Sandridge Energy Stock Price, News & Analysis

SandRidge Energy reported Q1 2021 financial results showing significant improvements in net cash and adjusted EBITDA. Net cash rose by $48.2 million to $56.5 million, driven by the $47 million sale of North Park Basin. Adjusted EBITDA increased to $21.7 million from $9.1 million, reflecting higher commodity prices. However, total production dropped to 18.2 MBoed from 21.1 MBoed. Net income reached $35.0 million, equating to $0.97 per share, while adjusted net income was $17.4 million, or $0.48 per share. Operating cash flow was reported at $19.6 million.

SandRidge Energy, Inc. (NYSE: SD) has scheduled the release of its first quarter 2021 operational and financial results for May 11, 2021, after market close. An updated investor presentation will accompany this release and be available on the company's website. Additionally, management will conduct a live conference call on May 12, 2021, at 10:00 a.m. Central Time to discuss these results and highlights.

SandRidge Energy, Inc. (NYSE:SD) announced the acquisition of overriding royalty interest assets from SandRidge Mississippian Trust I for $4.85 million, netting $3.55 million due to a 26.9% ownership stake. The acquisition is deemed attractive based on projected cash flow and production trends, with expectations of a 2-year cash-on-cash payback. President and CEO Carl Giesler emphasized that this strategic move will enhance the company's reserves, netbacks, and cash flow, reflecting a commitment to shareholder value.

SandRidge Energy reported its financial results for Q4 and FY 2020, highlighting a significant net loss of $277.4 million, translating to $7.77 per share, largely due to lower commodity prices and impairment charges. Revenue fell to $115 million from $266 million in 2019. The company improved its net debt position, achieving a net cash position of $2.1 million. Adjusted EBITDA for the year was $53.4 million, down from $134.8 million. Production dropped to 23.8 MBoed from 32.8 MBoed. Successful asset sales included the North Park Basin for $47 million and the headquarters building for $35.4 million.

SandRidge Energy, Inc. (NYSE: SD) has successfully closed the sale of its North Park Basin assets in Colorado for $47 million in cash. This divestiture, first announced earlier, is subject to customary effective-date adjustments. SandRidge continues to focus on the development and acquisition of oil and gas properties, primarily in the Mid-Continent regions of Oklahoma and Kansas. Further details about the company’s operations can be found on its official website.

SandRidge Energy announced a definitive agreement to sell its North Park Basin assets for $47 million, with the transaction expected to close in the first quarter of 2021. The effective date for the sale is October 1, 2020. NPB contributed less than 10% of the company’s production and proved developed reserves as of September 30, 2020, and December 31, 2019, respectively. CEO Carl Giesler stated that this sale enhances shareholder value, aligning with the company’s focus on cash optimization.

SandRidge Energy (NYSE: SD) announced on November 30, 2020 the closing of a $30 million credit facility with Icahn Enterprises, comprising a $10 million revolving loan and a $20 million term loan. This new facility replaces the previous credit agreement with a syndicate led by Royal Bank of Canada, which was terminated on the same day. The new facility has no scheduled borrowing base redeterminations or commitment fees, maturing on November 30, 2023. CEO Carl Giesler expressed appreciation for the support from Icahn Enterprises, enhancing the company’s liquidity runway.

On November 4, 2020, SandRidge Energy reported Q3 2020 results with a net loss of $48.7 million, or $1.36 per share, primarily due to lower commodity prices. Adjusted net income was $5.4 million, or $0.15 per share. The company's net debt decreased by $44.7 million to $0.8 million. Production dropped to 22.3 MBoepd from 23.6 MBoepd. Adjusted EBITDA rose to $15.4 million from $8.8 million the previous quarter. The company completed significant financial transactions, including the sale of its headquarters for $35.4 million and the acquisition of royalty interests for $3.3 million.

SandRidge Energy, Inc. (NYSE: SD) announced the successful closing of the sale of its 30-story office tower in Oklahoma City for net proceeds of approximately $35.4 million. This transaction significantly reduces the company's net debt, improving its financial position amidst $14.9 million in cash and $59.0 million in outstanding debt as of June 30, 2020. The proceeds from the sale are expected to alleviate concerns regarding the company's ability to continue operations.