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SD...SANDRIDGE ENERGY, INC. ANNOUNCES FINANCIAL AND OPERATING RESULTS FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2024, $0.11 PER SHARE CASH DIVIDEND, AND 2025 GUIDANCE
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OKLAHOMA CITY, March 10, 2025 /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, 2024.

Recent Highlights

On March 7, 2025, the Board declared a cash dividend of $0.11 per share of the Company's common stock, payable on March 31, 2025 to shareholders of record on March 20, 2025
Recent Highlights

On March 7, 2025, the Board declared a cash dividend of $0.11 per share of the Company's common stock, payable on March 31, 2025 to shareholders of record on March 20, 2025

In 2024, paid $16.4 million in regular quarterly dividends and a one-time special dividend of $55.9 million

As of December 31, 2024, the Company had $99.5 million of cash and cash equivalents, including restricted cash

Production averaged 19.1 MBoe per day during the fourth quarter, an increase of 19% on a Boe basis versus the same period in 2023. Oil production increased 28% over the same period.

Successfully completed and initiated production from the Company's first operated wells in the Cherokee play in 2024, with three drilled but uncompleted wells ("DUCs") achieving costs below historical industry average in the play

Generated net income of $63.0 million, or $1.70 per basic share in 2024. Adjusted net income(1) was $34.5 million, or $0.93 per basic share (please see table below for reconciliation of net income to adjusted net income)

Generated adjusted EBITDA(1) of $69.5 million in 2024

Achieved a new Company record of more than three years without a recordable safety incident

On December 13, 2024, the Company closed a second acquisition in the Cherokee Shale Play of the Mid-Continent region that exchanged and increased its ownership interest in certain proved and unproved oil and gas properties within the Cherokee Shale Play for $5.7 million, after customary post-closing adjustments, and terminated the previously announced joint development agreement

2025 guidance contemplates a 1-rig Cherokee Shale development plan for the year, drilling eight and completing six new SandRidge-operated wells

Financial Results & Update

Operating Costs

During the fourth quarter of 2024, lease operating expense ("LOE") was $11.3 million or $6.43 per Boe. For the full year 2024, LOE was $40.0 million or $6.61 per Boe. The Company 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 $3.0 million and $11.7 million for the fourth quarter and full year 2024, respectively. Adjusted G&A(1) was $2.4 million and $9.3 million or $1.39 and $1.54 per Boe for the fourth quarter and full year 2024, respectively, compared to $2.2 million and $8.8 million or $1.49 and $1.42 per Boe over the same periods in 2023.

Liquidity & Capital Structure

As of December 31, 2024, the Company had $99.5 million of cash and cash equivalents, including restricted cash of $1.4 million, deposited with multiple, well-capitalized financial institutions. The Company has no outstanding term or revolving debt obligations.

Dividend Program

On March 7, 2025, the Board declared a cash dividend of $0.11 per share of the Company's common stock, payable on March 31, 2025 to shareholders of record on March 20, 2025.

Acquisitions

On August 30, 2024, the Company closed on its previously announced acquisition of certain producing oil and natural gas properties in the Cherokee Play of the Western Anadarko Basin for $121.9 million, after customary post-closing adjustments. On December 13, 2024, the Company closed a subsequent acquisition that exchanged and increased its ownership interest in certain proved and unproved oil and gas properties within the same area for $5.7 million, after customary post-closing adjustments, and terminated the previously announced joint development agreement. The Company will operate the majority of its planned development in 2025.

Outlook

We remain committed to growing the value of our asset base in a safe, responsible and efficient manner, while prudently allocating capital to high-return, organic growth projects. Currently, these projects include (1) Development in the Cherokee Shale Play, which consists of 9 wells to be spud, 8 wells to be drilled and 6 wells to be completed in 2025 (2) Production Optimization program through artificial lift conversions to more efficient and cost-effective systems and high-graded recompletions (3) leasing program that will bolster future development and extend development in our Cherokee assets. Our legacy non-Cherokee leaseholds remain approximately 99% 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 adjust capital allocations accordingly. These and other factors, to include reasonable reinvestment rates, sustaining our cash flows and prioritizing our regular-way dividend, will continue to shape our development decisions for the remainder of the year and beyond. We also remain vigilant in evaluating further merger and acquisition opportunities, with consideration of our strong balance sheet and commitment to our capital return program.