SandRidge Energy Loss Narrows Amid Revenue Slump

(RTTNews) - SandRidge Energy Inc (SD) Wednesday reported first-quarter net loss of $128 million or $0.29 per share compared with a loss of $479 million or $1.03 per share last year.

Results for the prior-year quarter included, among other items, $398 million loss from the sale of assets.

Excluding items, adjusted earnings for the quarter were $38 million or $0.07 per share compared with $2 million or $0.00 per share a year ago.

Revenues for the quarter were $443 million compared with $511.7 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.03 per share on revenues of $405.25 million for the quarter. Analysts' estimates typically exclude special items.

Production for the quarter totaled of 7.1 MMBoe (79.2 MBoe per day), a decline from last year's 9 MMBoe (100 MBoe per day).

The company said extreme winter weather temporarily curtailed production and capital spend, now offset by a robust April ramp-up in well connections.

Looking ahead to fiscal 2014, the company now expects production of 29.6 MMBoe, up from prior guidance of 29.3 MMBoe, reflecting actual production realized from the divested Gulf assets during the first quarter.