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SandRidge board cuts spending, has loss for quarter

An electronic display identifies the post that trades SandRidge Energy stock on the floor of the New York Stock Exchange, January 11, 2013.
An electronic display identifies the post that trades SandRidge Energy stock on the floor of the New York Stock Exchange, January 11, 2013.

(Reuters) - SandRidge Energy Inc said its board, which now includes directors named by activist investors, has cut spending and the U.S. oil and gas company will now focus on drilling its most productive acreage in the Mississippian formation.

SandRidge's 10-member board now includes four directors backed by TPG-Axon Capital after the hedge fund that owns 7.3 percent of the company pressed for more financial discipline and better management.

The Oklahoma City, Oklahoma company's strategy has been under review for two months by SandRidge's management team and board. Investors, who have watched the stock decline about 20 percent so far this year, expected details in Tuesday's earnings release.

Shares of SandRidge rose 1.5 percent in post-market trade from a New York Stock Exchange close of $5.39.

Changes resulting from the review include an increased focus on capital discipline, the creation of sustainable returns and lowering risk levels, SandRidge said in a statement.

Capital expenditures are now forecast at $1.45 billion this year, down from a February forecast of $1.75 billion, SandRidge said.

SandRidge reported a first-quarter net loss of $493 million, or $1.03 per share, compared with a loss of $232 million or 58 cents per share in the same period a year earlier.

(Reporting By Anna Driver; Editing by Carol Bishopric)

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