SandRidge Energy (SD) Q4 2025 earnings summary

Executive summary

• Achieved strong production growth in 2025, averaging 18.5 MBOE/day, up 12% year-over-year, driven by Cherokee Play development and acquisition, with Q4 production at 19.5 MBOE/day.

• Maintained a record of over four years without a recordable safety incident, highlighting operational discipline and safety culture.

• Net income for 2025 was $70.2 million ($1.91 per share basic), with adjusted net income of $54.7 million ($1.49 per share).

• Adjusted EBITDA reached $101.1 million for 2025.

• Declared a $0.12/share dividend payable March 31, 2026, with DRIP option.

Financial highlights

• Full-year revenue reached $156.4 million in 2025, a 25% increase from 2024.

• Lease operating expenses were $36.2 million ($5.35/Boe), down from $40.0 million ($6.61/Boe) in 2024.

• Adjusted EBITDA was $101.1 million for 2025; free cash flow was $43.8 million.

• Ended 2025 with $112.3 million in cash and no debt.

• Quarterly dividend payments in 2025 totaled $15.9 million ($0.46/share); repurchased 0.6 million shares for $6.4 million.

Outlook and guidance

• 2026 production guidance is 6.4–7.7 million BOE, with CapEx of $76–$97 million.

• Plan to drill 10 and complete 8 operated Cherokee wells in 2026; remaining 2 completions to carry over to next year.

• Lease operating expenses expected at $39–$47 million; adjusted G&A at $10–$12 million.

• Anticipate growing oil production volumes by approximately 20% in 2026.

• Hedges in place for 23% of 2026 production guidance, including 37% of natural gas and 27% of oil.