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SandRidge Energy reports third-quarter earnings

SandRidge Energy Inc. on Thursday reported a net loss of $184 million, or 39 cents a share, for the third quarter. The Oklahoma City-based oil company earned $561 million, or $1.19 a share, in the same period of last year.
BY Jay F. Marks jmarks@opubco.com Published: November 8, 2012
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SandRidge Energy Inc. on Thursday reported a net loss of $184 million, or 39 cents a share, for the third quarter.

The Oklahoma City-based oil company earned $561 million, or $1.19 a share, in the same period of last year.

SandRidge's adjusted net income for the just-completed quarter was $29.6 million, or 5 cents a share, beating analysts' estimates. Analysts had predicted flat earnings per share.

SandRidge also posted record production in the quarter, with 9.5 million barrels of oil equivalent.

The company said it is exploring the sale of Permian Basin assets that are not tied to its SandRidge Permian Trust.

“Our acquisitions and development of properties in the Permian Basin over the last four years have been integral to our conversion from a natural gas company to an oil rich enterprise,” Ward said. “Now, we believe there is an opportunity to capitalize on current strong valuations for mature, conventional oil assets in the Permian Basin and convert the proceeds of a sale into development of our industry leading position in the high growth, high return Mississippian play.

Ward said a sale would strengthen SandRidge's balance sheet and help fund its capital expenditures through 2014 as it focuses on developing its acreage in the Mississippian play in northern Oklahoma and southern Kansas.

SandRidge increased its Mississippian production by 20 percent in the just-completed quarter.


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