SandRidge Energy, Inc. (SD) Bundle
A Brief History of Sandridge Energy, Inc.
Company Overview
Sandridge Energy, Inc. is an independent oil and natural gas company focused on acquisition, development, and production activities primarily in the U.S. Mid-Continent region. The company has been actively engaged in operations that leverage its extensive portfolio of oil and natural gas properties.
Recent Financial Performance (2024)
As of September 30, 2024, Sandridge reported a net income of $45.4 million, compared to $59.1 million in the same period of 2023. The company’s revenues for the nine months ending September 30, 2024, totaled $86.3 million, a decline from $114.7 million in 2023, reflecting lower commodity prices and production volumes.
| Financial Metric | 2024 (Nine Months Ended Sept 30) | 2023 (Nine Months Ended Sept 30) | Change |
|---|---|---|---|
| Net Income | $45.4 million | $59.1 million | $(13.7) million |
| Total Revenues | $86.3 million | $114.7 million | $(28.4) million |
| Average Oil Price (per Bbl) | $75.66 | $73.88 | +$1.78 |
| Average Natural Gas Price (per Mcf) | $0.95 | $1.78 | $(0.83) |
| Average NGL Price (per Bbl) | $19.15 | $20.77 | $(1.62) |
Acquisitions and Strategic Developments
In August 2024, Sandridge completed the acquisition of producing oil and natural gas properties in the Cherokee Play of the Western Anadarko Basin for $123.8 million. This acquisition was aimed at enhancing the company's production capabilities and expanding its asset base.
Cash Flow Analysis
For the nine months ended September 30, 2024, Sandridge reported cash flows from operating activities of $47.9 million, down from $89.4 million in 2023. Cash flows used in investing activities amounted to $138.7 million, primarily driven by the aforementioned acquisition. Cash used in financing activities totaled $69.1 million, which included dividend payments totaling $68.2 million.
| Cash Flow Metric | 2024 (Nine Months Ended Sept 30) | 2023 (Nine Months Ended Sept 30) |
|---|---|---|
| Cash Flows from Operating Activities | $47.9 million | $89.4 million |
| Cash Flows Used in Investing Activities | $(138.7) million | $(35.5) million |
| Cash Flows Used in Financing Activities | $(69.1) million | $(79.1) million |
Stockholder Returns
In 2024, Sandridge paid a one-time cash dividend of $1.50 per share in January, totaling approximately $55.6 million. Additionally, a quarterly dividend of $0.11 per share was declared later in the year, contributing to total dividend payouts of $68.2 million for the nine-month period ended September 30, 2024.
Operational Highlights
Sandridge's production volumes for the three months ended September 30, 2024, were approximately 1,563 MBoe, with an average daily production rate of 17.0 MBoe/d. This represents a slight decrease from the previous year, reflecting the natural decline of producing wells and no new wells brought online in the trailing twelve months.
| Production Data | 2024 (Three Months Ended Sept 30) | 2023 (Three Months Ended Sept 30) |
|---|---|---|
| Total Production (MBoe) | 1,563 | 1,586 |
| Average Daily Production (MBoe/d) | 17.0 | 17.2 |
| Oil Production (MBbls) | 231 | 267 |
| Natural Gas Production (MMcf) | 4,729 | 5,276 |
| NGL Production (MBbls) | 544 | 440 |
Market Conditions and Pricing
The average prices for oil and gas have shown volatility, with the average NYMEX oil price at $76.43 per barrel as of September 30, 2024, down from $82.25 in September 2023. Natural gas prices also decreased, averaging $2.19 per Mcf in 2024 compared to $2.69 in 2023.
A Who Owns SandRidge Energy, Inc. (SD)
Ownership Structure
As of 2024, SandRidge Energy, Inc. (SD) has a diverse ownership structure comprising institutional investors, individual shareholders, and company insiders. The following table outlines the significant shareholders of the company:
| Shareholder Type | Number of Shares (in millions) | Percentage Ownership |
|---|---|---|
| Institutional Investors | 23.5 | 63.3% |
| Individual Shareholders | 6.8 | 18.3% |
| Company Insiders | 6.9 | 18.4% |
| Total | 37.2 | 100% |
Recent Shareholder Changes
In 2024, SandRidge initiated a share repurchase program that authorized the company to buy back up to $75 million of its outstanding common stock. This move may impact the distribution of ownership among shareholders over time.
Dividend Payments
SandRidge has been active in returning capital to shareholders through dividends. In January 2024, the company declared a one-time cash dividend of $1.50 per share, totaling approximately $55.6 million. Additionally, ongoing quarterly dividends were increased to $0.11 per share, leading to total dividend payments of $68.2 million for the nine-month period ending September 30, 2024.
Financial Performance Overview
In the nine months ended September 30, 2024, SandRidge reported total revenues of $86.3 million, a decrease from the previous year's $114.7 million, attributed primarily to lower commodity prices and production volumes.
Stock Performance
The stock performance of SandRidge Energy has been influenced by various market factors, including commodity prices. As of the end of September 2024, the share price was approximately $3.92, reflecting a year-to-date decline influenced by fluctuating oil and gas prices.
Management and Insider Ownership
Insider ownership remains significant, with management holding approximately 18.4% of the total shares. Key management changes were noted in September 2024, with a transition in the Board of Directors and executive roles, potentially affecting future strategic directions and shareholder value.
Conclusion on Ownership Dynamics
The ownership dynamics of SandRidge Energy, Inc. reflect a robust mix of institutional, individual, and insider stakeholders, coupled with ongoing commitments to shareholder returns through dividends and potential share repurchases. Monitoring these elements will be crucial for understanding the company's future trajectory and investor sentiment.
SandRidge Energy, Inc. (SD) Mission Statement
Overview of Mission Statement
As of 2024, SandRidge Energy, Inc. focuses on the acquisition, development, and production of oil and natural gas resources, primarily in the U.S. Mid-Continent region. The mission statement emphasizes sustainability, operational excellence, and value creation for shareholders.
Financial Performance Indicators
The financial performance of SandRidge Energy, Inc. is a key component in assessing the effectiveness of its mission. Below are the financial metrics for the nine months ended September 30, 2024, compared to the same period in 2023:
| Metric | 2024 | 2023 |
|---|---|---|
| Net Income (in thousands) | $45,403 | $59,065 |
| Total Revenues (in thousands) | $86,317 | $114,715 |
| Average Daily Total Volumes (MBoe/d) | 15.7 | 17.1 |
| Cash and Cash Equivalents (in thousands) | $94,081 | $232,243 |
| Dividends Paid (in thousands) | $68,222 | $77,804 |
| Earnings Per Share (Basic) | $1.22 | $1.60 |
Strategic Objectives
- Focus on operational efficiency to maximize production.
- Enhance shareholder value through strategic acquisitions and disciplined capital allocation.
- Commit to environmental sustainability and responsible resource management.
- Maintain a strong balance sheet with no outstanding long-term debt as of September 30, 2024.
Recent Developments
On August 30, 2024, SandRidge completed the acquisition of oil and natural gas properties in the Cherokee Play of the Western Anadarko Basin for $123.8 million, which reflects the company's commitment to expand its operational footprint and enhance production capabilities.
Shareholder Returns
As part of its ongoing commitment to return capital to shareholders, SandRidge declared a cash dividend of $0.11 per share in August 2024, with total dividend payments for the nine months ended September 30, 2024, amounting to $68.2 million.
Market Position
SandRidge operates primarily in the Mid-Continent region, with a production profile that includes a mix of oil, natural gas, and natural gas liquids (NGLs). The company reported a total production volume of 4,302 MBoe for the nine months ended September 30, 2024, down from 4,679 MBoe in the same period in 2023.
Operational Metrics
| Production Type | 2024 (MBbls) | 2023 (MBbls) |
|---|---|---|
| Oil | 624 | 816 |
| Natural Gas (MMcf) | 13,979 | 15,373 |
| NGL | 1,348 | 1,301 |
Conclusion on Mission Alignment
The financial results and operational activities of SandRidge Energy, Inc. reflect a strong alignment with its mission to create value for stakeholders while ensuring sustainable practices in oil and gas production. The strategic focus on acquisitions and disciplined spending showcases the commitment to growth and value creation in the energy sector.
How SandRidge Energy, Inc. (SD) Works
Company Overview
SandRidge Energy, Inc. operates primarily in the acquisition, development, and production of oil and natural gas in the U.S. Mid-Continent region. As of September 30, 2024, the company reported total assets of $565.2 million, with cash and cash equivalents of $94.1 million.
Financial Performance
For the nine months ended September 30, 2024, SandRidge reported total revenues of $86.3 million, a decline from $114.7 million in the same period of 2023. This decrease was attributed to lower commodity prices and production volumes.
| Revenue Source | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| Oil | $16,871 | $21,333 | $(4,462) |
| Natural Gas | $4,349 | $7,183 | $(2,834) |
| NGL | $8,837 | $9,633 | $(796) |
| Total Revenues | $30,057 | $38,149 | $(8,092) |
Production Statistics
For the same period, SandRidge's production volumes showed a mixed performance. The company produced 624 MBbls of oil and 13,979 MMcf of natural gas, with a total of 4,302 MBoe.
| Production Data | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Oil (MBbls) | 231 | 267 | $(36) |
| Natural Gas (MMcf) | 4,729 | 5,276 | $(547) |
| NGL (MBbls) | 544 | 440 | $104 |
| Total Volumes (MBoe) | 1,563 | 1,586 | $(23) |
Expenses and Profitability
SandRidge's total operating expenses for the nine months ended September 30, 2024, amounted to $56.0 million, slightly down from $56.8 million in the previous year. The breakdown of expenses includes lease operating expenses, production taxes, and depreciation.
| Expense Type | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| Lease Operating Expenses | $9,104 | $11,450 | $(2,346) |
| Production Taxes | $1,813 | $2,031 | $(218) |
| Depreciation and Depletion | $8,345 | $4,217 | $4,128 |
| Total Operating Expenses | $20,867 | $19,335 | $1,532 |
Cash Flow Analysis
Cash flows from operating activities for the nine months ended September 30, 2024, were $47.9 million, down from $89.4 million in 2023. Cash flows used in investing activities amounted to $138.7 million, which included $126.0 million for acquisitions.
| Cash Flow Category | Q3 2024 (in thousands) | Q3 2023 (in thousands) |
|---|---|---|
| Cash Provided by Operating Activities | $47,940 | $89,359 |
| Cash Used in Investing Activities | $(138,662) | $(35,531) |
| Cash Used in Financing Activities | $(69,141) | $(79,053) |
| Net (Decrease) Increase in Cash | $(159,863) | $(25,225) |
Dividend Payments
In the nine months ended September 30, 2024, SandRidge paid total dividends of $68.2 million, which included a special dividend of $1.50 per share and ongoing quarterly dividends of $0.11 per share.
| Dividend Type | Amount per Share | Total Payout (in millions) |
|---|---|---|
| Special Dividend | $1.50 | $55.6 |
| Quarterly Dividend | $0.11 | $12.2 |
| Total Dividends Paid | $68.2 |
How SandRidge Energy, Inc. (SD) Makes Money
Revenue Sources
SandRidge Energy, Inc. generates revenue primarily from the production and sale of oil, natural gas, and natural gas liquids (NGL). For the nine-month period ended September 30, 2024, the company reported the following revenue breakdown:
| Source | Q3 2024 Revenue (in thousands) | Q3 2023 Revenue (in thousands) | Change (in thousands) |
|---|---|---|---|
| Oil | $16,871 | $21,333 | $(4,462) |
| Natural Gas | $4,349 | $7,183 | $(2,834) |
| NGL | $8,837 | $9,633 | $(796) |
| Total Revenue | $30,057 | $38,149 | $(8,092) |
For the nine-month period ended September 30, 2024, total revenues were $86,317 thousand, down from $114,715 thousand in the same period of 2023, reflecting a decrease of $28,398 thousand.
Production Volumes
The company’s production volumes for oil, natural gas, and NGL during the same periods are as follows:
| Product | Q3 2024 Production (MBbls/MMcf) | Q3 2023 Production (MBbls/MMcf) | Change |
|---|---|---|---|
| Oil | 231 MBbls | 267 MBbls | (36) |
| Natural Gas | 4,729 MMcf | 5,276 MMcf | (547) |
| NGL | 544 MBbls | 440 MBbls | 104 |
| Total Production | 1,563 MBoe | 1,586 MBoe | (23) |
Pricing Trends
Average prices for the company’s products for the three and nine-month periods ended September 30, 2024 are detailed below:
| Product | Q3 2024 Average Price | Q3 2023 Average Price | Change |
|---|---|---|---|
| Oil (per Bbl) | $73.07 | $79.83 | $(6.76) |
| Natural Gas (per Mcf) | $0.92 | $1.36 | $(0.44) |
| NGL (per Bbl) | $16.25 | $21.89 | $(5.64) |
| Total (per Boe) | $19.23 | $24.04 | $(4.81) |
Operating Expenses
Operating expenses for SandRidge for the three and nine-month periods ended September 30, 2024 are summarized below:
| Expense Type | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| Lease Operating Expenses | $9,104 | $11,450 | $(2,346) |
| Production, Ad Valorem, and Other Taxes | $1,813 | $2,031 | $(218) |
| Depreciation and Depletion | $8,345 | $4,217 | $4,128 |
| General and Administrative | $2,304 | $2,619 | $(315) |
| Total Operating Expenses | $21,565 | $21,965 | $(400) |
Net Income
Net income for SandRidge Energy, Inc. for the three and nine-month periods ended September 30, 2024 is as follows:
| Period | Net Income (in thousands) | Net Income per Share |
|---|---|---|
| Q3 2024 | $25,484 | $0.69 |
| Q3 2023 | $18,670 | $0.51 |
| Nine Months 2024 | $45,403 | $1.22 |
| Nine Months 2023 | $59,065 | $1.60 |
Cash Flows
Cash flows from operating activities for the nine-month periods ended September 30 are as follows:
| Period | Cash Flows from Operating Activities (in thousands) |
|---|---|
| 2024 | $47,940 |
| 2023 | $89,359 |
Cash flows used in investing activities for the nine-month periods are:
| Period | Cash Flows Used in Investing Activities (in thousands) |
|---|---|
| 2024 | $(138,662) |
| 2023 | $(35,531) |
Cash flows used in financing activities for the nine-month periods are:
| Period | Cash Flows Used in Financing Activities (in thousands) |
|---|---|
| 2024 | $(69,141) |
| 2023 | $(79,053) |
As of September 30, 2024, cash and cash equivalents were $94.1 million, a decrease from $253.9 million at the beginning of the year, primarily due to capital expenditures and acquisition payments.
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Resources:
- SandRidge Energy, Inc. (SD) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of SandRidge Energy, Inc. (SD)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View SandRidge Energy, Inc. (SD)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.