sd-20250930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


Form 10-Q

(Mark One)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-33784



SANDRIDGE ENERGY, INC.
(Exact name of registrant as specified in its charter)


Delaware						20-8084793
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

1 E. Sheridan Ave Suite 500 Oklahoma City, Oklahoma						73104
(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: (405) 429-5500

Former name, former address and former fiscal year, if changed since last report: Not applicable

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $0.001 par value

New York Stock Exchange

Preferred Stock Purchase Rights

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☑

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ

The number of shares outstanding of the registrant’s common stock, par value $0.001 per share, as of the close of business on October 30, 2025, was 36,773,746

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References in this report to the “Company,” “SandRidge,” “we,” “our,” and “us” mean SandRidge Energy, Inc., including its consolidated subsidiaries and its proportionately consolidated share of SandRidge Mississippian Trust I (“Royalty Trust”). All monetary values are stated in U.S. dollars.

DISCLOSURES REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (“Quarterly Report”) of the Company includes “forward-looking statements” as defined by the U.S. Securities and Exchange Commission (the “SEC”). These forward-looking statements may include projections and estimates concerning our capital expenditures, liquidity, capital resources and debt profile, the timing and success of specific projects, the potential impact of international negotiations on the supply and demand of oil, natural gas and natural gas liquids (“NGL”), outcomes and effects of litigation, claims and disputes, elements of our business strategy, compliance with governmental regulation of the oil, natural gas and NGL industry, including environmental regulations, acquisitions and divestitures and the potential effects on our financial condition and other statements concerning our operations, financial performance and financial condition.

Forward-looking statements are generally accompanied by words such as “estimate,” “assume,” “target,” “project,” “predict,” “believe,” “expect,” “anticipate,” “potential,” “could,” “may,” “foresee,” “plan,” “goal,” “should,” “intend” or other words that convey the uncertainty of future events or outcomes. These forward-looking statements are based on certain assumptions and analyses based on our experience and perception of historical trends, current conditions and expected future developments as well as other factors we believe are appropriate under the circumstances. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The Company disclaims any obligation to update or revise these forward-looking statements unless required by law, and it cautions readers not to rely on them unduly. While we consider these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties relating to, among other matters, the risks and uncertainties discussed in “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “2024 Form 10-K”) filed with the SEC on March 11, 2025 and in Item 1A of this Quarterly Report.

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SANDRIDGE ENERGY, INC. AND SUBSIDIARIES

FORM 10-Q

Quarter Ended September 30, 2025

INDEX


PART I. FINANCIAL INFORMATION

ITEM 1.	Financial Statements (Unaudited):
	Condensed Consolidated Balance Sheets	4
	Condensed Consolidated Income Statements	5
	Condensed Consolidated Statements of Changes in Stockholders’ Equity	6
	Condensed Consolidated Statements of Cash Flows	7
	Notes to Condensed Consolidated Financial Statements	8
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	29
ITEM 4.	Controls and Procedures	31

PART II. OTHER INFORMATION

ITEM 1.	Legal Proceedings	32
ITEM 1A.	Risk Factors	33
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33
ITEM 3.	Defaults Upon Senior Securities	33
ITEM 4.	Mine Safety Disclosures	33
ITEM 5.	Other Information	33
ITEM 6.	Exhibits	34
Signature

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PART I. Financial Information

ITEM 1. Financial Statements

SANDRIDGE ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In thousands, except share data)


	September 30, 2025		December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$	101,204	$	98,128
Restricted cash	1,383		1,383
Accounts receivable, net	27,442		23,878
Derivative contracts	2,416		114
Prepaid expenses	2,507		3,370
Other current assets	1,678		780
Total current assets	136,630		127,653
Oil and natural gas properties, using full cost method of accounting
Proved	1,738,182		1,689,807
Unproved	30,255		23,504
Less: accumulated depreciation, depletion and impairment	(1,437,501)		(1,415,110)
	330,936		298,201
Other property, plant and equipment, net	76,632		80,689
Derivative contracts	—		86
Other assets	1,974		2,081
Deferred tax assets, net of valuation allowance	72,801		72,801
Total assets	$	618,973	$	581,511



LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued expenses	$	53,155	$	50,625

Asset retirement obligations	8,951		9,131
Other current liabilities	756		839
Total current liabilities	62,862		60,595
Derivative contracts	261		—
Asset retirement obligations	62,828		59,449
Other long-term obligations	573		936
Total liabilities	126,524		120,980
Commitments and contingencies (Note 6)
Stockholders’ Equity
Common stock, $0.001 par value; 250,000 shares authorized; 36,773 issued and outstanding at September 30, 2025 and 37,203 issued and outstanding at December 31, 2024	37		37

Additional paid-in capital	983,813		1,000,455
Accumulated deficit	(491,401)		(539,961)
Total stockholders’ equity	492,449		460,531
Total liabilities and stockholders’ equity	$	618,973	$	581,511

The accompanying notes are an integral part of these condensed consolidated financial statements.

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SANDRIDGE ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited)

(In thousands, except per share data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues
Oil, natural gas and NGL	$	39,822	$	30,057	$	116,957	$	86,317

Total revenues	39,822		30,057		116,957		86,317
Expenses
Lease operating expenses	10,911		9,104		28,384		28,734
Production, ad valorem, and other taxes	2,155		1,813		7,412		5,550
Depreciation and depletion — oil and natural gas	9,400		8,345		26,106		16,771
Depreciation and amortization — other	1,638		1,605		4,853		4,947

General and administrative	2,737		2,304		9,618		8,686
Restructuring expenses	305		260		757		341

(Gain) loss on derivative contracts	(2,364)		(1,866)		(5,936)		(1,866)

Other operating (income) expense, net	—		—		—		24
Total expenses	24,782		21,565		71,194		63,187
Income from operations	15,040		8,492		45,763		23,130
Other income (expense)
Interest income (expense), net	916		1,553		2,803		6,742
Other income (expense), net	(3)		—		(6)		92
Total other income (expense)	913		1,553		2,797		6,834
Income (loss) before income taxes	15,953		10,045		48,560		29,964
Income tax (benefit) expense	—		(15,439)		—		(15,439)
Net income (loss)	$	15,953	$	25,484	$	48,560	$	45,403
Net income (loss) per share
Basic	$	0.44	$	0.69	$	1.32	$	1.22
Diluted	$	0.43	$	0.69	$	1.32	$	1.22
Weighted average number of common shares outstanding
Basic	36,671		37,134		36,789		37,087
Diluted	36,708		37,180		36,848		37,150

The accompanying notes are an integral part of these condensed consolidated financial statements.

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SANDRIDGE ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Unaudited)

(In thousands)


	Common Stock			Additional Paid-In Capital		Accumulated Deficit		Total
	Shares	Amount
Nine Months Ended September 30, 2025
Balance at January 1, 2025	37,203	$	37	$	1,000,455	$	(539,961)	$	460,531
Issuance of stock awards, net of cancellations	26	—		—		—		$	—
Tax withholdings paid in exchange for shares withheld on employee vested stock awards	—	—		(146)		—		$	(146)
Stock-based compensation	—	—		650		—		$	650
Dividends paid to stockholders	—	—		(4,077)		—		$	(4,077)
Repurchases of common stock	(452)	—		(5,094)		—		$	(5,094)
Net income	—	—		—		13,049		13,049
Balance at March 31, 2025	36,777	$	37	$	991,788	$	(526,912)	$	464,913
Issuance of stock awards, net of cancellations	72	—		—		—		—
Tax withholdings paid in exchange for shares withheld on employee vested stock awards	—	—		(78)		—		(78)
Stock-based compensation	—	—		720		—		720
Dividends paid to stockholders	—	—		(4,066)		—		(4,066)
Repurchases of common stock	(97)	—		(880)		—		(880)
Net income	—	—		—		19,558		19,558
Balance at June 30, 2025	36,752	37		987,484		(507,354)		480,167
Issuance of stock awards, net of cancellations	17	—		—		—		—
Tax withholdings paid in exchange for shares withheld on employee vested stock awards	—	—		(19)		—		(19)
Stock-based compensation	—	—		688		—		688
Dividends paid to stockholders	—	—		(3,859)		—		(3,859)
Dividend reinvestments	51	—		—		—		—
Repurchases of common stock	(47)	—		(481)		—		(481)
Net income	—	—		—		15,953		15,953
Balance at September 30, 2025	36,773	37		983,813		(491,401)		492,449
Nine Months Ended September 30, 2024
Balance at January 1, 2024	37,091	$	37	$	1,071,021	$	(602,947)	468,111
Issuance of stock awards, net of cancellations	27	—		—		—		—
Tax withholdings paid in exchange for shares withheld on employee vested stock awards	—	—		(103)		—		(103)
Stock-based compensation	—	—		536		—		536
Dividends paid to stockholders	—	—		(59,965)		—		(59,965)
Net income	—	—		—		11,125		11,125
Balance at March 31, 2024	37,118	$	37	$	1,011,489	$	(591,822)	$	419,704
Issuance of stock awards, net of cancellations	64	—		—		—		—
Tax withholdings paid in exchange for shares withheld on employee vested stock awards	—	—		(124)		—		(124)
Stock-based compensation	—	—		536		—		536
Dividends paid to stockholders	—	—		(4,103)		—		(4,103)
Net income	—	—		—		8,794		8,794
Balance at June 30, 2024	37,182	$	37	$	1,007,798	$	(583,028)	$	424,807
Issuance of stock awards, net of cancellations	23	—		—		—		—
Tax withholdings paid in exchange for shares withheld on employee vested stock awards	—	—		(129)		—		(129)
Stock-based compensation	—	—		707		—		707
Dividends paid to stockholders	—	—		(4,112)		—		(4,112)
Net income	—	—		—		25,484		25,484
Balance at September 30, 2024	37,205	37		1,004,264		(557,544)		446,757

The accompanying notes are an integral part of these condensed consolidated financial statements.

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SANDRIDGE ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)


	Nine Months Ended September 30,
	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES

SEC Form 10-Q filed by SandRidge Energy Inc.