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Thursday, February 24, 2011

SandRidge posts narrower Q4 loss; ups output outlook

Oil and gas firm SandRidge Energy Inc reported a narrower-than-expected quarterly loss as it focused more on drilling for oil and benefited from higher oil prices, and the company raised its production outlook for 2011. U.S. benchmark crude oil prices averaged $85.16 per barrel in the fourth quarter, up 12 percent from a year earlier. The Oklahoma City-based company said oil production in the fourth quarter rose to 28,400 barrels per day (bpd) from 7,900 bpd last year.