SandRidge Energy Inc. easily beat analysts' estimates in the first full quarter since a shareholder revolt led to a reshuffling of the company's leadership.
The Oklahoma City-based oil and natural gas producer logged adjusted net income of $40.4 million, or 7 cents a share, the company reported Tuesday. Analysts had predicted earnings of only 3 cents a share. SandRidge earned $29.6 million, or 5 cents a share, in the same period of last year.
Before adjustments, SandRidge posted a loss of $87 million, or 18 cents a share, for the third quarter.
CEO James Bennett, who replaced SandRidge founder Tom Ward in June, said the company is focused on reducing costs and being more efficient with its capital.
“We have implemented a rigorous process that is transforming our business to generate cash flow growth and returns,” Bennett said.
He said SandRidge was able to increase production in the Mississippian formation to nearly 48,000 barrels of oil equivalent a day, despite reducing its rig count by 15 percent.
That led SandRidge to increase its production guidance in its featured play for the second consecutive quarter without increasing its capital budget.