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.
- 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 IIin 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
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