August 2, 2012 / 10:01 PM / 8 years ago

SandRidge Energy beats profit estimates, raises FY output forecast

* Q2 adj EPS $0.07 vs est $0.01

* Q2 oil and gas revenue $430 mln, up 38 pct

* Sees 2012 output at 33 MMBoe vs prior view of 32.3 MMBoe

Aug 2 (Reuters) - Oil and gas producer SandRidge Energy Inc raised its full-year production forecast after a 45 percent increase in quarterly output helped it beat analysts’ estimates for its second-quarter earnings.

The company now expects to produce 33 million barrels of oil equivalent (MMBoe) this year, slightly higher than its previous target of 32.3 MMBoe.

Net income rose to $809 million, or $1.47 per share, compared with $196 million, or 42 cents per share, a year earlier.

Excluding one-time items, it earned 7 cents per share.

Analysts on average had expected the company to earn 1 cent per share, according to Thomson Reuters I/B/E/S.

Oil and natural gas revenue increased 38 percent to $429.8 million.

The company’s daily production rose 45 percent in the second quarter to 90,200 barrels of oil equivalent.

Separately, its larger rival, gas-focused producer Southwestern Energy Corp reported an adjusted second-quarter profit in line with analysts’ expectations.

Southwestern Energy said total output rose 12 percent in the quarter.

Another oil and gas producer Kodiak Oil and Gas Corp reported a better-than-expected profit for the second quarter on Thursday as its sales volumes nearly quadrupled.

SandRidge shares closed at $6.58 on Thursday on the New York Exchange. Shares of Southwestern Energy closed at $32.13 while those of Kodiak closed at $7.56.

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