SANDRIDGE ENERGY INC
For the period ended Mar 31, 2026. Filed May 7, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 7, 2026
SD$12.49-1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001628280-25-050313
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001628280-26-032222
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 60 previous paragraphs and 60 current paragraphs.
43 unchanged; 14 reworded; 3 added; 3 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 10 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
Total MBoe production for the three months ended March 31, 2026 was comprised of approximately 21.1% oil, 49.7% natural gas and 29.2% NGL compared to 16.8% oil, 48.9% natural gas and 34.3% NGL in thefirst quarter of 2025.
Current report
Lease operating expenses for the three months ended March 31, 2026 were consistent with the three months ended March 31, 2025. The decrease in lease operating expenses per Boe was primarily driven by continued efficient operations and an increase in production volumes due to our ongoing drilling program in the Cherokee Play.
Current report
Decreases in accounts payable and accrued expenses are the primary driver of the increase in working capital to $83.5 million at March 31, 2026 compared to $79.8 million at December 31, 2025.
Removed paragraphs (3)
Previous report
Total MBoe production for the three months ended September 30, 2025 was comprised of approximately 19.7% oil, 47.7% natural gas and 32.6% NGL compared to 14.8% oil, 50.4% natural gas and 34.8% NGL in the third quarter of 2024. Total MBoe production for the nine months ended September 30, 2025 was comprised of approximately 17.8% oil, 48.6% natural gas and 33.6% NGL compared to 14.5% oil, 54.2% natural gas and 31.3% NGL in the first nine months of 2024.
Previous report
Lease operating expenses for the three months ended September 30, 2025 increased in total and per Boe versus the same period in 2024 primarily due to an increase in labor, utility and other costs. Lease operating expenses for the nine months ended September 30, 2025 decreased in total and per Boe versus the same period in 2024 primarily due to a $2.1 million one-time non-cash adjustment of an operating accrual dating back to the Company’s emergence from bankruptcy (see“Note 1—Basis of Presentation” to the accompanying unaudited condensed consolidated financial statements included in Item 1 of this Quarterly Report for further information) that was recorded in the second quarter of 2025. The decrease was partially offset by an increase in utility and water hauling costs.
Previous report
Cash flows from operations was the primary driver in the increase in working capital to $73.8 million at September 30, 2025 compared to $67.1 million at December 31, 2024. The increase in working capital was partially offset by capital expenditures of $41.4 million, dividend payments to stockholders of $12.0 million, cash payments for leasehold acquisitions of $7.8 million, and repurchases of our common stock of $6.4 million.
Reworded paragraphs (14)
Previous wording
The financial information with respect to the three and nine months ended September 30, 2025 and 2024, discussed below, is unaudited. In the opinion of management, this information contains all adjustments, which consist only of normal recurring adjustments unless otherwise disclosed, necessary to state fairly the accompanying unaudited condensed consolidated financial statements. The results of operations for the interim periods are not necessarily indicative of the results of operations for the full fiscal year.
Current wording
The financial information with respect to the three months ended March 31, 2026 and 2025, discussed below, is unaudited. In the opinion of management, this information contains all adjustments, which consist only of normal recurring adjustments unless otherwise disclosed, necessary to state fairly the accompanying unaudited condensed consolidated financial statements. The results of operations for the interim periods are not necessarily indicative of the results of operations for the full fiscal year.
Previous wording
The charts below show production by product and percent revenues for the three and nine months ended September 30, 2025 and 2024:
Current wording
The charts below show production by product and percent revenues for the three months ended March 31, 2026 and 2025:
Previous wording
Production, ad valorem, and other taxes for the three and nine months ended September 30, 2025 increased in total primarily due to higher average commodity prices, sales volumes, and related revenues. The increase in sales volumes was primarily the result of our one rig development program in the Cherokee Play of the Mid-Con. Production, ad valorem, and other taxes per Boe increased for the three and nine months ended September 30, 2025 versus the same period in 2024 primarily due to higher average commodity prices.
Current wording
Production, ad valorem, and other taxes for the three months ended March 31, 2026 were consistent with the three months ended March 31, 2025. The decrease in production, ad valorem, and other taxes per Boe was primarily due to a decrease in ad valorem taxes.
Previous wording
The increase in depreciation and depletion for oil and natural gas properties for the three months ended September 30, 2025 versus the same period in 2024 was primarily the result of an increase in sales volumes. The increase in depreciation and depletion for oil and natural gas properties for the nine months ended September 30, 2025 versus the same period in 2024 was primarily the result of our acquisition in the Cherokee Play of the Mid-Con during the third quarter of 2024, which increased the book value of our proved properties and subsequently our depletion rate.
Current wording
The increase in depreciation and depletion for oil and natural gas properties for the three months ended March 31, 2026 versus the same period in 2025 was primarily the result of an increase in sales volumes and our depletion rate.
Previous wording
A ceiling limitation calculation is performed at the end of each quarter. If the full cost pool balance exceeds the ceiling limitation, an impairment of the full cost pool is required. Calculation of the full cost ceiling test is based on, among other factors, trailing twelve-month first-day-of-the-month index prices (“SEC prices”) as adjusted for price differentials and other contractual arrangements. The SEC prices utilized in the calculation of proved reserves included in the full cost ceiling test at September 30, 2025 were $67.45 per barrel of oil and $3.10 per MMBtu of natural gas, before price differential adjustments.
Current wording
A ceiling limitation calculation is performed at the end of each quarter. If the full cost pool balance exceeds the ceiling limitation, an impairment of the full cost pool is required. Calculation of the full cost ceiling test is based on, among other factors, trailing twelve-month first-day-of-the-month index prices (“SEC prices”) as adjusted for price differentials and other contractual arrangements. The SEC prices utilized in the calculation of proved reserves included in the full cost ceiling test at March 31, 2026 were $63.31 per barrel of oil and $3.72 per MMBtu of natural gas, before price differential adjustments.
Previous wording
The ceiling limitation was not exceeded; therefore, no full cost ceiling limitation impairments were recorded during the three or nine months ended September 30, 2025 or 2024. During certain periods within the past five years, the SEC prices used in the full cost ceiling test have been lower than the SEC prices used for the September 30, 2025 full cost ceiling test and resulted in material ceiling limitation impairments. Full cost pool ceiling limitation impairments have no impact to our cash flow or liquidity.
Current wording
The ceiling limitation was not exceeded; therefore, no full cost ceiling limitation impairments were recorded during the three months ended March 31, 2026 or 2025. Full cost pool ceiling limitation impairments have no impact to our cash flow or liquidity.
Previous wording
Based on the SEC prices over the trailing ten months ended October 31, 2025, as well as two months of NYMEX strip pricing for November and December of 2025 as of October 31, 2025, we estimate the SEC prices utilized in the December 31, 2025 full cost ceiling test may be $65.45 per barrel of oil and $3.33 per MMBtu of natural gas (the "estimated fourth quarter prices"). Applying these estimated fourth quarter prices, and holding all other inputs constant to those used in the calculation of our September 30, 2025 ceiling test, we expect that no full cost ceiling limitation impairment is indicated for the fourth quarter of 2025.
Current wording
Based on the SEC prices over the trailing ten months ended April 30, 2026, as well as two months of NYMEX strip pricing for May and June of 2026 as of April 30, 2026, we estimate the SEC prices utilized in the July 1, 2026 full cost ceiling test may be $72.15 per barrel of oil and $3.59 per MMBtu of natural gas (the "estimated second quarter prices"). Applying these estimated second quarter prices, and holding all other inputs constant to those used in the calculation of our March 31, 2026 ceiling test, we expect that no full cost ceiling limitation impairment is indicated for the second quarter of 2026.
Previous wording
General and administrative expenses increased for the three and nine months ended September 30, 2025 versus the same periods in 2024 primarily as a result of an increase in personnel and other costs.
Current wording
General and administrative expenses decreased for the three months ended March 31, 2026 versus the same periods in 2026 primarily as a result of a decrease in personnel and other costs.
Previous wording
Interest income, net during the three and nine month periods ended September 30, 2025 and 2024 is primarily comprised of interest income on cash deposits. The decrease in interest income, net is due to the Company’s lower cash balance primarily as a result of our acquisitions as well as capital expenditures, share repurchases, and quarterly dividend payments.
Current wording
Interest income, net during the three month periods ended March 31, 2026 and 2025 is primarily comprised of interest income on cash deposits.
Previous wording
As of September 30, 2025, our cash and cash equivalents, including restricted cash, was $102.6 million. We expect our cash on hand and cash from operations to be adequate to meet our short and long-term liquidity needs. We had no outstanding term or revolving debt obligations as of September 30, 2025. On August 4, 2025, we filed a universal shelf registration statement on Form S-3 covering the offering of up to $500.0 million of securities, which was declared effective by the SEC on August 26, 2025.
Current wording
As of March 31, 2026, our cash and cash equivalents, including restricted cash, was $104.1 million. We expect our cash on hand and cash from operations to be adequate to meet our short and long-term liquidity needs. We had no outstanding term or revolving debt obligations as of March 31, 2026.
Previous wording
(1) Includes $12.0 million and $68.2 million in dividend payments for the nine months ended September 30, 2025 and 2024, respectively.
Current wording
(1) Includes $3.9 million and $4.1 million in dividend payments for the three months ended March 31, 2026 and 2025, respectively.
Previous wording
The increase in cash flows from operations for the nine months ended September 30, 2025 compared to the same period in 2024 is primarily due to an increase in revenues from higher average commodity prices and higher sales volumes from our 2024 acquisition and 2025 development program in the Cherokee Play of the Mid-Con.
Current wording
The decrease in cash flows from operations for the three months ended March 31, 2026 compared to the same period in 2025 is primarily due to working capital changes partially offset by an increase in revenues from higher average commodity prices and higher sales volumes from our development program in the Cherokee Play of the Mid-Con.
Previous wording
Cash used in financing activities for the nine months ended September 30, 2025 consisted of $12.0 million in cash dividends, $6.4 million in repurchases of common stock, finance lease payments of $0.6 million, and $0.2 million of cash used for tax withholdings paid in exchange for shares withheld on employee vested stock awards that were settled by net exercise. Since 2023, the Company has paid cash dividends totaling $165.9 million and $0.6 million in shares issued in lieu of cash dividends under the Dividend Reinvestment Program, which represents $3.50 per share in special dividends and $0.98 per share in quarterly dividends for a total of $4.48 per share in total dividends. Cash used in financing activities for the nine months ended September 30, 2024 consisted primarily of $68.2 million in cash dividends, $0.4 million of cash used for tax withholdings paid in exchange for shares withheld on employee vested stock awards that were settled by net exercise, and finance lease payments of $0.6 million. Net exercises of stock awards allows the holder of a stock award to tender back to us a number of shares at fair value upon the vesting of such stock award that equals the employee payroll tax obligation due. We then remit a cash payment to the relevant taxing authority on behalf of the employee for their payroll tax obligations resulting from the vesting of their stock award.
Current wording
Cash used in financing activities for the three months ended March 31, 2026 consisted of $3.9 million in cash dividends, finance lease payments of $0.2 million, and $0.4 million of cash used for tax withholdings paid in exchange for shares withheld on employee vested stock awards that were settled by net exercise. Since 2023, the Company has paid cash dividends totaling $173.6 million and 0.1 million in shares issued in lieu of cash dividends under the Dividend Reinvestment Program, which represents $3.50 per share in special dividends and $1.22 per share in quarterly dividends for a total of $4.72 per share in total dividends. Cash used in financing activities for the three months ended March 31, 2025 consisted primarily of $5.0 million in repurchases of common stock, $4.1 million in cash dividends, $0.1 million of cash used for tax withholdings paid in exchange for shares withheld on employee vested stock awards that were settled by net exercise, and finance lease payments of $0.2 million. Net exercises of stock awards allows the holder of a stock award to tender back to us a number of shares at fair value upon the vesting of such stock award that equals the employee payroll tax obligation due. We then remit a cash payment to the relevant taxing authority on behalf of the employee for their payroll tax obligations resulting from the vesting of their stock award.
Previous wording
For a description of our critical accounting policies and estimates, refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the 2024 Form 10-K. For a discussion of recent accounting pronouncements, newly adopted and recent accounting pronouncements not yet adopted, see“Note 1—Basis of Presentation” to the accompanying unaudited condensed consolidated financial statements included in Item 1 of this Quarterly Report. We did not have any material changes in critical accounting policies, estimates, judgments and assumptions during the first nine months of 2025.
Current wording
For a description of our critical accounting policies and estimates, refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the 2025 Form 10-K. For a discussion of recent accounting pronouncements, newly adopted and recent accounting pronouncements not yet adopted, see“Note 1—Basis of Presentation” to the accompanying unaudited condensed consolidated financial statements included in Item 1 of this Quarterly Report. We did not have any material changes in critical accounting policies, estimates, judgments and assumptions during the first three months of 2026.