Earnings keep improving for SandRidge Energy



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


SandRidge Energy’s fourth quarter earnings helped boost the company’s 2021 net cash by $131.3 million compared to 2020 losses, stated the Oklahoma City firm on Wednesday.

Net cash for the year reached $139.5 million which represented net cash of $3.80 per share of common stock. Its adjusted EBITDA was $113.5 million in 2021 compared to $53.4 million in the previous year.

The company generated net income of $116.7 million or $3.21 per share for all of 2021 and had adjusted net income of $96.3 million or $2.65 per share. This compares to 2020 when SandRidge had a net loss of $277.4 million or $7.77 a share as a result of lower commodity prices. It’s 2020 adjusted net loss was $7.2 million or 20 cents per share.


SandRidge also said it returned 129 wells to production that had been previously curtailed due to the 2020 commodity price downturn.

The company reported fourth quarter net income of $36.8 million or $1.01 per share and net cash provided by operating activities of $43.9 million. SandRidge announced its fourth quarter adjusted net income was $32.9 million or 90 cents a share, operating cash flow of $37.3 million and adjusted EBITDA of $37.5 million.

Third quarter net income was $28.6 million, or $0.78 per share, compared to net income of $16.3 million, or $0.45 per share in the prior quarter.





Production totaled 1,697 MBoe (18.4 MBoed, 13% oil, 34% NGLs and 53% natural gas) for the quarter and 6,793 MBoe (18.6 MBoed, 14% oil, 33% NGLs and 53% natural gas) for the full year of 2021. Total production includes North Park Basin prior to February 5, 2021.

SandRidge Energy | STAPLEGUN

Production in the Mid-Continent totaled 1,697 MBoe (18.4 MBoed, 13% oil, 34% NGLs and 53% natural gas) for the quarter and 6,726 MBoe (18.4 MBoed, 13% oil, 34% NGLs and 53% natural gas) for the full year of 2021.

Sandridge also announced it plans to drill and complete 9 new wells with high rates of return on its previously delineated Northwest Stack acreage in 2022. In addition to these new wells, the company plans to continue its well reactivation program throughout the year.

During the fourth quarter of 2021, the company continued returning wells to production that were previously curtailed due to the commodity price downturn in the first half of 2020 and, in many cases, improving their production potential through modest capital improvements. Focused efforts to improve operating costs, along with commodity prices rebounding from their 2020 lows, have bolstered the economics of these well reactivation projects.

High rates of return and low execution risk support the company’s belief that these projects represent an efficient use of capital. As of December 31, 2021, the company brought 129 wells back online. Approximately 108 of these wells required workovers to return to service and accounted for capital expenditures of $7.0 million and expense dollars of $1.2 million. The balance of the wells required little to no expense to reactivate.

SandRidge intends to spend between $34 million and $42 million in drilling and completions in 2022 while total production for the year is projected to be 5.6 to 6.8 MMBoe.

As of December 31, 2021, the Company had $139.5 million of cash and cash equivalents, including restricted cash. As of March 7, 2022, the Company’s cash on hand, including restricted cash, was approximately $161.0 million.

SandRidge repaid its outstanding term loan and terminated its credit facility in early September. As of March 9, 2022, the company had no remaining term or revolving debt obligations.

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