SandRidge Energy (SD) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 was $18.7 million ($0.51 per basic share), up 43% year-over-year, driven by higher commodity prices and increased production volumes.

• Production averaged 18.6 Mboe/d, a 4% increase year-over-year, with oil production up 31% versus Q1 2025.

• Total revenues rose 17% year-over-year to $50 million, with oil, natural gas, and NGL contributing 50%, 32%, and 18% of Q1 2026 revenues, respectively.

• Maintained a robust balance sheet with $104.1 million in cash and no debt as of March 31, 2026.

• The Board increased the ongoing quarterly dividend by 8% to $0.13/share and declared a one-time $0.20/share special dividend, both payable June 1, 2026.

Financial highlights

• Adjusted EBITDA was $33.7 million, up 32% year-over-year, and adjusted net income was $21.6 million ($0.58/diluted share).

• Lease operating expenses were $10.8 million ($6.45/Boe), down per Boe from Q1 2025.

• Adjusted G&A fell to $2.4 million ($1.42/Boe) from $2.9 million ($1.83/Boe) in Q1 2025.

• Cash flow from operations was $19.8 million; adjusted operating cash flow was $34.4 million, up from $26.3 million in Q1 2025.

• Free cash flow was negative $1.1 million, compared to $13.6 million in Q1 2025.

Outlook and guidance

• 2026 capital program planned at $76–$97 million, with $62–$80 million for drilling/completions and $14–$17 million for workovers, optimization, and leasing.

• Plan to drill 10 operated Cherokee wells and complete 8 in 2026, with 2 completions carrying into 2027.

• Hedges in place for just under 30% of 2026 production guidance midpoint, including 37% of gas and 43% of oil.

• Focus remains on value growth through disciplined capital allocation, production optimization, and development in the Cherokee Shale Play.

• The company will adjust capital activity based on commodity prices and project returns, prioritizing regular dividends and cash flow maintenance.