SandRidge Energy, Inc. Announces Financial and Operating Results for the Three and Six-Month Periods Ended June 30, 2026 and Declares Dividend of $0.13 per Share

2026-08-05

NYSE - New York Stock Exchange · Oil · Natural Gas · Natural Gas Liquids · United States · Corporate Finance

PR Newswire

OKLAHOMA CITY, Aug. 5, 2026/PRNewswire/ -- SandRidge Energy, Inc. (the "Company" or "SandRidge") (NYSE: SD) today announced financial and operational results for the three and six-month periods ended June 30, 2026.

Recent Highlights

On August 4, 2026, the Board declared a dividend of $0.13 per share of the Company's common stock, payable on August 31, 2026 to stockholders of record on August 19, 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 As of June 30, 2026, the Company had $114.7 million of cash and cash equivalents, including restricted cash Production averaged 19.7 MBoe per day during the second quarter, an increase of 11% on a Boe basis versus the same period in 2025. Oil production increased 22% and total revenues increased 48% during the quarter versus the same period in 2025, driven primarily by new production from our operated development program and higher commodity prices In the first half of 2026, the Company successfully completed four wells as part of its ongoing one-rig Cherokee development program, with two more wells completed in July Second quarter net income of $26.7 million, or $0.72 per basic share. Adjusted net income(1) of $21.0 million or $0.57 per basic share Adjusted EBITDA(1)of $34.0 million for the three-month period ended June 30, 2026 Adjusted G&A(1)of $2.7 million, or $1.52 per Boe for the three-month period ended June 30, 2026 The Company anticipates closing its previously announced acquisition of certain producing assets and leasehold interests in the Cherokee Play in the third quarter 2026, expanding its efficient operations in the area with the addition of ~7,000 net leasehold acres, interests in 21 wells, and eight proven development locations

Grayson Pranin, SandRidge's President, Chief Executive Officer & Director, commented on the quarter:

"The Company increased production over the quarter and the last year, driven by the execution of our one-rig program in the Cherokee Play. In addition, we were excited to announce a meaningful acquisition in the Cherokee and the team is prepared to integrate the new assets into the ongoing program, utilizing our proven expertise in safe and efficient operations in the Mid-Continent. I'm proud that our team continues to build upon the Company's record of more than four and a half years without a recordable safety incident and will maintain a low G&A burden while integrating new assets into the portfolio."

Financial Results

| Dollars in thousands (except per share data) | 2Q26 | 1Q26 | Change vs 1Q26 | 2Q25 | Change vs 2Q25 | | Net income | $ 26,693 | $ 18,670 | $ 8,023 | $ 19,558 | $ 7,135 | | Net Income per share | $ 0.72 | $ 0.51 | $ 0.21 | $ 0.53 | $ 0.19 | | Net cash provided by operating activities | $ 42,436 | $ 19,759 | $ 22,677 | $ 22,850 | $ 19,586 | | Adjusted net income(1) | $ 20,973 | $ 21,602 | $ (629) | $ 12,236 | $ 8,737 | | Adjusted net income per share(1) | $ 0.57 | $ 0.59 | $ (0.02) | $ 0.33 | $ 0.24 | | Adjusted operating cash flow(1) | $ 34,571 | $ 34,427 | $ 144 | $ 25,561 | $ 9,010 | | Adjusted EBITDA(1) | $ 34,033 | $ 33,721 | $ 312 | $ 22,822 | $ 11,211 | | Free cash flow(1) | $ 23,241 | $ (1,105) | $ 24,346 | $ 9,813 | $ 13,428 |

Operational Results & Update

Production, Revenue, & Realized Prices

| | 2Q26 | 1Q26 | Change vs 1Q26 | 2Q25 | Change vs 2Q25 | | Production | | | | | | | MBoe | 1,797 | 1,671 | 126 | 1,619 | 178 | | MBoed | 19.7 | 18.6 | 1.1 | 17.8 | 1.9 | | Oil as percentage of production | 18 % | 21 % | (3) % | 17 % | 1 % | | Natural gas as percentage of production | 50 % | 50 % | — % | 49 % | 1 % | | NGLs as percentage of production | 32 % | 29 % | 3 % | 34 % | (2) % | | | | | | | | | Revenues | | | | | | | Oil, natural gas and NGL revenues | $51,117 | $49,777 | $1,340 | $34,531 | $16,586 | | Oil as percentage of revenues | 61 % | 50 % | 11 % | 49 % | 12 % | | Natural gas as percentage of revenues | 14 % | 32 % | (18) % | 25 % | (11) % | | NGLs as percentage of revenues | 25 % | 18 % | 7 % | 26 % | (1) % | | | | | | | | | Realized Prices | | | | | | | Realized oil price per barrel | $95.35 | $71.11 | $24.24 | $62.80 | $32.55 | | Realized natural gas price per Mcf | $1.36 | $3.13 | $(1.77) | $1.82 | $(0.46) | | Realized NGL price per barrel | $21.68 | $18.64 | $3.04 | $16.10 | $5.58 | | Realized price per Boe | $28.45 | $29.78 | $(1.33) | $21.33 | $7.12 |

Production volumes continue to benefit from the Company's ongoing drilling program and efficient production operations. Second quarter Boe production increased by approximately 11% versus the same period in 2025 and increased by approximately 8% versus the prior quarter. Oil production increased by approximately 22% relative to the same period last year. Revenues increased by 3% in the second quarter versus the first quarter of 2026 and 48% compared to the second quarter of 2025. Realized price per Boe improved in the second quarter versus the same period last year and was slightly below the first quarter 2026 due to lower relative natural gas pricing quarter-over-quarter.

Drilling & Completion Operations

As of June 30, 2026, the Company completed four new operated wells as part of the its ongoing one-rig Cherokee development program, with two more wells completed in July. The Company recently achieved the lowest drilled well cost to date for the program.

Operating Costs

During the second quarter of 2026, lease operating expense ("LOE") was $10.3 million or $5.73 per Boe versus $10.8 million or $6.45 per Boe during the prior quarter. Lease operating expenses for the three months ended June 30, 2026 increased in total and per Boe versus the same period in 2025, primarily due to a $2.1 million one-time non-cash adjustment during the three months ended June 30, 2025 of an operating accrual dating back to the Company's emergence from bankruptcy in 2016.

Liquidity & Capital Structure

As of June 30, 2026, the Company had $114.7 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 June 30, 2026.

Dividend Program

| Dollars in thousands | Total | 2Q26 | 1Q26 | 2025 | 2024 | 2023 | | Special dividends(2) | $ 136,651 | $ 6,445 | $ — | $ — | $ 55,868 | $ 74,338 | | Quarterly dividends(2) | 47,786 | 4,190 | 3,868 | 15,862 | 16,426 | 7,440 | | Total dividends(2) | $ 184,437 | $ 10,635 | $ 3,868 | $ 15,862 | $ 72,294 | $ 81,778 |

| | Total | 2Q26 | 1Q26 | 2025 | 2024 | 2023 | | Special dividends per share | $ 3.70 | $ 0.20 | $ — | $ — | $ 1.50 | $ 2.00 | | Quarterly dividends per share | 1.35 | 0.13 | 0.12 | 0.46 | 0.44 | 0.20 | | Total dividends per share | $ 5.05 | $ 0.33 | $ 0.12 | $ 0.46 | $ 1.94 | $ 2.20 | | | | | | | | |

Dividend Declaration & Dividend Reinvestment Program ("DRIP")

On August 4, 2026, the Board declared a dividend of $0.13 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 previously announced Dividend Reinvestment Plan, payable on August 31, 2026 to stockholders of record on August 19, 2026.

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 Repurchases

No shares were repurchased during the second 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 June 30, 2026.

Outlook

We remain committed to growing the value of our asset base in a safe, responsible and efficient manner, while prudently allocating capital to high-return, growth projects. Currently, these projects include: (1) one-rig development in the Cherokee Shale Play (2) evaluation of accretive merger and acquisition opportunities, with consideration of our strong balance sheet and commitment to our capital return program (3) production optimization program through artificial lift conversions to more efficient and cost-effective systems and (4) a leasing program that will bolster future development and extend development in our Cherokee assets. We are developing our term acreage in the Cherokee Play, and our total leasehold position, inclusive of the Cherokee, NW Stack and legacy assets, is approximately 95% held by production, which cost-effectively maintains our development option over a reasonable tenor. We will continue to monitor forward-looking commodity prices, project results, costs 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 approximately 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 and a half 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 Information

The Company will host a conference call to discuss these results on Thursday, August 6, 2026 at 1:00 pm CT. The conference call can be accessed by registering online in advance at https://events.q4inc.com/analyst/983833838?pwd=IQZTUt8Gat 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.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 Statistics

Information regarding the Company's production, pricing, costs and earnings is presented below (unaudited):

| | Three Months Ended June 30, | | Six Months Ended June 30, | | | | | | | 2026 | | 2025 | | 2026 | | 2025 | | Production - Total | | | | | | | | | Oil (MBbl) | 328 | | 270 | | 681 | | 540 | | Natural Gas (MMcf) | 5,349 | | 4,801 | | 10,337 | | 9,520 | | NGL (MBbl) | 577 | | 548 | | 1,064 | | 1,099 | | Oil equivalent (MBoe) | 1,797 | | 1,619 | | 3,468 | | 3,226 | | Daily production (MBoed) | 19.7 | | 17.8 | | 19.2 | | 17.8 | | | | | | | | | | | Average price per unit | | | | | | | | | Realized oil price per barrel - as reported | $ 95.35 | | $ 62.80 | | $ 82.80 | | $ 66.34 | | Realized impact of derivatives per barrel | (8.97) | | 1.33 | | (5.42) | | 0.68 | | Net realized price per barrel | $ 86.38 | | $ 64.13 | | $ 77.38 | | $ 67.02 | | | | | | | | | | | Realized natural gas price per Mcf - as reported | $ 1.36 | | $ 1.82 | | $ 2.22 | | $ 2.25 | | Realized impact of derivatives per Mcf | 0.39 | | 0.23 | | 0.28 | | 0.11 | | Net realized price per Mcf | $ 1.75 | | $ 2.05 | | $ 2.50 | | $ 2.36 | | | | | | | | | | | Realized NGL price per barrel - as reported | $ 21.68 | | $ 16.10 | | $ 20.29 | | $ 18.09 | | Realized impact of derivatives per barrel | 0.04 | | 0.08 | | 0.02 | | (0.12) | | Net realized price per barrel | $ 21.72 | | $ 16.18 | | $ 20.31 | | $ 17.97 | | | | | | | | | | | Realized price per Boe - as reported | $ 28.45 | | $ 21.33 | | $ 29.09 | | $ 23.91 | | Net realized price per Boe - including impact of derivatives | $ 27.97 | | $ 22.25 | | $ 28.88 | | $ 24.32 | | | | | | | | | | | Average cost per Boe | | | | | | | | | Lease operating | $ 5.73 | | $ 4.05 | | $ 6.08 | | $ 5.42 | | Production, ad valorem, and other taxes | $ 1.79 | | $ 1.33 | | $ 1.80 | | $ 1.63 | | Depletion (1) | $ 5.84 | | $ 5.12 | | $ 5.86 | | $ 5.18 | | | | | | | | | | | Earnings per share | | | | | | | | | Earnings per share applicable to common stockholders | | | | | | | | | Basic | $ 0.72 | | $ 0.53 | | $ 1.23 | | $ 0.88 | | Diluted | $ 0.72 | | $ 0.53 | | $ 1.22 | | $ 0.88 | | | | | | | | | | | Adjusted net income per share available to common stockholders | | | | | | | | | Basic | $ 0.57 | | $ 0.33 | | $ 1.16 | | $ 0.73 | | Diluted | $ 0.57 | | $ 0.33 | | $ 1.15 | | $ 0.73 | | | | | | | | | | | Weighted average number of shares outstanding (in thousands) | | | | | | | | | Basic | 36,906 | | 36,661 | | 36,838 | | 36,850 | | Diluted | 37,082 | | 36,677 | | 37,048 | | 36,884 |

| (1) Includes accretion of asset retirement obligation. |

Capital Expenditures

The table below presents actual results of the Company's capital expenditures for the six months ended June 30, 2026 (unaudited):

Derivatives

The below details the Company's hedging positions as of August 4, 2026:

Capitalization

The Company's capital structure as of June 30, 2026 and December 31, 2025 is presented below:

| | June 30, 2026 | | December 31, 2025 | | | | | | | | (In thousands) | | | | Cash, cash equivalents and restricted cash | $ 114,692 | | $ 112,345 | | | | | | | Long-term debt | $ — | | $ — | | Total debt | — | | — | | | | | | | Stockholders' equity | | | | | Common stock | 37 | | 37 | | Additional paid-in capital | 967,039 | | 980,592 | | Accumulated deficit | (424,395) | | (469,758) | | Total SandRidge Energy, Inc. stockholders' equity | 542,681 | | 510,871 | | | | | | | Total capitalization | $ 542,681 | | $ 510,871 |

| SandRidge Energy, Inc. and Subsidiaries

Condensed Consolidated Income Statements (Unaudited)

(In thousands, except per share amounts) | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | | | | 2026 | | 2025 | | 2026 | | 2025 | | Revenues | | | | | | | | | Oil, natural gas and NGL | $ 51,117 | | $ 34,531 | | $ 100,894 | | $ 77,135 | | Total revenues | 51,117 | | 34,531 | | 100,894 | | 77,135 | | Expenses | | | | | | | | | Lease operating expenses | 10,302 | | 6,556 | | 21,089 | | 17,473 | | Production, ad valorem, and other taxes | 3,210 | | 2,158 | | 6,231 | | 5,257 | | Depreciation and depletion — oil and natural gas | 10,494 | | 8,290 | | 20,314 | | 16,706 | | Depreciation and amortization — other | 1,624 | | 1,612 | | 3,247 | | 3,215 | | General and administrative | 3,769 | | 3,028 | | 6,757 | | 6,881 | | Restructuring expenses | (14) | | 412 | | 132 | | 452 | | (Gain) loss on derivative contracts | (4,222) | | (6,059) | | (696) | | (3,572) | | Other operating (income) expense, net | (3) | | — | | 7 | | — | | Total expenses | 25,160 | | 15,997 | | 57,081 | | 46,412 | | Income from operations | 25,957 | | 18,534 | | 43,813 | | 30,723 | | Other income (expense) | | | | | | | | | Interest income (expense), net | 735 | | 1,027 | | 1,549 | | 1,887 | | Other income (expense), net | 1 | | (3) | | 1 | | (3) | | Total other income (expense) | 736 | | 1,024 | | 1,550 | | 1,884 | | Income (loss) before income taxes | 26,693 | | 19,558 | | 45,363 | | 32,607 | | Income tax (benefit) expense | — | | — | | — | | — | | Net income (loss) | $ 26,693 | | $ 19,558 | | $ 45,363 | | $ 32,607 | | Net income (loss) per share | | | | | | | | | Basic | $ 0.72 | | $ 0.53 | | $ 1.23 | | $ 0.88 | | Diluted | $ 0.72 | | $ 0.53 | | $ 1.22 | | $ 0.88 | | Weighted average number of common shares outstanding | | | | | | | | | Basic | 36,906 | | 36,661 | | 36,838 | | 36,850 | | Diluted | 37,082 | | 36,677 | | 37,048 | | 36,884 |

| SandRidge Energy, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands) | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | ASSETS | | | | | Current assets | | | | | Cash and cash equivalents | $ 113,345 | | $ 110,998 | | Restricted cash | 1,347 | | 1,347 | | Accounts receivable, net | 26,659 | | 26,186 | | Derivative contracts | 4,217 | | 2,773 | | Prepaid expenses | 2,213 | | 748 | | Other current assets | 3,939 | | 5,806 | | Total current assets | 151,720 | | 147,858 | | Oil and natural gas properties, using full cost method of accounting | | | | | Proved | 1,799,920 | | 1,759,943 | | Unproved | 28,101 | | 27,520 | | Less: accumulated depreciation, depletion and impairment | (1,464,076) | | (1,446,824) | | Net oil and natural gas properties | 363,945 | | 340,639 | | Other property, plant and equipment, net | 72,621 | | 75,649 | | Other assets | 1,462 | | 1,539 | | Deferred tax assets, net of valuation allowance | 78,336 | | 78,336 | | Total assets | $ 668,084 | | $ 644,021 | | | | | | | LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | Current liabilities | | | | | Accounts payable and accrued expenses | $ 49,030 | | $ 59,037 | | Asset retirement obligations | 8,044 | | 8,098 | | Other current liabilities | 750 | | 905 | | Total current liabilities | 57,824 | | 68,040 | | Derivative contracts | 31 | | — | | Asset retirement obligations | 66,855 | | 64,293 | | Other long-term obligations | 693 | | 817 | | Total liabilities | 125,403 | | 133,150 | | Stockholders' Equity | | | | | Common stock, $0.001 par value; 250,000 shares authorized; 37,075 issued and outstanding at June 30, 2026 and 36,825 issued and outstanding at December 31, 2025 | 37 | | 37 | | Additional paid-in capital | 967,039 | | 980,592 | | Accumulated deficit | (424,395) | | (469,758) | | Total stockholders' equity | 542,681 | | 510,871 | | Total liabilities and stockholders' equity | $ 668,084 | | $ 644,021 |

Earlier from SandRidge Energy Inc.

More corporate finance releases

Lundin Mining Announces Updated Share Capital and Provides Update on Share Buybacks Lundin Mining Corporation (LUN.TO), 2026-10-30
United States Lime & Minerals Reports Third Quarter 2026 Results and Declares Regular Quarterly Cash Dividend United States Lime & Minerals, Inc. (USLM), 2026-10-30
International Petroleum Corporation Updated Share Capital International Petroleum Corporation (IPCO.TO), 2026-10-30