SandRidge swings to surprise profit

Profit: SandRidge posts surprise profit

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By Staff & news wires

 24 February 2012 00:08 GMT

SandRidge Energy posted a surprise quarterly profit for the second time in a row, helped by an increase in oil output, and the oil and gas producer projected higher 2012 production.



Oklahoma-based SandRidge said it expects full-year production this year to come in at 32.3 million barrels of oil equivalent, higher than the 23.4 MMboe it produced last year, Reuters reported.

Fourth-quarter net loss applicable to common stockholders widened to $389 million, or $0.97 per share, compared with $208 million, or $0.53 per share a year ago.

Adjusted net income was $0.02 per share. By that measure, analysts were expecting the company to post a loss of $0.01 per share, according to Thomson Reuters I/B/E/S.

For the year, SandRidge posted profits of $52…

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