May 7 - Oil and gas company SandRidge Energy Inc (SD.N) posted a wider first-quarter loss, hurt by a $1.3 billion ceiling impairment charge from the decline in oil and gas prices.
In the latest quarter, the company posted a net loss of $1.2 billion, or $7.07 a share, compared with a loss of $66.2 million, or 47 cents a share, a year ago.
The company said it earned an adjusted profit of 25 cents a share.
Revenue for the quarter dropped 41 percent to $159.0 million.
Analysts, on average, expected earnings of 8 cents a share, before items, on revenue of $231.1 million, according to Reuters Estimates.
The company forecast 2009 production in the range of 110 billion cubic feet equivalent (bcfe) to 120 bcfe and expects capital expenditures to range between $500 million and $700 million for the full year.
SandRidge also said it will sell the rights to its East Texas leasehold for $60 million and intends to sell its gathering system in the Pinon field for $200 million in cash.
Shares of the Oklahoma City-based company closed at $9.40 Thursday on the New York Stock Exchange.
In the latest quarter, the company posted a net loss of $1.2 billion, or $7.07 a share, compared with a loss of $66.2 million, or 47 cents a share, a year ago.
The company said it earned an adjusted profit of 25 cents a share.
Revenue for the quarter dropped 41 percent to $159.0 million.
Analysts, on average, expected earnings of 8 cents a share, before items, on revenue of $231.1 million, according to Reuters Estimates.
The company forecast 2009 production in the range of 110 billion cubic feet equivalent (bcfe) to 120 bcfe and expects capital expenditures to range between $500 million and $700 million for the full year.
SandRidge also said it will sell the rights to its East Texas leasehold for $60 million and intends to sell its gathering system in the Pinon field for $200 million in cash.
Shares of the Oklahoma City-based company closed at $9.40 Thursday on the New York Stock Exchange.
