$SD
SANDRIDGE ENERGY INC

2023 Q3 Form 10-Q Financial Statement

#000162828023027262 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $38.15M $33.42M
YoY Change -46.19% -52.09%
Cost Of Revenue $13.50M $11.54M
YoY Change -6.65% -19.35%
Gross Profit $24.70M $21.88M
YoY Change -56.24% -60.55%
Gross Profit Margin 64.75% 65.46%
Selling, General & Admin $2.600M $2.476M
YoY Change 9.15% 14.05%
% of Gross Profit 10.53% 11.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.900M $5.359M
YoY Change 26.26% 22.07%
% of Gross Profit 23.89% 24.5%
Operating Expenses $8.500M $7.808M
YoY Change 20.91% 19.96%
Operating Profit $16.18M $13.81M
YoY Change -69.8% -71.54%
Interest Expense $2.500M $2.828M
YoY Change -41.12% -10574.07%
% of Operating Profit 15.45% 20.48%
Other Income/Expense, Net $2.486M $2.830M
YoY Change 1741.48% -18966.67%
Pretax Income $18.67M $16.64M
YoY Change -65.25% -65.69%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $18.67M $16.64M
YoY Change -65.25% -65.69%
Net Earnings / Revenue 48.94% 49.78%
Basic Earnings Per Share $0.51 $0.45
Diluted Earnings Per Share $0.50 $0.45
COMMON SHARES
Basic Shares Outstanding 36.97M shares 36.90M shares
Diluted Shares Outstanding 37.16M shares 37.10M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $230.7M $222.4M
YoY Change -3.42% 9.3%
Cash & Equivalents $230.7M $222.4M
Short-Term Investments
Other Short-Term Assets $1.479M $8.227M
YoY Change -6.51% 10183.75%
Inventory
Prepaid Expenses $926.0K $1.815M
Receivables $25.66M $23.91M
Other Receivables $0.00 $0.00
Total Short-Term Assets $260.3M $254.5M
YoY Change -6.58% 5.75%
LONG-TERM ASSETS
Property, Plant & Equipment $249.1M $242.8M
YoY Change 12.43% 155.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.172M $64.80M
YoY Change 1279.13% 24079.48%
Total Long-Term Assets $316.8M $307.6M
YoY Change 42.84% 47.76%
TOTAL ASSETS
Total Short-Term Assets $260.3M $254.5M
Total Long-Term Assets $316.8M $307.6M
Total Assets $577.1M $562.1M
YoY Change 15.32% 25.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $34.50M $36.02M
YoY Change -25.93% -26.28%
Accrued Expenses $3.200M $2.889M
YoY Change 0.16% -7.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $55.17M $55.84M
YoY Change -23.44% -25.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.032M $51.52M
YoY Change 15.65% 3107.91%
Total Long-Term Liabilities $2.032M $51.52M
YoY Change 15.65% 3107.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $55.17M $55.84M
Total Long-Term Liabilities $2.032M $51.52M
Total Liabilities $107.6M $107.4M
YoY Change -8.93% -10.29%
SHAREHOLDERS EQUITY
Retained Earnings -$604.7M -$623.4M
YoY Change -21.36% -24.23%
Common Stock $37.00K $37.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $469.5M $454.7M
YoY Change
Total Liabilities & Shareholders Equity $577.1M $562.1M
YoY Change 15.32% 25.23%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $18.67M $16.64M
YoY Change -65.25% -65.69%
Depreciation, Depletion And Amortization $5.900M $5.359M
YoY Change 26.26% 22.07%
Cash From Operating Activities $25.50M $24.00M
YoY Change -54.03% -48.89%
INVESTING ACTIVITIES
Capital Expenditures $12.50M $14.95M
YoY Change -165.21% -292.63%
Acquisitions
YoY Change
Other Investing Activities $100.0K $1.334M
YoY Change -29.58% 440.08%
Cash From Investing Activities -$12.50M -$13.62M
YoY Change -34.31% 81.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.800M -73.93M
YoY Change 366.93% 175914.29%
NET CHANGE
Cash From Operating Activities 25.50M 24.00M
Cash From Investing Activities -12.50M -13.62M
Cash From Financing Activities -4.800M -73.93M
Net Change In Cash 8.200M -63.54M
YoY Change -76.85% -261.23%
FREE CASH FLOW
Cash From Operating Activities $25.50M $24.00M
Capital Expenditures $12.50M $14.95M
Free Cash Flow $13.00M $9.055M
YoY Change -82.58% -83.45%

Facts In Submission

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us-gaap Comparability Of Prior Year Financial Data
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Interim Financial Statements. The accompanying unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited financial statements and notes contained in the Company’s 2022 Form 10-K. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted, although the Company believes that the disclosures contained herein are adequate to make the information presented not misleading. In the opinion of management, the financial statements include all adjustments, which consist of normal recurring adjustments unless otherwise disclosed, necessary to fairly state the Company’s unaudited condensed consolidated financial statements.
us-gaap Use Of Estimates
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<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The more significant areas requiring the use of assumptions, judgments and estimates include: oil, natural gas, and NGL reserves; impairment tests of long-lived assets; the carrying value of unproved oil and natural gas properties; depreciation, depletion and amortization; asset retirement obligations; determinations of significant alterations to the full cost pool and related estimates of fair value used to allocate the full cost pool net book value to divested properties, as necessary; valuation allowances for deferred tax assets; income taxes; valuation of derivative instruments; contingencies; and accrued revenue and related receivables. Although management believes the estimates used in the areas noted above are reasonable, actual results could differ significantly from those estimates.</span></div>
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us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
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AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
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CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
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CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
16637000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
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WeightedAverageNumberOfSharesOutstandingBasic
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EarningsPerShareBasic
0.45
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AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
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CY2023Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
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CY2023Q2 sd Dilutive Securities Effect On Basic Earnings Per Share Restrictive Stock Units
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DilutiveSecuritiesEffectOnBasicEarningsPerSharePerformanceShareUnits
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CY2023Q2 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
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CY2023Q2 sd Dilutive Securities Effect On Basic Earnings Per Share Stock Options
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CY2023Q2 sd Incremental Common Shares Attributable To Dilutive Effect Of Stock Options
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CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
16637000 usd
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37097000 shares
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.45
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
48492000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
48492000 usd
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36699000 shares
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.32
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CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
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48492000 usd
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.30
us-gaap Net Income Loss
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40395000 usd
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sd Incremental Common Shares Attributable To Dilutive Effect Of Nonvested Restricted Stock Unit With Forfeitable Dividends
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sd Dilutive Securities Effect On Basic Earnings Per Share Stock Options
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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83216000 usd
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42000 shares
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0 usd
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0 shares
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83216000 usd
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37107000 shares
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.24

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