Saturday, May 5, 2012

SandRidge Energy [SD] Releases Earnings Report for First Quarter 2012

You may not hear about SandRidge much from the talking heads on TV but SD is one of the darlings of hedge fund managers and oil focused fund managers.


On Friday SandRidge Energy, Inc. (NYSE: SD) announced financial and operational results for the quarter ended March 31, 2012.

Key Financial Results
  • Adjusted EBITDA of $185 million for first quarter 2012 compared to $149 million in first quarter 2011.
  • Operating cash flow of $153 million for first quarter 2012 compared to $102 million in first quarter 2011.
  • Net loss applicable to common stockholders of $232 million, or $0.58 per diluted share, for first quarter 2012 compared to net loss applicable to common stockholders of $316 million, or $0.79 per diluted share, in first quarter 2011.
  • Adjusted net income of $21.2 million, or $0.04 per diluted share, for first quarter 2012 compared to adjusted net loss of $7.7 million, or $0.02 per diluted share, in first quarter 2011.
Adjusted net income available (loss applicable) to common stockholders, adjusted EBITDA and operating cash flow are non-GAAP financial measures. Each measure is defined and reconciled to the most directly comparable GAAP measure under "Non-GAAP Financial Measures" beginning on page 9.
Highlights
  • Mississippian daily average production grew by 23% quarter over quarter
  • Record oil production in first quarter 2012 of 3.4 MMBbls 
  • Recent peak production of 99 MBoe per day on April 29, 2012 
  • Current Mississippian acreage position of approximately 1.7 million net acres
  • Raised $590 million in net proceeds from the IPO of SandRidge Mississippian Trust II in April 2012
  • Increased senior credit facility borrowing base to $1.0 billion and extended maturity to 2017
  • Current liquidity of $1.6 billion, with cash balance of approximately $600 million and no borrowings outstanding under the senior credit facility

Read the entire earnings report at SandRidge Energy.Com

Get 4 FREE Trading Videos from INO TV!

No comments:

ShareThis