SandRidge Energy, Inc.

Second-quarter results were strong: production reached 19.7 Mboe per day, up 11% year over year on a BOE basis, and oil volumes increased 22%. Revenue was just over $51 million, up 48% year over year, and adjusted EBITDA was $34 million, up 49%. Net income was approximately $27 million, or $0.72 per common share, versus $19.6 million, or $0.53 per share, a year ago; adjusted net income was approximately $21 million, or $0.57 per share, versus $12.2 million, or $0.33 per share last year. Looking ahead, management said 2026 capital spending is expected to be between $76 million and $97 million, including $62 million to $80 million for drilling/completions and $14 million to $17 million for workovers, optimization, and selective leasing. They also said the company expects to fund all 2026 capital expenditures and capital returns with cash flow from operations, and declared a 13-cent per share dividend payable August 31.

The CEO framed the quarter as a strong start to the year, emphasizing year-over-year growth in production and revenue driven by the operating program and higher commodity prices. He also focused on strategic expansion in the Cherokee play, saying the bolt-on acquisition is complementary and immediately offsets the core position, while noting the company will integrate it without adding people. His tone was confident but disciplined, repeatedly stressing patient development, deliberate evaluation of new targets, and capital allocation that prioritizes full-cycle returns and reasonable reinvestment rates.

The CFO highlighted the quarter’s pricing backdrop, including oil averaging roughly $95 per barrel and gas falling to just above $3, which contributed to better realizations on oil but weaker gas pricing. He cited adjusted G&A of about $2.7 million, or $1.52 per BOE, and noted cash, including restricted cash, was approximately $115 million, equal to about $3.09 per common share. He also pointed to $10.6 million in dividends paid during the quarter, $42.4 million of cash flow from operations, $34.6 million of adjusted operating cash flow, and reiterated that SandRidge has no debt and expects to fund 2026 capital spending and capital returns from operating cash flow. Hedging covered just under 30% of the midpoint of 2026 guidance, including 37% of gas and 43% of oil.

There was no analyst Q&A because no questions were asked on the call. Management instead used the prepared remarks to address the key topics investors might have raised: acquisition timing, production visibility, capital discipline, and the implications of the new Cherokee well result. They said the acquisition should close in the third quarter and that they do not plan to add headcount, while also stressing patience as they evaluate the new gas target and potential stacked-pay opportunities.