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SandRidge Energy(SD) - 2024 Q4 - Annual Results
SDSandRidge Energy(SD)2025-03-10 21:17

Dividends and Shareholder Returns - The Board declared a cash dividend of 0.11pershare,payableonMarch31,2025,toshareholdersofrecordonMarch20,2025[4].−In2024,thecompanypaid0.11 per share, payable on March 31, 2025, to shareholders of record on March 20, 2025[4]. - In 2024, the company paid 16.4 million in regular quarterly dividends and a one-time special dividend of 55.9million[4].FinancialPerformance−Thecompanygeneratednetincomeof55.9 million[4]. Financial Performance - The company generated net income of 63.0 million, or 1.70perbasicshare,in2024,withadjustednetincomeof1.70 per basic share, in 2024, with adjusted net income of 34.5 million, or 0.93perbasicshare[4].−AdjustedEBITDAfor2024was0.93 per basic share[4]. - Adjusted EBITDA for 2024 was 69.5 million[4]. - Total revenues for the year ended December 31, 2024, were 125.29million,adecreasefrom125.29 million, a decrease from 148.64 million in 2023[31]. - Net income for 2024 was 62.99million,comparedto62.99 million, compared to 60.86 million in 2023, resulting in a basic income per share of 1.70[31].−Freecashflowfor2024was1.70[31]. - Free cash flow for 2024 was 47,528,000, down from 89,174,000in2023,indicatingadecreaseof46.889,174,000 in 2023, indicating a decrease of 46.8%[44]. - Net income for Q4 2024 was 17,583,000, a significant increase from 1,792,000inQ42023,representingagrowthofover8771,792,000 in Q4 2023, representing a growth of over 877%[48]. - Adjusted EBITDA for Q4 2024 was 24,073,000, compared to 19,458,000inQ42023,reflectinganincreaseofapproximately2319,458,000 in Q4 2023, reflecting an increase of approximately 23%[49]. - Adjusted net income available to common stockholders for Q4 2024 was 12,698,000, slightly down from 13,016,000inQ42023,adecreaseofapproximately2.413,016,000 in Q4 2023, a decrease of approximately 2.4%[53]. - For the year ended December 31, 2024, the total adjusted net income available to common stockholders was 34,502,000, down from 69,015,000in2023,adecreaseofapproximately5069,015,000 in 2023, a decrease of approximately 50%[53]. Production and Operations - Production averaged 19.1 MBoe per day in Q4 2024, a 19% increase compared to Q4 2023, with oil production up 28%[4]. - Total oil production increased to 294 MBbl in Q4 2024 from 231 MBbl in Q4 2023, while natural gas production rose to 5,509 MMcf from 5,030 MMcf[22]. - The company plans to produce between 5.9 and 7.1 MMBoe in 2025[20]. - 2025 guidance includes drilling eight and completing six new SandRidge-operated wells in the Cherokee Shale[4]. Capital Expenditures and Investments - Total capital expenditures for 2025 are projected to be between 66 million and 85million[20].−CapitalexpendituresfortheyearendedDecember31,2024,totaled85 million[20]. - Capital expenditures for the year ended December 31, 2024, totaled 26.81 million, excluding acquisitions[26]. - Capital expenditures for property, plant, and equipment were 26,404,000in2024,consistentwith26,404,000 in 2024, consistent with 26,375,000 in 2023[37]. - The company closed a second acquisition in the Cherokee Shale Play for 5.7milliononDecember13,2024[4].AssetsandLiabilities−Totalassetsincreasedto5.7 million on December 13, 2024[4]. Assets and Liabilities - Total assets increased to 581,511,000 in 2024 from 574,166,000in2023,representingagrowthof1.9574,166,000 in 2023, representing a growth of 1.9%[34]. - Total current liabilities rose to 60,595,000 in 2024, up from 49,324,000in2023,markinganincreaseof22.949,324,000 in 2023, marking an increase of 22.9%[34]. - Total liabilities increased to 120,980,000 in 2024 from 106,055,000in2023,anincreaseof14106,055,000 in 2023, an increase of 14%[34]. - The company's cash and cash equivalents decreased to 99.51 million as of December 31, 2024, from 253.94millionin2023[29].−Thecompanyreportedadecreaseincashandcashequivalentsto253.94 million in 2023[29]. - The company reported a decrease in cash and cash equivalents to 98,128,000 in 2024 from 252,407,000in2023,adropof61252,407,000 in 2023, a drop of 61%[34]. Operating Expenses - Lease operating expenses for 2025 are estimated to be between 42 million and 50million[20].−Leaseoperatingexpensesdecreasedto50 million[20]. - Lease operating expenses decreased to 40.01 million in 2024 from 41.86millionin2023[31].−GeneralandadministrativeexpensesforQ42024were41.86 million in 2023[31]. - General and administrative expenses for Q4 2024 were 3,009,000, with an adjusted G&A per Boe of 1.39,comparedto1.39, compared to 2,208,000 and 1.49perBoeinQ42023[55].CashFlow−Netcashprovidedbyoperatingactivitiesdecreasedto1.49 per Boe in Q4 2023[55]. Cash Flow - Net cash provided by operating activities decreased to 73,933,000 in 2024 from 115,578,000in2023,adeclineof36115,578,000 in 2023, a decline of 36%[42]. - Adjusted operating cash flow for 2024 was 76,904,000, down from 103,526,000in2023,adecreaseof25.7103,526,000 in 2023, a decrease of 25.7%[42]. Reserves and Pricing - Proved reserves increased from 55.7 MMBoe at December 31, 2023, to 63.1 MMBoe at December 31, 2024, driven by acquisitions and positive revisions[24]. - Average realized oil price per barrel decreased to 71.44 in Q4 2024 from 77.53inQ42023[22].−Thecompanyhasfixedpriceswapsforoilatanaveragepriceof77.53 in Q4 2023[22]. - The company has fixed price swaps for oil at an average price of 71.60 for 2025[28]. Other Financial Metrics - Interest income for the year ended December 31, 2024, was (7,875,000),downfrom(7,875,000), down from (10,656,000) in 2023, reflecting a decrease of about 26%[53]. - The accumulated deficit improved to (539,961,000)in2024from(539,961,000) in 2024 from (602,947,000) in 2023, showing a reduction of 10.4%[34]. Forward-Looking Statements - The company highlighted the importance of forward-looking statements regarding future operations and financial performance, emphasizing the inherent risks and uncertainties involved[56].