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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, Inc. (NYSE: SD) has released an updated investor presentation available on its website. The presentation highlights the company’s ongoing engagement in oil and gas development and acquisition, primarily in Oklahoma and Kansas. This update comes as part of SandRidge's efforts to provide shareholders with current insights into its operations and strategic direction.
SandRidge Energy reported a strong third quarter for 2021, showing a net cash increase of $28.4 million to $99.0 million, with no debt obligations. The company achieved a net income of $28.6 million ($0.78 per share), up from $16.3 million ($0.45 per share) in the prior quarter. Production averaged 18.7 MBoed, slightly down from 19.0 MBoed, but realized prices for oil, natural gas, and NGLs increased significantly. SandRidge is also investing in Carbon Capture initiatives and has successfully returned over 100 wells to production, emphasizing its commitment to shareholder capital protection.
SandRidge Energy, Inc. (NYSE: SD) will release its third quarter 2021 operational and financial results on November 9, 2021, after market close. A conference call is set for November 10, 2021, at 10:00 a.m. CT to discuss these results and operational highlights. The call will be accessible via a prior registration and will also be available as a live audio webcast on the company's website, which will be archived for 30 days for replay. The company focuses on developing and acquiring oil and gas properties primarily in Oklahoma and Kansas.
Tellurian Inc. has appointed James D. Bennett as an independent Board member. Bennett, a veteran in the energy and financial sectors, has over 30 years of experience, including his role as former President and CEO of SandRidge Energy (NYSE: SD). Executive Chairman Charif Souki stated that Bennett's expertise will strengthen the board as Tellurian focuses on enhancing its Haynesville upstream position. The company aims to develop a low-cost, global natural gas business, with projects including a significant LNG export facility.
SandRidge Energy, Inc. (SD) announced its Q2 2021 results, reporting a net income of $16.3 million, equating to $0.45 per share. The company’s net cash increased to $70.6 million, while total cash and cash equivalents reached $90.6 million. A share repurchase program was initiated, allowing up to $25 million in stock buybacks starting August 16, 2021, aimed at returning value to shareholders. Production rose to 19.0 MBoed, a notable increase from the previous quarter, despite no new drilling activity. The company also acquired overriding royalty interests for $3.6 million.
SandRidge Energy, Inc. (NYSE: SD) will announce its second quarter 2021 operational and financial results after market close on August 10, 2021. An updated investor presentation will also be available on the company’s website. A conference call to discuss the results is scheduled for August 11, 2021, at 10:00 a.m. Central Time, accessible through online registration. Participants can also listen to a live audio webcast on the company’s website, which will be archived for 30 days.
SandRidge Energy (NYSE: SD) announced the resignation of CEO Carl Giesler, effective July 16, 2021, who is leaving for another career opportunity without disagreements. The Board appointed Grayson Pranin, the current COO, as the new CEO, highlighting his past contributions to right-sizing the company's cost structure and maximizing cash flow. Jonathan Frates, Chairman, expressed gratitude for Giesler's leadership during a challenging period and voiced confidence in Pranin's capabilities to steer the company forward.
SandRidge Energy reported Q1 2021 financial results showing significant improvements in net cash and adjusted EBITDA. Net cash rose by $48.2 million to $56.5 million, driven by the $47 million sale of North Park Basin. Adjusted EBITDA increased to $21.7 million from $9.1 million, reflecting higher commodity prices. However, total production dropped to 18.2 MBoed from 21.1 MBoed. Net income reached $35.0 million, equating to $0.97 per share, while adjusted net income was $17.4 million, or $0.48 per share. Operating cash flow was reported at $19.6 million.
SandRidge Energy, Inc. (NYSE: SD) has scheduled the release of its first quarter 2021 operational and financial results for May 11, 2021, after market close. An updated investor presentation will accompany this release and be available on the company's website. Additionally, management will conduct a live conference call on May 12, 2021, at 10:00 a.m. Central Time to discuss these results and highlights.
SandRidge Energy, Inc. (NYSE:SD) announced the acquisition of overriding royalty interest assets from SandRidge Mississippian Trust I for $4.85 million, netting $3.55 million due to a 26.9% ownership stake. The acquisition is deemed attractive based on projected cash flow and production trends, with expectations of a 2-year cash-on-cash payback. President and CEO Carl Giesler emphasized that this strategic move will enhance the company's reserves, netbacks, and cash flow, reflecting a commitment to shareholder value.
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