SandRidge Energy

SandRidge Energy, Inc. (NYSE: SD) is an independent oil and gas company engaged in the development and acquisition of oil and gas properties. Its primary areas of operation are the Mid-Continent in Oklahoma and Kansas.

Press Release Details

SandRidge Energy, Inc. Reports Financial and Operational Results for the Fourth Quarter and Full Year 2020

03/03/2021

OKLAHOMA CITY, March 3, 2021 /PRNewswire/ - SandRidge Energy, Inc. (the "Company" or "SandRidge") (NYSE:SD) today announced financial and operational results for the quarter and fiscal year ended December 31, 2020.

Results and highlights during the full year 2020:

  • Decreased net debt1 by $55.4 million to a net cash position of $2.1 million compared to a net debt position of $53.2 million at the end of the prior year
  • Generated Adjusted EBITDA of $53.4 million compared to $134.8 million in the prior year
  • Produced 23.8 MBoed compared to 32.8 MBoed in the prior year
  • Incurred a net loss of $277.4 million, or $7.77 per share, driven largely by lower commodity prices and a non-cash ceiling test write down. Adjusted net loss was $7.2 million, or $0.20 per share
  • Decreased G&A by $16.7 million to $15.3 million, or $1.76 per boe, from $32.1 million, or $2.68 boe, in the prior year and decreased Adjusted G&A by $14.7 million to $14.1 million, or $1.62 per boe, from $28.8 million, or $2.41 per boe, in the prior year
  • Decreased LOE by $47.5 million to $43.4 million, or $4.99 per boe, from $90.9 million, or $7.61 per boe, in the prior year
  • Announced the sale of North Park Basin and subsequently closed the sale for $47 million in cash, subject to customary effective date and post-closing adjustments
  • Closed on the sale of the company headquarters for $35.4 million in cash
  • Closed on the acquisition of the overriding royalty interests held by SandRidge Mississippian Royalty Trust II for a net purchase price of $3.28 million
  • Continued streak without a recordable Health, Safety and Environmental ("HS&E") incident for 28 months as of the end of the year

_________________________

1 

Net debt is defined as total debt less unrestricted cash

Financial Results

For the quarter, the Company reported a net loss of $0.2 million, or $0.01 per share, and net cash provided by operating activities of $8.8 million. After adjusting for certain items, the Company's adjusted net income amounted to $2.2 million, or $0.06 per share, operating cash flow totaled $8.2 million and adjusted EBITDA was $9.1 million for the quarter. The Company defines and reconciles adjusted net income, adjusted EBITDA and other non-GAAP financial measures to the most directly comparable GAAP measure in supporting tables at the conclusion of this press release.

For the full year 2020, the Company reported a net loss of $277.4 million, or $7.77 per share, and net cash provided by operating activities of $36.2 million. After adjusting for certain items, the Company's adjusted net loss amounted to $7.2 million, or $0.20 per share, operating cash flow totaled $44.3 million and adjusted EBITDA was $53.4 million for the year.

Operational Results and Activity

Production totaled 1,938 MBoe (21.1 MBoed, 22% oil, 31% NGLs and 47% natural gas) for the quarter and 8,703 MBoe (23.8 MBoed, 24% oil, 31% NGLs and 45% natural gas) for the full year of 2020.

Mid-Continent Assets in Oklahoma and Kansas

Production in the Mid-Continent totaled 1,750 MBoe (19.0 MBoed, 14% oil, 34% NGLs and 52% natural gas) for the quarter and 7,763 MBoe (21.2 MBoed, 15% oil, 35% NGLs and 50% natural gas) for the full year of 2020.

North Park Basin Assets in Colorado

Net production for North Park Basin totaled 188 MBoe (2.1 MBoed, 100% oil) during the quarter and 940 MBoe (2.6 MBoed, 100% oil) for the full year of 2020. 

North Park Basin Sale

On February 5, 2021, we sold all of our oil and natural gas properties and related assets of the North Park Basin in Colorado for a purchase price of $47 million in cash, subject to customary effective date and post-closing adjustments.

Building Sale

On August 31, 2020, the Company closed on the sale of its corporate headquarters building located in Oklahoma City, OK for $35.4 million.

ORRI Acquisition

On September 10, 2020, the Company acquired all of the overriding royalty interests of SandRidge Mississippian Royalty Trust II for a gross purchase price of $5.25 million (net purchase price of $3.28 million, given the Company's prior 37.6% ownership of the Trust).

 

Year End 2020 Estimated Proved Reserves

Proved reserves decreased from 89.9 MMBoe at December 31, 2019 to 36.9 MMBoe at December 31, 2020, primarily as a result of downward revisions of 45.0 MMBoe associated with the decrease in year-end SEC commodity prices for oil and natural gas consisting of (27.8 MMBoe from removing PUDs, and 17.3 MMBoe from remaining proved reserves). The Company also recorded 2020 production totaling 8.7 MMBoe and a decrease of 9.0 MMBoe attributable to well shut-ins, sales and other revisions associated with the COVID-19 pandemic and resulting 2020 commodity price contraction. These reductions were partially offset by an 8.6 MMBoe increase associated with reduction in expenses and other commercial improvements, and purchases of 1.1 MMBoe of proved reserves.


Oil MBbls


NGLs MBbls


Gas MMcf


Equivalent
MBoe1


Standardized
Measure /PV-
10 $MM

Proved Reserves, December 31, 2019

35,308



15,859



232,307



89,885



$

364


Revisions of previous estimates

(24,650)



(2,246)



(107,426)



(44,800)




Acquisitions of new reserves

74



437



3,391



1,076




Sales of reserves in place

(163)



(111)



(1,827)



(579)




Production

(2,084)



(2,694)



(23,552)



(8,703)




Proved Reserves, December 31, 2020

8,485



11,245



102,893



36,879



$

105












1) Equivalent Boe are calculated using an energy equivalent ratio of six Mcf of natural gas to one Bbl of oil. Using an energy-equivalent
ratio does not factor in price differences and energy-equivalent prices may differ significantly among produced products.

 

2021 Capital Expenditures and Operational Guidance

In 2021, the Company plans to spend $5.0 - $10.0 million in total capital expenditures. Total production for 2021 is projected to be 4.8 - 6.2 MMBoe. Other operational guidance detail can be found on the "2021 Operational and Capital Expenditure Guidance" table below. With this plan, the Company intends to remain cash flow positive and maintain a clean balance sheet.

Liquidity and Capital Structure

As of December 31, 2020, the Company's total liquidity was $32.1 million, based on $22.1 million of cash, excluding restricted cash and $10.0 million available under its credit facility.

As of March 1, 2021, the Company's cash on hand was approximately $78 million.

Conference Call Information

The Company will host a conference call to discuss these results on Thursday, March 4, 2021 at 10:00 am CT. The conference call can be accessed by registering online at http://www.directeventreg.com/registration/event/4264648 at which time registrants will receive dial-in information as well as a passcode and registrant ID. At the time of the call, participants will dial in using the numbers in the confirmation email and enter their passcode and ID, upon which they will enter the conference call.

A live audio webcast of the conference call will also be available via SandRidge's website, www.sandridgeenergy.com, under Investor Relations/Presentation & Events. The webcast will be archived for replay on the Company's website for 30 days.

2021 Operational and Capital Expenditure Guidance

Presented below is the Company's updated operational and capital expenditure guidance for 2021. 

 


 Guidance


Projection as of


March 3, 2021

Production


  Oil (MMBbls)

0.60 - 0.90

  Natural Gas Liquids (MMBbls)

1.70 - 2.10

Total Liquids (MMBbls)

2.30 - 3.0

  Natural Gas (Bcf)

15.0 - 19.0

Total (MMBoe)

4.80 - 6.20



Price Differentials to NYMEX


  Oil (per Bbl)

($1.75)

  Natural Gas (per MMBtu)

($1.50)

  NGL (% of WTI)

20%



Expenses


  LOE

$28 - $34 million

  Adjusted G&A Expense (1)

$10.7  - $14.7 million



% of Revenue


  Severance and Ad Valorem Taxes

7.0% - 7.5%



Capital Expenditures


  Capital Expenditures (excluding acquisitions and plugging and abandonment)

$5 - $10

 

1. 

Adjusted G&A expense is a non-GAAP financial measure. The Company has defined this measure at the conclusion of this press release under "Non-GAAP Financial Measures" beginning on page 11. Information to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure is not available at this time, as management is unable to forecast the excluded items for future periods.

 

Operational and Financial Statistics  

Information regarding the Company's production, pricing, costs and earnings is presented below:


Three Months Ended December 31, 2020


Year Ended December 31,


2020


2019


2020


2019

Production - Total








Oil (MBbl)

428



851



2,084



3,519


NGL (MBbl)

598



575



2,694



2,910


Natural Gas (MMcf)

5,474



7,750



23,552



33,164


Oil equivalent (MBoe)

1,938



2,718



8,703



11,956


Daily production (MBoed)

21.1



29.5



23.8



32.8










Average price per unit








Realized oil price per barrel - as reported

$

38.18



$

51.13



$

35.33



$

52.96


Realized impact of derivatives per barrel



0.67



4.77



0.34


Net realized price per barrel

$

38.18



$

51.80



$

40.10



$

53.30










Realized NGL price per barrel - as reported

$

9.12



$

11.67



$

6.67



$

12.23


Realized impact of derivatives per barrel








Net realized price per barrel

$

9.12



$

11.67



$

6.67



$

12.23










Realized natural gas price per Mcf - as reported

$

1.56



$

1.22



$

0.97



$

1.33


Realized impact of derivatives per Mcf

(0.98)





(0.17)



0.15


Net realized price per Mcf

$

0.58



$

1.22



$

0.80



$

1.48










Realized price per Boe - as reported

$

15.64



$

21.95



$

13.15



$

22.26


Net realized price per Boe - including impact of
derivatives

$

12.90



$

22.17



$

13.83



$

22.78










Average cost per Boe








Lease operating

$

5.69



$

7.07



$

4.99



$

7.61


Production, ad valorem, and other taxes

$

1.16



$

1.51



$

1.11



$

1.62


Depletion (1)

$

2.38



$

11.82



$

5.79



$

12.28










Income (loss) per share








Loss per share applicable to common stockholders








Basic

$

(0.01)



$

(7.01)



$

(7.77)



$

(12.68)


Diluted

$

(0.01)



$

(7.01)



$

(7.77)



$

(12.68)










Adjusted net income (loss) per share available to
common stockholders








Basic

$

0.06



$

(0.11)



$

(0.20)



$

(0.85)


Diluted

$

0.06



$

(0.11)



$

(0.20)



$

(0.85)










Weighted average number of shares outstanding (in
thousands)








Basic

35,808



35,536



35,689



35,427


Diluted 

35,808



35,536



35,689



35,427










(1) Includes accretion of asset retirement obligation.








 

Capital Expenditures  

The table below presents actual results of the Company's capital expenditures for the three months and year ended  December 31, 2020.

 


Three Months Ended


Year Ended


December 31, 2020


December 31, 2020


(In thousands)


(In thousands)





Drilling, completion and capital workovers

$

257



$

3,563


Other capital expenditures

109



1,005


Total Capital Expenditures

$

366



$

4,568


(excluding acquisitions and plugging and abandonment)




 

Capitalization

The Company's capital structure as of December 31, 2020 and December 31, 2019 is presented below:


December 31, 2020


December 31, 2019


(In thousands)

Cash, cash equivalents and restricted cash

$

28,266



$

5,968






Credit facility

$

20,000



$

57,500


Total debt

20,000



57,500






Stockholders' equity




Common stock

36



36


Warrants

88,520



88,520


Additional paid-in capital

1,062,220



1,059,253


Accumulated deficit

(1,022,710)



(745,357)


Total SandRidge Energy, Inc. stockholders' equity

128,066



402,452






Total capitalization

$

148,066



$

459,952


 

 

SandRidge Energy, Inc. and Subsidiaries

Consolidated Statements of Operations

(In thousands, except per share amounts)

 




Year Ended December 31,



2020


2019

Revenues





Oil, natural gas and NGL


$

114,450



$

266,104


Other


526



741


Total revenues


114,976



266,845


Expenses





Lease operating expenses


43,431



90,938


Production, ad valorem, and other taxes


9,634



19,394


Depreciation and depletion—oil and natural gas


50,349



146,874


Depreciation and amortization—other


7,736



11,684


Impairment


256,399



409,574


General and administrative


15,327



32,058


Restructuring expenses


2,733




Employee termination benefits


8,433



4,792


Gain on derivative contracts


(5,765)



(1,094)


Other operating expense, net


206



(608)


Total expenses


388,483



713,612


Loss  from operations


(273,507)



(446,767)


Other income (expense)





Interest expense, net


(1,998)



(2,974)


Other income (expense), net


(2,494)



436


Total other income (expense)


(4,492)



(2,538)


Loss before income taxes


(277,999)



(449,305)


Income tax expense (benefit)


(646)




Net loss


$

(277,353)



$

(449,305)


Loss per share





Basic


$

(7.77)



$

(12.68)


Diluted


$

(7.77)



$

(12.68)


Weighted average number of common shares outstanding





Basic


35,689



35,427


Diluted


35,689



35,427


 

 

SandRidge Energy, Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands)

 



December 31, 2020


December 31, 2019

ASSETS




Current assets




Cash and cash equivalents

$

22,130



$

4,275


Restricted cash - other

6,136



1,693


Accounts receivable, net

19,576



28,644


Derivative contracts



114


Prepaid expenses

2,890



3,342


Other current assets

80



538


Total current assets

50,812



38,606


Oil and natural gas properties, using full cost method of accounting




Proved

1,463,950



1,484,359


Unproved

17,964



24,603


Less: accumulated depreciation, depletion and impairment

(1,375,692)



(1,129,622)



106,222



379,340


Other property, plant and equipment, net

103,118



188,603


Other assets

680



1,140


Total assets

$

260,832



$

607,689






LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities




Accounts payable and accrued expenses

$

51,426



$

64,937


Asset retirement obligation

16,467



22,119


Other current liabilities

984



1,367


Total current liabilities

68,877



88,423


Long-term debt

20,000



57,500


Asset retirement obligation

40,701



52,897


Other long-term obligations

3,188



6,417


Total liabilities

132,766



205,237


Stockholders' Equity




Common stock, $0.001 par value; 250,000 shares authorized; 35,928 issued and outstanding at
December 31, 2020 and 35,772 issued and outstanding at December 31, 2019

36



36


Warrants

88,520



88,520


Additional paid-in capital

1,062,220



1,059,253


Accumulated deficit

(1,022,710)



(745,357)


Total stockholders' equity

128,066



402,452


Total liabilities and stockholders' equity

$

260,832



$

607,689


 

 

SandRidge Energy, Inc. and Subsidiaries

Consolidated Cash Flows

 (In thousands)

 




Year Ended December 31,


2020


2019

CASH FLOWS FROM OPERATING ACTIVITIES




Net loss

$

(277,353)



$

(449,305)


Adjustments to reconcile net loss to net cash provided by operating activities




Provision for doubtful accounts

3,202



16


Depreciation, depletion, and amortization

58,085



158,558


Impairment

256,399



409,574


Debt issuance costs amortization

792



558


Write off of debt issuance costs



142


Gain on derivative contracts

(5,765)



(1,094)


Cash received on settlement of derivative contracts

5,879



6,266


Loss (gain) on sale of assets

(100)




Stock-based compensation

3,012



4,254


Other

149



(187)


Changes in operating assets and liabilities increasing (decreasing) cash




Receivables

5,867



15,829


Prepaid expenses

452



(714)


Other current assets

458



(301)


Other assets and liabilities, net

1,134



(610)


Accounts payable and accrued expenses

(12,968)



(17,217)


Asset retirement obligations

(3,081)



(4,445)


Net cash provided by operating activities

36,162



121,324


CASH FLOWS FROM INVESTING ACTIVITIES




Capital expenditures for property, plant and equipment

(8,762)



(191,678)


Acquisition of assets

(3,701)



236


Proceeds from sale of assets

37,556



1,593


Net cash provided by (used in) investing activities

25,093



(189,849)


CASH FLOWS FROM FINANCING ACTIVITIES




Proceeds from borrowings

59,000



211,096


Repayments of borrowings

(96,500)



(153,596)


Reduction of financing lease liability

(1,233)



(1,374)


Debt issuance costs

(160)



(911)


Cash paid for tax withholdings on vested stock awards

(64)



(367)


Net cash provided by (used in) financing activities

(38,957)



54,848


NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS and RESTRICTED CASH

22,298



(13,677)


CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year

5,968



19,645


CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of period

$

28,266



$

5,968


Supplemental Disclosure of Cash Flow Information




Cash paid for interest, net of amounts capitalized

$

(1,260)



$

(2,157)


Cash received for income taxes

$

616



$


Supplemental Disclosure of Noncash Investing and Financing Activities




Purchase of PP&E in accounts payable

$

396



$

4,592


Right-of-use assets obtained in exchange for financing lease obligations

$

67



$

3,347


Carrying values of properties exchanged

$

3,890



$

5,384






 

Non-GAAP Financial Measures

This press release includes non-GAAP financial measures. These non-GAAP measures are not alternatives to GAAP measures, and you should not consider these non-GAAP measures in isolation or as a substitute for analysis of our results as reported under GAAP. Below is additional disclosure regarding each of the non-GAAP measures used in this press release, including reconciliations to their most directly comparable GAAP measure.

Reconciliation of Cash Provided by Operating Activities to Operating Cash Flow

The Company defines operating cash flow as net cash provided by operating activities before changes in operating assets and liabilities as shown in the following table. Operating cash flow is a supplemental financial measure used by the Company's management and by securities analysts, investors, lenders, rating agencies and others who follow the industry as an indicator of the Company's ability to internally fund exploration and development activities and to service or incur additional debt. The Company also uses this measure because operating cash flow relates to the timing of cash receipts and disbursements that the Company may not control and may not relate to the period in which the operating activities occurred. Further, operating cash flow allows the Company to compare its operating performance and return on capital with those of other companies without regard to financing methods and capital structure. This measure should not be considered in isolation or as a substitute for net cash provided by operating activities prepared in accordance with GAAP.


Three Months Ended December 31,


Year Ended December 31,


2020


2019


2020


2019


(In thousands)

Net cash provided by operating activities

$

8,806



$

25,795



$

36,162



$

121,324


Changes in operating assets and liabilities

(646)



5,564



8,138



7,458


Operating cash flow

$

8,160



$

31,359



$

44,300



$

128,782


 

Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA

The Company defines EBITDA as net loss before income tax (benefit) expense, interest expense, depreciation and amortization - other and depreciation and depletion - oil and natural gas. Adjusted EBITDA, as presented herein, is EBITDA excluding items that the Company believes affect the comparability of operating results such as items whose timing and/or amount cannot be reasonably estimated or are non-recurring, as shown in the following tables.

Adjusted EBITDA is presented because management believes it provides useful additional information used by the Company's management and by securities analysts, investors, lenders, ratings agencies and others who follow the industry for analysis of the Company's financial and operating performance on a recurring basis and the Company's ability to internally fund exploration and development and to service or incur additional debt. In addition, management believes that adjusted EBITDA is widely used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in the oil and gas industry. The Company's adjusted EBITDA may not be comparable to similarly titled measures used by other companies.


Three Months Ended December 31,


Year Ended December 31,


2020


2019


2020


2019


(In thousands)

Net loss

$

(155)



$

(249,142)



$

(277,353)



$

(449,305)










Adjusted for








Income tax (benefit) expense





(646)




Interest expense

345



974



2,008



3,064


Depreciation and amortization - other

1,665



2,774



7,736



11,684


Depreciation and depletion - oil and natural gas

4,621



32,119



50,349



146,874


EBITDA

6,476



(213,275)



(217,906)



(287,683)










Asset impairment

2,602



244,067



256,399



409,574


Stock-based compensation (1)

258



313



1,187



3,266


Loss (gain) on derivative contracts

1,403



453



(5,765)



(1,094)


Net Cash (paid) received upon settlement of derivative
contracts

(5,318)



566



5,879



6,266


Employee termination benefits

2



327



8,433



4,792


Restructuring expenses

1,090





2,733




Other

2,541



(76)



2,425



(279)










Adjusted EBITDA

$

9,054



$

32,375



$

53,385



$

134,842




1.

Excludes non-cash stock-based compensation included in employee termination benefits.

 

Reconciliation of Cash Provided by Operating Activities to Adjusted EBITDA


Three Months Ended December 31,


Year Ended December 31,


2020


2019


2020


2019


(In thousands)

Net cash provided by operating activities

$

8,806



$

25,795



$

36,162



$

121,324


Changes in operating assets and liabilities

(646)



5,564



8,138



7,458


Interest expense

345



974



2,008



3,064


Employee termination benefits (1)

2



315



6,609



3,802


Income tax (benefit) expense





(646)




Other

547



(273)



1,114



(806)










Adjusted EBITDA

$

9,054



$

32,375



$

53,385



$

134,842










1.

Excludes associated stock-based compensation.

 

Reconciliation of Net Income (Loss) Available to Common Stockholders to Adjusted Net Income (Loss) Available to Common Stockholders

The Company defines adjusted net income (loss) as net loss excluding items that the Company believes affect the comparability of operating results and are typically excluded from published estimates by the investment community, including items whose timing and/or amount cannot be reasonably estimated or are non-recurring, as shown in the following tables.

Management uses the supplemental measure of adjusted net income (loss) as an indicator of the Company's operational trends and performance relative to other oil and natural gas companies and believes it is more comparable to earnings estimates provided by securities analysts. Adjusted net income (loss) is not a measure of financial performance under GAAP and should not be considered a substitute for net loss available to common stockholders.


Three Months Ended December 31, 2020


Three Months Ended December 31, 2019


$


$/Diluted Share


$


$/Diluted Share


(In thousands, except per share amounts)

Net loss available to common stockholders

$

(155)



$

(0.01)



$

(249,142)



$

(7.01)


Asset impairment

2,602



0.07



244,067



6.87


Loss on derivative contracts

1,403



0.04



453



0.01


Net cash (paid) received upon settlement of
derivative contracts

(5,318)



(0.15)



566



0.01


Employee termination benefits

2





327



0.01


Restructuring expenses

1,090



0.03






Other

2,541



0.07



(68)




Adjusted net income (loss) available to common
stockholders

$

2,165



$

0.06



$

(3,797)



$

(0.11)











Basic


Diluted


Basic


Diluted

Weighted average number of common shares
outstanding

35,808



35,808



35,536



35,536


Total adjusted net income (loss) per share

$

0.06



$

0.06



$

(0.11)



$

(0.11)


 


Year Ended December 31, 2020


Year Ended December 31, 2019


$


$/Diluted Share


$


$/Diluted Share


(In thousands, except per share amounts)

Net loss available to common stockholders

$

(277,353)



$

(7.77)



$

(449,305)



$

(12.68)


Asset impairment

256,399



7.18



409,574



11.56


Gain  derivative contracts

(5,765)



(0.16)



(1,094)



(0.03)


Net cash (paid) received upon settlement of
derivative contracts

5,879



0.16



6,266



0.17


Employee termination benefits

8,433



0.24



4,792



0.14


Restructuring expenses

2,733



0.08






Other

2,434



0.07



(188)



(0.01)


Adjusted net loss available to common
stockholders

$

(7,240)



$

(0.20)



$

(29,955)



$

(0.85)











Basic


Diluted 


Basic


Diluted

Weighted average number of common shares
outstanding

35,689



35,689



35,427



35,427


Total adjusted net loss per share

$

(0.20)



$

(0.20)



$

(0.85)



$

(0.85)


 

 

Reconciliation of G&A to Adjusted G&A

The Company reports and provides guidance on Adjusted G&A per Boe because it believes this measure is commonly used by management, analysts and investors as an indicator of cost management and operating efficiency on a comparable basis from period to period and to compare and make investment recommendations of companies in the oil and gas industry. This non-GAAP measure allows for the analysis of general and administrative spend without regard to stock-based compensation programs and other non-recurring cash items, if any, which can vary significantly between companies. Adjusted G&A per Boe is not a measure of financial performance under GAAP and should not be considered a substitute for general and administrative expense per Boe. Therefore, the Company's Adjusted G&A per Boe may not be comparable to other companies' similarly titled measures.

The Company defines adjusted G&A as general and administrative expense adjusted for certain non-cash stock-based compensation and other non-recurring items, if any, as shown in the following tables:

 


Three Months Ended December 31, 2020


Three Months Ended December 31, 2019


$


$/Boe


$


$/Boe


(In thousands, except per Boe amounts)

General and administrative

$

3,037



$

1.57



$

5,797



$

2.13


Stock-based compensation (1)

(258)



(0.13)



(313)



(0.11)


Adjusted G&A

$

2,779



$

1.44



$

5,484



$

2.03


 


Year Ended December 31, 2020


Year Ended December 31, 2019


$


$/Boe


$


$/Boe


(In thousands, except per Boe amounts)

General and administrative

$

15,327



$

1.76



$

32,058



$

2.68


Stock-based compensation (1)

(1,187)



(0.14)



(3,266)



(0.27)


Adjusted G&A

$

14,140



$

1.62



$

28,792



$

2.41




1.

Excludes non-cash stock-based compensation included in employee termination benefits.


For further information, please contact:

Investor Relations
SandRidge Energy, Inc.
1 E. Sheridan Ave. Suite 500
Oklahoma City, OK 73104
investors@sandridgeenergy.com

Cautionary Note to Investors - This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, the information appearing under the heading "Revised 2020 Operational and Capital Expenditure Guidance." These forward-looking statements are neither historical facts nor assurances of future performance and reflect SandRidge's current beliefs and expectations regarding future events and operating performance. The forward-looking statements include projections and estimates of the Company's corporate strategies, future operations, development plans and appraisal programs, drilling inventory and locations,  estimated oil, natural gas and natural gas liquids production, price realizations and differentials, hedging program, projected operating, general and administrative and other costs, projected capital expenditures, tax rates,  efficiency and cost reduction initiative outcomes, liquidity and capital structure. We have based these forward-looking statements on our current expectations and assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, including the volatility of oil and natural gas prices, our success in discovering, estimating, developing and replacing oil and natural gas reserves, actual decline curves and the actual effect of adding compression to natural gas wells, the availability and terms of capital, the ability of counterparties to transactions with us to meet their obligations, our timely execution of hedge transactions, credit conditions of global capital markets, changes in economic conditions, the amount and timing of future development costs, the availability and demand for alternative energy sources, regulatory changes, including those related to carbon dioxide and greenhouse gas emissions, and other factors, many of which are beyond our control. We refer you to the discussion of risk factors in Part I, Item 1A - "Risk Factors" of our Annual Report on Form 10-K and in comparable "Risk Factor" sections of our Quarterly Reports on Form 10-Q filed after such form 10-K. All of the forward-looking statements made in this press release are qualified by these cautionary statements. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on our Company or our business or operations. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. We undertake no obligation to update or revise any forward-looking statements. 

SandRidge Energy, Inc. (NYSE: SD) is an independent oil and gas company engaged in the development and acquisition of oil and gas properties. Its primary areas of operation are the Mid-Continent in Oklahoma and Kansas. Further information can be found at www.sandridgeenergy.com.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/sandridge-energy-inc-reports-financial-and-operational-results-for-the-fourth-quarter-and-full-year-2020-301240124.html

SOURCE SandRidge Energy, Inc.

Contact IR

SandRidge Energy, Inc. (NYSE: SD)
One East Sheridan, Suite 500
Oklahoma City, OK 73104

Sarah Newell, Vice President

The Bank of New York Mellon Trust Company, N.A.,

601 Travis, Floor 16,

Houston, Texas 77002

Investor Relations Inquiries:

Technical Assistance: