SandRidge Energy Inc【SD】株式ニュース

SANDRIDGE ENERGY, INC. ANNOUNCES FINANCIAL AND OPERATING RESULTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2026, AN 8% INCREASE TO ITS ON-GOING QUARTERLY DIVIDEND TO $0.13 PER SHARE, AND A ONE-TIME DIVIDEND OF $0.20 PER SHAREMay 6, 2026 4:16 PM
PR Newswire (US) OKLAHOMA CITY, May 6, 2026 /PRNewswire/ -- SandRidge Energy, Inc. (the "Company" or "SandRidge") (NYSE: SD) today announced financial and operational results for the three-month period ended March 31, 2026. Recent HighlightsOn May 5, 2026, the Board increased its on-going quarterly dividend program by 8% to $0.13 per share. In addition, the Board declared a one-time dividend of $0.20 per share. Both dividends are payable on June 1, 2026 to stockholders of record on May 20, 2026. Stockholders can elect to receive the dividends in cash or additional shares of common stock by enrolling in the Company's previously announced Dividend Reinvestment PlanAs of March 31, 2026, the Company had $104.1 million of cash and cash equivalents, including restricted cashProduction averaged 18.6 MBoe per day during the first quarter, an increase of 4% on a Boe basis versus the same period in 2025. Oil production increased 31% and total revenues increased 17% during the quarter versus the same period in 2025, driven primarily by new production from our operated development programDuring the quarter, the Company successfully drilled two and completed three wells as part of its ongoing one-rig Cherokee development program. In April, the third well drilled in 2026 achieved the lowest cost to date for the programFirst quarter net income of $18.7 million, or $0.51 per basic share. Adjusted net income(1) of $21.6 million or $0.59 per basic shareAdjusted EBITDA(1) of $33.7 million for the three-month period ended March 31, 2026Adjusted G&A(1) of $2.4 million, or $1.42 per Boe for the three-month period ended March 31, 2026Grayson Pranin, SandRidge's President, Chief Executive Officer & Director, commented on the quarter:"The SandRidge team delivered another strong quarter, to include bringing on two new operated wells which benefited oil production during the period. I'm proud of our team that continues to execute, while maintaining a low G&A burden, and more importantly, continues to build upon the Company's record of more than four years without a recordable safety incident."Financial Results
Dollars in thousands (except per share data)1Q264Q25Change
vs 4Q251Q25Change
vs 1Q25Net income$   18,670$   21,643$    (2,973)$   13,049$     5,621Net Income per share$ 0.51$ 0.59$ (0.08)$ 0.35$ 0.16Net cash provided by operating activities$   19,759$   31,690$  (11,931)$   20,331$ (572)Adjusted net income(1)$   21,602$   12,501$     9,101$   14,534$     7,068Adjusted net income per share(1)$ 0.59$ 0.34$ 0.25$ 0.39$ 0.20Adjusted operating cash flow(1)$   34,427$   28,282$     6,145$   26,346$     8,081Adjusted EBITDA(1)$   33,721$   25,492$     8,229$   25,491$     8,230Free cash flow(1)$    (1,105)$   14,440$  (15,545)$   13,595$  (14,700) Operational Results & UpdateProduction, Revenue, & Realized Prices

1Q264Q25Change
vs 4Q251Q25Change
vs 1Q25Production

MBoe1,6711,797(126)1,60764MBoed18.619.5(0.9)17.90.7Oil as percentage of production21 %18 %3 %17 %4 %Natural gas as percentage of production50 %49 %1 %49 %1 %NGLs as percentage of production29 %33 %(4) %34 %(5) %

Revenues

Oil, natural gas and NGL revenues$49,777$39,400$10,377$42,604$7,173Oil as percentage of revenues50 %48 %2 %44 %6 %Natural gas as percentage of revenues32 %30 %2 %30 %2 %NGLs as percentage of revenues18 %22 %(4) %26 %(8) %

Realized Prices

Realized oil price per barrel$71.11$57.56$13.55$69.88$1.23Realized natural gas price per Mcf$3.13$2.20$0.93$2.69$0.44Realized NGL price per barrel$18.64$14.92$3.72$20.07$(1.43)Realized price per Boe$29.78$21.92$7.86$26.51$3.27Oil production for the first quarter benefited from three new wells during the period, which contributed to increases of approximately 31% and 7% relative to the same period last year and the prior quarter, respectively. First quarter Boe production increased by approximately 4% versus the same period in 2025 and decreased by approximately 7% versus the prior quarter. Boe production for the first quarter was impacted by a decrease in NGL recovery, largely due to gas plants electing to recover less ethane from the NGL streams and increased production deferment from Winter Storm Fern, driving a reduction in total Boe production quarter-over-quarter. Revenues and average realized prices per Boe improved in the first quarter of 2026 versus the first and fourth quarters of 2025.Drilling & Completion OperationsTwo wells were successfully drilled and three wells were completed as part of the Company's ongoing one-rig Cherokee development program during the first quarter. The third completed well had limited contributions to overall production during the period. In April, the Company achieved the lowest drilled well cost to date for the program.Operating CostsDuring the first quarter of 2026, lease operating expense ("LOE") was $10.8 million or $6.45 per Boe. Lease operating expenses for the three months ended March 31, 2026 decreased in total and per Boe versus the same period in 2025, primarily driven by continued efficient operations and an increase in production volumes due to our ongoing drilling program in the Cherokee Play.Liquidity & Capital StructureAs of March 31, 2026, the Company had $104.1 million of cash and cash equivalents, including restricted cash of $1.3 million, deposited with multiple, well-capitalized financial institutions. The Company had no outstanding term or revolving debt obligations as of March 31, 2026.Dividend ProgramDollars in thousands Total1Q26202520242023Special dividends(2)$  130,206$         —$         —$   55,868$   74,338Quarterly dividends(2)43,5963,86815,86216,4267,440Total dividends(2)$  173,802$     3,868$   15,862$   72,294$   81,778

Total1Q26202520242023Special dividends per share$      3.50$         —$         —$      1.50$      2.00Quarterly dividends per share1.220.120.460.440.20Total dividends per share$      4.72$      0.12$      0.46$      1.94$      2.20 Dividend Declaration & Dividend Reinvestment Program ("DRIP")On May 5, 2026, the Board increased its on-going quarterly dividend program by 8% to $0.13 per share. In addition, the Board declared a one-time dividend of $0.20 per share. Both dividends are payable on June 1, 2026 to stockholders of record on May 20, 2026. Stockholders can elect to receive the dividends in cash or additional shares of common stock by enrolling in the Company's previously announced Dividend Reinvestment Plan.The Board continues to focus on the Company's return of capital to stockholders and, as a result, has expanded its on-going dividend program by 8% and declared a one-time dividend.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.Share RepurchasesNo shares were repurchased during the first quarter of 2026, but the Company maintains its ability to opportunistically repurchase shares under its 10b5-1 program. Since inception of the program, the Company has repurchased 0.6 million shares at an average price of $10.75 per share. Of the $75.0 million repurchase authorization, $68.3 million remained as of March 31, 2026.OutlookWe 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 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 natural gas 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 2026 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 more than 90% of our produced water via pipeline instead of truck, and powering nearly all of 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, including more than four years without a recordable safety incident, as integral to our culture. The Company has personnel dedicated to the close monitoring of our safety standards and daily operations.Conference Call InformationThe Company will host a conference call to discuss these results on Thursday, May 7, 2026 at 1:00 pm CT. The conference call can be accessed by registering online in advance at https://events.q4inc.com/analyst/747184225?pwd=pv6DLHLJ at which time registrants will receive dial-in information as well as a Meeting ID and Unique Passcode. At the time of the call, participants will dial in using the Meeting ID and Unique Passcode provided upon registration. The Company's latest presentation is available on its 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 InformationInvestor 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.Operational and Financial StatisticsInformation regarding the Company's production, pricing, costs and earnings is presented below (unaudited):
Three Months Ended March 31,
2026
2025Production - Total

Oil (MBbl)353
270Natural Gas (MMcf)4,988
4,719NGL (MBbl)487
551Oil equivalent (MBoe)1,671
1,607Daily production (MBoed)18.6
17.9

Average price per unit

Realized oil price per barrel - as reported$          71.11
$          69.88Realized impact of derivatives per barrel(2.11)
0.03Net realized price per barrel$          69.00
$          69.91

Realized natural gas price per Mcf - as reported$           3.13
$           2.69Realized impact of derivatives per Mcf 0.18
—Net realized price per Mcf$           3.31
$           2.69

Realized NGL price per barrel - as reported$          18.64
$          20.07Realized impact of derivatives per barrel—
(0.32)Net realized price per barrel$          18.64
$          19.75

Realized price per Boe - as reported$          29.78
$          26.51Net realized price per Boe - including impact of derivatives$          29.86
$          26.41

Average cost per Boe

Lease operating$           6.45
$           6.79Production, ad valorem, and other taxes$           1.81
$           1.93Depletion (1)$           5.88
$           5.24

Earnings per share

Earnings per share applicable to common stockholders

Basic$           0.51
$           0.35Diluted$           0.50
$           0.35

Adjusted net income per share available to common stockholders

Basic$           0.59
$           0.39Diluted$           0.58
$           0.39

Weighted average number of shares outstanding (in thousands)

Basic36,770
37,041Diluted 36,992
37,080
(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, 2026 (unaudited):
Three Months Ended
March 31, 2026
(In thousands)

Drilling, completion, and capital workovers$                  19,288Leasehold and geophysical642Capital expenditures (on an accrual basis)$                  19,930(excluding acquisitions and plugging and abandonment)
DerivativesThe below details the Company's hedging positions as of May 4, 2026:

Period
Index
Daily Volume
Weighted
Average Price Oil (Bbl)

Fixed Price Swaps

April 2026 -
December 2026
NYMEX WTI
799
$74.37

January 2027 -
December 2027
NYMEX WTI
200
$65.00Producer Costless Collars

April 2026 -
December 2026
NYMEX WTI
1,193
$61.66 Put /
$83.60 Call

Natural Gas (MMBtu)

Fixed Price Swaps

April 2026 -
December 2026
NYMEX Henry
Hub
16,430
$4.17Producer Costless Collars

April 2026 -
December 2026
NYMEX Henry
Hub
4,500
$3.35 Put /
$5.35 CallNGL (Bbl)

Fixed Price Swaps

April 2026 -
December 2026
Mont Belvieu
OPIS
474
$54.55CapitalizationThe Company's capital structure as of March 31, 2026 and December 31, 2025 is presented below:
March 31, 2026
December 31, 2025

(In thousands)Cash, cash equivalents and restricted cash$                   104,096
$                  112,345

Long-term debt$ —
$ —Total debt—
—

Stockholders' equity

Common stock37
37Additional paid-in capital977,021
980,592Accumulated deficit(451,088)
(469,758)Total SandRidge Energy, Inc. stockholders' equity525,970
510,871

Total capitalization$                   525,970
$                  510,871 SandRidge Energy, Inc. and Subsidiaries Condensed Consolidated Income Statements (Unaudited)(In thousands, except per share amounts)

Three Months Ended March 31,
2026
2025Revenues

Oil, natural gas and NGL$        49,777
$        42,604Total revenues49,777
42,604Expenses

Lease operating expenses10,787
10,917Production, ad valorem, and other taxes3,021
3,099Depreciation and depletion — oil and natural gas9,820
8,416Depreciation and amortization — other1,623
1,603General and administrative2,988
3,853Restructuring expenses146
40(Gain) loss on derivative contracts3,526
2,487Other operating (income) expense, net10
—Total expenses31,921
30,415Income from operations17,856
12,189Other income (expense)

Interest income (expense), net814
860Total other income (expense)814
860Income (loss) before income taxes18,670
13,049Income tax (benefit) expense—
—Net income (loss)$        18,670
$        13,049Net income (loss) per share

Basic$           0.51
$           0.35Diluted$           0.50
$           0.35Weighted average number of common shares outstanding

Basic36,770
37,041Diluted36,992
37,080 SandRidge Energy, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited)(In thousands)

March 31, 2026
December 31, 2025ASSETS

Current assets

Cash and cash equivalents$             102,749
$           110,998Restricted cash 1,347
1,347Accounts receivable, net30,313
26,186Derivative contracts—
2,773Prepaid expenses2,997
748Other current assets5,563
5,806Total current assets142,969
147,858Oil and natural gas properties, using full cost method of accounting

Proved1,780,529
1,759,943Unproved29,526
27,520Less: accumulated depreciation, depletion and impairment(1,454,990)
(1,446,824)
355,065
340,639Other property, plant and equipment, net74,260
75,649Other assets1,500
1,539Deferred tax assets, net of valuation allowance78,336
78,336Total assets$             652,130
$           644,021

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable and accrued expenses$              49,842
$            59,037Asset retirement obligations8,098
8,098Derivative contracts677
—Other current liabilities866
905Total current liabilities59,483
68,040Derivative contracts206
—Asset retirement obligations65,644
64,293Other long-term obligations827
817Total liabilities126,160
133,150Stockholders' Equity

    Common stock, $0.001 par value; 250,000 shares authorized; 36,875 issued and outstanding at March 31, 2026 and 36,825 issued and outstanding at December 31, 202537
37Additional paid-in capital977,021
980,592Accumulated deficit(451,088)
(469,758)Total stockholders' equity525,970
510,871Total liabilities and stockholders' equity$             652,130
$           644,021 SandRidge Energy, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands)

Three Months Ended March 31,
2026
2025CASH FLOWS FROM OPERATING ACTIVITIES

Net income$        18,670
$        13,049Adjustments to reconcile net income to net cash provided by operating activities

Depreciation, depletion, and amortization11,443
10,019(Gain) loss on derivative contracts3,526
2,487Settlement gains (losses) on derivative contracts130
(159)Stock-based compensation702
650Other(44)
300Changes in operating assets and liabilities(14,668)
(6,015)Net cash provided by operating activities19,759
20,331CASH FLOWS FROM INVESTING ACTIVITIES

Capital expenditures for property, plant and equipment(20,864)
(6,411)Acquisition of oil and natural gas assets(2,651)
(2,568)Purchase of other property and equipment—
(325)Proceeds from sale of assets—
49Net cash used in investing activities(23,515)
(9,255)CASH FLOWS FROM FINANCING ACTIVITIES

Dividends paid to stockholders(3,862)
(4,086)Reduction of financing lease liability(226)
(199)Repurchases of common stock—
(5,047)Tax withholdings paid in exchange for shares withheld on employee vested stock awards(405)
(146)Net cash used in financing activities(4,493)
(9,478)NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS and RESTRICTED CASH(8,249)
1,598CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year112,345
99,511CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of period$       104,096
$       101,109Supplemental Disclosure of Cash Flow Information

Cash paid for interest, net of amounts capitalized$ (56)
$ (28)Supplemental Disclosure of Noncash Investing and Financing Activities

Capital expenditures for property, plant and equipment in accounts payable and accrued expenses$        10,620
$          4,092Right-of-use assets obtained in exchange for financing lease obligations$ 200
$ 229Inventory material transfers to oil and natural gas properties$ —
$ 5Asset retirement obligation capitalized$ 12
$ 7Asset retirement obligation removed due to divestiture$ —
$ (288)Change in accrued excise tax on repurchases of common stock$ —
$ 47Change in dividends payable$ (6)
$ 9Non-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 FlowThe 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,
2026
2025

(In thousands)Net cash provided by operating activities$           19,759
$           20,331Changes in operating assets and liabilities14,668
6,015Adjusted operating cash flow$           34,427
$           26,346Reconciliation of Free Cash FlowThe 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,
2026
2025

(In thousands)Net cash provided by operating activities$           19,759
$           20,331Net cash used in investing activities(23,515)
(9,255)Acquisition of assets2,651
2,568Proceeds from sale of assets—
(49)Free cash flow$           (1,105)
$           13,595Reconciliation of Net Income to EBITDA and Adjusted EBITDAThe 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,
2026
2025

(In thousands)Net Income $          18,670
$          13,049Adjusted for

Depreciation and depletion - oil and natural gas9,820
8,416Depreciation and amortization - other1,623
1,603Interest expense56
23EBITDA30,169
23,091

Stock-based compensation 702
650(Gain) loss on derivative contracts3,526
2,487Settlement gains (losses) on derivative contracts130
(159)Restructuring expenses146
40Interest income(870)
(883)Other(82)
265Adjusted EBITDA$          33,721
$          25,491Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA
Three Months Ended March 31,
2026
2025

(In thousands)Net cash provided by operating activities$          19,759
$          20,331Changes in operating assets and liabilities14,668
6,015Interest expense56
23Interest income(870)
(883)Other108
5Adjusted EBITDA$          33,721
$          25,491

Reconciliation of Net Income Available to Common Stockholders to Adjusted Net Income Available to Common StockholdersThe 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, 2026
Three Months Ended March 31, 2025
$
$/Diluted Share
$
$/Diluted Share
(In thousands, except per share amounts)Net income available to common stockholders$          18,670
$             0.50
$          13,049
$             0.35(Gain) loss on derivative contracts3,526
0.10
2,487
0.06Settlement gains (losses) on derivative contracts130
—
(159)
—Restructuring expenses146
—
40
—Interest income(870)
(0.02)
(883)
(0.02)Adjusted net income available to common stockholders$          21,602
$             0.58
$          14,534
$             0.39

Basic
Diluted
Basic
Diluted Weighted average number of common shares outstanding36,770
36,992
37,041
37,080Total adjusted net income per share$             0.59
$             0.58
$             0.39
$             0.39

Reconciliation of General and Administrative to Adjusted G&AThe 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 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, 2026
Three Months Ended March 31, 2025
$
$/Boe
$
$/Boe
(In thousands, except per Boe amounts)General and administrative$            2,988
$             1.79
$            3,853
$             2.40Stock-based compensation(702)
(0.42)
(650)
(0.40)Other82
0.05
(265)
(0.17)Adjusted G&A$            2,368
$             1.42
$            2,938
$             1.83Cautionary 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. View original content to download multimedia:https://www.prnewswire.com/news-releases/sandridge-energy-inc-announces-financial-and-operating-results-for-the-three-month-period-ended-march-31--2026--an-8-increase-to-its-on-going-quarterly-dividend-to-0-13-per-share-and-a-one-time-dividend-of-0-20-per-share-302764669.htmlSOURCE SANDRIDGE ENERGY, INC. Original: SANDRIDGE ENERGY, INC. ANNOUNCES FINANCIAL AND OPERATING RESULTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2026, AN 8% INCREASE TO ITS ON-GOING QUARTERLY DIVIDEND TO $0.13 PER SHARE, AND A ONE-TIME DIVIDEND OF $0.20 PER SHARE

SANDRIDGE ENERGY, INC. ANNOUNCES FINANCIAL AND OPERATING RESULTS FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2025, $0.12 PER SHARE CASH DIVIDEND, AND 2026 GUIDANCEMarch 4, 2026 4:22 PM
PR Newswire (US)

OKLAHOMA CITY, March 4, 2026 /PRNewswire/ -- SandRidge Energy, Inc. (the "Company" or "SandRidge") (NYSE: SD) today announced financial and operational results for the quarter and fiscal year ended December 31, 2025.

Recent HighlightsOn March 3, 2026, the Board declared a cash 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 the Company's previously announced Dividend Reinvestment Plan ("DRIP"), payable on March 31, 2026 to stockholders of record on March 20, 2026In 2025, the Company paid $15.9 million, or $0.46 per share, in regular quarterly cash dividends and issued 0.1 million shares under the DRIP. The Company repurchased 0.6 million shares of common stock for $6.4 million with a weighted average price of $10.72, under our share repurchase programAs of December 31, 2025, the Company had $112.3 million of cash and cash equivalents, including restricted cashProduction averaged 18.5 MBoe per day during the full year, an increase of 12% on a Boe basis and 32% on oil versus 2024, driven by production from the Company's Cherokee acquisition and operated development programSuccessfully spud eight and completed six new wells during the year as part of the Company's ongoing one-rig Cherokee development program with an average per well peak 30-day initial production ("IP") rate of ~2,000 gross Boe/d (~44% oil)Generated net income of $21.6 million, or $0.59 per basic share during the fourth quarter of 2025. Adjusted net income(1) was $12.5 million, or $0.34 per basic share during the fourth quarter of 2025 (See table below for reconciliation of net income to adjusted net income)Generated adjusted EBITDA(1) of $101.1 million in 2025Achieved a new Company record of more than four years without a recordable safety incidentThe Company's 2026 guidance reflects the continuation of its one-rig Cherokee development program and plan to drill ten and complete eight new SandRidge-operated wells during the yearGrayson Pranin, SandRidge's President, Chief Executive Officer & Director, commented on 2025 results:"2025 was a strong year for SandRidge with the initiation of a new operated development program in the Cherokee, seeing production rates climb to a multi-year high at an average of 19.5 Boe/d in the fourth quarter of 2025 and setting a new safety record of over four years without a recordable safety incident. Promising initial results achieved in 2025 informed our decision to continue development activity in the Cherokee, as reflected in our 2026 guidance. While this program is attractive in a range of commodity environments, our team will continue to be diligent about prioritizing full cycle returns, monitoring reasonable reinvestment rates, and, when needed, exercise drill schedule flexibility to make prudent adjustments to our development plans in different economic environments. Most importantly, we'll strive to build upon our successes in 2025, to include continuing our safety records set in 2025 and further extending our development runway in 2026 and beyond."Financial Results & UpdateProfitabilityDollars in thousands (except per share data)4Q253Q25Change vs
3Q254Q24Change vs
4Q24Net income$        21,643$        15,953$          5,690$        17,583$          4,060Net Income per share$            0.59$            0.44$            0.15$            0.47$            0.12Net cash provided by operating activities$        31,690$        25,269$          6,421$        25,993$          5,697Adjusted net income(1)$        12,501$        15,478$         (2,977)$        12,698$            (197)Adjusted net income per share(1)$            0.34$            0.42$           (0.08)$            0.34$                —Adjusted operating cash flow(1)$        28,282$        27,933$             349$        24,992$          3,290Adjusted EBITDA(1)$        25,492$        27,285$         (1,793)$        24,073$          1,419Free cash flow(1)$        14,440$          5,919$          8,521$        13,161$          1,279Operational Results & UpdateProduction, Revenue & Realized Prices
4Q253Q25Change vs
3Q254Q24Change vs
4Q24Production

MBoe1,7971,745521,75443MBoed19.519.00.519.10.4Oil as percentage of production18 %20 %(2) %17 %1 %Natural gas as percentage of production on a Boe basis49 %48 %1 %52 %(3) %NGLs as percentage of production on a Boe basis33 %32 %1 %31 %2 %

Revenues

Oil, natural gas and NGL revenues$39,400$39,822$(422)$38,973$427Oil as percentage of revenues48 %56 %(8) %54 %(6) %Natural gas as percentage of revenues30 %22 %8 %21 %9 %NGLs as percentage of revenues22 %22 %— %25 %(3) %

Realized Prices

Realized oil price per barrel$57.56$65.23$(7.67)$71.44$(13.88)Realized natural gas price per Mcf$2.20$1.71$0.49$1.47$0.73Realized NGL price per barrel$14.92$15.61$(0.69)$18.19$(3.27)Realized price per Boe$21.92$22.82$(0.90)$22.22$(0.30)Drilling & Completion OperationsSix wells from the Company's ongoing one-rig Cherokee development program were turned to sales during 2025. Since the start of the program, wells have generated an average per well peak 30-day IP rate of ~2,000 gross Boe per day (~44% oil).Operating CostsDuring the fourth quarter of 2025, lease operating expense ("LOE") was $7.8 million or $4.34 per Boe. For the full year 2025, LOE was $36.2 million or $5.35 per Boe. For the fourth quarter and full year 2025, lease operating expenses decreased in total and per Boe versus the same periods in 2024 due to $4.3 million of out of period corrections which are non-recurring, non-cash, adjustments of operating accruals dating as far back as the Company's emergence from bankruptcy in 2016, of which $2.1 million and $2.2 million were recorded in the second and fourth quarter of 2025, respectively. The Company realized operating cost improvements in 2025 such as lower utility costs and reduced workover activity. SandRidge 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.General and administrative expense ("G&A") was $3.6 million and $13.2 million for the fourth quarter and full year 2025, respectively. Adjusted G&A(1) was $2.7 million and $10.2 million or $1.53 and $1.50 per Boe for the fourth quarter and full year 2025, respectively, compared to $2.4 million and $9.3 million or $1.39 and $1.54 per Boe over the same periods in 2024.Liquidity & Capital StructureAs of December 31, 2025, the Company had $112.3 million of cash and cash equivalents, including restricted cash of $1.3 million, deposited with multiple, well-capitalized financial institutions. The Company had no outstanding term or revolving debt obligations as of December 31, 2025.Dividend Program Dollars in thousands Total4Q253Q252Q251Q2520242023Special dividends(2)$       130,206$                —$                —$                —$                —$        55,868$        74,338Quarterly dividends(2)$        39,728$          3,8603,8594,0664,07716,4267,440Total dividends(2)$       169,934$          3,860$          3,859$          4,066$          4,077$        72,294$        81,778

Total4Q253Q252Q251Q2520242023Special dividends per share$            3.50$                —$                —$                —$                —$            1.50$            2.00Quarterly dividends per share1.100.120.120.110.110.440.20Total dividends per share$            4.60$            0.12$            0.12$            0.11$            0.11$            1.94$            2.20Dividend Declaration & Dividend Reinvestment Program ("DRIP")On March 03, 2026, 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 March 31, 2026 to stockholders of record on March 20, 2026Stockholders 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.Share RepurchasesDuring the year ended December 31, 2025, the Company opportunistically repurchased 0.6 million shares for $6.4 million at a weighted average price of $10.72 per share under its 10b5-1 program. Of the $75.0 million repurchase authorization, $68.3 million remained as of December 31, 2025.OutlookWe 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 2026 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 more than 90% of our produced water via pipeline instead of truck, and powering nearly all of 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, including more than four years without a recordable safety incident, as integral to our culture. The Company has personnel dedicated to the close monitoring of our safety standards and daily operations.Conference Call InformationThe Company will host a conference call to discuss these results on Thursday, March 5, 2026 at 1:00 pm CT. The conference call can be accessed by registering online in advance at https://events.q4inc.com/analyst/759428427?pwd=GsF0ltcV at which time registrants will receive dial-in information as well as a Meeting ID and Unique Passcode. At the time of the call, participants will dial in using the Meeting ID and Unique Passcode provided upon registration. The Company's latest presentation is available on its 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
Oklahoma City, OK 73104
investors@sandridgeenergy.comAbout 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.2026 Operational and Capital Expenditure Guidance Presented below is the Company's operational and capital expenditure guidance for 2026:
2026 Guidance(1)Production
Oil (MMBbls)1.2 - 1.7 Natural Gas Liquids (MMBbls)2.2 - 2.5Total Liquids (MMBbls)3.4 - 4.2 Natural Gas (Bcf)17.8 - 21.0Total Production (MMBoe)6.4 - 7.7

Total Capital Expenditures
Drilling and Completions$62 - $80 Million Capital Workovers / Production Optimization / Leasehold$14 - $17 MillionTotal Capital Expenditures$76 - $97 Million

Expenses
Lease Operating Expenses ("LOE")$39 - $47 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)23% - 28% 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."Operational and Financial Statistics Information regarding the Company's production, pricing, costs and earnings is presented below:
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024Production - Total

Oil (MBbl)330
294
1,214
918Natural Gas (MMcf)5,289
5,509
19,802
19,488NGL (MBbl)586
542
2,254
1,889Oil equivalent (MBoe)1,797
1,754
6,768
6,056Daily production (MBoed)19.5
19.1
18.5
16.5

Average price per unit

Realized oil price per barrel - as reported$                    57.56
$                    71.44
$                    63.64
$                    74.31Realized impact of derivatives per barrel$                      2.20
$                      1.29
$                      1.16
$                      0.57Net realized price per barrel$                    59.76
$                    72.73
$                    64.80
$                    74.88

Realized natural gas price per Mcf - as reported$                      2.20
$                      1.47
$                      2.10
$                      1.10Realized impact of derivatives per Mcf$                      0.07
$                         —
$                      0.19
$                         —Net realized price per Mcf$                      2.27
$                      1.47
$                      2.29
$                      1.10

Realized NGL price per barrel - as reported$                    14.92
$                    18.19
$                    16.64
$                    18.87Realized impact of derivatives per barrel$                      0.22
$                    (0.06)
$                      0.05
$                      0.02Net realized price per barrel$                    15.14
$                    18.13
$                    16.69
$                    18.89

Realized price per Boe - as reported$                    21.92
$                    22.22
$                    23.10
$                    20.69Net realized price per Boe - including impact of derivatives$                    22.60
$                    22.42
$                    23.87
$                    20.78

Average cost per Boe

Lease operating$                      4.34
$                      6.43
$                      5.35
$                      6.61Production, ad valorem, and other taxes$                      1.35
$                      0.70
$                      1.45
$                      1.12Depletion (1)$                      5.75
$                      5.25
$                      5.38
$                      4.29

Income per share

Income per share applicable to common stockholders

Basic $                      0.59
$                      0.47
$                      1.91
$                      1.70Diluted$                      0.59
$                      0.47
$                      1.90
$                      1.69

Adjusted net income (loss) per share available to common stockholders

Basic$                      0.34
$                      0.34
$                      1.49
$                      0.93Diluted$                      0.34
$                      0.34
$                      1.48
$                      0.93

Weighted average number of shares outstanding (in thousands)

Basic36,724
37,165
36,773
37,106Diluted 36,908
37,202
36,908
37,188(1) Includes accretion of asset retirement obligation.

ReservesProved Reserves - Proved Reserves are made up of proved developed producing reserves as well as proved undeveloped reserves, and does not include probable and possible reserves found in our leased acreage and drilling inventory yet to be categorized as proved under Securities and Exchange Commission ("SEC") guidelines. Our proved reserves increased from 63.1 MMBoe at December 31, 2024 to 69.1 MMBoe at December 31, 2025, due to extensions of 7.3 MMBoe, purchases of 1.7 MMBoe, positive net revisions of 3.2 MMBoe due to an increase in year-end SEC natural gas pricing and price realizations and 4.5 MMBoe associated with other commercial improvements. These were partially offset by a decrease in SEC oil pricing, 6.8 MMBoe from the Company's production during 2025, and 3.9 MMBoe attributable to performance, well shut-ins and other revisions. At December 31, 2025, the standardized measure(2) and PV-10(3) were $439.6 million.
Oil
MBbls
NGLs
MBbls
Gas MMcf
Equivalent
MBoe(1)Proved Reserves, December 31, 20249,745
20,693
195,908
63,090Revisions of previous estimates, to include changes in prices(4)(349)
2,929
7,629
3,852Acquisitions of new reserves522
575
3,478
1,677Extensions and discoveries2,272
2,516
15,063
7,298Sales of reserves in place—
—
—
—Production(1,214)
(2,254)
(19,802)
(6,768)Proved Reserves, December 31, 202510,976
24,460
202,276
69,148

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.(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%.(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.Capital Expenditures The table below presents actual results of the Company's capital expenditures:
Year Ended
December 31, 2025
(In thousands)Drilling, completion, and capital workovers$                           63,970Leasehold and geophysical5,016Capital expenditures (on an accrual basis)$                           68,986(excluding acquisitions and plugging and abandonment)
DerivativesThe below details the Company's hedging positions as of March 4, 2026.

Period
Index
Daily Volume
Weighted Average
PriceOil (Bbl)

Fixed Price Swaps
March 2026 - June 2026
NYMEX WTI
395
$                           69.60

Producer Costless Collars
March 2026 - December 2026
NYMEX WTI
825
$56.67 Put / $79.47 Call

Natural Gas (MMBtu)

Fixed Price Swaps
March 2026 - December 2026
NYMEX Henry Hub
16,067
$                             4.17

Producer Costless Collars
March 2026 - December 2026
NYMEX Henry Hub
4,500
$3.35 Put / $5.35 CallCapitalizationThe Company's capital structure is presented below:
December 31,
2025
2024
(In thousands)Cash, cash equivalents and restricted cash$                              112,345
$                              99,511

Long-term debt$                                       —
$                                     —Total debt—
—

Stockholders' equity

Common stock37
37Additional paid-in capital980,592
1,000,455Accumulated deficit(469,758)
(539,961)Total SandRidge Energy, Inc. stockholders' equity510,871
460,531Total capitalization$                              510,871
$                            460,531 SandRidge Energy, Inc. and SubsidiariesConsolidated Statements of Operations(In thousands, except per share amounts)

Year Ended December 31,
2025
2024
(In thousands, except per
share amounts)Revenues

Oil, natural gas and NGL$         156,357
$         125,290Total revenues156,357
125,290Expenses

Lease operating expenses36,191
40,012Production, ad valorem, and other taxes9,846
6,780Depreciation and depletion—oil and natural gas36,439
25,976Depreciation and amortization—other6,433
6,503General and administrative13,201
11,695Restructuring expenses1,060
474(Gain) loss on derivative contracts(7,763)
(748)Other operating (income) expense —
1,372Total expenses95,407
92,064Income (loss) from operations60,950
33,226Other income (expense)

Interest income (expense), net3,687
7,744Other income (expense), net31
(216)Total other income (expense)3,718
7,528Income (loss) before income taxes64,668
40,754Income tax (benefit)(5,535)
(22,232)Net income (loss)$           70,203
$           62,986Net income (loss) per share

Basic$               1.91
$               1.70Diluted$               1.90
$               1.69Weighted average number of common shares outstanding

Basic36,773
37,106Diluted36,908
37,188 SandRidge Energy, Inc. and Subsidiaries Consolidated Balance Sheets (In thousands)

December 31,
2025
2024
(In thousands)ASSETS

Current assets

Cash and cash equivalents$         110,998
$           98,128Restricted cash 1,347
1,383Accounts receivable, net26,186
23,878Derivative contracts2,773
114Prepaid expenses748
3,370Other current assets5,806
780Total current assets147,858
127,653Oil and natural gas properties, using full cost method of accounting

Proved1,759,943
1,689,807Unproved27,520
23,504Less: accumulated depreciation, depletion and impairment(1,446,824)
(1,415,110)
340,639
298,201Other property, plant and equipment, net75,649
80,689Derivative contracts—
86Other assets1,539
2,081Deferred tax assets, net of valuation allowance78,336
72,801Total assets$         644,021
$         581,511LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable and accrued expenses$           59,037
$           50,625Asset retirement obligations8,098
9,131Other current liabilities905
839Total current liabilities68,040
60,595Asset retirement obligations64,293
59,449Other long-term obligations817
936Total liabilities133,150
120,980Stockholders' equity

Common stock, $0.001 par value; 250,000 shares authorized; 36,825 issued and outstanding at
December 31, 2025 and 37,203 issued and outstanding at December 31, 2024 37
37Additional paid-in capital980,592
1,000,455Accumulated deficit(469,758)
(539,961)Total stockholders' equity510,871
460,531Total liabilities and stockholders' equity$         644,021
$         581,511 SandRidge Energy, Inc. and Subsidiaries Consolidated Statements of Cash Flows (In thousands)

Year Ended December 31,
2025
2024
(In thousands)CASH FLOWS FROM OPERATING ACTIVITIES

Net income$         70,203
$         62,986Adjustments to reconcile net income to net cash provided by operating activities

Depreciation, depletion and amortization42,872
32,479Deferred income taxes(5,535)
(22,232)(Gain) loss on derivative contracts(7,763)
(748)Settlement gains (losses) on derivative contracts5,189
548Stock-based compensation2,744
2,354Other412
1,517Changes in operating assets and liabilities increasing (decreasing) cash

Receivables(3,462)
(842)Prepaid expenses2,622
(2,940)Other current assets(5,029)
375Other assets and liabilities, net304
(1,501)Accounts payable and accrued expenses(1,419)
2,812Asset retirement obligations(998)
(875)Net cash provided by operating activities100,140
73,933CASH FLOWS FROM INVESTING ACTIVITIES

Capital expenditures for property, plant and equipment(58,611)
(26,404)Acquisitions of assets(8,514)
(129,664)Purchase of other property and equipment(562)
(1)Sales tax refund on capitalized predecessor completion costs2,800
—Proceeds from sale of assets876
1,373Net used in investing activities(64,011)
(154,696)CASH FLOWS FROM FINANCING ACTIVITIES

Dividends paid to stockholders(15,864)
(72,336)Reduction of financing lease liability(738)
(708)Proceeds from exercise of stock options—
—Tax withholdings paid in exchange for shares withheld on employee vested stock awards(290)
(393)Common stock repurchases(6,403)
(233)Net cash used in financing activities(23,295)
(73,670)NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS and RESTRICTED CASH12,834
(154,433)CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year99,511
253,944CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of year$       112,345
$         99,511

Year Ended December 31,
2025
2024Supplemental Disclosure of Cash Flow Information

Cash paid for interest, net of amounts capitalized$                (295)
$                (131)

Supplemental Disclosure of Noncash Investing and Financing Activities

Capital expenditures for property, plant and equipment in accounts payables and accrued expenses$            11,554
$              1,182Non-cash acquisition purchase price adjustments$                 241
$              8,819Right-of-use assets obtained in exchange for financing lease obligations$                 821
$                 790Inventory material transfers to oil and natural gas properties$                     3
$                 141Asset retirement obligation capitalized$                   57
$                 353Asset retirement obligation removed due to divestiture$                (357)
$                    —Asset retirement obligation revisions$                   29
$                   31Change in accrued excise tax on repurchases of common stock$                  (52)
$                    —Change in dividends payable$                     2
$                   42Non-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 FlowThe 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 December 31,
Year Ended December 31,
2025
2024
2025
2024

(In thousands)Net cash provided by operating activities$                31,690
$                25,993
$               100,140
$               73,933Changes in operating assets and liabilities(3,408)
(1,001)
7,982
2,971Adjusted operating cash flow$                28,282
$                24,992
$               108,122
$               76,904Reconciliation of Free Cash FlowThe 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 December 31,
Year Ended December 31,
2025
2024
2025
2024

(In thousands)Net cash provided by operating activities$                31,690
$                25,993
$               100,140
$                73,933Net cash used in investing activities(17,883)
(16,034)
(64,011)
(154,696)Acquisition of assets724
3,714
8,514
129,664Proceeds from sale of assets(91)
(512)
(876)
(1,373)Free cash flow$                14,440
$                13,161
$                43,767
$                47,528Reconciliation of Net Income to EBITDA and Adjusted EBITDAThe 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 December 31,
Year Ended December 31,
2025
2024
2025
2024

(In thousands)Net Income $               21,643
$               17,583
$               70,203
$               62,986Adjusted for

Income tax (benefit)(5,535)
(6,793)
(5,535)
(22,232)Depreciation and depletion - oil and natural gas10,333
9,205
36,439
25,976Depreciation and amortization - other1,580
1,556
6,433
6,503Interest expense240
39
462
131EBITDA28,261
21,590
108,002
73,364

Stock-based compensation 686
575
2,744
2,354(Gain) loss on derivative contracts(1,827)
1,118
(7,763)
(748)Settlement gains (losses) on derivative contracts1,209
349
5,189
548Restructuring expenses303
133
1,060
474Interest income(1,124)
(1,041)
(4,149)
(7,875)Other(2,016)
1,349
(3,993)
1,349Adjusted EBITDA25,492
24,073
101,090
69,466Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024

(In thousands)Net cash provided by operating activities$                31,690
$                25,993
$               100,140
$                73,933Changes in operating assets and liabilities(3,408)
(1,001)
7,982
2,971Interest expense240
39
462
131Interest income(1,124)
(1,041)
(4,149)
(7,875)Other(1,906)
83
(3,345)
306Adjusted EBITDA$                25,492
$                24,073
$               101,090
$                69,466

Reconciliation of Net Income Available to Common Stockholders to Adjusted Net Income Available to Common StockholdersThe 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
December 31, 2025
Three Months Ended
December 31, 2024
$
$/Diluted
Share
$
$/Diluted
Share
(In thousands, except per share amounts)Net income available to common stockholders$           21,643
$               0.59
$           17,583
$               0.47Income tax (benefit)(5,535)
(0.15)
(6,793)
(0.18)(Gain) loss on derivative contracts(1,827)
(0.05)
1,118
0.03Settlement gains (losses) on derivative contracts1,209
0.03
349
0.01Restructuring expenses303
0.01
133
—Interest income(1,124)
(0.03)
(1,041)
(0.03)Other(2,168)
(0.06)
1,349
0.04Adjusted net income available to common stockholders$           12,501
$               0.34
$           12,698
$               0.34

Basic
Diluted
Basic
Diluted Weighted average number of common shares outstanding36,724
36,908
37,165
37,202Total adjusted net income per share$               0.34
$               0.34
$               0.34
$               0.34

Year Ended December 31, 2025
Year Ended December 31, 2024
$
$/Diluted
Share
$
$/Diluted
Share
(In thousands, except per share amounts)Net income available to common stockholders$           70,203
$               1.90
$           62,986
$               1.69Income tax (benefit)(5,535)
(0.15)
(22,232)
(0.60)(Gain) loss on derivative contracts(7,763)
(0.21)
(748)
(0.02)Settlement gains (losses) on derivative contracts5,189
0.14
548
0.01Restructuring expenses1,060
0.03
474
0.01Interest income(4,149)
(0.11)
(7,875)
(0.21)Other(4,256)
(0.12)
1,349
0.04Adjusted net income available to common stockholders$           54,749
$               1.48
$           34,502
$               0.93

Basic
Diluted
Basic
Diluted Weighted average number of common shares outstanding36,773
36,908
37,106
37,188Total adjusted net income per share$               1.49
$               1.48
$               0.93
$               0.93Reconciliation of General and Administrative to Adjusted G&AThe 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 December 31, 2025
Three Months Ended December 31, 2024
$
$/Boe
$
$/Boe
(In thousands, except per Boe amounts)General and administrative$                       3,583
$                         1.99
$                       3,009
$                         1.72Stock-based compensation(686)
(0.38)
(575)
(0.33)Other(152)
(0.08)
—
—Adjusted G&A$                       2,745
$                         1.53
$                       2,434
$                         1.39

Year Ended December 31, 2025
Year Ended December 31, 2024
$
$/Boe
$
$/Boe
(In thousands, except per Boe amounts)General and administrative$                     13,201
$                         1.95
$                     11,695
$                         1.93Stock-based compensation(2,744)
(0.41)
(2,354)
(0.39)Other(263)
(0.04)
—
—Adjusted G&A$                     10,194
$                         1.50
$                       9,341
$                         1.54Cautionary 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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Original: SANDRIDGE ENERGY, INC. ANNOUNCES FINANCIAL AND OPERATING RESULTS FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2025, $0.12 PER SHARE CASH DIVIDEND, AND 2026 GUIDANCE