SandRidge Energy Q2 Earnings Call Highlights

SandRidge Energy NYSE: SD reported higher second-quarter production, revenue and cash flow, supported by its operated Cherokee development program and stronger oil prices, while outlining plans to expand its position in the Mid-Continent through a bolt-on acquisition. Chief Executive Officer Grayson Pranin said the company delivered a “strong quarter and first half,” with year-over-year growth in production and revenue. He also highlighted the announced Cherokee Play transaction, which is expected to add oil-weighted production and additional development inventory.

Executive Vice President and Chief Financial Officer Jonathan Frates said total production reached 19.7 MBOE per day during the quarter, up 11% year over year on a barrel-of-oil-equivalent basis. Oil production increased 22% from the comparable period a year earlier. Revenue totaled just over $51 million, up 48% year over year, while adjusted EBITDA rose 49% to $34 million. Net income was approximately $27 million, or $0.72 per common share, compared with $19.6 million, or $0.53 per share, in the prior-year period. Adjusted net income was about $21 million, or $0.57 per share, versus $12.2 million, or $0.33 per share, a year earlier.

Cash flow from operations increased to $42.4 million from $22.9 million in the year-earlier quarter. Adjusted operating cash flow was $34.6 million, compared with $25.6 million in the second quarter of 2025. Oil averaged roughly $95 per barrel during the period, Frates said, while natural gas prices fell to just above $3. Before hedges, SandRidge realized $95.35 per barrel of oil, $1.36 per Mcfe of natural gas and $21.68 per barrel of natural gas liquids. The company said its gas realization declined meaningfully from the first quarter, primarily due to widening regional price differentials.

SandRidge ended the quarter with approximately $115 million in cash, including restricted cash, or about $3.09 per common share outstanding. The company reported no debt and said it expects to fund its 2026 capital expenditures and shareholder returns from operating cash flow.

The company paid $10.6 million in dividends during the quarter, including its regular quarterly dividend of $0.13 per share and a previously announced one-time special dividend of $0.20 per share. Including special dividends, SandRidge said it has paid $5.05 per share in dividends since the beginning of 2023. On Aug. 4, 2026, the board declared another $0.13-per-share dividend, payable Aug. 31 to shareholders of record as of Aug. 19.