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Sandridge Energy Inc (SD) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Sandridge Energy Inc

CIK: 1349436 Ticker: SD
Exhibit 99.1
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
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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.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders Equity (Deficit)
Consolidated Statements Of Operations
(Loss) Earnings Per Share
(Loss) Earnings Per Share (Tables)
(Loss) Earnings Per Share - Calculation Of Weighted Average Common Shares Outstanding Used In Computation Of Diluted Earnings (Loss) Per Share (Details)
Accounts Payable And Accrued Expenses
Accounts Payable And Accrued Expenses (Details)
Accounts Payable And Accrued Expenses (Tables)
Accounts Receivable
Accounts Receivable (Tables)
Accounts Receivable - Balance And Activity In Allowance For Doubtful Accounts (Details)
Accounts Receivable - Summary Of Accounts Receivable (Details)
Acquisitions And Divestitures Of Oil And Gas Properties
Acquisitions And Divestitures Of Oil And Gas Properties - Acquisitions (Details)
Acquisitions And Divestitures Of Oil And Gas Properties - Divestitures (Details)
Asset Retirement Obligations
Asset Retirement Obligations (Tables)
Asset Retirement Obligations - Reconciliation Of Beginning And Ending Aggregate Carrying Amounts Of Asset Retirement Obligations (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Derivatives
Derivatives (Tables)
Derivatives - Fair Value Of Derivative Contracts (Details)
Derivatives - Narrative (Details)
Derivatives - Offsetting Assets And Liabilities (Details)
Derivatives - Open Commodity Derivative Contracts (Details)
Employee Termination Benefits
Employee Termination Benefits (Details)
Employee Termination Benefits (Tables)
Equity
Equity (Tables)
Equity - Additional Information (Details)
Equity - Preferred Stock Dividends (Details)
Equity - Shares Withheld For Taxes (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Assets And Liabilities Measured At Fair Value On Recurring Basis (Details)
Fair Value Measurements - Estimated Fair Value And Carrying Value Of Long-Term Debt (Details)
Impairment
Impairment (Details)
Impairment (Tables)
Incentive And Deferred Compensation Plans
Incentive And Deferred Compensation Plans (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - (Benefit) Provision For Income Taxes (Details)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Narrative (Details)
Income Taxes - Periods Open To Tax Examination (Details)
Income Taxes - Reconciliation Of (Benefit) Provision For Income Taxes At Statutory Federal Tax Rate To Company's Actual Income Tax (Benefit) Provision (Details)
Income Taxes - Unrecognized Tax Benefits (Details)
Long-Term Debt
Long-Term Debt (Details)
Long-Term Debt (Tables)
Long-Term Debt - Narrative (Details)
Property, Plant And Equipment
Property, Plant And Equipment (Details)
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Capitalized Costs Of Unproved Properties Excluded From Amortization (Details)
Property, Plant And Equipment - Narrative (Details)
Proxy Contest
Proxy Contest (Details)
Quarterly Financial Results (Unaudited)
Quarterly Financial Results (Unaudited) (Details)
Quarterly Financial Results (Unaudited) (Tables)
Revenues
Revenues (Tables)
Revenues - Additional Information (Details)
Revenues - Disaggregation Of Revenue (Details)
Share Based Compensation
Share Based Compensation (Tables)
Share Based Compensation - Narrative (Details)
Share Based Compensation - Share-Based Compensation Expense (Details)
Share Based Compensation - Summary Of Unvested Restricted Stock Awards (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Concentration Risk (Details)
Summary Of Significant Accounting Policies - Narrative (Details)
Summary Of Significant Accounting Policies - Reconciliation Of Enterprise Value To Reorganization Value (Details)
Summary Of Significant Accounting Policies - Reorganization Items (Details)
Summary Of Significant Accounting Policies Summary (Tables)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Supplemental Information On Oil And Natural Gas Producing Activities (Tables)
Supplemental Information On Oil And Natural Gas Producing Activities (Unaudited)
Supplemental Information On Oil And Natural Gas Producing Activities (Unaudited) - Calculation Of Weighted Average Per Unit Prices (Unaudited) (Details)
Supplemental Information On Oil And Natural Gas Producing Activities (Unaudited) - Capitalized Costs Related To Oil And Natural Gas Producing Activities (Details)
Supplemental Information On Oil And Natural Gas Producing Activities (Unaudited) - Costs Incurred In Oil And Natural Gas Property Acquisition, Exploration And Development (Details)
Supplemental Information On Oil And Natural Gas Producing Activities (Unaudited) - Estimate Of Changes In Standardized Measure Of Discounted Future Net Cash Flows From Proved Reserves (Unaudited) (Details)
Supplemental Information On Oil And Natural Gas Producing Activities (Unaudited) - Narrative (Details)
Supplemental Information On Oil And Natural Gas Producing Activities (Unaudited) - Results Of Operations From Oil And Natural Gas Producing Activities (Unaudited) (Details)
Supplemental Information On Oil And Natural Gas Producing Activities (Unaudited) - Standardized Measure Of Discounted Future Cash Flows (Unaudited) (Details)
Supplemental Information On Oil And Natural Gas Producing Activities (Unaudited) - Summary Of Changes In Estimated Oil And Natural Gas Reserves (Unaudited) (Details)
Voluntary Reorganization Under Chapter 11 Proceedings
Voluntary Reorganization Under Chapter 11 Proceedings - Narrative (Details)
Ticker: SD
CIK: 1349436
Form Type: 10-K Annual Report
Accession Number: 0001349436-19-000009
Submitted to the SEC: Tue Mar 05 2019 8:32:32 AM EST
Accepted by the SEC: Tue Mar 05 2019
Period: Monday, December 31, 2018
Industry: Crude Petroleum And Natural Gas

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