SandRidge reports 2020 losses as it adjusts to downsizing

SandRidge Energy, Inc. logo. (PRNewsFoto/SandRidge Energy, Inc.)

 

 

SandRidge Energy released its earnings report showing a fourth quarter loss of $0.2 million while full-year 2020 losses totaled more than $277 million or $7.77 a share. After sales of assets, the company expects to move forward with reduced capital expenditures and debt.

The Oklahoma City company said the quarterly loss was one cent a share while net cash from operating activities was $8.8 million.

After adjusting for certain items, the Company’s adjusted net income amounted to $2.2 million, or $0.06 per share, operating cash flow totaled $8.2 million and adjusted EBITDA was $9.1 million for the quarter.

The company is coming off the sale of its office-tower headquarters in downtown Oklahoma City in a more than $35 million deal with the state of Oklahoma and the $47 million sale of assets in the North Park Basin in Colorado. The company moved into a smaller headquarters in Oklahoma City’s Bricktown District.

As of December 31, 2020, the company’s total liquidity was $32.1 million, based on $22.1 million of cash, excluding restricted cash and $10.0 million available under its credit facility.

As of March 1, 2021, the Company’s cash on hand was approximately $78 million.

For the full year 2020, the Company reported a net loss of $277.4 million, or $7.77 per share, and net cash provided by operating activities of $36.2 million. After adjusting for certain items, the Company’s adjusted net loss amounted to $7.2 million, or $0.20 per share, operating cash flow totaled $44.3 million and adjusted EBITDA was $53.4 million for the year.

While most of the company’s production was in the Mid-Continent covering Oklahoma and Kansas, its total production was 1,938 MBoe for the quarter and 8,703 MBoe for the year.

The Mid-Continent production was 1,750 MBoe for the quarter and 7,763 MBoe for the full year of 2020.

As for 2021, SandRidge plans $5 million to $10 million in capital expenditures and total production for the year is projected to be 4.8-6.2 MMBoe.

 

Click here for SandRidge press release