SANDRIDGE ENERGY, INC. ANNOUNCES FINANCIAL AND OPERATING RESULTS FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2024, $0.11 PER SHARE CASH DIVIDEND, AND 2025 GUIDANCE
SandRidge Energy (NYSE: SD) reported financial results for Q4 and FY 2024, highlighting strong operational performance and shareholder returns. Production averaged 19.1 MBoe per day in Q4, marking a 19% increase year-over-year, with oil production up 28%.
The company generated net income of $63.0 million ($1.70 per basic share) and adjusted EBITDA of $69.5 million in 2024. Proved reserves increased from 55.7 MMBoe to 63.1 MMBoe by year-end 2024.
Key developments include:
- Declaration of $0.11 per share dividend payable March 31, 2025
- Paid $16.4 million in regular dividends and $55.9 million special dividend in 2024
- Maintained strong balance sheet with $99.5 million cash position
- Completed two Cherokee Play acquisitions totaling $127.6 million
- Announced 2025 guidance including 1-rig Cherokee Shale development plan
SandRidge Energy (NYSE: SD) ha riportato i risultati finanziari per il Q4 e l'anno fiscale 2024, evidenziando una forte performance operativa e ritorni per gli azionisti. La produzione ha registrato una media di 19,1 MBoe al giorno nel Q4, segnando un aumento del 19% rispetto all'anno precedente, con una produzione di petrolio in crescita del 28%.
L'azienda ha generato un reddito netto di 63,0 milioni di dollari (1,70 dollari per azione ordinaria) e un EBITDA rettificato di 69,5 milioni di dollari nel 2024. Le riserve provate sono aumentate da 55,7 MMBoe a 63,1 MMBoe entro la fine del 2024.
Tra i principali sviluppi si segnalano:
- La dichiarazione di un dividendo di 0,11 dollari per azione, pagabile il 31 marzo 2025
- Pagati 16,4 milioni di dollari in dividendi regolari e 55,9 milioni di dollari in dividendi straordinari nel 2024
- Ritenuta una forte situazione patrimoniale con una liquidità di 99,5 milioni di dollari
- Completate due acquisizioni nel Cherokee Play per un totale di 127,6 milioni di dollari
- Annunciata la guida per il 2025, inclusa un piano di sviluppo per il Cherokee Shale con 1 trivella
SandRidge Energy (NYSE: SD) reportó resultados financieros para el cuarto trimestre y el año fiscal 2024, destacando un sólido desempeño operativo y retornos para los accionistas. La producción promedió 19.1 MBoe por día en el cuarto trimestre, marcando un aumento del 19% interanual, con una producción de petróleo en aumento del 28%.
La compañía generó un ingreso neto de 63.0 millones de dólares (1.70 dólares por acción básica) y un EBITDA ajustado de 69.5 millones de dólares en 2024. Las reservas probadas aumentaron de 55.7 MMBoe a 63.1 MMBoe al final de 2024.
Los desarrollos clave incluyen:
- Declaración de un dividendo de 0.11 dólares por acción pagadero el 31 de marzo de 2025
- Se pagaron 16.4 millones de dólares en dividendos regulares y 55.9 millones de dólares en dividendos especiales en 2024
- Mantener un sólido balance con una posición de efectivo de 99.5 millones de dólares
- Se completaron dos adquisiciones en Cherokee Play por un total de 127.6 millones de dólares
- Anuncio de la guía para 2025, incluyendo un plan de desarrollo de Cherokee Shale con 1 plataforma
샌드리지 에너지 (NYSE: SD)는 2024년 4분기 및 전체 회계연도 재무 결과를 발표하며 강력한 운영 성과와 주주 수익을 강조했습니다. 4분기 동안 평균 생산량은 하루 19.1 MBoe로, 전년 대비 19% 증가했으며, 원유 생산량은 28% 증가했습니다.
회사는 2024년에 6300만 달러의 순이익 (주당 1.70달러)과 6950만 달러의 조정 EBITDA를 기록했습니다. 입증된 매장량은 2024년 말까지 55.7 MMBoe에서 63.1 MMBoe로 증가했습니다.
주요 발전 사항은 다음과 같습니다:
- 2025년 3월 31일 지급 예정인 주당 0.11달러 배당금 선언
- 2024년에 1640만 달러의 정기 배당금과 5590만 달러의 특별 배당금 지급
- 9950만 달러의 현금 보유로 강력한 재무 상태 유지
- 총 1억 2760만 달러에 달하는 체로키 플레이 인수 완료
- 2025년 가이던스 발표, 1대의 체로키 셰일 개발 계획 포함
SandRidge Energy (NYSE: SD) a publié les résultats financiers pour le quatrième trimestre et l'exercice 2024, mettant en avant une solide performance opérationnelle et des rendements pour les actionnaires. La production a atteint une moyenne de 19,1 MBoe par jour au quatrième trimestre, marquant une augmentation de 19 % par rapport à l'année précédente, avec une production de pétrole en hausse de 28 %.
L'entreprise a généré un revenu net de 63,0 millions de dollars (1,70 dollar par action ordinaire) et un EBITDA ajusté de 69,5 millions de dollars en 2024. Les réserves prouvées ont augmenté de 55,7 MMBoe à 63,1 MMBoe d'ici la fin de 2024.
Les développements clés incluent:
- Déclaration d'un dividende de 0,11 dollar par action, payable le 31 mars 2025
- Paiement de 16,4 millions de dollars en dividendes réguliers et de 55,9 millions de dollars en dividendes spéciaux en 2024
- Maintien d'un solide bilan avec une position de trésorerie de 99,5 millions de dollars
- Achèvement de deux acquisitions dans le Cherokee Play pour un total de 127,6 millions de dollars
- Annonce des prévisions pour 2025, y compris un plan de développement pour le Cherokee Shale avec une plate-forme de forage
SandRidge Energy (NYSE: SD) hat die finanziellen Ergebnisse für das 4. Quartal und das Geschäftsjahr 2024 veröffentlicht und dabei eine starke operative Leistung sowie Renditen für die Aktionäre hervorgehoben. Die Produktion betrug im 4. Quartal durchschnittlich 19,1 MBoe pro Tag, was einem Anstieg von 19 % im Vergleich zum Vorjahr entspricht, wobei die Ölproduktion um 28 % gestiegen ist.
Das Unternehmen erzielte einen Nettogewinn von 63,0 Millionen Dollar (1,70 Dollar pro Stammaktie) und ein bereinigtes EBITDA von 69,5 Millionen Dollar im Jahr 2024. Die nachgewiesenen Reserven stiegen bis Ende 2024 von 55,7 MMBoe auf 63,1 MMBoe.
Wichtige Entwicklungen umfassen:
- Erklärung einer Dividende von 0,11 Dollar pro Aktie, zahlbar am 31. März 2025
- Auszahlung von 16,4 Millionen Dollar an regulären Dividenden und 55,9 Millionen Dollar an Sonderdividenden im Jahr 2024
- Beibehaltung einer starken Bilanz mit einer Barposition von 99,5 Millionen Dollar
- Abschluss von zwei Übernahmen im Cherokee Play mit einem Gesamtwert von 127,6 Millionen Dollar
- Bekanntgabe der Prognose für 2025, einschließlich eines Entwicklungsplans für das Cherokee Shale mit 1 Bohranlage
- Net income of $63.0 million ($1.70 per basic share) in 2024
- 19% production growth in Q4 with 28% increase in oil production
- Strong cash position of $99.5 million with no outstanding debt
- 13.3% increase in proved reserves to 63.1 MMBoe
- Strategic Cherokee Play acquisitions expanding operational footprint
- Increased G&A costs to $1.54 per Boe in 2024 from $1.42 per Boe in 2023
- Negative reserves revision of 6.6 MMBoe due to lower commodity prices
Insights
SandRidge Energy's Q4 and full-year 2024 results highlight a financially robust operation with strong capital discipline. The company reported net income of $63.0 million ($1.70 per share) for 2024, with adjusted EBITDA of
What stands out is SandRidge's excellent balance sheet with
Production metrics are particularly encouraging with 19% year-over-year volume growth in Q4 and an even more impressive 28% increase in higher-value oil production. The company's operating cost structure remains disciplined with lease operating expenses at
Their 2025 guidance outlines a focused development plan with 8 new wells to be drilled and 6 completed in the Cherokee Shale Play. Proved reserves increased from 55.7 MMBoe to 63.1 MMBoe, primarily driven by acquisitions adding 16.0 MMBoe, though partially offset by negative price revisions of 6.6 MMBoe due to lower commodity prices.
This operational execution combined with shareholder returns through dividends and a pristine balance sheet positions SandRidge well in the mid-cap E&P sector.
SandRidge's strategic pivot toward the Cherokee Shale Play is proving effective, with their initial operated wells completing below historical industry average costs - a critical efficiency metric in unconventional development. The completion of these wells, coupled with two strategic acquisitions in the play totaling
The reserves increase to 63.1 MMBoe (up from 55.7 MMBoe) underscores the value of their acquisition strategy, though the 6.6 MMBoe negative revision due to pricing reflects the reality of commodity price volatility affecting reserve economics. This reserves profile supports approximately 10 years of production at current rates, providing a solid foundation.
Their operational efficiency metrics show continuous improvement, with a safety record exceeding three years without a recordable incident - an often overlooked but important aspect of well-run E&P operations that directly impacts operational continuity and costs.
The 2025 development plan focusing on 8 wells to be drilled and 6 completions represents a measured pace that balances capital discipline with growth. Their plan to optimize existing production through artificial lift conversions demonstrates a pragmatic approach to maximizing returns from existing wells before allocating significant capital to new drilling.
SandRidge's ESG initiatives, including no routine flaring of natural gas, pipeline transport of produced water, and SCADA technology implementation, align with industry best practices for emissions reduction and operational efficiency. These measures not only address environmental concerns but typically correlate with lower operating costs and fewer regulatory complications.
Recent Highlights
- On March 7, 2025, the Board declared a cash dividend of
$0.11 - In 2024, paid
$16.4 million $55.9 million - As of December 31, 2024, the Company had
$99.5 million - Production averaged 19.1 MBoe per day during the fourth quarter, an increase of
19% on a Boe basis versus the same period in 2023. Oil production increased28% over the same period. - Successfully completed and initiated production from the Company's first operated wells in the Cherokee play in 2024, with three drilled but uncompleted wells ("DUCs") achieving costs below historical industry average in the play
- Generated net income of
$63.0 million $1.70 $34.5 million $0.93 - Generated adjusted EBITDA(1) of
$69.5 million - Achieved a new Company record of more than three years without a recordable safety incident
- On December 13, 2024, the Company closed a second acquisition in the Cherokee Shale Play of the Mid-Continent region that exchanged and increased its ownership interest in certain proved and unproved oil and gas properties within the Cherokee Shale Play for
$5.7 million - 2025 guidance contemplates a 1-rig Cherokee Shale development plan for the year, drilling eight and completing six new SandRidge-operated wells
Financial Results & Update
Profitability
Dollars in thousands (except per share data) | 4Q24 | 3Q24 | Change | 4Q23 | Change |
Net income | $ 17,583 | $ 25,484 | $ (7,901) | $ 1,792 | $ 15,791 |
Net Income per share | $ 0.47 | $ 0.69 | $ (0.22) | $ 0.05 | $ 0.42 |
Net cash provided by operating activities | $ 25,993 | $ 20,847 | $ 5,146 | $ 26,219 | $ (226) |
Adjusted net income(1) | $ 12,698 | $ 7,057 | $ 5,641 | $ 13,016 | $ (318) |
Adjusted net income per share(1) | $ 0.34 | $ 0.19 | $ 0.15 | $ 0.35 | $ (0.01) |
Adjusted operating cash flow(1) | $ 24,992 | $ 19,073 | $ 5,919 | $ 22,207 | $ 2,785 |
Adjusted EBITDA(1) | $ 24,073 | $ 17,742 | $ 6,331 | $ 19,458 | $ 4,615 |
Free cash flow(1) | $ 13,161 | $ 10,861 | $ 2,300 | $ 25,525 | $ (12,364) |
Operational Results & Update
Production, Revenue & Realized Prices
4Q24 | 3Q24 | Change | 4Q23 | Change | |
Production | |||||
MBoe | 1,754 | 1,563 | 191 | 1,473 | 281 |
MBoed | 19.1 | 17.0 | 2.1 | 16.0 | 3.1 |
Oil as percentage of production | 17 % | 15 % | 2 % | 16 % | 1 % |
Natural gas as percentage of production | 52 % | 50 % | 2 % | 57 % | (5) % |
NGLs as percentage of production | 31 % | 35 % | (4) % | 27 % | 4 % |
Revenues | |||||
Oil, natural gas and NGL revenues | |||||
Oil as percentage of revenues | 54 % | 56 % | (2) % | 53 % | 1 % |
Natural gas as percentage of revenues | 21 % | 15 % | 6 % | 22 % | (1) % |
NGLs as percentage of revenues | 25 % | 29 % | (4) % | 25 % | — % |
Realized Prices | |||||
Realized oil price per barrel | |||||
Realized natural gas price per Mcf | |||||
Realized NGL price per barrel | |||||
Realized price per Boe |
Operating Costs
During the fourth quarter of 2024, lease operating expense ("LOE") was
General and administrative expense ("G&A") was
Liquidity & Capital Structure
As of December 31, 2024, the Company had
Dividend Program
Dollars in thousands | Total | 4Q24 | 3Q24 | 2Q24 | 1Q24 | 2023 |
Special dividends(2) | $ 130,206 | $ — | $ — | $ — | $ 55,868 | $ 74,338 |
Quarterly dividends(2) | $ 23,866 | $ 4,114 | $ 4,112 | $ 4,103 | $ 4,097 | $ 7,440 |
Total dividends(2) | $ 154,072 | $ 4,114 | $ 4,112 | $ 4,103 | $ 59,965 | $ 81,778 |
Total | 4Q24 | 3Q24 | 2Q24 | 1Q24 | 2023 | |
Special dividends per share | $ 3.50 | $ — | $ — | $ — | $ 1.50 | $ 2.00 |
Quarterly dividends per share | $ 0.64 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.20 |
Total dividends per share | $ 4.14 | $ 0.11 | $ 0.11 | $ 0.11 | $ 1.61 | $ 2.20 |
On March 7, 2025, the Board declared a cash dividend of
Acquisitions
On August 30, 2024, the Company closed on its previously announced acquisition of certain producing oil and natural gas properties in the Cherokee Play of the
Outlook
We remain committed to growing the value of our asset base in a safe, responsible and efficient manner, while prudently allocating capital to high-return, organic growth projects. Currently, these projects include (1) Development in the Cherokee Shale Play, which consists of 9 wells to be spud, 8 wells to be drilled and 6 wells to be completed in 2025 (2) Production Optimization program through artificial lift conversions to more efficient and cost-effective systems and high-graded recompletions (3) leasing program that will bolster future development and extend development in our Cherokee assets. Our legacy non-Cherokee leaseholds remain approximately
Environmental, Social, & Governance ("ESG")
SandRidge maintains its Environmental, Social, and Governance ("ESG") commitment, to include no routine flaring of produced natural gas, transporting over
Conference Call Information
The Company will host a conference call to discuss these results on Tuesday, March 11, 2025 at 1:00 pm CT. The conference call can be accessed by registering online in advance at https://registrations.events/direct/Q4I2315066 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. The Company's latest presentation is available on the Company's website at investors.sandridgeenergy.com.
A live audio webcast of the conference call will also be available via SandRidge's website, investors.sandridgeenergy.com, under Presentation & Events. The webcast will be archived for replay on the Company's website for at least 30 days.
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 production, development, and acquisition of oil and gas properties. Its primary area of operation is the Mid-Continent region in
-Tables to Follow-
(1) | See "Non-GAAP Financial Measures" section at the end of this press release for non-GAAP financial measures definitions. | |
(2) | Includes dividends payable on unvested restricted stock awards. | |
2025 Operational and Capital Expenditure Guidance
Presented below is the Company's operational and capital expenditure guidance for 2025:
2025 Guidance(1) | |
Production | |
Oil (MMBbls) | 1.0 - 1.4 |
Natural Gas Liquids (MMBbls) | 2.0 - 2.3 |
Total Liquids (MMBbls) | 3.0 - 3.7 |
Natural Gas (Bcf) | 17.5 - 20.5 |
Total Production (MMBoe) | 5.9 - 7.1 |
Total Capital Expenditures | |
Drilling and Completions | |
Capital Workovers / Production Optimization / Leasehold | |
Total Capital Expenditures | |
Expenses | |
Lease Operating Expenses ("LOE") | |
Adjusted General & Administrative ("G&A") Expenses (2) | |
Production and Ad Valorem Taxes (% of Revenue) | |
Price Differentials | |
Oil (% of WTI) | |
NGL (% of WTI) | |
Natural Gas (% of HH) |
(1) | Please see "Cautionary Note to Investors" at the conclusion of this press release for disclosures around forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, including annual guidance, except as required by law. | |
(2) | Adjusted G&A expense is a non-GAAP financial measure. The Company has defined this measure at the conclusion of this press release under "Non-GAAP Financial Measures." | |
Operational and Financial Statistics
Information regarding the Company's production, pricing, costs and earnings is presented below:
Three Months Ended December 31, | Year Ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Production - Total | |||||||
Oil (MBbl) | 294 | 231 | 918 | 1,047 | |||
Natural Gas (MMcf) | 5,509 | 5,030 | 19,488 | 20,403 | |||
NGL (MBbl) | 542 | 404 | 1,889 | 1,705 | |||
Oil equivalent (MBoe) | 1,754 | 1,473 | 6,056 | 6,152 | |||
Daily production (MBoed) | 19.1 | 16.0 | 16.5 | 16.9 | |||
Average price per unit | |||||||
Realized oil price per barrel - as reported | $ 71.44 | $ 77.53 | $ 74.31 | $ 74.69 | |||
Realized impact of derivatives per barrel | 1.29 | — | 0.57 | — | |||
Net realized price per barrel | $ 72.73 | $ 77.53 | $ 74.88 | $ 74.69 | |||
Realized natural gas price per Mcf - as reported | $ 1.47 | $ 1.50 | $ 1.10 | $ 1.71 | |||
Realized impact of derivatives per Mcf | — | — | — | 0.29 | |||
Net realized price per Mcf | $ 1.47 | $ 1.50 | $ 1.10 | $ 2.00 | |||
Realized NGL price per barrel - as reported | $ 18.19 | $ 21.05 | $ 18.87 | $ 20.83 | |||
Realized impact of derivatives per barrel | (0.06) | — | 0.02 | — | |||
Net realized price per barrel | $ 18.13 | $ 21.05 | $ 18.89 | $ 20.83 | |||
Realized price per Boe - as reported | $ 22.22 | $ 23.03 | $ 20.69 | $ 24.16 | |||
Net realized price per Boe - including impact of derivatives | $ 22.42 | $ 23.03 | $ 20.78 | $ 25.11 | |||
Average cost per Boe | |||||||
Lease operating | $ 6.43 | $ 6.73 | $ 6.61 | $ 6.80 | |||
Production, ad valorem, and other taxes | $ 0.70 | $ 1.59 | $ 1.12 | $ 1.77 | |||
Depletion (1) | $ 5.25 | $ 2.88 | $ 4.29 | $ 2.54 | |||
Income per share | |||||||
Income per share applicable to common stockholders | |||||||
Basic | $ 0.47 | $ 0.05 | $ 1.70 | $ 1.65 | |||
Diluted | $ 0.47 | $ 0.05 | $ 1.69 | $ 1.64 | |||
Adjusted net income (loss) per share available to common stockholders | |||||||
Basic | $ 0.34 | $ 0.35 | $ 0.93 | $ 1.87 | |||
Diluted | $ 0.34 | $ 0.35 | $ 0.93 | $ 1.86 | |||
Weighted average number of shares outstanding (in thousands) | |||||||
Basic | 37,165 | 37,038 | 37,106 | 36,939 | |||
Diluted | 37,202 | 37,147 | 37,188 | 37,134 | |||
(1) Includes accretion of asset retirement obligation. | |||||||
Reserves
Proved reserves increased from 55.7 MMBoe at December 31, 2023 to 63.1 MMBoe at December 31, 2024, primarily due to purchases of 16.0 MMBoe, 3.5 MMBoe associated with other commercial improvements, and positive revisions of 2.3 MMBoe related to NGL Yield. These were partially offset by negative revisions including 6.6 MMBoe due to a decrease in year-end SEC commodity prices for oil and natural gas and price realizations, as well as 6.1 MMBoe from the Company's production during 2024, and 1.7 MMBoe attributable to well performance, well shut-ins and other revisions.
Oil | NGLs | Gas MMcf | Equivalent | Standardized | PV-10 $MM (3) | ||||||
Proved Reserves, December 31, 2023 | 7,057 | 16,215 | 194,433 | 55,677 | $ 296,293 | $ 296,293 | |||||
Revisions of previous estimates, to include changes in prices(4) | (535) | 489 | (14,754) | (2,503) | |||||||
Acquisitions of new reserves | 4,131 | 5,884 | 35,738 | 15,971 | |||||||
Extensions and discoveries | 10 | (6) | (21) | 1 | |||||||
Production | (918) | (1,889) | (19,488) | (6,056) | |||||||
Proved Reserves, December 31, 2024 | 9,745 | 20,693 | 195,908 | 63,090 | $ 362,696 | $ 362,696 | |||||
Totals may not sum or recalculate due to rounding | |||||||||||
(1) | Equivalent Boe are calculated using an energy equivalent ratio of six Mcf of natural gas to one Bbl of oil. Using an energy equivalent ratio does not factor in price differences and energy-equivalent prices may differ significantly among produced products. | |
(2) | The present value of estimated future cash inflows from proved oil, natural gas and NGL reserves, less future development and production costs and future income tax expenses and costs as of the date of estimation without future escalation and without giving effect to hedging activities, non-property related expenses such as general and administrative expenses, debt service and depreciation, depletion and amortization, discounted at | |
(3) | The present value of estimated future revenues to be generated from the production of proved reserves, before income taxes, calculated in accordance with SEC guidelines, net of estimated production and future development costs, using prices and costs as of the date of estimation without future escalation and without giving effect to hedging activities, non-property related expenses such as general and administrative expenses, debt service and depreciation, depletion and amortization. PV-10 is calculated using an annual discount rate of | |
(4) | Revisions include changes due to commodity prices, production costs, previous quantity estimates, and other commercial factors. Primary factor for revisions were changes in SEC prices, among other factors. | |
Capital Expenditures
The table below presents actual results of the Company's capital expenditures for the year ended December 31, 2024:
Year Ended | |
December 31, 2024 | |
(In thousands) | |
Drilling, completion, and capital workovers | $ 15,562 |
Leasehold and geophysical | 11,246 |
Capital expenditures (on an accrual basis) | $ 26,808 |
(excluding acquisitions and plugging and abandonment) |
Derivatives
The below details the Company's hedging positions as of March 10, 2025.
Period | Index | Daily Volume | Weighted | |||||
Oil (Bbl) | ||||||||
Fixed Price Swaps | ||||||||
January 2025 - December 2025 | NYMEX WTI | 500 | ||||||
January 2026 - June 2026 | NYMEX WTI | 300 | ||||||
Natural Gas (MMBtu) | ||||||||
Fixed Price Swaps | ||||||||
March 2025 - December 2025 | NYMEX Henry Hub | 8,500 | ||||||
January 2026 - December 2026 | NYMEX Henry Hub | 4,500 | ||||||
Producer Costless Collars | ||||||||
March 2025 - December 2025 | NYMEX Henry Hub | 8,500 | ||||||
April 2025 - December 2025 | NYMEX Henry Hub | 12,000 | ||||||
January 2026 - December 2026 | NYMEX Henry Hub | 4,500 | ||||||
NGL (Bbl) | ||||||||
Fixed Price Swaps | ||||||||
January 2025 - December 2025 | Mont Belvieu OPIS - C3+(1) | 300 | ||||||
March 2025 - December 2025 | Mont Belvieu OPIS - Ethane(2) | 325 |
____________________ |
(1) Excludes ethane |
(2) Ethane only |
Capitalization
The Company's capital structure as of December 31, 2024 and December 31, 2023 is presented below:
December 31, 2024 | December 31, 2023 | ||
(In thousands) | |||
Cash, cash equivalents and restricted cash | $ 99,511 | $ 253,944 | |
Long-term debt | $ — | $ — | |
Total debt | — | — | |
Stockholders' equity | |||
Common stock | 37 | 37 | |
Additional paid-in capital | 1,000,455 | 1,071,021 | |
Accumulated deficit | (539,961) | (602,947) | |
Total SandRidge Energy, Inc. stockholders' equity | 460,531 | 468,111 | |
Total capitalization | $ 460,531 | $ 468,111 | |
SandRidge Energy, Inc. and Subsidiaries Consolidated Statements of Operations (In thousands, except per share amounts)
| |||||
Year Ended December 31, | |||||
2024 | 2023 | 2022 | |||
(In thousands, except per share amounts) | |||||
Revenues | |||||
Oil, natural gas and NGL | $ 125,290 | $ 148,641 | $ 254,258 | ||
Total revenues | 125,290 | 148,641 | 254,258 | ||
Expenses | |||||
Lease operating expenses | 40,012 | 41,862 | 41,286 | ||
Production, ad valorem, and other taxes | 6,780 | 10,870 | 15,880 | ||
Depreciation and depletion—oil and natural gas | 25,976 | 15,657 | 11,542 | ||
Depreciation and amortization—other | 6,503 | 6,518 | 6,342 | ||
General and administrative | 11,695 | 10,735 | 9,449 | ||
Restructuring expenses | 474 | 406 | 382 | ||
Employee termination benefits | — | 19 | — | ||
(Gain) loss on derivative contracts | (748) | (1,447) | (5,975) | ||
Other operating (income) expense | 1,372 | (157) | (99) | ||
Total expenses | 92,064 | 84,463 | 78,807 | ||
Income (loss) from operations | 33,226 | 64,178 | 175,451 | ||
Other income (expense) | |||||
Interest income (expense), net | 7,744 | 10,552 | 1,810 | ||
Other income (expense), net | (216) | 87 | 378 | ||
Total other income (expense) | 7,528 | 10,639 | 2,188 | ||
Income (loss) before income taxes | 40,754 | 74,817 | 177,639 | ||
Income tax (benefit) | (22,232) | 13,960 | (64,529) | ||
Net income (loss) | $ 62,986 | $ 60,857 | $ 242,168 | ||
Net income (loss) per share | |||||
Basic | $ 1.70 | $ 1.65 | $ 6.59 | ||
Diluted | $ 1.69 | $ 1.64 | $ 6.52 | ||
Weighted average number of common shares outstanding | |||||
Basic | 37,106 | 36,939 | 36,745 | ||
Diluted | 37,188 | 37,134 | 37,154 | ||
SandRidge Energy, Inc. and Subsidiaries Consolidated Balance Sheets (In thousands)
| |||
December 31, | |||
2024 | 2023 | ||
(In thousands) | |||
ASSETS | |||
Current assets | |||
Cash and cash equivalents | $ 98,128 | $ 252,407 | |
Restricted cash | 1,383 | 1,537 | |
Accounts receivable, net | 23,878 | 22,166 | |
Derivative contracts | 114 | — | |
Prepaid expenses | 3,370 | 430 | |
Other current assets | 780 | 1,314 | |
Total current assets | 127,653 | 277,854 | |
Oil and natural gas properties, using full cost method of accounting | |||
Proved | 1,689,807 | 1,538,724 | |
Unproved | 23,504 | 11,197 | |
Less: accumulated depreciation, depletion and impairment | (1,415,110) | (1,393,801) | |
298,201 | 156,120 | ||
Other property, plant and equipment, net | 80,689 | 86,493 | |
Derivative contracts | 86 | — | |
Other assets | 2,081 | 3,130 | |
Deferred tax assets, net of valuation allowance | 72,801 | 50,569 | |
Total assets | $ 581,511 | $ 574,166 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities | |||
Accounts payable and accrued expenses | $ 50,625 | $ 38,828 | |
Asset retirement obligations | 9,131 | 9,851 | |
Other current liabilities | 839 | 645 | |
Total current liabilities | 60,595 | 49,324 | |
Asset retirement obligations | 59,449 | 54,553 | |
Other long-term obligations | 936 | 2,178 | |
Total liabilities | 120,980 | 106,055 | |
Stockholders' Equity | |||
Common stock, | 37 | 37 | |
Additional paid-in capital | 1,000,455 | 1,071,021 | |
Accumulated deficit | (539,961) | (602,947) | |
Total stockholders' equity | 460,531 | 468,111 | |
Total liabilities and stockholders' equity | $ 581,511 | $ 574,166 | |
SandRidge Energy, Inc. and Subsidiaries Consolidated Statements of Cash Flows (In thousands) | |||||
Year Ended December 31, | |||||
2024 | 2023 | 2022 | |||
(In thousands) | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net income (loss) | $ 62,986 | $ 60,857 | $ 242,168 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||||
Depreciation, depletion and amortization | 32,479 | 22,176 | 17,884 | ||
Deferred income taxes | (22,232) | 13,960 | (64,529) | ||
(Gain) loss on derivative contracts | (748) | (1,447) | (5,975) | ||
Settlement gains (losses) on derivative contracts | 548 | 5,876 | 1,525 | ||
Stock-based compensation | 2,354 | 1,945 | 1,526 | ||
Other | 1,517 | 159 | 153 | ||
Changes in operating assets and liabilities increasing (decreasing) cash | |||||
Receivables | (842) | 12,130 | (13,211) | ||
Prepaid expenses | (2,940) | 93 | (1,507) | ||
Other current assets | 375 | 2,203 | (5,378) | ||
Other assets and liabilities, net | (1,501) | (56) | (129) | ||
Accounts payable and accrued expenses | 2,812 | (1,409) | (5,246) | ||
Asset retirement obligations | (875) | (909) | (2,585) | ||
Net cash provided by operating activities | 73,933 | 115,578 | 164,696 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Capital expenditures for property, plant and equipment | (26,404) | (26,375) | (44,085) | ||
Acquisitions of assets | (129,664) | (11,232) | (1,431) | ||
Purchase of other property and equipment | (1) | (29) | (49) | ||
Proceeds from sale of assets | 1,373 | 1,472 | 448 | ||
Net cash (used in) provided by investing activities | (154,696) | (36,164) | (45,117) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Dividends paid to shareholders | (72,336) | (81,515) | — | ||
Reduction of financing lease liability | (708) | (588) | (541) | ||
Proceeds from exercise of stock options | — | 94 | 77 | ||
Tax withholdings paid in exchange for shares withheld on employee vested stock awards | (393) | (929) | (1,177) | ||
Common stock repurchases | (233) | — | — | ||
Cash received on warrant exercises | — | — | 6 | ||
Net cash (used in) financing activities | (73,670) | (82,938) | (1,635) | ||
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS and RESTRICTED CASH | (154,433) | (3,524) | 117,944 | ||
CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year | 253,944 | 257,468 | 139,524 | ||
CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of year | $ 99,511 | $ 253,944 | $ 257,468 | ||
Year Ended December 31, | |||||
2024 | 2023 | 2022 | |||
Supplemental Disclosure of Cash Flow Information | |||||
Cash paid for interest, net of amounts capitalized | $ (131) | $ (104) | $ (215) | ||
Supplemental Disclosure of Noncash Investing and Financing Activities | |||||
Capital expenditures for property, plant and equipment in accounts payables and accrued expenses | $ 1,182 | $ 919 | $ 6,151 | ||
Non-cash acquisition purchase price adjustments | $ 8,819 | $ (651) | $ — | ||
Right-of-use assets obtained in exchange for financing lease obligations | $ 790 | $ 760 | $ 713 | ||
Inventory material transfers to oil and natural gas properties | $ 141 | $ 1,289 | $ — | ||
Asset retirement obligation capitalized | $ 353 | $ 113 | $ 86 | ||
Asset retirement obligation removed due to divestiture | $ — | $ (1,413) | $ (623) | ||
Asset retirement obligation revisions | $ 31 | $ (939) | $ 2,656 | ||
Change in dividends payable | $ 42 | $ (263) | $ — | ||
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 Net Cash Provided by Operating Activities to Adjusted Operating Cash Flow
The Company defines Adjusted operating cash flow as net cash provided by operating activities before changes in operating assets and liabilities as shown in the following table. Adjusted 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 or incur new 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, Adjusted 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 December 31, | Year Ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
(In thousands) | |||||||
Net cash provided by operating activities | $ 25,993 | $ 26,219 | $ 73,933 | $ 115,578 | |||
Changes in operating assets and liabilities | (1,001) | (4,012) | 2,971 | (12,052) | |||
Adjusted operating cash flow | $ 24,992 | $ 22,207 | $ 76,904 | $ 103,526 | |||
Reconciliation of Free Cash Flow
The Company defines free cash flow as net cash provided by operating activities plus net cash (used in) provided by investing activities less the cash flow impact of acquisitions and divestitures. Free 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 or incur new debt. This measure should not be considered in isolation or as a substitute for net cash provided by operating or investing activities prepared in accordance with GAAP.
Three Months Ended December 31, | Year Ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
(In thousands) | |||||||
Net cash provided by operating activities | $ 25,993 | $ 26,219 | $ 73,933 | $ 115,578 | |||
Net cash used in investing activities | (16,034) | (633) | (154,696) | (36,164) | |||
Acquisition of assets | 3,714 | — | 129,664 | 11,232 | |||
Proceeds from sale of assets | (512) | (61) | (1,373) | (1,472) | |||
Free cash flow | $ 13,161 | $ 25,525 | $ 47,528 | $ 89,174 | |||
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
The Company defines EBITDA as net income 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 activities or incur new 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 December 31, | Year Ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
(In thousands) | |||||||
Net Income | $ 17,583 | $ 1,792 | $ 62,986 | $ 60,857 | |||
Adjusted for | |||||||
Income tax (benefit) | (6,793) | 13,960 | (22,232) | 13,960 | |||
Depreciation and depletion - oil and natural gas | 9,205 | 4,242 | 25,976 | 15,657 | |||
Depreciation and amortization - other | 1,556 | 1,648 | 6,503 | 6,518 | |||
Interest expense | 39 | 29 | 131 | 104 | |||
EBITDA | 21,590 | 21,671 | 73,364 | 97,096 | |||
Stock-based compensation | 575 | 523 | 2,354 | 1,945 | |||
(Gain) loss on derivative contracts | 1,118 | — | (748) | (1,447) | |||
Settlement gains (losses) on derivative contracts | 349 | — | 548 | 5,876 | |||
Restructuring expenses | 133 | 63 | 474 | 406 | |||
Interest income | (1,041) | (2,799) | (7,875) | (10,656) | |||
Other | 1,349 | — | 1,349 | 19 | |||
Adjusted EBITDA | $ 24,073 | $ 19,458 | $ 69,466 | $ 93,239 | |||
Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA
Three Months Ended December 31, | Year Ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
(In thousands) | |||||||
Net cash provided by operating activities | $ 25,993 | $ 26,219 | $ 73,933 | $ 115,578 | |||
Changes in operating assets and liabilities | (1,001) | (4,012) | 2,971 | (12,052) | |||
Interest expense | 39 | 29 | 131 | 104 | |||
Interest income | (1,041) | (2,799) | (7,875) | (10,656) | |||
Other | 83 | 21 | 306 | 265 | |||
Adjusted EBITDA | $ 24,073 | $ 19,458 | $ 69,466 | $ 93,239 | |||
Reconciliation of Net Income Available to Common Stockholders to Adjusted Net Income Available to Common Stockholders
The Company defines adjusted net income as net income 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 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 is not a measure of financial performance under GAAP and should not be considered a substitute for net income available to common stockholders.
Three Months Ended December 31, 2024 | Three Months Ended December 31, 2023 | ||||||
$ | $/Diluted Share | $ | $/Diluted Share | ||||
(In thousands, except per share amounts) | |||||||
Net income available to common stockholders | $ 17,583 | $ 0.47 | $ 1,792 | $ 0.05 | |||
Income tax (benefit) | (6,793) | (0.18) | 13,960 | 0.38 | |||
(Gain) loss on derivative contracts | 1,118 | 0.03 | — | — | |||
Settlement gains (losses) on derivative contracts | 349 | 0.01 | — | — | |||
Restructuring expenses | 133 | — | 63 | — | |||
Interest income | (1,041) | (0.03) | (2,799) | (0.08) | |||
Other | 1,349 | 0.04 | — | — | |||
Adjusted net income available to common stockholders | $ 12,698 | $ 0.34 | $ 13,016 | $ 0.35 | |||
Basic | Diluted | Basic | Diluted | ||||
Weighted average number of common shares outstanding | 37,165 | 37,202 | 37,038 | 37,147 | |||
Total adjusted net income per share | $ 0.34 | $ 0.34 | $ 0.35 | $ 0.35 | |||
Year Ended December 31, 2024 | Year Ended December 31, 2023 | ||||||
$ | $/Diluted Share | $ | $/Diluted Share | ||||
(In thousands, except per share amounts) | |||||||
Net income available to common stockholders | $ 62,986 | $ 1.69 | $ 60,857 | $ 1.64 | |||
Income tax (benefit) | (22,232) | (0.60) | 13,960 | 0.38 | |||
(Gain) loss on derivative contracts | (748) | (0.02) | (1,447) | (0.04) | |||
Settlement gains (losses) on derivative contracts | 548 | 0.01 | 5,876 | 0.16 | |||
Restructuring expenses | 474 | 0.01 | 406 | 0.01 | |||
Interest income | (7,875) | (0.21) | (10,656) | (0.29) | |||
Other | 1,349 | 0.04 | 19 | — | |||
Adjusted net income available to common stockholders | $ 34,502 | $ 0.93 | $ 69,015 | $ 1.86 | |||
Basic | Diluted | Basic | Diluted | ||||
Weighted average number of common shares outstanding | 37,106 | 37,188 | 36,939 | 37,134 | |||
Total adjusted net income per share | $ 0.93 | $ 0.93 | $ 1.87 | $ 1.86 | |||
Reconciliation of General and Administrative 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 December 31, 2024 | Three Months Ended December 31, 2023 | ||||||
$ | $/Boe | $ | $/Boe | ||||
(In thousands, except per Boe amounts) | |||||||
General and administrative | $ 3,009 | $ 1.72 | $ 2,731 | $ 1.85 | |||
Stock-based compensation | (575) | (0.33) | (523) | (0.36) | |||
Adjusted G&A | $ 2,434 | $ 1.39 | $ 2,208 | $ 1.49 | |||
Year Ended December 31, 2024 | Year Ended December 31, 2023 | ||||||
$ | $/Boe | $ | $/Boe | ||||
(In thousands, except per Boe amounts) | |||||||
General and administrative | $ 11,695 | $ 1.93 | $ 10,735 | $ 1.74 | |||
Stock-based compensation | (2,354) | (0.39) | (1,945) | (0.32) | |||
Adjusted G&A | $ 9,341 | $ 1.54 | $ 8,790 | $ 1.42 | |||
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 acquisitions, 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 Company's ability to execute, integrate and realize the benefits of acquisitions, and the performance 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 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, including annual guidance, except as required by law.
SandRidge Energy, Inc. (NYSE: SD) is an independent oil and gas company engaged in the production, development, and acquisition of oil and gas properties. Its primary area of operation is the Mid-Continent region in
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FAQ
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