SANDRIDGE ENERGY, INC. ANNOUNCES FINANCIAL AND OPERATING RESULTS FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2022; UPDATES FULL YEAR 2022 OPERATIONAL AND CAPITAL EXPENDITURE GUIDANCE

OKLAHOMA CITY, Aug. 3, 2022 /PRNewswire/ -- SandRidge Energy, Inc. (the "Company" or "SandRidge") (NYSE: SD) today announced financial and operational results for the three and six-month periods ended June 30, 2022.

Recent Highlights

Generated Adjusted EBITDA⁽¹⁾ of $53.7 million in the second quarter compared to $39.4 million in the prior quarter



Second quarter net income was $48.5 million, or $1.32 per basic share. Adjusted net income⁽¹⁾ was $48.9 million, or $1.33 per basic share.



Second quarter 2022 production of 17.8 MBoed was consistent with first quarter 2022, despite no new completion activity



Successfully drilled the first two wells of its previously announced 2022 capital development program during the second quarter with completions and first production commencing during the third quarter



As of June 30, 2022, the Company returned 29 wells to production in the first half of 2022 that were previously curtailed due to the 2020 commodity price downturn. The Company has returned a total of 158 wells to production since the beginning of 2021



Second quarter adjusted G&A⁽¹⁾ of $1.8 million, or $1.09 per Boe, compared to $2.2 million, or $1.35 per Boe in the prior quarter



Updated 2022 operational and capital expenditure guidance to include the addition of three new wells to the Company's drilling and completion program in addition to expanded well reactivation activity



The Company had no open hedge positions as of June 30, 2022

Financial Results & UpdateProfitability & Realized Pricing