Regions

Sandridge Posts 4th Quarter Loss

March 1
7:17 AM 2013

Oil and gas company Sandridge Energy announced  a fourth quarter loss while at the same time bucking criticism from its line of activist investors. The Oklahoma based company said that it posted a net loss for the fourth quarter of 2012 amounting to US$301.8 million or an estimated US$0.63 per share.

This was a lower net loss compared to those numbers posted in 2011, a loss of US$388.6 million or US$0.97 per share.

Overall, the company earned US$35.3 million, roughly translating per share, beating  expected revenues for a break even quarter according to Thomson Reuters. This was achieved through the increase of company production to 9.8 million barrels and is projecting to produce about 34.3 million barrels of oil equivalent for 2013.

Another revenue stream was the sale of its Permian basin asset, which had closed permanently earlier in the week.  At the NYSE, Sandridge shares closed at US$5.70 and fell to US$5.58 after the announcement.

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