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.
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