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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 4, 2025
  
SANDRIDGE ENERGY, INC.
(Exact name of registrant as specified in its charter)
 
Delaware
1-33784
20-8084793
(State or Other Jurisdiction of
Incorporation or Organization)
(Commission File Number)
(I.R.S. Employer
Identification No.)
1 E. Sheridan Ave, Suite 500
Oklahoma City, Oklahoma
73104
(Address of Principal Executive Offices)

(Zip Code)
Registrant’s Telephone Number, including Area Code: (405) 429-5500
Not Applicable.
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, $0.001 par value SD New York Stock Exchange
Preferred Stock Purchase Rights New York Stock Exchange
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
 
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))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant Section 13(a) of the Exchange Act.  ☐







Item 2.02 — Results of Operations and Financial Condition
On November 5, 2025, SandRidge Energy, Inc. (the “Company”) issued a press release announcing financial and operational results for the period ended September 30, 2025. The press release is attached as Exhibit 99.1, which is incorporated herein by reference.

Item 8.01 — Other Matters
On November 4, 2025, the Board declared a dividend of $0.12 per share of the Company’s common stock, which stockholders can elect to receive in cash or additional shares of common stock by enrolling in our previously announced Dividend Reinvestment Plan, payable on November 28, 2025 to stockholders of record on November 14, 2025.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

99.1
104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document











SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
SANDRIDGE ENERGY, INC.
(Registrant)
Date: November 5, 2025
By:
/s/ Jonathan Frates
Jonathan Frates
Executive Vice President and Chief Financial Officer







EX-99.1 2 sd9302025-ex991earningsrel.htm EX-99.1 Document
image22.jpg




Exhibit 99.1

SANDRIDGE ENERGY, INC. ANNOUNCES FINANCIAL AND OPERATING RESULTS
FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025
AND DECLARES DIVIDEND OF $0.12 PER SHARE

Oklahoma City, Oklahoma, November 5, 2025 /PRNewswire/ – SandRidge Energy, Inc. (the “Company” or “SandRidge”) (NYSE: SD) today announced financial and operational results for the three and nine-month periods ended September 30, 2025.
Recent Highlights
•On November 4, 2025, the Board declared a dividend of $0.12 per share of the Company’s common stock, which stockholders can elect to receive in cash or additional shares of common stock by enrolling in our previously announced Dividend Reinvestment Plan, payable on November 28, 2025 to stockholders of record on November 14, 2025
•As of September 30, 2025, the Company had $102.6 million of cash and cash equivalents, including restricted cash
•Production averaged 19.0 MBoe per day during the third quarter, an increase of 12% on a Boe basis versus the same period in 2024. Oil production increased 49% and total revenues increased 32% during the quarter versus the same period in 2024, driven by production from our Cherokee acquisition and operated development program
•To date, four wells from Company's ongoing one-rig Cherokee development program have been turned to sales with average per well peak 30-day initial production ("IP") rates of approximately 2,000 gross Boe per day (~43% oil)
•Third quarter net income of $16.0 million, or $0.44 per basic share. Adjusted net income(1) of $15.5 million or $0.42 per basic share
•Adjusted EBITDA(1) of $27.3 million for the three-month period ended September 30, 2025
•Adjusted G&A(1) of $2.1 million, or $1.23 per Boe for the three-month period ended September 30, 2025
Grayson Pranin, SandRidge’s President, Chief Executive Officer & Director, commented on the quarter:

“SandRidge delivered another strong quarter of results, which included further successes in our ongoing Cherokee drilling campaign in addition to continued optimization of our low-decline asset base. I'm particularly proud to announce that our team recently achieved four years without a recordable safety incident. This incredible achievement demonstrates our continued commitment to putting the health and safety of our employees and contractors at the forefront of our business. We continue to operate our existing assets extremely efficiently, driven by our low-cost expertise, and execute on our Cherokee development in an effective manner all while keeping our team safe.”

1


Financial Results
Dollars in thousands (except per share data) 3Q25 2Q25 Change vs 2Q25 3Q24 Change vs 3Q24
Net income $ 15,953  $ 19,558  $ (3,605) $ 25,484  $ (9,531)
Net Income per share $ 0.44  $ 0.53  $ (0.09) $ 0.69  $ (0.25)
Net cash provided by operating activities $ 25,269  $ 22,850  $ 2,419  $ 20,847  $ 4,422 
Adjusted net income(1)
$ 15,478  $ 12,236  $ 3,242  $ 7,057  $ 8,421 
Adjusted net income per share(1)
$ 0.42  $ 0.33  $ 0.09  $ 0.19  $ 0.23 
Adjusted operating cash flow(1)
$ 27,933  $ 25,561  $ 2,372  $ 19,073  $ 8,860 
Adjusted EBITDA(1)
$ 27,285  $ 22,822  $ 4,463  $ 17,742  $ 9,543 
Free cash flow(1)
$ 5,919  $ 9,813  $ (3,894) $ 10,861  $ (4,942)
Operational Results & Update
Production, Revenue, & Realized Prices
3Q25 2Q25 Change vs 2Q25 3Q24 Change vs 3Q24
Production
MBoe 1,745 1,619 126 1,563 182
MBoed 19.0 17.8 1.2 17.0 2.0
Oil as percentage of production 20% 17% 3% 15% 5%
Natural gas as percentage of production 48% 49% (1)% 50% (2)%
NGLs as percentage of production 32% 34% (2)% 35% (3)%
Revenues
Oil, natural gas and NGL revenues $39,822 $34,531 $5,291 $30,057 $9,765
Oil as percentage of revenues 56% 49% 7% 56% —%
Natural gas as percentage of revenues 22% 25% (3)% 15% 7%
NGLs as percentage of revenues 22% 26% (4)% 29% (7)%
Realized Prices
Realized oil price per barrel $65.23 $62.80 $2.43 $73.07 $(7.84)
Realized natural gas price per Mcf $1.71 $1.82 $(0.11) $0.92 $0.79
Realized NGL price per barrel $15.61 $16.10 $(0.49) $16.25 $(0.64)
Realized price per Boe $22.82 $21.33 $1.49 $19.23 $3.59
Boe and oil production for the third quarter increased by approximately 12% and 49%, respectively, versus the same period in 2024, contributing to increased revenues year-over-year. Third quarter production levels increased 8% versus the second quarter of 2025.
Revenues and average realized prices per Boe were improved in the third quarter and first nine months of 2025 versus the same periods in 2024.




2


Drilling & Completion Operations
Three wells from the Company's ongoing one-rig Cherokee development program were turned to sales during the third quarter. The third well came online in the last three weeks of the quarter, and each will continue to benefit production levels going forward.
The four wells turned to sales since the start of the program generated average per well peak 30-day IP rates of approximately 2,000 gross Boe per day (~43% oil). The first well in the program produced more than 275,000 gross Boe (~42% oil) in its first 170 days of production.
Operating Costs
During the third quarter and nine months of 2025, lease operating expense ("LOE") was $10.9 million and $28.4 million or $6.25 and $5.71 per Boe, respectively. Lease operating expenses for the three months ended September 30, 2025 increased in total and per Boe versus the same period in 2024 primarily due to an increase in labor, utility and other costs and increased operational activity associated with the Company's Cherokee acquisition and drilling program.
Liquidity & Capital Structure
As of September 30, 2025, the Company had $102.6 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 3Q25 2Q25 1Q25 2024 2023
Special dividends(2)
$ 130,206  $ —  $ —  $ —  $ 55,868  $ 74,338 
Quarterly dividends(2)
35,868  3,859  4,066  4,077  16,426  7,440 
Total dividends(2)
$ 166,074  $ 3,859  $ 4,066  $ 4,077  $ 72,294  $ 81,778 
Total 3Q25 2Q25 1Q25 2024 2023
Special dividends per share $ 3.50  $ —  $ —  $ —  $ 1.50  $ 2.00 
Quarterly dividends per share 0.98  0.12  0.11  0.11  0.44  0.20 
Total dividends per share $ 4.48  $ 0.12  $ 0.11  $ 0.11  $ 1.94  $ 2.20 
Dividend Declaration & Dividend Reinvestment Program ("DRIP")
On November 4, 2025, the Board declared a dividend of $0.12 per share of the Company’s common stock, which stockholders can elect to receive in cash or additional shares of common stock by enrolling in our previously announced Dividend Reinvestment Plan, payable on November 28, 2025 to stockholders of record on November 14, 2025.
Stockholders interested in participating in the DRIP or seeking additional information may contact their broker or Equiniti Trust Company, LLC, the Plan Administrator, at (800) 278-4353 or https://equiniti.com/us/ast-access/individuals.




3


Share Repurchases
The Company continues to opportunistically repurchase shares under its 10b5-1 program. During the nine months ended September 30, 2025, the Company repurchased 0.6 million shares for $6.4 million at an average price of $10.72 per share. Of the $75.0 million repurchase authorization, $68.3 million remained.
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 (4) a leasing program that will bolster future development and extend development in our Cherokee assets. We are developing our term acreage in the Cherokee Play, and our total leasehold position, inclusive of the Cherokee, NW Stack and legacy assets, is 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, November 6, 2025 at 1:00 pm CT. The conference call can be accessed by registering online in advance at https://registrations.events/direct/Q4I231507 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 its website at investors.sandridgeenergy.com.


4


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
Oklahoma City, OK 73104
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 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 and excludes dividends paid in shares under Dividend Reinvestment Program.


5


Operational and Financial Statistics
Information regarding the Company’s production, pricing, costs and earnings is presented below (unaudited):

Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Production - Total
Oil (MBbl) 344  231  884  624 
Natural Gas (MMcf) 4,993  4,729  14,513  13,979 
NGL (MBbl) 569  544  1,668  1,348 
Oil equivalent (MBoe) 1,745  1,563  4,971  4,302 
Daily production (MBoed) 19.0  17.0  18.2  15.7 
Average price per unit
Realized oil price per barrel - as reported $ 65.23  $ 73.07  $ 65.91  $ 75.66 
Realized impact of derivatives per barrel 0.92  0.64  0.77  0.23 
Net realized price per barrel $ 66.15  $ 73.71  $ 66.68  $ 75.89 
Realized natural gas price per Mcf - as reported $ 1.71  $ 0.92  $ 2.06  $ 0.95 
Realized impact of derivatives per Mcf 0.44  —  0.23  — 
Net realized price per Mcf $ 2.15  $ 0.92  $ 2.29  $ 0.95 
Realized NGL price per barrel - as reported $ 15.61  $ 16.25  $ 17.24  $ 19.15 
Realized impact of derivatives per barrel 0.21  0.09  —  0.04 
Net realized price per barrel $ 15.82  $ 16.34  $ 17.24  $ 19.19 
Realized price per Boe - as reported $ 22.82  $ 19.23  $ 23.53  $ 20.07 
Net realized price per Boe - including impact of derivatives $ 24.34  $ 19.36  $ 24.33  $ 20.11 
Average cost per Boe
Lease operating $ 6.25  $ 5.82  $ 5.71  $ 6.68 
Production, ad valorem, and other taxes $ 1.23  $ 1.16  $ 1.49  $ 1.29 
Depletion (1)
$ 5.39  $ 5.34  $ 5.25  $ 3.90 
Earnings per share
Earnings per share applicable to common stockholders
Basic $ 0.44  $ 0.69  $ 1.32  $ 1.22 
Diluted $ 0.43  $ 0.69  $ 1.32  $ 1.22 
Adjusted net income per share available to common stockholders
Basic $ 0.42  $ 0.19  $ 1.15  $ 0.59 
Diluted $ 0.42  $ 0.19  $ 1.15  $ 0.59 
Weighted average number of shares outstanding (in thousands)
Basic 36,671  37,134  36,789  37,087 
Diluted
36,708  37,180  36,848  37,150 

(1) Includes accretion of asset retirement obligation.





6


Capital Expenditures
The table below presents actual results of the Company’s capital expenditures for the nine months ended September 30, 2025 (unaudited):
Nine Months Ended
September 30, 2025
(In thousands)
Drilling, completion, and capital workovers $ 46,246 
Leasehold and geophysical 4,392 
Capital expenditures (on an accrual basis) $ 50,638 
(excluding acquisitions and plugging and abandonment)
Derivatives
The below details the Company's hedging positions as of September 30, 2025:
Period Index Daily Volume
Weighted Average Price
Oil (Bbl)
Fixed Price Swaps
October 2025 - December 2025 NYMEX WTI 500 $71.60
January 2026 - June 2026 NYMEX WTI 300 $68.67
Producer Costless Collars
October 2025 - December 2025 NYMEX WTI 675  $61.57 Put / $78.02 Call
Natural Gas (MMBtu)
Fixed Price Swaps
October 2025 - December 2025 NYMEX Henry Hub 8,500 $4.17
January 2026 - December 2026 NYMEX Henry Hub 4,500 $4.09
Producer Costless Collars
October 2025 - December 2025 NYMEX Henry Hub 20,500 $3.79 Put / $7.08 Call
January 2026 - December 2026 NYMEX Henry Hub 4,500 $3.35 Put / $5.35 Call
NGL (Bbl)
Fixed Price Swaps
October 2025 - December 2025
Mont Belvieu OPIS - C3+(1)
300 $39.69
October 2025 - December 2025
Mont Belvieu OPIS - Ethane(2)
325 $11.76
____________________
(1)    Excludes ethane
(2)    Ethane only

7



Capitalization
The Company’s capital structure as of September 30, 2025 and December 31, 2024 is presented below:

September 30, 2025 December 31, 2024
(In thousands)
Cash, cash equivalents and restricted cash $ 102,587  $ 99,511 
Long-term debt $ —  $ — 
Total debt —  — 
Stockholders’ equity
Common stock 37  37 
Additional paid-in capital 983,813  1,000,455 
Accumulated deficit (491,401) (539,961)
Total SandRidge Energy, Inc. stockholders’ equity 492,449  460,531 
Total capitalization $ 492,449  $ 460,531 






8


SandRidge Energy, Inc. and Subsidiaries
Condensed Consolidated Income Statements (Unaudited)
(In thousands, except per share amounts)
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Revenues
Oil, natural gas and NGL $ 39,822  $ 30,057  $ 116,957  $ 86,317 
Total revenues 39,822  30,057  116,957  86,317 
Expenses
Lease operating expenses 10,911  9,104  28,384  28,734 
Production, ad valorem, and other taxes 2,155  1,813  7,412  5,550 
Depreciation and depletion — oil and natural gas 9,400  8,345  26,106  16,771 
Depreciation and amortization — other 1,638  1,605  4,853  4,947 
General and administrative 2,737  2,304  9,618  8,686 
Restructuring expenses 305  260  757  341 
(Gain) loss on derivative contracts (2,364) (1,866) (5,936) (1,866)
Other operating (income) expense, net —  —  —  24 
Total expenses 24,782  21,565  71,194  63,187 
Income from operations 15,040  8,492  45,763  23,130 
Other income (expense)
Interest income (expense), net 916  1,553  2,803  6,742 
Other income (expense), net (3) —  (6) 92 
Total other income (expense) 913  1,553  2,797  6,834 
Income (loss) before income taxes 15,953  10,045  48,560  29,964 
Income tax (benefit) expense —  (15,439) —  (15,439)
Net income (loss) $ 15,953  $ 25,484  $ 48,560  $ 45,403 
Net income (loss) per share
Basic $ 0.44  $ 0.69  $ 1.32  $ 1.22 
Diluted $ 0.43  $ 0.69  $ 1.32  $ 1.22 
Weighted average number of common shares outstanding
Basic 36,671  37,134  36,789  37,087 
Diluted 36,708  37,180  36,848  37,150 



9


SandRidge Energy, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands)

September 30, 2025 December 31, 2024
ASSETS
Current assets
Cash and cash equivalents $ 101,204  $ 98,128 
Restricted cash 1,383  1,383 
Accounts receivable, net 27,442  23,878 
Derivative contracts 2,416  114 
Prepaid expenses 2,507  3,370 
Other current assets 1,678  780 
Total current assets 136,630  127,653 
Oil and natural gas properties, using full cost method of accounting
Proved 1,738,182  1,689,807 
Unproved 30,255  23,504 
Less: accumulated depreciation, depletion and impairment (1,437,501) (1,415,110)
330,936  298,201 
Other property, plant and equipment, net 76,632  80,689 
Derivative contracts —  86 
Other assets 1,974  2,081 
Deferred tax assets, net of valuation allowance 72,801  72,801 
Total assets $ 618,973  $ 581,511 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued expenses $ 53,155  $ 50,625 
Asset retirement obligations 8,951  9,131 
Other current liabilities 756  839 
Total current liabilities 62,862  60,595 
Derivative contracts 261  — 
Asset retirement obligations 62,828  59,449 
Other long-term obligations 573  936 
Total liabilities 126,524  120,980 
Stockholders’ Equity
    Common stock, $0.001 par value; 250,000 shares authorized; 36,773 issued and outstanding at September 30, 2025 and 37,203 issued and outstanding at December 31, 2024
37  37 
Additional paid-in capital 983,813  1,000,455 
Accumulated deficit (491,401) (539,961)
Total stockholders’ equity 492,449  460,531 
Total liabilities and stockholders’ equity $ 618,973  $ 581,511 



10


SandRidge Energy, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
Nine Months Ended September 30,
2025 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 48,560  $ 45,403 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation, depletion, and amortization 30,959  21,718 
Deferred income taxes —  (15,439)
(Gain) loss on derivative contracts (5,936) (1,866)
Settlement gains (losses) on derivative contracts 3,980  199 
Stock-based compensation 2,058  1,779 
Other 219  118 
Changes in operating assets and liabilities (11,390) (3,972)
Net cash provided by operating activities 68,450  47,940 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures for property, plant and equipment (41,361) (13,572)
Acquisition of assets (7,790) (125,950)
Purchase of other property and equipment (562) (1)
Sales tax refund on completion costs 2,800  — 
Proceeds from sale of assets 785  861 
Net cash used in investing activities (46,128) (138,662)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid to stockholders (12,014) (68,222)
Reduction of financing lease liability (586) (563)
Repurchases of common stock (6,403) — 
Tax withholdings paid in exchange for shares withheld on employee vested stock awards (243) (356)
Net cash used in financing activities (19,246) (69,141)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS and RESTRICTED CASH 3,076  (159,863)
CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year 99,511  253,944 
CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of period $ 102,587  $ 94,081 
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized $ (228) $ (92)
Supplemental Disclosure of Noncash Investing and Financing Activities
Capital expenditures for property, plant and equipment in accounts payable and accrued expenses $ 10,456  $ 661 
Non-cash acquisition purchase price adjustments $ 241  $ 6,852 
Right-of-use assets obtained in exchange for financing lease obligations $ 229  $ 230 
Inventory material transfers to oil and natural gas properties $ $ 141 
Asset retirement obligation capitalized $ 40  $ 51 
Asset retirement obligation removed due to divestiture $ (288) $ — 
Accrued excise tax on repurchases of common stock $ (52) $ — 
Change in dividends payable $ 12  $ 42 


11


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 September 30, Nine Months Ended September 30,
2025 2024 2025 2024
(In thousands)
Net cash provided by operating activities $ 25,269  $ 20,847  $ 68,450  $ 47,940 
Changes in operating assets and liabilities 2,664  (1,774) 11,390  3,972 
Adjusted operating cash flow $ 27,933  $ 19,073  $ 79,840  $ 51,912 
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 September 30, Nine Months Ended September 30,
2025 2024 2025 2024
(In thousands)
Net cash provided by operating activities $ 25,269  $ 20,847  $ 68,450  $ 47,940 
Net cash used in investing activities (22,383) (133,543) (46,128) (138,662)
Acquisition of assets 3,363  123,847  7,790  125,950 
Proceeds from sale of assets (330) (290) (785) (861)
Free cash flow $ 5,919  $ 10,861  $ 29,327  $ 34,367 



12


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 September 30, Nine Months Ended September 30,
2025 2024 2025 2024
(In thousands)
Net Income
$ 15,953  $ 25,484  $ 48,560  $ 45,403 
Adjusted for
Income tax (benefit) —  (15,439) —  (15,439)
Depreciation and depletion - oil and natural gas 9,400  8,345  26,106  16,771 
Depreciation and amortization - other 1,638  1,605  4,853  4,947 
Interest expense 161  28  222  92 
EBITDA 27,152  20,023  79,741  51,774 
Stock-based compensation 688  707  2,058  1,779 
(Gain) loss on derivative contracts (2,364) (1,866) (5,936) (1,866)
Settlement gains (losses) on derivative contracts 2,661  199  3,980  199 
Restructuring expenses 305  260  757  341 
Interest income (1,077) (1,581) (3,025) (6,834)
Other (80) —  (1,977) — 
Adjusted EBITDA $ 27,285  $ 17,742  $ 75,598  $ 45,393 
Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
(In thousands)
Net cash provided by operating activities
$ 25,269  $ 20,847  $ 68,450  $ 47,940 
Changes in operating assets and liabilities 2,664  (1,774) 11,390  3,972 
Interest expense 161  28  222  92 
Interest income (1,077) (1,581) (3,025) (6,834)
Other 268  222  (1,439) 223 
Adjusted EBITDA $ 27,285  $ 17,742  $ 75,598  $ 45,393 





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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 September 30, 2025 Three Months Ended September 30, 2024
$ $/Diluted Share $ $/Diluted Share
(In thousands, except per share amounts)
Net income available to common stockholders
$ 15,953  $ 0.43  $ 25,484  $ 0.69 
Income tax (benefit) —  —  (15,439) (0.42)
(Gain) loss on derivative contracts (2,364) (0.06) (1,866) (0.05)
Settlement gains (losses) on derivative contracts 2,661  0.07  199  0.01 
Restructuring expenses 305  0.01  260  0.01 
Interest income (1,077) (0.03) (1,581) (0.04)
Adjusted net income available to common stockholders
$ 15,478  $ 0.42  $ 7,057  $ 0.19 
Basic
Diluted
Basic
Diluted
Weighted average number of common shares outstanding 36,671  36,708  37,134  37,180 
Total adjusted net income per share
$ 0.42  $ 0.42  $ 0.19  $ 0.19 
Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024
$ $/Diluted Share $ $/Diluted Share
(In thousands, except per share amounts)
Net income available to common stockholders
$ 48,560  $ 1.32  $ 45,403  $ 1.22 
Income tax (benefit) —  —  (15,439) (0.42)
(Gain) loss on derivative contracts (5,936) (0.16) $ (1,866) (0.05)
Settlement gains (losses) on derivative contracts 3,980  0.11  199  0.01 
Restructuring expenses 757  0.02  341  0.01 
Interest income (3,025) (0.08) (6,834) (0.18)
Other (2,088) (0.06) —  — 
Adjusted net income available to common stockholders
$ 42,248  $ 1.15  $ 21,804  $ 0.59 
Basic
Diluted
Basic
Diluted
Weighted average number of common shares outstanding 36,789  36,848  37,087  37,150 
Total adjusted net income per share
$ 1.15  $ 1.15  $ 0.59  $ 0.59 

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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 September 30, 2025 Three Months Ended September 30, 2024
$ $/Boe $ $/Boe
(In thousands, except per Boe amounts)
General and administrative $ 2,737  $ 1.57  $ 2,304  $ 1.47 
Stock-based compensation
(688) (0.39) (707) (0.45)
Other 80  0.05  —  — 
Adjusted G&A $ 2,129  $ 1.23  $ 1,597  $ 1.02 
Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024
$ $/Boe $ $/Boe
(In thousands, except per Boe amounts)
General and administrative $ 9,618  $ 1.93  $ 8,686  $ 2.02 
Stock-based compensation
(2,058) (0.41) (1,779) (0.41)
Other (111) (0.02) —  — 
Adjusted G&A $ 7,449  $ 1.50  $ 6,907  $ 1.61 
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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 Oklahoma, Texas, and Kansas. Further information can be found at sandridgeenergy.com.
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