From staff reports OKLAHOMA CITY – SandRidge Energy Inc. announced their financial and operational results for the threemonth period ending March 31, 2024.
For the first quarter, the company’s net income was $11.1 million, with an adjusted net income of $8.4 million. SandRidge’s adjusted earnings before interest, taxes, depreciation, and amortization were $14.7 million, while free cash flow reached $14.5 million, a conversion rate of 99% relative to adjusted EBITDA. At the end of March, the company held $208.5 million in cash and cash equivalents.
In the first quarter of 2024, lease operating expense was $10.9 million of $7.92 per Boe. The company continues to prioritize cost management efforts, and safely driving cost efficiency in the field. Despite seasonally cold challenges, the general and administrative expense of the company was $3.3 million, or $2.42 per Boe.
Operationally, SandRidge’s production totaled 1,376 Mboe for the quarter, generating $30.3 million. The company’s long-term decline rate has remained stable, reflecting its production optimization efforts.
SandRidge maintains its commitment to environmental stewardship, including no routine flaring of produced natural gas and prioritizing safety measures for its workforce.
Looking forward, the company plans to continue its strategic initiatives, focusing on responsible growth. SandRidge plans to capitalize on high-rate-of-return projects while remaining flexible to leverage value accretive merger and acquisition opportunities.
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.