OKLAHOMA CITY - SandRidge Energy, Inc. (NYSE: SD), an independent oil and gas company, today announced its financial and operational results for the first quarter ended March 31, 2024. The company reported a net income of $11.1 million, or $0.30 per basic share, and generated $14.5 million of free cash flow during the quarter.
The Board of Directors declared a quarterly cash dividend of $0.11 per share, payable on May 31, 2024, to shareholders of record as of May 17, 2024. This declaration follows a series of dividends paid by the company, totaling $141.2 million since May 2023.
SandRidge's first-quarter production totaled 1,376 MBoe, with oil, natural gas, and natural gas liquids prices realized at $75.08 per Bbl, $1.25 per Mcf, and $23.65 per Bbl, respectively. Despite seasonal cold weather impacting production, the company's asset base and production optimization efforts have kept long-term decline rates stable.
The company's lease operating expense (LOE) was $10.9 million, or $7.92 per Boe, and general and administrative expense (G&A) was $3.3 million, or $2.42 per Boe for the quarter. Adjusted G&A was $2.8 million, or $2.03 per Boe after excluding non-cash stock-based compensation and other non-recurring items.
As of March 31, 2024, SandRidge had a strong liquidity position with $208.5 million in cash and cash equivalents, including restricted cash, and no outstanding term or revolving debt obligations.
The company's capital expenditures for the quarter were modest at $829 thousand, underscoring its disciplined approach to capital allocation. SandRidge continues to optimize its production base and evaluate high-return projects to enhance its asset base.
SandRidge maintains its commitment to Environmental, Social, and Governance (ESG) standards, with no routine flaring of produced natural gas and over 95% of its produced water transported via pipeline.
InvestingPro Insights
SandRidge Energy, Inc. (NYSE: SD) has shown a resilience in its financial position, as evidenced by its recent first-quarter results. The company reported a net income and free cash flow, which are indicative of its profitability and liquidity status. According to InvestingPro data, SandRidge has a market capitalization of $512.33 million and a healthy price-to-earnings (P/E) ratio of 8.38, which suggests that the stock could be reasonably valued relative to its earnings.
One of the key InvestingPro Tips for SandRidge is that it holds more cash than debt on its balance sheet, a strong sign of financial stability that is particularly important for companies in the volatile oil and gas sector. Additionally, SandRidge's stock generally trades with low price volatility, providing investors with a potentially less risky investment option within the energy industry.
InvestingPro data also shows a dividend yield of 3.16%, which is attractive to income-seeking investors, especially considering the company's recent declaration of a quarterly cash dividend. Moreover, the company has been profitable over the last twelve months, reinforcing the potential for sustained financial performance.
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