SandRidge Energy not only saw a 46% increase in crude oil production compared to a year ago in the second quarter but its net income also gained.
The company’s second quarter earnings release showed net income went from $13.0 million, or $0.35 per share in the first quarter to $19.6 million and $0.53 per basic share in the recently completed second quarter. The second quarter adjusted net income was $12.2 million oad $0.33 per basic share while Adjusted EBITDA came to $22.8 million.
The SandRidge Board also declared a $0.12 per share dividend which represented an increase of 9%. It will be payable on September 29, 2025 to shareholders of record on September 22.
During the quarter, SandRidge also saw production averaged 17.8 MBoe a day which was a 19% increase versus the same period in 2024. Oil production increased 46% and total revenues increased 33% during the quarter versus the same period in 2024, driven by production from the company’s Cherokee acquisition and operated development program.
As of June 30, the company reported it had $104.2 million of cash and cash equivalents, including restricted cash. Its Cherokee development program saw the first well turned to sales with a peak 30-day initial production rate of approximately 2,300 gross Boe a day and 49% of it was oil.