SandRidge Energy, Inc. reported a total revenue of $125.3 million for the fiscal year ending December 31, 2024, a decrease of approximately 15.7% from $148.6 million in 2023. The decline in revenue was primarily attributed to lower commodity prices, with oil revenues falling from $78.2 million to $68.2 million, and natural gas revenues decreasing from $34.9 million to $21.4 million. In contrast, NGL revenues saw a slight increase from $35.5 million to $35.7 million. The company’s net income for 2024 was $63.0 million, compared to $60.9 million in the previous year, reflecting a stable profitability despite the revenue drop.
In terms of operational changes, SandRidge made significant acquisitions in 2024, including the purchase of oil and natural gas properties in the Cherokee Play for $121.9 million, which was finalized on August 30, 2024. This acquisition was followed by another transaction on December 13, 2024, where the company increased its ownership interest in certain properties for $5.2 million. These strategic moves are part of SandRidge's ongoing efforts to enhance its asset base and operational capabilities in the Mid-Continent region.
As of December 31, 2024, SandRidge operated 1,465 gross producing wells, with an average working interest of 57.9%. The company reported total estimated proved reserves of 63.1 million barrels of oil equivalent (MMBoe), an increase from 55.7 MMBoe in 2023. This growth was driven by acquisitions and positive revisions related to NGL yield, although it was partially offset by production and negative revisions due to lower commodity prices. The company’s daily production averaged 16.5 MMBoe/d, slightly down from 16.9 MMBoe/d in the previous year.
Looking ahead, SandRidge plans to focus on organic growth projects, including a development program in the Cherokee Shale Play, which involves drilling nine new wells in 2025. The company aims to optimize production through artificial lift conversions and high-graded recompletions. Additionally, SandRidge remains committed to maintaining financial discipline and is actively evaluating further acquisition opportunities to enhance its portfolio. The company’s strong balance sheet and cash flow from operations are expected to support its capital expenditures and dividend payments, which totaled $72.3 million in 2024.
About SANDRIDGE ENERGY INC
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