$SD
SANDRIDGE ENERGY INC

2024 Q2 Form 10-Q Financial Statement

#000162828024021771 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $25.98M $30.28M $43.15M
YoY Change -22.27% -29.81% -24.94%
Cost Of Revenue $10.58M $12.79M $15.45M
YoY Change -8.34% -17.2% 3.16%
Gross Profit $15.40M $17.50M $27.70M
YoY Change -29.62% -36.85% -34.84%
Gross Profit Margin 59.28% 57.77% 64.2%
Selling, General & Admin $3.050M $3.332M $2.909M
YoY Change 23.18% 14.54% 14.98%
% of Gross Profit 19.81% 19.05% 10.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.014M $5.754M $5.072M
YoY Change 12.22% 13.45% 27.6%
% of Gross Profit 39.06% 32.89% 18.31%
Operating Expenses $9.097M $9.077M $7.887M
YoY Change 16.51% 15.09% 22.43%
Operating Profit $6.220M $8.418M $21.20M
YoY Change -54.95% -60.3% -39.07%
Interest Expense $2.491M $2.698M $3.946M
YoY Change -11.92% -31.63% -424.51%
% of Operating Profit 40.05% 32.05% 18.61%
Other Income/Expense, Net $2.574M $2.707M $2.554M
YoY Change -9.05% 5.99% -3460.53%
Pretax Income $8.794M $11.13M $23.76M
YoY Change -47.14% -53.17% -31.58%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0% 0.0% 0.0%
Net Earnings $8.794M $11.13M $23.76M
YoY Change -47.14% -53.17% -31.58%
Net Earnings / Revenue 33.85% 36.74% 55.06%
Basic Earnings Per Share $0.24 $0.30 $0.64
Diluted Earnings Per Share $0.24 $0.30 $0.64
COMMON SHARES
Basic Shares Outstanding 37.13M shares 37.10M shares 36.88M shares
Diluted Shares Outstanding 37.16M shares 37.13M shares 37.11M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $209.9M $207.0M $285.8M
YoY Change -5.6% -27.59% 74.79%
Cash & Equivalents $209.9M $207.0M $285.8M
Short-Term Investments
Other Short-Term Assets $932.0K $1.105M $7.544M
YoY Change -88.67% -85.35% 9330.0%
Inventory
Prepaid Expenses $1.674M $2.384M $2.318M
Receivables $23.26M $22.32M $26.57M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $237.2M $234.3M $324.0M
YoY Change -6.81% -27.69% 65.55%
LONG-TERM ASSETS
Property, Plant & Equipment $238.6M $239.2M $90.64M
YoY Change -1.7% 163.94% -5.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.212M $3.250M $311.0K
YoY Change -95.04% 945.02% 5.78%
Total Long-Term Assets $292.4M $293.1M $304.2M
YoY Change -4.93% -3.66% 56.79%
TOTAL ASSETS
Total Short-Term Assets $237.2M $234.3M $324.0M
Total Long-Term Assets $292.4M $293.1M $304.2M
Total Assets $529.6M $527.4M $628.2M
YoY Change -5.78% -16.05% 61.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $32.37M $39.28M $44.29M
YoY Change -10.13% -11.33% 7.27%
Accrued Expenses $2.913M $4.994M $2.231M
YoY Change 0.83% 123.85% -11.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $46.16M $49.84M $66.28M
YoY Change -17.35% -24.8% 1.49%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.063M $2.265M $1.474M
YoY Change -96.0% 53.66% -10.83%
Total Long-Term Liabilities $2.063M $2.265M $1.474M
YoY Change -96.0% 53.66% -10.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $46.16M $49.84M $66.28M
Total Long-Term Liabilities $2.063M $2.265M $1.474M
Total Liabilities $104.8M $107.7M $116.3M
YoY Change -2.42% -7.44% 6.21%
SHAREHOLDERS EQUITY
Retained Earnings -$583.0M -$591.8M -$640.0M
YoY Change -6.48% -7.53% -26.54%
Common Stock $37.00K $37.00K $37.00K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $424.8M $419.7M $511.9M
YoY Change
Total Liabilities & Shareholders Equity $529.6M $527.4M $628.2M
YoY Change -5.78% -16.05% 61.19%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $8.794M $11.13M $23.76M
YoY Change -47.14% -53.17% -31.58%
Depreciation, Depletion And Amortization $6.014M $5.754M $5.072M
YoY Change 12.22% 13.45% 27.6%
Cash From Operating Activities $11.41M $15.68M $39.85M
YoY Change -52.46% -60.65% 23.78%
INVESTING ACTIVITIES
Capital Expenditures $4.548M $1.124M $9.392M
YoY Change -69.58% -88.03% 66.85%
Acquisitions
YoY Change
Other Investing Activities $533.0K $38.00K $0.00
YoY Change -60.04% -100.0%
Cash From Investing Activities -$4.015M -$1.104M -$9.408M
YoY Change -70.51% -88.27% 67.43%
FINANCING ACTIVITIES
Cash Dividend Paid $59.70M $0.00
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.598M -$60.03M -$343.0K
YoY Change -93.78% 17400.87% 7.19%
NET CHANGE
Cash From Operating Activities 11.41M $15.68M $39.85M
Cash From Investing Activities -4.015M -$1.104M -$9.408M
Cash From Financing Activities -4.598M -$60.03M -$343.0K
Net Change In Cash 2.799M -$45.45M $30.10M
YoY Change -104.41% -251.02% 14.63%
FREE CASH FLOW
Cash From Operating Activities $11.41M $15.68M $39.85M
Capital Expenditures $4.548M $1.124M $9.392M
Free Cash Flow $6.864M $14.56M $30.46M
YoY Change -24.2% -52.2% 14.65%

Facts In Submission

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CY2024Q1 us-gaap Comparability Of Prior Year Financial Data
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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Interim Financial Statements. </span>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 2023 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.
CY2024Q1 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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PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
85062000 usd
CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
86493000 usd
CY2024Q1 sd Total Property And Equipment Net
TotalPropertyAndEquipmentNet
239240000 usd
CY2023Q4 sd Total Property And Equipment Net
TotalPropertyAndEquipmentNet
242613000 usd
CY2024Q1 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
12702000 usd
CY2023Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
12854000 usd
CY2024Q1 sd Production Payable Current
ProductionPayableCurrent
20857000 usd
CY2023Q4 sd Production Payable Current
ProductionPayableCurrent
21086000 usd
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4994000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4146000 usd
CY2024Q1 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
723000 usd
CY2023Q4 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
742000 usd
CY2024Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
39276000 usd
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
38828000 usd
CY2024Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
50600000 usd
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
50600000 usd
CY2024Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
199000000 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
300000000 shares
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000 shares
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2024Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2024Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
37100000 shares
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
37100000 shares
CY2023Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
75000000 usd
CY2021Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
25000000 usd
CY2024Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.50
CY2024Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
55600000 usd
CY2024Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.11
CY2024Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
4100000 usd
CY2024Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.11
CY2024Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
59700000 usd
CY2024Q1 us-gaap Dividends Share Based Compensation Cash
DividendsShareBasedCompensationCash
100000 usd
CY2024Q1 sd Tax Benefits Preservation Plan Ownership Threshold Beneficial Ownership Threshold Number Of Shareholders
TaxBenefitsPreservationPlanOwnershipThresholdBeneficialOwnershipThresholdNumberOfShareholders
1 shareholder
CY2024Q1 sd Tax Benefits Preservation Plan Ownership Threshold Beneficial Ownership Threshold Period
TaxBenefitsPreservationPlanOwnershipThresholdBeneficialOwnershipThresholdPeriod
P3Y
CY2024Q1 sd Tax Benefits Preservation Plan Ownership Threshold Beneficial Ownership Threshold Percent
TaxBenefitsPreservationPlanOwnershipThresholdBeneficialOwnershipThresholdPercent
0.049
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
30283000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
43147000 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
0 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
0 usd
CY2024Q1 us-gaap Profit Loss
ProfitLoss
11125000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
11125000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37042000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.30
CY2024Q1 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
0 usd
CY2024Q1 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
38000 shares
CY2024Q1 sd Dilutive Securities Effect On Basic Earnings Per Share Restrictive Stock Units
DilutiveSecuritiesEffectOnBasicEarningsPerShareRestrictiveStockUnits
0 usd
CY2024Q1 sd Incremental Common Shares Attributable To Dilutive Effect Of Nonvested Restricted Stock Unit With Forfeitable Dividends
IncrementalCommonSharesAttributableToDilutiveEffectOfNonvestedRestrictedStockUnitWithForfeitableDividends
35000 shares
CY2024Q1 sd Dilutive Securities Effect On Basic Earnings Per Share Performance Share Units
DilutiveSecuritiesEffectOnBasicEarningsPerSharePerformanceShareUnits
0 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
13000 shares
CY2024Q1 sd Dilutive Securities Effect On Basic Earnings Per Share Stock Options
DilutiveSecuritiesEffectOnBasicEarningsPerShareStockOptions
0 usd
CY2024Q1 sd Incremental Common Shares Attributable To Dilutive Effect Of Stock Options
IncrementalCommonSharesAttributableToDilutiveEffectOfStockOptions
6000 shares
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
11125000 usd
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37134000 shares
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.30
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
23758000 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
23758000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36859000 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.64
CY2023Q1 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
0 usd
CY2023Q1 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
177000 shares
CY2023Q1 sd Dilutive Securities Effect On Basic Earnings Per Share Restrictive Stock Units
DilutiveSecuritiesEffectOnBasicEarningsPerShareRestrictiveStockUnits
0 usd
CY2023Q1 sd Incremental Common Shares Attributable To Dilutive Effect Of Nonvested Restricted Stock Unit With Forfeitable Dividends
IncrementalCommonSharesAttributableToDilutiveEffectOfNonvestedRestrictedStockUnitWithForfeitableDividends
7000 shares
CY2023Q1 sd Dilutive Securities Effect On Basic Earnings Per Share Performance Share Units
DilutiveSecuritiesEffectOnBasicEarningsPerSharePerformanceShareUnits
0 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
13000 shares
CY2023Q1 sd Dilutive Securities Effect On Basic Earnings Per Share Stock Options
DilutiveSecuritiesEffectOnBasicEarningsPerShareStockOptions
0 usd
CY2023Q1 sd Incremental Common Shares Attributable To Dilutive Effect Of Stock Options
IncrementalCommonSharesAttributableToDilutiveEffectOfStockOptions
54000 shares
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
23758000 usd
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37110000 shares
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.64

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