SandRidge Energy Inc. is warming up with the weather, but that did not prevent the Oklahoma City-based company from posting a net loss of $128 million, or 29 cents a share, for the first quarter.
The company lost $531 million, or $1.03 a share, in the same period of last year.
SandRidge managed to beat analysts’ estimates for the first quarter with its adjusted net income of $37.9 million, or 7 cents a share.
SandRidge’s total production dipped to 7.1 million barrels of equivalent, as winter weather hampered its efforts in northern Oklahoma and southern Kansas, but CEO James Bennett remains optimistic about the company’s growth potential.
“We are well on our way to deliver the early part of our three-year growth plan introduced at our March analyst day,” Bennett said. “Resumed normal weather conditions have us back on track, with recent activity offsetting the temporary extreme weather challenges in our first quarter Mid-Continent operations.”
He said SandRidge produced an average of 55,000 barrels of oil equivalent a day in April, while bringing 45 new wells online.
The company completed 71 wells in the first quarter, when production averaged 51,000 barrels a day.
“We continue to advance our value initiatives such as the multi-lateral well programs, producing from multiple zones, and expanding our asset base as with the addition of Oklahoma’s northern Garfield County into our focus area,” Bennett said. “These efforts continue to position SandRidge as the premier operator in the Mid-Continent region.”