On May 7, SandRidge Energy Inc. (NYSE: SD) detailed its financial results for first-quarter 2014, which ended March 31.

Over the quarter, revenues from oil and natural gas decreased 15% to $405 million, down from $478 in first-quarter 2013, the company said. This was due to a 21% overall decrease in production, which in turn was due to divestitures in the Gulf of Mexico and Permian Basin, the company said. Those divestitures closed in first-quarter 2014 and first-quarter 2013, SandRidge noted.

Regarding commodities, reported prices were higher in first-quarter 2014 than they were in first-quarter 2013, the company said. Oil stood at $97.03 per barrel and natural gas stood at $4.53 per thousand cubic feet (Mcf) in first-quarter 2014. In first-quarter 2013, those prices were $94.38 per barrel and $3.21/Mcf, respectively, SandRidge noted.

Production expenses decreased during the quarter due to the Gulf of Mexico properties’ sale, the company said. Because of a full-cost ceiling limitation that resulted from the sale, SandRidge incurred an impairment of about $165 million, the company noted.

General and administrative costs, as well as lease operating costs, were lower in first-quarter 2014 than they had been in first-quarter 2013, SandRidge said.

Adjusted operating cash flow was lower during the quarter, the company said, noting that it was $136 million compared to first-quarter 2013's $182 million.

Regarding capex, it was lower in first-quarter 2014 than it had been in first-quarter 2014, the company said. Drilling and production capex was $231,018 vs. first-quarter 2013’s $347, 298, SandRidge added. Total exploration and development costs were similarly lower--$264,213 vs. first-quarter 2013’s $357,540, the company said. The overall capex for the quarter, excluding acquisitions, was $275,774, lower than first-quarter 2013’s $388,712, the company added.

SandRidge said that its debt decreased by about $365 million during first-quarter 2014 due to the Gulf of Mexico asset sales, the funding of the drilling program and the payment of $70 million, related to hedges, for the Gulf of Mexico transaction.

As of May 2, there was no amount drawn under the $775 million senior credit facility, SandRidge said.

Oklahoma-City based SandRidge Energy Inc. produces domestic oil.