SandRidge Energy Cuts 2015 Capex By 56%



Reuters

Feb 26 (Reuters) - Oil and natural gas company SandRidge Energy Inc set a capital budget of $700 million for 2015, 56 percent lower than a year earlier, as the company responds to a slump in crude oil prices.

The company said it would reduce its rig count to 7 by mid-year from 32 at the start of 2015, joining a slew of oil producers who have said they would use fewer rigs this year.

Net income rose to $314.1 million, or 48 cents per share, in the fourth quarter ended Dec. 31, from $73.4 million, or 6 cents per share, a year earlier.

Revenue fell more than 25 percent to $346.9 million.

(Reporting by Anannya Pramanick in Bengaluru; Editing by Sriraj Kalluvila)



WHAT DO YOU THINK?


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.