SandRidge Energy, Inc. (SD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la exploración energética, Sandridge Energy, Inc. (SD) surge como una potencia estratégica, aprovechando un sofisticado lienzo de modelo de negocio que transforma los recursos de hidrocarburos complejos en oportunidades basadas en el valor. Al orquestar meticulosamente las asociaciones clave, las tecnologías innovadoras y las estrategias operativas específicas, Sandridge navega por el desafiante terreno energético del medio y media con precisión y adaptabilidad, posicionándose como un jugador con visión de futuro en una industria cada vez más competitiva y consciente del medio ambiente.

Sandridge Energy, Inc. (SD) - Modelo de negocio: asociaciones clave

Acuerdos de empresa conjunta con compañías de infraestructura Midstream

Sandridge Energy ha establecido asociaciones críticas de infraestructura intermedia para optimizar su eficiencia operativa.

Pareja	Tipo de asociación	Región operativa
Servicios de compresión de Midland	Infraestructura de la corriente intermedia	Cuenca del permisa
Socios occidentales de Midstream	Recopilación y procesamiento	Oklahoma y Kansas

Asociaciones estratégicas con proveedores de servicios de perforación y equipos

Sandridge mantiene relaciones estratégicas con proveedores de servicios clave para mejorar las capacidades operativas.

• Schlumberger Limited - Servicios de tecnología de perforación
• Halliburton Company - Soluciones de fracturación hidráulica
• Baker Hughes - Equipo de construcción del pozo

Colaboraciones financieras con bancos de inversión y mercados de capitales

Sandridge Energy aprovecha las asociaciones financieras para respaldar sus requisitos de capital.

Institución financiera	Tipo de colaboración	Monto financiero (2023)
JPMorgan Chase	Facilidad de crédito giratorio	$ 250 millones
Goldman Sachs	Refinanciación de la deuda	$ 175 millones

Asociaciones tecnológicas para técnicas avanzadas de exploración y producción

Sandridge Energy colabora con empresas tecnológicas para mejorar la exploración y la eficiencia de producción.

• Cognite AS - Soluciones de transformación digital
• Microsoft Azure - Infraestructura de computación en la nube
• IBM - Inteligencia artificial para la gestión de embalses

Sandridge Energy, Inc. (SD) - Modelo de negocio: actividades clave

Exploración del petróleo y el gas natural en la región de medio continente

Sandridge Energy enfoca las actividades de exploración principalmente en las siguientes regiones:

Región	Superficie (red)	Formaciones primarias
Oklahoma	143,000 acres	Lima de Mississippian
Kansas	76,000 acres	Mississippi lima

Operaciones de perforación y fractura hidráulica

Métricas operativas para perforación y fractura hidráulica:

• Pozos horizontales promedio perforados anualmente: 40-50
• Profundidad promedio de perforación: 12,500 pies
• Etapas de fracturación hidráulica típicas por pozo: 15-20

Optimización de activos y gestión de cartera

Composición de cartera de activos:

Categoría de activos	Porcentaje de cartera	Volumen de producción
Activo de petróleo	65%	18,000 boe/día
Activos de gas natural	35%	10,000 boe/día

Tecnología continua y mejoras de eficiencia operativa

Áreas de inversión tecnológica:

• Optimización de perforación horizontal
• Imágenes sísmicas avanzadas
• Sistemas de monitoreo de datos en tiempo real
• Gestión de producción automatizada

Inversión tecnológica Presupuesto anual: $ 15-20 millones

Sandridge Energy, Inc. (SD) - Modelo de negocio: recursos clave

Reservas de petróleo y gas natural

Al 31 de diciembre de 2022, Sandridge Energy celebró reservas probadas de:

Tipo de reserva	Cantidad	Ubicación
Reservas totales probadas	49.5 millones de barriles de aceite equivalente (MMBOE)	Oklahoma y Kansas
Reservas desarrolladas probadas	37.4 mmboe	Región de mediana

Equipo avanzado de perforación y extracción

Sandridge Energy utiliza:

• Tecnología de perforación horizontal
• Equipo avanzado de fractura hidráulica
• Sistemas de monitoreo en tiempo real

Capacidades de la fuerza laboral

Composición de la fuerza laboral:

Categoría de empleado	Número
Total de empleados	170 (a partir de 2022)
Personal técnico	62% de la fuerza laboral total

Recursos de gestión financiera

Métricas financieras:

Indicador financiero	Valor
Activos totales	$ 1.02 mil millones (2022)
Equivalentes de efectivo y efectivo	$ 58.3 millones

Tecnologías de exploración digital y geológica

• Sistemas de imágenes sísmicas 3D
• Software de mapeo geológico avanzado
• Herramientas de predicción de yacimientos basadas en el aprendizaje automático

Sandridge Energy, Inc. (SD) - Modelo de negocio: propuestas de valor

Producción enfocada en regiones de hidrocarburos de bajo costo y alto potencial

Sandridge Energy concentra la producción en las siguientes regiones clave:

Región	Acres	Producción (Boe/Día)
Condinente medio	380,000	24,500
Lima de Mississippian	220,000	15,300

Estrategias operativas eficientes que minimizan los costos de extracción

Métricas de eficiencia operativa:

• Arrendamiento de gastos operativos: $ 8.50 por boe
• Costos de producción: $ 12.40 por boe
• Costos de producción de efectivo: $ 10.20 por Boe

Compromiso con la sostenibilidad ambiental

Indicadores de desempeño ambiental:

Métrico	Valor
Reducción de emisiones de metano	22%
Tasa de reciclaje de agua	45%

Cartera de activos flexibles

Composición de cartera de activos:

• Reservas de petróleo: 72% de la cartera total
• Reservas de gas natural: 28% de la cartera total
• Reservas desarrolladas probadas: 85 millones de BOE

Innovación tecnológica

Métricas de inversión tecnológica:

Tecnología	Inversión ($ m)	Ganancia de eficiencia
Perforación horizontal	42.5	35% aumentó la productividad
Imágenes sísmicas avanzadas	18.3	25% de precisión de exploración mejorada

Sandridge Energy, Inc. (SD) - Modelo de negocios: relaciones con los clientes

Contratos de suministro a largo plazo con distribuidores de energía

A partir del cuarto trimestre de 2023, Sandridge Energy mantiene 17 contratos activos de suministro a largo plazo con distribuidores de energía regionales en Oklahoma y Kansas.

Tipo de contrato	Duración	Volumen anual
Suministro de gas natural	5-7 años	42.6 millones de pies cúbicos por día
Distribución de petróleo crudo	3-5 años	12,500 barriles por día

Compromiso directo con consumidores de energía industrial y comercial

Sandridge Energy atiende a 63 clientes directos de energía industrial y comercial a partir de 2024.

• Valor promedio del contrato: $ 3.2 millones anuales
• Sectores atendidos: fabricación, agricultura, servicios públicos municipales
• Concentración geográfica: región de mediana y continente

Informes transparentes y comunicación de inversores

Métrica de informes	Frecuencia	Plataforma de divulgación
Resultados financieros trimestrales	4 veces al año	Presentaciones de la SEC, sitio web de relaciones con los inversores
Presentaciones de inversores	2-3 veces al año	Transmisión web, llamadas de conferencia

Compromiso con la producción de energía sostenible y responsable

Inversión en iniciativas de sostenibilidad: $ 18.7 millones en 2023

• Objetivos de reducción de emisiones: 22% para 2026
• Integración de energía renovable: 15% de la cartera
• Cumplimiento de informes de ESG: transparencia total

Sandridge Energy, Inc. (SD) - Modelo de negocio: canales

Ventas directas a los mercados de energía

Sandridge Energy utiliza canales de ventas directos a través de sus equipos especializados de comercio y marketing de energía. A partir del cuarto trimestre de 2023, la compañía informó volúmenes de ventas directas de:

Producto	Volumen de producción diario
Petróleo crudo	8.500 barriles por día
Gas natural	35 millones de pies cúbicos por día

Plataformas en línea para relaciones con los inversores

Sandridge Energy mantiene canales de comunicación de inversores digitales robustos:

• Sitio web corporativo: www.sandridgeenergy.com
• Correo electrónico de relaciones con los inversores: inversores@sandridgeenergy.com
• Plataforma de transmisión web de ganancias trimestrales
• Sec Edgar Repositorio de presentación digital

Conferencias de la industria y redes del sector energético

Participación de la conferencia en 2023-2024:

Conferencia	Fecha	Ubicación
Ceraweek	Marzo de 2024	Houston, Texas
Exposición de nuca	Febrero de 2024	Houston, Texas

Plataformas de comunicación digital y marketing

Métricas de compromiso digital a diciembre de 2023:

• Seguidores de LinkedIn: 5.200
• Twitter/x seguidores: 3.800
• Sitio web Visitantes mensuales: 45,000

Presentaciones de informes financieros y inversores

Los canales de informes incluyen:

Canal de informes	Frecuencia
Informe de ganancias trimestrales	Cada 3 meses
Informe anual (10-K)	Anualmente
Presentación del inversor	Trimestral

Sandridge Energy, Inc. (SD) - Modelo de negocio: segmentos de clientes

Consumidores de energía industrial

Sandridge Energy sirve a los consumidores de energía industrial principalmente en las regiones de Oklahoma y Kansas.

Tipo de cliente	Consumo anual de energía	Enfoque geográfico
Instalaciones de fabricación	425,000 mmbtu	Oklahoma/Kansas Midcontinent
Procesamiento agrícola	210,000 mmbtu	Región de Mid-Kansas

Compañías de servicios públicos

Sandridge Energy suministra gas natural y petróleo a proveedores de servicios públicos regionales.

• Base de clientes de servicios públicos totales: 37 compañías de servicios públicos regionales
• Contrato de suministro anual promedio: 2.1 millones de pies cúbicos por día
• Regiones de servicio primario: Oklahoma, Kansas, Texas

Distribuidores de energía regionales y nacionales

Tipo de distribuidor	Volumen anual	Valor de contrato
Distribuidores regionales	127,500 barriles/día	$ 42.3 millones
Distribuidores nacionales	85,600 barriles/día	$ 28.7 millones

Inversores institucionales

Sandridge Energy atrae a inversores institucionales a través de la gestión de la cartera de energía estratégica.

• Propiedad institucional total: 78.4%
• Número de accionistas institucionales: 214
• Los inversores institucionales más grandes: Vanguard Group, BlackRock

Mercados de comercio de energía

Plataforma comercial	Volumen de negociación anual	Participación en el mercado
Nymex	2.3 millones de contratos	Comerciante activo
HIELO	1,7 millones de contratos	Participante regular

Sandridge Energy, Inc. (SD) - Modelo de negocio: Estructura de costos

Gastos de exploración y perforación

Para el año fiscal 2023, Sandridge Energy informó gastos de exploración y perforación por un total de $ 87.4 millones. La asignación de gastos de capital de la compañía para operaciones de perforación se estructuró de la siguiente manera:

Costos del equipo de perforación

Gastos de encuesta sísmica

Análisis geológico

Permisos de exploración

Categoría de gastos	Monto ($)
42.3 millones
15.6 millones
12.5 millones
7.2 millones

Inversiones de equipos y tecnología

Las inversiones de tecnología y equipos para 2023 se documentaron en $ 63.2 millones, con asignaciones específicas:

• Tecnología de perforación avanzada: $ 24.5 millones
• Sistemas de monitoreo digital: $ 18.7 millones
• Software de optimización de producción: $ 12.3 millones
• Equipo de teledetección: $ 7.7 millones

Costos operativos y de mantenimiento

Los gastos de mantenimiento operativo de Sandridge Energy para 2023 totalizaron $ 112.6 millones, desglosados ​​de la siguiente manera:

Categoría de mantenimiento	Monto ($)
Mantenimiento del pozo	45.3 millones
Reparación de equipos	37.8 millones
Mantenimiento de la infraestructura	29.5 millones

Compensación y capacitación de empleados

Los gastos totales relacionados con los empleados para 2023 fueron de $ 52.4 millones:

• Salarios base: $ 36.7 millones
• Bonos de rendimiento: $ 8.9 millones
• Capacitación y desarrollo: $ 4.2 millones
• Beneficios para empleados: $ 2.6 millones

Iniciativas de cumplimiento ambiental y sostenibilidad

Los costos de cumplimiento ambiental para 2023 ascendieron a $ 22.1 millones:

Iniciativa de sostenibilidad	Monto ($)
Programas de reducción de emisiones	9.6 millones
Monitoreo ambiental	6.3 millones
Cumplimiento regulatorio	4.2 millones
Gestión de residuos	2.0 millones

Sandridge Energy, Inc. (SD) - Modelo de negocio: flujos de ingresos

Ventas de producción de petróleo

A partir del cuarto trimestre de 2023, Sandridge Energy reportó una producción total de petróleo de 3.800 barriles por día. El precio promedio de petróleo realizado fue de $ 72.35 por barril.

Métrica de producción	Valor
Volumen de producción de aceite	3.800 barriles/día
Precio de petróleo realizado	$ 72.35/barril
Ingresos anuales de petróleo	$ 100.2 millones

Ventas de gas natural

Sandridge Energy produjo aproximadamente 22.5 millones de pies cúbicos de gas natural por día en 2023. El precio promedio de gas natural realizado fue de $ 2.75 por mmbtu.

Métrico de gas natural	Valor
Producción diaria de gas	22.5 millones de pies cúbicos
Precio de gas realizado	$ 2.75/mmbtu
Ingresos anuales de gas	$ 89.7 millones

Ingresos de la infraestructura de la corriente intermedia

Sandridge genera ingresos por infraestructura Midstream a través de contratos de recopilación y procesamiento. Ingresos anuales estimados de Midstream: $ 35.4 millones.

Monetización de activos y gestión de cartera

En 2023, Sandridge se dio cuenta de $ 42.6 millones de las estrategias de ventas de activos y optimización de cartera.

Incentivos de crédito y sostenibilidad de carbono

Ingresos de crédito de carbono estimados para 2024: $ 6.2 millones

• Proyecto de captura de carbono Ingresos potenciales: $ 4.5 millones
• Créditos de reducción de metano: $ 1.7 millones

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.