SD · SandRidge Energy, Inc.

SandRidge Energy delivered solid Q1 2026 results with GAAP net income of $18.7 million, up $5.6 million from Q1 2025, driven by 17% revenue growth to $49.8 million from higher oil production (31% YoY increase to 353 MBbl) and improved realized prices, including oil at $71.11/Bbl (up $1.23). Production rose 4% YoY to 18.6 MBoe/d, supported by three new wells from the Cherokee development program, though total Boe dipped 7% QoQ due to NGL recovery impacts and Winter Storm Fern deferments. Oil represented 21% of production (up from 17% YoY) and 50% of revenues. Adjusted EBITDA climbed to $33.7 million, reflecting operational efficiency with Adjusted G&A at $1.42/Boe and LOE down to $6.45/Boe from $6.79/Boe YoY, aided by higher volumes and cost controls. CEO Grayson Pranin highlighted the team's execution on new wells, low G&A, and four-year safety record without incidents. Balance sheet remains pristine with $104.1 million cash, no debt, enabling aggressive capital returns: 8% quarterly dividend hike to $0.13/share plus $0.20 special, both payable June 1 to May 20 record date holders, with DRIP option. No Q1 repurchases, but $68.3 million remains authorized under 10b5-1 plan. Outlook emphasizes Cherokee drilling, M&A evaluation, production optimization, and leasing, with 95% acreage held by production and flexibility to adjust based on commodity prices.