SandRidge Energy(SD)

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SandRidge Energy(SD) - 2023 Q2 - Quarterly Report
2023-08-03 20:24
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-33784 SANDRIDGE ENERGY, INC. (Exact name of registrant as specified in its charter) Delaware 20-8084793 Regist ...
SandRidge Energy(SD) - 2023 Q1 - Earnings Call Transcript
2023-05-05 20:17
SandRidge Energy, Inc. (NYSE:SD) Q1 2023 Earnings Conference Call May 5, 2023 11:00 AM ET Company Participants Scott Prestridge – Vice President, Finance and Treasury Grayson Pranin – Chief Executive Officer and Chief Operating Officer Salah Gamoudi – Chief Financial Officer and Chief Accounting Officers Conference Call Participants Operator Good morning, and welcome to SandRidge Energy's Q1 2023 Earnings Conference Call. All participants are in a listen-only mode. After the speakers' presentation, we will ...
SandRidge Energy(SD) - 2023 Q1 - Quarterly Report
2023-05-05 20:08
Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-33784 SANDRIDGE ENERGY, INC. (Exact name of registrant as specified in its charter) (State or other jurisdict ...
SandRidge Energy(SD) - 2022 Q4 - Earnings Call Transcript
2023-03-17 20:12
Financial Data and Key Metrics Changes - The company reported a net income of $105.2 million or $2.86 per share for the quarter, with cash provided by operating activities amounting to $30.1 million [8] - Net cash, including restricted cash, increased to approximately $257 million, representing nearly $7 per share of common stock as of December 31, 2022 [12] - Adjusted EBITDA for the quarter was approximately $43 million and approximately $191 million for the year [13] - The company maintained adjusted G&A at approximately $2 million for the quarter and approximately $8 million or $1.22 per Boe for the year, below the low point of guidance [7][47] Business Line Data and Key Metrics Changes - Production averaged 17.7 MBoe per day in 2022, driven by a stable, low-decline production base and drilling completion programs [5] - The company successfully drilled 8 wells and is now producing 6 wells from last year's capital program, targeting the Meramec in the Northwest STACK [48] - Oil volumes increased by more than 25% from the first to the second half of the year, aided by the oilier content of new Northwest STACK wells [44] Market Data and Key Metrics Changes - Commodity price realizations in Q4 were $79.10 per barrel for oil and $4.40 per Mcf for natural gas, with NGL realizations at $25.73 per barrel [6] - The company has commodity derivative contracts with an average strike price of $8.39 per MMBtu, with a mark-to-market asset value of $4.4 million as of December 31, 2022 [20] Company Strategy and Development Direction - The company aims to maximize cash value and generation capacity of its Mid-Con PDP assets through high rate of return workovers and well reactivations [21] - The strategy includes converting as much EBITDA to free cash flow as possible while investing in high-risk adjusted return projects [22] - The company is focused on maintaining optionality for value-accretive M&A opportunities that could leverage its core competencies and utilize its $1.6 billion in net operating losses [46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate strong free cash flow and maintain a robust balance sheet despite inflationary pressures [28][35] - The company will continue to monitor commodity prices and adjust its development decisions accordingly [29][50] - Management highlighted the importance of cost discipline and operational efficiency in navigating the current market environment [35][47] Other Important Information - The company has no term debt or revolving debt obligations as of December 31, 2022, and funds all capital expenditures with free cash flow [12] - The expected asset-level decline for producing assets is approximately 8% over the next 10 years [10] - The company has a significant federal NOL position estimated at $1.6 billion, shielding future cash flows from federal income tax [14] Q&A Session Summary - The call concluded without any recorded questions or answers, indicating a wrap-up of the conference call [40]
SandRidge Energy(SD) - 2022 Q4 - Annual Report
2023-03-15 20:02
OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K For the transition period from to Commission File Number: 001-33784 SANDRIDGE ENERGY, INC. (Exact name of registrant as specified in its charter) Delaware 20-8084793 (State or other jurisdiction ...
SandRidge Energy(SD) - 2022 Q3 - Quarterly Report
2022-11-03 20:40
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-33784 SANDRIDGE ENERGY, INC. (Exact name of registrant as specified in its charter) (State or other juris ...
SandRidge Energy(SD) - 2022 Q3 - Earnings Call Transcript
2022-11-03 18:41
Financial Data and Key Metrics Changes - Production for Q3 2022 remained flat at approximately 17.8 MBoe per day, benefiting from the completion of 3 new wells and the reactivation of 42 wells [7][10] - Net cash increased to approximately $241 million, representing $6.50 per share, with a $35 million increase over the quarter [9][52] - Adjusted EBITDA for the quarter was approximately $55 million, with net income of approximately $54 million or $1.46 per share, an 11% increase from the prior quarter [11][16] Business Line Data and Key Metrics Changes - Oil production increased by 25% over the prior quarter due to the new wells and ongoing well reactivations [8][19] - The company plans to reactivate a total of 54 wells for the year, with an average IRR exceeding 100% [19][20] Market Data and Key Metrics Changes - Commodity price realizations were $92.24 per barrel for oil and $5.99 per Mcf for natural gas [12] - The company has entered into commodity derivative contracts for natural gas with average strike prices of $8.39 per MMBtu [13][28] Company Strategy and Development Direction - The company focuses on maximizing cash value and generation capacity from its Mid-Con PDP assets through high rate of return workovers and well reactivations [31] - The strategy includes maintaining optionality for value-accretive M&A opportunities and utilizing its $1.6 billion in NOLs to shield future cash flows from federal income taxes [33][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining production levels and generating strong cash flow despite inflationary pressures and fluctuating commodity prices [38][44] - The company anticipates maintaining drilling activity at a 1 rig pace, with expectations of adding more than 25% more oil production in the fourth quarter [44][45] Other Important Information - The company has no term debt or revolving debt obligations, funding all capital expenditures with organic free cash flow [10][54] - The company’s asset base is primarily PDP wells, which do not require routine flaring of produced gas, providing a diversified production profile [23][54] Q&A Session Summary Question: Clarification on PDP decline rate - Management confirmed that the base decline of producing assets will average an 8% decline over the next 10 years without capital [57] Question: Inventory of additional well locations - Management indicated that there is additional inventory that is economic today, and they will continue to adjust plans based on market conditions [60] Question: Use of NOLs in acquisitions - Management discussed that NOLs could be beneficial in acquiring late-life PDP assets that require minimal capital intensity [66] Question: Company valuation and shareholder value increase - Management acknowledged the valuation dislocation and emphasized executing their outlined program and maintaining investor outreach to increase share price [72] Question: Insider buying and management confidence - Management noted that a significant portion of their personal income is tied to the company's performance, aligning their interests with shareholders [77]
SandRidge Energy(SD) - 2022 Q2 - Quarterly Report
2022-08-04 20:53
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-33784 SANDRIDGE ENERGY, INC. (Exact name of registrant as specified in its charter) (State or other jurisdicti ...
SandRidge Energy(SD) - 2022 Q2 - Earnings Call Transcript
2022-08-04 18:21
SandRidge Energy, Inc. (NYSE:SD) Q2 2022 Earnings Conference Call August 4, 2022 11:00 AM ET Company Participants Scott Prestridge - Director, Finance and Investor Relations Grayson Pranin - President, CEO & COO Salah Gamoudi - EVP, CFO & CAO Conference Call Participants Joshua Young - Bison Interests Jeffrey Robertson - Water Tower Research Operator Greetings, and welcome to the Second Quarter 2022 SandRidge Energy Conference Call. [Operator Instructions]. As a reminder, this conference is being recorded. ...
SandRidge Energy(SD) - 2022 Q1 - Quarterly Report
2022-05-05 20:23
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-33784 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) SANDRIDGE ENERGY, INC. (Exact name of registrant as specified in its charter) (State or other jurisdict ...