FORM 8-K |
SANDRIDGE ENERGY, INC. |
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(Exact name of registrant as specified in its charter) |
Delaware |
1-33784 |
20-8084793 |
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(State or Other Jurisdiction of
Incorporation or Organization)
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(Commission File Number) |
(I.R.S. Employer
Identification No.)
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1 E. Sheridan Ave, Suite 500
Oklahoma City, Oklahoma
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73104 | |||||||||||||
(Address of Principal Executive Offices)
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(Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Common Stock, $0.001 par value | SD | New York Stock Exchange |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
99.1 | |||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
SANDRIDGE ENERGY, INC. |
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(Registrant) |
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Date: March 10, 2025 |
By: |
/s/ Jonathan Frates | ||||||||||||||||||
Jonathan Frates | ||||||||||||||||||||
Executive Vice President and Chief Financial Officer |
Dollars in thousands (except per share data) | 4Q24 | 3Q24 | Change vs 3Q24 | 4Q23 | Change vs 4Q23 | ||||||||||||
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) |
4Q24 | 3Q24 | Change vs 3Q24 | 4Q23 | Change vs 4Q23 | |||||||||||||
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 | $38,973 | $30,057 | $8,916 | $33,926 | $5,047 | ||||||||||||
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 | $71.44 | $73.07 | $(1.63) | $77.53 | $(6.09) | ||||||||||||
Realized natural gas price per Mcf | $1.47 | $0.92 | $0.55 | $1.50 | $(0.03) | ||||||||||||
Realized NGL price per barrel | $18.19 | $16.25 | $1.94 | $21.05 | $(2.86) | ||||||||||||
Realized price per Boe | $22.22 | $19.23 | $2.99 | $23.03 | $(0.81) |
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 |
(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 Guidance(1) |
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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 | $47 - $63 Million | ||||
Capital Workovers / Production Optimization / Leasehold | $19 - $22 Million | ||||
Total Capital Expenditures | $66 - $85 Million | ||||
Expenses | |||||
Lease Operating Expenses ("LOE") | $42 - $50 Million | ||||
Adjusted General & Administrative ("G&A") Expenses (2) |
$10 - $12 Million | ||||
Production and Ad Valorem Taxes (% of Revenue) | 6% - 7% | ||||
Price Differentials | |||||
Oil (% of WTI) | 97% - 98% | ||||
NGL (% of WTI) | 25% - 30% | ||||
Natural Gas (% of HH) | 50% - 70% |
(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." |
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 |
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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 |
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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. |
Oil MBbls | NGLs MBbls | Gas MMcf | Equivalent MBoe(1) |
Standardized Measure $MM (2) |
PV-10 $MM (3) |
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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 10% per annum to reflect timing of future cash flows and using the same pricing assumptions as were used to calculate PV-10. Standardized Measure differs from PV-10 because Standardized Measure includes the effect of future income taxes on future net revenues. |
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(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 10%. |
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(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. | |||||||
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) | |||||
Period | Index | Daily Volume | Weighted Average Price |
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Oil (Bbl) | ||||||||||||||||||||||||||
Fixed Price Swaps | ||||||||||||||||||||||||||
January 2025 - December 2025 | NYMEX WTI | 500 | $71.60 | |||||||||||||||||||||||
January 2026 - June 2026 | NYMEX WTI | 300 | $68.67 | |||||||||||||||||||||||
Natural Gas (MMBtu) | ||||||||||||||||||||||||||
Fixed Price Swaps | ||||||||||||||||||||||||||
March 2025 - December 2025 | NYMEX Henry Hub | 8,500 | $4.17 | |||||||||||||||||||||||
January 2026 - December 2026 | NYMEX Henry Hub | 4,500 | $4.09 | |||||||||||||||||||||||
Producer Costless Collars | ||||||||||||||||||||||||||
March 2025 - December 2025 | NYMEX Henry Hub | 8,500 | $3.50 Put / $5.50 Call | |||||||||||||||||||||||
April 2025 - December 2025 | NYMEX Henry Hub | 12,000 | $4.00 Put / $8.20 Call | |||||||||||||||||||||||
January 2026 - December 2026 | NYMEX Henry Hub | 4,500 | $3.35 Put / $5.35 Call | |||||||||||||||||||||||
NGL (Bbl) | ||||||||||||||||||||||||||
Fixed Price Swaps | ||||||||||||||||||||||||||
January 2025 - December 2025 | Mont Belvieu OPIS - C3+(1) |
300 | $39.69 | |||||||||||||||||||||||
March 2025 - December 2025 | Mont Belvieu OPIS - Ethane(2) |
325 | $11.76 |
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 |
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 |
December 31, |
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2024 | 2023 | ||||||||||
(In thousands) | |||||||||||
ASSETS |
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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 |
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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, $0.001 par value; 250,000 shares authorized; 37,203 issued and outstanding at December 31, 2024 and 37,091 issued and outstanding at December 31, 2023 |
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 |
Year Ended December 31, | |||||||||||||||||
2024 | 2023 | 2022 | |||||||||||||||
(In thousands) | |||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
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Net income (loss) |
$ | 62,986 | $ | 60,857 | $ | 242,168 | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities |
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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 |
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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 |
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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 |
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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) | $ | — | |||||||||||
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 |
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 |
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 |
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 | |||||||||||||||
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 |
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 |