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SandRidge Energy, Inc. (NYSE: SD) is a prominent oil and natural gas exploration and production company headquartered in Oklahoma City, Oklahoma. With a principal focus on the U.S. Mid-Continent and the Niobrara Shale, SandRidge Energy prides itself on developing high-return, growth-oriented projects. The company's business activities span across Exploration and Production, Drilling and Oil Field Services, and Midstream Gas Services.
Recent financial results demonstrate SandRidge's solid performance. For the three-month period ending June 30, 2023, the company reported a net income of $16.6 million, or $0.45 per basic share, with a net cash flow from operating activities amounting to $24.0 million. Additionally, SandRidge generated approximately $39.5 million of free cash flow for the six-month period ending June 30, 2023. The company maintains a robust liquidity position with $224.0 million in cash and cash equivalents as of June 30, 2023, and has no outstanding debt obligations.
Operationally, SandRidge's production for the second quarter of 2023 totaled 1,593 MBoe, with a composition of 18% oil, 54% natural gas, and 28% NGLs. The company's continuous development programs, such as those targeting the Meramec formation, have yielded higher oil content, thereby enhancing total production and commodity price realizations.
The company is dedicated to its Environmental, Social, and Governance (ESG) commitments, including no routine flaring of produced natural gas and transporting approximately 97% of its produced water via pipeline. SandRidge also emphasizes safety and training for its workforce, ensuring high safety standards in daily operations.
SandRidge Energy’s community engagement is noteworthy, particularly through its “give, share, serve” initiative. Employees enthusiastically participate in community programs and partnerships with local schools, demonstrating the company's commitment to social responsibility.
SandRidge Energy continues to pursue strategic initiatives to enhance shareholder value, including disciplined capital allocation, prudent development programs, and potential merger and acquisition opportunities that align with its core competencies. The company’s future development projects aim to leverage its strong asset base, particularly with a 99% held-by-production acreage, ensuring optimal project timing aligned with favorable commodity prices.
SandRidge Energy (NYSE: SD) reported Q3 2024 financial results with net income of $25.5 million ($0.69 per basic share) and adjusted EBITDA of $17.7 million. The company closed its Western Anadarko Basin acquisition for $123.8 million, including 44 producing wells and 4 DUC wells. September production averaged ~19 MBoe/d, representing a 27% increase from Q2. The company maintains strong liquidity with $94.1 million in cash and declared a $0.11 per share dividend. Free cash flow generation was $34.4 million for the nine months ended September 30, with a 76% conversion rate relative to adjusted EBITDA.
SandRidge Energy (NYSE: SD) has announced it will release its third quarter 2024 operational and financial results after market close on Wednesday, November 6, 2024. The company will host a conference call on Thursday, November 7, 2024 at 1:00 p.m. Central Time to discuss the results. The call will be accessible through online registration, and a live audio webcast will be available on the company's website. The webcast will remain archived for 30 days for replay access.
SandRidge Energy (NYSE: SD) has announced significant changes to its Board and Management. Vincent Intrieri has been appointed as Chairman of the Board, effective October 1, 2024. Intrieri, the Founder and CEO of VDA Capital Management , brings extensive experience from his previous roles with Carl C. Icahn-related entities and various board positions.
Jonathan Frates will transition from his role as Chairman of the Board to become Executive Vice President and Chief Financial Officer, effective October 21, 2024. Frates has a background in investment management and has served on multiple boards.
Brandon Brown, Sr. will assume the role of Senior Vice President, Chief Accounting Officer. These changes aim to strengthen SandRidge's leadership team and position the company to execute its strategy, particularly following its recent Anadarko Basin acquisition.
SandRidge Energy (NYSE: SD) has closed its $144 million acquisition of producing assets and leasehold interests in the Cherokee play of the Western Anadarko Basin. The company has updated its full-year 2024 guidance, incorporating contributions from the new assets. Key highlights include:
- Increased total production guidance to 5.4 - 6.4 MMBoe
- Total capital expenditures raised to $33 - $39 million
- Drilling & Completions capex of $17 - $20 million
- Plans to complete 4 DUC wells and initiate drilling of up to 3 new wells
The acquisition is expected to benefit production and revenue from September through December 2024, with additional benefits in 2025 and beyond. SandRidge funded the transaction with cash on hand and has made an investor presentation available on its website.
SandRidge Energy (NYSE: SD) announced financial results for Q2 2024 and declared a $0.11 per share cash dividend. Key highlights include:
- Net income of $8.8 million ($0.24 per basic share)
- Adjusted EBITDA of $12.9 million
- $211.3 million in cash and cash equivalents
- Generated $23.5 million of free cash flow in H1 2024
- Entered agreement to acquire Cherokee play assets for $144 million
Production decreased compared to Q2 2023, but realized oil prices improved. The company remains focused on optimizing its low-decline production base and evaluating high-return projects. SandRidge continues its dividend program and is funding the Cherokee acquisition with cash on hand.
SandRidge Energy, Inc. (NYSE: SD) has announced plans to release its second quarter 2024 operational and financial results after the close of trading on Wednesday, August 7, 2024. The company will host a conference call on Thursday, August 8, 2024 at 1:00 p.m. Central Time to review the results and operational highlights. Interested parties can register for the call online in advance to receive dial-in information and a conference ID. A live audio webcast will also be available on the company's website and archived for 30 days. SandRidge Energy is an independent oil and gas company focused on development, acquisition, and production in the Mid-Continent region of Oklahoma and Kansas.
SandRidge Energy (NYSE: SD) has announced a $144 million acquisition of assets in the Western Anadarko Basin's Cherokee play. The deal includes:
- Net production of ~6 MBoed (40% oil) in Ellis and Roger Mills Counties, Oklahoma
- 42 producing wells and 4 drilled uncompleted wells
- Leasehold interest in 11 drilling spacing units, adding inventory of up to 22 two-mile lateral wells
SandRidge also entered a Joint Development Agreement for future development of certain acquired leasehold interests. The acquisition is expected to be immediately accretive to key metrics, including production, EBITDA, and free cash flow. The company plans to fund the transaction with cash on hand, with an anticipated closing in Q3 2024.
SandRidge Energy, Inc. announced financial results for Q1 2024, including a $0.11 per share cash dividend. Net income was $11.1 million, adjusted net income was $8.4 million. Adjusted EBITDA was $14.7 million. Company had $208.5 million in cash. Operating costs and expenses were managed efficiently. Production totaled 1,376 MBoe. Revenues were $30.3 million. Company continues to focus on production optimization and high-return projects.
SandRidge Energy, Inc. announced plans to release first quarter 2024 operational and financial results, with a conference call scheduled for May 8, 2024. The company is an independent oil and gas company operating in the Mid-Continent region.
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