Oklahoma City’s SandRidge Energy had a drop in net income in the second quarter, falling from $11.1 million and 30 cents a share to $8.8 million and 24 cents a share.
The company’s adjusted net income also fell. It was $8.4 million and 23 cents a share at the end of the first quarter and slipped to $6.4 million and 17 cents a share for the second quarter of 2024.
A similar decline was reported in SandRidge’s adjusted EBITDA which totaled $12.9 million in the second quarter while the first quarter total was $14.7 million.
The company ended the second quarter with $211.3 million in cash and cash equivalents. SandRidge’s board of directors voted this week to declare an eleven-cent cash dividend per share on August 30 to shareholders of record on August 16.
The company is making acquisitions of more assets in Oklahoma. The most recent was a $144 million deal in the Cherokee play of the Western Anadarko Basin. The deal involverd 42 producing wells and four drilled and uncompleted wells in Ellis and Roger Mills counties of the state.
SandRidge had also made a $2 million acquisition of producing oil and gas assets adjacent to its assets in Alfalfa, Grant and Woods counties.