SANDRIDGE ENERGY, INC. ANNOUNCES FINANCIAL AND OPERATING RESULTS FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2025 AND DECLARES INCREASED DIVIDEND OF $0.12 PER SHARE
OKLAHOMA CITY, Aug. 6, 2025 /PRNewswire/ -- SandRidge Energy, Inc. (the "Company" or "SandRidge") (NYSE:SD) today announced financial and operational results for the three and six-month periods ended June 30, 2025.
Recent Highlights
On August 5, 2025, the Board declared a $0.12 per share dividend, an increase of 9%, of the Company's common stock, payable on September 29, 2025 to shareholders of record on September 22, 2025. Shareholders may elect to receive cash or additional shares of common stock through the Company's newly authorized Dividend Reinvestment Plan
As of June 30, 2025, the Company had $104.2 million of cash and cash equivalents, including restricted cash
Production averaged 17.8 MBoe per day during the second quarter, an increase of 19% on a Boe basis versus the same period in 2024. Oil production increased 46% and total revenues increased 33% during the quarter versus the same period in 2024, driven by production from our Cherokee acquisition and operated development program
During the quarter, the first well of the Company's ongoing one-rig Cherokee development program was turned to sales with a peak 30-day initial production ("IP") rate of approximately 2,300 gross Boe per day (~49% oil)
Second quarter net income of $19.6 million, or $0.53 per basic share. Adjusted net income(1) of $12.2 million, or $0.33 per basic share
Adjusted EBITDA(1) of $22.8 million for the three-month period ended June 30, 2025
Adjusted G&A(1) of $2.4 million, or $1.48 per Boe for the three-month period ended June 30, 2025, a 20% reduction on a Boe basis from the same period in 2024
Financial Results & Update
Profitability
Dollars in thousands (except per share data)
2Q25
1Q25
Change vs 1Q25
2Q24
Change vs 2Q24
Net income
$ 19,558
$ 13,049
$ 6,509
$ 8,794
$ 10,764
Net Income per share
$ 0.53
$ 0.35
$ 0.18
$ 0.24
$ 0.29
Net cash provided by operating activities
$ 22,850
$ 20,331
$ 2,519
$ 11,412
$ 11,438
Adjusted net income(1)
$ 12,236
$ 14,534
$ (2,298)
$ 6,353
$ 5,883
Adjusted net income per share(1)
$ 0.33
$ 0.39
$ (0.06)
$ 0.17
$ 0.16
Adjusted operating cash flow(1)
$ 25,561
$ 26,346
$ (785)
$ 15,384
$ 10,177
Adjusted EBITDA(1)
$ 22,822
$ 25,491
$ (2,669)
$ 12,934
$ 9,888
Free cash flow(1)
$ 9,813
$ 13,595
$ (3,782)
$ 8,967
$ 846
Operational Results & Update
Production, Revenue & Realized Prices
2Q25
1Q25
Change vs 1Q25
2Q24
Change vs 2Q24
Production
MBoe
1,619
1,607
12
1,363
256
MBoed
17.8
17.9
(0.1)
15.0
2.8
Oil as percentage of production
17 %
17 %
— %
14 %
3 %
Natural gas as percentage of production
49 %
49 %
— %
54 %
(5) %
NGLs as percentage of production
34 %
34 %
— %
32 %
2 %
Revenues
Oil, natural gas and NGL revenues
$34,531
$42,604
$(8,073)
$25,977
$8,554
Oil as percentage of revenues
49 %
44 %
5 %
57 %
(8) %
Natural gas as percentage of revenues
25 %
30 %
(5) %
11 %
14 %
NGLs as percentage of revenues
26 %
26 %
— %
32 %
(6) %
Realized Prices
Realized oil price per barrel
$62.80
$69.88
$(7.08)
$79.54
$(16.74)
Realized natural gas price per Mcf
$1.82
$2.69
$(0.87)
$0.66
$1.16
Realized NGL price per barrel
$16.10
$20.07
$(3.97)
$18.99
$(2.89)
Realized price per Boe
$21.33
$26.51
$(5.18)
$19.06
$2.27
Production, Revenues and Realized Prices
Boe and oil production for the second quarter increased by approximately 19% and 46%, respectively, versus the same period in 2024, contributing to increased revenues year-over-year. Second quarter production levels were relatively flat versus the first quarter of 2025 with production from the first well in the Company's operated drilling program only contributing to a portion of second quarter volumes. While revenues and realized prices were improved in the first half of 2025 versus the first half of 2024, reductions in West Texas Intermediate ("WTI") and Henry Hub ("HH") benchmarks throughout the first half of 2025 resulted in lower commodity realizations and revenues quarter-over-quarter.
Operating Costs
During the second quarter and first half of 2025, lease operating expense ("LOE") was $6.6 million and $17.5 million or $4.05 and $5.42 per Boe, respectively. Lease operating expenses improved versus the second quarter in 2024 primarily due to a $2.1 million one-time non-cash adjustment of an operating accrual dating back to the Company's emergence from Bankruptcy, as well as continued efficient operations and increased sales volumes associated with our Cherokee acquisition in 2024 and ongoing development program. The Company continues to focus on its operating costs and on safely maximizing the value of its asset base through prudent expenditure programs, cost management efforts, and continuous pursuit of efficiency in the field.
Liquidity & Capital Structure
As of June 30, 2025, the Company had $104.2 million of cash and cash equivalents, including restricted cash, deposited with multiple, well-capitalized financial institutions. The Company has no outstanding term or revolving debt obligations.
Dividend Program
Dollars in thousands
Total
2Q25
1Q25
2024
2023
Special dividends(2)
$ 130,206
$ ,
$ ,
$ 55,868
$ 74,338
Quarterly dividends(2)
$ 32,009
$ 4,066
$ 4,077
$ 16,426
$ 7,440
Total dividends(2)
$ 162,215
$ 4,066
$ 4,077
$ 72,294
$ 81,778
Total
2Q25
1Q25
2024
2023
Special dividends per share
$ 3.50
$ ,
$ ,
$ 1.50
$ 2.00
Quarterly dividends per share
$ 0.86
$ 0.11
$ 0.11
$ 0.44
$ 0.20
Total dividends per share
$ 4.36
$ 0.11
$ 0.11
$ 1.94
$ 2.20
On August 5, 2025, the Board declared a $0.12 per share dividend, an increase of 9%, of the Company's common stock, payable on September 29, 2025 to shareholders of record on September 22, 2025. Shareholders may elect to receive cash or additional shares of common stock through the Company's newly authorized Dividend Reinvestment Plan.
Share Repurchases
The Company continues to opportunistically repurchase shares under its 10b5-1 program. During the six months ended June 30, 2025, the Company repurchased 0.5 million shares for $6.0 million at an average price of $10.89 per share. Of the $75 million repurchase authorization, $69 million remained outstanding.
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, growth projects. Currently, these projects include: (1) One-rig development in the Cherokee Shale Play (2) Evaluation of accretive merger and acquisition opportunities, with consideration of our strong balance sheet and commitment to our capital return program (3) Production Optimization program through artificial lift conversions to more efficient and cost-effective systems and high-graded recompletions and (4) A leasing program that will bolster future development and extend development in our Cherokee assets. Our leaseholds are approximately 95% held by production, which cost-effectively maintains our development option over a reasonable tenor. We will continue to monitor forward-looking commodity prices, project results, costs, impacts of tariffs and other factors that could influence returns and cash flows, and will adjust our program accordingly, to include curtailment of capital activity and wells, if needed, or conversely, well reactivations in higher commodity price environments. These and other factors, including reasonable reinvestment rates, maintaining our cash flows and prioritizing our regular-way dividend, will continue to shape our development decisions for the remainder of the year and beyond.
Environmental, Social, & Governance ("ESG")
SandRidge maintains its Environmental, Social, and Governance ("ESG") commitment to harvesting the Company's resources in a safe and environmentally conscious manner, to include no routine flaring of produced natural gas, transporting nearly all of our produced water via pipeline instead of truck, and powering nearly all our well sites with electricity, mitigating the need for less efficient power sources. Via a 24-hour manned operations center and dedicated personnel trained in the use of infrared leak detection and other specialized equipment, the Company continually monitors our asset base for potential emissions and continually works to optimize efficiency through initiatives such as proactive artificial lift upgrades that reduce SandRidge's electric power consumption. Additionally, SandRidge maintains an emphasis on the safety and training of our workforce with a demonstrable safety track record integral to our culture. The Company has personnel dedicated to the close monitoring of our safety standards and daily operations.
Conference Call Information
The Company will host a conference call to discuss these results on Thursday, August 7, 2025 at 1:00 pm CT. The conference call can be accessed by registering online in advance at https://registrations.events/direct/Q4I231503.6267774588438875e+24 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 RelationsSandRidge Energy, Inc.1 E. Sheridan Ave. Suite 500Oklahoma City, OK
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 Oklahoma, Texas, and Kansas. Further information can be found at 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)
Includes dividends payable on unvested restricted stock awards.
Operational and Financial Statistics
Information regarding the Company's production, pricing, costs and earnings is presented below (unaudited):
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Production - Total
Oil (MBbl)
270
185
540
393
Natural Gas (MMcf)
4,801
4,443
9,520
9,250
NGL (MBbl)
548
437
1,099
804
Oil equivalent (MBoe)
1,619
1,363
3,226
2,739
Daily production (MBoed)
17.8
15.0
17.8
15.0
Average price per unit
Realized oil price per barrel - as reported
$ 62.80
$ 79.54
$ 66.34
$ 77.18
Realized impact of derivatives per barrel
1.33
—
0.68
—
Net realized price per barrel
$ 64.13
$ 79.54
$ 67.02
$ 77.18
Realized natural gas price per Mcf - as reported
$ 1.82
$ 0.66
$ 2.25
$ 0.97
Realized impact of derivatives per Mcf
0.23
—
0.11
—
Net realized price per Mcf
$ 2.05
$ 0.66
$ 2.36
$ 0.97
Realized NGL price per barrel - as reported
$ 16.10
$ 18.99
$ 18.09
$ 21.11
Realized impact of derivatives per barrel
0.08
—
(0.12)
—
Net realized price per barrel
$ 16.18
$ 18.99
$ 17.97
$ 21.11
Realized price per Boe - as reported
$ 21.33
$ 19.06
$ 23.91
$ 20.54
Net realized price per Boe - including impact of derivatives
$ 22.25
$ 19.06
$ 24.32
$ 20.54
Average cost per Boe
Lease operating
$ 4.05
$ 6.41
$ 5.42
$ 7.17
Production, ad valorem, and other taxes
$ 1.33
$ 1.35
$ 1.63
$ 1.36
Depletion (1)
$ 5.12
$ 3.19
$ 5.18
$ 3.08
Earnings per share
Earnings per share applicable to common stockholders
Basic
$ 0.53
$ 0.24
$ 0.88
$ 0.54
Diluted
$ 0.53
$ 0.24
$ 0.88
$ 0.54
Adjusted net income per share available to common stockholders
