SandRidge Energy, Inc. (fka SDOCQ)

[catdaddyrt]

http://seekingalpha.com/article/2438345-update-sandridge-earnings?uprof=45
Update: SandRidge Earnings
Aug. 20, 2014 11:35 AM ET | 1 comment | About: SandRidge Energy, Inc. (SD), Includes: XOP
Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. (More...)
Summary

The company beat 2Q consensus on the bottom line, but missed on the top line.
We’re still unimpressed with what SandRidge has accomplished over the past year or so - noting that debt remains elevated.
We didn’t expect the recent beat, but note that the company still expects full year 2014 to be below previous expectations.
SandRidge Energy (NYSE:SD) managed to post 2Q earnings of $0.06 a share (beating $0.04 consensus), but revenues were $375 million (missing $392 million consensus). Shares took a 10% haircut on the earnings news.

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Things weren't all bad, with EBITDA up 30% y/y and operating cash flow up 6%. However, the market was not impressed with the 2Q production miss and its full year 2014 downward revision of guidance.

At the time of our initial article in 2013, we noted:

What are the company's options? SandRidge's managers don't have many options in which direction they can take this company and with TPG joining the mix, things are definitely going to get interesting. The cost cutting, reducing debt, increasing liquidity, focusing on a core asset, and figuring out who the new CEO will be are all things that need to be done over the next twelve months. You could argue that it does not have a core asset worth investing in, but SandRidge definitely believes in the Mississippian play and the direction that can take the company. There is plenty to be said about what will happen there and TPG will definitely have a say in what happens.

TPG has yet to get the stock meaningfully higher. Shares are up only 13% since we covered the stock in April of last year. Over the same time period, the SPDR S&P Oil & Gas Exploration/Production ETF (NYSEARCA:XOP) is up 38%. Its debt levels remains right at $2 billion.