SandRidge Energy Inc (NYSE: SD) is an oil and natural gas exploration and production company that acquires, develops, and produces crude oil, natural gas, and natural gas liquids (NGLs). Revenue comes entirely from selling produced volumes of oil, natural gas, and NGLs at prevailing commodity prices, with no disclosed subscription or fee-based component. Operations are concentrated in the Mid-Continent region. In FY2025, total production reached 6,768 MBoe (18.5 MBoe/d average), up from 6,056 MBoe in FY2024. Realized prices in FY2025 averaged $63.64 per barrel of oil, $2.10 per Mcf of natural gas, and $16.64 per barrel of NGLs. Total proved reserves stood at 69.1 MMBoe as of December 31, 2025, with a PV-10 of $439.6 million. Customer concentration is material: the three largest customers accounted for approximately 68% of FY2025 revenue, with the top two representing 32.6% and 21.5% respectively. The company invested $43.7 million in FY2025 to convert proved undeveloped reserves to proved developed producing status.

Revenue model

Transactional commodity sales: revenue is generated by selling produced oil, natural gas, and NGLs at spot or hedged prices. No recurring fee or service revenue is disclosed in the filing.

Products and services

Crude oil, natural gas, and natural gas liquids (NGLs) produced from operated and non-operated wells in the Mid-Continent region.

Customers and end markets

Concentrated customer base: three largest customers represented approximately 68% of FY2025 revenue, with the top two at 32.6% and 21.5% respectively. End markets are commodity markets for crude oil, natural gas, and NGLs.

Value-chain role

Upstream exploration and production. The company drills, completes, and operates oil and natural gas wells, then sells produced volumes directly to customers. It uses derivative contracts to hedge commodity price exposure.

Geographic exposure

Exclusively Mid-Continent region in the United States. As of the FY2025 10-K, the company held 491,197 gross (337,623 net) developed acres and 83,402 gross (40,914 net) undeveloped acres in the Mid-Continent.

Source: SEC 10-K, filed 2026-03-05

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