SANDRIDGE ENERGY, INC. ANNOUNCES FINANCIAL AND OPERATING RESULTS FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2022
SandRidge Energy (NYSE: SD) reported strong financial results for Q1 2022, generating an Adjusted EBITDA of $39.4 million and a net income of $34.7 million, or $0.95 per share. Production rose to 17.8 MBoed, up from 17.5 MBoed in Q1 2021. The company returned 139 wells to production since 2021 and proactively acquired $4.7 million in materials to mitigate inflation impacts. Operating cash flow was $39.1 million, and cash reserves stood at $165.8 million with no debt obligations, indicating solid financial health.
- Q1 2022 net income of $34.7 million, $0.95 per share.
- Production increased to 17.8 MBoed, up 2% year-over-year.
- Adjusted EBITDA reached $39.4 million.
- No debt obligations and cash reserves of $165.8 million.
- Proactive procurement of $4.7 million in materials to offset inflation.
- Lease operating expense (LOE) increased to $10.9 million, up from $9.7 million due to inflation.
- Daily production decreased from 18.2 MBoed in Q1 2021 to 17.8 MBoed in Q1 2022.
OKLAHOMA CITY, May 4, 2022 /PRNewswire/ -- SandRidge Energy, Inc. (the "Company" or "SandRidge") (NYSE: SD) today announced financial and operational results for the three month period ended March 31, 2022.
Recent Highlights
- Generated Adjusted EBITDA(1) of
$39.4 million in the first quarter compared to$37.5 million in the prior quarter
- First quarter net income was
$34.7 million , or$0.95 per share. Adjusted net income was$34.9 million , or$0.95 per share
- First quarter production of 17.8 MBoed compared to Mid-Continent production of 17.5 MBoed in the same period of 2021, despite no drilling or completion activity over the prior twelve months
- During the first quarter, the Company proactively procured approximately
$4.7 million worth of materials related to its 2022 capital program, helping to mitigate the impacts of inflation for goods and services
- As of March 31, 2022, the Company returned 139 wells to production since the beginning of 2021 that were previously curtailed due to the 2020 commodity price downturn
- The Company had no open hedge positions as of March 31, 2022
- First quarter adjusted G&A(1) of
$2.2 million , or$1.35 per Boe, compared to$2.5 million , or$1.46 per Boe in the prior quarter
Financial Results & Update
Profitability & Realized Pricing
For the three-months ended March 31, 2022, the Company reported net income of
First quarter realized oil, natural gas, and natural gas liquids prices, before the impact of derivatives,(2) were
Three Months Ended | |
Natural Gas | |
Daily Average Spot Price - NYMEX Henry Hub | |
SandRidge Natural Gas Realization | |
SandRidge Differential to Henry Hub | |
2022E Differential Guidance Published March 9, 2022 | ~ |
Oil | |
Daily Average Spot Price - NYMEX WTI | |
SandRidge Oil Realization | |
SandRidge Differential to WTI | |
2022E Differential Guidance Published March 9, 2022 | ~ |
Natural Gas Liquids ("NGL") | |
SandRidge NGL Realization | |
SandRidge Differential to WTI | |
2022E Differential Guidance Published March 9, 2022 | ~ |
Operating Costs
During the first quarter of 2022, lease operating expense ("LOE") was
For the three months ended March 31, 2022, general and administrative expense ("G&A") was
Operational Results & Update
Production
Production totaled 1,606 MBoe (17.8 MBoed,
2022 Development Program
During the first quarter, SandRidge proactively procured approximately
Well Reactivation & Rod Pump Conversion Program
During the first quarter of 2022, the Company continued returning wells to production that were previously curtailed due to the commodity price downturn in the first half of 2020 and, in many cases, improving their production potential through modest capital improvements. Improved commodity pricing resulting in high rates of return, along with low execution risk, support the Company's belief that these projects represent an efficient use of capital. During the first three months of 2022, the Company brought 10 wells back online, bringing the total since the beginning of 2021 to 139. SandRidge currently expects to return approximately 30 wells to production and complete approximately 35 artificial lift conversions throughout 2022 and continues to evaluate its inventory of such projects.
Environmental, Social, and Governance ("ESG")
SandRidge maintains its Environmental, Social, and Governance ("ESG") commitment, to include no routine flaring of produced natural gas. The Company continues to explore the technical and commercial viability of Carbon Capture, Utilization, and Sequestration ("CCUS") across its owned and operated assets through its partnership with the University of Oklahoma.
Liquidity and Capital Structure
As of March 31, 2022, the Company had
Conference Call Information
The Company will host a conference call to discuss these results on Thursday, May 5, 2022 at 10:00 am CT. The conference call can be accessed by registering online at https://conferencingportals.com/event/zyeigzBU at which time registrants will receive dial-in information as well as a conference ID. At the time of the call, participants will dial in using the participant number and conference ID provided upon registration.
A live audio webcast of the conference call will also be available via SandRidge's website, www.sandridgeenergy.com, under Investor Relations/Presentation & Events. The webcast will be archived for replay on the Company's website for 30 days.
SandRidge's current 2022 investor presentation, published on March 9, 2022, can be found on the Company's website at http://investors.sandridgeenergy.com/Investor-Relations/.
Contact Information
Investor Relations
SandRidge Energy, Inc.
1 E. Sheridan Ave. Suite 500
Oklahoma City, OK 73104
investors@sandridgeenergy.com
About SandRidge Energy, Inc.
SandRidge Energy, Inc. (NYSE: SD) is an independent oil and gas company engaged in the development and acquisition of oil and gas properties. Its primary area of operations is the Mid-Continent region in Oklahoma and Kansas. Further information can be found at www.sandridgeenergy.com.
-Tables to Follow-
(1) | See "Non-GAAP Financial Measures" section at the end of this press release for non-GAAP financial measures definitions. | |||||||
(2) | See "Operational and Financial Statistics" section at the end of this press release for impacts of derivatives on commodity | |||||||
Operational and Financial Statistics
Information regarding the Company's production, pricing, costs and earnings is presented below:
Three Months Ended March 31, | |||
2022 | 2021 | ||
Production - Total | |||
Oil (MBbl) | 214 | 288 | |
NGL (MBbl) | 526 | 521 | |
Natural Gas (MMcf) | 5,195 | 4,993 | |
Oil equivalent (MBoe) | 1,606 | 1,641 | |
Daily production (MBoed) | 17.8 | 18.2 | |
Average price per unit | |||
Realized oil price per barrel - as reported | $ 92.35 | $ 53.99 | |
Realized impact of derivatives per barrel | — | — | |
Net realized price per barrel | $ 92.35 | $ 53.99 | |
Realized NGL price per barrel - as reported | $ 33.73 | $ 17.00 | |
Realized impact of derivatives per barrel(1) | (0.59) | — | |
Net realized price per barrel | $ 33.14 | $ 17.00 | |
Realized natural gas price per Mcf - as reported | $ 3.84 | $ 1.85 | |
Realized impact of derivatives per Mcf (1) | (0.15) | — | |
Net realized price per Mcf | $ 3.69 | $ 1.85 | |
Realized price per Boe - as reported | $ 35.80 | $ 20.49 | |
Net realized price per Boe - including impact of derivatives | $ 35.12 | $ 20.49 | |
Average cost per Boe | |||
Lease operating | $ 6.76 | $ 4.85 | |
Production, ad valorem, and other taxes | $ 2.56 | $ 1.33 | |
Depletion (2) | $ 1.50 | $ 1.53 | |
Earnings per share (3) | |||
Earnings per share applicable to common stockholders | |||
Basic | $ 0.95 | $ 0.97 | |
Diluted | $ 0.94 | $ 0.94 | |
Adjusted net income (loss) per share available to common stockholders | |||
Basic | $ 0.95 | $ 0.48 | |
Diluted | $ 0.94 | $ 0.47 | |
Weighted average number of shares outstanding (in thousands) | |||
Basic | 36,635 | 36,156 | |
Diluted | 37,019 | 37,439 | |
(1) There were no open commodity derivative contracts as of March 31, 2022. | |||
(2) Includes accretion of asset retirement obligation. | |||
(3) Earnings per share amounts for the three months ended March 31, 2021 was impacted by the | |||
Capital Expenditures
The table below presents actual results of the Company's capital expenditures for the three months ended March 31, 2022.
Three Months Ended | |
March 31, 2022 | |
(In thousands) | |
Drilling, completion and capital workovers(1) | $ 5,691 |
Other capital expenditures | 287 |
Total Capital Expenditures | $ 5,978 |
(excluding acquisitions and plugging and abandonment) | |
(1) The Company capitalized |
Capitalization
The Company's capital structure as of March 31, 2022 and December 31, 2021 is presented below:
March 31, 2022 | December 31, 2021 | ||
(In thousands) | |||
Cash, cash equivalents and restricted cash | $ 165,778 | $ 139,524 | |
Stockholders' equity | |||
Common stock | $ 37 | $ 37 | |
Warrants | 88,520 | 88,520 | |
Additional paid-in capital | 1,062,886 | 1,062,737 | |
Accumulated deficit | (871,248) | (905,972) | |
Total SandRidge Energy, Inc. stockholders' equity | 280,195 | 245,322 | |
Total capitalization | $ 280,195 | $ 245,322 | |
SandRidge Energy, Inc. and Subsidiaries | |||
Condensed Consolidated IncomeStatements (Unaudited) | |||
(In thousands, except per share amounts) | |||
Three Months Ended March 31, | |||
2022 | 2021 | ||
Revenues | |||
Oil, natural gas and NGL | $ 57,487 | $ 33,623 | |
Total revenues | 57,487 | 33,623 | |
Expenses | |||
Lease operating expenses | 10,862 | 7,954 | |
Production, ad valorem, and other taxes | 4,110 | 2,176 | |
Depreciation and depletion—oil and natural gas | 2,401 | 2,505 | |
Depreciation and amortization—other | 1,575 | 1,494 | |
General and administrative | 2,530 | 2,090 | |
Restructuring expenses | 209 | 2,054 | |
Employee termination benefits | — | 49 | |
(Gain) loss on derivative contracts | 1,064 | — | |
(Gain) loss on sale of assets | — | (19,713) | |
Other operating (income) expense, net | (64) | (48) | |
Total expenses | 22,687 | (1,439) | |
Income from operations | 34,800 | 35,062 | |
Other income (expense) | |||
Interest expense, net | (152) | (47) | |
Other income (expense), net | 76 | 28 | |
Total other income (expense) | (76) | (19) | |
Income before income taxes | 34,724 | 35,043 | |
Income tax expense (benefit) | — | — | |
Net income | $ 34,724 | $ 35,043 | |
Net income per share | |||
Basic | $ 0.95 | $ 0.97 | |
Diluted | $ 0.94 | $ 0.94 | |
Weighted average number of common shares outstanding | |||
Basic | 36,635 | 36,156 | |
Diluted | 37,019 | 37,439 | |
SandRidge Energy, Inc. and Subsidiaries | |||
Condensed Consolidated Balance Sheets (Unaudited) | |||
(In thousands) | |||
March 31, | December 31, | ||
ASSETS | |||
Current assets | |||
Cash and cash equivalents | $ 163,514 | $ 137,260 | |
Restricted cash - other | 2,264 | 2,264 | |
Accounts receivable, net | 26,711 | 21,505 | |
Prepaid expenses | 3,141 | 626 | |
Other current assets | 80 | 80 | |
Total current assets | 195,710 | 161,735 | |
Oil and natural gas properties, using full cost method of accounting | |||
Proved | 1,459,713 | 1,454,016 | |
Unproved | 12,478 | 12,255 | |
Less: accumulated depreciation, depletion and impairment | (1,374,767) | (1,373,217) | |
97,424 | 93,054 | ||
Other property, plant and equipment, net | 96,282 | 97,791 | |
Other assets | 294 | 332 | |
Total assets | $ 389,710 | $ 352,912 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities | |||
Accounts payable and accrued expenses | $ 47,292 | $ 45,779 | |
Asset retirement obligation | 17,373 | 17,606 | |
Derivative contracts | — | 21 | |
Other current liabilities | 643 | 627 | |
Total current liabilities | 65,308 | 64,033 | |
Asset retirement obligation | 42,554 | 41,762 | |
Other long-term obligations | 1,653 | 1,795 | |
Total liabilities | 109,515 | 107,590 | |
Stockholders' Equity | |||
Common stock, | 37 | 37 | |
Warrants | 88,520 | 88,520 | |
Additional paid-in capital | 1,062,886 | 1,062,737 | |
Accumulated deficit | (871,248) | (905,972) | |
Total stockholders' equity | 280,195 | 245,322 | |
Total liabilities and stockholders' equity | $ 389,710 | $ 352,912 | |
SandRidge Energy, Inc. and Subsidiaries | ||||
Condensed Consolidated Cash Flows (Unaudited) | ||||
(In thousands) | ||||
Three Months Ended March 31, | ||||
2022 | 2021 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net Income | $ 34,724 | $ 35,043 | ||
Adjustments to reconcile net income to net cash provided by operating activities | ||||
Provision for doubtful accounts | — | 21 | ||
Depreciation, depletion, and amortization | 3,975 | 3,999 | ||
Debt issuance costs amortization | — | 16 | ||
(Gain) loss on derivative contracts | 1,064 | — | ||
Cash (paid) received on settlement of derivative contracts | (1,085) | — | ||
(Gain) loss on sale of assets | — | (19,713) | ||
Stock-based compensation | 356 | 235 | ||
Other | 38 | 35 | ||
Changes in operating assets and liabilities | (6,879) | (5,305) | ||
Net cash provided by (used in) operating activities | 32,193 | 14,331 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Capital expenditures for property, plant and equipment | (5,629) | (3,094) | ||
Purchase of other property and equipment | (49) | (59) | ||
Proceeds from sale of assets | 59 | 37,238 | ||
Net cash provided by (used in) investing activities | (5,619) | 34,085 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Reduction of financing lease liability | (113) | (74) | ||
Debt issuance costs | — | (74) | ||
Proceeds from exercise of stock options | 28 | — | ||
Cash paid for tax obligations on vested stock awards | (235) | (19) | ||
Net cash provided by (used in) financing activities | (320) | (167) | ||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS and RESTRICTED CASH | 26,254 | 48,249 | ||
CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year | 139,524 | 28,266 | ||
CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of period | $ 165,778 | $ 76,515 | ||
Supplemental Disclosure of Cash Flow Information | ||||
Cash paid for interest, net of amounts capitalized | $ (145) | $ (92) | ||
Supplemental Disclosure of Noncash Investing and Financing Activities | ||||
Purchase of PP&E in accounts payable | $ 680 | $ 1,342 | ||
Right-of-use assets obtained in exchange for financing lease obligations | $ — | $ 363 | ||
Non-GAAP Financial Measures
This press release includes non-GAAP financial measures. These non-GAAP measures are not alternatives to GAAP measures, and you should not consider these non-GAAP measures in isolation or as a substitute for analysis of our results as reported under GAAP. Below is additional disclosure regarding each of the non-GAAP measures used in this press release, including reconciliations to their most directly comparable GAAP measure.
Reconciliation of Cash Provided by Operating Activities to Operating Cash Flow
The Company defines operating cash flow as net cash provided by operating activities before changes in operating assets and liabilities as shown in the following table. Operating cash flow is a supplemental financial measure used by the Company's management and by securities analysts, investors, lenders, rating agencies and others who follow the industry as an indicator of the Company's ability to internally fund exploration and development activities and to service or incur additional debt. The Company also uses this measure because operating cash flow relates to the timing of cash receipts and disbursements that the Company may not control and may not relate to the period in which the operating activities occurred. Further, operating cash flow allows the Company to compare its operating performance and return on capital with those of other companies without regard to financing methods and capital structure. This measure should not be considered in isolation or as a substitute for net cash provided by operating activities prepared in accordance with GAAP.
Three Months Ended March 31, | |||
2022 | 2021 | ||
(In thousands) | |||
Net cash provided by operating activities | $ 32,193 | $ 14,331 | |
Changes in operating assets and liabilities | 6,879 | 5,305 | |
Operating cash flow | $ 39,072 | $ 19,636 | |
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
The Company defines EBITDA as net income (loss) before income tax (benefit) expense, interest expense, depreciation and amortization - other and depreciation and depletion - oil and natural gas. Adjusted EBITDA, as presented herein, is EBITDA excluding items that management believes affect the comparability of operating results such as items whose timing and/or amount cannot be reasonably estimated or are non-recurring, as shown in the following tables.
Adjusted EBITDA is presented because management believes it provides useful additional information used by the Company's management and by securities analysts, investors, lenders, ratings agencies and others who follow the industry for analysis of the Company's financial and operating performance on a recurring basis and the Company's ability to internally fund exploration and development and to service or incur additional debt. In addition, management believes that adjusted EBITDA is widely used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in the oil and gas industry. The Company's adjusted EBITDA may not be comparable to similarly titled measures used by other companies.
Three Months Ended March 31, | |||
2022 | 2021 | ||
(In thousands) | |||
Net Income | $ 34,724 | $ 35,043 | |
Adjusted for | |||
Interest expense | 152 | 48 | |
Depreciation and amortization - other | 1,575 | 1,494 | |
Depreciation and depletion - oil and natural gas | 2,401 | 2,505 | |
EBITDA | 38,852 | 39,090 | |
Stock-based compensation (1) | 356 | 219 | |
(Gain) loss on derivative contracts | 1,064 | — | |
(Gain) loss on sale of assets | — | (19,714) | |
Cash (paid) received upon settlement of derivative contracts | (1,085) | — | |
Employee termination benefits | — | 49 | |
Restructuring expenses | 209 | 2,054 | |
Adjusted EBITDA | $ 39,396 | $ 21,698 | |
(1) Excludes non-cash stock-based compensation included in employee termination benefits. | |||
Reconciliation of Cash Provided by Operating Activities to Adjusted EBITDA
Three Months Ended March 31, | |||
2022 | 2021 | ||
(In thousands) | |||
Net cash provided by operating activities | $ 32,193 | $ 14,331 | |
Changes in operating assets and liabilities | 6,879 | 5,305 | |
Interest expense | 152 | 48 | |
Employee termination benefits (1) | — | 49 | |
Other | 172 | 1,965 | |
Adjusted EBITDA | $ 39,396 | $ 21,698 | |
(1) Excludes associated stock-based compensation. | |||
Reconciliation of Net Income (Loss) Available to Common Stockholders to Adjusted Net Income (Loss) Available to Common Stockholders
The Company defines adjusted net income (loss) as net income (loss) excluding items that management believes affect the comparability of operating results and are typically excluded from published estimates by the investment community, including items whose timing and/or amount cannot be reasonably estimated or are non-recurring, as shown in the following tables.
Management uses the supplemental measure of adjusted net income (loss) as an indicator of the Company's operational trends and performance relative to other oil and natural gas companies and believes it is more comparable to earnings estimates provided by securities analysts. Adjusted net income (loss) is not a measure of financial performance under GAAP and should not be considered a substitute for net income (loss) available to common stockholders.
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | ||||||
$ | $/Diluted Share | $ | $/Diluted Share | ||||
(In thousands, except per share amounts) | |||||||
Net income available to common stockholders | $ 34,724 | $ 0.94 | $ 35,043 | $ 0.94 | |||
Loss (Gain) on derivative contracts | 1,064 | 0.03 | — | — | |||
(Gain) loss on sale of assets | — | — | (19,714) | (0.53) | |||
Cash (paid) received upon settlement of derivative | (1,085) | (0.03) | — | — | |||
Employee termination benefits | — | — | 49 | — | |||
Restructuring expenses | 209 | — | 2,054 | 0.05 | |||
Adjusted net income available to common stockholders | $ 34,912 | $ 0.94 | $ 17,432 | $ 0.47 | |||
Basic | Diluted | Basic | Diluted | ||||
Weighted average number of common shares | 36,635 | 37,019 | 36,156 | 37,439 | |||
Total adjusted net income per share | $ 0.95 | $ 0.94 | $ 0.48 | $ 0.47 | |||
Reconciliation of G&A to Adjusted G&A
The Company reports and provides guidance on Adjusted G&A per Boe because it believes this measure is commonly used by management, analysts and investors as an indicator of cost management and operating efficiency on a comparable basis from period to period and to compare and make investment recommendations of companies in the oil and gas industry. This non-GAAP measure allows for the analysis of general and administrative spend without regard to stock-based compensation programs and other non-recurring cash items, if any, which can vary significantly between companies. Adjusted G&A per Boe is not a measure of financial performance under GAAP and should not be considered a substitute for general and administrative expense per Boe. Therefore, the Company's Adjusted G&A per Boe may not be comparable to other companies' similarly titled measures.
The Company defines adjusted G&A as general and administrative expense adjusted for certain non-cash stock-based compensation and other non-recurring items, if any, as shown in the following tables:
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | ||||||
$ | $/Boe | $ | $/Boe | ||||
(In thousands, except per Boe amounts) | |||||||
General and administrative (1) | $ 2,530 | $ 1.57 | $ 2,090 | $ 1.27 | |||
Stock-based compensation (2) | (356) | (0.22) | (219) | (0.13) | |||
Adjusted G&A | $ 2,174 | $ 1.35 | $ 1,871 | $ 1.14 | |||
(1) | General and administrative was impacted by a |
(2) | Excludes non-cash stock-based compensation included in employee termination benefits. |
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, future operations, development plans and appraisal programs, drilling inventory and locations, estimated oil, natural gas and natural gas liquids production, price realizations and differentials, hedging program, projected operating, general and administrative and other costs, projected capital expenditures, tax rates, efficiency and cost reduction initiative outcomes, liquidity and capital structure and the Company's unaudited proved developed PV-10 reserve value of its Mid-Continent assets. 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 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 transactions 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.
SandRidge Energy, Inc. (NYSE: SD) is an independent oil and gas company engaged in the development and acquisition of oil and gas properties. Its primary areas of operation are the Mid-Continent in Oklahoma and Kansas. Further information can be found at www.sandridgeenergy.com.
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