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SandRidge's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: SDR

Natural gas prices for the period were also below our assumptions. The trust realized the price of $1.80 per Mcf which was approximately 20% lower than the assumed realized price of $2.25 per Mcf. All sales excluding realized hedges made up about 82% of the total revenues while natural gas sales contribute approximately 14%. The (inaudible) hedges contribute about $1.2 million and made up around 5% of the total revenues for the period. This concludes our prepared remarks and I will now turn the call over for questions.

Question-and-Answer Session


(Operator Instructions) Your first question comes from the line of John Ragozzino of RBC Capital Markets, please proceed.

John Ragozzino - RBC Capital Markets

Good morning gentlemen.

Tom Ward

Good morning.

John Ragozzino - RBC Capital Markets

When you’re looking at the play as a whole, I was kind of leading to some more comments on (inaudible), can you just comment on the availability of services and cost trends there, with given the activity level of your understanding?

Tom Ward

Yeah, in the play as the whole and also in relation to these trusts, the services have actually been very stable in trending down in the past year, both on the drilling side and on the hydroelectric action side. There is no shortage of services here.

John Ragozzino - RBC Capital Markets

Okay, are there any other potential hurdles that you might be keeping your eye on in the out years, be then infrastructure, logistical or anything else.

Tom Ward

None, that we see at this time.

John Ragozzino - RBC Capital Markets

And you gave an update with the release last week or so, on terms of the inventory and how far along you were with the drilling. Can you just give us some current update in terms of where we are today?

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