Sandridge Energy Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Sandridge Energy Inc. filed its Q1 2024 10-Q report on May 8, 2024, detailing its financial position and operations.</b>

AI Summary

SANDRIDGE ENERGY INC (SD) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Sandridge Energy Inc. filed its quarterly report (10-Q) on May 8, 2024, for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located at 1 E. Sheridan Ave, Suite 500, Oklahoma City, OK 73104. Sandridge Energy Inc. was formerly known as Riata Energy Inc. until January 11, 2006. The SIC code for the company is 1311 (Crude Petroleum & Natural Gas).

Why It Matters

For investors and stakeholders tracking SANDRIDGE ENERGY INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational updates for Sandridge Energy Inc. for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential risks in the oil and gas sector.

Risk Assessment

Risk Level: medium — SANDRIDGE ENERGY INC shows moderate risk based on this filing. The company operates in the volatile crude petroleum and natural gas industry, which is subject to significant price fluctuations and regulatory changes, posing inherent risks to financial performance.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-Q to understand Sandridge Energy's current operational status and market exposure.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-08 — Filing Date (Filed as of Date)
• 1311 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• SANDRIDGE ENERGY INC (company) — Filer name
• Riata Energy Inc (company) — Former company name
• Oklahoma City, OK (location) — Business address city and state
• 1 E. Sheridan Ave, Suite 500 (address) — Business address

FAQ

Risk Factors

• Commodity Price Volatility [high — market]: The company's financial performance is significantly impacted by fluctuations in the prices of crude oil and natural gas.
• Environmental and Regulatory Compliance [medium — regulatory]: Operations are subject to extensive federal, state, and local environmental and safety regulations, which can lead to compliance costs and potential liabilities.
• Pending Litigation [medium — legal]: The company is involved in pending litigation, which could result in significant financial or operational impacts.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-08: 10-Q Filing Date — Date the quarterly report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive overview of a company's financial performance during a specific quarter.)

SIC Code

Standard Industrial Classification code used to classify industries. (Helps categorize companies within specific sectors, such as Crude Petroleum & Natural Gas for Sandridge Energy.)

Key Financial Figures

• $0.001 — he registrant's common stock, par value $0.001 per share, as of the close of business

Filing Documents

• sd-20240331.htm (10-Q) — 675KB
• ex311ceo302certification03.htm (EX-31.1) — 10KB
• ex312cfo302certification03.htm (EX-31.2) — 10KB
• ex321section906certificati.htm (EX-32.1) — 5KB
• sd-20240331_g1.jpg (GRAPHIC) — 36KB
• sd-20240331_g2.jpg (GRAPHIC) — 19KB
• sd-20240331_g3.jpg (GRAPHIC) — 19KB
• 0001628280-24-021771.txt (&nbsp;) — 3439KB
• sd-20240331.xsd (EX-101.SCH) — 23KB
• sd-20240331_cal.xml (EX-101.CAL) — 54KB
• sd-20240331_def.xml (EX-101.DEF) — 81KB
• sd-20240331_lab.xml (EX-101.LAB) — 305KB
• sd-20240331_pre.xml (EX-101.PRE) — 199KB
• sd-20240331_htm.xml (XML) — 298KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) : Condensed Consolidated Balance Sheets 4 Condensed Consolidated Income Statements 5 Condensed Consolidated Statements of Changes in Stockholders' Equit y 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 ITEM 4.

Controls and Procedures

Controls and Procedures 25

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 26 ITEM 1A.

Risk Factors

Risk Factors 27 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 ITEM 3. Defaults Upon Senior Securities 27

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 27

Other Information

ITEM 5. Other Information 27 ITEM 6. Exhibits 28 Signature Table of Contents

Financial Information

PART I. Financial Information

Financial Statements

ITEM 1. Financial Statements SANDRIDGE ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) March 31, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents $ 206,956 $ 252,407 Restricted cash - other 1,537 1,537 Accounts receivable, net 22,316 22,166 Prepaid expenses 2,384 430 Other current assets 1,105 1,314 Total current assets 234,298 277,854 Oil and natural gas properties, using full cost method of accounting Proved 1,539,497 1,538,724 Unproved 11,215 11,197 Less: accumulated depreciation, depletion and impairment ( 1,396,534 ) ( 1,393,801 ) 154,178 156,120 Other property, plant and equipment, net 85,062 86,493 Other assets 3,250 3,130 Deferred tax assets, net of valuation allowance 50,569 50,569 Total assets $ 527,357 $ 574,166 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and accrued expenses $ 39,276 $ 38,828 Asset retirement obligations 9,789 9,851 Other current liabilities 778 645 Total current liabilities 49,843 49,324 Asset retirement obligations 55,545 54,553 Other long-term obligations 2,265 2,178 Total liabilities 107,653 106,055 Commitments and contingencies (Note 6) Stockholders' Equity Common stock, $ 0.001 par value; 250,000 shares authorized; 37,118 issued and outstanding at March 31, 2024 and 37,091 issued and outstanding at December 31, 2023 37 37 Additional paid-in capital 1,011,489 1,071,021 Accumulated deficit ( 591,822 ) ( 602,947 ) Total stockholders' equity 419,704 468,111 Total liabilities and stockholders' equity $ 527,357 $ 574,166 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Table of Contents SANDRIDGE ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) (In thousands, except per share data) Three Months Ended March 31, 2024 2023 Revenues Oil, natural gas and NGL $ 30,283 $ 43,147 Total revenues 30,283 43

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View this 10-Q filing on SEC EDGAR