SandRidge Energy, Inc. Reports Financial and Operational Results
for Fourth Quarter and Full Year 2018
Oklahoma City, Oklahoma, March 4, 2019 /PRNewswire/ – SandRidge Energy, Inc. (the “Company” or “SandRidge”) (NYSE:SD) today announced financial and operational results for the quarter and fiscal year ended December 31, 2018.
Highlights During and Subsequent to Fourth Quarter and Full Year 2018
•Appointed Paul McKinney as President & CEO in January 2019
•Fourth quarter net income of $54 million, or $1.53 per share (including $43 million of gains on derivatives), and adjusted net income of $5 million, or $0.15 per share (excluding non-cash impact of hedges and other items)
•Year end 2018 net loss of $9 million, or $0.26 per share (including $17 million of loss on derivatives), and adjusted net income of $20 million, or $0.57 per share (excluding non-cash impact of hedges and other items)
•Adjusted EBITDA of $45 million for the fourth quarter and $167 million for year end 2018
•Beat midpoint of 2018 production guidance while achieving cash costs and capital expenditures that were 3% and 8% below midpoint of guidance, respectively
•North Park production increased 53% year over year, reaching 30% of total Company oil production in 2018
•Standardized Measure and PV-10 of $1.0 billion ($612 million using alternative pricing of $54/Bbl and $2.75/MMBtu)
“This is a great time to be joining SandRidge Energy,” said Paul McKinney, President and CEO. “With a clean balance sheet, a talented team of oil and gas professionals, and the support of our Board of Directors, we are focusing on profitably growing shareholder value. We have developed a business strategy founded on the principles and industry best practices that we believe will deliver a competitive rate of return to our shareholders on a sustainable basis. Considering the commodity price volatility our industry is experiencing, we plan to maintain flexibility in our capital spending plans with the intention of staying within or very close to within our cash flow. This strategy also supports our ability to capture accretive opportunities we encounter in the market place.
“Our business strategy is focused on a few key components we believe will drive success as we acquire, explore for and develop hydrocarbon resources in the United States. To win in this industry you need to have a winning team and we will do whatever is necessary to attract and retain top tier talent. We will pursue operational excellence with a sense of urgency to deliver low-cost and efficient execution of our operations, leveraging advanced technologies and data analytics to develop a culture of continuous improvement while holding to our core values prioritizing health, safety and environmental stewardship. We will allocate our resources to projects that deliver high margins and returns while fully accounting for risk and uncertainty in each investment opportunity, optimize our portfolio by upgrading our assets through accretive acquisitions, mergers and dispositions that reduce our break-even costs, and explore all avenues of cost reduction. Finally, we will continue to exercise financial discipline by protecting our
The following information was filed by Sandridge Energy Inc (SD) on Monday, March 4, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.