SandRidge Energy, Inc. announced financial and operational results for the third quarter showing improved earnings over the second quarter financial earnings.
Third quarter net income was $18.7 million and 51 cents a share compared to $16.6 million and 45 cents a share in the previous quarter. Adjusted net income improved as well, going from $14 million and 38 cents a share in the second quarter to $16.2 million and 44 cents a basic share in the most recent quarter.
SandRidge’s adjusted EBITDA grew to $22.6 million for the quarter compared to $20 million in the earlier quarter. The company’s operations were able to generate $25.5 million in net cash while the nine-month net cash totaled $89.4 million.
Oil and gas production totaled 1,586 MBoe of which 17% was oil and 55% natural gas. The company noted that production was sustained despite no new wells coming online in the third quarter,
while increasing oil content as a percentage of total production.
The higher oil content of its recently-drilled wells targeting the Meramec formation in the Northwest Stack play versus the company’s base production was the primary driver of SandRidge’s oil production increasing by approximately 20% in the first nine months of 2023 versus the same period in 2022.