News: Page (1) of 1 - 02/28/13

email article

print page

SandRidge fourth-quarter loss narrows on improved production

US-SANDRIDGE-RESULTS:SandRidge fourth-quarter loss narrows on improved production

NEW YORK (Reuters) - SandRidge Energy Inc's posted a narrower fourth-quarter loss on Thursday as it produced more oil and gas.

The Oklahoma company reported a quarterly net loss of $301.8 million, or 63 cents per share, compared with a loss of $388.6 million, or 97 cents per share, in the year-earlier period.

Excluding items, the company said it earned $35.3 million, or 6 cents a share. That beat analysts' average expectations for a break-even quarter, according to Thomson Reuters I/B/E/S.

The company's production in the quarter rose more than 60 percent to 9.8 million barrels of oil equivalent.

SandRidge and its chief executive, Tom Ward, are under fire from two of the company's largest investors, hedge funds TPG-Axon Capital Partners and Mount Kellett Capital Management, which want the company to overhaul its board and management.

(Reporting By Michael Erman; Editing by Leslie Adler)

Page: 1

Related Keywords:US , SANDRIDGE , RESULTS

---