SandRidge Energy reported revenue of $215.3 million for the first quarter, down 51.4% from the year-ago quarter, and below analysts' estimates of $328.57 million for the quarter. The company reported break-even earnings for the first quarter, above analysts' estimates of a loss of 1 cent a share.
"We continue to reduce activity as we wind down from a rig count of 35 at the close of 2014 to an average of seven rigs in the back half of 2015," President and CEO James Bennett said in a statement. "While we had capital expenditures of $322 million in the first quarter, we are reducing spending sharply in the second half of this year in line with our guidance of $700 million."
Insight from TheStreet's Research Team:
SandRidge Energy is a part of David Peltier's Stocks Under $10 Portfolio. Here is what Dave had to say about the stock in a recent alert:
SandRidge Energy (SD:NYSE) shares were trading about 5% lower at midday, after management announced mixed first-quarter results late Thursday. This Alert is an update on the company, and we're not recommending any trades for the model portfolio.
SandRidge had break-even net income in the quarter, which was a penny ahead of expectations. On the other hand, revenue fell by 51% from a year ago, to $215.3 million, and short of consensus analyst estimates.