On a GAAP basis SandRidge posted a loss of $0.07 per share.
The company replaced its CEO in June and gave four of its nine board seats to hedge fund TPG-Axon, which had forced the removal of founder and former CEO Tom Ward following allegations of directing some of the SandRidge’s business to outside firms in which Ward had an interest. Ward is also a co-founder of Chesapeake Energy Corp. (NYSE: CHK).
SandRidge provided updated guidance that was a significant jump to its previous outlook. Total production of oil and gas rose from 32.7 million barrels of oil equivalent to 33.3 million barrels. Production costs per barrel were shaved by lower general and administrative expenses and a lower interest expense. The company also raised its full-year average oil differential from $8.50 to $9.50 a barrel, reflecting higher volume of natural gas liquids and a decrease in premiums for its Louisiana Light Sweet crude oil.
Shares were up 0.7% in after-hours trading last night, at $5.82 in a 52-week range of $4.52 to $7.80. Thomson Reuters had a consensus analyst price target of around $5.50 before today’s report.
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.