OKLAHOMA CITY, Okla., May 7, 2024 /PRNewswire/ -- SandRidge Energy, Inc. (the "Company" or "SandRidge") (NYSE:SD) today announced financial and operational results for the three-month period ended March 31, 2024. Recent Highlights On May 2, 2024, the Board of Directors declared a $0.11 per share cash dividend payable on May 31, 2024 to shareholders of record on May 17, 2024. The Company has paid $141.2 million in cash dividends since May 2023 First quarter net income was $11.1 million, or $0.30 per basic share. Adjusted net income(1) was $8.4 million, or $0.23 per basic share Adjusted EBITDA(1) of $14.7 million for the three-month period ended March 31, 2024 Adjusted G&A(1) was $2.8 million, or $2.03 per Boe for the three-month period ended March 31, 2024 Net cash provided by operating activities of $15.7 million for the three-month period ended March 31, 2024 Generated $14.5 million of free cash flow(1) for the three-month period ended March 31, 2024, which represents a conversion rate of approximately 99% relative to adjusted EBITDA(1) As of March 31, 2024, the Company had $208.5 million of cash and cash equivalents, including restricted cash Approximately $2.7 million in interest income for the quarter ended March 31, 2024 Financial Results & Update Profitability & Realized Pricing For the three months ended March 31, 2024, the Company reported net income of $11.1 million, or $0.30 per basic share, and net cash provided by operating activities of $15.7 million. After adjusting for certain items, the Company's adjusted net income(1) amounted to $8.4 million, or $0.23 per basic share, adjusted operating cash flow(1) totaled $17.5 million and adjusted EBITDA(1) was $14.7 million for the quarter. The Company defines and reconciles adjusted net income, adjusted operating cash flow, adjusted EBITDA, and other non-GAAP financial measures to the most directly comparable Generally Accepted Accounting Principles in the United States ("GAAP") measure in supporting tables at the conclusion of this press release. For the three months ended March 31, 2024, the Company generated approximately $14.5 million of free cash flow(1). This represents a conversion rate of approximately 99% relative to adjusted EBITDA for the three months ended March 31, 2024. First quarter realized oil, natural gas, and natural gas liquids prices were $75.08 per Bbl, $1.25 per Mcf and $23.65 per Bbl, respectively. Operating Costs During the first quarter of 2024, lease operating expense ("LOE") was $10.9 million or $7.92 per Boe. The Company continues to focus on its operating costs and safely maximizing the value of its asset base through prudent expenditure programs, cost management efforts, and continuous pursuit of initiatives that safely drive cost efficiency in the field. The Company successfully managed the operational impacts of seasonal cold weather throughout the first quarter of 2024, which impacted the timing of expense workover activities, but were not outside of the Company's range expectations for this time of year. For the three months ended March 31, 2024, general and administrative expense ("G&A") was $3.3 million, or $2.42 per Boe. Liquidity & Capital Structure As of March 31, 2024, the Company had $208.5 million of cash and cash equivalents, including restricted cash, diversified across multiple significant, well-capitalized financial institutions. The Company has no outstanding term or revolving debt obligations. Dividend Program In January 2024, the Board of Directors approved a one-time cash dividend of $1.50 per share of the Company's common stock, which was paid on February 20, 2024 to shareholders of record as of the close of business on February 5, 2024. The aggregate total payout was approximately $55.6 million. Additionally, in March 2024, the Board of Directors increased the Company's on-going quarterly dividend to $0.11 per share which was first paid on March 29, 2024, to shareholders of record as of the close of business on March 15, 2024. The aggregate total payout was $4.1 million. The $0.11 per share dividend is subject to quarterly approval by the Board of Directors. Dividend payments for the three-month period ended March 31, 2024 totaled $59.7 million, which included $0.1 million of dividends on vested stock awards. On May 2, 2024, the Board of Directors declared a $0.11 per share cash dividend payable on May 31, 2024 to shareholders of record on May 17, 2024. Operational Results & Update Production & Revenue Production totaled 1,376 MBoe (15.1 MBoed, 15% oil, 58% natural gas and 27% NGLs) for the three months ended March 31, 2024. Revenues totaled $30.3 million (51% oil, 20% natural gas and 29% NGLs) for the first quarter of 2024. While production in the first quarter of 2024 was impacted by seasonal cold weather, our projected long-term decline rates remain stable due to the nature of the Company's asset base and the continued focus on production optimization efforts. Production Optimization Program The Company continues to optimize its stable, low-decline production base, which has an estimated single-digit annual PDP decline rate over the next ten years. The Company continuously evaluates the potential for high-return projects that further enhance its asset base. Such projects include, but are not limited to, workovers, artificial lift improvements and conversions from less efficient systems, recompletions of "behind pipe" pay in vertical section of existing wells, and the restimulation of existing intervals and previously bypassed unstimulated intervals in existing wells. When evaluating these and other options, the Company continues to ensure that all projects meet high rate of return thresholds and remains capital disciplined as the commodity price landscape changes. Outlook SandRidge will continue to focus on growing the cash value and generation capability of its asset base in a safe, responsible and efficient manner, while exercising prudent capital allocations to projects it believes provide high rates of returns in the current commodity price outlook. These near-term projects will be focused on artificial lift conversions to more efficient and cost-effective systems and other capital-efficient workovers while preserving future development and expanded well reactivations, benefited by our 99% held by production acreage position that extends the option value to initiate projects in favorable commodity price environments, to achieve high rates of return. The Company will continue to monitor forward-looking commodity prices, results, costs and other factors that could influence returns on investments, which will continue to shape its disciplined development decisions in 2024 and beyond. SandRidge will also continue to maintain the optionality to execute on value accretive merger and acquisition opportunities that could bring synergies, leverage the Company's core competencies, complement its portfolio of assets, seek to further utilize its approximately $1.6 billion of net operating losses ("NOLs"), or otherwise yield attractive returns for its shareholders. Environmental, Social, & Governance ("ESG") SandRidge maintains its Environmental, Social, and Governance ("ESG") commitment, to include no routine flaring of produced natural gas and transporting over 95% of its produced water via pipeline instead of truck. Additionally, SandRidge maintains an emphasis on the safety and training of our workforce. We have personnel dedicated to the close monitoring of our safety standards and daily operations. Conference Call Information The Company will host a conference call to discuss these results on Wednesday, May 8, 2024 at 10:00 am CT. The conference call can be accessed by registering online in advance at https://registrations.events/direct/Q4I231505 at which time registrants will receive dial-in information as well as a conference ID. At the time of the call, participants will dial in using the participant number and conference ID provided upon registration. The Company's latest presentation is available on the Company's website at investors.sandridgeenergy.com. A live audio webcast of the conference call will also be available via SandRidge's website, investors.sandridgeenergy.com, under Presentation & Events. The webcast will be archived for replay on the Company's website for at least 30 days. Contact InformationInvestor RelationsSandRidge Energy, Inc.1 E. Sheridan Ave. Suite 500Oklahoma City, OK About SandRidge Energy, Inc. SandRidge Energy, Inc. (NYSE:SD) is an independent oil and gas company engaged in the development, acquisition, and production of oil and gas assets. Its primary area of operations is the Mid-Continent region in Oklahoma and Kansas. Further information can be found at sandridgeenergy.com. -Tables to Follow- (1) See "Non-GAAP Financial Measures" section at the end of this press release for non-GAAP financial measures definitions.   Operational and Financial Statistics Information regarding the Company's production, pricing, costs and earnings is presented below (unaudited): Three Months Ended March 31, 2024 2023 Production - Total Oil (MBbl) 208 261 Natural Gas (MMcf) 4,807 4,912 NGL (MBbl) 367 420 Oil equivalent (MBoe) 1,376 1,500 Daily production (MBoed) 15.1 16.7 Average price per unit Realized oil price per barrel - as reported $                75.08 $                74.26 Realized impact of derivatives per barrel — — Net realized price per barrel $                75.08 $                74.26 Realized natural gas price per Mcf - as reported $                  1.25 $                  2.73 Realized impact of derivatives per Mcf — 1.19 Net realized price per Mcf $                  1.25 $                  3.92 Realized NGL price per barrel - as reported $                23.65 $                24.62 Realized impact of derivatives per barrel — — Net realized price per barrel $                23.65 $                24.62 Realized price per Boe - as reported $                22.01 $                28.76 Net realized price per Boe - including impact of derivatives $                22.01 $                32.67 Average cost per Boe Lease operating $                  7.92 $                  7.79 Production, ad valorem, and other taxes $                  1.38 $                  2.50 Depletion (1) $                  2.96 $                  2.30 Earnings per share Earnings per share applicable to common stockholders Basic $                  0.30 $                  0.64 Diluted $                  0.30 $                  0.64 Adjusted net income per share available to common stockholders Basic $                  0.23 $                  0.70 Diluted $                  0.23 $                  0.69 Weighted average number of shares outstanding (in thousands) Basic 37,042 36,859 Diluted  37,134 37,110 (1) Includes accretion of asset retirement obligation.   Capital Expenditures   The table below presents actual results of the Company's capital expenditures for the three months ended March 31, 2024 (unaudited): Three Months Ended March 31, 2024 (In thousands) Drilling, completion, and capital workovers $                                745 Leasehold and geophysical 84 Capital expenditures (on an accrual basis) $                                829 (excluding acquisitions and plugging and abandonment) Capitalization The Company's capital structure as of March 31, 2024 and December 31, 2023 is presented below: March 31, 2024 December 31, 2023