SandRidge Energy Inc.
11/05/2025 | Press release | Distributed by Public on 11/05/2025 16:09
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 (Form 8-K)
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
Oklahoma City, Oklahoma, November 5, 2025 /PRNewswire/ - SandRidge Energy, Inc. (the "Company" or "SandRidge") (NYSE: SD) today announced financial and operational results for the three and nine-month periods ended September 30, 2025.
Recent Highlights
•On November 4, 2025, the Board declared a dividend of $0.12 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 our previously announced Dividend Reinvestment Plan, payable on November 28, 2025 to stockholders of record on November 14, 2025
•As of September 30, 2025, the Company had $102.6 million of cash and cash equivalents, including restricted cash
•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 increased 49% and total revenues increased 32% 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, or $0.44 per basic share. Adjusted net income(1) of $15.5 million or $0.42 per basic share
•Adjusted EBITDA(1) of $27.3 million for the three-month period ended September 30, 2025
•Adjusted G&A(1) of $2.1 million, or $1.23 per Boe for the three-month period ended September 30, 2025
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."
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Financial Results
| Dollars in thousands (except per share data) | 3Q25 | 2Q25 | Change vs 2Q25 | 3Q24 | Change vs 3Q24 | ||||||||||||
| 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 | |||||||
|
Free cash flow(1)
|
$ | 5,919 | $ | 9,813 | $ | (3,894) | $ | 10,861 | $ | (4,942) | |||||||
Operational Results & Update
Production, Revenue, & Realized Prices
| 3Q25 | 2Q25 | Change vs 2Q25 | 3Q24 | Change vs 3Q24 | |||||||||||||
| 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 | $39,822 | $34,531 | $5,291 | $30,057 | $9,765 | ||||||||||||
| 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 | $65.23 | $62.80 | $2.43 | $73.07 | $(7.84) | ||||||||||||
| Realized natural gas price per Mcf | $1.71 | $1.82 | $(0.11) | $0.92 | $0.79 | ||||||||||||
| Realized NGL price per barrel | $15.61 | $16.10 | $(0.49) | $16.25 | $(0.64) | ||||||||||||
| Realized price per Boe | $22.82 | $21.33 | $1.49 | $19.23 | $3.59 | ||||||||||||
Boe and oil production for the third quarter increased by approximately 12% and 49%, respectively, versus the same period in 2024, contributing to increased revenues year-over-year. Third quarter production levels increased 8% versus the second quarter of 2025.
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.
2
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 (~43% oil). The first well in the program produced more than 275,000 gross Boe (~42% oil) in its first 170 days of production.
Operating Costs
During the third quarter and nine months of 2025, lease operating expense ("LOE") was $10.9 million and $28.4 million or $6.25 and $5.71 per Boe, respectively. Lease operating expenses for the three months ended September 30, 2025 increased in total and per Boe versus the same period in 2024 primarily due to an increase in labor, utility and other costs and increased operational activity associated with the Company's Cherokee acquisition and drilling program.
Liquidity & Capital Structure
As of September 30, 2025, the Company had $102.6 million of cash and cash equivalents, including restricted cash, deposited with multiple, well-capitalized financial institutions. The Company has no outstanding term or revolving debt obligations.
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 $0.12 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 our previously announced Dividend Reinvestment Plan, payable on November 28, 2025 to stockholders of record on November 14, 2025.
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.
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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 $6.4 million at an average price of $10.72 per share. Of the $75.0 million repurchase authorization, $68.3 million remained.
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, impacts of tariffs 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 commodity 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 the remainder of the year 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 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.
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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
Oklahoma City, OK 73104
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 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.
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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 Average Price
|
|||||||||||||||||||||||
| Oil (Bbl) | ||||||||||||||||||||||||||
| Fixed Price Swaps | ||||||||||||||||||||||||||
| October 2025 - December 2025 | NYMEX WTI | 500 | $71.60 | |||||||||||||||||||||||
| January 2026 - June 2026 | NYMEX WTI | 300 | $68.67 | |||||||||||||||||||||||
| Producer Costless Collars | ||||||||||||||||||||||||||
| October 2025 - December 2025 | NYMEX WTI | 675 | $61.57 Put / $78.02 Call | |||||||||||||||||||||||
| Natural Gas (MMBtu) | ||||||||||||||||||||||||||
| Fixed Price Swaps | ||||||||||||||||||||||||||
| October 2025 - December 2025 | NYMEX Henry Hub | 8,500 | $4.17 | |||||||||||||||||||||||
| January 2026 - December 2026 | NYMEX Henry Hub | 4,500 | $4.09 | |||||||||||||||||||||||
| Producer Costless Collars | ||||||||||||||||||||||||||
| October 2025 - December 2025 | NYMEX Henry Hub | 20,500 | $3.79 Put / $7.08 Call | |||||||||||||||||||||||
| January 2026 - December 2026 | NYMEX Henry Hub | 4,500 | $3.35 Put / $5.35 Call | |||||||||||||||||||||||
| NGL (Bbl) | ||||||||||||||||||||||||||
| Fixed Price Swaps | ||||||||||||||||||||||||||
| October 2025 - December 2025 |
Mont Belvieu OPIS - C3+(1)
|
300 | $39.69 | |||||||||||||||||||||||
| October 2025 - December 2025 |
Mont Belvieu OPIS - Ethane(2)
|
325 | $11.76 | |||||||||||||||||||||||
(1) Excludes ethane
(2) Ethane only
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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 | |||||||
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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 | |||||||||||||||||||
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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, $0.001 par value; 250,000 shares authorized; 36,773 issued and outstanding at September 30, 2025 and 37,203 issued and outstanding at December 31, 2024
|
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 | |||||||
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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 | |||||||
11
Non-GAAP Financial Measures
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