SandRidge Energy 1Q loss widens on hefty one-time loss

The company posted a loss of $66.2 million, or 47 cents per share, compared with a year-ago loss of $28.5 million, or 31 cents per share.

The company took a $144.1 million noncash mark-to-market loss on its natural-gas and crude-oil derivative contracts in the 2008 quarter, as the average price of oil and gas skyrocketed. When a company marks to market, it adjusts the value of assets on its books to reflect current market conditions.

Adjusted to exclude one-time items, net income was $26.9 million, or 19 cents per share, in the quarter.

Revenue leaped 81 percent to $269.1 million, from $149.1 million a year earlier.

Analysts were expecting a profit of 14 cents per share on revenue of $217.8 million, according to a poll by Thomson Financial. Analysts typically exclude one-time items from their estimates.

Natural-gas production increased 84 percent to 19.2 billion cubic feet equivalent, the company said, while crude-oil production increased 55 percent to 611 million barrels.

The company increased its production guidance for the year to 100 billion cubic feet equivalent from 95 billion cubic feet equivalent.

SandRidge shares rose 55 cents to $50 in aftermarket trading. The stock closed up $1.65, or 3.5 percent, to $49.45 in the regular session.