SandRidge Energy, Inc. (NYSE: SD) lifts Q2 profit and declares $0.13 dividend
Rhea-AI Filing Summary
SandRidge Energy, Inc. reported second‑quarter 2026 results and declared a quarterly dividend of $0.13 per share, payable August 31, 2026 to stockholders of record on August 19, 2026, with the option to receive cash or additional shares through its Dividend Reinvestment Plan.
For Q2 2026, net income was $26.7 million, or $0.72 per basic share, adjusted net income was $21.0 million, and adjusted EBITDA was $34.0 million. Production averaged 19.7 MBoe per day, up approximately 11% year over year, with oil volumes up about 22% and revenues 48% higher than Q2 2025, supported by higher realized oil prices. As of June 30, 2026, SandRidge held $114.7 million of cash and cash equivalents, had no outstanding term or revolving debt, and expects in third‑quarter 2026 to close a Cherokee Play acquisition adding roughly 7,000 net leasehold acres, interests in 21 wells and eight proved development locations.
Positive
- Q2 2026 net income rose to $26.7 million (EPS $0.72) from $19.6 million a year earlier, with oil, natural gas and NGL revenues up 48% versus Q2 2025, indicating materially higher profitability.
- SandRidge ended June 30, 2026 with $114.7 million of cash and cash equivalents and no outstanding term or revolving debt, while maintaining a quarterly dividend of $0.13 per share.
Negative
- None.
Filing Explained
SandRidge repurchased no shares during the second quarter; its
8-K Event Classification
3 items: 2.02, 8.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Net income Q2 2026: $26.7 million
Adjusted net income Q2 2026: $21.0 million
Adjusted EBITDA Q2 2026: $34.0 million
+5 more
8 metrics
Net income Q2 2026
$26.7 million
Second quarter 2026 net income, or $0.72 per basic share
Adjusted net income Q2 2026
$21.0 million
Adjusted net income for the three months ended June 30, 2026
Adjusted EBITDA Q2 2026
$34.0 million
Adjusted EBITDA for the three-month period ended June 30, 2026
Average daily production Q2 2026
19.7 MBoed
Average daily production for the three months ended June 30, 2026
Total production Q2 2026
1,797 MBoe
Oil equivalent production volume for the three months ended June 30, 2026
Cash and equivalents
$114.7 million
Cash and cash equivalents, including restricted cash, as of June 30, 2026
Realized oil price
$95.35 per barrel
Q2 2026 realized oil price per barrel, as reported
Quarterly dividend
$0.13 per share
Dividend declared August 4, 2026, payable August 31, 2026
Key Terms
Dividend Reinvestment Plan, Adjusted EBITDA, free cash flow, producer costless collars, +1 more
5 terms
Dividend Reinvestment Plan financial
"stockholders can elect to receive the dividends in cash or additional shares of common stock by enrolling in the Company’s previously announced Dividend Reinvestment Plan"
A dividend reinvestment plan lets shareholders automatically use cash dividends to buy more shares of the same company instead of receiving the money. It matters to investors because it turns regular payouts into a steady way to grow ownership and take advantage of compound returns—like having your savings automatically buy additional slices of a pie over time—while often reducing transaction costs and smoothing purchase timing.
Adjusted EBITDA financial
"Adjusted EBITDA(1) of $34.0 million for the three-month period ended June 30, 2026"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
free cash flow financial
"Free cash flow (1) | $ | 23,241 | | $ | (1,105) | | $ | 24,346"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
producer costless collars financial
"Producer Costless Collars | July 2026 - December 2026 | NYMEX WTI | 1,255 | $62.57 Put / $84.41 Call"
A producer costless collar is a hedging strategy used by commodity sellers where the producer buys a protective option that guarantees a minimum price and simultaneously sells a separate option that caps how high the sale price can rise; the premiums are arranged so there is no net upfront cost. For investors, it means the company has limited downside risk on future commodity revenue but also gives up some upside, reducing earnings swings much like buying insurance paid for by agreeing to share any big windfall.
asset retirement obligations financial
"Includes accretion of asset retirement obligation."
Asset retirement obligations are a company’s recorded promise to pay for dismantling, cleaning up, or restoring property when a long-lived asset is retired — for example decommissioning a plant or removing equipment. Companies estimate the future cleanup cost today and book it as a liability (and add the cost to the asset), so it affects the balance sheet, reported profits over time, and future cash needs; investors watch it like a planned bill that can reduce cash available for returns.
Earnings Snapshot
Net income Q2 2026: $26.7 million · Guidance included
Three and six months ended June 30, 2026
Net income Q2 2026
$26.7 million
$7,135 (dollars in thousands) vs Q2 2025
Oil, natural gas and NGL revenues Q2 2026
$51,117 (dollars in thousands)
$16,586 (dollars in thousands) vs Q2 2025
Adjusted EBITDA Q2 2026
$34.0 million
$11,211 (dollars in thousands) vs Q2 2025
Guidance
The company plans to continue one-rig Cherokee development, evaluate accretive M&A, optimize production and maintain its capital return program, including its regular-way dividend.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did SandRidge Energy (SD) perform financially in Q2 2026?
SandRidge reported Q2 2026 net income of $26.7 million, or $0.72 per basic share, with adjusted net income of $21.0 million and adjusted EBITDA of $34.0 million. Revenues were 48% higher than in Q2 2025, reflecting higher production and pricing.
What dividend did SandRidge Energy (SD) declare and when is it payable?
The board declared a $0.13 per share quarterly dividend on common stock, payable August 31, 2026 to stockholders of record on August 19, 2026. Holders may elect to receive cash or additional shares via the Dividend Reinvestment Plan.
How did SandRidge Energy (SD) production change in Q2 2026?
Average Q2 2026 production was 19.7 MBoe per day, about 11% higher than the same period in 2025. Oil production increased roughly 22% year over year, driven by new wells in the company’s one‑rig Cherokee development program.
What is SandRidge Energy’s (SD) cash and debt position as of June 30, 2026?
As of June 30, 2026, SandRidge held $114.7 million of cash and cash equivalents, including restricted cash, and had no outstanding term or revolving debt. This balance sheet position supports ongoing development and capital return programs.
What Cherokee Play acquisition is SandRidge Energy (SD) expecting to close?
SandRidge anticipates closing a previously announced Cherokee Play acquisition in Q3 2026, adding about 7,000 net leasehold acres, interests in 21 wells and eight proved development locations, expanding its operations in the area.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM | ||||||||||||||
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 4, 2026
(Exact name of registrant as specified in its charter) | ||||||||||||||
(State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of Principal Executive Offices) | (Zip Code) | |||||||||||||
Registrant’s Telephone Number, including Area Code: (405 ) 429-5500
Not Applicable.
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant Section 13(a) of the Exchange Act. ☐
Item 2.02 — Results of Operations and Financial Condition
On August 5, 2026, SandRidge Energy, Inc. (the “Company”) issued a press release announcing financial and operational results for the period ended June 30, 2026. The press release is attached as Exhibit 99.1, which is incorporated herein by reference.
Item 8.01 — Other Matters
On August 4, 2026, the Board declared a dividend of $0.13 per share of the Company’s common stock, which stockholders can elect to receive the dividends in cash or additional shares of common stock by enrolling in the Company’s previously announced Dividend Reinvestment Plan, payable on August 31, 2026 to stockholders of record on August 19, 2026.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
| 99.1 | Press release issued August 5, 2026, announcing financial and operational results for the period ended June 30, 2026. | ||||
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
SANDRIDGE ENERGY, INC. | ||||||||||||||||||||
(Registrant) | ||||||||||||||||||||
Date: August 5, 2026 | By: | /s/ Jonathan Frates | ||||||||||||||||||
| Jonathan Frates | ||||||||||||||||||||
| Executive Vice President and Chief Financial Officer | ||||||||||||||||||||
Exhibit 99.1
SandRidge Energy, Inc. Announces Financial and Operating Results for the Three and Six-Month Periods Ended June 30, 2026 and Declares Dividend of $0.13 per Share
Oklahoma City, Oklahoma, August 5, 2026 /PRNewswire/ – SandRidge Energy, Inc. (the “Company” or “SandRidge”) (NYSE: SD) today announced financial and operational results for the three and six-month periods ended June 30, 2026.
Recent Highlights
•On August 4, 2026, the Board declared a dividend of $0.13 per share of the Company's common stock, payable on August 31, 2026 to stockholders of record on August 19, 2026. Stockholders can elect to receive the dividends in cash or additional shares of common stock by enrolling in the Company’s previously announced Dividend Reinvestment Plan
•As of June 30, 2026, the Company had $114.7 million of cash and cash equivalents, including restricted cash
•Production averaged 19.7 MBoe per day during the second quarter, an increase of 11% on a Boe basis versus the same period in 2025. Oil production increased 22% and total revenues increased 48% during the quarter versus the same period in 2025, driven primarily by new production from our operated development program and higher commodity prices
•In the first half of 2026, the Company successfully completed four wells as part of its ongoing one-rig Cherokee development program, with two more wells completed in July
•Second quarter net income of $26.7 million, or $0.72 per basic share. Adjusted net income(1) of $21.0 million or $0.57 per basic share
•Adjusted EBITDA(1) of $34.0 million for the three-month period ended June 30, 2026
•Adjusted G&A(1) of $2.7 million, or $1.52 per Boe for the three-month period ended June 30, 2026
•The Company anticipates closing its previously announced acquisition of certain producing assets and leasehold interests in the Cherokee Play in the third quarter 2026, expanding its efficient operations in the area with the addition of ~7,000 net leasehold acres, interests in 21 wells, and eight proven development locations
Grayson Pranin, SandRidge’s President, Chief Executive Officer & Director, commented on the quarter:
“The Company increased production over the quarter and the last year, driven by the execution of our one-rig program in the Cherokee Play. In addition, we were excited to announce a meaningful acquisition in the Cherokee and the team is prepared to integrate the new assets into the ongoing program, utilizing our proven expertise in safe and efficient operations in the Mid-Continent. I’m proud that our team continues to build upon the Company’s record of more than four and a half years without a recordable safety incident and will maintain a low G&A burden while integrating new assets into the portfolio."
1
Financial Results
| Dollars in thousands (except per share data) | 2Q26 | 1Q26 | Change vs 1Q26 | 2Q25 | Change vs 2Q25 | ||||||||||||
| Net income | $ | 26,693 | $ | 18,670 | $ | 8,023 | $ | 19,558 | $ | 7,135 | |||||||
| Net Income per share | $ | 0.72 | $ | 0.51 | $ | 0.21 | $ | 0.53 | $ | 0.19 | |||||||
| Net cash provided by operating activities | $ | 42,436 | $ | 19,759 | $ | 22,677 | $ | 22,850 | $ | 19,586 | |||||||
Adjusted net income(1) | $ | 20,973 | $ | 21,602 | $ | (629) | $ | 12,236 | $ | 8,737 | |||||||
Adjusted net income per share(1) | $ | 0.57 | $ | 0.59 | $ | (0.02) | $ | 0.33 | $ | 0.24 | |||||||
Adjusted operating cash flow(1) | $ | 34,571 | $ | 34,427 | $ | 144 | $ | 25,561 | $ | 9,010 | |||||||
Adjusted EBITDA(1) | $ | 34,033 | $ | 33,721 | $ | 312 | $ | 22,822 | $ | 11,211 | |||||||
Free cash flow(1) | $ | 23,241 | $ | (1,105) | $ | 24,346 | $ | 9,813 | $ | 13,428 | |||||||
Operational Results & Update
Production, Revenue, & Realized Prices
| 2Q26 | 1Q26 | Change vs 1Q26 | 2Q25 | Change vs 2Q25 | |||||||||||||
| Production | |||||||||||||||||
| MBoe | 1,797 | 1,671 | 126 | 1,619 | 178 | ||||||||||||
| MBoed | 19.7 | 18.6 | 1.1 | 17.8 | 1.9 | ||||||||||||
| Oil as percentage of production | 18% | 21% | (3)% | 17% | 1% | ||||||||||||
| Natural gas as percentage of production | 50% | 50% | —% | 49% | 1% | ||||||||||||
| NGLs as percentage of production | 32% | 29% | 3% | 34% | (2)% | ||||||||||||
| Revenues | |||||||||||||||||
| Oil, natural gas and NGL revenues | $51,117 | $49,777 | $1,340 | $34,531 | $16,586 | ||||||||||||
| Oil as percentage of revenues | 61% | 50% | 11% | 49% | 12% | ||||||||||||
| Natural gas as percentage of revenues | 14% | 32% | (18)% | 25% | (11)% | ||||||||||||
| NGLs as percentage of revenues | 25% | 18% | 7% | 26% | (1)% | ||||||||||||
| Realized Prices | |||||||||||||||||
| Realized oil price per barrel | $95.35 | $71.11 | $24.24 | $62.80 | $32.55 | ||||||||||||
| Realized natural gas price per Mcf | $1.36 | $3.13 | $(1.77) | $1.82 | $(0.46) | ||||||||||||
| Realized NGL price per barrel | $21.68 | $18.64 | $3.04 | $16.10 | $5.58 | ||||||||||||
| Realized price per Boe | $28.45 | $29.78 | $(1.33) | $21.33 | $7.12 | ||||||||||||
Production volumes continue to benefit from the Company's ongoing drilling program and efficient production operations. Second quarter Boe production increased by approximately 11% versus the same period in 2025 and increased by approximately 8% versus the prior quarter. Oil production increased by approximately 22% relative to the same period last year. Revenues increased by 3% in the second quarter versus the first quarter of 2026 and 48% compared to the second quarter of 2025. Realized price per Boe improved in the second quarter versus the same period last year and was slightly below the first quarter 2026 due to lower relative natural gas pricing quarter-over-quarter.
2
Drilling & Completion Operations
As of June 30, 2026, the Company completed four new operated wells as part of the its ongoing one-rig Cherokee development program, with two more wells completed in July. The Company recently achieved the lowest drilled well cost to date for the program.
Operating Costs
During the second quarter of 2026, lease operating expense ("LOE") was $10.3 million or $5.73 per Boe versus $10.8 million or $6.45 per Boe during the prior quarter. Lease operating expenses for the three months ended June 30, 2026 increased in total and per Boe versus the same period in 2025, primarily due to a $2.1 million one-time non-cash adjustment during the three months ended June 30, 2025 of an operating accrual dating back to the Company's emergence from bankruptcy in 2016.
Liquidity & Capital Structure
As of June 30, 2026, the Company had $114.7 million of cash and cash equivalents, including restricted cash of $1.3 million, deposited with multiple, well-capitalized financial institutions. The Company had no outstanding term or revolving debt obligations as of June 30, 2026.
Dividend Program
| Dollars in thousands | Total | 2Q26 | 1Q26 | 2025 | 2024 | 2023 | ||||||||||||||
Special dividends(2) | $ | 136,651 | $ | 6,445 | $ | — | $ | — | $ | 55,868 | $ | 74,338 | ||||||||
Quarterly dividends(2) | 47,786 | 4,190 | 3,868 | 15,862 | 16,426 | 7,440 | ||||||||||||||
Total dividends(2) | $ | 184,437 | $ | 10,635 | $ | 3,868 | $ | 15,862 | $ | 72,294 | $ | 81,778 | ||||||||
| Total | 2Q26 | 1Q26 | 2025 | 2024 | 2023 | |||||||||||||||
| Special dividends per share | $ | 3.70 | $ | 0.20 | $ | — | $ | — | $ | 1.50 | $ | 2.00 | ||||||||
| Quarterly dividends per share | 1.35 | 0.13 | 0.12 | 0.46 | 0.44 | 0.20 | ||||||||||||||
| Total dividends per share | $ | 5.05 | $ | 0.33 | $ | 0.12 | $ | 0.46 | $ | 1.94 | $ | 2.20 | ||||||||
Dividend Declaration & Dividend Reinvestment Program ("DRIP")
On August 4, 2026, the Board declared a dividend of $0.13 per share of the Company's common stock, which stockholders can elect to receive in cash or additional shares of common stock by enrolling in the previously announced Dividend Reinvestment Plan, payable on August 31, 2026 to stockholders of record on August 19, 2026.
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
No shares were repurchased during the second quarter of 2026, but the Company maintains its ability to opportunistically repurchase shares under its 10b5-1 program. Since inception of the program, the Company has repurchased 0.6 million shares at an average price of $10.75 per share. Of the $75.0 million repurchase authorization, $68.3 million remained as of June 30, 2026.
3
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 95% held by production, which cost-effectively maintains our development option over a reasonable tenor. We will continue to monitor forward-looking commodity prices, project results, costs and other factors that could influence returns and cash flows, and will adjust our program accordingly, to include curtailment of capital activity and wells, if needed, or conversely, well reactivations in higher natural gas price environments. These and other factors, including reasonable reinvestment rates, maintaining our cash flows and prioritizing our regular-way dividend, will continue to shape our development decisions for 2026 and beyond.
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 approximately 90% of our produced water via pipeline instead of truck, and powering nearly all of 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, including more than four and a half years without a recordable safety incident, as 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, August 6, 2026 at 1:00 pm CT. The conference call can be accessed by registering online in advance at https://events.q4inc.com/analyst/983833838?pwd=IQZTUt8G at which time registrants will receive dial-in information as well as a Meeting ID and Unique Passcode. At the time of the call, participants will dial in using the Meeting ID and Unique Passcode 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.
4
Contact Information
Investor Relations
SandRidge Energy, Inc.
1 E. Sheridan Ave. Suite 500
Oklahoma City, OK 73104
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 Oklahoma, Texas, and Kansas. Further information can be found at sandridgeenergy.com.
-Tables to Follow-
| (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. | |||||||
5
Operational and Financial Statistics
Information regarding the Company’s production, pricing, costs and earnings is presented below (unaudited):
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Production - Total | |||||||||||||||||||||||
| Oil (MBbl) | 328 | 270 | 681 | 540 | |||||||||||||||||||
| Natural Gas (MMcf) | 5,349 | 4,801 | 10,337 | 9,520 | |||||||||||||||||||
| NGL (MBbl) | 577 | 548 | 1,064 | 1,099 | |||||||||||||||||||
| Oil equivalent (MBoe) | 1,797 | 1,619 | 3,468 | 3,226 | |||||||||||||||||||
| Daily production (MBoed) | 19.7 | 17.8 | 19.2 | 17.8 | |||||||||||||||||||
| Average price per unit | |||||||||||||||||||||||
| Realized oil price per barrel - as reported | $ | 95.35 | $ | 62.80 | $ | 82.80 | $ | 66.34 | |||||||||||||||
| Realized impact of derivatives per barrel | (8.97) | 1.33 | (5.42) | 0.68 | |||||||||||||||||||
| Net realized price per barrel | $ | 86.38 | $ | 64.13 | $ | 77.38 | $ | 67.02 | |||||||||||||||
| Realized natural gas price per Mcf - as reported | $ | 1.36 | $ | 1.82 | $ | 2.22 | $ | 2.25 | |||||||||||||||
| Realized impact of derivatives per Mcf | 0.39 | 0.23 | 0.28 | 0.11 | |||||||||||||||||||
| Net realized price per Mcf | $ | 1.75 | $ | 2.05 | $ | 2.50 | $ | 2.36 | |||||||||||||||
| Realized NGL price per barrel - as reported | $ | 21.68 | $ | 16.10 | $ | 20.29 | $ | 18.09 | |||||||||||||||
| Realized impact of derivatives per barrel | 0.04 | 0.08 | 0.02 | (0.12) | |||||||||||||||||||
| Net realized price per barrel | $ | 21.72 | $ | 16.18 | $ | 20.31 | $ | 17.97 | |||||||||||||||
| Realized price per Boe - as reported | $ | 28.45 | $ | 21.33 | $ | 29.09 | $ | 23.91 | |||||||||||||||
| Net realized price per Boe - including impact of derivatives | $ | 27.97 | $ | 22.25 | $ | 28.88 | $ | 24.32 | |||||||||||||||
| Average cost per Boe | |||||||||||||||||||||||
| Lease operating | $ | 5.73 | $ | 4.05 | $ | 6.08 | $ | 5.42 | |||||||||||||||
| Production, ad valorem, and other taxes | $ | 1.79 | $ | 1.33 | $ | 1.80 | $ | 1.63 | |||||||||||||||
Depletion (1) | $ | 5.84 | $ | 5.12 | $ | 5.86 | $ | 5.18 | |||||||||||||||
| Earnings per share | |||||||||||||||||||||||
Earnings per share applicable to common stockholders | |||||||||||||||||||||||
| Basic | $ | 0.72 | $ | 0.53 | $ | 1.23 | $ | 0.88 | |||||||||||||||
| Diluted | $ | 0.72 | $ | 0.53 | $ | 1.22 | $ | 0.88 | |||||||||||||||
Adjusted net income per share available to common stockholders | |||||||||||||||||||||||
| Basic | $ | 0.57 | $ | 0.33 | $ | 1.16 | $ | 0.73 | |||||||||||||||
| Diluted | $ | 0.57 | $ | 0.33 | $ | 1.15 | $ | 0.73 | |||||||||||||||
| Weighted average number of shares outstanding (in thousands) | |||||||||||||||||||||||
| Basic | 36,906 | 36,661 | 36,838 | 36,850 | |||||||||||||||||||
Diluted | 37,082 | 36,677 | 37,048 | 36,884 | |||||||||||||||||||
(1) Includes accretion of asset retirement obligation.
6
Capital Expenditures
The table below presents actual results of the Company’s capital expenditures for the six months ended June 30, 2026 (unaudited):
| Six Months Ended | |||||
| June 30, 2026 | |||||
| (In thousands) | |||||
| Drilling, completion, and capital workovers | $ | 33,672 | |||
| Leasehold and geophysical | 2,585 | ||||
| Capital expenditures (on an accrual basis) | $ | 36,257 | |||
| (excluding acquisitions and plugging and abandonment) | |||||
Derivatives
The below details the Company's hedging positions as of August 4, 2026:
| Period | Index | Daily Volume | Weighted Average Price | |||||||||||||||||||||||
| Oil (Bbl) | ||||||||||||||||||||||||||
| Fixed Price Swaps | ||||||||||||||||||||||||||
| July 2026 - December 2026 | NYMEX WTI | 700 | $75.18 | |||||||||||||||||||||||
| January 2027 - December 2027 | NYMEX WTI | 200 | $65.00 | |||||||||||||||||||||||
| Producer Costless Collars | ||||||||||||||||||||||||||
| July 2026 - December 2026 | NYMEX WTI | 1,255 | $62.57 Put / $84.41 Call | |||||||||||||||||||||||
| Natural Gas (MMBtu) | ||||||||||||||||||||||||||
| Fixed Price Swaps | ||||||||||||||||||||||||||
| July 2026 - December 2026 | NYMEX Henry Hub | 15,925 | $4.17 | |||||||||||||||||||||||
| Producer Costless Collars | ||||||||||||||||||||||||||
| July 2026 - December 2026 | NYMEX Henry Hub | 4,500 | $3.35 Put / $5.35 Call | |||||||||||||||||||||||
| NGL (Bbl) | ||||||||||||||||||||||||||
| Fixed Price Swaps | ||||||||||||||||||||||||||
| July 2026 - December 2026 | Mont Belvieu OPIS | 490 | $54.34 | |||||||||||||||||||||||
7
Capitalization
The Company’s capital structure as of June 30, 2026 and December 31, 2025 is presented below:
| June 30, 2026 | December 31, 2025 | ||||||||||
| (In thousands) | |||||||||||
| Cash, cash equivalents and restricted cash | $ | 114,692 | $ | 112,345 | |||||||
| Long-term debt | $ | — | $ | — | |||||||
| Total debt | — | — | |||||||||
| Stockholders’ equity | |||||||||||
| Common stock | 37 | 37 | |||||||||
| Additional paid-in capital | 967,039 | 980,592 | |||||||||
| Accumulated deficit | (424,395) | (469,758) | |||||||||
| Total SandRidge Energy, Inc. stockholders’ equity | 542,681 | 510,871 | |||||||||
| Total capitalization | $ | 542,681 | $ | 510,871 | |||||||
8
SandRidge Energy, Inc. and Subsidiaries
Condensed Consolidated Income Statements (Unaudited)
(In thousands, except per share amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Oil, natural gas and NGL | $ | 51,117 | $ | 34,531 | $ | 100,894 | $ | 77,135 | |||||||||||||||
| Total revenues | 51,117 | 34,531 | 100,894 | 77,135 | |||||||||||||||||||
| Expenses | |||||||||||||||||||||||
| Lease operating expenses | 10,302 | 6,556 | 21,089 | 17,473 | |||||||||||||||||||
| Production, ad valorem, and other taxes | 3,210 | 2,158 | 6,231 | 5,257 | |||||||||||||||||||
| Depreciation and depletion — oil and natural gas | 10,494 | 8,290 | 20,314 | 16,706 | |||||||||||||||||||
| Depreciation and amortization — other | 1,624 | 1,612 | 3,247 | 3,215 | |||||||||||||||||||
| General and administrative | 3,769 | 3,028 | 6,757 | 6,881 | |||||||||||||||||||
| Restructuring expenses | (14) | 412 | 132 | 452 | |||||||||||||||||||
| (Gain) loss on derivative contracts | (4,222) | (6,059) | (696) | (3,572) | |||||||||||||||||||
| Other operating (income) expense, net | (3) | — | 7 | — | |||||||||||||||||||
| Total expenses | 25,160 | 15,997 | 57,081 | 46,412 | |||||||||||||||||||
| Income from operations | 25,957 | 18,534 | 43,813 | 30,723 | |||||||||||||||||||
| Other income (expense) | |||||||||||||||||||||||
| Interest income (expense), net | 735 | 1,027 | 1,549 | 1,887 | |||||||||||||||||||
| Other income (expense), net | 1 | (3) | 1 | (3) | |||||||||||||||||||
| Total other income (expense) | 736 | 1,024 | 1,550 | 1,884 | |||||||||||||||||||
| Income (loss) before income taxes | 26,693 | 19,558 | 45,363 | 32,607 | |||||||||||||||||||
| Income tax (benefit) expense | — | — | — | — | |||||||||||||||||||
| Net income (loss) | $ | 26,693 | $ | 19,558 | $ | 45,363 | $ | 32,607 | |||||||||||||||
| Net income (loss) per share | |||||||||||||||||||||||
| Basic | $ | 0.72 | $ | 0.53 | $ | 1.23 | $ | 0.88 | |||||||||||||||
| Diluted | $ | 0.72 | $ | 0.53 | $ | 1.22 | $ | 0.88 | |||||||||||||||
| Weighted average number of common shares outstanding | |||||||||||||||||||||||
| Basic | 36,906 | 36,661 | 36,838 | 36,850 | |||||||||||||||||||
| Diluted | 37,082 | 36,677 | 37,048 | 36,884 | |||||||||||||||||||
9
SandRidge Energy, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands)
| June 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 113,345 | $ | 110,998 | |||||||
| Restricted cash | 1,347 | 1,347 | |||||||||
| Accounts receivable, net | 26,659 | 26,186 | |||||||||
| Derivative contracts | 4,217 | 2,773 | |||||||||
| Prepaid expenses | 2,213 | 748 | |||||||||
| Other current assets | 3,939 | 5,806 | |||||||||
| Total current assets | 151,720 | 147,858 | |||||||||
| Oil and natural gas properties, using full cost method of accounting | |||||||||||
| Proved | 1,799,920 | 1,759,943 | |||||||||
| Unproved | 28,101 | 27,520 | |||||||||
| Less: accumulated depreciation, depletion and impairment | (1,464,076) | (1,446,824) | |||||||||
| Net oil and natural gas properties | 363,945 | 340,639 | |||||||||
| Other property, plant and equipment, net | 72,621 | 75,649 | |||||||||
| Other assets | 1,462 | 1,539 | |||||||||
| Deferred tax assets, net of valuation allowance | 78,336 | 78,336 | |||||||||
| Total assets | $ | 668,084 | $ | 644,021 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable and accrued expenses | $ | 49,030 | $ | 59,037 | |||||||
| Asset retirement obligations | 8,044 | 8,098 | |||||||||
| Other current liabilities | 750 | 905 | |||||||||
| Total current liabilities | 57,824 | 68,040 | |||||||||
| Derivative contracts | 31 | — | |||||||||
| Asset retirement obligations | 66,855 | 64,293 | |||||||||
| Other long-term obligations | 693 | 817 | |||||||||
| Total liabilities | 125,403 | 133,150 | |||||||||
| Stockholders’ Equity | |||||||||||
Common stock, $0.001 par value; 250,000 shares authorized; 37,075 issued and outstanding at June 30, 2026 and 36,825 issued and outstanding at December 31, 2025 | 37 | 37 | |||||||||
| Additional paid-in capital | 967,039 | 980,592 | |||||||||
| Accumulated deficit | (424,395) | (469,758) | |||||||||
| Total stockholders’ equity | 542,681 | 510,871 | |||||||||
| Total liabilities and stockholders’ equity | $ | 668,084 | $ | 644,021 | |||||||
10
SandRidge Energy, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
| Net income | $ | 45,363 | $ | 32,607 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
| Depreciation, depletion, and amortization | 23,561 | 19,921 | |||||||||
| (Gain) loss on derivative contracts | (696) | (3,572) | |||||||||
| Settlement gains (losses) on derivative contracts | (717) | 1,319 | |||||||||
| Stock-based compensation | 1,473 | 1,370 | |||||||||
| Other | 14 | 262 | |||||||||
| Changes in operating assets and liabilities | (6,803) | (8,726) | |||||||||
| Net cash provided by operating activities | 62,195 | 43,181 | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
| Capital expenditures for property, plant and equipment | (40,059) | (22,011) | |||||||||
| Acquisition of oil and natural gas assets | (5,132) | (4,427) | |||||||||
| Purchase of other property and equipment | — | (562) | |||||||||
| Sales tax refund on completion costs | — | 2,800 | |||||||||
| Proceeds from sale of assets | 847 | 455 | |||||||||
| Net cash used in investing activities | (44,344) | (23,745) | |||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
| Dividends paid to stockholders | (14,504) | (8,191) | |||||||||
| Reduction of financing lease liability | (424) | (406) | |||||||||
| Repurchases of common stock, including excise tax | (41) | (5,927) | |||||||||
| Tax withholdings paid in exchange for shares withheld on employee vested stock awards | (535) | (224) | |||||||||
| Net cash used in financing activities | (15,504) | (14,748) | |||||||||
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS and RESTRICTED CASH | 2,347 | 4,688 | |||||||||
| CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year | 112,345 | 99,511 | |||||||||
| CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of period | $ | 114,692 | $ | 104,199 | |||||||
| Supplemental Disclosure of Cash Flow Information | |||||||||||
| Cash paid for interest, net of amounts capitalized | $ | (380) | $ | (66) | |||||||
| Supplemental Disclosure of Noncash Investing and Financing Activities | |||||||||||
| Capital expenditures for property, plant and equipment in accounts payable and accrued expenses | $ | 7,752 | $ | 6,852 | |||||||
| Right-of-use assets obtained in exchange for financing lease obligations | $ | 187 | $ | 229 | |||||||
| Inventory material transfers to oil and natural gas properties | $ | — | $ | 3 | |||||||
| Asset retirement obligation capitalized | $ | 17 | $ | 38 | |||||||
| Asset retirement obligation removed due to divestiture | $ | — | $ | (288) | |||||||
| Decrease (increase) in excise tax payable on repurchases of common stock | $ | 53 | $ | (47) | |||||||
| Decrease (increase) in dividends payable | $ | 1 | $ | 48 | |||||||
11
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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Net cash provided by operating activities | $ | 42,436 | $ | 22,850 | $ | 62,195 | $ | 43,181 | |||||||||||||||
| Changes in operating assets and liabilities | (7,865) | 2,711 | 6,803 | 8,726 | |||||||||||||||||||
| Adjusted operating cash flow | $ | 34,571 | $ | 25,561 | $ | 68,998 | $ | 51,907 | |||||||||||||||
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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Net cash provided by operating activities | $ | 42,436 | $ | 22,850 | $ | 62,195 | $ | 43,181 | |||||||||||||||
| Net cash used in investing activities | (20,829) | (14,490) | (44,344) | (23,745) | |||||||||||||||||||
| Acquisition of assets | 2,481 | 1,859 | 5,132 | 4,427 | |||||||||||||||||||
| Proceeds from sale of assets | (847) | (406) | (847) | (455) | |||||||||||||||||||
| Free cash flow | $ | 23,241 | $ | 9,813 | $ | 22,136 | $ | 23,408 | |||||||||||||||
12
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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
Net Income | $ | 26,693 | $ | 19,558 | $ | 45,363 | $ | 32,607 | |||||||||||||||
| Adjusted for | |||||||||||||||||||||||
| Depreciation and depletion - oil and natural gas | 10,494 | 8,290 | 20,314 | 16,706 | |||||||||||||||||||
| Depreciation and amortization - other | 1,624 | 1,612 | 3,247 | 3,215 | |||||||||||||||||||
| Interest expense | 152 | 38 | 208 | 61 | |||||||||||||||||||
| EBITDA | 38,963 | 29,498 | 69,132 | 52,589 | |||||||||||||||||||
| Stock-based compensation | 771 | 720 | 1,473 | 1,370 | |||||||||||||||||||
| (Gain) loss on derivative contracts | (4,222) | (6,059) | (696) | (3,572) | |||||||||||||||||||
| Settlement gains (losses) on derivative contracts | (847) | 1,478 | (717) | 1,319 | |||||||||||||||||||
| Restructuring expenses | (14) | 412 | 132 | 452 | |||||||||||||||||||
| Interest income | (887) | (1,065) | (1,757) | (1,948) | |||||||||||||||||||
| Other | 269 | (2,162) | 187 | (1,897) | |||||||||||||||||||
| Adjusted EBITDA | $ | 34,033 | $ | 22,822 | $ | 67,754 | $ | 48,313 | |||||||||||||||
Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 42,436 | $ | 22,850 | $ | 62,195 | $ | 43,181 | |||||||||||||||
| Changes in operating assets and liabilities | (7,865) | 2,711 | 6,803 | 8,726 | |||||||||||||||||||
| Interest expense | 152 | 38 | 208 | 61 | |||||||||||||||||||
| Interest income | (887) | (1,065) | (1,757) | (1,948) | |||||||||||||||||||
| Other | 197 | (1,712) | 305 | (1,707) | |||||||||||||||||||
| Adjusted EBITDA | $ | 34,033 | $ | 22,822 | $ | 67,754 | $ | 48,313 | |||||||||||||||
13
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 June 30, 2026 | Three Months Ended June 30, 2025 | ||||||||||||||||||||||
| $ | $/Diluted Share | $ | $/Diluted Share | ||||||||||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||||||||||
Net income available to common stockholders | $ | 26,693 | $ | 0.72 | $ | 19,558 | $ | 0.53 | |||||||||||||||
| (Gain) loss on derivative contracts | (4,222) | (0.11) | (6,059) | (0.17) | |||||||||||||||||||
| Settlement gains (losses) on derivative contracts | (847) | (0.02) | 1,478 | 0.04 | |||||||||||||||||||
| Restructuring expenses | (14) | — | 412 | 0.01 | |||||||||||||||||||
| Interest income | (887) | (0.03) | (1,065) | (0.03) | |||||||||||||||||||
| Other | 250 | 0.01 | (2,088) | (0.05) | |||||||||||||||||||
Adjusted net income available to common stockholders | $ | 20,973 | $ | 0.57 | $ | 12,236 | $ | 0.33 | |||||||||||||||
| Basic | Diluted | Basic | Diluted | ||||||||||||||||||||
| Weighted average number of common shares outstanding | 36,906 | 37,082 | 36,661 | 36,677 | |||||||||||||||||||
Total adjusted net income per share | $ | 0.57 | $ | 0.57 | $ | 0.33 | $ | 0.33 | |||||||||||||||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | ||||||||||||||||||||||
| $ | $/Diluted Share | $ | $/Diluted Share | ||||||||||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||||||||||
Net income available to common stockholders | $ | 45,363 | $ | 1.23 | $ | 32,607 | $ | 0.88 | |||||||||||||||
| (Gain) loss on derivative contracts | (696) | (0.02) | (3,572) | (0.09) | |||||||||||||||||||
| Realized settlement gains (losses) on derivative contracts | (717) | (0.02) | 1,319 | 0.04 | |||||||||||||||||||
| Restructuring expenses | 132 | — | 452 | 0.01 | |||||||||||||||||||
| Interest income | (1,757) | (0.05) | (1,948) | (0.05) | |||||||||||||||||||
| Other | 250 | 0.01 | (2,088) | (0.06) | |||||||||||||||||||
Adjusted net income available to common stockholders | $ | 42,575 | $ | 1.15 | $ | 26,770 | $ | 0.73 | |||||||||||||||
| Basic | Diluted | Basic | Diluted | ||||||||||||||||||||
| Weighted average number of common shares outstanding | 36,838 | 37,048 | 36,850 | 36,884 | |||||||||||||||||||
Total adjusted net income per share | $ | 1.16 | $ | 1.15 | $ | 0.73 | $ | 0.73 | |||||||||||||||
14
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 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 June 30, 2026 | Three Months Ended June 30, 2025 | ||||||||||||||||||||||
| $ | $/Boe | $ | $/Boe | ||||||||||||||||||||
| (In thousands, except per Boe amounts) | |||||||||||||||||||||||
| General and administrative | $ | 3,769 | $ | 2.10 | $ | 3,028 | $ | 1.87 | |||||||||||||||
Stock-based compensation | (771) | (0.43) | (720) | (0.44) | |||||||||||||||||||
| Other | (269) | (0.15) | 74 | 0.05 | |||||||||||||||||||
| Adjusted G&A | $ | 2,729 | $ | 1.52 | $ | 2,382 | $ | 1.48 | |||||||||||||||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | ||||||||||||||||||||||
| $ | $/Boe | $ | $/Boe | ||||||||||||||||||||
| (In thousands, except per Boe amounts) | |||||||||||||||||||||||
| General and administrative | $ | 6,757 | $ | 1.95 | $ | 6,881 | $ | 2.13 | |||||||||||||||
| Stock-based compensation | (1,473) | (0.42) | (1,370) | (0.42) | |||||||||||||||||||
| Other | (187) | (0.05) | (191) | (0.06) | |||||||||||||||||||
| Adjusted G&A | $ | 5,097 | $ | 1.48 | $ | 5,320 | $ | 1.65 | |||||||||||||||
15
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 Oklahoma, Texas, and Kansas. Further information can be found at sandridgeenergy.com.
16