SandRidge Energy, Inc. (SD) 2010年年度报告「NYSE」.pdf

1、2010 ANNUAL REPORTBased on the increasing divergence between the relative values of oil and natural gas currently approximately 25:1 the decision by SandRidge to shift our focus to oil seemed only natural.2SandRidge is an Oil CompanyIn 2010,SandRidge Energy successfully completed its transformation

2、from a company that was focused primarily on natural gas two years ago to one that will derive approximately 80 percent of its 2011 revenues from oil and dedicate essentially all of its 2011 drilling budget to oil.Shifting to oil was viewed by many as a contrarian move;however,we believed it natural

3、 based on the increasing divergence between the relative values of natural gas and oil.We can now look back and see that we not only made the right call on commodities,but we did so on a scale that transformed our company.Oil and natural gas are traditionally compared on an energy equivalency basis

4、using a ratio of six thousand cubic feet of natural gas(Mcf)to one barrel of oil(Bbl),or six-to-one(6:1).On a valuation basis,however,with natural gas prices currently hovering around$4.00 per Mcf and oil in the$100 per barrel range,the valuation ratio is approximately 25:1.One barrel of oil is now

5、worth the same as 25 Mcf of gas,making oil a significantly more valuable commodity.As the supply and demand fundamentals for oil remain robust,we are convinced the valuation ratio will remain high and our focus on oil production will provide a stronger,more secure revenue stream for the company.Prov

6、en Shallow Carbonate Reservoirs Mean Low CostControlling costs is the key to success in our oil drilling program.By pursuing shallow,permeable carbonate reservoirs,we are able to drill wells quickly and at a low cost.Shallow carbonate targets mean lower horsepower requirements for drilling and low p