Sandridge crests earnings wave
High-flying Oklahoma City oil and gas player Sandridge Energy reported a 137% increase in third quarter net earnings, driven by new drilling and its acquisition of National Energy Group in November 2006.
Sandridge reported third quarter net income of $11.6 million, or 11 cents per diluted share, compared with $4.9 million, or seven cents per diluted share, in the same period in 2006.
Revenues climbed to $156.3 million from $89.7 million in the same period.
The company said its results had been boosted by its successful drilling campaign in the West Texas Overthrust area.
Sandridge raised $795 million in an initial public offering last month.
The company also owns and operates drilling rigs and offers a range of oilfield services through its Lariat Services business.
Over the nine-month period, Sandridge reported net income $5.4 million, or five cents per diluted share, compared with $18.9 million, or 26 cents per share, previously.
Revenue for the year to date hit $319.6 million from $46.4 million previously.