SandRidge Energy(SD) - 2024 Q4 - Annual Results

Dividends and Shareholder Returns - The Board declared a cash dividend of $0.11 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 $55.9 million[4]. Financial Performance - The company generated net income of $63.0 million, or $1.70 per basic share, in 2024, with adjusted net income of $34.5 million, or $0.93 per basic share[4]. - Adjusted EBITDA for 2024 was $69.5 million[4]. - Total revenues for the year ended December 31, 2024, were $125.29 million, a decrease from $148.64 million in 2023[31]. - Net income for 2024 was $62.99 million, compared to $60.86 million in 2023, resulting in a basic income per share of $1.70[31]. - Free cash flow for 2024 was $47,528,000, down from $89,174,000 in 2023, indicating a decrease of 46.8%[44]. - Net income for Q4 2024 was $17,583,000, a significant increase from $1,792,000 in Q4 2023, representing a growth of over 877%[48]. - Adjusted EBITDA for Q4 2024 was $24,073,000, compared to $19,458,000 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 $13,016,000 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 $69,015,000 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 $85 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 $26,404,000 in 2024, consistent with $26,375,000 in 2023[37]. - The company closed a second acquisition in the Cherokee Shale Play for $5.7 million on December 13, 2024[4]. Assets and Liabilities - Total assets increased to $581,511,000 in 2024 from $574,166,000 in 2023, representing a growth of 1.9%[34]. - Total current liabilities rose to $60,595,000 in 2024, up from $49,324,000 in 2023, marking an increase of 22.9%[34]. - Total liabilities increased to $120,980,000 in 2024 from $106,055,000 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 $253.94 million in 2023[29]. - The company reported a decrease in cash and cash equivalents to $98,128,000 in 2024 from $252,407,000 in 2023, a drop of 61%[34]. Operating Expenses - Lease operating expenses for 2025 are estimated to be between $42 million and $50 million[20]. - Lease operating expenses decreased to $40.01 million in 2024 from $41.86 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, compared to $2,208,000 and $1.49 per Boe in Q4 2023[55]. Cash Flow - Net cash provided by operating activities decreased to $73,933,000 in 2024 from $115,578,000 in 2023, a decline of 36%[42]. - Adjusted operating cash flow for 2024 was $76,904,000, down from $103,526,000 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 $77.53 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), down from $(10,656,000) in 2023, reflecting a decrease of about 26%[53]. - The accumulated deficit improved to $(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].