPTT9RnmJhOfFVW8KisW7rfzoHhEgu86j+aR8sXBftoq9VrY4SnPHZkRUrHuZbpUV+lRy4sOQ+qudHEmOHSdq51kHTgmheuK+9Fr/2B+s/VvxITzc&reflink=article_copyURL_share
Here is a link to a 2014 filing from a shareholder lawsuit. So many juicy details on how the Sanchez family 
allegedly enriched themselves by ripping off public investors, including retirement funds.
https://chimicles.com/wp-content/uploads/2016/05/Sanchez-Verified-Consolidated-Complaint.pdf
Thanks to @FracSlap for the link
allegedly enriched themselves by ripping off public investors, including retirement funds.https://chimicles.com/wp-content/uploads/2016/05/Sanchez-Verified-Consolidated-Complaint.pdf
Thanks to @FracSlap for the link
“Of the five-member board, at least four directors are conflicted. Sanchez Jr. and Sanchez III both have an equity stake in Sanchez Resources, placing them on both sides of the transaction. Jackson and Garcia are both lifelong friends with the Sanchez family...”
