Brent crude fell to a five-year low of $58.50 earlier this week, but the benchmark was up 1.97% to $60.44 at 10:43 a.m.
Oil prices have plummeted nearly 50% since the summer amid a global oversupply. Oil producers are continuing to increase production despite the supply glut and weakening demand, and OPEC decided to maintain its production levels at a meeting last month.
The company also announced Thursday that one of its board members, William A. Gilliland, 76, retired effective Thursday. Gilliland was appointed as a director in 2006.
"Over the last 8 years, Bill's wisdom and integrity have been instrumental in guiding the company," said Jeffrey S. Serota, Chairman of the board. "On behalf of the board and the company, I thank him for his important contributions and his commitment to this company and wish him all the best in his retirement and future endeavors."
Separately, TheStreet Ratings team rates SANDRIDGE ENERGY INC as a "sell" with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate SANDRIDGE ENERGY INC (SD) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, weak operating cash flow, generally high debt management risk, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."