SANDRIDGE ENERGY, INC. ANNOUNCES CLOSING OF WESTERN ANADARKO BASIN ACQUISITION AND UPDATES FULL-YEAR 2024 GUIDANCE
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) ha concluso l'acquisizione di 144 milioni di dollari di beni produttivi e interessi di locazione nel giacimento Cherokee del bacino occidentale di Anadarko. La società ha aggiornato le sue previsioni per l'intero anno 2024, integrando i contributi dei nuovi beni. I punti salienti includono:
- Aumento della guida alla produzione totale a 5.4 - 6.4 MMBoe
- Spese in conto capitale totali elevate a 33 - 39 milioni di dollari
- Capex per perforazione e completamento di 17 - 20 milioni di dollari
- Piani per completare 4 pozzi DUC e avviare la perforazione di fino a 3 nuovi pozzi
Si prevede che l'acquisizione porterà benefici in termini di produzione e ricavi da settembre a dicembre 2024, con ulteriori vantaggi nel 2025 e oltre. SandRidge ha finanziato la transazione con liquidità disponibile e ha messo a disposizione una presentazione per gli investitori sul suo sito web.
SandRidge Energy (NYSE: SD) ha cerrado su adquisición de 144 millones de dólares de activos productivos e intereses de arrendamiento en el yacimiento Cherokee de la Cuenca Occidental de Anadarko. La compañía ha actualizado su guía para todo el año 2024, incorporando las contribuciones de los nuevos activos. Los aspectos destacados incluyen:
- Aumento de la guía de producción total a 5.4 - 6.4 MMBoe
- Aumento de los gastos de capital totales a 33 - 39 millones de dólares
- Capex de perforación y finalización de 17 - 20 millones de dólares
- Planes para completar 4 pozos DUC e iniciar la perforación de hasta 3 nuevos pozos
Se espera que la adquisición beneficie la producción y los ingresos de septiembre a diciembre de 2024, con beneficios adicionales en 2025 y más allá. SandRidge financió la transacción con efectivo disponible y ha puesto a disposición una presentación para inversores en su sitio web.
샌드리지 에너지(SandRidge Energy) (NYSE: SD)는 서부 아나다코 분지의 체로키 유전에서 생산 자산 및 임대 이권을 1억 4천 4백만 달러에 인수했습니다. 이 회사는 새로운 자산에서의 기여를 반영하여 2024년 전체 연도 가이던스를 업데이트했습니다. 주요 사항은 다음과 같습니다:
- 총 생산 가이던스를 5.4 - 6.4 MMBoe로 증가
- 총 자본 지출을 3천 3백만 - 3천 9백만 달러로 상향 조정
- 드illing 및 완공 자본 지출을 1천 7백만 - 2천만 달러로 설정
- 4개의 '두크(DUC)' 우물을 완료하고 최대 3개의 새로운 우물의 드릴링을 시작할 계획
이 인수는 2024년 9월부터 12월까지 생산 및 수익에 혜택을 줄 것으로 예상되며, 2025년 이후에도 추가 혜택이 있을 것입니다. 샌드리지는 이 거래를 보유 현금으로 자금을 조달했으며 투자자 프레젠테이션을 웹사이트에 게시했습니다.
SandRidge Energy (NYSE: SD) a finalisé son acquisition de 144 millions de dollars d'actifs productifs et d'intérêts locatifs dans le gisement Cherokee du bassin de l'Anadarko occidental. La société a mis à jour sa guidance pour l'année complète 2024, incorporant les contributions des nouveaux actifs. Les points clés incluent :
- Augmentation de la guidance de production totale à 5,4 - 6,4 MMBoe
- Augmentation des dépenses en capital totales à 33 - 39 millions de dollars
- Capex pour le forage et l'achèvement de 17 - 20 millions de dollars
- Prévisions pour finaliser 4 puits DUC et entamer le forage de jusqu'à 3 nouveaux puits
L'acquisition devrait profiter à la production et aux revenus de septembre à décembre 2024, avec des avantages supplémentaires en 2025 et au-delà. SandRidge a financé la transaction avec des liquidités disponibles et a mis à disposition une présentation aux investisseurs sur son site web.
SandRidge Energy (NYSE: SD) hat die Übernahme von 144 Millionen Dollar für Produktionsanlagen und Pachtanteile im Cherokee-Gebiet im westlichen Anadarko-Becken abgeschlossen. Das Unternehmen hat seine Gesamtprognose für 2024 aktualisiert und die Beiträge der neuen Anlagen berücksichtigt. Zu den wichtigsten Höchstleistungen gehören:
- Erhöhung der Gesamtproduktionsprognose auf 5,4 - 6,4 MMBoe
- Gesamtkapitalausgaben auf 33 - 39 Millionen Dollar angehoben
- Bohr- und Abschlussausgaben von 17 - 20 Millionen Dollar
- Pläne zur Fertigstellung von 4 DUC-Brunnen und zur Initiierung der Bohrung von bis zu 3 neuen Brunnen
Die Übernahme wird voraussichtlich von September bis Dezember 2024 Vorteile für Produktion und Umsatz bringen, mit zusätzlichen Vorteilen in 2025 und darüber hinaus. SandRidge hat die Transaktion mit Barbeständen finanziert und eine Investorenpräsentation auf seiner Website bereitgestellt.
- Acquisition of Western Anadarko Basin assets for $144 million, expanding SandRidge's production base
- Increased total production guidance for 2024 from 4.7 - 5.9 MMBoe to 5.4 - 6.4 MMBoe
- Initiation of drilling campaign including up to 3 new wells by year-end
- Completion of 4 drilled uncompleted (DUC) wells planned
- LOE and G&A expenses decreasing on a $/Boe basis with increased asset base
- Significant increase in total capital expenditures from $8 - $11 million to $33 - $39 million for 2024
- Introduction of Drilling & Completions capex of $17 - $20 million, which was not present in prior guidance
Insights
The acquisition of Western Anadarko Basin assets for
- Oil production up by
14.3% to22.2% - Natural Gas Liquids production up by
23.1% to11.8% - Total production (MMBoe) up by
14.9% to8.5%
The company's capital expenditures are set to increase substantially, from
SandRidge's acquisition in the Cherokee play of the Western Anadarko Basin is a strategic move to enhance its portfolio in a known productive region. The company's decision to fund the
Full-Year 2024 Guidance Update
Presented in the table below is the Company's updated operational and capital expenditure guidance for 2024(1):
Prior 2024E | Updated 2024E | ||
Production | |||
Oil (MMBbls) | 0.7 - 0.9 | 0.8 – 1.1 | |
Natural Gas Liquids (MMBbls) | 1.3 - 1.7 | 1.6 – 1.9 | |
Total Liquids (MMBbls) | 2.0 - 2.6 | 2.4 – 3.0 | |
Natural Gas (Bcf) | 16.2 - 19.8 | 17.7 – 20.5 | |
Total Production (MMBoe) | 4.7 - 5.9 | 5.4 – 6.4 | |
Total Capital Expenditures | |||
Drilling & Completions ("D&C") | - | ||
Production Optimization, Leasehold and other non-D&C | |||
Total Capital Expenditures | |||
Expenses | |||
Lease Operating Expenses ("LOE") | |||
Adjusted General & Administrative ("G&A") Expenses(4) | |||
Severance and Ad Valorem Taxes (% of Revenue) |
Updated 2024E Guidance Highlights
- LOE and G&A decreasing on a $/Boe basis combined with increased asset base and expanded activity
- Production and Revenue are benefited from the
Western Anadarko Basin acquisition for September through December period(3), with additional benefit in 2025 and beyond - D&C Capex is based on the completion of 4 drilled uncompleted ("DUC") wells and the initiation of a drilling campaign including up to 3 new wells by year end
- Non-D&C / Production Optimization Capex includes rod pump conversions, NW Stack heel fracs, leasing in focused areas and other projects
Investor Presentation
The Company made available an investor presentation regarding the transaction on its website at investors.sandridgeenergy.com.
Legal Advisor
Winston & Strawn LLP is serving as SandRidge's legal advisor for the transaction.
Contact Information
Investor Relations
SandRidge Energy, Inc.
1 E. Sheridan Ave. Suite 500
investors@sandridgeenergy.com
About SandRidge Energy, Inc.
SandRidge Energy, Inc. (NYSE: SD) is an independent oil and gas company engaged in the development, acquisition, and production of oil and gas assets. Its primary area of operations is the Mid-Continent and
(1) | No change to 2024E guidance for commodity price differentials versus what was provided on March 6, 2024. |
(2) | As disclosed on March 6, 2024. |
(3) | July and August production and revenue will be reported as a negative adjustment to the gross purchase price as a result of a transaction effective date of July 1, 2024. |
(4) | Adjusted G&A excludes stock-based compensation. |
Cautionary Note to Investors - This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are neither historical facts nor assurances of future performance and reflect SandRidge's current beliefs and expectations regarding future events and operating performance. The forward-looking statements include projections and estimates of the Company's corporate strategies, anticipated financial impacts of the transaction, future operations, development plans and appraisal programs, drilling inventory and locations, estimated oil, natural gas and natural gas liquids production, price realizations and differentials. We have based these forward-looking statements on our current expectations and assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, including the performance and anticipated benefits of the acquired interests, the volatility of oil and natural gas prices, our success in discovering, estimating, developing and replacing oil and natural gas reserves, actual decline curves and the actual effect of adding compression to natural gas wells, the availability and terms of capital, the ability of counterparties to transact with us to meet their obligations, our timely execution of hedge transactions, credit conditions of global capital markets, changes in economic conditions, the amount and timing of future development costs, the availability and demand for alternative energy sources, regulatory changes, including those related to carbon dioxide and greenhouse gas emissions, and other factors, many of which are beyond our control. We refer you to the discussion of risk factors in Part I, Item 1A - "Risk Factors" of our Annual Report on Form 10-K and in comparable "Risk Factor" sections of our Quarterly Reports on Form 10-Q filed after such form 10-K. All of the forward-looking statements made in this press release are qualified by these cautionary statements. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on our Company or our business or operations. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, except as required by law.
SandRidge Energy, Inc. (NYSE: SD) is an independent oil and gas company engaged in the development, acquisition and production of oil and gas properties. Its primary area of operations is the Mid-Continent and
View original content to download multimedia:https://www.prnewswire.com/news-releases/sandridge-energy-inc-announces-closing-of-western-anadarko-basin-acquisition-and-updates-full-year-2024-guidance-302236264.html
SOURCE SANDRIDGE ENERGY, INC.
FAQ
What assets did SandRidge Energy (SD) acquire in the Western Anadarko Basin?
How did the acquisition affect SandRidge Energy's (SD) 2024 production guidance?
What are SandRidge Energy's (SD) capital expenditure plans for 2024 after the acquisition?
How many new wells does SandRidge Energy (SD) plan to drill in 2024?
