Key Highlights

  • SandRidge Energy (NYSE:SD) reported third-quarter 2026 Net Income of USD 30.6 million, or USD 0.83 per basic share, up from USD 16.0 million, or USD 0.44, a year earlier.
  • Adjusted net income was USD 23.8 million, or USD 0.64 per basic share, and adjusted EBITDA was USD 39.3 million compared with USD 27.3 million in the prior-year quarter.
  • Production averaged 20.9 MBoe per day, up 10% on a Boe basis, while total revenues rose 37% and the realized price was USD 28.32 per Boe.
  • The company ended September with USD 70.0 million of cash, including restricted cash, no term or revolving debt, and declared a USD 0.13 per share dividend.

Cherokee Drilling and an Acquisition Lift Output 10%

SandRidge Energy (NYSE:SD) announced results for the quarter ended September 30, 2026 on November 4, 2026. Production was 1,922 MBoe, or 20.9 MBoe per day, up 10% from a year earlier and about 7% from the second quarter, while oil output rose 8% year on year and about 13% from the prior quarter. Management credited its one-rig Cherokee development program, which completed seven gross wells in the first nine months, and a bolt-on acquisition that closed during the quarter. The deal added about 7,000 net leasehold acres, interests in 21 wells and eight proven development locations. Oil, Natural Gas and NGL revenues were USD 54.4 million, up from USD 39.8 million.

Higher Oil Prices Year on Year, but Lower Than the Second Quarter

SandRidge is an Oklahoma City oil and gas producer with Cherokee, NW Stack and legacy assets. The realized oil price was USD 85.27 per barrel, up from USD 65.23 a year earlier but below USD 95.35 in the second quarter. Realized gas was USD 1.62 per Mcf, and NGLs USD 22.68 per barrel. Realized price per Boe of USD 28.32 was slightly under the second quarter's USD 28.45. Lease Operating Expense was USD 5.75 per Boe, about 8% lower than a year ago. Adjusted G&A was USD 1.8 million, or USD 0.94 per Boe. Free cash flow, a non-GAAP measure, was USD 10.5 million, down from USD 23.2 million in the second quarter. Net cash from Operating Activities was USD 32.1 million.

Debt-Free Balance Sheet and the Capital Return Program

There was no outstanding term or revolving Debt at September 30, 2026. The USD 0.13 dividend, declared November 3, 2026, is payable November 30 to holders of record on November 19, and holders can take shares through a reinvestment plan. Cumulative dividends since 2023 total USD 5.18 per share, including USD 3.70 of special payouts. No shares were repurchased in the quarter, and USD 68.3 million of a USD 75.0 million authorization remained. The outlook names one-rig Cherokee development, review of acquisitions, artificial lift conversions and leasing. The company flagged that it can curtail activity if prices weaken. SandRidge Energy (NYSE:SD) gave no numeric guidance in the release, and no share price reaction is stated here.

Where Things Stand

Mostly through higher volumes and better prices than a year earlier. Output rose 10%, realized oil rose from USD 65.23 to USD 85.27 per barrel, and SandRidge Energy (NYSE:SD) lifted Earnings from USD 0.44 to USD 0.83 per basic share, about 89% (calculated). Adjusted earnings of USD 0.64 are the cleaner comparison against USD 0.42. Offsetting that, oil realizations fell from the second quarter and free Cash Flow dropped to USD 10.5 million. Next markers are fourth-quarter oil prices, integration of the Cherokee assets, the November 30 Dividend payment and any acquisition announcement.