10-Q Filing

SANDRIDGE ENERGY INC CIK: 1349436 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001628280-23-016135`
Period End Date	20230331
Filing Date	20230505
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	sd-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 44 Cash Flow Statement 50 Stockholders Equity 19

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	36.90M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	36.87M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$255.72M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$285.81M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	36.90M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	36.87M	shares	Point-in-time
Restricted cash - other	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$1.75M	USD	Point-in-time
Restricted cash - other	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$1.75M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$26.57M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$34.73M	USD	Point-in-time
Derivative contracts	`DerivativeAssetsCurrent`	-	USD	Point-in-time
Derivative contracts	`DerivativeAssetsCurrent`	$4.43M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$2.32M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$523.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$7.54M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$7.75M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$324.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$304.90M	USD	Point-in-time
Proved	`CapitalizedCostsProvedProperties`	$1.51B	USD	Point-in-time
Proved	`CapitalizedCostsProvedProperties`	$1.52B	USD	Point-in-time
Unproved	`CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortizationCumulative`	$11.52M	USD	Point-in-time
Unproved	`CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortizationCumulative`	$11.56M	USD	Point-in-time
Less: accumulated depreciation, depletion and impairment	`CapitalizedCostsAccumulatedDepreciationDepletionAmortizationAndValuationAllowanceForRelatingToOilAndGasProducingActivities`	$1.38B	USD	Point-in-time
Less: accumulated depreciation, depletion and impairment	`CapitalizedCostsAccumulatedDepreciationDepletionAmortizationAndValuationAllowanceForRelatingToOilAndGasProducingActivities`	$1.38B	USD	Point-in-time
Net oil and natural gas properties	`OilAndGasPropertyFullCostMethodNet`	$138.63M	USD	Point-in-time
Net oil and natural gas properties	`OilAndGasPropertyFullCostMethodNet`	$148.70M	USD	Point-in-time
Other property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$92.24M	USD	Point-in-time
Other property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$90.64M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$311.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$190.00K	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$64.53M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$64.53M	USD	Point-in-time
Total assets	`Assets`	$628.18M	USD	Point-in-time
Total assets	`Assets`	$600.50M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$49.14M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$46.34M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationCurrent`	$16.07M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationCurrent`	$16.07M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.06M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$870.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$63.28M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$66.28M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$47.63M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$48.56M	USD	Point-in-time
Other long-term obligations	`OtherLiabilitiesNoncurrent`	$1.47M	USD	Point-in-time
Other long-term obligations	`OtherLiabilitiesNoncurrent`	$1.66M	USD	Point-in-time
Total liabilities	`Liabilities`	$116.31M	USD	Point-in-time
Total liabilities	`Liabilities`	$112.58M	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value; 250,000 shares authorized; 36,902 issued and outstanding at March 31, 2023 and 36,868 issued and outstanding at December 31, 2022	`CommonStockValue`	$37.00K	USD	Point-in-time
Common stock, $0.001 par value; 250,000 shares authorized; 36,902 issued and outstanding at March 31, 2023 and 36,868 issued and outstanding at December 31, 2022	`CommonStockValue`	$37.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.15B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.15B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-640.05M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-663.80M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$511.87M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$487.92M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$628.18M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$600.50M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$57.49M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$43.15M	USD	1 Quarter
Lease operating expenses	`ResultsOfOperationsProductionOrLiftingCosts`	$11.69M	USD	1 Quarter
Lease operating expenses	`ResultsOfOperationsProductionOrLiftingCosts`	$10.86M	USD	1 Quarter
Production, ad valorem, and other taxes	`ProductionTaxExpense`	$4.11M	USD	1 Quarter
Production, ad valorem, and other taxes	`ProductionTaxExpense`	$3.75M	USD	1 Quarter
Depreciation and depletion oil and natural gas	`ResultsOfOperationsDepreciationDepletionAmortizationAndAccretion`	$3.45M	USD	1 Quarter
Depreciation and depletion oil and natural gas	`ResultsOfOperationsDepreciationDepletionAmortizationAndAccretion`	$2.40M	USD	1 Quarter
Depreciation and amortization other	`OtherDepreciationAndAmortization`	$1.57M	USD	1 Quarter
Depreciation and amortization other	`OtherDepreciationAndAmortization`	$1.62M	USD	1 Quarter
General and administrative	`OtherGeneralAndAdministrativeExpense`	$2.53M	USD	1 Quarter
General and administrative	`OtherGeneralAndAdministrativeExpense`	$2.91M	USD	1 Quarter
Restructuring expenses	`RestructuringCharges`	$39.00K	USD	1 Quarter
Restructuring expenses	`RestructuringCharges`	$209.00K	USD	1 Quarter
Employee termination benefits	`PostemploymentBenefitsPeriodExpense`	$19.00K	USD	1 Quarter
Employee termination benefits	`PostemploymentBenefitsPeriodExpense`	-	USD	1 Quarter
(Gain) loss on derivative contracts	`DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet`	$1.45M	USD	1 Quarter
(Gain) loss on derivative contracts	`DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet`	$-1.06M	USD	1 Quarter
Other operating income	`OtherOperatingIncomeExpenseNet`	$94.00K	USD	1 Quarter
Other operating income	`OtherOperatingIncomeExpenseNet`	$64.00K	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$22.69M	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$21.94M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$34.80M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$21.20M	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$2.50M	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$-152.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$76.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$55.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-76.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$2.55M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$23.76M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$34.72M	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net income	`NetIncomeLoss`	$23.76M	USD	1 Quarter
Net income	`NetIncomeLoss`	$34.72M	USD	1 Quarter
Loss Per Share, Basic (in dollars per share)	`EarningsPerShareBasic`	$0.95	USD	1 Quarter
Loss Per Share, Basic (in dollars per share)	`EarningsPerShareBasic`	$0.64	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.64	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.94	USD	1 Quarter
Weighted Average Shares, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	36.63M	shares	1 Quarter
Weighted Average Shares, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	36.86M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.11M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.02M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$23.76M	USD	1 Quarter
Net income	`NetIncomeLoss`	$34.72M	USD	1 Quarter
Depreciation, depletion, and amortization	`DepreciationDepletionAndAmortization`	$3.98M	USD	1 Quarter
Depreciation, depletion, and amortization	`DepreciationDepletionAndAmortization`	$5.07M	USD	1 Quarter
(Gain) loss on derivative contracts	`DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet`	$1.45M	USD	1 Quarter
(Gain) loss on derivative contracts	`DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet`	$-1.06M	USD	1 Quarter
Realized settlement gains (losses) on derivative contracts	`PaymentsForProceedsFromDerivativeInstrumentsOperatingActivities`	$1.08M	USD	1 Quarter
Realized settlement gains (losses) on derivative contracts	`PaymentsForProceedsFromDerivativeInstrumentsOperatingActivities`	$-5.88M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$396.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$356.00K	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$38.00K	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$38.00K	USD	1 Quarter
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$-6.15M	USD	1 Quarter
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$6.88M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$32.19M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$39.85M	USD	1 Quarter
Capital expenditures for property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.39M	USD	1 Quarter
Capital expenditures for property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.63M	USD	1 Quarter
Purchase of other property and equipment	`PaymentsToAcquireOtherProductiveAssets`	$16.00K	USD	1 Quarter
Purchase of other property and equipment	`PaymentsToAcquireOtherProductiveAssets`	$49.00K	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfProductiveAssets`	-	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfProductiveAssets`	$59.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-9.41M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.62M	USD	1 Quarter
Reduction of financing lease liability	`FinanceLeasePrincipalPayments`	$132.00K	USD	1 Quarter
Reduction of financing lease liability	`FinanceLeasePrincipalPayments`	$113.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$28.00K	USD	1 Quarter
Tax withholdings paid in exchange for shares withheld on employee vested stock awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$211.00K	USD	1 Quarter
Tax withholdings paid in exchange for shares withheld on employee vested stock awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$235.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-343.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-320.00K	USD	1 Quarter
NET INCREASE IN CASH, CASH EQUIVALENTS and RESTRICTED CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$26.25M	USD	1 Quarter
NET INCREASE IN CASH, CASH EQUIVALENTS and RESTRICTED CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$30.10M	USD	1 Quarter
CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$257.47M	USD	Point-in-time
CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$287.56M	USD	Point-in-time
CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$139.52M	USD	Point-in-time
CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$165.78M	USD	Point-in-time
CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$257.47M	USD	Point-in-time
CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$287.56M	USD	Point-in-time
CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$139.52M	USD	Point-in-time
CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$165.78M	USD	Point-in-time
Cash paid for interest, net of amounts capitalized	`InterestPaidNet`	$32.00K	USD	1 Quarter
Cash paid for interest, net of amounts capitalized	`InterestIncomeOther`	$145.00K	USD	1 Quarter
Capital expenditures for property, plant and equipment in accounts payables and accrued expenses	`IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid`	$8.90M	USD	1 Quarter
Capital expenditures for property, plant and equipment in accounts payables and accrued expenses	`IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid`	$680.00K	USD	1 Quarter
Inventory material transfers to oil and natural gas properties	`CrudeOilAndNaturalGasLiquids`	-	USD	Point-in-time
Inventory material transfers to oil and natural gas properties	`CrudeOilAndNaturalGasLiquids`	$75.00K	USD	Point-in-time
Asset retirement obligation capitalized	`AssetRetirementObligationLiabilitiesIncurred`	-	USD	1 Quarter
Asset retirement obligation capitalized	`AssetRetirementObligationLiabilitiesIncurred`	$12.00K	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Beginning balance (in shares)	`CommonStockSharesOutstanding`	36.90M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	36.87M	shares	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$487.92M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$280.19M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$245.32M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$511.87M	USD	Point-in-time
Issuance of stock awards, net of cancellations	`StockIssuedDuringPeriodValueShareBasedCompensation`	-	USD	1 Quarter
Tax withholdings paid in exchange for shares withheld on employee vested stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$211.00K	USD	1 Quarter
Tax withholdings paid in exchange for shares withheld on employee vested stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$235.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$384.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$396.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$23.76M	USD	1 Quarter
Net income	`NetIncomeLoss`	$34.72M	USD	1 Quarter
Ending balance (in shares)	`CommonStockSharesOutstanding`	36.90M	shares	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	36.87M	shares	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$487.92M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$280.19M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$245.32M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$511.87M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.