Production Hikes From SandRidge and Gasco Energy Could Prove Costly
The Bedford Report Provides Stock Research on SandRidge Energy and Gasco Energy
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 08/08/11 -- Oil stocks have been on the downswing this month as crude oil prices have plummeted and a report on the services industry raised new concern that the economy is faltering. The drop in prices has been particularly hard on oil producers, many of which boosted production in recent quarters in hopes of capitalizing on higher oil prices. The Bedford Report examines the outlook for companies in the Oil and Gas Sector and provides equity research on SandRidge Energy, Inc. (NYSE: SD) and Gasco Energy, Inc. (NYSE Amex: GSX). Access to the full company reports can be found at:
The US government's Department of Energy had revealed that American crude reserves climbed by 1.0 million barrels in the week ending July 29 -- suggesting weaker demand in the world's biggest crude-consuming nation.
Greg Priddy, director of global oil at consultancy Eurasia Group, told The Wall Street Journal that "the evidence accumulating of very slow growth in the U.S. economy and substantial demand destruction... the main risk in the crude oil market over the next quarter will be to the downside."
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Several oil producers boosted production in recent quarters, as previous economic forecasts had been much more positive. SandRidge Energy doubled oil production year-on-year in the second quarter, and raised its 2011 production guidance to 24.1 million barrels of oil equivalent, from a previous prediction of 23.3 MMBoe.
In the second quarter SandRidge earned $196.1 million, or 42 cents per share, for the quarter that ended June 30. That was up from a profit of $44.9 million, or 21 cents per share, during the same period last year. Revenue doubled to $364.8 million, from $182.4 million a year earlier.
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Datum: 08.08.2011 - 06:16 Uhr
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