Aug 6 SandRidge Energy Inc, the U.S. oil
and gas company whose company was targeted by activist
shareholders earlier this year, reported better-than-expected
results on Tuesday and raised its forecast for output from its
Mississippi Lime wells.
Results from SandRidge's Mississippi Lime wells in Oklahoma
and Kansas have previously disappointed investors, so the higher
forecast helped push shares up 2 percent to $5.89 in post market
The company raised its 2013 forecast for output in its
Mississippi Lime wells - a key source of growth for the company
- by 4 percent and increased its outlook for total oil and gas
production by 2 percent.
SandRidge reported a second-quarter loss of $34 million, or
7 cents per share, compared with a profit of $804 million or
$1.46 per share, a year ago.
The quarter included general and administrative expenses of
$173 million. That figure included $128 million of severance
costs, incentive plan costs and transaction costs.
Adjusting for one-time items, SandRidge had a profit of 8
cents per share. Analysts on average had expected the Oklahoma
City, Oklahoma company to report a second-quarter loss of 7
cents per share.