FORM |
(Exact name of registrant as specified in its charter) |
(State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
99.1 | |||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
SANDRIDGE ENERGY, INC. | ||||||||||||||||||||
(Registrant) | ||||||||||||||||||||
Date: March 6, 2024 | By: | /s/ Brandon Brown | ||||||||||||||||||
Brandon Brown | ||||||||||||||||||||
Senior Vice President and Chief Financial Officer |
Oil MBbls | NGLs MBbls | Gas MMcf | Equivalent MBoe(3) | Standardized Measure $MM (4) | PV-10 $MM (5) | ||||||||||||||||||||||||||||||
Proved Reserves, December 31, 2022 | 8,421 | 25,433 | 242,822 | 74,324 | $ | 807 | $ | 811 | |||||||||||||||||||||||||||
Revisions of previous estimates, to include changes in prices(6) | (1,027) | (8,200) | (36,464) | (15,304) | |||||||||||||||||||||||||||||||
Acquisitions of new reserves | 453 | 379 | 5,474 | 1,745 | |||||||||||||||||||||||||||||||
Extensions and discoveries | 283 | 357 | 3,431 | 1,211 | |||||||||||||||||||||||||||||||
Sales of reserves in place | (26) | (49) | (427) | (147) | |||||||||||||||||||||||||||||||
Production | (1,047) | (1,705) | (20,403) | (6,152) | |||||||||||||||||||||||||||||||
Proved Reserves, December 31, 2023 | 7,057 | 16,215 | 194,433 | 55,677 | $ | 296 | $ | 296 | |||||||||||||||||||||||||||
Totals may not sum or recalculate due to rounding |
(1) | See "Non-GAAP Financial Measures" section at the end of this press release for non-GAAP financial measures definitions. | |||||||
(2) | See "Operational and Financial Statistics" section at the end of this press release for impacts of derivatives on commodity price realizations. | |||||||
(3) | 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. | |||||||
(4) | 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. | |||||||
(5) | 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%. | |||||||
(6) | Revisions include changes due to commodity prices, production costs, previous quantity estimates, and other commercial factors. Primary factor for revisions in years ended 2023, 2022 and 2021 were changes in SEC prices, among other factors. |
2024 Guidance | |||||
Production | |||||
Oil (MMBbls) | 0.7 - 0.9 | ||||
Natural Gas Liquids (MMBbls) | 1.3 - 1.7 | ||||
Total Liquids (MMBbls) | 2.0 - 2.6 | ||||
Natural Gas (Bcf) | 16.2 - 19.8 | ||||
Total Production (MMBoe) | 4.7 - 5.9 | ||||
Total Capital Expenditures | |||||
Non-D&C / Production Optimization | $8 - $11 million | ||||
Expenses | |||||
Lease Operating Expenses ("LOE") | $35 - $43 million | ||||
Adjusted General & Administrative ("G&A") Expenses (1) | $8 - $11 million | ||||
Severance and Ad Valorem Taxes (% of Revenue) | 6% - 7% | ||||
Price Differentials | |||||
Oil (% of WTI) | 96% - 98% | ||||
NGL (% of WTI) | 25% - 30% | ||||
Natural Gas (% of HH) | 50% - 70% |
(1) | Adjusted G&A expense is a non-GAAP financial measure. The Company has defined this measure at the conclusion of this press release under "Non-GAAP Financial Measures." |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Production - Total | |||||||||||||||||||||||
Oil (MBbl) | 231 | 269 | 1,047 | 949 | |||||||||||||||||||
Natural Gas (MMcf) | 5,030 | 5,389 | 20,403 | 21,101 | |||||||||||||||||||
NGL (MBbl) | 404 | 431 | 1,705 | 1,997 | |||||||||||||||||||
Oil equivalent (MBoe) | 1,473 | 1,599 | 6,152 | 6,463 | |||||||||||||||||||
Daily production (MBoed) | 16.0 | 17.4 | 16.9 | 17.7 | |||||||||||||||||||
Average price per unit | |||||||||||||||||||||||
Realized oil price per barrel - as reported | $ | 77.53 | $ | 79.10 | $ | 74.69 | $ | 92.21 | |||||||||||||||
Realized impact of derivatives per barrel | — | — | — | — | |||||||||||||||||||
Net realized price per barrel | $ | 77.53 | $ | 79.10 | $ | 74.69 | $ | 92.21 | |||||||||||||||
Realized natural gas price per Mcf - as reported | $ | 1.50 | $ | 4.40 | $ | 1.71 | $ | 4.88 | |||||||||||||||
Realized impact of derivatives per Mcf | — | 0.44 | 0.29 | 0.09 | |||||||||||||||||||
Net realized price per Mcf | $ | 1.50 | $ | 4.84 | $ | 2.00 | $ | 4.97 | |||||||||||||||
Realized NGL price per barrel - as reported | $ | 21.05 | $ | 25.73 | $ | 20.83 | $ | 31.88 | |||||||||||||||
Realized impact of derivatives per barrel | — | — | — | (0.16) | |||||||||||||||||||
Net realized price per barrel | $ | 21.05 | $ | 25.73 | $ | 20.83 | $ | 31.72 | |||||||||||||||
Realized price per Boe - as reported | $ | 23.03 | $ | 35.09 | $ | 24.16 | $ | 39.34 | |||||||||||||||
Net realized price per Boe - including impact of derivatives | $ | 23.03 | $ | 36.59 | $ | 25.11 | $ | 39.58 | |||||||||||||||
Average cost per Boe | |||||||||||||||||||||||
Lease operating | $ | 6.73 | $ | 7.02 | $ | 6.80 | $ | 6.39 | |||||||||||||||
Production, ad valorem, and other taxes | $ | 1.59 | $ | 1.38 | $ | 1.77 | $ | 2.46 | |||||||||||||||
Depletion (1) | $ | 2.88 | $ | 2.02 | $ | 2.54 | $ | 1.79 | |||||||||||||||
Income per share | |||||||||||||||||||||||
Income per share applicable to common stockholders | |||||||||||||||||||||||
Basic (2) | $ | 0.05 | $ | 2.86 | $ | 1.65 | $ | 6.59 | |||||||||||||||
Diluted | $ | 0.05 | $ | 2.83 | $ | 1.64 | $ | 6.52 | |||||||||||||||
Adjusted net income (loss) per share available to common stockholders | |||||||||||||||||||||||
Basic | $ | 0.35 | $ | 1.03 | $ | 1.87 | $ | 4.67 | |||||||||||||||
Diluted | $ | 0.35 | $ | 1.02 | $ | 1.86 | $ | 4.62 | |||||||||||||||
Weighted average number of shares outstanding (in thousands) | |||||||||||||||||||||||
Basic | 37,038 | 36,850 | 36,939 | 36,745 | |||||||||||||||||||
Diluted | 37,147 | 37,160 | 37,134 | 37,154 | |||||||||||||||||||
(1) Includes accretion of asset retirement obligation. | |||||||||||||||||||||||
(2) Includes $14.0 million in deferred tax expense recorded in the fourth quarter of 2023 resulting from valuation allowance movement. | |||||||||||||||||||||||
Year Ended | |||||
December 31, 2023 | |||||
(In thousands) | |||||
Drilling and completion | $ | 18,132 | |||
Capital workovers | 4,346 | ||||
Leasehold and geophysical | (46) | ||||
Total Capital Expenditures | $ | 22,432 | |||
(excluding acquisitions on an accrual basis) |
December 31, 2023 | December 31, 2022 | ||||||||||
(In thousands) | |||||||||||
Cash, cash equivalents and restricted cash | $ | 253,944 | $ | 257,468 | |||||||
Long-term debt | $ | — | $ | — | |||||||
Total debt | — | — | |||||||||
Stockholders’ equity | |||||||||||
Common stock | 37 | 37 | |||||||||
Additional paid-in capital | 1,071,021 | 1,151,689 | |||||||||
Accumulated deficit | (602,947) | (663,804) | |||||||||
Total SandRidge Energy, Inc. stockholders’ equity | 468,111 | 487,922 | |||||||||
Total capitalization | $ | 468,111 | $ | 487,922 |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Revenues | |||||||||||||||||
Oil, natural gas and NGL | $ | 148,641 | $ | 254,258 | $ | 168,882 | |||||||||||
Total revenues | 148,641 | 254,258 | 168,882 | ||||||||||||||
Expenses | |||||||||||||||||
Lease operating expenses | 41,862 | 41,286 | 35,999 | ||||||||||||||
Production, ad valorem, and other taxes | 10,870 | 15,880 | 9,918 | ||||||||||||||
Depreciation and depletion—oil and natural gas | 15,657 | 11,542 | 9,372 | ||||||||||||||
Depreciation and amortization—other | 6,518 | 6,342 | 6,073 | ||||||||||||||
General and administrative | 10,735 | 9,449 | 9,675 | ||||||||||||||
Restructuring expenses | 406 | 382 | 792 | ||||||||||||||
Employee termination benefits | 19 | — | 49 | ||||||||||||||
(Gain) loss on derivative contracts | (1,447) | (5,975) | 2,251 | ||||||||||||||
Gain on sale of assets | — | — | (18,952) | ||||||||||||||
Other operating (income) expense | (157) | (99) | (382) | ||||||||||||||
Total expenses | 84,463 | 78,807 | 54,795 | ||||||||||||||
Income (loss) from operations | 64,178 | 175,451 | 114,087 | ||||||||||||||
Other income (expense) | |||||||||||||||||
Interest income (expense), net | 10,552 | 1,810 | (404) | ||||||||||||||
Other income (expense), net | 87 | 378 | 3,055 | ||||||||||||||
Total other income (expense) | 10,639 | 2,188 | 2,651 | ||||||||||||||
Income (loss) before income taxes | 74,817 | 177,639 | 116,738 | ||||||||||||||
Income tax (benefit) | 13,960 | (64,529) | — | ||||||||||||||
Net income (loss) | $ | 60,857 | $ | 242,168 | $ | 116,738 | |||||||||||
Net income (loss) per share | |||||||||||||||||
Basic | $ | 1.65 | $ | 6.59 | $ | 3.21 | |||||||||||
Diluted | $ | 1.64 | $ | 6.52 | $ | 3.13 | |||||||||||
Weighted average number of common shares outstanding | |||||||||||||||||
Basic | 36,939 | 36,745 | 36,393 | ||||||||||||||
Diluted | 37,134 | 37,154 | 37,271 |
December 31, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 252,407 | $ | 255,722 | |||||||
Restricted cash - other | 1,537 | 1,746 | |||||||||
Accounts receivable, net | 22,166 | 34,735 | |||||||||
Derivative contracts | — | 4,429 | |||||||||
Prepaid expenses | 430 | 523 | |||||||||
Other current assets | 1,314 | 7,747 | |||||||||
Total current assets | 277,854 | 304,902 | |||||||||
Oil and natural gas properties, using full cost method of accounting | |||||||||||
Proved | 1,538,724 | 1,507,690 | |||||||||
Unproved | 11,197 | 11,516 | |||||||||
Less: accumulated depreciation, depletion and impairment | (1,393,801) | (1,380,574) | |||||||||
156,120 | 138,632 | ||||||||||
Other property, plant and equipment, net | 86,493 | 92,244 | |||||||||
Other assets | 3,130 | 190 | |||||||||
Deferred tax assets, net of valuation allowance | 50,569 | 64,529 | |||||||||
Total assets | $ | 574,166 | $ | 600,497 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable and accrued expenses | $ | 38,828 | $ | 46,335 | |||||||
Asset retirement obligations | 9,851 | 16,074 | |||||||||
Other current liabilities | 645 | 870 | |||||||||
Total current liabilities | 49,324 | 63,279 | |||||||||
Asset retirement obligations | 54,553 | 47,635 | |||||||||
Other long-term obligations | 2,178 | 1,661 | |||||||||
Total liabilities | 106,055 | 112,575 | |||||||||
Stockholders’ Equity | |||||||||||
Common stock, $0.001 par value; 250,000 shares authorized; 37,091 issued and outstanding at December 31, 2023 and 36,868 issued and outstanding at December 31, 2022 | 37 | 37 | |||||||||
Additional paid-in capital | 1,071,021 | 1,151,689 | |||||||||
Accumulated deficit | (602,947) | (663,804) | |||||||||
Total stockholders’ equity | 468,111 | 487,922 | |||||||||
Total liabilities and stockholders’ equity | $ | 574,166 | $ | 600,497 |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(In thousands) | |||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||
Net Income (loss) | $ | 60,857 | $ | 242,168 | $ | 116,738 | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||||||||||||||||
Provision for expected credit losses | — | — | (2,329) | ||||||||||||||
Depreciation, depletion and amortization | 22,176 | 17,884 | 15,445 | ||||||||||||||
Deferred income taxes | 13,960 | (64,529) | — | ||||||||||||||
Debt issuance costs amortization | — | — | 57 | ||||||||||||||
Write off of debt issuance costs | — | — | 174 | ||||||||||||||
(Gain) loss on derivative contracts | (1,447) | (5,975) | 2,251 | ||||||||||||||
Settlement gains (losses) on derivative contracts | 5,876 | 1,525 | (2,230) | ||||||||||||||
(Gain) on sale of assets | — | — | (18,952) | ||||||||||||||
Stock-based compensation | 1,945 | 1,526 | 1,394 | ||||||||||||||
Other | 159 | 153 | 144 | ||||||||||||||
Changes in operating assets and liabilities increasing (decreasing) cash | |||||||||||||||||
Receivables | 12,130 | (13,211) | 841 | ||||||||||||||
Prepaid expenses | 93 | (1,507) | 2,264 | ||||||||||||||
Other current assets | 2,203 | (5,378) | — | ||||||||||||||
Other assets and liabilities, net | (56) | (129) | (1,212) | ||||||||||||||
Accounts payable and accrued expenses | (1,409) | (5,246) | (2,241) | ||||||||||||||
Asset retirement obligations | (909) | (2,585) | (2,084) | ||||||||||||||
Net cash provided by operating activities | 115,578 | 164,696 | 110,260 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||
Capital expenditures for property, plant and equipment | (26,375) | (44,085) | (11,583) | ||||||||||||||
Acquisitions of assets | (11,232) | (1,431) | (3,545) | ||||||||||||||
Purchase of other property and equipment | (29) | (49) | (59) | ||||||||||||||
Proceeds from sale of assets | 1,472 | 448 | 38,160 | ||||||||||||||
Net cash (used in) provided by investing activities | (36,164) | (45,117) | 22,973 | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||
Dividends paid to shareholders | (81,515) | — | — | ||||||||||||||
Repayments of borrowings | — | — | (20,000) | ||||||||||||||
Debt issuance costs | — | — | (75) | ||||||||||||||
Reduction of financing lease liability | (588) | (541) | (1,024) | ||||||||||||||
Proceeds from exercise of stock options | 94 | 77 | 23 | ||||||||||||||
Tax withholdings paid in exchange for shares withheld on employee vested stock awards | (929) | (1,177) | (899) | ||||||||||||||
Cash received on warrant exercises | — | 6 | — | ||||||||||||||
Net cash (used in) financing activities | (82,938) | (1,635) | (21,975) | ||||||||||||||
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS and RESTRICTED CASH | (3,524) | 117,944 | 111,258 | ||||||||||||||
CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year | 257,468 | 139,524 | 28,266 | ||||||||||||||
CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of year | $ | 253,944 | $ | 257,468 | $ | 139,524 | |||||||||||
Supplemental Disclosure of Cash Flow Information | |||||||||||||||||
Cash paid for interest, net of amounts capitalized | $ | (104) | $ | (215) | $ | (177) | |||||||||||
Supplemental Disclosure of Noncash Investing and Financing Activities | |||||||||||||||||
Capital expenditures for property, plant and equipment in accounts payables and accrued expenses | $ | 919 | $ | 6,151 | $ | 1,029 | |||||||||||
Right-of-use assets obtained in exchange for financing lease obligations | $ | 760 | $ | 713 | $ | 1,258 | |||||||||||
Inventory material transfers to oil and natural gas properties | $ | 1,289 | $ | — | $ | — | |||||||||||
Asset retirement obligation capitalized | $ | 113 | $ | 86 | $ | 18 | |||||||||||
Asset retirement obligation removed due to divestiture | $ | (1,413) | $ | (623) | $ | (7,662) | |||||||||||
Asset retirement obligation revisions | $ | (939) | $ | 2,656 | $ | 6,800 | |||||||||||
Dividend payable | $ | 263 | $ | — | $ | — |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 26,219 | $ | 30,066 | $ | 115,578 | $ | 164,696 | |||||||||||||||
Changes in operating assets and liabilities | (4,012) | 15,522 | (12,052) | 28,056 | |||||||||||||||||||
Adjusted operating cash flow | $ | 22,207 | $ | 45,588 | $ | 103,526 | $ | 192,752 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 26,219 | $ | 30,066 | $ | 115,578 | $ | 164,696 | |||||||||||||||
Net cash (used in) provided by investing activities | (633) | (12,956) | (36,164) | (45,117) | |||||||||||||||||||
Acquisition of assets | — | — | 11,232 | 1,431 | |||||||||||||||||||
Proceeds from sale of assets | (61) | — | (1,472) | (448) | |||||||||||||||||||
Free cash flow | $ | 25,525 | $ | 17,110 | $ | 89,174 | $ | 120,562 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Net income | $ | 1,792 | $ | 105,227 | $ | 60,857 | $ | 242,168 | |||||||||||||||
Adjusted for | |||||||||||||||||||||||
Income tax (benefit)(1) | 13,960 | (64,529) | 13,960 | (64,529) | |||||||||||||||||||
Interest expense | 29 | 16 | 104 | 215 | |||||||||||||||||||
Depreciation and amortization - other | 1,648 | 1,622 | 6,518 | 6,342 | |||||||||||||||||||
Depreciation and depletion - oil and natural gas | 4,242 | 3,224 | 15,657 | 11,542 | |||||||||||||||||||
EBITDA | 21,671 | 45,560 | 97,096 | 195,738 | |||||||||||||||||||
Stock-based compensation | 523 | 395 | 1,945 | 1,526 | |||||||||||||||||||
(Gain) loss on derivative contracts | — | (2,781) | (1,447) | (5,975) | |||||||||||||||||||
Net Cash (paid) received upon settlement of derivative contracts | — | 2,392 | 5,876 | 1,525 | |||||||||||||||||||
Restructuring (credits) expenses | 63 | (336) | 406 | 382 | |||||||||||||||||||
Interest Income | (2,799) | (2,017) | (10,656) | (2,026) | |||||||||||||||||||
Other | — | (2) | 19 | (1) | |||||||||||||||||||
Adjusted EBITDA | $ | 19,458 | $ | 43,211 | $ | 93,239 | $ | 191,169 | |||||||||||||||
(1) Represents deferred tax expense recorded in the fourth quarter of 2023 resulting from valuation allowance movement. |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 26,219 | $ | 30,066 | $ | 115,578 | $ | 164,696 | |||||||||||||||
Changes in operating assets and liabilities | (4,012) | 15,522 | (12,052) | 28,056 | |||||||||||||||||||
Interest expense | 29 | 16 | 104 | 215 | |||||||||||||||||||
Interest Income | (2,799) | (2,017) | (10,656) | (2,026) | |||||||||||||||||||
Other | 21 | (376) | 265 | 228 | |||||||||||||||||||
Adjusted EBITDA | $ | 19,458 | $ | 43,211 | $ | 93,239 | $ | 191,169 |
Three Months Ended December 31, 2023 | Three Months Ended December 31, 2022 | ||||||||||||||||||||||
$ | $/Diluted Share | $ | $/Diluted Share | ||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||
Net income available to common stockholders | $ | 1,792 | $ | 0.05 | $ | 105,227 | $ | 2.83 | |||||||||||||||
(Gain) loss on derivative contracts | — | — | (2,781) | (0.07) | |||||||||||||||||||
Settlement gains (losses) on derivative contracts | — | — | 2,392 | 0.06 | |||||||||||||||||||
Restructuring (credits) expenses | 63 | — | (336) | (0.01) | |||||||||||||||||||
Interest Income | (2,799) | (0.08) | (2,017) | (0.05) | |||||||||||||||||||
Other | — | — | (2) | — | |||||||||||||||||||
Income tax (benefit)(1) | 13,960 | 0.38 | (64,529) | (1.74) | |||||||||||||||||||
Adjusted net income available to common stockholders | $ | 13,016 | $ | 0.35 | $ | 37,954 | $ | 1.02 | |||||||||||||||
Basic | Diluted | Basic | Diluted | ||||||||||||||||||||
Weighted average number of common shares outstanding | 37,038 | 37,147 | 36,850 | 37,160 | |||||||||||||||||||
Total adjusted net income per share | $ | 0.35 | $ | 0.35 | $ | 1.03 | $ | 1.02 | |||||||||||||||
(1) Represents deferred tax expense (benefit) recorded in the fourth quarter of 2023 and 2022, respectively, resulting from valuation allowance movement. |
Year Ended December 31, 2023 | Year Ended December 31, 2022 | ||||||||||||||||||||||
$ | $/Diluted Share | $ | $/Diluted Share | ||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||
Net income available to common stockholders | $ | 60,857 | $ | 1.64 | $ | 242,168 | $ | 6.52 | |||||||||||||||
(Gain) loss on derivative contracts | (1,447) | (0.04) | (5,975) | (0.16) | |||||||||||||||||||
Settlement gains (losses) on derivative contracts | 5,876 | 0.16 | 1,525 | 0.04 | |||||||||||||||||||
Restructuring expenses | 406 | 0.01 | 382 | 0.01 | |||||||||||||||||||
Income tax (benefit)(1) | 13,960 | 0.38 | (64,529) | (1.74) | |||||||||||||||||||
Interest Income | (10,656) | (0.29) | (2,026) | (0.05) | |||||||||||||||||||
Other | 19 | — | (1) | — | |||||||||||||||||||
Adjusted net income available to common stockholders | $ | 69,015 | $ | 1.86 | $ | 171,544 | $ | 4.62 | |||||||||||||||
Basic | Diluted | Basic | Diluted | ||||||||||||||||||||
Weighted average number of common shares outstanding | 36,939 | 37,134 | 36,745 | 37,154 | |||||||||||||||||||
Total adjusted net income per share | $ | 1.87 | $ | 1.86 | $ | 4.67 | $ | 4.62 |
Three Months Ended December 31, 2023 | Three Months Ended December 31, 2022 | ||||||||||||||||||||||
$ | $/Boe | $ | $/Boe | ||||||||||||||||||||
(In thousands, except per Boe amounts) | |||||||||||||||||||||||
General and administrative | $ | 2,731 | $ | 1.85 | $ | 2,366 | $ | 1.48 | |||||||||||||||
Stock-based compensation | (523) | (0.36) | (395) | (0.25) | |||||||||||||||||||
Adjusted G&A | $ | 2,208 | $ | 1.49 | $ | 1,971 | $ | 1.23 |
Year Ended December 31, 2023 | Year Ended December 31, 2022 | ||||||||||||||||||||||
$ | $/Boe | $ | $/Boe | ||||||||||||||||||||
(In thousands, except per Boe amounts) | |||||||||||||||||||||||
General and administrative | $ | 10,735 | $ | 1.74 | $ | 9,449 | $ | 1.46 | |||||||||||||||
Stock-based compensation | (1,945) | (0.32) | (1,526) | (0.24) | |||||||||||||||||||
Adjusted G&A | $ | 8,790 | $ | 1.42 | $ | 7,923 | $ | 1.22 |
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Cover |
Mar. 05, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Mar. 05, 2024 |
Entity Registrant Name | SANDRIDGE ENERGY, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-33784 |
Entity Tax Identification Number | 20-8084793 |
Entity Address, Address Line One | 1 E. Sheridan Ave, Suite 500 |
Entity Address, City or Town | Oklahoma City |
Entity Address, State or Province | OK |
Entity Address, Postal Zip Code | 73104 |
City Area Code | 405 |
Local Phone Number | 429-5500 |
Title of 12(b) Security | Common Stock, $0.001 par value |
Trading Symbol | SD |
Security Exchange Name | NYSE |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001349436 |
Amendment Flag | false |
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