sandridge energy inc (SD) Key Developments
Sandridge Energy, Inc. Reports Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2015; Provides Production Guidance for the Year 2015; Provides Provides Capex Guidance for the Fourth Quarter of 2015; Announces Impairment Charges
May 6 15
SandRidge Energy, Inc. reported consolidated earnings and production results for the first quarter ended March 31, 2015. For the quarter, the company reported loss applicable to common stockholders of $1,045.8 million or $2.19 per diluted share compared to $150.2 million or $0.31 per diluted share reported in the same period last year. Total revenues were $215.3 million against $443.1 million reported last year. Loss from operations was $1,088.5 million against $82.3 million reported last year. Loss before income taxes was $1,151.8 million against $142.3 million reported last year. Net cash provided by operating activities was $90.1 million against $90.45 million reported last year. Adjusted operating cash flow was $146.45 million against $127.5 million reported last year. Total capital expenditures were $321.9 million against $278.1 million reported last year. EBITDA loss was $851.5 million against EBITDA of $62.6 million reported last year. Adjusted EBITDA was $181.6 million against $222.1 million reported last year. Pro forma adjusted EBITDA was $181.6 million against $168.7 million reported last year. Adjusted net loss available to common stockholders was $8.6 million or $0.02 per basic share against adjusted net income available to common stockholders of $15.6 million or $0.03 per basic share and or $0.05 per diluted share reported last year. This $13 million increase in adjusted EBITDA is primarily due to $172 million of decreased revenue from price declines, which was partly offset by $52 million of revenue generated by the increased production, yielding a net $120 million decrease in production revenue.
For the quarter, the company reported oil production of 2,651 MBbl compared to 2,885 MBbl produced in the same period last year. NGL production was 1,288 MBbl against 642 MBbl produced last year. Natural gas production was 23,733 MMcf against 21,593 MMcf produced last year. Oil equivalent production was 7,895 MBoe 7,126 MBoe produced last year. Daily production production was 87.7 MBoed 79.2 MBoed produced last year.
For the year, the company provided production guidance and expects oil production in the range of 9.0 - 10.0 MMBbls compared to previous range of 9.0 - 10.0 MMBbls. Natural Gas Liquids production in the range of 4.0 - 5.0 MMBbls compared to previous range of 4.0 - 5.0 MMBbls. Total Liquids production in the range of 13.0 - 15.0 MMBbls compared to previous range of 13.0 - 15.0 MMBbls. Natural Gas production in the range of 89.5 - 93.5 Bcf compared to previous range of 89.5 - 93.5 Bcf. Total production in the range of 28.0 - 30.5 MMBoe compared to previous range of 28.0 - 30.5 MMBoe.
For the quarter, the company reported impairment of $1,083.9 million compared to $164.8 million reported in the same period last year. Asset impairment was $956.8 million against $134.9 million reported last year.
The company expects that it will be at $100 million CapEx per quarter or $400 million annual run rate in the fourth quarter this year.
Sandridge Selling Headquarters, Other Downtown Properties
May 5 15
SandRidge Energy, Inc. (NYSE:SD) is looking to sell its downtown corporate headquarters and other downtown properties. SandRidge officials tapped Newmark Grubb Knight Frank Capital Group to oversee the transaction. Mark Beffort, Chief Executive Officer of Newmark Grubb Knight Frank, said the bids will be sought for the entire portfolio, though bids for individual pieces of the property also will be considered. The sale will not include two surface parking lots along the 600 block of N Broadway. SandRidge hopes to have a sale concluded by late summer.
SandRidge Energy, Inc. Proposes an Amendment to its Certificate of Incorporation
Apr 24 15
SandRidge Energy, Inc. announced that at its AGM to be held on June 4, 2015, proposed an amendment to the company’s certificate of incorporation to increase the number of authorized shares of Company common stock to 1,800,000,000 shares from 800,000,000 shares, and to correspondingly increase the number of authorized shares of Company capital stock.
John Suter Joins SandRidge Energy Inc. as Senior Vice President of Production
Apr 23 15
John Suter will join SandRidge Energy Inc. as senior vice president of production. Suter was vice president of the Woodford business unit at American Energy Partners. Earlier he was vice president of operations for Chesapeake's Western Division. He also worked for Continental Resources, Cabot Oil & Gas Corp. and Petro-Lewis Corp.
SandRidge Energy, Inc. to Report Q1, 2015 Results on May 06, 2015
Apr 8 15
SandRidge Energy, Inc. announced that they will report Q1, 2015 results at 5:00 PM, Eastern Standard Time on May 06, 2015