SandRidge Energy Inc. on Tuesday reported a net loss of $784 million in the fourth quarter of 2015 and slashed its 2016 drilling budget by 60 percent, adding evidence to the company's earlier warning that there is doubt as to its ability to continue as a going concern.

The Oklahoma City-based oil and natural gas company said it plans to spend $285 million on its drilling program in 2016. SandRidge has two drilling rigs active in northwest Oklahoma's Mississippi Lime and one in Colorado's Niobrara play. By May, the company plans to cut its rig count to one in each area.

"Combining high-graded development of our Mid-Continent assets with our emerging Niobrara play is resulting in a more diversified company with improved capital efficiencies," CEO James Bennett said in a statement Tuesday. "We've also reduced our G&A (general and administrative) expense in order to match our ongoing activity as we preserve and extend capabilities while managing optionality in this challenging environment."

The earnings announcement comes two weeks after SandRidge told regulators it would delay its 2015 annual report because it needed additional time to complete its financial statement and related disclosures.