Recent Highlights
On March 3, 2026, the Board declared a cash dividend of $0.12 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 Company's previously announced Dividend Reinvestment Plan ("DRIP"), payable on March 31, 2026 to stockholders of record on March 20, 2026
In 2025, the Company paid $15.9 million, or $0.46 per share, in regular quarterly cash dividends and issued 0.1 million shares under the DRIP. The Company repurchased 0.6 million shares of common stock for $6.4 million with a weighted average price of $10.72, under our share repurchase program
As of December 31, 2025, the Company had $112.3 million of cash and cash equivalents, including restricted cash
Production averaged 18.5 MBoe per day during the full year, an increase of 12% on a Boe basis and 32% on oil versus 2024, driven by production from the Company's Cherokee acquisition and operated development program
Successfully spud eight and completed six new wells during the year as part of the Company's ongoing one-rig Cherokee development program with an average per well peak 30-day initial production ("IP") rate of ~2,000 gross Boe/d (~44% oil)
Generated net income of $21.6 million, or $0.59 per basic share during the fourth quarter of 2025. Adjusted net income(1) was $12.5 million, or $0.34 per basic share during the fourth quarter of 2025 (See table below for reconciliation of net income to adjusted net income)
Generated adjusted EBITDA(1) of $101.1 million in 2025
Achieved a new Company record of more than four years without a recordable safety incident
The Company's 2026 guidance reflects the continuation of its one-rig Cherokee development program and plan to drill ten and complete eight new SandRidge-operated wells during the year
Grayson Pranin, SandRidge's President, Chief Executive Officer & Director, commented on 2025 results:
"2025 was a strong year for SandRidge with the initiation of a new operated development program in the Cherokee, seeing production rates climb to a multi-year high at an average of 19.5 Boe/d in the fourth quarter of 2025 and setting a new safety record of over four years without a recordable safety incident. Promising initial results achieved in 2025 informed our decision to continue development activity in the Cherokee, as reflected in our 2026 guidance. While this program is attractive in a range of commodity environments, our team will continue to be diligent about prioritizing full cycle returns, monitoring reasonable reinvestment rates, and, when needed, exercise drill schedule flexibility to make prudent adjustments to our development plans in different economic environments. Most importantly, we'll strive to build upon our successes in 2025, to include continuing our safety records set in 2025 and further extending our development runway in 2026 and beyond."
Financial Results & Update
Profitability
Dollars in thousands (except per share data)
4Q25
3Q25
Change vs3Q25
4Q24
Change vs4Q24
Net income
$ 21,643
$ 15,953
$ 5,690
$ 17,583
$ 4,060
Net Income per share
$ 0.59
$ 0.44
$ 0.15
$ 0.47
$ 0.12
Net cash provided by operating activities
$ 31,690
$ 25,269
$ 6,421
$ 25,993
$ 5,697
Adjusted net income(1)
$ 12,501
$ 15,478
$ (2,977)
$ 12,698
$ (197)
Adjusted net income per share(1)
$ 0.34
$ 0.42
$ (0.08)
$ 0.34
$ ,
Adjusted operating cash flow(1)
$ 28,282
$ 27,933
$ 349
$ 24,992
$ 3,290
Adjusted EBITDA(1)
$ 25,492
$ 27,285
$ (1,793)
$ 24,073
$ 1,419
Free cash flow(1)
$ 14,440
$ 5,919
$ 8,521
$ 13,161
$ 1,279
Operational Results & Update
Production, Revenue & Realized Prices
4Q25
3Q25
Change vs 3Q25
4Q24
Change vs 4Q24
Production
MBoe
1,797
1,745
52
1,754
43
MBoed
19.5
19.0
0.5
19.1
0.4
Oil as percentage of production
18 %
20 %
(2) %
17 %
1 %
Natural gas as percentage of production on a Boe basis
49 %
48 %
1 %
52 %
(3) %
NGLs as percentage of production on a Boe basis
33 %
32 %
1 %
31 %
2 %
Revenues
Oil, natural gas and NGL revenues
$39,400
$39,822
$(422)
$38,973
$427
Oil as percentage of revenues
48 %
56 %
(8) %
54 %
(6) %
Natural gas as percentage of revenues
30 %
22 %
8 %
21 %
9 %
NGLs as percentage of revenues
22 %
22 %
— %
25 %
(3) %
Realized Prices
Realized oil price per barrel
$57.56
$65.23
$(7.67)
$71.44
$(13.88)
Realized natural gas price per Mcf
$2.20
$1.71
$0.49
$1.47
$0.73
Realized NGL price per barrel
$14.92
$15.61
$(0.69)
$18.19
$(3.27)
Realized price per Boe
$21.92
$22.82
$(0.90)
$22.22
$(0.30)
Drilling & Completion Operations
Six wells from the Company's ongoing one-rig Cherokee development program were turned to sales during 2025. Since the start of the program, wells have generated an average per well peak 30-day IP rate of ~2,000 gross Boe per day (~44% oil).
Operating Costs
During the fourth quarter of 2025, lease operating expense ("LOE") was $7.8 million or $4.34 per Boe. For the full year 2025, LOE was $36.2 million or $5.35 per Boe. For the fourth quarter and full year 2025, lease operating expenses decreased in total and per Boe versus the same periods in 2024 due to $4.3 million of out of period corrections which are non-recurring, non-cash, adjustments of operating accruals dating as far back as the Company's emergence from bankruptcy in 2016, of which $2.1 million and $2.2 million were recorded in the second and fourth quarter of 2025, respectively. The Company realized operating cost improvements in 2025 such as lower utility costs and reduced workover activity. SandRidge 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 $3.6 million and $13.2 million for the fourth quarter and full year 2025, respectively. Adjusted G&A(1) was $2.7 million and $10.2 million or $1.53 and $1.50 per Boe for the fourth quarter and full year 2025, respectively, compared to $2.4 million and $9.3 million or $1.39 and $1.54 per Boe over the same periods in 2024.
Liquidity & Capital Structure
As of December 31, 2025, the Company had $112.3 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 December 31, 2025.
Dividend Program
Dollars in thousands
Total
4Q25
3Q25
2Q25
1Q25
2024
2023
Special dividends(2)
$ 130,206
$ ,
$ ,
$ ,
$ ,
$ 55,868
$ 74,338
Quarterly dividends(2)
$ 39,728
$ 3,860
3,859
4,066
4,077
16,426
7,440
Total dividends(2)
$ 169,934
$ 3,860
$ 3,859
$ 4,066
$ 4,077
$ 72,294
$ 81,778
Total
4Q25
3Q25
2Q25
1Q25
2024
2023
Special dividends per share
$ 3.50
$ ,
$ ,
$ ,
$ ,
$ 1.50
$ 2.00
Quarterly dividends per share
1.10
0.12
0.12
0.11
0.11
0.44
0.20
Total dividends per share
$ 4.60
$ 0.12
$ 0.12
$ 0.11
$ 0.11
$ 1.94
$ 2.20
Dividend Declaration & Dividend Reinvestment Program ("DRIP")
On March 03, 2026, the Board declared a dividend of $0.12 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 our previously announced Dividend Reinvestment Plan, payable on March 31, 2026 to stockholders of record on March 20, 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
During the year ended December 31, 2025, the Company opportunistically repurchased 0.6 million shares for $6.4 million at a weighted average price of $10.72 per share under its 10b5-1 program. Of the $75.0 million repurchase authorization, $68.3 million remained as of December 31, 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, 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, impacts of tariffs 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 commodity 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 more than 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 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, March 5, 2026 at 1:00 pm CT. The conference call can be accessed by registering online in advance at https://events.q4inc.com/analyst/759428427?pwd=GsF0ltcV at 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 InformationInvestor RelationsSandRidge Energy, Inc.1 E. Sheridan Ave. Suite 500Oklahoma City, OK 73104[email protected]
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.
2026 Operational and Capital Expenditure Guidance
Presented below is the Company's operational and capital expenditure guidance for 2026:
2026 Guidance(1)
Production
Oil (MMBbls)
1.2 - 1.7
Natural Gas Liquids (MMBbls)
2.2 - 2.5
Total Liquids (MMBbls)
3.4 - 4.2
Natural Gas (Bcf)
17.8 - 21.0
Total Production (MMBoe)
6.4 - 7.7
Total Capital Expenditures
Drilling and Completions
$62 - $80 Million
Capital Workovers / Production Optimization / Leasehold
$14 - $17 Million
Total Capital Expenditures
$76 - $97 Million
Expenses
Lease Operating Expenses ("LOE")
$39 - $47 Million
Adjusted General & Administrative ("G&A") Expenses (2)
$10 - $12 Million
Production and Ad Valorem Taxes (% of Revenue)
6% - 7%
Price Differentials
Oil (% of WTI)
97% - 98%
NGL (% of WTI)
23% - 28%
Natural Gas (% of HH)
50% - 70%
(1)
Please see "Cautionary Note to Investors" at the conclusion of this press release for disclosures around forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, including annual guidance, except as required by law.
(2)
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."
Operational and Financial Statistics
Information regarding the Company's production, pricing, costs and earnings is presented below:
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Production - Total
Oil (MBbl)
330
294
1,214
918
Natural Gas (MMcf)
5,289
5,509
19,802
19,488
NGL (MBbl)
586
542
2,254
1,889
Oil equivalent (MBoe)
1,797
1,754
6,768
6,056
Daily production (MBoed)
19.5
19.1
18.5
16.5
Average price per unit
Realized oil price per barrel - as reported
$ 57.56
$ 71.44
$ 63.64
$ 74.31
Realized impact of derivatives per barrel
$ 2.20
$ 1.29
$ 1.16
$ 0.57
Net realized price per barrel
$ 59.76
$ 72.73
$ 64.80
$ 74.88
Realized natural gas price per Mcf - as reported
$ 2.20
$ 1.47
$ 2.10
$ 1.10
Realized impact of derivatives per Mcf
$ 0.07
$ ,
$ 0.19
$ ,
Net realized price per Mcf
$ 2.27
$ 1.47
$ 2.29
$ 1.10
Realized NGL price per barrel - as reported
$ 14.92
$ 18.19
$ 16.64
$ 18.87
Realized impact of derivatives per barrel
$ 0.22
$ (0.06)
$ 0.05
$ 0.02
Net realized price per barrel
$ 15.14
$ 18.13
$ 16.69
$ 18.89
Realized price per Boe - as reported
$ 21.92
$ 22.22
$ 23.10
$ 20.69
Net realized price per Boe - including impact of derivatives
$ 22.60
$ 22.42
$ 23.87
$ 20.78
