OREANDA-NEWS. SandRidge Energy, Inc. (OTC PINK: SDOC) today announced financial and operational results for the quarter and fiscal year ended December 31, 2015.

James Bennett, SandRidge President and CEO noted, "In 2016 we will be reducing capital spending by around 60% compared to 2015, ensuring liquidity while advancing our operations with one rig in each of our plays.  Combining high-graded development of our Mid-Continent assets with our emerging Niobrara play is resulting in a more diversified company with improved capital efficiencies. We've also reduced our G&A expense in order to match our ongoing activity as we preserve and extend capabilities while managing optionality in this challenging environment."

Key Financial Results

Fourth Quarter

  • Pro forma for divestitures and net of noncontrolling interest, adjusted EBITDA was $79 million in the fourth quarter of 2015 compared to $239 million in the fourth quarter of 2014. Adjusted EBITDA, net of noncontrolling interest, was $67 million in the fourth quarter of 2015 compared to $224 million in the fourth quarter of 2014.
  • Adjusted operating cash flow of ($56) million for fourth quarter 2015 compared to $203 million in fourth quarter 2014.
  • Adjusted net loss of $74 million, or $0.09 per diluted share, for fourth quarter 2015 compared to adjusted net income of $44 million, or $0.08 per diluted share, in fourth quarter 2014.

Full Year

  • Pro forma for divestitures and net of noncontrolling interest, adjusted EBITDA was $589 million in 2015 compared to $873 million in 2014. Adjusted EBITDA, net of noncontrolling interest, was $528 million in 2015 compared to $873 million in 2014.
  • Adjusted operating cash flow of $246 million for 2015 compared to $712 million in 2014.
  • Adjusted net loss of $135 million, or $0.21 per diluted share, for 2015 compared to $150 million adjusted income, or $0.26 per diluted share, in 2014.

Adjusted net (loss) income available to common stockholders, adjusted EBITDA, pro forma adjusted EBITDA and operating cash flow are non-GAAP financial measures. Each measure is defined and reconciled to the most directly comparable GAAP measure under "Non-GAAP Financial Measures" beginning page 9.