SandRidge Energy, Inc. (SD): Business Model Canvas

In der dynamischen Landschaft der Energieexploration entwickelt sich SandRidge Energy, Inc. (SD) zu einem strategischen Kraftpaket, das ein ausgeklügeltes Geschäftsmodell nutzt, das komplexe Kohlenwasserstoffressourcen in wertorientierte Möglichkeiten umwandelt. Durch die sorgfältige Orchestrierung wichtiger Partnerschaften, innovativer Technologien und gezielter Betriebsstrategien navigiert SandRidge mit Präzision und Anpassungsfähigkeit durch das herausfordernde Energieumfeld des mittleren Kontinents und positioniert sich als zukunftsorientierter Akteur in einer zunehmend wettbewerbsorientierten und umweltbewussteren Branche.

SandRidge Energy, Inc. (SD) – Geschäftsmodell: Wichtige Partnerschaften

Joint-Venture-Vereinbarungen mit Midstream-Infrastrukturunternehmen

SandRidge Energy hat wichtige Midstream-Infrastrukturpartnerschaften aufgebaut, um seine betriebliche Effizienz zu optimieren.

Partner	Art der Partnerschaft	Einsatzgebiet
Midland-Komprimierungsdienste	Midstream-Infrastruktur	Permbecken
Western Midstream-Partner	Sammeln und Verarbeiten	Oklahoma und Kansas

Strategische Partnerschaften mit Bohr- und Ausrüstungsdienstleistern

SandRidge unterhält strategische Beziehungen zu wichtigen Dienstleistern, um die betrieblichen Fähigkeiten zu verbessern.

• Schlumberger Limited – Bohrtechnologiedienstleistungen
• Halliburton Company – Hydraulic Fracturing-Lösungen
• Baker Hughes – Brunnenbauausrüstung

Finanzielle Kooperationen mit Investmentbanken und Kapitalmärkten

SandRidge Energy nutzt Finanzpartnerschaften, um seinen Kapitalbedarf zu decken.

Finanzinstitut	Art der Zusammenarbeit	Finanzierungsbetrag (2023)
JPMorgan Chase	Revolvierende Kreditfazilität	250 Millionen Dollar
Goldman Sachs	Umschuldung	175 Millionen Dollar

Technologiepartnerschaften für fortschrittliche Explorations- und Produktionstechniken

SandRidge Energy arbeitet mit Technologieunternehmen zusammen, um die Explorations- und Produktionseffizienz zu verbessern.

• Cognite AS – Lösungen für die digitale Transformation
• Microsoft Azure – Cloud-Computing-Infrastruktur
• IBM – Künstliche Intelligenz für das Reservoirmanagement

SandRidge Energy, Inc. (SD) – Geschäftsmodell: Hauptaktivitäten

Öl- und Erdgasexploration in der Region Mittelkontinent

SandRidge Energy konzentriert seine Explorationsaktivitäten hauptsächlich auf die folgenden Regionen:

Region	Anbaufläche (netto)	Primärformationen
Oklahoma	143.000 Hektar	Mississippi-Limette
Kansas	76.000 Hektar	Mississippi-Limette

Bohr- und hydraulische Fracking-Operationen

Betriebskennzahlen für Bohrungen und hydraulisches Fracking:

• Durchschnittlich jährlich gebohrte Horizontalbrunnen: 40–50
• Durchschnittliche Bohrtiefe: 12.500 Fuß
• Typische hydraulische Fracking-Stufen pro Bohrloch: 15–20

Vermögensoptimierung und Portfoliomanagement

Zusammensetzung des Vermögensportfolios:

Asset-Kategorie	Prozentsatz des Portfolios	Produktionsvolumen
Ölvermögenswerte	65%	18.000 BOE/Tag
Erdgasanlagen	35%	10.000 BOE/Tag

Kontinuierliche Verbesserungen der Technologie und der betrieblichen Effizienz

Technologie-Investitionsbereiche:

• Horizontale Bohroptimierung
• Erweiterte seismische Bildgebung
• Echtzeit-Datenüberwachungssysteme
• Automatisiertes Produktionsmanagement

Jahresbudget für Technologieinvestitionen: 15-20 Millionen Dollar

SandRidge Energy, Inc. (SD) – Geschäftsmodell: Schlüsselressourcen

Öl- und Erdgasreserven

Zum 31. Dezember 2022 verfügte SandRidge Energy über nachgewiesene Reserven von:

Reservetyp	Menge	Standort
Insgesamt nachgewiesene Reserven	49,5 Millionen Barrel Öläquivalent (MMBOE)	Oklahoma und Kansas
Nachgewiesene erschlossene Reserven	37,4 MMBOE	Mittelkontinentregion

Fortschrittliche Bohr- und Gewinnungsausrüstung

SandRidge Energy nutzt:

• Horizontalbohrtechnik
• Fortschrittliche hydraulische Frakturierungsausrüstung
• Echtzeit-Überwachungssysteme

Fähigkeiten der Belegschaft

Zusammensetzung der Belegschaft:

Mitarbeiterkategorie	Nummer
Gesamtzahl der Mitarbeiter	170 (Stand 2022)
Technisches Personal	62 % der Gesamtbelegschaft

Ressourcen für das Finanzmanagement

Finanzkennzahlen:

Finanzindikator	Wert
Gesamtvermögen	1,02 Milliarden US-Dollar (2022)
Zahlungsmittel und Zahlungsmitteläquivalente	58,3 Millionen US-Dollar

Digitale und geologische Explorationstechnologien

• 3D-seismische Bildgebungssysteme
• Fortschrittliche geologische Kartierungssoftware
• Auf maschinellem Lernen basierende Tools zur Reservoirvorhersage

SandRidge Energy, Inc. (SD) – Geschäftsmodell: Wertversprechen

Fokussierte Produktion in kostengünstigen Regionen mit hohem Kohlenwasserstoffpotenzial

SandRidge Energy konzentriert die Produktion auf die folgenden Schlüsselregionen:

Region	Hektar	Produktion (BOE/Tag)
Mittlerer Kontinent	380,000	24,500
Mississippi-Limette	220,000	15,300

Effiziente Betriebsstrategien zur Minimierung der Extraktionskosten

Kennzahlen zur betrieblichen Effizienz:

• Leasing-Betriebskosten: 8,50 USD pro BOE
• Produktionskosten: 12,40 $ pro BOE
• Cash-Produktionskosten: 10,20 USD pro BOE

Engagement für ökologische Nachhaltigkeit

Umweltleistungsindikatoren:

Metrisch	Wert
Reduzierung der Methanemissionen	22%
Wasserrecyclingrate	45%

Flexibles Vermögensportfolio

Zusammensetzung des Vermögensportfolios:

• Ölreserven: 72 % des Gesamtportfolios
• Erdgasreserven: 28 % des Gesamtportfolios
• Nachgewiesene erschlossene Reserven: 85 Millionen BOE

Technologische Innovation

Kennzahlen für Technologieinvestitionen:

Technologie	Investition (Mio. USD)	Effizienzgewinn
Horizontales Bohren	42.5	35 % höhere Produktivität
Erweiterte seismische Bildgebung	18.3	25 % verbesserte Erkundungsgenauigkeit

SandRidge Energy, Inc. (SD) – Geschäftsmodell: Kundenbeziehungen

Langfristige Lieferverträge mit Energieverteilern

Mit Stand vom vierten Quartal 2023 unterhält SandRidge Energy 17 aktive langfristige Lieferverträge mit regionalen Energieverteilern in Oklahoma und Kansas.

Vertragstyp	Dauer	Jahresvolumen
Erdgasversorgung	5-7 Jahre	42,6 Millionen Kubikfuß pro Tag
Rohölverteilung	3-5 Jahre	12.500 Barrel pro Tag

Direkter Dialog mit industriellen und gewerblichen Energieverbrauchern

SandRidge Energy beliefert ab 2024 63 direkte industrielle und gewerbliche Energiekunden.

• Durchschnittlicher Vertragswert: 3,2 Millionen US-Dollar pro Jahr
• Belieferte Sektoren: verarbeitendes Gewerbe, Landwirtschaft, kommunale Versorgungsunternehmen
• Geografische Konzentration: Region Mittelkontinent

Transparente Berichterstattung und Investorenkommunikation

Berichtsmetrik	Häufigkeit	Offenlegungsplattform
Vierteljährliche Finanzergebnisse	4 Mal im Jahr	SEC-Einreichungen, Investor-Relations-Website
Investorenpräsentationen	2-3 Mal pro Jahr	Webcast, Telefonkonferenzen

Engagement für eine nachhaltige und verantwortungsvolle Energieproduktion

Investitionen in Nachhaltigkeitsinitiativen: 18,7 Millionen US-Dollar im Jahr 2023

• Emissionsreduktionsziele: 22 % bis 2026
• Integration erneuerbarer Energien: 15 % des Portfolios
• Einhaltung der ESG-Berichterstattung: Volle Transparenz

SandRidge Energy, Inc. (SD) – Geschäftsmodell: Kanäle

Direktvertrieb an Energiemärkte

SandRidge Energy nutzt Direktvertriebskanäle über seine spezialisierten Energiehandels- und Marketingteams. Ab dem vierten Quartal 2023 meldete das Unternehmen Direktverkaufsmengen von:

Produkt	Tägliches Produktionsvolumen
Rohöl	8.500 Barrel pro Tag
Erdgas	35 Millionen Kubikfuß pro Tag

Online-Plattformen für Investor Relations

SandRidge Energy unterhält robuste digitale Kommunikationskanäle für Investoren:

• Unternehmenswebsite: www.sandridgeenergy.com
• E-Mail für Investor Relations: investoren@sandridgeenergy.com
• Webcast-Plattform für vierteljährliche Gewinne
• SEC EDGAR-Repository für digitale Akten

Branchenkonferenzen und Networking im Energiesektor

Konferenzteilnahme 2023-2024:

Konferenz	Datum	Standort
CERAWoche	März 2024	Houston, Texas
NAPE Expo	Februar 2024	Houston, Texas

Digitale Kommunikations- und Marketingplattformen

Kennzahlen zum digitalen Engagement, Stand Dezember 2023:

• LinkedIn-Follower: 5.200
• Twitter/X-Follower: 3.800
• Monatliche Besucher der Website: 45.000

Finanzberichterstattung und Investorenpräsentationen

Zu den Meldekanälen gehören:

Meldekanal	Häufigkeit
Vierteljährlicher Ergebnisbericht	Alle 3 Monate
Jahresbericht (10-K)	Jährlich
Investorenpräsentation	Vierteljährlich

SandRidge Energy, Inc. (SD) – Geschäftsmodell: Kundensegmente

Industrielle Energieverbraucher

SandRidge Energy beliefert industrielle Energieverbraucher hauptsächlich in den Regionen Oklahoma und Kansas.

Kundentyp	Jährlicher Energieverbrauch	Geografischer Fokus
Produktionsanlagen	425.000 MMBtu	Mittelkontinent Oklahoma/Kansas
Landwirtschaftliche Verarbeitung	210.000 MMBtu	Region Mid-Kansas

Versorgungsunternehmen

SandRidge Energy beliefert regionale Energieversorger mit Erdgas und Öl.

• Gesamter Versorgungskundenstamm: 37 regionale Versorgungsunternehmen
• Durchschnittlicher jährlicher Liefervertrag: 2,1 Millionen Kubikfuß pro Tag
• Hauptversorgungsregionen: Oklahoma, Kansas, Texas

Regionale und nationale Energieverteiler

Verteilertyp	Jahresvolumen	Vertragswert
Regionale Vertriebspartner	127.500 Barrel/Tag	42,3 Millionen US-Dollar
Nationale Vertriebspartner	85.600 Barrel/Tag	28,7 Millionen US-Dollar

Institutionelle Anleger

SandRidge Energy zieht institutionelle Investoren durch strategisches Energieportfoliomanagement an.

• Gesamter institutioneller Besitz: 78,4 %
• Anzahl institutioneller Aktionäre: 214
• Größte institutionelle Anleger: Vanguard Group, BlackRock

Energiehandelsmärkte

Handelsplattform	Jährliches Handelsvolumen	Marktteilnahme
NYMEX	2,3 Millionen Verträge	Aktiver Händler
EIS	1,7 Millionen Verträge	Regelmäßiger Teilnehmer

SandRidge Energy, Inc. (SD) – Geschäftsmodell: Kostenstruktur

Explorations- und Bohrkosten

Für das Geschäftsjahr 2023 meldete SandRidge Energy Explorations- und Bohrkosten in Höhe von insgesamt 87,4 Millionen US-Dollar. Die Kapitalaufwendungen des Unternehmens für Bohrarbeiten waren wie folgt strukturiert:

Kosten für Bohrausrüstung

Kosten für seismische Untersuchungen

Geologische Analyse

Explorationsgenehmigungen

Ausgabenkategorie	Betrag ($)
42,3 Millionen
15,6 Millionen
12,5 Millionen
7,2 Millionen

Ausrüstungs- und Technologieinvestitionen

Die Investitionen in Technologie und Ausrüstung für 2023 wurden mit 63,2 Millionen US-Dollar dokumentiert, mit spezifischen Zuweisungen:

• Advanced Drilling Technology: 24,5 Millionen US-Dollar
• Digitale Überwachungssysteme: 18,7 Millionen US-Dollar
• Produktionsoptimierungssoftware: 12,3 Millionen US-Dollar
• Fernerkundungsausrüstung: 7,7 Millionen US-Dollar

Betriebs- und Wartungskosten

Die Betriebswartungskosten von SandRidge Energy beliefen sich im Jahr 2023 auf insgesamt 112,6 Millionen US-Dollar und setzten sich wie folgt zusammen:

Wartungskategorie	Betrag ($)
Brunnenwartung	45,3 Millionen
Gerätereparatur	37,8 Millionen
Instandhaltung der Infrastruktur	29,5 Millionen

Vergütung und Schulung der Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben für 2023 beliefen sich auf 52,4 Millionen US-Dollar:

• Grundgehälter: 36,7 Millionen US-Dollar
• Leistungsprämien: 8,9 Millionen US-Dollar
• Schulung und Entwicklung: 4,2 Millionen US-Dollar
• Leistungen an Arbeitnehmer: 2,6 Millionen US-Dollar

Initiativen zur Einhaltung von Umweltvorschriften und Nachhaltigkeit

Die Kosten für die Einhaltung der Umweltvorschriften beliefen sich im Jahr 2023 auf 22,1 Millionen US-Dollar:

Nachhaltigkeitsinitiative	Betrag ($)
Programme zur Emissionsreduzierung	9,6 Millionen
Umweltüberwachung	6,3 Millionen
Einhaltung gesetzlicher Vorschriften	4,2 Millionen
Abfallmanagement	2,0 Millionen

SandRidge Energy, Inc. (SD) – Geschäftsmodell: Einnahmequellen

Verkäufe der Ölproduktion

Für das vierte Quartal 2023 meldete SandRidge Energy eine Gesamtölproduktion von 3.800 Barrel pro Tag. Der durchschnittlich erzielte Ölpreis betrug 72,35 USD pro Barrel.

Produktionsmetrik	Wert
Ölproduktionsvolumen	3.800 Barrel/Tag
Realisierter Ölpreis	72,35 $/Barrel
Jährliche Öleinnahmen	100,2 Millionen US-Dollar

Erdgasverkauf

SandRidge Energy produzierte im Jahr 2023 etwa 22,5 Millionen Kubikfuß Erdgas pro Tag. Der durchschnittlich erzielte Erdgaspreis betrug 2,75 US-Dollar pro MMBtu.

Erdgasmetrik	Wert
Tägliche Gasproduktion	22,5 Millionen Kubikfuß
Realisierter Gaspreis	2,75 $/MMBtu
Jährliche Gaseinnahmen	89,7 Millionen US-Dollar

Einnahmen aus der Midstream-Infrastruktur

SandRidge generiert Einnahmen aus der Midstream-Infrastruktur durch die Erfassung und Abwicklung von Verträgen. Geschätzter jährlicher Midstream-Umsatz: 35,4 Millionen US-Dollar.

Vermögensmonetarisierung und Portfoliomanagement

Im Jahr 2023 erzielte SandRidge 42,6 Millionen US-Dollar durch den Verkauf von Vermögenswerten und Portfoliooptimierungsstrategien.

Emissionsgutschriften und Nachhaltigkeitsanreize

Geschätzte Einnahmen aus Emissionsgutschriften für 2024: 6,2 Millionen US-Dollar

• Möglicher Umsatz des Kohlenstoffabscheidungsprojekts: 4,5 Millionen US-Dollar
• Gutschriften zur Methanreduktion: 1,7 Millionen US-Dollar

SandRidge Energy, Inc. (SD) - Canvas Business Model: Value Propositions

High-return, organic growth from the Cherokee Shale Play.

• Average per well peak 30-day IP rates from the Cherokee development program: approximately 2,000 gross Boe per day.
• Oil cut percentage for the four wells turned to sales since the program start: ~43% oil.
• The first well in the program produced over 275,000 gross Boe (~42% oil) in its first 170 days of production.
• Oil production increased 49% year-over-year for the third quarter.
• Cherokee returns support break-evens around $35 WTI.

Financial stability with a zero-debt balance sheet.

As of September 30, 2025, SandRidge Energy, Inc. had no outstanding term or revolving debt obligations. The cash position was strong.

Financial Metric	Amount as of September 30, 2025
Cash and Cash Equivalents (including restricted cash)	$102.6 million
Outstanding Debt	$0

Direct capital return to shareholders via dividends and buybacks.

SandRidge Energy, Inc. declared a quarterly dividend of $0.12 per share on November 4, 2025.

• Q3 2025 share repurchases totaled approximately $0.5 million (0.047 million shares).
• Total capital return via dividends and buybacks was close to $5 million for the quarter.
• Remaining authorization for repurchases stood at $68.3 million.

Operational efficiency, evidenced by low LOE of $6.25 per Boe (Q3 2025).

SandRidge Energy, Inc. reported Lease Operating Expense (LOE) trending well versus guidance, despite an increase due to operational activity.

Operating Cost Metric (Q3 2025)	Value	Context
Lease Operating Expense (LOE) per Boe	$6.25 per Boe	Up 17% from Q2 2025 adjusted LOE
LOE for Nine Months Ended September 30, 2025	$5.71 per Boe	Total LOE was $28.4 million
Adjusted General and Administrative (G&A) per Boe	$1.23 per Boe	Total Adjusted G&A was $2.1 million

Production for the third quarter averaged 19,000 BOEPD.

SandRidge Energy, Inc. (SD) - Canvas Business Model: Customer Relationships

You're looking at how SandRidge Energy, Inc. manages its relationships with the entities buying its produced commodities and those holding its equity. It's a mix of straightforward commodity sales and a very direct approach to shareholder capital return.

Transactional relationships with commodity purchasers.

The relationship with commodity purchasers is almost entirely transactional, driven by the physical delivery and realized price for oil, natural gas, and NGLs (Natural Gas Liquids). These are typically large-volume, short-term agreements or spot market sales based on prevailing benchmarks, though some forward positioning exists via hedging. For the third quarter of 2025, SandRidge Energy, Inc. reported total revenue of $39.8M, supported by production averaging 19.0 MBoe per day. The realized prices for Q2 2025 give you a concrete idea of the transaction value, though Q3 realized prices are slightly different.

Here's a look at the price realization for Q2 2025, which sets the baseline for these transactional sales:

Commodity	Realized Price (Q2 2025)
Oil	$62.80 per barrel
Natural Gas	$1.82 per Mcf
NGLs	$16.10 per barrel

The success of the Cherokee development program directly impacts the volume component of these transactions. The first four wells from that program averaged approximately 2,000 Boe/d on a 30-day IP, with an oil mix of about 43%.

High-touch Investor Relations for capital return programs (DRIP).

For shareholders, the relationship is decidedly more hands-on, focusing heavily on capital allocation transparency and direct returns. SandRidge Energy, Inc. maintains a zero-debt balance sheet as of September 30, 2025, with cash exceeding $102.6 million, which is over $2.80 per share. This financial strength directly funds the commitment to shareholders.

The capital return structure is managed through direct communication and clear options:

• The Board declared a dividend of $0.12 per share on November 4, 2025, payable November 28, 2025.
• Stockholders can elect to receive this dividend as cash or as additional shares via the previously announced Dividend Reinvestment Plan (DRIP).
• The company repurchased 0.6 million shares for $6.4 million year-to-date through September 30, 2025.
• Approximately $68.3 million remained authorized under the share repurchase program as of the end of Q3 2025.
• Cumulative dividends paid since the start of 2023 reached $4.36 per share as of August 2025.

This combination of regular dividends and active buybacks is the core of the high-touch investor communication strategy.

Standardized contracts for oil, gas, and NGL sales.

While specific contract terms aren't public, the operational structure suggests standardized sales practices for its primary products from the Mid-Continent, Oklahoma, and Kansas assets. The company's hedging program indicates a systematic approach to managing price risk for its customers' benefit, as it smooths out realized prices.

Here are the hedging statistics reported after Q2 2025, which apply to the second half of the year:

Commodity	Percentage of Second-Half 2025 Production Hedged
Natural Gas	Approximately 55%
Oil	Approximately 33%
Total Production	Approximately 35%

The company's ability to scale or moderate development in response to commodity prices also speaks to the flexibility built into its forward-looking sales planning, as no significant leasehold expirations are noted.

SandRidge Energy, Inc. (SD) - Canvas Business Model: Channels

Direct sales of crude oil to refiners and marketers.

SandRidge Energy, Inc. delivered production averaging 19.0 MBoe per day during the third quarter of 2025. Oil production increased 49% during the third quarter versus the same period in 2024. Total revenues for the third quarter increased 32% year-over-year. The Company reported that approximately 33% of its oil output was hedged for the remainder of 2025 as of the Q2 2025 earnings release. The realized oil price for the second quarter of 2025 was $62.80 per barrel.

Sales of natural gas and NGLs into regional commodity hubs.

The realized natural gas price for the second quarter of 2025 was $1.82 per Mcf, and the realized NGL price was $16.10 per barrel for the same period. The Company's primary areas of operation are the Mid-Continent region in Oklahoma, Texas, and Kansas. Management noted that SandRidge Energy, Inc. has production meaningfully hedged through the remainder of 2025, covering about 55% of natural gas output as of the Q2 2025 call. Projections for the second half of 2025 strip prices included approximately $3.25 NYMEX natural gas.

Owned and operated gas gathering and processing facilities.

SandRidge Energy, Inc. maintains an ESG commitment that includes no routine flaring of produced natural gas. The Company transports over 90% of its produced water via pipeline instead of truck. The ongoing one-rig Cherokee development program is a key driver of new volumes. The Company plans to continue its development plan with breakevens down to $35 WTI for new wells. SandRidge Energy, Inc. expects its 2025 exit rate to exceed 19,000 BOEPD.

Here's a quick look at the operational scale supporting these channels as of late 2025:

Metric	Q3 2025 Data	Q2 2025 Data	2025 Development Plan
Net Daily Production (MBoe/d)	19.0	17.8	Exit Rate Expected > 19.0
Cash & Equivalents (End of Period)	$102.6 million (9/30/25)	$104.2 million (6/30/25)	Zero outstanding term or revolving debt obligations
Quarterly Dividend Declared	$0.12 per share (Nov 2025)	$0.12 per share (Aug 2025)	Drill eight and complete six new wells in 2025

The Company's operational focus includes several initiatives that directly impact the efficiency of product delivery:

• First operated Cherokee well IP-30 rate: approximately 2,300 gross Boe per day.
• Oil cut on first Cherokee well: approximately 49%.
• Adjusted G&A for Q3 2025: $1.23 per Boe.
• Share repurchase authorization remaining as of Q2 2025: $69 million.
• Total Proved Reserves (YE24): 63.1 MMBOE.

The Company's ability to maintain a zero-debt balance sheet helps secure its capital structure for ongoing operations and development.

SandRidge Energy, Inc. (SD) - Canvas Business Model: Customer Segments

You're looking at the core buyers for the hydrocarbons SandRidge Energy, Inc. (SD) pulls out of the ground in the Mid-Continent region, primarily Oklahoma and Kansas. These segments are the direct recipients of their Value Proposition.

Large-scale crude oil and natural gas marketers.

These marketers are the first line of sale for SandRidge Energy, Inc.'s produced commodities. They take the raw product and manage the logistics of getting it to refineries or processors. SandRidge Energy, Inc.'s production volume dictates the scale of these transactions.

For instance, in the third quarter of 2025, SandRidge Energy, Inc. averaged production of approximately 19.0 MBoe per day. This steady output is what these marketers rely on. To give you a clearer picture of what SandRidge Energy, Inc. is selling, here are the realized prices from that period, before accounting for hedges:

Commodity	Average Realized Price (Q3 2025)
Oil	$65.23 per barrel
Natural Gas	$1.71 per Mcf
NGLs (Natural Gas Liquids)	$15.61 per barrel

The company's focus on the Cherokee Play is driving better oil cuts, which is attractive to marketers looking for specific crude grades. For example, SandRidge Energy, Inc.'s oil production increased by 49% year-over-year in Q3 2025.

Midstream companies requiring steady commodity supply.

Midstream companies are crucial because they handle the transportation, processing, and storage of SandRidge Energy, Inc.'s product stream. SandRidge Energy, Inc.'s growing production directly translates into increased throughput volumes for these partners. The success of SandRidge Energy, Inc.'s development program validates the infrastructure investment in the region.

Specifically, midstream companies operating in the Western Anadarko Basin stand to benefit from increased volumes for transportation, processing, and storage as SandRidge Energy, Inc.'s production grows. SandRidge Energy, Inc. is committed to efficient operations, which includes transporting nearly all of its produced water via pipeline instead of truck. This operational choice impacts the services midstream partners provide.

The company's projected exit rate for 2025 is to exceed 19,000 BOEPD, which represents a sustained demand for midstream capacity. SandRidge Energy, Inc. also maintains a significant portion of its legacy assets as held by production, which cost-effectively maintains their development option, meaning long-term potential for midstream service use.

Institutional and retail investors seeking capital returns.

This segment is interested in the financial health and the direct return of capital SandRidge Energy, Inc. provides. The company has been clear about its commitment to capital returns while maintaining a zero-debt balance sheet.

SandRidge Energy, Inc.'s capital allocation strategy is a primary draw for these investors. Here's what they've been returning:

• Declared dividend in Q3 2025 was $0.12 per share.
• Declared dividend in Q2 2025 was $0.11 per share.
• Total dividends paid since the start of 2023 through Q3 2025 reached $4.48 per share.
• Repurchased 0.6 million shares for $6.4 million in the first nine months of 2025.
• The company held $102.6 million in cash and cash equivalents as of September 30, 2025.
• Institutional investors and hedge funds owned 61.84% of the stock as of the third quarter of 2025.

The strong profitability supports these returns; SandRidge Energy, Inc. reported a net margin of 42.42% in the quarter ending November 5, 2025. They use their substantial Net Operating Losses (NOL) to shield themselves from federal income taxes, which helps fund these capital returns.

SandRidge Energy, Inc. (SD) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive SandRidge Energy, Inc.'s operational costs as of late 2025. It's all about managing the field expenses and the capital needed to keep the wells flowing.

The Lease Operating Expenses (LOE), which cover the day-to-day running of the wells, were reported at $10.9 million for the three months ended September 30, 2025. That quarterly figure translates to $6.25 per Boe (Barrels of Oil Equivalent) for the same period.

For managing the corporate overhead, the General and Administrative (G&A) expenses, adjusted for non-recurring items, came in at approximately $2.1 million for the third quarter of 2025. This efficiency is reflected in the per-unit cost, reported as $1.23 per BOE for the quarter.

The investment in future production, the Capital Expenditures (CapEx) guidance for the full year 2025, is set in a range between $66 million and $85 million. This spending is heavily weighted toward growth projects, specifically the one-rig drilling and completion program.

Here is a breakdown of the 2025 Capital Expenditure guidance:

Category	Low End Guidance (2025)	High End Guidance (2025)
Total Capital Spend	$66 million	$85 million
Drilling and Completions (D&C)	$47 million	$63 million
Workovers, Optimization, and Leasing	$19 million	$22 million

The costs associated with the one-rig drilling and completion program are the primary driver of the D&C portion of the CapEx. By the end of Q3 2025, SandRidge Energy, Inc. had turned four wells from this ongoing Cherokee development program to sales. The plan for 2025 included drilling eight wells and completing six of them.

You can see the actual spending trended toward the higher end of the plan, as actual capital expenditures during the third quarter were roughly $23 million, covering drilling and completions along with new leasehold acquisitions.

Key cost metrics for Q3 2025 include:

• Lease Operating Expenses (LOE) total: $10.9 million.
• Adjusted G&A total: approximately $2.1 million.
• LOE per Boe: $6.25.
• Adjusted G&A per Boe: $1.23.
• Wells turned to sales from the one-rig program (as of Q3): Four.

Finance: draft 13-week cash view by Friday.

SandRidge Energy, Inc. (SD) - Canvas Business Model: Revenue Streams

The primary revenue streams for SandRidge Energy, Inc. stem directly from the sale of its produced commodities: crude oil, natural gas, and natural gas liquids (NGLs). This is the engine of the business, and its performance is tied to market pricing for these resources.

For the third quarter of 2025, SandRidge Energy, Inc. reported total revenue of exactly $39.82 million. Looking forward, the company projected a full-year 2025 revenue figure of approximately $159 million.

You can see the realized prices SandRidge achieved for these commodities during the third quarter of 2025, which directly feed into that revenue number. Here's a quick look at those price realizations:

Commodity	Q3 2025 Realized Price
Crude Oil	$65.23 per barrel
Natural Gas	$1.71 per MCF
Natural Gas Liquids (NGLs)	$15.61 per barrel

The company also incorporates revenue from hedging activities to manage the inherent volatility of commodity prices. This strategy helps secure cash flows, which is important for funding the drilling program. Management noted that production remains meaningfully hedged through the fourth quarter of the year. This hedge book includes a combination of swaps and collars representing approximately 35% of expected fourth-quarter production. Specifically, this covers about 55% of natural gas production and 30% of oil production for that period.

The growth in these sales is clearly visible in the operational results leading up to the Q3 2025 report:

• Total revenues increased 32% year-over-year for Q3 2025.
• Oil production saw a significant rise of 49% year-over-year.
• Overall production increased by approximately 12% on a BOE (Barrels of Oil Equivalent) basis for the quarter.

Finance: draft 13-week cash view by Friday.