The following is a summary of the SandRidge Energy, Inc. (SD) Q2 2024 Earnings Call Transcript:

Financial Performance:

• SandRidge Energy reported adjusted EBITDA of $13 million in Q2 2024.

• The company generated $9 million in net income, or $0.24 per basic share.

• Net cash, including restricted cash, at the end of the quarter was more than $211 million.

• SandRidge declared an $0.11 per share cash dividend payable on August 30, 2024.

• Free cash flow for the first half of the year was approximately $24 million, representing an 85% conversion relative to adjusted EBITDA.

Business Progress:

• SandRidge announced the acquisition of assets in the Western Anadarko Basin for $144 million.

• The acquisitions include 42 producing wells and provide potential for new developments and synergies.

• The company highlighted ongoing capital projects including artificial lift conversions and production optimization efforts like heel completions and refracs.

Opportunities:

• The acquisition is expected to be accretive to key metrics such as production, EBITDA, and free cash flow.

• It diversifies the commodity mix and enhances inventory through additions in the Cherokee shale play.

Risks:

• The company noted higher downtime during the quarter due to spring weather, impacting production.

• Natural gas price realizations were affected by low benchmark prices and widening local basis, with potential for fluctuating ethane recovery impacting NGL volumes and price realizations.

More details: SandRidge Energy IR

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