SandRidge Energy, Inc. reported a decline in financial performance for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For the three months ended September 30, 2024, the company generated revenues of $30.1 million, down from $38.1 million in Q3 2023. Similarly, revenues for the nine months ended September 30, 2024, totaled $86.3 million, a decrease from $114.7 million in the prior year. The revenue decline was attributed to lower commodity prices and production volumes, which were affected by natural declines and one month of production from newly acquired wells in the Cherokee Play.
Despite the drop in revenues, SandRidge reported a net income of $25.5 million for Q3 2024, an increase from $18.7 million in Q3 2023. For the nine-month period, net income was $45.4 million, down from $59.1 million in the same period last year. Basic earnings per share for Q3 2024 were $0.69, compared to $0.51 in Q3 2023, while for the nine months, earnings per share decreased from $1.60 to $1.22.
Total expenses for the three months ended September 30, 2024, were $21.6 million, slightly lower than $22.0 million in Q3 2023. For the nine months, expenses decreased marginally from $63.5 million to $63.2 million. Operating expenses for Q3 2024 increased to $20.9 million from $19.3 million in Q3 2023, while lease operating expenses decreased.
As of September 30, 2024, SandRidge's cash and cash equivalents stood at $92.7 million, a significant decrease from $252.4 million at the end of 2023. The company’s total assets were reported at $565.2 million, down from $574.2 million at year-end 2023. The decrease in cash was primarily due to substantial cash payments for acquisitions, dividends, and capital expenditures.
In a strategic move, SandRidge completed the acquisition of oil and natural gas properties in the Cherokee Play of the Western Anadarko Basin for $123.8 million on August 30, 2024. This acquisition was funded with cash on hand and is expected to enhance the company’s production capabilities.
The company also declared a cash dividend of $0.11 per share on November 5, 2024, reflecting its commitment to returning capital to shareholders. The total dividends paid for the nine months ended September 30, 2024, amounted to $68.2 million, compared to $77.8 million in the same period of 2023.
Overall, SandRidge Energy is focusing on growth through strategic acquisitions and optimizing production while managing the impacts of fluctuating commodity prices.
About SANDRIDGE ENERGY INC
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