olivLaw · US equity research
SandRidge Energy, Inc. SD
Crude Petroleum & Natural Gas · SIC 1311 · Vertical: Crude Petroleum & Natural Gas (SIC 1311)
SandRidge Energy is an independent oil and natural gas company focused solely on the U.S. Mid-Continent, with production rising in 2026 thanks to its one-rig drilling program in the Cherokee area. The company held proved reserves of 69.1 MMBoe at the end of 2025 and has announced an acquisition of Cherokee assets that could meaningfully expand its production base.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, SandRidge Energy, Inc. (SD) stock was 12.63 USD (−5.61% on the day), with market capitalisation 468.3 m USD, P/E 5.7 on diluted EPS of 2.23 USD over the last 12 months, dividend yield 0.87%, beta 0.45, 52-week range 12.22–18.08 USD. Latest reported quarter (Q2 2026): revenue of 51.1 m USD (+48.0% YoY), net income of 26.7 m USD (+36.5% YoY), diluted EPS 0.72 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 28.5
- oversold (≤ 30)
- Bollinger (20, 2)
- 13.12 – 15.16
- below the lower band · %B -0.24 · band width 14.4%
- SMA 50 / 200
- 14.12 / 14.93
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.13 / 0.04
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.9% | −1.1% | −6.8 pp | — |
| 3 months | −4.3% | −0.5% | −3.9 pp | — |
| 6 months | −12.8% | +4.4% | −17.2 pp | — |
| Year to date | −12.5% | +12.3% | −24.8 pp | — |
| 1 year | +6.3% | +13.5% | −7.2 pp | +16.2% |
| 3 years | −21.7% | +76.4% | −98.1 pp | +3.6% |
| 5 years | −3.6% | +63.7% | −67.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 30.1 m | 39.0 m | 42.6 m | 34.5 m | 39.8 m | 39.4 m | 49.8 m | 51.1 m |
| Operating income | 8.5 m | 10.1 m | 12.2 m | 18.5 m | 15.0 m | 15.2 m | 17.9 m | 26.0 m |
| Depreciation & amortisation | 10.0 m ≈ | 10.8 m | 10.0 m | 9.9 m ≈ | 11.0 m ≈ | 11.9 m | 11.4 m | 12.1 m ≈ |
| Pre-tax income | 10.0 m | 10.8 m | 13.0 m | 19.6 m | 16.0 m | 16.1 m | 18.7 m | 26.7 m |
| Income tax | -15.4 m | -6.8 m | 0 | 0 | 0 | -5.5 m | 0 | 0 |
| Net income | 25.5 m | 17.6 m | 13.0 m | 19.6 m | 16.0 m | 21.6 m | 18.7 m | 26.7 m |
| Diluted EPS | 0.69 | 0.47 ≈ | 0.35 | 0.53 | 0.43 | 0.58 ≈ | 0.50 | 0.72 |
| Operating cash flow | 20.8 m ≈ | 26.0 m | 20.3 m | 22.9 m ≈ | 25.3 m ≈ | 31.7 m | 19.8 m | 42.4 m ≈ |
| Capex | 10.0 m ≈ | 12.8 m | 6.4 m | 15.6 m ≈ | 19.4 m ≈ | 17.3 m | 20.9 m | 19.2 m ≈ |
| Dividends paid | 4.2 m ≈ | 4.1 m | 4.1 m | 4.1 m | 3.8 m ≈ | 3.9 m | 3.9 m | 10.6 m |
| Share repurchases | 0 ≈ | 233.0 k | 5.0 m | 880.0 k ≈ | 476.0 k ≈ | 0 | 0 | 41.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 42 percentile of its own 24-quarter history (min 2.3, median 6.2, max 400.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 349.4 m | 266.8 m | 115.0 m | 168.9 m | 254.3 m | 148.6 m | 125.3 m | 156.4 m |
| Revenue YoY | −2.2% | −23.6% | −56.9% | +46.9% | +50.6% | −41.5% | −15.7% | +24.8% |
| Net income | -9.1 m | -449.3 m | -277.4 m | 116.7 m | 242.2 m | 60.9 m | 63.0 m | 70.2 m |
| Net income YoY | −119.3% | unavailable | unavailable | unavailable | +107.4% | −74.9% | +3.5% | +11.5% |
| Diluted EPS | -0.26 | -12.68 | -7.77 | 3.13 | 6.52 | 1.64 | 1.69 | 1.90 |
| Diluted EPS YoY | −118.1% | unavailable | unavailable | unavailable | +108.3% | −74.8% | +3.0% | +12.4% |
| net % | -2.6% | -168.4% | -241.2% | 69.1% | 95.2% | 40.9% | 50.3% | 44.9% |
| Free cash flow | unavailable | unavailable | 27.9 m | 98.7 m | 120.6 m | 89.2 m | 47.5 m | 41.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 111.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 510.9 m USD
- Total assets
- 644.0 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.17x
- ROE
- 14.5%
- ROA
- 11.5%
- FCF margin
- 26.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 115.0 m | 168.9 m | 254.3 m | 148.6 m | 125.3 m | 156.4 m | SEC (XBRL)· 05 Mar 2026verified |
| Operating income | -273.5 m | 114.1 m | 175.5 m | 64.2 m | 33.2 m | 61.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Depreciation & amortisation | 58.1 m | 15.4 m | 17.9 m | 22.2 m | 32.5 m | 42.9 m | SEC (XBRL)· 05 Mar 2026verified |
| EBITDA | -215.4 m ≈ | 129.5 m ≈ | 193.3 m ≈ | 86.4 m ≈ | 65.7 m ≈ | 103.8 m ≈ | SEC (XBRL)· 05 Mar 2026derived |
| Interest expense | 2.0 m | 404.0 k | — | — | — | — | SEC (XBRL)· 10 Mar 2022verified |
| Pre-tax income | -278.0 m | 116.7 m | 177.6 m | 74.8 m | 40.8 m | 64.7 m | SEC (XBRL)· 05 Mar 2026verified |
| Income tax | -646.0 k | 0 | -64.5 m | 14.0 m | -22.2 m | -5.5 m | SEC (XBRL)· 05 Mar 2026verified |
| Net income | -277.4 m | 116.7 m | 242.2 m | 60.9 m | 63.0 m | 70.2 m | SEC (XBRL)· 05 Mar 2026verified |
| Diluted EPS | -7.77 | 3.13 | 6.52 | 1.64 | 1.69 | 1.90 | SEC (XBRL)· 05 Mar 2026verified |
| Weighted average diluted shares | 35.7 m | 37.3 m | 37.2 m | 37.1 m | 37.2 m | 36.9 m | SEC (XBRL)· 05 Mar 2026verified |
| Dividend per share | — | — | — | — | 0.11 | — | SEC (XBRL)· 11 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 22.1 m | 137.3 m | 255.7 m | 252.4 m | 98.1 m | 111.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Receivables | 19.6 m | 21.5 m | 34.7 m | 22.2 m | 23.9 m | 26.2 m | SEC (XBRL)· 05 Mar 2026verified |
| Current assets | 50.8 m | 161.7 m | 304.9 m | 277.9 m | 127.7 m | 147.9 m | SEC (XBRL)· 05 Mar 2026verified |
| Property, plant & equipment, net | 103.1 m | 97.8 m | 92.2 m | — | — | — | SEC (XBRL)· 15 Mar 2023verified |
| Total assets | 260.8 m | 352.9 m | 600.5 m | 574.2 m | 581.5 m | 644.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Accounts payable | 51.4 m | 45.8 m | 46.3 m | 38.8 m | 50.6 m | 59.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Short-term debt | 0 | — | — | — | — | — | SEC (XBRL)· 04 Mar 2021verified |
| Long-term debt | 20.0 m | 0 | — | — | — | — | SEC (XBRL)· 10 Mar 2022verified |
| Current liabilities | 68.9 m | 64.0 m | 63.3 m | 49.3 m | 60.6 m | 68.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Total liabilities | 132.8 m | 107.6 m | 112.6 m | 106.1 m | 121.0 m | 133.2 m | SEC (XBRL)· 05 Mar 2026verified |
| Equity | 128.1 m | 245.3 m | 487.9 m | 468.1 m | 460.5 m | 510.9 m | SEC (XBRL)· 05 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 36.2 m | 110.3 m | 164.7 m | 115.6 m | 73.9 m | 100.1 m | SEC (XBRL)· 05 Mar 2026verified |
| Capex | 8.3 m | 11.6 m | 44.1 m | 26.4 m | 26.4 m | 58.6 m | SEC (XBRL)· 05 Mar 2026verified |
| Free cash flow | 27.9 m ≈ | 98.7 m ≈ | 120.6 m ≈ | 89.2 m ≈ | 47.5 m ≈ | 41.5 m ≈ | SEC (XBRL)· 05 Mar 2026derived |
| Investing cash flow | 25.1 m | 23.0 m | -45.1 m | -36.2 m | -154.7 m | -64.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Financing cash flow | -39.0 m | -22.0 m | -1.6 m | -82.9 m | -73.7 m | -23.3 m | SEC (XBRL)· 05 Mar 2026verified |
| Dividends paid | — | 0 | 0 | 81.5 m | 72.3 m | 15.9 m | SEC (XBRL)· 05 Mar 2026verified |
| Share repurchases | — | — | 0 | 0 | 233.0 k | 6.4 m | SEC (XBRL)· 05 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 63 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 468.3 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Growth0
- Quality65
- Returns80
- Valuation100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.45 – 27.94 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E19.14 – 27.94 (Mid 20.90)20 companies used · median multiple 9.4x · quartiles 8.6x – 12.5xAMPY, APA, AR, CHRD, CNX, CRK, DVN, EOG, EQT, EXE, GPRK, INR, MGY, MTDR, OVV, OXY, PR, REPX, TTE, VIST
- Dividend discount (DDM)1.45 – 1.94 (Mid 1.66)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 63/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 46.1% | 100 (vs peers) | 10% |
| FCF conversion · Quality | 51.2% | 30 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | -15.0% | 0 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | -33.7% | 0 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.6x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 5.7x | 100 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.1% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 4.8% | 69 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 52.2% | 97 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality65/100 · 2/3 factors with a value
- Returns80/100 · 2/2 factors with a value
- Valuation100/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SANDRIDGE ENERGY, INC. (SD). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 156.4 m USD in 2025; YoY growth 24.8%; net margin 46.1%; ROE 16.2%.
The estimated value range is 10.29–14.94 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 11.28 USD, the price of 12.63 USD leaves a potential of -10.7% (value / price − 1) and a margin of safety of -12.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 63/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 46.1%
- Current ratio: 2.6x
- P/E (TTM): 5.7x
- FCF yield: 9.1%
- Payout ratio (FCF): 52.2%
What contradicts it
- Revenue CAGR 3Y: -15.0%
- EPS CAGR 3Y: -33.7%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Crude Petroleum & Natural Gas (SIC 1311) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TTETotalEnergies SE | 199.6 bn | 15.7 | 11.3% | 6.5% | −6.2% | +38% / +33% |
| EOGEog Resources, Inc. | 77.1 bn | 11.4 | 22.5% | 25.4% | −4.5% | +36% / +19% |
| OXYOccidental Petroleum Corporation | 57.3 bn | 8.6 | 18.9% | 33.7% | −1.9% | +37% / −3% |
| FANGDiamondback Energy, Inc. | 51.1 bn | 25.0 | 5.3% | 11.0% | +35.8% | +20% / +18% |
| DVNDevon Energy Corp | 48.5 bn | 10.5 | 11.5% | 16.7% | +7.8% | +19% / −2% |
| EQTEqt Corporation | 32.9 bn | 12.5 | 10.9% | 28.4% | +63.9% | −14% / +31% |
| EXEExpand Energy Corporation | 20.2 bn | 7.6 | 14.6% | 19.8% | +186.3% | −28% / +9% |
| PRPermian Resources Corporation | 18.8 bn | 14.9 | 11.5% | 21.5% | +1.3% | +55% / +71% |
| OVVOvintiv Inc. | 16.8 bn | 12.7 | 12.1% | 12.8% | −2.7% | +53% / +41% |
| APAApa Corporation | 15.6 bn | 9.4 | 25.9% | — | unavailable | +78% / +24% |
| ARAntero Resources Corporation | 11.5 bn | 8.4 | 17.6% | 21.7% | +22.0% | +3% / +58% |
| CHRDChord Energy Corporation | 7.2 bn | 8.9 | 10.3% | 13.4% | −7.1% | +41% / −18% |
| MTDRMatador Resources Company | 6.2 bn | 8.6 | 12.8% | 19.9% | +5.5% | +19% / −13% |
| VISTVista Energy, S.A.B. de C.V. | 5.9 bn | 13.4 | 33.3% | 29.0% | +41.0% | +26% / +101% |
| MGYMagnolia Oil & Gas Corp | 5.5 bn | 13.0 | 20.5% | 28.8% | −0.3% | +1% / +9% |
| CNXCNX Resources Corporation | 5.1 bn | 5.8 | 20.4% | 35.2% | +76.8% | −7% / +72% |
| CRGYCrescent Energy Company | 5.0 bn | 79.8 | 1.3% | 1.3% | +22.1% | +24% / +3% |
| CRCCalifornia Resources Corp | 4.3 bn | — | -15.5% | -18.1% | +14.7% | +1% / −6% |
| CRKComstock Resources, Inc. | 3.9 bn | 7.6 | 21.1% | 23.3% | +77.0% | −50% / +36% |
| TALOTalos Energy Inc. | 2.6 bn | — | -18.1% | -18.4% | −9.8% | +36% / +12% |
| KOSKosmos Energy Ltd. | 1.3 bn | — | -58.8% | -27.4% | −23.1% | +101% / −67% |
| REPXRiley Exploration Permian, Inc. | 948.6 m | 9.2 | 16.8% | 17.3% | −4.4% | +57% / +74% |
| AESIAtlas Energy Solutions Inc. | 843.0 m | — | -12.1% | -13.0% | +3.7% | −22% / −61% |
| VTSVitesse Energy, Inc. | 618.1 m | — | -7.6% | -15.4% | +13.2% | −31% / −38% |
| GRNTGranite Ridge Resources, Inc. | 610.7 m | — | -4.6% | -5.6% | +18.5% | −10% / −22% |
1- and 3-year price returns: for SD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 6.76 Total return -46% · Per year -46% | 12.02 Total return -5% · Per year -5% | 18.19 Total return 44% · Per year 44% |
| 3 years | 5.37 Total return -57% · Per year -25% | 10.85 Total return -14% · Per year -5% | 18.19 Total return 44% · Per year 13% |
| 5 years | 4.27 Total return -66% · Per year -20% | 9.79 Total return -22% · Per year -5% | 18.19 Total return 44% · Per year 8% |
- Exit P/E± 2.71
- Net margin± 1.90
- Annual revenue growth± 1.71
- Annual dilution± 0.16
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
In brief
SandRidge Energy is an independent oil and natural gas company focused solely on the U.S. Mid-Continent, with production rising in 2026 thanks to its one-rig drilling program in the Cherokee area. The company held proved reserves of 69.1 MMBoe at the end of 2025 and has announced an acquisition of Cherokee assets that could meaningfully expand its production base.
SWOT
Strengths
- The asset base is concentrated in one region, which allows efficient operation and low unit costs, and reserves are largely certified by an independent consultant 1.
- The balance sheet is solid, with no outstanding financial debt, and the company holds enough cash for investment and dividends 23.
- The company holds net operating loss carryforwards that could reduce future tax burden if used under applicable rules 1.
Weaknesses
- Full dependence on a single geographic region makes the company vulnerable to local regulatory changes, infrastructure and weather in the Mid-Continent 1.
- Production declines naturally and requires continuous investment in drilling or acquisitions to be maintained at current levels 1.
- Results are sensitive to hydrocarbon prices, and in some quarters the realized gas price fell considerably 3.
Opportunities
- The Cherokee acquisition could add net leasehold acreage and proven development locations, expanding production 2.
- Higher oil prices in 2026 could improve oil revenues if elevated levels hold 3.
- The production optimisation program through artificial lift conversions could reduce costs and power consumption 3.
Threats
- A sharp fall in oil or gas prices could reduce revenues and reserve value, with possible asset impairments 1.
- Geopolitical conflicts and sanctions can cause high hydrocarbon price volatility that is hard to predict 1.
- Regulation of hydraulic fracturing and greenhouse gas emissions could raise costs or restrict operations 1.
Risks
- Price volatilityhigh
Revenues and cash flow depend directly on oil, gas and NGL prices, which are hard to predict and can fall quickly 1.
- Geographic concentrationhigh
All operations are in the Mid-Continent, exposing the company to local regulatory, infrastructure and climate risks 1.
- Asset impairment riskmedium
Falling prices can lead to write-downs of oil and gas asset carrying values, hitting net income though not cash flow directly 2.
- Acquisition integrationmedium
Acquired assets may underperform expectations or carry hidden liabilities, and integrating them into the existing program requires additional resources 2.
- Lease expirationslow
Part of the undeveloped acreage will expire in coming years unless production is established or leases are renewed 1.
Investment thesis
What would need to be true (bull case)
- Higher production and revenues in 2026, combined with a balance sheet free of financial debt, could support continued dividends and the capital return program 23.
- The Cherokee acquisition, if closed and integrated efficiently, could add production and proven locations at controlled cost 2.
- Operating costs per unit have fallen versus earlier years, which can improve margins if prices stay favourable 13.
What would break the thesis
- Reliance on volatile hydrocarbon prices can make results highly unstable from one quarter to the next 3.
- Concentration in one region and natural production decline require constant investment that could reduce free cash flow 1.
- The realized gas price fell in Q2 2026, and a persistently low level could limit revenue growth in that segment 3.
What to watch
- Closing of the Cherokee acquisition and integration of the assetsQ3 2026
- Evolution of oil and gas prices compared with Q2 2026 levelsQ3 2026
- Results of the first Cherokee wells in the program and drilling costnext 10-K
- Future dividends and use of the capital return program2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
The business
SandRidge Energy, Inc., organized in 2006, is an independent oil and natural gas company focused on acquisition, development and production of hydrocarbons in the Mid-Continent region, with assets in Oklahoma, Kansas and Texas 1. At 31 December 2025 it held interests in 1,446 gross producing wells, about 930 of them operated by the company, and 574,599 gross acres under lease 1. Its stated strategy emphasises growing asset value in a safe, responsible and efficient manner while using net operating loss carryforwards to maximise cash flow 1.
Production is driven by a one-rig development program in the Cherokee formation, which has become an important producing zone in recent years 1. The company says it will evaluate accretive merger and acquisition opportunities, with consideration given to its strong balance sheet and its capital return program 2.
The revenue mix shifted in 2025: natural gas made up the largest share of volumes, and oil, gas and NGL revenues rose versus 2024 on new Cherokee volumes and better gas realizations 1. In the first half of 2026 the company again reported higher production and revenues, supported by new operated wells 23.
Segments
Oil
Oil is a meaningful part of production, and oil revenues rose sharply in the second quarter of 2026 versus the same period of 2025, on a higher realized price and new Cherokee volumes 3.
Natural gas
Natural gas makes up the largest share of production on a barrel-equivalent basis, but realized prices have been volatile; gas revenues rose sharply in 2025 versus 2024, while the realized gas price fell in Q2 2026 below Q1 2026 13.
NGLs
Natural gas liquids are extracted from processed gas and sold by the gallon; they are a significant share of proved reserves, and realized prices depend on individual component prices 1.
Market context
Oil and gas prices are set by global supply and demand, inventories, weather and geopolitical conflict; from 2021 to 2025 the NYMEX WTI settlement price ranged between 47.47 and 123.64 dollars per barrel 1. In the second half of 2026 the average NYMEX oil price rose noticeably from earlier quarters, which directly influenced the company's revenues 2.
The U.S. natural gas market is shaped by winter heating demand, LNG export projects and pipeline capacity, factors that can keep prices volatile 1. The company operates only in the Mid-Continent, so it is exposed to local market conditions and regional transport infrastructure 1.
Trends
- Higher oil prices in 2026tailwind
The average NYMEX oil price reached higher levels in Q2 2026, supporting oil revenues; continuation of this trend could support results 23.
- Gas price volatilityheadwind
The realized natural gas price fell in Q2 2026 versus Q1, reducing revenue per unit; if the trend persists it could limit gas revenue growth 23.
- Consolidation through acquisitionstailwind
The company signed an acquisition agreement in Cherokee and is evaluating other merger opportunities, which could expand production if integration goes well 2.
- Operating costs and taxesmixed
Lease operating costs and production taxes rose in 2026 as volumes and prices increased, which could compress margins if cost pressure persists 2.
Competitive position
The company operates in an industry with intense competition for land, equipment, qualified personnel and access to transport and processing infrastructure 1. In the Mid-Continent, operators expanding drilling and buying assets in the same formations, such as Cherokee, are direct competitors 1.
Its stated advantages are low operating costs, a balance sheet with no outstanding financial debt and a capital return program, which help it compete for asset acquisitions 23.
- Devon EnergyDVN
Independent oil and gas producer with U.S. assets; as another independent it can compete with SandRidge for assets and capital in the same regions.
- Chesapeake Energy
U.S. producer of gas and liquids active in comparable basins; it can compete for acquisitions and skilled labour.
- Continental Resources
Independent company with operations in the Mid-Continent, a direct competitor in the same geological formations.
- Unit Corporation
Oklahoma-based company with drilling and production activities, competing in the regional services and asset market.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- SandRidge (SD) Turns Bigger Wells And Bigger Dividends Into Real CashYahoo Finance — News · 12 Sept 2026 · EN
The latest news item in our archive is from 12 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Results of operations · Other events · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report05 Aug 2026Results of operations · Other events · Financial statements and exhibits
- Current report29 Jun 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report16 Jun 2026Material agreement · Item 3.03 · Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report06 May 2026Results of operations · Other events · Financial statements and exhibits
- Proxy statement27 Apr 2026
- Current report21 Apr 2026Departure or appointment of officers
- Annual report05 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / SandRidge Energy, Inc. · 05 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / SandRidge Energy, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / SandRidge Energy, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.