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What: Shares of oil and gas firm SandRidge Energy
So what: Hurt by a 40% spike in derivatives-related losses, SandRidge said it lost $24.3 million, or $0.06 a share, compared to analysts' average estimate of a $0.02 profit for the quarter. The embattled SandRidge also said that CFO Dirk Van Doren would resign by the end of the year to pursue other interests.
Now what: Despite the loss, SandRidge posted record oil production, indicating that its goal to become a more balanced producer is steadily coming to fruition. While SandRidge had to lever up in a big way to do it, CEO Tom Ward said the company is starting "to realize the advantages of that strategic shift and we continue to focus our resources on increasing oil production." As long as you diversify with other players in the space, like close foes Apache
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