SandRidge Energy (SD) investor relations material

Executive summary

• Q3 2025 production averaged 19 MBOE per day, up 12% year-over-year, with oil production up 49%, driving a 32% revenue increase and 54% rise in adjusted EBITDA.

• Revenues for Q3 2025 were $39.8 million, with net income of $16 million ($0.44/share) and adjusted net income of $15.5 million ($0.42/share).

• Growth was fueled by the Cherokee acquisition and development, with strong well performance and robust returns at current commodity prices.

• The company maintains a strong balance sheet, no debt, and a focus on capital returns and operational flexibility.

• Four years without a recordable safety incident, highlighting a strong safety culture.

Financial highlights

• Q3 2025 revenues reached $39.8 million, up 32% year-over-year; adjusted EBITDA was $27.3 million, up from $17.7 million.

• Net income was $16 million ($0.44/share); adjusted net income was $15.5 million ($0.42/share).

• Adjusted operating cash flow was $28 million; free cash flow before acquisitions was $5.9 million for the quarter and $29 million year-to-date.

• Cash and equivalents stood at $102.6 million as of September 30, 2025; no debt outstanding.

• $4.4 million in dividends paid, including $0.6 million in shares; $4.48/share in dividends since 2023.

Outlook and guidance

• 2025 capital program planned at $66–$85 million, with $47–$63 million for drilling/completions and $19–$22 million for workovers, optimization, and leasing.

• Two more wells expected to be delivered this year, with two completions carrying into next year.

• Focus remains on value growth through safe, efficient operations and capital allocation to high-return projects, with flexibility to defer projects if commodity prices or costs change.

• Ongoing one-rig development in Cherokee Shale Play and evaluation of accretive M&A opportunities.

• Monitoring commodity prices and operational results to adjust capital activity as needed.