SandRidge reports narrower loss on increased production
SandRidge Energy Inc. on Thursday reported a narrower fourth-quarter loss as the company's oil and natural gas production increased.
Ward declined to comment on the ongoing proxy fight SandRidge is in with one of its largest shareholders.
Hedge fund TPG-Axon Capital, which owns about 7 percent of SandRidge's outstanding stock, is pushing fellow shareholders to oust Ward and the current board, arguing the market has lost confidence in them. TPG-Axon has nominated its own candidates to replace SandRidge's board.
Shareholders have until March 15 to decide whether to side with TPG-Axon or retain the company's current leadership.
Also on Thursday, SandRidge lowered its 2013 production guidance, largely because of the Permian sale.
The company said it now expects to produce 15.9 million barrels of oil and 110 billion cubic feet of natural gas on the year, down from its previous guidance of 19.5 million barrels of oil and 118 billion cubic feet of natural gas.
Increased drilling in the Mississippi Lime, however, should allow SandRidge to raise its production in 2014, Ward said.
Edmond investment adviser Greg Womack said he is pleased by SandRidge's announcement Thursday.
“It seems like we're seeing some fundamental improvements along with production improvements. That's encouraging,” Womack said. “They're focused going forward on the Mississippi Lime. That's where they're going to have more oil. Based on that, their fundamentals should continue to improve.”
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