SandRidge Energy(SD)

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SandRidge Energy: Promising Early Results From Its Operated Cherokee Development
Seeking Alpha· 2025-08-16 03:15
Group 1 - SandRidge Energy (NYSE: SD) reported promising early results from its operated Cherokee development, indicating a strong performance that is likely to meet its full year production guidance [1] - The company expects to end up near the middle of its production guidance for the year, suggesting stability and potential growth in its operations [1] - The article highlights the expertise of Aaron Chow, also known as Elephant Analytics, who has over 15 years of analytical experience and is recognized as a top-rated analyst on TipRanks [1]
SandRidge Energy Q2 Earnings Jump Y/Y on Higher Output, Cost Cuts
ZACKS· 2025-08-11 16:35
Core Viewpoint - SandRidge Energy, Inc. has shown strong financial performance in Q2 2025, with significant increases in net income and revenues, although recent stock momentum has cooled compared to the broader market [1][2]. Financial Performance - In Q2 2025, SandRidge reported net income of $19.6 million (53 cents per share), a substantial increase from $8.8 million (24 cents per share) in the same quarter last year [2]. - Adjusted net income rose 94% to $12.2 million (33 cents per share) from $6.4 million (17 cents per share) [2]. - Revenues increased by 33% year-over-year to $34.53 million, driven by a 19% rise in total production volumes and a 46% surge in oil output [2]. Production Metrics - Average daily production in Q2 2025 was 17.8 MBoe, up from 15 MBoe in the prior-year quarter, with oil accounting for 17% of volumes compared to 14% a year ago [3]. - Realized oil prices fell to $62.80 per barrel from $79.54, while realized natural gas prices improved to $1.82 per Mcf from 66 cents [3]. Cost Management - Lease operating expenses decreased to $4.05 per Boe from $6.41, aided by a one-time non-cash adjustment and efficiency gains [4]. - Adjusted general and administrative expenses were reduced to $1.48 per Boe from $1.85, contributing to improved profitability [8]. Cash Flow and Capital Management - Free cash flow before acquisitions totaled $9.8 million, compared to $9 million in Q2 2024 [4]. - The company ended the quarter with $104.2 million in cash and no debt, highlighting its strong balance sheet [4][5]. Management Insights - CEO Grayson Pranin emphasized the strong performance of the Cherokee development program, with initial production rates of approximately 2,300 Boe per day [5]. - CFO Jonathan Frates noted that the company remains fully self-funded, covering capital expenditures, dividends, and share repurchases entirely from operating cash flows [6]. Future Guidance - Management reaffirmed a disciplined capital program for 2025, targeting between $66 million and $85 million in spending [9]. - Most production growth is expected in the second half of the year, with exit rates projected above 19 MBoe per day and oil volumes expected to increase by 30% from Q2 levels [10]. Shareholder Returns - In August, the board approved a 9% increase in the quarterly dividend to 12 cents per share and introduced a dividend reinvestment plan [12]. - The company repurchased 0.5 million shares for $6 million in the first half of 2025, with $69 million remaining authorized for future buybacks [12]. Strategic Positioning - The combination of strong operational execution, increased shareholder returns, and a debt-free balance sheet positions SandRidge to navigate commodity price cycles effectively [13].
SandRidge Energy(SD) - 2025 Q2 - Quarterly Report
2025-08-07 20:40
[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=ITEM%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements for the six months ended June 30, 2025, show increased assets, equity, net income, and operating cash flow [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to **$602.3 million** and stockholders' equity grew to **$480.2 million**, primarily driven by net income Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $136,107 | $127,653 | | **Total assets** | **$602,273** | **$581,511** | | **Total current liabilities** | $59,243 | $60,595 | | **Total liabilities** | **$122,106** | **$120,980** | | **Total stockholders' equity** | **$480,167** | **$460,531** | [Condensed Consolidated Income Statements](index=5&type=section&id=Condensed%20Consolidated%20Income%20Statements) Net income for Q2 2025 more than doubled to **$19.6 million**, driven by a 33% revenue increase and derivative gains, with six-month net income rising to **$32.6 million** Income Statement Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total revenues** | $34,531 | $25,977 | $77,135 | $56,260 | | **Income from operations** | $18,534 | $6,220 | $30,723 | $14,638 | | **Net income** | **$19,558** | **$8,794** | **$32,607** | **$19,919** | | **Diluted EPS** | $0.53 | $0.24 | $0.88 | $0.54 | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity increased to **$480.2 million** in the first half of 2025, driven by net income, partially offset by dividends and share repurchases - For the six months ended June 30, 2025, the company recorded net income of **$32.6 million**, paid **$8.1 million** in dividends, and repurchased **$6.0 million** of common stock (sum of $5,094k and $880k)[19](index=19&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities increased to **$43.2 million** for the first half of 2025, while investing activities used more cash and financing activities used less Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $43,181 | $27,093 | | **Net cash used in investing activities** | ($23,745) | ($5,119) | | **Net cash used in financing activities** | ($14,748) | ($64,626) | | **Net increase (decrease) in cash** | $4,688 | ($42,652) | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, fair value measurements, asset/liability composition, legal contingencies, deferred tax assets, equity activities, and subsequent events - The company's June 30, 2025 accounts payable balance reflects a one-time **$2.1 million** non-cash adjustment of an old operating accrual, which reduced lease operating expenses for the period[30](index=30&type=chunk) - The company may be contractually obligated to indemnify the SandRidge Mississippian Trust I in the ongoing Lanier Trust litigation, but cannot determine the likelihood of an outcome or estimate any potential loss[56](index=56&type=chunk) - As of June 30, 2025, the company had approximately **$1.6 billion** of federal NOL carryforwards and **$1.0 billion** of state NOL carryforwards to offset future taxable income[62](index=62&type=chunk) - Subsequent to the quarter end, the Board increased the quarterly dividend to **$0.12 per share**, appointed Brett Icahn to the Board, and approved a dividend reinvestment plan[78](index=78&type=chunk)[79](index=79&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes improved Q2 and H1 2025 results to increased production and higher natural gas prices, highlighting strategic focus on development, M&A, and production optimization [Overview and Outlook](index=21&type=section&id=Overview%20and%20Outlook) SandRidge, an independent oil and gas company, focuses on asset growth through development, M&A, production optimization, and leasehold expansion, with prudent capital allocation - The company's current strategic projects include: one rig development in the Cherokee Shale Play, evaluation of accretive merger and acquisition opportunities, a production optimization program, and a leasing program to bolster future development[88](index=88&type=chunk) [Consolidated Results of Operations](index=22&type=section&id=Consolidated%20Results%20of%20Operations) Q2 2025 consolidated revenues increased to **$34.5 million** due to higher production and natural gas prices, while lease operating expenses decreased and derivative gains were recorded Revenue by Product (in thousands) | Product | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Oil | $16,956 | $14,732 | $2,224 | | Natural gas | $8,748 | $2,946 | $5,802 | | NGL | $8,827 | $8,299 | $528 | | **Total revenues** | **$34,531** | **$25,977** | **$8,554** | Production and Pricing | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Total volumes (MBoe) | 1,619 | 1,363 | 256 | | Average daily total volumes (MBoe/d) | 17.8 | 15.0 | 2.8 | | Average price - Oil (per Bbl) | $62.80 | $79.54 | ($16.74) | | Average price - Natural gas (per Mcf) | $1.82 | $0.66 | $1.16 | | Average price - Total (per Boe) | $21.33 | $19.06 | $2.27 | - Lease operating expenses decreased in Q2 2025 primarily due to a **$2.1 million** one-time non-cash adjustment of an operating accrual[95](index=95&type=chunk) - No full cost ceiling limitation impairments were recorded during the first six months of 2025 or 2024[99](index=99&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company maintained strong liquidity with **$104.2 million** in cash and no debt, funding capital expenditures, dividends, share repurchases, and acquisitions from operations - As of June 30, 2025, the company's cash and cash equivalents, including restricted cash, was **$104.2 million**, with no outstanding term or revolving debt[106](index=106&type=chunk) Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Cash flows provided by operating activities | $43,181 | $27,093 | | Cash flows used in investing activities | ($23,745) | ($5,119) | | Cash flows used in financing activities | ($14,748) | ($64,626) | Capital Expenditures (on an accrual basis, in thousands) | Category | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Drilling, completion, and capital workovers | $24,533 | $2,468 | | Leasehold and geophysical | $3,151 | $900 | | **Total Capital Expenditures** | **$27,684** | **$3,368** | [Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages commodity price volatility for oil, natural gas, and NGLs through derivative contracts, including fixed-price swaps and costless collars, with credit risk mitigated by investment-grade counterparties Open Derivative Contracts as of June 30, 2025 | Commodity | Type | Period | Daily Volume | Weighted Avg. Price/Collar | | :--- | :--- | :--- | :--- | :--- | | Oil (Bbl) | Fixed Price Swaps | Jul 2025 - Jun 2026 | 300 - 500 | $68.67 - $71.60 | | Oil (Bbl) | Costless Collars | Jul 2025 - Dec 2025 | 675 | $61.57 Put / $78.02 Call | | Natural Gas (MMBtu) | Fixed Price Swaps | Jul 2025 - Dec 2026 | 4,500 - 8,500 | $4.09 - $4.17 | | Natural Gas (MMBtu) | Costless Collars | Jul 2025 - Dec 2026 | 4,500 - 20,500 | $3.35-$3.79 Put / $5.35-$7.08 Call | [Controls and Procedures](index=31&type=section&id=ITEM%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of June 30, 2025[127](index=127&type=chunk) - No material changes were made to the internal control over financial reporting during the quarter ended June 30, 2025[128](index=128&type=chunk) [PART II. OTHER INFORMATION](index=32&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=32&type=section&id=ITEM%201.%20Legal%20Proceedings) This section refers to Note 6 for details on legal proceedings, including ongoing litigation related to SandRidge Mississippian Trust I and insurance disputes - For details on legal proceedings, the report refers to Note 6—Commitments and Contingencies in the financial statements[130](index=130&type=chunk) [Risk Factors](index=33&type=section&id=ITEM%201A.%20Risk%20Factors) No material changes to risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024 - The company refers to Item 1A of its 2024 Form 10-K for information regarding risk factors, indicating no material changes[131](index=131&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=33&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2025, the company repurchased 104,363 shares, including those under its repurchase program, with **$68.8 million** remaining available Share Repurchases for Q2 2025 | Period | Total Shares Purchased | Average Price Paid per Share | Shares Purchased as Part of Program | Value Remaining in Program (Millions) | | :--- | :--- | :--- | :--- | :--- | | April 2025 | 99,832 | $9.13 | 96,550 | $68.8 | | May 2025 | 4,531 | $10.25 | — | $68.8 | | June 2025 | — | — | — | $68.8 | | **Total** | **104,363** | | **96,550** | | [Other Information](index=33&type=section&id=ITEM%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during Q2 2025 - No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the three months ended June 30, 2025[138](index=138&type=chunk) [Exhibits](index=34&type=section&id=ITEM%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including new indemnification agreements and required CEO/CFO certifications under Sarbanes-Oxley Act Sections 302 and 906 - The filing includes CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[139](index=139&type=chunk)
SandRidge Energy(SD) - 2025 Q2 - Earnings Call Transcript
2025-08-07 19:00
Financial Data and Key Metrics Changes - The company reported a production average of just under 18 BOE per day, representing a 19% increase on a BOE basis and a 46% increase in oil production, leading to a 33% increase in revenue and a 76% increase in adjusted EBITDA compared to the same period last year [4][5][9] - Revenue for the quarter was approximately $35 million, a 33% increase year-over-year, while adjusted EBITDA was $22.8 million compared to $12.9 million in the prior year [5][9] - Net income was $19.6 million or $0.53 per basic share, compared to $9 million or $0.24 per basic share in the same period last year [8][9] Business Line Data and Key Metrics Changes - The company successfully completed and brought online the first well from the Cherokee development program, achieving an initial production rate of approximately 2,300 BOE per day with 49% oil [4][11] - The company plans to drill eight operated Cherokee wells this year, with production expected to ramp up significantly in the second half of the year [12][18] Market Data and Key Metrics Changes - The company benefited from improved natural gas prices, although ongoing headwinds in WTI prices were noted [5][13] - Commodity price realizations for the quarter were $62.8 per barrel of oil, $1.82 per Mcf of gas, and $16.1 per barrel of NGLs, compared to $69.88, $2.69, and $20.07 respectively in the first quarter [7][8] Company Strategy and Development Direction - The company aims to continue developing its high-return Cherokee assets, with expectations of increasing oil production volumes [12][28] - The strategy includes maximizing the value of incumbent assets, exercising capital stewardship, and maintaining optionality for potential merger and acquisition opportunities [27][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the reservoir quality and production consistency in the Cherokee area, with expectations for significant production increases in the second half of the year [12][13] - The company is well-positioned to navigate commodity price fluctuations due to its strong balance sheet and lack of debt [16][25] Other Important Information - The company declared a $0.12 per share dividend, a 9% increase, payable on September 29, 2025 [6] - The company has repurchased approximately $6 million worth of common shares year-to-date [6][30] Q&A Session Summary Question: What are the expectations for production growth in the Cherokee area? - Management indicated that production from the Cherokee development program is expected to ramp up significantly in the second half of the year, with exit rates projected over 19 MBOE per day [12][28] Question: How is the company managing costs amid inflationary pressures? - The company is actively managing operating costs through rigorous bidding processes and leveraging its infrastructure to maintain cost discipline [21][22] Question: What is the company's approach to potential acquisitions? - The company plans to evaluate merger and acquisition opportunities in a disciplined manner, considering its balance sheet and commitment to capital return programs [27][28]
SandRidge Energy(SD) - 2025 Q2 - Quarterly Results
2025-08-06 21:22
Financial and Operating Results Summary [Key Highlights](index=1&type=section&id=Key%20Highlights) SandRidge Energy reported strong Q2 2025 results, highlighted by a 9% dividend increase to $0.12 per share, significant net income growth to $19.6 million, and 19% year-over-year production growth to 17.8 MBoe/d, maintaining a healthy balance sheet with $104.2 million in cash and no debt - The Board of Directors declared a quarterly dividend of **$0.12 per share**, a **9% increase**, payable on September 29, 2025, with a new Dividend Reinvestment Plan authorized[5](index=5&type=chunk) Q2 2025 Profitability Metrics | Dollars in thousands (except per share data) | 2Q25 | 1Q25 | Change vs 1Q25 | 2Q24 | Change vs 2Q24 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Net income** | $19,558 | $13,049 | $6,509 | $8,794 | $10,764 | | **Net Income per share** | $0.53 | $0.35 | $0.18 | $0.24 | $0.29 | | **Adjusted net income** | $12,236 | $14,534 | $(2,298) | $6,353 | $5,883 | | **Adjusted EBITDA** | $22,822 | $25,491 | $(2,669) | $12,934 | $9,888 | | **Free cash flow** | $9,813 | $13,595 | $(3,782) | $8,967 | $846 | - Average production for Q2 2025 was **17.8 MBoe per day**, a **19% increase** compared to Q2 2024, primarily driven by the Cherokee acquisition and the company's operated development program[5](index=5&type=chunk) - As of June 30, 2025, the company held **$104.2 million in cash and cash equivalents** and had **no outstanding debt**[5](index=5&type=chunk)[9](index=9&type=chunk) [Operational Performance](index=2&type=section&id=Operational%20Performance) In Q2 2025, production increased 19% year-over-year, with oil production up 46%, leading to a 33% rise in total revenues compared to Q2 2024, though quarter-over-quarter revenues and realized prices declined due to lower WTI and Henry Hub benchmark prices, while lease operating expense (LOE) per Boe improved significantly, partly due to a one-time non-cash adjustment Q2 2025 Production and Realized Prices | | 2Q25 | 1Q25 | 2Q24 | | :--- | :--- | :--- | :--- | | **Production (MBoed)** | 17.8 | 17.9 | 15.0 | | Oil as % of production | 17% | 17% | 14% | | **Revenues (in thousands)** | $34,531 | $42,604 | $25,977 | | **Realized oil price per barrel** | $62.80 | $69.88 | $79.54 | | **Realized natural gas price per Mcf** | $1.82 | $2.69 | $0.66 | | **Realized price per Boe** | $21.33 | $26.51 | $19.06 | - Lease operating expense (LOE) for Q2 2025 was **$6.6 million**, or **$4.05 per Boe**, improving from Q2 2024 primarily due to a **$2.1 million one-time non-cash adjustment** of an operating accrual and increased sales volumes[8](index=8&type=chunk) [Capital Structure and Shareholder Returns](index=3&type=section&id=Capital%20Structure%20and%20Shareholder%20Returns) The company maintains a strong, debt-free capital structure with $104.2 million in cash, continuing to return capital to shareholders through an increased quarterly dividend and an ongoing share repurchase program, under which it bought back 0.5 million shares for $6.0 million in the first half of 2025 - The company has **no outstanding term or revolving debt obligations** as of June 30, 2025[9](index=9&type=chunk) Dividends Per Share History | | 2Q25 | 1Q25 | 2024 | 2023 | | :--- | :--- | :--- | :--- | :--- | | **Special dividends per share** | $— | $— | $1.50 | $2.00 | | **Quarterly dividends per share** | $0.11 | $0.11 | $0.44 | $0.20 | | **Total dividends per share** | $0.11 | $0.11 | $1.94 | $2.20 | - During the first six months of 2025, the company repurchased **0.5 million shares** for **$6.0 million** at an average price of **$10.89 per share**, with **$69 million remaining** available under the **$75 million repurchase authorization**[11](index=11&type=chunk) [Business Outlook and Strategy](index=3&type=section&id=Business%20Outlook%20and%20Strategy) SandRidge's strategy focuses on prudently allocating capital to high-return projects, including a one-rig development in the Cherokee Shale Play, evaluating accretive M&A opportunities, optimizing production through artificial lift conversions, and expanding its leasing program, with capital adjustments based on commodity prices and project returns - The company's current high-return growth projects include: - One-rig development in the Cherokee Shale Play - Evaluation of accretive merger and acquisition opportunities - A production optimization program including artificial lift conversions and recompletions - A leasing program to support future development in its Cherokee assets[12](index=12&type=chunk) [ESG Initiatives](index=4&type=section&id=ESG%20Initiatives) SandRidge emphasizes its commitment to safe and environmentally conscious operations, with key ESG practices including no routine flaring of natural gas, transporting produced water via pipeline, using electricity to power well sites, and employing advanced leak detection to monitor emissions - The company's ESG commitment includes **no routine flaring** of produced natural gas, transporting nearly all produced water by pipeline, and powering most well sites with electricity[13](index=13&type=chunk) Detailed Financial and Operational Data [Operational and Financial Statistics](index=5&type=section&id=Operational%20and%20Financial%20Statistics) This section provides a detailed breakdown of production volumes, average realized prices (with and without derivatives), costs per Boe, and earnings per share for the three and six-month periods ending June 30, 2025, compared to the same periods in 2024 Comparative Operational and Financial Statistics | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | **Daily production (MBoed)** | 17.8 | 15.0 | 17.8 | 15.0 | | **Realized price per Boe** | $21.33 | $19.06 | $23.91 | $20.54 | | **Lease operating cost per Boe** | $4.05 | $6.41 | $5.42 | $7.17 | | **Basic EPS** | $0.53 | $0.24 | $0.88 | $0.54 | [Capital Expenditures and Derivatives](index=6&type=section&id=Capital%20Expenditures%20and%20Derivatives) For the first six months of 2025, the company's capital expenditures totaled $27.7 million, primarily for drilling and completion, with hedging positions as of June 30, 2025, including a mix of fixed-price swaps and costless collars for oil, natural gas, and NGLs through 2026 Capital Expenditures (Six Months Ended June 30, 2025) | (In thousands) | Amount | | :--- | :--- | | Drilling, completion, and capital workovers | $24,533 | | Leasehold and geophysical | $3,151 | | **Total capital expenditures (accrual basis)** | **$27,684** | - As of June 30, 2025, the company has hedged portions of its oil, natural gas, and NGL production through December 2026 using fixed-price swaps and producer costless collars[20](index=20&type=chunk) [Capitalization](index=7&type=section&id=Capitalization) The company's capitalization table as of June 30, 2025, shows total assets of $602.3 million and total liabilities of $122.1 million, with the capital structure entirely composed of stockholders' equity of $480.2 million and no long-term debt Capitalization Summary (in thousands) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Cash, cash equivalents and restricted cash** | $104,199 | $99,511 | | **Long-term debt** | $— | $— | | **Total SandRidge Energy, Inc. stockholders' equity** | $480,167 | $460,531 | | **Total capitalization** | $480,167 | $460,531 | Consolidated Financial Statements (GAAP) [Condensed Consolidated Income Statements](index=8&type=section&id=Condensed%20Consolidated%20Income%20Statements) For the three months ended June 30, 2025, SandRidge reported total revenues of $34.5 million and net income of $19.6 million, a significant increase from $8.8 million in the same period of 2024, boosted by a $6.1 million gain on derivative contracts Income Statement Highlights (in thousands) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | **Total revenues** | $34,531 | $25,977 | $77,135 | $56,260 | | **Total expenses** | $15,997 | $19,757 | $46,412 | $41,622 | | **Income from operations** | $18,534 | $6,220 | $30,723 | $14,638 | | **Net income** | $19,558 | $8,794 | $32,607 | $19,919 | [Condensed Consolidated Balance Sheets](index=9&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, the company's balance sheet shows total assets of $602.3 million, up from $581.5 million at year-end 2024, with total liabilities at $122.1 million and total stockholders' equity increasing to $480.2 million Balance Sheet Highlights (in thousands) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $136,107 | $127,653 | | **Total assets** | $602,273 | $581,511 | | **Total current liabilities** | $59,243 | $60,595 | | **Total liabilities** | $122,106 | $120,980 | | **Total stockholders' equity** | $480,167 | $460,531 | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash provided by operating activities was $43.2 million, net cash used in investing activities was $23.7 million, and net cash used in financing activities was $14.7 million, primarily for dividends and share repurchases, resulting in a $4.7 million increase in the company's cash position Cash Flow Summary (Six Months Ended June 30, in thousands) | | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $43,181 | $27,093 | | **Net cash used in investing activities** | $(23,745) | $(5,119) | | **Net cash used in financing activities** | $(14,748) | $(64,626) | | **Net increase (decrease) in cash** | $4,688 | $(42,652) | | **Cash, end of period** | $104,199 | $211,292 | Non-GAAP Financial Measures and Reconciliations [Reconciliation of Adjusted Operating Cash Flow and Free Cash Flow](index=11&type=section&id=Reconciliation%20of%20Adjusted%20Operating%20Cash%20Flow%20and%20Free%20Cash%20Flow) For Q2 2025, Adjusted Operating Cash Flow was $25.6 million, and Free Cash Flow was $9.8 million, with these non-GAAP measures used by management to assess the company's ability to internally fund its activities Cash Flow Reconciliation (Q2 2025 vs Q2 2024, in thousands) | | 2Q25 | 2Q24 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $22,850 | $11,412 | | **Adjusted operating cash flow** | $25,561 | $15,384 | | **Free cash flow** | $9,813 | $8,967 | [Reconciliation of Adjusted EBITDA](index=12&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA) Adjusted EBITDA for Q2 2025 was $22.8 million, a significant increase from $12.9 million in Q2 2024, with this non-GAAP measure adjusting net income for items like depreciation, interest, taxes, and non-recurring expenses to provide a clearer view of operating performance Adjusted EBITDA Reconciliation (in thousands) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | **Net Income** | $19,558 | $8,794 | $32,607 | $19,919 | | **EBITDA** | $29,498 | $14,839 | $52,589 | $31,751 | | **Adjusted EBITDA** | $22,822 | $12,934 | $48,313 | $27,651 | [Reconciliation of Adjusted Net Income](index=13&type=section&id=Reconciliation%20of%20Adjusted%20Net%20Income) For Q2 2025, Adjusted Net Income was $12.2 million, or $0.33 per diluted share, compared to $6.4 million, or $0.17 per diluted share, in Q2 2024, with this measure excluding items like gains or losses on derivatives to better reflect operational trends Adjusted Net Income Reconciliation (Q2 2025 vs Q2 2024) | (In thousands, except per share) | 2Q25 | 2Q24 | | :--- | :--- | :--- | | **Net income available to common stockholders** | $19,558 | $8,794 | | **Adjusted net income available to common stockholders** | $12,236 | $6,353 | | **Total adjusted net income per diluted share** | $0.33 | $0.17 | [Reconciliation of Adjusted G&A](index=14&type=section&id=Reconciliation%20of%20Adjusted%20G%26A) Adjusted General & Administrative (G&A) expense for Q2 2025 was $2.4 million, or $1.48 per Boe, representing a 20% reduction on a per-Boe basis compared to Q2 2024, demonstrating improved cost efficiency Adjusted G&A Reconciliation (Q2 2025 vs Q2 2024) | (In thousands, except per Boe) | 2Q25 | 2Q24 | | :--- | :--- | :--- | | **General and administrative** | $3,028 | $3,050 | | **Adjusted G&A** | $2,382 | $2,514 | | **Adjusted G&A per Boe** | $1.48 | $1.85 |
SANDRIDGE ENERGY, INC. ANNOUNCES FINANCIAL AND OPERATING RESULTS FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2025 AND DECLARES INCREASED DIVIDEND OF $0.12 PER SHARE
Prnewswire· 2025-08-06 20:19
Financial Results & Update - The company reported a net income of $19.6 million for Q2 2025, an increase from $13.0 million in Q1 2025 and $8.8 million in Q2 2024 [3][24] - Adjusted net income for Q2 2025 was $12.2 million, or $0.33 per share, compared to $14.5 million in Q1 2025 and $6.4 million in Q2 2024 [3][41] - Net cash provided by operating activities was $22.9 million in Q2 2025, up from $20.3 million in Q1 2025 and $11.4 million in Q2 2024 [3][32] - Adjusted EBITDA for Q2 2025 was $22.8 million, compared to $25.5 million in Q1 2025 and $12.9 million in Q2 2024 [3][35] Operational Results & Update - Total production for Q2 2025 was 1,619 MBoe, a 19% increase year-over-year from 1,363 MBoe in Q2 2024 [4][5] - Oil production increased by 46% year-over-year, contributing to a total revenue increase of 33% compared to Q2 2024 [5][24] - The realized oil price per barrel was $62.80 in Q2 2025, down from $79.54 in Q2 2024 [4][24] - The company’s production averaged 17.8 MBoed during Q2 2025, slightly down from 17.9 MBoed in Q1 2025 [4][5] Dividend Program - The Board declared a dividend of $0.12 per share, a 9% increase, payable on September 29, 2025 [6][10] - Total dividends declared for Q2 2025 amounted to $32.0 million, with special dividends totaling $130.2 million for the year [10][11] Liquidity & Capital Structure - As of June 30, 2025, the company had $104.2 million in cash and cash equivalents, with no outstanding debt [9][22] - The company repurchased 0.5 million shares for $6.0 million during the first half of 2025, with $69 million remaining under the repurchase authorization [11][22] Outlook - The company aims to grow its asset base responsibly while focusing on high-return projects, including a one-rig development in the Cherokee Shale Play [12] - Future plans include evaluating merger and acquisition opportunities and optimizing production through artificial lift conversions [12] Environmental, Social, & Governance (ESG) - The company emphasizes safe and environmentally conscious resource harvesting, including no routine flaring of natural gas and using pipelines for water transport [13]
SANDRIDGE ENERGY, INC. ANNOUNCES SECOND QUARTER 2025 OPERATIONAL AND FINANCIAL RESULTS RELEASE DATE AND CONFERENCE CALL INFORMATION
Prnewswire· 2025-08-04 12:30
Core Points - SandRidge Energy, Inc. plans to release its second quarter 2025 operational and financial results on August 6, 2025, after market close [1] - A conference call to discuss the financial results and operational highlights will be held on August 7, 2025, at 1:00 p.m. Central Time [2] - The conference call will be accessible via registration, and a live audio webcast will also be available on the company's website [3] Company Overview - SandRidge Energy, Inc. is an independent oil and gas company focused on the production, development, and acquisition of oil and gas properties, primarily operating in the Mid-Continent region, including Oklahoma, Texas, and Kansas [4]
SANDRIDGE ENERGY, INC. ANNOUNCES APPOINTMENT OF BRETT ICAHN TO THE BOARD OF DIRECTORS
Prnewswire· 2025-07-22 21:04
Core Viewpoint - SandRidge Energy, Inc. has announced the appointment of Brett Icahn as a director, expanding the Board to six members, which reflects the commitment of major shareholders to the company's long-term success [1][5]. Company Overview - SandRidge Energy, Inc. is an independent oil and gas company focused on the production, development, and acquisition of oil and gas properties, primarily operating in the Mid-Continent region, including Oklahoma, Texas, and Kansas [6]. Brett Icahn's Background - Brett Icahn, age 45, is a notable American investor and portfolio manager, currently serving on the board of Icahn Enterprises L.P. and as a Portfolio Manager at Icahn Capital LP, which is a subsidiary of Icahn Enterprises [2]. - He has been instrumental in managing investment strategies for Icahn Capital since October 2020 and previously provided exclusive investment advice to Carl C. Icahn from 2017 to 2020 [2]. - Icahn has served on various boards, including Bausch Health Companies Inc. and Bausch + Lomb Corporation, and has a history of involvement with companies like Dana Inc. and Newell Brands Inc. [3]. Investment Philosophy - Known for his analytical rigor and long-term investment perspective, Brett Icahn has been involved in significant investment decisions and activist campaigns, emphasizing shareholder value and responsible corporate governance [4]. Board Comments - Vince Intrieri, Chairman of the Board of SandRidge, expressed enthusiasm about Icahn's appointment, highlighting the expected benefits from his insights and experience in executing the company's strategy [5]. - Brett Icahn expressed his eagerness to contribute to the company's growth and represent shareholder interests in pursuing long-term value creation [5].
SandRidge Energy(SD) - 2021 Q1 - Earnings Call Presentation
2021-05-12 13:51
Company Strategy and Focus - SandRidge Energy's primary strategic focus is to grow the cash value and generation capability of its asset base to accelerate shareholder value realization in a safe, responsible, and efficient manner[7] - The company aims to extend and flatten its production profile with low capital, high return projects and well reactivations[7] - The company is focused on lower risk, PDP-weighted assets that fit its core cost efficiency and production optimization competencies for opportunistic acquisitions[7] Asset Base and Production - The company has a long-lived Midcon asset position with a more than 9 year average reserve life[11] - The company's Q1 2021 net production was 175 thousand barrels of oil equivalent per day (Mboe/d), with approximately 47% liquids[12] - The company's PD reserves are 602 million barrels of oil equivalent (MMBoe) with a PV-10 value of approximately $233 million[12] Financial Performance and Cost Reduction - The company has lowered its absolute LOE by more than 70% and its LOE per Boe by more than 40% since 2016[22] - The company has lowered its absolute and per Boe G&A by more than 60% since 2018[43] - The company achieved 1Q21 Gas and NGL realizations 52% and 79% higher, respectively, than their LTM averages[27] Safety and ESG Commitment - The company is approaching three years without a Total Recordable Incident Rate (TRIR), currently at 33 months[18] - The company has a disciplined ESG commitment with a focus on environmental, social, and governance aspects[5]
SandRidge Energy Upgraded to Neutral on Gas Prices & Growth
ZACKS· 2025-07-02 15:30
Core Viewpoint - SandRidge Energy Inc. has been upgraded to a "Neutral" rating, reflecting a cautious yet constructive outlook based on improving natural gas prices, a strong balance sheet, and anticipated production growth in the second half of 2025 [1][2][13] Natural Gas Pricing and Revenue Outlook - The recovery in natural gas prices is a significant factor for the upgrade, with Henry Hub prices nearly doubling to $4.30/Mcf in Q1 2025 from $2.23/Mcf in Q1 2024, leading to improved gas realizations of $2.69/Mcf, up from $1.25/Mcf a year earlier [3][4] - Natural gas now constitutes 49% of production volume and 30% of revenue, a notable increase from 20% of revenues in Q1 2024, enhancing cash flow stability amid softening oil prices [4] Financial Health and Flexibility - As of March 31, 2025, SandRidge Energy reported over $101 million in cash with no outstanding debt, translating to more than $2.75 per share in cash, indicating strong financial health [7] - The company generated $25.5 million in adjusted EBITDA and approximately $14 million in free cash flow in Q1 2025, demonstrating operational discipline despite increased capital expenditures [8] - SandRidge Energy has $1.6 billion in federal net operating losses (NOLs), which will enhance future tax efficiency [9] Production Growth Prospects - Production is expected to increase significantly in the latter half of 2025, with the first well from the Cherokee program drilled in Q1 2025 and first production anticipated in May [10] - Exit rate production is projected to reach 19 MBoe/d by the end of 2025, indicating a 6% increase from Q1 2025 levels, with oil production expected to grow by 30% [11] - Nearby operators have reported strong early production from offsetting wells, validating reservoir quality and reducing execution risk for SandRidge Energy [12]