SandRidge Energy reported it saw a 28% increase in its oil production in the fourth quarter.
The Oklahoma City-based company released its quarterly earnings report which slowed the Board also declared a cash dividend of 11 cents a share of company common stock. During 2024, SandRidge paid $16.4 million in regular quarterly dividends and a one-time special dividend of $55.9 million.
For 2024, SandRidge recorded it generated net income of $63 million or $1.70 per share with adjusted net income of $34.5 million and 93 cents a basic share. It had adjusted EBITDA of $69.5 million in the year.
The company closed a second acquisition in the Cherokee Shale Play of the Mid-Continent region and increased its ownership interest in certain proved and unproved oil gas properties for $5.7 million. The quarterly report indicated SandRidge’s 2025 guidance shows a one-rig Cherokee Shale development plan for the year, drilling 8 and complting 6 new SandRidge-operated wells. The first acquisition for $121.9 million was completed in the Cherokee in August.
The company completed and initiated production from the first operated wells in the Cherokee in 2024 with 3 drilled but uncompleted wells.
Production averaged 19.1 MBoe a day in the fourth quarter and an increase of 19% on a Boe basis compared to the same period in 2023. Oil production increased 28% over the same period.
As of December 31, 2024, the Company had $99.5 million of cash and cash equivalents, including restricted cash.