SandRidge Energy, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net income for the three months ended September 30, 2026, was $30.6 million ($0.83 per basic share), compared to $15.9 million ($0.44 per basic share) in the same period in 2025.
• Adjusted net income for the three months ended September 30, 2026, was $23.8 million ($0.64 per basic share), compared to $15.5 million ($0.42 per basic share) in the same period in 2025.
• Adjusted EBITDA for the three months ended September 30, 2026, was $39.3 million, compared to $27.3 million in the same period in 2025.
• Net cash provided by operating activities for the three months ended September 30, 2026, was $32.1 million, compared to $25.3 million in the same period in 2025.
• Free cash flow for the three months ended September 30, 2026, was $10.5 million, compared to $5.9 million in the same period in 2025.
• Total revenues for the three months ended September 30, 2026, were $54.4 million, an increase of 37% compared to $39.8 million in the same period in 2025.
• Adjusted G&A for the three months ended September 30, 2026, was $1.8 million ($0.94 per Boe), compared to $2.1 million ($1.23 per Boe) in the same period in 2025.
• Lease operating expenses (LOE) for the three months ended September 30, 2026, were $11.0 million ($5.75 per Boe), compared to $10.3 million ($5.73 per Boe) in the prior quarter and a decrease of approximately 8% per Boe versus the same period in 2025.
• As of September 30, 2026, the Company held $70.0 million in cash and cash equivalents, including $1.3 million in restricted cash.
• The Company had no outstanding term or revolving debt obligations as of September 30, 2026.
• For the nine months ended September 30, 2026, net income was $76.0 million ($2.05 per diluted share), compared to $48.6 million ($1.32 per diluted share) in the same period in 2025.
• For the nine months ended September 30, 2026, free cash flow was $32.6 million, compared to $29.3 million in the same period in 2025.

Guidance and Future Outlook:

• The Company remains committed to growing its asset base through a one-rig development program in the Cherokee Play, evaluation of accretive M&A opportunities, production optimization via artificial lift conversions, and a leasing program to extend development.
• Total leasehold position, inclusive of the Cherokee, NW Stack, and legacy assets, is approximately 95% held by production.
• The Company will continue to monitor forward-looking commodity prices, project results, and costs, adjusting capital activity or well reactivations based on market conditions.
• Development decisions for 2026 and beyond will be shaped by reinvestment rates, cash flow maintenance, and prioritization of the regular-way dividend.
• Current WTI futures provide a potential tailwind through the end of the year and into next year.

Business Segments and Product Lines:

• Production averaged 20.9 MBoe per day during the third quarter of 2026, an increase of 10% on a Boe basis versus the same period in 2025.
• Oil production increased 8% in the third quarter of 2026 versus the same period in 2025.
• During the nine months ended September 30, 2026, the Company completed seven gross operated wells as part of its one-rig Cherokee development program.
• The Company closed an acquisition of producing assets and leasehold interests in the Cherokee Play, adding approximately 7,000 net leasehold acres, interests in 21 wells, and eight proven development locations.
• Drilling, completion, and capital workover spend for the nine months ended September 30, 2026, was $57.3 million.
• Capital expenditures (excluding acquisitions and plugging and abandonment) for the nine months ended September 30, 2026, were $60.7 million.

Market and Competitive Landscape:

• Realized oil price per barrel for the third quarter of 2026 was $85.27, compared to $65.23 in the same period in 2025.
• Realized natural gas price per Mcf for the third quarter of 2026 was $1.62, compared to $1.71 in the same period in 2025.
• Realized NGL price per barrel for the third quarter of 2026 was $22.68, compared to $15.61 in the same period in 2025.
• Realized price per Boe for the third quarter of 2026 was $28.32, compared to $22.82 in the same period in 2025.
• Oil represented 58% of revenues in the third quarter of 2026, compared to 56% in the same period in 2025.
• The Company maintains a strong balance sheet with no debt, positioning it to evaluate M&A opportunities.

Risks and Challenges:

• The Company notes risks related to the volatility of oil and natural gas prices, the ability to execute and integrate acquisitions, and the performance of acquired interests.
• Risks include the success in discovering, estimating, developing, and replacing reserves, actual decline curves, and the effect of adding compression to natural gas wells.
• Potential risks involve the availability and terms of capital, counterparty obligations, credit conditions, and changes in economic conditions.
• Regulatory changes regarding carbon dioxide and greenhouse gas emissions and the availability of alternative energy sources are cited as potential risks.

Management Commentary and Tone:

• President and CEO Grayson Pranin highlighted the company's record of five years without a recordable safety incident and the ability to maintain a low G&A burden while integrating new assets.
• Management expressed amazement at the team's record and noted the benefit of strong WTI prices.
• The tone reflects confidence in the one-rig program, the efficiency of operations, and the positive backdrop provided by current commodity futures.

Other Key Points:

• On November 3, 2026, the Board declared a dividend of $0.13 per share, payable on November 30, 2026, to stockholders of record on November 19, 2026.
• Stockholders may elect to receive dividends in cash or additional shares of common stock through the Dividend Reinvestment Plan (DRIP).
• Since the inception of its 10b5-1 program, the Company has repurchased 0.6 million shares at an average price of $10.75 per share.
• Of the $75.0 million repurchase authorization, $68.3 million remained available as of September 30, 2026.
• No shares were repurchased during the third quarter of 2026.
• The Company maintains an ESG commitment including no routine flaring, transporting nearly 90% of produced water via pipeline, and powering nearly all well sites with electricity.
• The Company has a 24-hour manned operations center and uses infrared leak detection equipment to monitor emissions.