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SandRidge Energy Inc. (SD-2.23%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total revenues of $125.3 million, down from $148.6 million in the previous year, primarily due to lower commodity prices.
Operating expenses for the year totaled $79.3 million, up from $74.9 million in the previous year, with lease operating expenses decreasing slightly to $40.0 million.
Depreciation and depletion expenses for oil and natural gas properties increased to $26.0 million from $15.7 million, attributed to the acquisition of properties in the Cherokee Play.
The company reported a net income of $63.0 million for the year, compared to $60.9 million in the previous year.
Cash provided by operating activities was $73.9 million, while cash used in investing and financing activities was $154.7 million and $73.7 million, respectively.
SandRidge had a working capital of $67.1 million as of December 31, 2024. The company anticipates its cash on hand and cash from operations to be adequate to meet its short and long-term liquidity needs.
Proved reserves increased to 63.1 MMBoe at the end of 2024 from 55.7 MMBoe in the previous year, primarily due to acquisitions and positive revisions.
The filing also details various financial agreements, including a share repurchase program and a cash dividend of $1.50 per share paid in February 2024.
SandRidge continues to focus on acquisition, development, and production activities in the U.S. Mid-Continent region, with a strategic emphasis on the Cherokee Play.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SandRidge Energy Inc. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.