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Jun 30, 2024
SandRidge Q2 2024 Earnings Report
Announced financial and operational results for the second quarter of 2024.
Key Takeaways
SandRidge Energy, Inc. reported a net income of $8.8 million, or $0.24 per basic share, and adjusted net income of $6.4 million, or $0.17 per basic share for the second quarter of 2024. The company had $211.3 million in cash and cash equivalents and generated $23.5 million of free cash flow for the six-month period ended June 30, 2024.
Declared a $0.11 per share cash dividend payable on August 30, 2024.
Entered into a purchase and sale agreement to acquire certain producing assets and leasehold interest in the Cherokee play for $144 million.
Second quarter net income was $8.8 million, or $0.24 per basic share; Adjusted net income was $6.4 million, or $0.17 per basic share.
As of June 30, 2024, had $211.3 million of cash and cash equivalents.
Forward Guidance
SandRidge remains focused on growing the value of its asset base in a safe, responsible and efficient manner, while exercising prudent capital allocations to projects that provide high rates of returns in the current commodity price environment.
Positive Outlook
- Artificial lift conversions to more efficient and cost-effective systems.
- High-graded re-fracturing and recompletion.
- Opportunistic leasing that could bolster future development and complement the recently acquired Cherokee assets.
- Incumbent leasehold remains approximately 99% held by production, which cost-effectively maintains its development option over a reasonable tenor.
- Vigilant in evaluating further merger and acquisition opportunities, with consideration of its strong balance sheet and commitment to its capital return program.
Challenges Ahead
- Assets have higher relative gas content for which prices are not yet at optimal levels to resume development or material reactivations.
- Forward-looking commodity prices, project results, costs and other factors could influence returns on investments over an expanded portfolio.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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