Published on April 1st, 2017 | by Daily Station Team
SandRidge Posts Better-Than-Expected Results for Q4 But Reduces CapEx by 56 Pc
SandRidge Energy Inc. (SD) recently posted their financial results for the fourth quarter of the 2015 fiscal year. The company beat analyst and market expectations for the fourth quarter but stated they would be reducing their capital expenditure budget by 56 percent, making it $700 million. On the back of the results, the company saw their shares advance by over 2 percent.
James Bennett, the Chief Executive Officer of SandRidge Energy, stated that the company is expecting to produce between 28 million and 30.5 million barrels of oil equivalent in 2015 compared to the 29 million that had been expected of 2014.
Bennett continued to explain that the company is focused on improving capital efficiency and making their balance sheet more flexible in 2015. Recently, SandRidge renegotiated their loans and they reaffirmed their $900 million borrowing base.
The company saw their net income for Q4 increase from $29.48 million during the same quarter of the previous year, which worked out to earnings per share of $0.06 at the time, to $254.3 million during this quarter, equating to earnings per share of $0.48.
SandRidge’s adjusted earnings per share worked out to $0.08 per share, with revenues declining from $465.11 million during the same quarter of the previous year to $346.88 million in this quarter.
Wall Street was expecting the company to post earnings per share at a break-even level while revenues were expected to come in at $374.11 million.
The company that is based in Oklahoma City has a market capitalization of $916 million. Their shares were recently trading at $1.93, indicating a $0.04 increase. SandRidge Energy has been trading between $1.13 and $7.43 per share over the past 52 weeks.