Q3 2024 SandRidge Energy Inc Earnings Call Transcript
Key Points
- SandRidge Energy Inc (SDRPQ.PFD) reported a positive quarter with the successful acquisition in the Western Anadarko Basin, boosting production and cash flow.
- The company generated nearly $18 million in adjusted EBITDA despite low natural gas prices, showcasing strong financial performance.
- SandRidge Energy Inc (SDRPQ.PFD) has no debt and a substantial net operating loss (NOL) position, shielding cash flows from federal income taxes.
- The recent acquisition increased daily production by 27% and oil production by 65%, enhancing the company's asset base.
- The company declared a cash dividend of $0.11 per share, continuing its return of capital program with over $150 million paid to date.
- Natural gas prices were low during the quarter, impacting revenue and price realizations.
- The company faces inflationary pressures and increased lease operating expenses due to the expanded asset base.
- Ethane recovery by the largest natural gas purchaser affected natural gas and NGL pricing.
- The company requires commodity prices to be over $80 WTI and $4 Henry Hub to resume further developments or well reactivations.
- SandRidge Energy Inc (SDRPQ.PFD) is dependent on commodity price cycles, which could impact future capital allocation and activity levels.
Thank you for standing by, and welcome to the SandRidge Energy third-quarter 2024 earnings conference call. (Operator Instructions)
I'd now like to turn the call over to Scott Prestridge, SVP of Finance and Strategy. You may begin.
Thank you, and welcome, everyone. With me today are Grayson Pranin, our CEO; Jonathan Frates, our CFO; Brandon Brown, our CAO; as well as Dean Parrish, our COO. We would like to remind you that today's call contains forward-looking statements and assumptions, which are subject to risk and uncertainty, and actual results may differ materially from those projected in these forward-looking statements.
These statements are not guarantees of future performance and our actual results may differ materially due to known and unknown risks and uncertainties as discussed in greater detail in our earnings release and our SEC filings. We may also refer to adjusted EBITDA and adjusted G&A and other non-GAAP financial measures.
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