SandRidge Energy Q3 revenue rises 37% on higher output and prices
SD•SandRidge Energy’s third-quarter revenue rose 37% year over year as production increased 10% and oil and NGL prices improved. Adjusted net income per share rose to $0.64 from $0.42 a year earlier.
1. Production and prices lift revenue
SandRidge Energy said third-quarter revenue rose 37% year over year, while production increased 10%. New wells from its Cherokee development program and recently acquired assets contributed to higher output, and improved oil and NGL prices also supported revenue.
2. Earnings and plans
Adjusted net income per share rose to $0.64 from $0.42 a year earlier. The company reported adjusted net income of $23.8 million, net income of $30.6 million and adjusted EBITDA of $39.3 million. It plans to continue one-rig development in the Cherokee Play and pursue merger and acquisition opportunities.
