Improved earnings reported by SandRidge Energy


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.