SandRidge Energy Posts Deeper Loss in Q1


SandRidge Energy results for the company's Q1 have been released. For the quarter, revenue grew to $512 million, up from the $382 million in the same period the previous year. Attributable net loss, on the other hand, landed at $493 million ($1.03 per diluted share), more than double Q1 2012's red figure of $232 million ($0.58).

On an adjusted basis, those bottom-line numbers were in the black at $2.0 million ($0.00 per share) and $21.2 million ($0.04), respectively.

On average, analysts expected $477 million in revenue and a per-share loss of $0.05.

In operational terms, SandRidge operated an average of 38 rigs during the quarter and drilled 179 wells. Its production of oil rose by 30% on a year-over-year basis, while that for natural gas advanced 74%.

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