Basis of Presentation

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Business. SandRidge Energy, Inc. is an oil and natural gas acquisition, development and production company headquartered in Oklahoma City, Oklahoma and organized in 2006 with a principal focus on developing and producing hydrocarbon resources in the United States.

Principles of Consolidation. The condensed consolidated financial statements include the accounts of the Company and its wholly owned or majority-owned subsidiaries, including its proportionate share of the Royalty Trust. All intercompany accounts and transactions have been eliminated in consolidation.

Interim Financial Statements. The accompanying condensed consolidated financial statements and notes should be read in conjunction with the audited financial statements and notes contained in the Company’s 2025 Form 10-K. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted, although the Company believes that the disclosures contained herein are adequate to make the information presented not misleading. In the opinion of management, the financial statements include all adjustments, which consist of normal recurring adjustments unless otherwise disclosed, necessary to fairly state the Company’s condensed consolidated financial statements.

Significant Accounting Policies. The condensed consolidated financial statements were prepared in accordance with the accounting policies stated in the Company’s 2025 Form 10-K, as well as the items noted below.

Cash and Cash Equivalents. The Company considers all highly liquid instruments with an original maturity of three months or less to be cash equivalents as these instruments are readily convertible to known amounts of cash and bear insignificant risk of changes in value due to their short maturity period. Additionally, the Company considers demand deposits or accounts that have the general characteristics of demand deposits where we may deposit additional funds at any time and also effectively withdraw funds at any time without prior notice or penalty to be cash equivalents. As of March 31, 2026 and December 31, 2025, the Company had $102.7 million and $111.0 million in cash and cash equivalents, respectively.

Restricted Cash. The Company maintains funds related to collateralized letters of credit and secured credit cards. As of March 31, 2026 and December 31, 2025, the Company had $1.3 million in restricted cash.

Use of Estimates. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

The more significant areas requiring the use of assumptions, judgments and estimates include: oil, natural gas, and NGL reserves; impairment tests of long-lived assets; the carrying value of unproved oil and natural gas properties; depreciation, depletion and amortization; asset retirement obligations; determinations of significant alterations to the full cost pool and related estimates of fair value used to allocate the full cost pool net book value to divested properties, as necessary; valuation allowances for deferred tax assets; income taxes; valuation of derivative instruments; contingencies; and accrued revenue and related receivables. Although management believes the estimates used in the areas noted above are reasonable, actual results could differ significantly from those estimates.

Segments. The Company’s chief operating decision maker regularly reviews total assets, which were $652.1 million and $644.0 million as of March 31, 2026 and December 31, 2025, respectively. The following table presents selected financial information with respect to the Company’s single operating segment (in thousands):


	Three Months Ended March 31,
	2026		2025

Revenues
Oil	$	25,071	$	18,880
Natural gas	15,621		12,673
NGL	9,085		11,051
Total revenues	49,777		42,604
Expenses
Lease operating expenses	10,787		10,917
Production, ad valorem, and other taxes	3,021		3,099
Depreciation and depletion—oil and natural gas	9,820		8,416
Depreciation and amortization—other	1,623		1,603
General and administrative	2,988		3,853
Restructuring expenses	146		40

(Gain) loss on derivative contracts	3,526		2,487
Other operating (income) expense	10		—
Total expenses	31,921		30,415
Income (loss) from operations	17,856		12,189
Other income (expense)
Interest income (expense), net	814		860

Total other income (expense)	814		860
Income (loss) before income taxes	18,670		13,049
Income tax (benefit)	—		—
Net income (loss)	$	18,670	$	13,049

Recent Accounting Pronouncements Not Yet Adopted. The FASB issued Accounting Standards Update 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). The objective of ASU 2024-03 is to improve disclosures about a public entity's expenses, primarily through additional disaggregation of income statement expenses. The new standard is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted and may be applied either on a prospective or retrospective basis. The Company is currently evaluating the impact ASU 2024-03 will have on its consolidated financial statement disclosures and does not expect an impact to our consolidated financial statements.