Key Highlights

  • Net income in the third quarter rose to USD 30.6 million, or USD 0.83 per basic share, from USD 16.0 million, or USD 0.44, a year before.
  • Adjusted Net Income reached USD 23.8 million, or USD 0.64 per basic share, while adjusted EBITDA came to USD 39.3 million, versus USD 27.3 million in the prior-year quarter.
  • Output averaged 20.9 MBoe per day, 10% higher on a Boe basis, and total revenues grew 37% as the realized price came in at USD 28.32 per Boe.
  • Cash including restricted cash stood at USD 70.0 million at quarter end, with no term or revolving debt, and a USD 0.13 per share Dividend was declared.

Cherokee Wells and a Bolt-On Deal Push Output Up 10%

SandRidge Energy (NYSE:SD) reported results for the quarter ended September 30, 2026 on November 4, 2026. Production totaled 1,922 MBoe, or 20.9 MBoe per day, which is 10% above a year earlier and roughly 7% above the second quarter, while oil volumes climbed 8% year over year and about 13% sequentially. Management credited its single-rig Cherokee program, which finished seven gross wells in the first nine months, along with a small Acquisition completed during the quarter. That purchase brought in about 7,000 net leasehold acres, interests in 21 wells and eight proven development locations. Oil, Natural Gas and NGL Revenue reached USD 54.4 million, up from USD 39.8 million.

Oil Realizations Trail the Second Quarter but Beat Last Year

SandRidge is an Oklahoma City-based producer with Assets in the Cherokee and NW Stack areas along with legacy properties. Realized oil averaged USD 85.27 per barrel, up from USD 65.23 a year earlier yet below USD 95.35 in the second quarter. Gas realized USD 1.62 per Mcf and NGLs USD 22.68 per barrel. The USD 28.32 realized price per Boe was marginally under the second quarter's USD 28.45. Lease Operating Expense ran USD 5.75 per Boe, roughly 8% below a year ago. Adjusted G&A totaled USD 1.8 million, or USD 0.94 per Boe. Free cash flow, a non-GAAP metric, dropped to USD 10.5 million from USD 23.2 million in the second quarter, while net operating Cash Flow was USD 32.1 million.

Debt-Free Position, Dividend Timing and Buyback Capacity

Nothing was outstanding on term or revolving Debt at September 30, 2026. The USD 0.13 dividend declared November 3, 2026 will be paid November 30 to holders of record on November 19, and holders may take it in shares through a reinvestment plan. Dividends since 2023 total USD 5.18 per share, including USD 3.70 in special payments. The company repurchased no shares this quarter, leaving USD 68.3 million of a USD 75.0 million authorization. Its outlook centers on single-rig Cherokee development, acquisition review, artificial lift conversions and leasing, and it noted it could curtail activity if prices weaken. SandRidge Energy (NYSE:SD) provided no numeric guidance in the release, and this article reports no share price reaction.

Where Things Stand

Largely through Volume and a better price than a year ago. Output rose 10% and realized oil moved from USD 65.23 to USD 85.27 per barrel, lifting SandRidge Energy (NYSE:SD) Earnings from USD 0.44 to USD 0.83 per basic share, about 89% (calculated). Adjusted earnings of USD 0.64 offer the cleaner comparison against USD 0.42. On the other side, oil realizations slipped from the second quarter and free cash flow fell to USD 10.5 million. Watch fourth-quarter oil prices, integration of the Cherokee assets, the November 30 dividend payment and any new acquisition.