UPDATE 1-SandRidge Energy posts profit, cuts FY production view

Wed Aug 4, 2010 6:20pm EDT

* Q2 EPS $0.20 vs loss $0.52/shr last year

* Q2 rev rises 36 pct

* Ups capex to $875 mln

Aug 4 (Reuters) - Oil and natural gas explorer SandRidge Energy Inc (SD.N) posted a second-quarter profit compared with a loss last year on higher production and increase in oil prices, but cut its production outlook for 2010.

The company said it expects full-year production of 120 billion cubic feet equivalent (bcfe), down 10 bcfe from its earlier projection in May.

For the latest second quarter, the company's net income was $44.9 million, or 20 cents a share, compared with a loss of $91.2 million, or 52 cents a share, a year earlier.

Adjusted profit was 23 cents a share.

Revenue rose 36 percent to $182.4 million.

Analysts on average were expecting the company to earn 12 cents a share, on revenue of $242.8 million, according to Thomson Reuters I/B/E/S.

Average daily production for the quarter was 301 million cubic feet of natural gas equivalent (mmcfe), up from 292 mmcfe last year.

The company increased its total capital expenditures outlook to $875 million from $800 million.

Shares of SandRidge closed at $6.07 Wednesday on the New York Stock Exchange. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Vyas Mohan)

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Comments (1)
RenoJim wrote:
The comment that production is down is totally misleading. This company drills new wells for either oil or natural gas. Because Natural Gas has fallen from $10 to $4 the company is now drilling 90% for oil and 10% for gas, so that the oil production is way up and that more than compensates for the fall off in gas production. This is in the full report.. even though the writer for Reuters apparently ignored it. That’s what you get when you pay your help in Rupees. RenoJim

Aug 04, 2010 7:21pm EDT  --  Report as abuse
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