Oklahoma City-based SandRidge Energy posted a net loss of $5 million or 15 cents a share in the first quarter of 2018.
The company said it was still an improvement from a year ago when SandRidge reported a net loss of nearly $41 million or $1.18 per share.
Total revenues for the first quarter of this year were $73. million while the earnings before interest, taxes, depreciation and amortization were $34.7 million.
The company said it broke even on an adjusted net income basis after adjusting for certain items.
Total production for the quarter fell from a year ago but was still 4 percent higher than the fourth quarter of 2018.
“Our first quarter results reveal early progress on our business strategy to deliver competitive and sustainable returns,” said Paul McKinney, President and CEO. “Our production is up 4 percent over the previous quarter and we have substantially reduce our year-over-year cash costs with reductions in LOE and G and A.”
He said the company intends to make more progress in reducing cash costs in the remaining quarters of the year.
The firm’s Mid-Continent Assets in Oklahoma and Kansas saw production of 2.7 MMBoe while Northwest STACK production total ed 236 MBoe. SandRidge drilled eight wells in the Northwest STACK targeting the Meramec. Seven wells were brought to sales with 30-day Initial Production per well average of 576 Boepd.
SandRidge was also active in Colorado’s North Park basin in Jackson County where it drilled four wells in the quarter and saw net oil production of 275 MBo.