SANDRIDGE ENERGY, INC. ANNOUNCES FINANCIAL AND OPERATING RESULTS FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND DECLARES DIVIDEND OF $0.12 PER SHARE
SandRidge Energy (NYSE: SD) reported results for the three and nine months ended September 30, 2025 and declared a $0.12 per share quarterly dividend payable Nov 28, 2025 to holders of record Nov 14, 2025. Third-quarter production averaged 19.0 MBoed (up 12% YoY) with oil production up 49% YoY, driven by the Cherokee acquisition and development program.
Key metrics: Net income $15.95M ($0.44 basic), Adjusted EBITDA $27.3M, cash balance of $102.6M, no outstanding debt, and 0.6M shares repurchased for $6.4M YTD.
SandRidge Energy (NYSE: SD) ha riportato i risultati per i tre e i nove mesi terminati il 30 settembre 2025 e ha dichiarato un dividendo trimestrale di $0.12 per azione pagabile il 28 novembre 2025 agli azionisti registrati al 14 novembre 2025. La produzione del terzo trimestre ha registrato una media di 19.0 MBoed (in crescita del 12% anno su anno) con la produzione di petrolio aumentata del 49% YoY, trainata dall'acquisizione Cherokee e dal programma di sviluppo.
Metriche chiave: utile netto $15.95M (0.44 per azione base), EBITDA rettificato $27.3M, saldo di cassa di $102.6M, nessun debito in essere, e 0.6M azioni riacquistate per $6.4M da inizio anno.
SandRidge Energy (NYSE: SD) informó resultados para los tres y nueve meses terminados el 30 de septiembre de 2025 y declaró un dividendo trimestral de $0.12 por acción pagadero el 28 de noviembre de 2025 a los accionistas registrados al 14 de noviembre de 2025. La producción del tercer trimestre promedió 19.0 MBoed (un 12% interanual más) con la producción de petróleo aumentando un 49% interanual, impulsado por la adquisición Cherokee y el programa de desarrollo.
Métricas clave: ingreso neto $15.95M ($0.44 por acción básico), EBITDA ajustado $27.3M, balance de efectivo de $102.6M, sin deuda pendiente, y 0.6M acciones recompradas por $6.4M YTD.
샌드리지 에너지(SandRidge Energy, NYSE: SD)는 2025년 9월 30일 종료된 3개월 및 9개월 실적을 보고했으며, 2025년 11월 28일 지급될 분기별 배당금 주당 $0.12를 2025년 11월 14일 기준 주주에게 지급한다고 발표했습니다. 3분기 생산은 평균 19.0 MBoed를 기록했고(전년 동기 대비 12% 증가), 석유 생산은 전년 대비 49% 증가했으며, 이는 Cherokee 인수 및 개발 프로그램에 힘입은 것입니다.
핵심 지표: 순이익 $15.95M (주당 $0.44 기본), 조정 EBITDA $27.3M, 현금 보유액 $102.6M, 미상환 부채 없음, 그리고 YTD에 0.6M주를 6.4M에 재매입.
SandRidge Energy (NYSE: SD) a publié les résultats pour les trimestres se terminant le 30 septembre 2025 et pour les neuf mois terminés à cette date et a déclaré un dividende trimestriel de 0,12 $ par action payable le 28 novembre 2025 aux porteurs inscrits au 14 novembre 2025. La production du troisième trimestre a été en moyenne de 19,0 Mboe/d (en hausse de 12% sur un an) avec une production de pétrole en hausse de 49% sur un an, tirée par l'acquisition Cherokee et le programme de développement.
Indicateurs clés: résultat net de 15,95 M$ (0,44 $ par action de base), EBITDA ajusté de 27,3 M$, solde de trésorerie de 102,6 M$, aucune dette en cours, et 0,6 M d'actions rachetées pour 6,4 M$ YTD.
SandRidge Energy (NYSE: SD) berichtete Ergebnisse für die drei und neun Monate zum 30. September 2025 und erklärte eine quartalsweise Dividende von 0,12 $ pro Aktie, zahlbar am 28. November 2025 an die am 14. November 2025 registrierten Eigentümer. Die Produktion im dritten Quartal betrug durchschnittlich 19,0 MBoed (YoY +12%), wobei die Ölproduktion um YoY +49% zunahm, angetrieben durch die Cherokee-Übernahme und das Entwicklungsprogramm.
Wichtige Kennzahlen: Nettogewinn $15,95M ($0,44 pro Aktie Basis), bereinigtes EBITDA $27,3M, Bargeldbestand von $102,6M, keine ausstehenden Schulden, und 0,6M Aktien zurückgekauft für $6,4M YTD.
SandRidge Energy (بورصة نيويورك: SD) أعلنت عن النتائج للفترة المنتهية في ثلاثة وتسعة أشهر حتى 30 سبتمبر 2025 وشرحت توزيعات ربع سنوية قدرها $0.12 للسهم ستُدفع في 28 نوفمبر 2025 للمساهمين المسجلين حتى 14 نوفمبر 2025. بلغ متوسط إنتاج الربع الثالث 19.0 MBoed (ارتفاع 12% سنويًا) مع زيادة إنتاج النفط بنسبة 49% سنويًا، مدفوعة باستحواذ Cherokee وبرنامج التطوير.
المؤشرات الأساسية: صافي الدخل 15.95 مليون دولار (0.44 دولار للسهم الأساسي)، EBITDA المعدل 27.3 مليون دولار، رصيد نقدي قدره 102.6 مليون دولار، لا ديون مستحقة، و< b>إعادة شراء 0.6 مليون سهم بمبلغ 6.4 مليون دولار منذ بداية السنة.
- Production +12% YoY to 19.0 MBoed
- Oil production +49% YoY
- Adjusted EBITDA $27.3M in 3Q25
- Cash balance of $102.6M and no debt
- Declared quarterly dividend of $0.12 per share
- Repurchased 0.6M shares for $6.4M; $68.3M authorization remains
- Net income down ~37% YoY to $15.95M in 3Q25
- Free cash flow fell to $5.92M in 3Q25 (down vs prior periods)
Insights
SandRidge reports rising production, positive adjusted earnings and a declared $0.12 dividend; balance sheet shows no debt and $102.6M cash.
Business delivered higher volumes with third-quarter production of
Dependencies and risks include operational costs and capital allocation choices: LOE rose to
Watch operating cadence and near-term milestones over the next 1–6 months: tracking additional Cherokee well turnouts and their 30/60-day IP declines, quarterly adjusted EBITDA and free cash flow trends, and execution of the DRIP and repurchase program will determine sustainability of distributions and capital returns into
Recent Highlights
- On November 4, 2025, the Board declared a dividend of
$0.12 - As of September 30, 2025, the Company had
$102.6 million - Production averaged 19.0 MBoe per day during the third quarter, an increase of
12% on a Boe basis versus the same period in 2024. Oil production increased49% and total revenues increased32% during the quarter versus the same period in 2024, driven by production from our Cherokee acquisition and operated development program - To date, four wells from Company's ongoing one-rig Cherokee development program have been turned to sales with average per well peak 30-day initial production ("IP") rates of approximately 2,000 gross Boe per day (~
43% oil) - Third quarter net income of
$16.0 million $0.44 $15.5 million $0.42 - Adjusted EBITDA(1) of
$27.3 million - Adjusted G&A(1) of
$2.1 million $1.23
Grayson Pranin, SandRidge's President, Chief Executive Officer & Director, commented on the quarter:
"SandRidge delivered another strong quarter of results, which included further successes in our ongoing Cherokee drilling campaign in addition to continued optimization of our low-decline asset base. I'm particularly proud to announce that our team recently achieved four years without a recordable safety incident. This incredible achievement demonstrates our continued commitment to putting the health and safety of our employees and contractors at the forefront of our business. We continue to operate our existing assets extremely efficiently, driven by our low-cost expertise, and execute on our Cherokee development in an effective manner all while keeping our team safe."
Financial Results
|
Dollars in thousands (except per share data) |
3Q25 |
2Q25 |
Change |
3Q24 |
Change |
|
Net income |
$ 15,953 |
$ 19,558 |
$ (3,605) |
$ 25,484 |
$ (9,531) |
|
Net Income per share |
$ 0.44 |
$ 0.53 |
$ (0.09) |
$ 0.69 |
$ (0.25) |
|
Net cash provided by operating activities |
$ 25,269 |
$ 22,850 |
$ 2,419 |
$ 20,847 |
$ 4,422 |
|
Adjusted net income(1) |
$ 15,478 |
$ 12,236 |
$ 3,242 |
$ 7,057 |
$ 8,421 |
|
Adjusted net income per share(1) |
$ 0.42 |
$ 0.33 |
$ 0.09 |
$ 0.19 |
$ 0.23 |
|
Adjusted operating cash flow(1) |
$ 27,933 |
$ 25,561 |
$ 2,372 |
$ 19,073 |
$ 8,860 |
|
Adjusted EBITDA(1) |
$ 27,285 |
$ 22,822 |
$ 4,463 |
$ 17,742 |
$ 9,543 |
|
$ 5,919 |
$ 9,813 |
$ (3,894) |
$ 10,861 |
$ (4,942) |
Operational Results & Update
Production, Revenue, & Realized Prices
|
|
3Q25 |
2Q25 |
Change |
3Q24 |
Change |
|
Production |
|
|
|
|
|
|
MBoe |
1,745 |
1,619 |
126 |
1,563 |
182 |
|
MBoed |
19.0 |
17.8 |
1.2 |
17.0 |
2.0 |
|
Oil as percentage of production |
20 % |
17 % |
3 % |
15 % |
5 % |
|
Natural gas as percentage of production |
48 % |
49 % |
(1) % |
50 % |
(2) % |
|
NGLs as percentage of production |
32 % |
34 % |
(2) % |
35 % |
(3) % |
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
Oil, natural gas and NGL revenues |
|
|
|
|
|
|
Oil as percentage of revenues |
56 % |
49 % |
7 % |
56 % |
— % |
|
Natural gas as percentage of revenues |
22 % |
25 % |
(3) % |
15 % |
7 % |
|
NGLs as percentage of revenues |
22 % |
26 % |
(4) % |
29 % |
(7) % |
|
|
|
|
|
|
|
|
Realized Prices |
|
|
|
|
|
|
Realized oil price per barrel |
|
|
|
|
|
|
Realized natural gas price per Mcf |
|
|
|
|
|
|
Realized NGL price per barrel |
|
|
|
|
|
|
Realized price per Boe |
|
|
|
|
|
Boe and oil production for the third quarter increased by approximately
Revenues and average realized prices per Boe were improved in the third quarter and first nine months of 2025 versus the same periods in 2024.
Drilling & Completion Operations
Three wells from the Company's ongoing one-rig Cherokee development program were turned to sales during the third quarter. The third well came online in the last three weeks of the quarter, and each will continue to benefit production levels going forward.
The four wells turned to sales since the start of the program generated average per well peak 30-day IP rates of approximately 2,000 gross Boe per day (~
Operating Costs
During the third quarter and nine months of 2025, lease operating expense ("LOE") was
Liquidity & Capital Structure
As of September 30, 2025, the Company had
Dividend Program
|
Dollars in thousands |
Total |
3Q25 |
2Q25 |
1Q25 |
2024 |
2023 |
|
Special dividends(2) |
$ 130,206 |
$ — |
$ — |
$ — |
$ 55,868 |
$ 74,338 |
|
Quarterly dividends(2) |
35,868 |
3,859 |
4,066 |
4,077 |
16,426 |
7,440 |
|
Total dividends(2) |
$ 166,074 |
$ 3,859 |
$ 4,066 |
$ 4,077 |
$ 72,294 |
$ 81,778 |
|
|
||||||
|
|
Total |
3Q25 |
2Q25 |
1Q25 |
2024 |
2023 |
|
Special dividends per share |
$ 3.50 |
$ — |
$ — |
$ — |
$ 1.50 |
$ 2.00 |
|
Quarterly dividends per share |
0.98 |
0.12 |
0.11 |
0.11 |
0.44 |
0.20 |
|
Total dividends per share |
$ 4.48 |
$ 0.12 |
$ 0.11 |
$ 0.11 |
$ 1.94 |
$ 2.20 |
Dividend Declaration & Dividend Reinvestment Program ("DRIP")
On November 4, 2025, the Board declared a dividend of
Stockholders interested in participating in the DRIP or seeking additional information may contact their broker or Equiniti Trust Company, LLC, the Plan Administrator, at (800) 278-4353 or https://equiniti.com/us/ast-access/individuals.
Share Repurchases
The Company continues to opportunistically repurchase shares under its 10b5-1 program. During the nine months ended September 30, 2025, the Company repurchased 0.6 million shares for
Outlook
We remain committed to growing the value of our asset base in a safe, responsible and efficient manner, while prudently allocating capital to high-return, growth projects. Currently, these projects include: (1) one-rig development in the Cherokee Shale Play (2) evaluation of accretive merger and acquisition opportunities, with consideration of our strong balance sheet and commitment to our capital return program (3) production optimization program through artificial lift conversions to more efficient and cost-effective systems and (4) a leasing program that will bolster future development and extend development in our Cherokee assets. We are developing our term acreage in the Cherokee Play, and our total leasehold position, inclusive of the Cherokee, NW Stack and legacy assets, is approximately
Environmental, Social, & Governance ("ESG")
SandRidge maintains its Environmental, Social, and Governance ("ESG") commitment to harvesting the Company's resources in a safe and environmentally conscious manner, to include no routine flaring of produced natural gas, transporting nearly all of our produced water via pipeline instead of truck, and powering nearly all our well sites with electricity, mitigating the need for less efficient power sources. Via a 24-hour manned operations center and dedicated personnel trained in the use of infrared leak detection and other specialized equipment, the Company continually monitors our asset base for potential emissions and continually works to optimize efficiency through initiatives such as proactive artificial lift upgrades that reduce SandRidge's electric power consumption. Additionally, SandRidge maintains an emphasis on the safety and training of our workforce with a demonstrable safety track record integral to our culture. The Company has personnel dedicated to the close monitoring of our safety standards and daily operations.
Conference Call Information
The Company will host a conference call to discuss these results on Thursday, November 6, 2025 at 1:00 pm CT. The conference call can be accessed by registering online in advance at https://registrations.events/direct/Q4I231507 at which time registrants will receive dial-in information as well as a conference ID. At the time of the call, participants will dial in using the participant number and conference ID provided upon registration. The Company's latest presentation is available on its website at investors.sandridgeenergy.com.
A live audio webcast of the conference call will also be available via SandRidge's website, investors.sandridgeenergy.com, under Presentation & Events. The webcast will be archived for replay on the Company's website for at least 30 days.
Contact Information
Investor Relations
SandRidge Energy, Inc.
1 E. Sheridan Ave. Suite 500
investors@sandridgeenergy.com
About SandRidge Energy, Inc.
SandRidge Energy, Inc. (NYSE: SD) is an independent oil and gas company engaged in the production, development, and acquisition of oil and gas properties. Its primary area of operation is the Mid-Continent region in
-Tables to Follow-
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|
(1) |
See "Non-GAAP Financial Measures" section at the end of this press release for non-GAAP financial measures definitions. |
|
|
(2) |
Includes dividends payable on unvested restricted stock awards and excludes dividends paid in shares under Dividend Reinvestment Program. |
|
Operational and Financial Statistics
Information regarding the Company's production, pricing, costs and earnings is presented below (unaudited):
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
Production - Total |
|
|
|
|
|
|
|
|
|
Oil (MBbl) |
344 |
|
231 |
|
884 |
|
624 |
|
|
Natural Gas (MMcf) |
4,993 |
|
4,729 |
|
14,513 |
|
13,979 |
|
|
NGL (MBbl) |
569 |
|
544 |
|
1,668 |
|
1,348 |
|
|
Oil equivalent (MBoe) |
1,745 |
|
1,563 |
|
4,971 |
|
4,302 |
|
|
Daily production (MBoed) |
19.0 |
|
17.0 |
|
18.2 |
|
15.7 |
|
|
|
|
|
|
|
|
|
|
|
|
Average price per unit |
|
|
|
|
|
|
|
|
|
Realized oil price per barrel - as reported |
$ 65.23 |
|
$ 73.07 |
|
$ 65.91 |
|
$ 75.66 |
|
|
Realized impact of derivatives per barrel |
0.92 |
|
0.64 |
|
0.77 |
|
0.23 |
|
|
Net realized price per barrel |
$ 66.15 |
|
$ 73.71 |
|
$ 66.68 |
|
$ 75.89 |
|
|
|
|
|
|
|
|
|
|
|
|
Realized natural gas price per Mcf - as reported |
$ 1.71 |
|
$ 0.92 |
|
$ 2.06 |
|
$ 0.95 |
|
|
Realized impact of derivatives per Mcf |
0.44 |
|
— |
|
0.23 |
|
— |
|
|
Net realized price per Mcf |
$ 2.15 |
|
$ 0.92 |
|
$ 2.29 |
|
$ 0.95 |
|
|
|
|
|
|
|
|
|
|
|
|
Realized NGL price per barrel - as reported |
$ 15.61 |
|
$ 16.25 |
|
$ 17.24 |
|
$ 19.15 |
|
|
Realized impact of derivatives per barrel |
0.21 |
|
0.09 |
|
— |
|
0.04 |
|
|
Net realized price per barrel |
$ 15.82 |
|
$ 16.34 |
|
$ 17.24 |
|
$ 19.19 |
|
|
|
|
|
|
|
|
|
|
|
|
Realized price per Boe - as reported |
$ 22.82 |
|
$ 19.23 |
|
$ 23.53 |
|
$ 20.07 |
|
|
Net realized price per Boe - including impact of derivatives |
$ 24.34 |
|
$ 19.36 |
|
$ 24.33 |
|
$ 20.11 |
|
|
|
|
|
|
|
|
|
|
|
|
Average cost per Boe |
|
|
|
|
|
|
|
|
|
Lease operating |
$ 6.25 |
|
$ 5.82 |
|
$ 5.71 |
|
$ 6.68 |
|
|
Production, ad valorem, and other taxes |
$ 1.23 |
|
$ 1.16 |
|
$ 1.49 |
|
$ 1.29 |
|
|
Depletion (1) |
$ 5.39 |
|
$ 5.34 |
|
$ 5.25 |
|
$ 3.90 |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
|
Earnings per share applicable to common stockholders |
|
|
|
|
|
|
|
|
|
Basic |
$ 0.44 |
|
$ 0.69 |
|
$ 1.32 |
|
$ 1.22 |
|
|
Diluted |
$ 0.43 |
|
$ 0.69 |
|
$ 1.32 |
|
$ 1.22 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income per share available to common stockholders |
|
|
|
|
|
|
|
|
|
Basic |
$ 0.42 |
|
$ 0.19 |
|
$ 1.15 |
|
$ 0.59 |
|
|
Diluted |
$ 0.42 |
|
$ 0.19 |
|
$ 1.15 |
|
$ 0.59 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding (in thousands) |
|
|
|
|
|
|
|
|
|
Basic |
36,671 |
|
37,134 |
|
36,789 |
|
37,087 |
|
|
Diluted |
36,708 |
|
37,180 |
|
36,848 |
|
37,150 |
|
|
|
|
(1) Includes accretion of asset retirement obligation. |
Capital Expenditures
The table below presents actual results of the Company's capital expenditures for the nine months ended September 30, 2025 (unaudited):
|
|
Nine Months Ended |
|
|
September 30, 2025 |
|
|
(In thousands) |
|
|
|
|
Drilling, completion, and capital workovers |
$ 46,246 |
|
Leasehold and geophysical |
4,392 |
|
Capital expenditures (on an accrual basis) |
$ 50,638 |
|
(excluding acquisitions and plugging and abandonment) |
|
Derivatives
The below details the Company's hedging positions as of September 30, 2025:
|
|
|
Period |
|
Index |
|
Daily Volume |
|
Weighted |
|
Oil (Bbl) |
|
|
|
|
|
|
|
|
|
Fixed Price Swaps |
|
|
|
|
|
|
|
|
|
|
|
October 2025 - |
|
NYMEX WTI |
|
500 |
|
|
|
|
|
January 2026 - |
|
NYMEX WTI |
|
300 |
|
|
|
Producer Costless Collars |
|
|
|
|
|
|
|
|
|
|
|
October 2025 - |
|
NYMEX WTI |
|
675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas (MMBtu) |
|
|
|
|
|
|
|
|
|
Fixed Price Swaps |
|
|
|
|
|
|
|
|
|
|
|
October 2025 - |
|
NYMEX Henry |
|
8,500 |
|
|
|
|
|
January 2026 - |
|
NYMEX Henry |
|
4,500 |
|
|
|
Producer Costless Collars |
|
|
|
|
|
|
|
|
|
|
|
October 2025 - |
|
NYMEX Henry |
|
20,500 |
|
|
|
|
|
January 2026 - |
|
NYMEX Henry |
|
4,500 |
|
|
|
NGL (Bbl) |
|
|
|
|
|
|
|
|
|
Fixed Price Swaps |
|
|
|
|
|
|
|
|
|
|
|
October 2025 - |
|
|
|
300 |
|
|
|
|
|
October 2025 - |
|
|
|
325 |
|
|
|
____________________ |
|
(1) Excludes ethane |
|
(2) Ethane only |
Capitalization
The Company's capital structure as of September 30, 2025 and December 31, 2024 is presented below:
|
|
September 30, 2025 |
|
December 31, 2024 |
|
|
(In thousands) |
||
|
Cash, cash equivalents and restricted cash |
$ 102,587 |
|
$ 99,511 |
|
|
|
|
|
|
Long-term debt |
$ — |
|
$ — |
|
Total debt |
— |
|
— |
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
Common stock |
37 |
|
37 |
|
Additional paid-in capital |
983,813 |
|
1,000,455 |
|
Accumulated deficit |
(491,401) |
|
(539,961) |
|
Total SandRidge Energy, Inc. stockholders' equity |
492,449 |
|
460,531 |
|
|
|
|
|
|
Total capitalization |
$ 492,449 |
|
$ 460,531 |
|
SandRidge Energy, Inc. and Subsidiaries |
|||||||
|
Condensed Consolidated Income Statements (Unaudited) |
|||||||
|
(In thousands, except per share amounts) |
|||||||
|
|
|||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Revenues |
|
|
|
|
|
|
|
|
Oil, natural gas and NGL |
$ 39,822 |
|
$ 30,057 |
|
$ 116,957 |
|
$ 86,317 |
|
Total revenues |
39,822 |
|
30,057 |
|
116,957 |
|
86,317 |
|
Expenses |
|
|
|
|
|
|
|
|
Lease operating expenses |
10,911 |
|
9,104 |
|
28,384 |
|
28,734 |
|
Production, ad valorem, and other taxes |
2,155 |
|
1,813 |
|
7,412 |
|
5,550 |
|
Depreciation and depletion — oil and natural gas |
9,400 |
|
8,345 |
|
26,106 |
|
16,771 |
|
Depreciation and amortization — other |
1,638 |
|
1,605 |
|
4,853 |
|
4,947 |
|
General and administrative |
2,737 |
|
2,304 |
|
9,618 |
|
8,686 |
|
Restructuring expenses |
305 |
|
260 |
|
757 |
|
341 |
|
(Gain) loss on derivative contracts |
(2,364) |
|
(1,866) |
|
(5,936) |
|
(1,866) |
|
Other operating (income) expense, net |
— |
|
— |
|
— |
|
24 |
|
Total expenses |
24,782 |
|
21,565 |
|
71,194 |
|
63,187 |
|
Income from operations |
15,040 |
|
8,492 |
|
45,763 |
|
23,130 |
|
Other income (expense) |
|
|
|
|
|
|
|
|
Interest income (expense), net |
916 |
|
1,553 |
|
2,803 |
|
6,742 |
|
Other income (expense), net |
(3) |
|
— |
|
(6) |
|
92 |
|
Total other income (expense) |
913 |
|
1,553 |
|
2,797 |
|
6,834 |
|
Income (loss) before income taxes |
15,953 |
|
10,045 |
|
48,560 |
|
29,964 |
|
Income tax (benefit) expense |
— |
|
(15,439) |
|
— |
|
(15,439) |
|
Net income (loss) |
$ 15,953 |
|
$ 25,484 |
|
$ 48,560 |
|
$ 45,403 |
|
Net income (loss) per share |
|
|
|
|
|
|
|
|
Basic |
$ 0.44 |
|
$ 0.69 |
|
$ 1.32 |
|
$ 1.22 |
|
Diluted |
$ 0.43 |
|
$ 0.69 |
|
$ 1.32 |
|
$ 1.22 |
|
Weighted average number of common shares outstanding |
|
|
|
|
|
|
|
|
Basic |
36,671 |
|
37,134 |
|
36,789 |
|
37,087 |
|
Diluted |
36,708 |
|
37,180 |
|
36,848 |
|
37,150 |
|
SandRidge Energy, Inc. and Subsidiaries |
|||
|
Condensed Consolidated Balance Sheets (Unaudited) |
|||
|
(In thousands) |
|||
|
|
|||
|
|
September 30, 2025 |
|
December 31, 2024 |
|
ASSETS |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
$ 101,204 |
|
$ 98,128 |
|
Restricted cash |
1,383 |
|
1,383 |
|
Accounts receivable, net |
27,442 |
|
23,878 |
|
Derivative contracts |
2,416 |
|
114 |
|
Prepaid expenses |
2,507 |
|
3,370 |
|
Other current assets |
1,678 |
|
780 |
|
Total current assets |
136,630 |
|
127,653 |
|
Oil and natural gas properties, using full cost method of accounting |
|
|
|
|
Proved |
1,738,182 |
|
1,689,807 |
|
Unproved |
30,255 |
|
23,504 |
|
Less: accumulated depreciation, depletion and impairment |
(1,437,501) |
|
(1,415,110) |
|
|
330,936 |
|
298,201 |
|
Other property, plant and equipment, net |
76,632 |
|
80,689 |
|
Derivative contracts |
— |
|
86 |
|
Other assets |
1,974 |
|
2,081 |
|
Deferred tax assets, net of valuation allowance |
72,801 |
|
72,801 |
|
Total assets |
$ 618,973 |
|
$ 581,511 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable and accrued expenses |
$ 53,155 |
|
$ 50,625 |
|
Asset retirement obligations |
8,951 |
|
9,131 |
|
Other current liabilities |
756 |
|
839 |
|
Total current liabilities |
62,862 |
|
60,595 |
|
Derivative contracts |
261 |
|
— |
|
Asset retirement obligations |
62,828 |
|
59,449 |
|
Other long-term obligations |
573 |
|
936 |
|
Total liabilities |
126,524 |
|
120,980 |
|
Stockholders' Equity |
|
|
|
|
Common stock, |
37 |
|
37 |
|
Additional paid-in capital |
983,813 |
|
1,000,455 |
|
Accumulated deficit |
(491,401) |
|
(539,961) |
|
Total stockholders' equity |
492,449 |
|
460,531 |
|
Total liabilities and stockholders' equity |
$ 618,973 |
|
$ 581,511 |
|
SandRidge Energy, Inc. and Subsidiaries |
|||
|
Condensed Consolidated Statements of Cash Flows (Unaudited) |
|||
|
(In thousands) |
|||
|
|
|||
|
|
Nine Months Ended September 30, |
||
|
|
2025 |
|
2024 |
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
Net income |
$ 48,560 |
|
$ 45,403 |
|
Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
|
Depreciation, depletion, and amortization |
30,959 |
|
21,718 |
|
Deferred income taxes |
— |
|
(15,439) |
|
(Gain) loss on derivative contracts |
(5,936) |
|
(1,866) |
|
Settlement gains (losses) on derivative contracts |
3,980 |
|
199 |
|
Stock-based compensation |
2,058 |
|
1,779 |
|
Other |
219 |
|
118 |
|
Changes in operating assets and liabilities |
(11,390) |
|
(3,972) |
|
Net cash provided by operating activities |
68,450 |
|
47,940 |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
Capital expenditures for property, plant and equipment |
(41,361) |
|
(13,572) |
|
Acquisition of assets |
(7,790) |
|
(125,950) |
|
Purchase of other property and equipment |
(562) |
|
(1) |
|
Sales tax refund on completion costs |
2,800 |
|
— |
|
Proceeds from sale of assets |
785 |
|
861 |
|
Net cash used in investing activities |
(46,128) |
|
(138,662) |
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
Dividends paid to stockholders |
(12,014) |
|
(68,222) |
|
Reduction of financing lease liability |
(586) |
|
(563) |
|
Repurchases of common stock |
(6,403) |
|
— |
|
Tax withholdings paid in exchange for shares withheld on employee vested stock awards |
(243) |
|
(356) |
|
Net cash used in financing activities |
(19,246) |
|
(69,141) |
|
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS and RESTRICTED CASH |
3,076 |
|
(159,863) |
|
CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year |
99,511 |
|
253,944 |
|
CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of period |
$ 102,587 |
|
$ 94,081 |
|
Supplemental Disclosure of Cash Flow Information |
|
|
|
|
Cash paid for interest, net of amounts capitalized |
$ (228) |
|
$ (92) |
|
Supplemental Disclosure of Noncash Investing and Financing Activities |
|
|
|
|
Capital expenditures for property, plant and equipment in accounts payable and accrued expenses |
$ 10,456 |
|
$ 661 |
|
Non-cash acquisition purchase price adjustments |
$ 241 |
|
$ 6,852 |
|
Right-of-use assets obtained in exchange for financing lease obligations |
$ 229 |
|
$ 230 |
|
Inventory material transfers to oil and natural gas properties |
$ 3 |
|
$ 141 |
|
Asset retirement obligation capitalized |
$ 40 |
|
$ 51 |
|
Asset retirement obligation removed due to divestiture |
$ (288) |
|
$ — |
|
Accrued excise tax on repurchases of common stock |
$ (52) |
|
$ — |
|
Change in dividends payable |
$ 12 |
|
$ 42 |
Non-GAAP Financial Measures
This press release includes non-GAAP financial measures. These non-GAAP measures are not alternatives to GAAP measures, and you should not consider these non-GAAP measures in isolation or as a substitute for analysis of our results as reported under GAAP. Below is additional disclosure regarding each of the non-GAAP measures used in this press release, including reconciliations to their most directly comparable GAAP measure.
Reconciliation of Net Cash Provided by Operating Activities to Adjusted Operating Cash Flow
The Company defines adjusted operating cash flow as net cash provided by operating activities before changes in operating assets and liabilities as shown in the following table. Adjusted operating cash flow is a supplemental financial measure used by the Company's management and by securities analysts, investors, lenders, rating agencies and others who follow the industry as an indicator of the Company's ability to internally fund exploration and development activities or incur new debt. The Company also uses this measure because operating cash flow relates to the timing of cash receipts and disbursements that the Company may not control and may not relate to the period in which the operating activities occurred. Further, adjusted operating cash flow allows the Company to compare its operating performance and return on capital with those of other companies without regard to financing methods and capital structure. This measure should not be considered in isolation or as a substitute for net cash provided by operating activities prepared in accordance with GAAP.
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
||||||
|
Net cash provided by operating activities |
$ 25,269 |
|
$ 20,847 |
|
$ 68,450 |
|
$ 47,940 |
|
Changes in operating assets and liabilities |
2,664 |
|
(1,774) |
|
11,390 |
|
3,972 |
|
Adjusted operating cash flow |
$ 27,933 |
|
$ 19,073 |
|
$ 79,840 |
|
$ 51,912 |
Reconciliation of Free Cash Flow
The Company defines free cash flow as net cash provided by operating activities plus net cash (used in) provided by investing activities less the cash flow impact of acquisitions and divestitures. Free cash flow is a supplemental financial measure used by the Company's management and by securities analysts, investors, lenders, rating agencies and others who follow the industry as an indicator of the Company's ability to internally fund exploration and development activities or incur new debt. This measure should not be considered in isolation or as a substitute for net cash provided by operating or investing activities prepared in accordance with GAAP.
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
||||||
|
Net cash provided by operating activities |
$ 25,269 |
|
$ 20,847 |
|
$ 68,450 |
|
$ 47,940 |
|
Net cash used in investing activities |
(22,383) |
|
(133,543) |
|
(46,128) |
|
(138,662) |
|
Acquisition of assets |
3,363 |
|
123,847 |
|
7,790 |
|
125,950 |
|
Proceeds from sale of assets |
(330) |
|
(290) |
|
(785) |
|
(861) |
|
Free cash flow |
$ 5,919 |
|
$ 10,861 |
|
$ 29,327 |
|
$ 34,367 |
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
The Company defines EBITDA as net income before income tax (benefit) expense, interest expense, depreciation and amortization - other and depreciation and depletion - oil and natural gas. Adjusted EBITDA, as presented herein, is EBITDA excluding items that management believes affect the comparability of operating results such as items whose timing and/or amount cannot be reasonably estimated or are non-recurring, as shown in the following tables.
Adjusted EBITDA is presented because management believes it provides useful additional information used by the Company's management and by securities analysts, investors, lenders, ratings agencies and others who follow the industry for analysis of the Company's financial and operating performance on a recurring basis and the Company's ability to internally fund exploration and development activities or incur new debt. In addition, management believes that adjusted EBITDA is widely used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in the oil and gas industry. The Company's adjusted EBITDA may not be comparable to similarly titled measures used by other companies.
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
||||||
|
Net Income |
$ 15,953 |
|
$ 25,484 |
|
$ 48,560 |
|
$ 45,403 |
|
Adjusted for |
|
|
|
|
|
|
|
|
Income tax (benefit) |
— |
|
(15,439) |
|
— |
|
(15,439) |
|
Depreciation and depletion - oil and natural gas |
9,400 |
|
8,345 |
|
26,106 |
|
16,771 |
|
Depreciation and amortization - other |
1,638 |
|
1,605 |
|
4,853 |
|
4,947 |
|
Interest expense |
161 |
|
28 |
|
222 |
|
92 |
|
EBITDA |
27,152 |
|
20,023 |
|
79,741 |
|
51,774 |
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
688 |
|
707 |
|
2,058 |
|
1,779 |
|
(Gain) loss on derivative contracts |
(2,364) |
|
(1,866) |
|
(5,936) |
|
(1,866) |
|
Settlement gains (losses) on derivative contracts |
2,661 |
|
199 |
|
3,980 |
|
199 |
|
Restructuring expenses |
305 |
|
260 |
|
757 |
|
341 |
|
Interest income |
(1,077) |
|
(1,581) |
|
(3,025) |
|
(6,834) |
|
Other |
(80) |
|
— |
|
(1,977) |
|
— |
|
Adjusted EBITDA |
$ 27,285 |
|
$ 17,742 |
|
$ 75,598 |
|
$ 45,393 |
Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
||||||
|
Net cash provided by operating activities |
$ 25,269 |
|
$ 20,847 |
|
$ 68,450 |
|
$ 47,940 |
|
Changes in operating assets and liabilities |
2,664 |
|
(1,774) |
|
11,390 |
|
3,972 |
|
Interest expense |
161 |
|
28 |
|
222 |
|
92 |
|
Interest income |
(1,077) |
|
(1,581) |
|
(3,025) |
|
(6,834) |
|
Other |
268 |
|
222 |
|
(1,439) |
|
223 |
|
Adjusted EBITDA |
$ 27,285 |
|
$ 17,742 |
|
$ 75,598 |
|
$ 45,393 |
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income Available to Common Stockholders to Adjusted Net Income Available to Common Stockholders
The Company defines adjusted net income as net income excluding items that management believes affect the comparability of operating results and are typically excluded from published estimates by the investment community, including items whose timing and/or amount cannot be reasonably estimated or are non-recurring, as shown in the following tables.
Management uses the supplemental measure of adjusted net income as an indicator of the Company's operational trends and performance relative to other oil and natural gas companies and believes it is more comparable to earnings estimates provided by securities analysts. Adjusted net income is not a measure of financial performance under GAAP and should not be considered a substitute for net income available to common stockholders.
|
|
Three Months Ended September 30, 2025 |
|
Three Months Ended September 30, 2024 |
||||
|
|
$ |
|
$/Diluted Share |
|
$ |
|
$/Diluted Share |
|
|
(In thousands, except per share amounts) |
||||||
|
Net income available to common stockholders |
$ 15,953 |
|
$ 0.43 |
|
$ 25,484 |
|
$ 0.69 |
|
Income tax (benefit) |
— |
|
— |
|
(15,439) |
|
(0.42) |
|
(Gain) loss on derivative contracts |
(2,364) |
|
(0.06) |
|
(1,866) |
|
(0.05) |
|
Settlement gains (losses) on derivative contracts |
2,661 |
|
0.07 |
|
199 |
|
0.01 |
|
Restructuring expenses |
305 |
|
0.01 |
|
260 |
|
0.01 |
|
Interest income |
(1,077) |
|
(0.03) |
|
(1,581) |
|
(0.04) |
|
Adjusted net income available to common stockholders |
$ 15,478 |
|
$ 0.42 |
|
$ 7,057 |
|
$ 0.19 |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
Diluted |
|
Basic |
|
Diluted |
|
Weighted average number of common shares outstanding |
36,671 |
|
36,708 |
|
37,134 |
|
37,180 |
|
Total adjusted net income per share |
$ 0.42 |
|
$ 0.42 |
|
$ 0.19 |
|
$ 0.19 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Nine Months Ended September 30, 2025 |
|
Nine Months Ended September 30, 2024 |
||||
|
|
$ |
|
$/Diluted Share |
|
$ |
|
$/Diluted Share |
|
|
(In thousands, except per share amounts) |
||||||
|
Net income available to common stockholders |
$ 48,560 |
|
$ 1.32 |
|
$ 45,403 |
|
$ 1.22 |
|
Income tax (benefit) |
— |
|
— |
|
(15,439) |
|
(0.42) |
|
(Gain) loss on derivative contracts |
(5,936) |
|
(0.16) |
|
$ (1,866) |
|
(0.05) |
|
Settlement gains (losses) on derivative contracts |
3,980 |
|
0.11 |
|
199 |
|
0.01 |
|
Restructuring expenses |
757 |
|
0.02 |
|
341 |
|
0.01 |
|
Interest income |
(3,025) |
|
(0.08) |
|
(6,834) |
|
(0.18) |
|
Other |
(2,088) |
|
(0.06) |
|
— |
|
— |
|
Adjusted net income available to common stockholders |
$ 42,248 |
|
$ 1.15 |
|
$ 21,804 |
|
$ 0.59 |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
Diluted |
|
Basic |
|
Diluted |
|
Weighted average number of common shares outstanding |
36,789 |
|
36,848 |
|
37,087 |
|
37,150 |
|
Total adjusted net income per share |
$ 1.15 |
|
$ 1.15 |
|
$ 0.59 |
|
$ 0.59 |
|
|
|
|
|
|
|
|
|
Reconciliation of General and Administrative to Adjusted G&A
The Company reports and provides guidance on Adjusted G&A per Boe because it believes this measure is commonly used by management, analysts and investors as an indicator of cost management and operating efficiency on a comparable basis from period to period and to compare and make investment recommendations of companies in the oil and gas industry. This non-GAAP measure allows for the analysis of general and administrative spend without regard to stock-based compensation programs and other non-recurring cash items, if any, which can vary significantly between companies. Adjusted G&A per Boe is not a measure of financial performance under GAAP and should not be considered a substitute for general and administrative expense per Boe. Therefore, the Company's Adjusted G&A per Boe may not be comparable to other companies' similarly titled measures.
The Company defines adjusted G&A as general and administrative expense adjusted for certain non-cash stock-based compensation and other non-recurring items, if any, as shown in the following tables:
|
|
Three Months Ended September 30, 2025 |
|
Three Months Ended September 30, 2024 |
||||
|
|
$ |
|
$/Boe |
|
$ |
|
$/Boe |
|
|
(In thousands, except per Boe amounts) |
||||||
|
General and administrative |
$ 2,737 |
|
$ 1.57 |
|
$ 2,304 |
|
$ 1.47 |
|
Stock-based compensation |
(688) |
|
(0.39) |
|
(707) |
|
(0.45) |
|
Other |
80 |
|
0.05 |
|
— |
|
— |
|
Adjusted G&A |
$ 2,129 |
|
$ 1.23 |
|
$ 1,597 |
|
$ 1.02 |
|
|
|||||||
|
|
Nine Months Ended September 30, 2025 |
|
Nine Months Ended September 30, 2024 |
||||
|
|
$ |
|
$/Boe |
|
$ |
|
$/Boe |
|
|
(In thousands, except per Boe amounts) |
||||||
|
General and administrative |
$ 9,618 |
|
$ 1.93 |
|
$ 8,686 |
|
$ 2.02 |
|
Stock-based compensation |
(2,058) |
|
(0.41) |
|
(1,779) |
|
(0.41) |
|
Other |
(111) |
|
(0.02) |
|
— |
|
— |
|
Adjusted G&A |
$ 7,449 |
|
$ 1.50 |
|
$ 6,907 |
|
$ 1.61 |
Cautionary Note to Investors - This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are neither historical facts nor assurances of future performance and reflect SandRidge's current beliefs and expectations regarding future events and operating performance. The forward-looking statements include projections and estimates of the Company's corporate strategies, anticipated financial impacts of acquisitions, future operations, development plans and appraisal programs, drilling inventory and locations, estimated oil, natural gas and natural gas liquids production, price realizations and differentials, hedging program, projected operating, general and administrative and other costs, projected capital expenditures, tax rates, efficiency and cost reduction initiative outcomes, liquidity and capital structure and the Company's unaudited proved developed PV-10 reserve value of its Mid-Continent assets. We have based these forward-looking statements on our current expectations and assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, including the Company's ability to execute, integrate and realize the benefits of acquisitions, and the performance of the acquired interests, the volatility of oil and natural gas prices, our success in discovering, estimating, developing and replacing oil and natural gas reserves, actual decline curves and the actual effect of adding compression to natural gas wells, the availability and terms of capital, the ability of counterparties to transactions with us to meet their obligations, our timely execution of hedge transactions, credit conditions of global capital markets, changes in economic conditions, the amount and timing of future development costs, the availability and demand for alternative energy sources, regulatory changes, including those related to carbon dioxide and greenhouse gas emissions, and other factors, many of which are beyond our control. We refer you to the discussion of risk factors in Part I, Item 1A - "Risk Factors" of our Annual Report on Form 10-K and in comparable "Risk Factor" sections of our Quarterly Reports on Form 10-Q filed after such form 10-K. All of the forward-looking statements made in this press release are qualified by these cautionary statements. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on our Company or our business or operations. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, including annual guidance, except as required by law.
SandRidge Energy, Inc. (NYSE: SD) is an independent oil and gas company engaged in the production, development, and acquisition of oil and gas properties. Its primary area of operation is the Mid-Continent region in
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SOURCE SANDRIDGE ENERGY, INC.
FAQ
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