SandRidge beats earnings estimates

SandRidge Energy Inc. doubled analysts' estimates for the third quarter, when it posted adjusted net income of $40.4 million, or 7 cents a share.
by Jay F. Marks Modified: November 5, 2013 at 9:29 pm •  Published: November 6, 2013
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“As our Mississippian rig count ramps back up over the next few quarters, we are confident that we will be able to grow production there by approximately 35 percent in 2014, which will contribute to 12 percent year-over-year organic growth for the company and tangible organic cash flow growth,” Bennett said.

He said SandRidge has set an industry standard in its efforts to reduce drilling costs.

“Through innovation and continuous improvement efforts, “we have achieved the lowest well costs in the industry at an average of under $3 million per well, and our lease operating expenses have improved 22 percent year-over-year,” Bennett said.

The company also has identified additional drilling opportunities.

“The inventory of new opportunities within our Mid-Continent asset base continues to expand as we identify new formations and stacked pays and see encouraging results in our appraisal areas,” Bennett said.

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by Jay F. Marks
Energy Reporter
Jay F. Marks has been covering Oklahoma news since graduating from Oklahoma State University in 1996. He worked in Sulphur and Enid before joining The Oklahoman in 2005. Marks has been covering the energy industry since 2009.
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