SandRidge Energy(SD) - 2024 Q3 - Quarterly Results

Financial Performance - Third quarter net income was $25.5 million, or $0.69 per basic share, representing a 188% increase compared to the previous quarter[4] - The company reported a net income of $25,484,000 for the three months ended September 30, 2024, compared to $18,670,000 for the same period in 2023, representing an increase of 36.5%[41] - The company reported a net income of $25,484 thousand for the three months ended September 30, 2024, compared to $59,065 thousand in the same period last year, indicating a decrease of approximately 56.9%[28] - Net income for the nine months ended September 30, 2024, was $45,403, a decrease of 23.2% compared to $59,065 for the same period in 2023[32] - For the nine months ended September 30, 2024, net income available to common stockholders was $55,999,000, compared to $59,065,000 for the same period in 2023, a decrease of 5.0%[46] Revenue and Production - Total revenues for the nine months ended September 30, 2024, were $86,317 thousand, down from $114,715 thousand in the same period last year, representing a decline of about 24.8%[28] - Total oil production for the three months ended September 30, 2024, was 231 MBbl, a decrease from 267 MBbl in the same period last year, while natural gas production was 4,729 MMcf, down from 5,276 MMcf[24] - Production in September averaged approximately 19 MBoe/d, an increase of 27% compared to Q2 2024, with oil comprising 18% of total production[3] - The net realized price per barrel of oil was $73.71 for the three months ended September 30, 2024, compared to $79.83 in the same period last year, reflecting a decrease of approximately 7.3%[24] - Realized oil price per barrel decreased to $73.07, down from $79.54 in Q2 2024, while realized natural gas price per Mcf increased to $0.92[6] Cash Flow and Expenses - Adjusted EBITDA for the third quarter was $17.7 million, with free cash flow generated of $34.4 million for the nine-month period, indicating a conversion rate of approximately 76% relative to adjusted EBITDA[3][4] - Adjusted EBITDA for the three months ended September 30, 2024, was $17,742,000, down from $22,587,000 in the same period of 2023, a decrease of 21.5%[42] - Net cash provided by operating activities for the three months ended September 30, 2024, was $20,847,000, compared to $25,507,000 for the same period in 2023, a decrease of 18.9%[42] - Free cash flow for the nine months ended September 30, 2024, was $34,367, a decrease of 45.0% compared to $63,649 for the same period in 2023[38] - Cash and cash equivalents at the end of the period were $94,081, a significant decrease of 62.9% from $252,407 at the beginning of the year[32] Capital Expenditures and Investments - Capital expenditures for the nine months ended September 30, 2024, totaled $13,455 thousand, which includes drilling, completion, and capital workovers of $6,562 thousand and leasehold and geophysical costs of $6,893 thousand[25] - Capital expenditures for property, plant, and equipment for the nine months ended September 30, 2024, were $13,572, down 47.3% from $25,681 in the same period of 2023[32] - The company reported a net cash used in investing activities of $138,662 for the nine months ended September 30, 2024, compared to $35,531 in the same period of 2023[32] Shareholder Returns and Equity - The Board of Directors declared a cash dividend of $0.11 per share, payable on November 29, 2024, to shareholders of record on November 15, 2024[3] - Total stockholders' equity as of September 30, 2024, was $446,757 thousand, a decrease from $468,111 thousand at the end of 2023, indicating a decline of about 4.5%[26] - The company's cash and cash equivalents decreased to $94,081 thousand as of September 30, 2024, down from $253,944 thousand at the end of 2023[26] - Total liabilities increased to $118,483 as of September 30, 2024, up 11.7% from $106,055 on December 31, 2023[30] Operational Focus and Future Outlook - The company is focused on optimizing production through high-return projects, including workovers and artificial lift improvements[9] - The company remains open to further merger and acquisition opportunities while maintaining a strong balance sheet and capital return program[16] - The company anticipates future operational performance to be influenced by various factors including oil and natural gas prices, capital availability, and regulatory changes[51]