$SD

SANDRIDGE ENERGY INC

CIK:0001349436|SEC Filings

CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) - USD ($) shares in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total revenues	$ 51,117,000		$ 34,531,000		$ 100,894,000	$ 77,135,000
Expenses
Lease operating expenses	10,302,000		6,556,000		21,089,000	17,473,000
Production, ad valorem, and other taxes	3,210,000		2,158,000		6,231,000	5,257,000
Depreciation and depletion—oil and natural gas	10,494,000		8,290,000		20,314,000	16,706,000
Depreciation and amortization—other	1,624,000		1,612,000		3,247,000	3,215,000
General and administrative	3,769,000		3,028,000		6,757,000	6,881,000
Restructuring expenses	(14,000)		412,000		132,000	452,000
(Gain) loss on derivative contracts	(4,222,000)		(6,059,000)		(696,000)	(3,572,000)
Other operating (income) expense, net	(3,000)		0		7,000	0
Total expenses	25,160,000		15,997,000		57,081,000	46,412,000
Income from operations	25,957,000		18,534,000		43,813,000	30,723,000
Other income (expense)
Interest income (expense), net	735,000		1,027,000		1,549,000	1,887,000
Other income (expense), net	1,000		(3,000)		1,000	(3,000)
Total other income (expense)	736,000		1,024,000		1,550,000	1,884,000
Income (loss) before income taxes	26,693,000		19,558,000		45,363,000	32,607,000
Income tax (benefit) expense	0		0		0	0
Net income (loss)	$ 26,693,000	$ 18,670,000	$ 19,558,000	$ 13,049,000	$ 45,363,000	$ 32,607,000
Net income (loss) per share
Basic (in dollars per share)	$ 0.72		$ 0.53		$ 1.23	$ 0.88
Diluted (in dollars per share)	$ 0.72		$ 0.53		$ 1.22	$ 0.88
Weighted average number of common shares outstanding
Basic (in shares)	36,906		36,661		36,838	36,850
Diluted (in shares)	37,082		36,677		37,048	36,884

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 45,363	$ 32,607
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation, depletion, and amortization	23,561	19,921
(Gain) loss on derivative contracts	(696)	(3,572)
Settlement gains (losses) on derivative contracts	(717)	1,319
Stock-based compensation	1,473	1,370
Other	14	262
Changes in operating assets and liabilities	(6,803)	(8,726)
Net cash provided by operating activities	62,195	43,181
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures for property, plant and equipment	(40,059)	(22,011)
Acquisition of oil and natural gas assets	(5,132)	(4,427)
Purchase of other property and equipment	0	(562)
Sales tax refund on completion costs	0	2,800
Proceeds from sale of assets	847	455
Net cash used in investing activities	(44,344)	(23,745)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid to stockholders	(14,504)	(8,191)
Reduction of financing lease liability	(424)	(406)
Repurchases of common stock, including excise tax	(41)	(5,927)
Tax withholdings paid in exchange for shares withheld on employee vested stock awards	(535)	(224)
Net cash used in financing activities	(15,504)	(14,748)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS and RESTRICTED CASH	2,347	4,688
CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year	112,345	99,511
CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of period	114,692	104,199
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized	(380)	(66)
Supplemental Disclosure of Noncash Investing and Financing Activities
Capital expenditures for property, plant and equipment in accounts payable and accrued expenses	7,752	6,852
Right-of-use assets obtained in exchange for financing lease obligations	187	229
Inventory material transfers to oil and natural gas properties	0	3
Asset retirement obligation capitalized	17	38
Asset retirement obligation removed due to divestiture	0	(288)
Decrease (increase) in excise tax payable on repurchases of common stock	53	(47)
Decrease (increase) in dividends payable	$ 1	$ 48

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 113,345	$ 110,998
Restricted cash	1,347	1,347
Accounts receivable, net	26,659	26,186
Derivative contracts	4,217	2,773
Prepaid expenses	2,213	748
Other current assets	3,939	5,806
Total current assets	151,720	147,858
Oil and natural gas properties, using full cost method of accounting
Proved	1,799,920	1,759,943
Unproved	28,101	27,520
Less: accumulated depreciation, depletion and impairment	(1,464,076)	(1,446,824)
Net oil and natural gas properties	363,945	340,639
Other property, plant and equipment, net	72,621	75,649
Other assets	1,462	1,539
Deferred tax assets, net of valuation allowance	78,336	78,336
Total assets	668,084	644,021
Current liabilities
Accounts payable and accrued expenses	49,030	59,037
Asset retirement obligations	8,044	8,098
Other current liabilities	750	905
Total current liabilities	57,824	68,040
Derivative contracts	31	0
Asset retirement obligations	66,855	64,293
Other long-term obligations	693	817
Total liabilities	125,403	133,150
Commitments and contingencies (Note 7)
Stockholders’ Equity
Common stock, $0.001 par value; 250,000 shares authorized; 37,075 issued and outstanding at June 30, 2026 and 36,825 issued and outstanding at December 31, 2025	37	37
Additional paid-in capital	967,039	980,592
Accumulated deficit	(424,395)	(469,758)
Total stockholders’ equity	542,681	510,871
Total liabilities and stockholders’ equity	$ 668,084	$ 644,021