SANDRIDGE ENERGY, INC. ANNOUNCES FINANCIAL AND OPERATING RESULTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2024 AND DECLARES $0.11 PER SHARE CASH DIVIDEND
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.
Net income of $11.1 million for Q1 2024.
Adjusted EBITDA of $14.7 million for the quarter.
Company had $208.5 million in cash and cash equivalents.
Efficient management of operating costs and expenses.
Production optimization efforts to maintain stable decline rates.
First quarter realized pricing was lower compared to previous periods.
General and administrative expenses were $3.3 million.
Dividend payments totaled $59.7 million for the quarter.
Production impacted by seasonal weather conditions.
Insights
The announcement by SandRidge Energy, Inc. regarding its Q1 2024 financials reveals noteworthy indicators of the company's overall health and potential trajectory. A key highlight is the net income of $11.1 million, or $0.30 per basic share, which signifies a stable profit generation capability. However, the more nuanced figure of adjusted net income at $8.4 million, or $0.23 per basic share, suggests some adjustments were made that investors should be aware of, likely excluding one-time charges or benefits.
Equally important is the generation of approximately $14.5 million of free cash flow, with a high conversion rate relative to adjusted EBITDA, indicating commendable cash management and operational efficiency. The ability to convert 99% of adjusted EBITDA to free cash flow underscores the company's effectiveness in translating earnings before interest, taxes, depreciation and amortization into actual cash, which investors typically view as a positive sign for funding future growth or returning value to shareholders.
Production optimization efforts are also a positive signal for potential investors. A stable, low-decline production base suggests that SandRidge is effectively managing its resources to maintain consistent output levels. The focus on high-return projects and capital discipline reflects a strategic approach to growth, especially important in the volatile energy sector.
An area of focus for investors would be the dividend program. The declaration of a $0.11 per share cash dividend reinforces the company's commitment to shareholder returns. However, the sustainability of such dividends would be contingent on the company’s continued profitability and cash flow generation.
Their capital structure is exceptionally strong, with $208.5 million of cash and cash equivalents and no debt obligations. This positions the company well for navigating the capital-intensive nature of the energy sector, where liquidity and access to capital are critical for operations and strategic investments.
From an operational standpoint, the financial results from SandRidge Energy provide insight into the broader energy sector, particularly in oil and gas. Their reported first-quarter production of 1,376 MBoe and a revenue mix heavily weighted toward oil are consistent with industry trends, favoring liquids-rich plays. The pricing dynamics, with oil at $75.08 per Bbl, demonstrate the relatively healthy price environment for producers, which should be factored into the company’s projected cash flow and earnings.
The focus on production optimization and maintaining a low-decline asset base is indicative of SandRidge's attempt to manage the natural depletion of reserves, a common challenge in the sector. Their planned capital projects are particularly interesting, as they suggest a directed strategy towards efficiency and high-return investments, important in sustaining profitability amidst fluctuating commodity prices.
Moreover, SandRidge's LOE of $7.92 per Boe and G&A of $2.42 per Boe during the quarter suggest that they are effectively managing costs relative to production volumes. This operational efficiency is particularly important for long-term investor confidence, as it could safeguard margins even if there are downturns in oil and gas prices.
Their emphasis on maintaining a capital structure with no outstanding debt enhances their resilience to industry downturns and provides the flexibility to take advantage of growth opportunities without the burden of interest payments or refinancing risks.
Recent Highlights
- On May 2, 2024, the Board of Directors declared a
$0.11 $141.2 million - First quarter net income was
$11.1 million $0.30 $8.4 million $0.23 - Adjusted EBITDA(1) of
$14.7 million - Adjusted G&A(1) was
$2.8 million $2.03 - Net cash provided by operating activities of
$15.7 million - Generated
$14.5 million 99% relative to adjusted EBITDA(1) - As of March 31, 2024, the Company had
$208.5 million - Approximately
$2.7 million
Financial Results & Update
Profitability & Realized Pricing
For the three months ended March 31, 2024, the Company reported net income of
For the three months ended March 31, 2024, the Company generated approximately
First quarter realized oil, natural gas, and natural gas liquids prices were
Operating Costs
During the first quarter of 2024, lease operating expense ("LOE") was
For the three months ended March 31, 2024, general and administrative expense ("G&A") was
Liquidity & Capital Structure
As of March 31, 2024, the Company had
Dividend Program
In January 2024, the Board of Directors approved a one-time cash dividend of
On May 2, 2024, the Board of Directors declared a
Operational Results & Update
Production & Revenue
Production totaled 1,376 MBoe (15.1 MBoed,
Production Optimization Program
The Company continues to optimize its stable, low-decline production base, which has an estimated single-digit annual PDP decline rate over the next ten years. The Company continuously evaluates the potential for high-return projects that further enhance its asset base. Such projects include, but are not limited to, workovers, artificial lift improvements and conversions from less efficient systems, recompletions of "behind pipe" pay in vertical section of existing wells, and the restimulation of existing intervals and previously bypassed unstimulated intervals in existing wells. When evaluating these and other options, the Company continues to ensure that all projects meet high rate of return thresholds and remains capital disciplined as the commodity price landscape changes.
Outlook
SandRidge will continue to focus on growing the cash value and generation capability of its asset base in a safe, responsible and efficient manner, while exercising prudent capital allocations to projects it believes provide high rates of returns in the current commodity price outlook. These near-term projects will be focused on artificial lift conversions to more efficient and cost-effective systems and other capital-efficient workovers while preserving future development and expanded well reactivations, benefited by our
SandRidge will also continue to maintain the optionality to execute on value accretive merger and acquisition opportunities that could bring synergies, leverage the Company's core competencies, complement its portfolio of assets, seek to further utilize its approximately
Environmental, Social, & Governance ("ESG")
SandRidge maintains its Environmental, Social, and Governance ("ESG") commitment, to include no routine flaring of produced natural gas and transporting over
Conference Call Information
The Company will host a conference call to discuss these results on Wednesday, May 8, 2024 at 10:00 am CT. The conference call can be accessed by registering online in advance at https://registrations.events/direct/Q4I231505 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 development, acquisition, and production of oil and gas assets. Its primary area of operations 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. | |
Operational and Financial Statistics
Information regarding the Company's production, pricing, costs and earnings is presented below (unaudited):
Three Months Ended March 31, | |||
2024 | 2023 | ||
Production - Total | |||
Oil (MBbl) | 208 | 261 | |
Natural Gas (MMcf) | 4,807 | 4,912 | |
NGL (MBbl) | 367 | 420 | |
Oil equivalent (MBoe) | 1,376 | 1,500 | |
Daily production (MBoed) | 15.1 | 16.7 | |
Average price per unit | |||
Realized oil price per barrel - as reported | $ 75.08 | $ 74.26 | |
Realized impact of derivatives per barrel | — | — | |
Net realized price per barrel | $ 75.08 | $ 74.26 | |
Realized natural gas price per Mcf - as reported | $ 1.25 | $ 2.73 | |
Realized impact of derivatives per Mcf | — | 1.19 | |
Net realized price per Mcf | $ 1.25 | $ 3.92 | |
Realized NGL price per barrel - as reported | $ 23.65 | $ 24.62 | |
Realized impact of derivatives per barrel | — | — | |
Net realized price per barrel | $ 23.65 | $ 24.62 | |
Realized price per Boe - as reported | $ 22.01 | $ 28.76 | |
Net realized price per Boe - including impact of derivatives | $ 22.01 | $ 32.67 | |
Average cost per Boe | |||
Lease operating | $ 7.92 | $ 7.79 | |
Production, ad valorem, and other taxes | $ 1.38 | $ 2.50 | |
Depletion (1) | $ 2.96 | $ 2.30 | |
Earnings per share | |||
Earnings per share applicable to common stockholders | |||
Basic | $ 0.30 | $ 0.64 | |
Diluted | $ 0.30 | $ 0.64 | |
Adjusted net income per share available to common stockholders | |||
Basic | $ 0.23 | $ 0.70 | |
Diluted | $ 0.23 | $ 0.69 | |
Weighted average number of shares outstanding (in thousands) | |||
Basic | 37,042 | 36,859 | |
Diluted | 37,134 | 37,110 | |
(1) Includes accretion of asset retirement obligation. |
Capital Expenditures
The table below presents actual results of the Company's capital expenditures for the three months ended March 31, 2024 (unaudited):
Three Months Ended | |
March 31, 2024 | |
(In thousands) | |
Drilling, completion, and capital workovers | $ 745 |
Leasehold and geophysical | 84 |
Capital expenditures (on an accrual basis) | $ 829 |
(excluding acquisitions and plugging and abandonment) |
Capitalization
The Company's capital structure as of March 31, 2024 and December 31, 2023 is presented below:
March 31, 2024 | December 31, 2023 | ||
(In thousands) | |||
Cash, cash equivalents and restricted cash | $ 208,493 | $ 253,944 | |
Long-term debt | $ — | $ — | |
Total debt | — | — | |
Stockholders' equity | |||
Common stock | 37 | 37 | |
Additional paid-in capital | 1,011,489 | 1,071,021 | |
Accumulated deficit | (591,822) | (602,947) | |
Total SandRidge Energy, Inc. stockholders' equity | 419,704 | 468,111 | |
Total capitalization | $ 419,704 | $ 468,111 | |
SandRidge Energy, Inc. and Subsidiaries | |||
Condensed Consolidated Income Statements (Unaudited) | |||
(In thousands, except per share amounts) | |||
Three Months Ended March 31, | |||
2024 | 2023 | ||
Revenues | |||
Oil, natural gas and NGL | $ 30,283 | $ 43,147 | |
Total revenues | 30,283 | 43,147 | |
Expenses | |||
Lease operating expenses | 10,892 | 11,694 | |
Production, ad valorem, and other taxes | 1,896 | 3,751 | |
Depreciation and depletion — oil and natural gas | 4,076 | 3,454 | |
Depreciation and amortization — other | 1,678 | 1,618 | |
General and administrative | 3,332 | 2,909 | |
Restructuring expenses | — | 39 | |
Employee termination benefits | — | 19 | |
(Gain) loss on derivative contracts | — | (1,447) | |
Other operating (income) expense, net | (9) | (94) | |
Total expenses | 21,865 | 21,943 | |
Income from operations | 8,418 | 21,204 | |
Other income (expense) | |||
Interest income (expense), net | 2,698 | 2,499 | |
Other income (expense), net | 9 | 55 | |
Total other income (expense) | 2,707 | 2,554 | |
Income (loss) before income taxes | 11,125 | 23,758 | |
Income tax (benefit) expense | — | — | |
Net income (loss) | $ 11,125 | $ 23,758 | |
Net income (loss) per share | |||
Basic | $ 0.30 | $ 0.64 | |
Diluted | $ 0.30 | $ 0.64 | |
Weighted average number of common shares outstanding | |||
Basic | 37,042 | 36,859 | |
Diluted | 37,134 | 37,110 | |
SandRidge Energy, Inc. and Subsidiaries | |||
Condensed Consolidated Balance Sheets (Unaudited) | |||
(In thousands)
| |||
March 31, 2024 | December 31, 2023 | ||
ASSETS | |||
Current assets | |||
Cash and cash equivalents | $ 206,956 | $ 252,407 | |
Restricted cash - other | 1,537 | 1,537 | |
Accounts receivable, net | 22,316 | 22,166 | |
Prepaid expenses | 2,384 | 430 | |
Other current assets | 1,105 | 1,314 | |
Total current assets | 234,298 | 277,854 | |
Oil and natural gas properties, using full cost method of accounting | |||
Proved | 1,539,497 | 1,538,724 | |
Unproved | 11,215 | 11,197 | |
Less: accumulated depreciation, depletion and impairment | (1,396,534) | (1,393,801) | |
154,178 | 156,120 | ||
Other property, plant and equipment, net | 85,062 | 86,493 | |
Other assets | 3,250 | 3,130 | |
Deferred tax assets, net of valuation allowance | 50,569 | 50,569 | |
Total assets | $ 527,357 | $ 574,166 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities | |||
Accounts payable and accrued expenses | $ 39,276 | $ 38,828 | |
Asset retirement obligations | 9,789 | 9,851 | |
Other current liabilities | 778 | 645 | |
Total current liabilities | 49,843 | 49,324 | |
Asset retirement obligations | 55,545 | 54,553 | |
Other long-term obligations | 2,265 | 2,178 | |
Total liabilities | 107,653 | 106,055 | |
Stockholders' Equity | |||
Common stock, | 37 | 37 | |
Additional paid-in capital | 1,011,489 | 1,071,021 | |
Accumulated deficit | (591,822) | (602,947) | |
Total stockholders' equity | 419,704 | 468,111 | |
Total liabilities and stockholders' equity | $ 527,357 | $ 574,166 | |
SandRidge Energy, Inc. and Subsidiaries | |||
Condensed Consolidated Statements of Cash Flows (Unaudited) | |||
(In thousands) | |||
Three Months Ended March 31, | |||
2024 | 2023 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 11,125 | $ 23,758 | |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation, depletion, and amortization | 5,754 | 5,072 | |
(Gain) loss on derivative contracts | — | (1,447) | |
Settlement gains (losses) on derivative contracts | — | 5,876 | |
Stock-based compensation | 536 | 396 | |
Other | 40 | 38 | |
Changes in operating assets and liabilities | (1,774) | 6,154 | |
Net cash provided by operating activities | 15,681 | 39,847 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures for property, plant and equipment | (1,124) | (9,392) | |
Purchase of other property and equipment | (18) | (16) | |
Proceeds from sale of assets | 38 | — | |
Net cash used in investing activities | (1,104) | (9,408) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Dividends paid to shareholders | (59,718) | — | |
Reduction of financing lease liability | (207) | (132) | |
Tax withholdings paid in exchange for shares withheld on employee vested stock awards | (103) | (211) | |
Net cash used in financing activities | (60,028) | (343) | |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS and RESTRICTED CASH | (45,451) | 30,096 | |
CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year | 253,944 | 257,468 | |
CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of period | $ 208,493 | $ 287,564 | |
Supplemental Disclosure of Cash Flow Information | |||
Cash paid for interest, net of amounts capitalized | $ (33) | $ (32) | |
Supplemental Disclosure of Noncash Investing and Financing Activities | |||
Capital expenditures for property, plant and equipment in accounts payables and accrued expenses | $ 605 | $ 8,904 | |
Right-of-use assets obtained in exchange for financing lease obligations | $ 230 | $ — | |
Inventory material transfers to oil and natural gas properties | $ 19 | $ 75 | |
Asset retirement obligation capitalized | $ — | $ 12 | |
Change in dividends payable | $ 247 | $ — | |
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 March 31, | |||
2024 | 2023 | ||
(In thousands) | |||
Net cash provided by operating activities | $ 15,681 | $ 39,847 | |
Changes in operating assets and liabilities | 1,774 | (6,154) | |
Adjusted operating cash flow | $ 17,455 | $ 33,693 | |
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 March 31, | |||
2024 | 2023 | ||
(In thousands) | |||
Net cash provided by operating activities | $ 15,681 | $ 39,847 | |
Net cash used in investing activities | (1,104) | (9,408) | |
Proceeds from sale of assets | (38) | — | |
Free cash flow | $ 14,539 | $ 30,439 | |
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 March 31, | |||
2024 | 2023 | ||
(In thousands) | |||
Net Income | $ 11,125 | $ 23,758 | |
Adjusted for | |||
Depreciation and depletion - oil and natural gas | 4,076 | 3,454 | |
Depreciation and amortization - other | 1,678 | 1,618 | |
Interest expense | 33 | 32 | |
EBITDA | 16,912 | 28,862 | |
Stock-based compensation | 536 | 396 | |
(Gain) loss on derivative contracts | — | (1,447) | |
Settlement gains (losses) on derivative contracts | — | 5,876 | |
Employee termination benefits | — | 19 | |
Restructuring expenses | — | 39 | |
Interest income | (2,731) | (2,531) | |
Adjusted EBITDA | $ 14,717 | $ 31,214 | |
Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA
Three Months Ended March 31, | |||
2024 | 2023 | ||
(In thousands) | |||
Net cash provided by operating activities | $ 15,681 | $ 39,847 | |
Changes in operating assets and liabilities | 1,774 | (6,154) | |
Interest expense | 33 | 32 | |
Employee termination benefits | — | 19 | |
Interest income | (2,731) | (2,531) | |
Other | (40) | 1 | |
Adjusted EBITDA | $ 14,717 | $ 31,214 | |
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 March 31, 2024 | Three Months Ended March 31, 2023 | ||||||
$ | $/Diluted Share | $ | $/Diluted Share | ||||
(In thousands, except per share amounts) | |||||||
Net income available to common stockholders | $ 11,125 | $ 0.30 | $ 23,758 | $ 0.64 | |||
(Gain) loss on derivative contracts | — | — | (1,447) | (0.04) | |||
Settlement gains (losses) on derivative contracts | — | — | 5,876 | 0.16 | |||
Employee termination benefits | — | — | 19 | — | |||
Restructuring expenses | — | — | 39 | — | |||
Interest income | (2,731) | (0.07) | (2,531) | (0.07) | |||
Adjusted net income available to common stockholders | $ 8,394 | $ 0.23 | $ 25,714 | $ 0.69 | |||
Basic | Diluted | Basic | Diluted | ||||
Weighted average number of common shares outstanding | 37,042 | 37,134 | 36,859 | 37,110 | |||
Total adjusted net income per share | $ 0.23 | $ 0.23 | $ 0.70 | $ 0.69 | |||
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 March 31, 2024 | Three Months Ended March 31, 2023 | ||||||
$ | $/Boe | $ | $/Boe | ||||
(In thousands, except per Boe amounts) | |||||||
General and administrative | $ 3,332 | $ 2.42 | $ 2,909 | $ 1.94 | |||
Stock-based compensation | (536) | (0.39) | (396) | (0.26) | |||
Adjusted G&A | $ 2,796 | $ 2.03 | $ 2,513 | $ 1.68 | |||
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, acquisition and production of oil and gas properties. Its primary area of operations is the Mid-Continent region in
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SOURCE SANDRIDGE ENERGY, INC.
FAQ
<p>What was SandRidge Energy's net income for Q1 2024?</p>
SandRidge Energy reported a net income of $11.1 million for the first quarter of 2024.
<p>How much was the adjusted EBITDA for SandRidge Energy in the quarter?</p>
The adjusted EBITDA for SandRidge Energy was $14.7 million for the three-month period ended March 31, 2024.
<p>What was the total cash and cash equivalents for SandRidge Energy as of March 31, 2024?</p>
As of March 31, 2024, SandRidge Energy had $208.5 million in cash and cash equivalents.
<p>How were production and revenues for SandRidge Energy in Q1 2024?</p>
Production totaled 1,376 MBoe, and revenues were $30.3 million for the first quarter of 2024.
<p>What did SandRidge Energy focus on for production optimization efforts?</p>
SandRidge Energy focused on stable, low-decline production base optimization and high-return projects for asset enhancement.
