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SandRidge Energy(SD) - 2022 Q1 - Earnings Call Transcript
2022-05-05 19:34
SandRidge Energy, Inc. (NYSE:SD) Q1 2022 Earnings Conference Call May 5, 2022 11:00 AM ET Company Participants Scott Prestridge – Director of Finance and Investor Relations Grayson Pranin – Chief Executive Officer and Chief Operating Officer Salah Gamoudi – Executive Vice President and Chief Financial Officer Conference Call Participants Joshua Young – Bison Interests Operator Good morning. My name is Julian, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the SandR ...
SandRidge Energy(SD) - 2021 Q4 - Earnings Call Presentation
2022-03-11 21:47
Financial Highlights - SandRidge Energy's SEC Proved Developed Reserve PV-10 is approximately $433 million [5] with a net cash position of $140 million [5] - The company generated approximately $99 million of free cash flow in 2021 [6] - SandRidge Energy has approximately $1.7 billion of Net Operating Loss carryforwards as of YE21 [6] Operational Performance - SandRidge Energy maintained flat production over the trailing twelve months with approximately $11 million of invested capital [6] - The company's daily average base production rate was 186 MBoed in 2021 [13], with liquids accounting for approximately 47% of total production [17] - Lease operating costs were $390 per Boe for FY21 [8] - The company reactivated 129 wells in 2021, resulting in a gross production increase of 32 MBoed [23] Strategic Focus - The company plans to drill 9 new wells in the core of NW Stack in 2022 [6] - SandRidge Energy reduced its annual absolute LOE by approximately 75% since 2016 [26] - The company reduced its annual absolute G&A by approximately 75% since 2018 [36]
SandRidge Energy(SD) - 2021 Q4 - Annual Report
2022-03-10 21:57
UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 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 (State or other jurisdiction of incorporation or organization) (I.R.S. E ...
SandRidge Energy(SD) - 2021 Q4 - Earnings Call Transcript
2022-03-10 18:40
SandRidge Energy, Inc. (NYSE:SD) Q4 2021 Earnings Conference Call March 10, 2022 11:00 AM ET Company Participants Scott Prestridge - Director of Finance and Investor Relations Grayson Pranin - Chief Executive Officer and Chief Operating Officer Salah Gamoudi - Chief Financial Officer and Chief Accounting Officer Dean Parrish - Vice President of Operations Conference Call Participants Michael Furrow - Johnson Rice Joshua Young - Bison Interests Patrick Retzer - Retzer Capital Management Operator Good mornin ...
SandRidge Energy(SD) - 2021 Q3 - Quarterly Report
2021-11-10 21:20
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, 2021 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) - 2021 Q2 - Earnings Call Transcript
2021-08-11 21:17
SandRidge Energy, Inc (NYSE:SD) Q2 2021 Earnings Conference Call August 11, 2021 11:00 AM ET Company Participants Scott Prestridge – Director of Finance and Investor Relations Grayson Pranin – Chief Executive Officer and Chief Operating Officer Salah Gamoudi – Chief Financial Officer and Chief Accounting Officer Conference Call Participants Noel Parks – Tuohy Brothers Investment Brett Hendrickson – Nokomis Capital Josh Young – Bison Interests Michael Melby – Gate City Capital Market Operator Good day and th ...
SandRidge Energy(SD) - 2021 Q2 - Quarterly Report
2021-08-11 20:21
Table of Contents For the quarterly period ended June 30, 2021 OR UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Washington, D.C. 20549 For the transition period from to Commission File Number: 001-33784 Form 10-Q SANDRIDGE ENERGY, INC. (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of registrant as specified in its charter) Delaware 20-8084793 Regist ...
SandRidge Energy(SD) - 2021 Q1 - Earnings Call Transcript
2021-05-12 21:13
SandRidge Energy, Inc. (NYSE:SD) Q1 2021 Earnings Conference Call May 12, 2021 11:00 AM ET Company Participants Carl Giesler - Chief Executive Officer Salah Gamoudi - Chief Financial Officer Grayson Pranin - Chief Operating Officer Conference Call Participants Josh Young - Bison Michael Melby - Gate City Operator Good day and thank you for standing by. Welcome to the SandRidge Energy First Quarter 2021 Earnings Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, ...
SandRidge Energy(SD) - 2021 Q1 - Quarterly Report
2021-05-12 20:30
[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section encompasses the company's unaudited financial statements, management's analysis of operations, and disclosures regarding market risks and internal controls [Financial Statements (Unaudited)](index=4&type=section&id=ITEM%201.%20Financial%20Statements%20(Unaudited)) SandRidge Energy reported a **net income of $35.0 million** in Q1 2021, a turnaround from a **$12.7 million net loss** in Q1 2020, driven by an asset sale gain and lower expenses Condensed Consolidated Statements of Operations (Q1 2021 vs Q1 2020) | Metric | Q1 2021 (in thousands) | Q1 2020 (in thousands) | | :--- | :--- | :--- | | **Total Revenues** | $33,623 | $40,329 | | **Total Expenses** | $(1,439) | $53,088 | | **Income (Loss) from Operations** | $35,062 | $(12,759) | | **Net Income (Loss)** | $35,043 | $(12,670) | | **Diluted EPS** | $0.94 | $(0.36) | Condensed Consolidated Balance Sheet Highlights | Metric | March 31, 2021 (in thousands) | December 31, 2020 (in thousands) | | :--- | :--- | :--- | | **Cash and cash equivalents** | $73,876 | $22,130 | | **Total Current Assets** | $98,399 | $50,812 | | **Total Assets** | $280,254 | $260,832 | | **Total Liabilities** | $116,928 | $132,766 | | **Total Stockholders' Equity** | $163,326 | $128,066 | Condensed Consolidated Statements of Cash Flows (Q1 2021 vs Q1 2020) | Metric | Q1 2021 (in thousands) | Q1 2020 (in thousands) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $14,331 | $18,103 | | **Net cash provided by (used in) investing activities** | $34,085 | $(4,463) | | **Net cash provided by (used in) financing activities** | $(167) | $(11,867) | | **Net increase in cash** | $48,249 | $1,773 | [Note 5. Impairment](index=10&type=section&id=Note%205.%20Impairment) No full cost ceiling impairment was recorded in Q1 2021, contrasting with an **$8.0 million impairment** in Q1 2020 due to lower natural gas prices - No full cost ceiling impairment was recorded in Q1 2021, compared to an **$8.0 million impairment** in Q1 2020[41](index=41&type=chunk) - The SEC prices used for the March 31, 2021 ceiling test were **$40.01/Bbl** for oil and **$2.16/Mcf** for natural gas[42](index=42&type=chunk) [Note 6. Acquisitions and Divestitures](index=11&type=section&id=Note%206.%20Acquisitions%20and%20Divestitures) The company sold its North Park Basin assets for **$47 million** on February 5, 2021, recognizing a **$19.7 million gain** from the divestiture - The company sold its North Park Basin (NPB) assets on February 5, 2021, for a purchase price of **$47 million**, receiving net cash proceeds of **$39.7 million**[43](index=43&type=chunk) - A gain of **$19.7 million** was recognized on the sale of the NPB assets[43](index=43&type=chunk) [Note 8. Long-Term Debt](index=12&type=section&id=Note%208.%20Long-Term%20Debt) As of March 31, 2021, the company had a **$20.0 million term loan** outstanding under its **$30.0 million credit facility** and was in compliance with all financial covenants - The company has a **$30.0 million credit facility**, consisting of a **$20.0 million term loan** (fully drawn) and a **$10.0 million revolving loan** (undrawn) as of March 31, 2021[47](index=47&type=chunk) - The weighted average interest rate on the outstanding borrowings was approximately **2.6%** during Q1 2021[48](index=48&type=chunk) - The company was in compliance with all financial covenants as of March 31, 2021, with a consolidated total net leverage ratio of **(0.18)** and an interest coverage ratio of **42.86**[51](index=51&type=chunk) [Note 9. Commitments and Contingencies](index=12&type=section&id=Note%209.%20Commitments%20and%20Contingencies) The company is a nominal defendant in pre-bankruptcy securities litigation, has exhausted insurance coverage, and cannot estimate potential material losses - The company is a nominal defendant in two securities litigation cases where claims against it were discharged in the 2016 bankruptcy[54](index=54&type=chunk)[55](index=55&type=chunk)[57](index=57&type=chunk) - As of October 2020, all remaining insurance coverage for the costs of indemnification has been exhausted[57](index=57&type=chunk) - The company cannot determine the likelihood of an outcome or estimate a range of possible loss, but notes that such losses, if incurred, could be material[58](index=58&type=chunk) [Note 15. Subsequent Events](index=18&type=section&id=Note%2015.%20Subsequent%20Events) Post-quarter, on April 22, 2021, the company acquired overriding royalty interest assets of SandRidge Mississippian Trust I for **$4.9 million** gross - On April 22, 2021, the company acquired the overriding royalty interest assets of SandRidge Mississippian Trust I for **$4.9 million gross** (**$3.6 million net**)[86](index=86&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes Q1 2021 performance to the NPB asset sale and a focus on maximizing free cash flow, leading to reduced expenses and improved liquidity despite lower revenues - The company's strategy for 2021 is to maximize free cash flow through cost control, disciplined capital allocation, and limiting capital projects to high-return opportunities[94](index=94&type=chunk) - Following the sale of its North Park Basin assets on February 5, 2021, the company's principal focus is on its U.S. Mid-Continent assets[89](index=89&type=chunk)[96](index=96&type=chunk) - On April 22, 2021, the company acquired the overriding royalty interest assets of SandRidge Mississippian Trust I for a net cost of **$3.6 million**[96](index=96&type=chunk) [Consolidated Results of Operations](index=20&type=section&id=Consolidated%20Results%20of%20Operations) Q1 2021 total revenues decreased to **$33.6 million** due to lower production volumes, partially offset by higher commodity prices, while operating expenses significantly declined Production and Pricing (Q1 2021 vs Q1 2020) | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | **Total Production (MBoe)** | 1,641 | 2,567 | | **Average Daily Production (MBoe/d)** | 18.2 | 28.2 | | **Average Oil Price ($/Bbl)** | $53.99 | $42.01 | | **Average NGL Price ($/Bbl)** | $17.00 | $7.72 | | **Average Natural Gas Price ($/Mcf)** | $1.85 | $0.83 | | **Average Total Price ($/Boe)** | $20.49 | $15.64 | Operating Expenses per Boe (Q1 2021 vs Q1 2020) | Metric | Q1 2021 ($/Boe) | Q1 2020 ($/Boe) | | :--- | :--- | :--- | | **Lease operating expenses** | $4.85 | $6.09 | | **Production, ad valorem, and other taxes** | $1.33 | $1.25 | | **Depreciation and depletion—oil and natural gas** | $1.53 | $9.68 | - General and administrative expenses decreased by **$3.4 million** year-over-year due to reductions in force, lower IT costs, and reduced overhead from the sale of the corporate headquarters[109](index=109&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity significantly improved, with cash and cash equivalents reaching **$73.9 million** and working capital turning to a **$39.8 million surplus** due to asset sale proceeds - As of March 31, 2021, the company had **$73.9 million** in cash and cash equivalents and **$10.0 million** available under its revolving credit facility[114](index=114&type=chunk) - Working capital improved to a surplus of **$39.8 million** at March 31, 2021, from a deficit of **$18.1 million** at December 31, 2020[116](index=116&type=chunk) Capital Expenditures (Q1 2021 vs Q1 2020) | Category (in thousands) | Q1 2021 (in thousands) | Q1 2020 (in thousands) | | :--- | :--- | :--- | | **Drilling, completion and capital workovers** | $2,037 | $1,425 | | **Leasehold and geophysical** | $111 | $503 | | **Total cash paid for capital expenditures** | $3,153 | $5,452 | [Quantitative and Qualitative Disclosures About Market Risk](index=27&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are commodity price volatility and interest rate risk on its **$20.0 million** variable-rate debt, with no open commodity derivative contracts - The most significant market risk is commodity price volatility. The company had no open commodity derivative contracts as of March 31, 2021[130](index=130&type=chunk)[131](index=131&type=chunk) - The company is exposed to interest rate risk on its **$20.0 million** in outstanding variable-rate debt[137](index=137&type=chunk) [Controls and Procedures](index=28&type=section&id=ITEM%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective as of March 31, 2021, 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 March 31, 2021[138](index=138&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter ended March 31, 2021[139](index=139&type=chunk) [PART II. OTHER INFORMATION](index=29&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, unregistered equity sales, and a list of exhibits filed with the report [Legal Proceedings](index=29&type=section&id=ITEM%201.%20Legal%20Proceedings) This section refers to Note 9 for details on the company's status as a nominal defendant in ongoing securities litigation with unestimable potential losses - The company directs readers to Note 9 for details on legal proceedings, where it is a nominal defendant in securities litigation[142](index=142&type=chunk)[57](index=57&type=chunk) [Risk Factors](index=30&type=section&id=ITEM%201A.%20Risk%20Factors) No material changes were reported to the risk factors previously disclosed in the company's 2020 Annual Report on Form 10-K - There have been no material changes to the risk factors previously discussed in the Company's 2020 Form 10-K[144](index=144&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=30&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2021, the company repurchased **4,121 shares** of common stock from employees to satisfy tax withholding on vested stock awards - A total of **4,121 shares** were repurchased in February 2021 at an average price of **$4.73 per share**. These were shares tendered by employees to satisfy tax withholding on vested stock awards[146](index=146&type=chunk) [Exhibits](index=31&type=section&id=ITEM%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL data files - Key exhibits filed include CEO and CFO certifications (Exhibits 31.1, 31.2, 32.1) and XBRL interactive data files[151](index=151&type=chunk)
SandRidge Energy(SD) - 2020 Q4 - Earnings Call Presentation
2021-03-05 12:49
0 energy March 2021 2 Disclosure This presentation 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 statements express a belief, expectation or intention and are generally accompanied by words that convey projected future events or outcomes. The forward-looking statements include statements about the company's corporate strategies, future operations, development plans a ...