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UPDATE 1-SandRidge Energy results top Street view, output up
August 6, 2013 / 8:55 PM / 4 years ago

UPDATE 1-SandRidge Energy results top Street view, output up

Aug 6 (Reuters) - 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 trading.

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.

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