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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q

(Mark One)

☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025
OR

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to
Commission File Number: 001-33784

SANDRIDGE ENERGY, INC.
(Exact name of registrant as specified in its charter)

Delaware |  | 20-8084793
(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)
1 E. Sheridan Ave Suite 500 Oklahoma City, Oklahoma |  | 73104
(Address of principal executive offices) |  | (Zip Code)

Registrant’s telephone number, including area code: (405) 429-5500
Former name, former address and former fiscal year, if changed since last report: Not applicable

Securities registered pursuant to Section 12(b) of the Act:

Title of each class |  | Trading Symbol |  | Name of each exchange on which registered
Common Stock, $0.001 par value |  | SD |  | New York Stock Exchange
Preferred Stock Purchase Rights |  |  |  | New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer | ☐ |  | Accelerated filer | ☑
Non-accelerated filer | ☐ |  | Smaller reporting company | ☐
|  |  | Emerging growth company | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ
The number of shares outstanding of the registrant’s common stock, par value $0.001 per share, as of the close of business on October 30, 2025, was 36,773,746

Table of Contents
References in this report to the “Company,” “SandRidge,” “we,” “our,” and “us” mean SandRidge Energy, Inc., including its consolidated subsidiaries and its proportionately consolidated share of SandRidge Mississippian Trust I (“Royalty Trust”). All monetary values are stated in U.S. dollars.
DISCLOSURES REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (“Quarterly Report”) of the Company includes “forward-looking statements” as defined by the U.S. Securities and Exchange Commission (the “SEC”). These forward-looking statements may include projections and estimates concerning our capital expenditures, liquidity, capital resources and debt profile, the timing and success of specific projects, the potential impact of international negotiations on the supply and demand of oil, natural gas and natural gas liquids (“NGL”), outcomes and effects of litigation, claims and disputes, elements of our business strategy, compliance with governmental regulation of the oil, natural gas and NGL industry, including environmental regulations, acquisitions and divestitures and the potential effects on our financial condition and other statements concerning our operations, financial performance and financial condition.
Forward-looking statements are generally accompanied by words such as “estimate,” “assume,” “target,” “project,” “predict,” “believe,” “expect,” “anticipate,” “potential,” “could,” “may,” “foresee,” “plan,” “goal,” “should,” “intend” or other words that convey the uncertainty of future events or outcomes. These forward-looking statements are based on certain assumptions and analyses based on our experience and perception of historical trends, current conditions and expected future developments as well as other factors we believe are appropriate under the circumstances. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The Company disclaims any obligation to update or revise these forward-looking statements unless required by law, and it cautions readers not to rely on them unduly. While we consider these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties relating to, among other matters, the risks and uncertainties discussed in “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “2024 Form 10-K”) filed with the SEC on March 11, 2025 and in Item 1A of this Quarterly Report.

Table of Contents
SANDRIDGE ENERGY, INC. AND SUBSIDIARIES
FORM 10-Q
Quarter Ended September 30, 2025
INDEX

PART I. FINANCIAL INFORMATION
ITEM 1. | Financial Statements (Unaudited): |
| Condensed Consolidated Balance Sheets | 4
| Condensed Consolidated Income Statements | 5
| Condensed Consolidated Statements of Changes in Stockholders’ Equity | 6
| Condensed Consolidated Statements of Cash Flows | 7
| Notes to Condensed Consolidated Financial Statements | 8
ITEM 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 21
ITEM 3. | Quantitative and Qualitative Disclosures About Market Risk | 29
ITEM 4. | Controls and Procedures | 31
PART II. OTHER INFORMATION
ITEM 1. | Legal Proceedings | 32
ITEM 1A. | Risk Factors | 33
ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 33
ITEM 3. | Defaults Upon Senior Securities | 33
ITEM 4. | Mine Safety Disclosures | 33
ITEM 5. | Other Information | 33
ITEM 6. | Exhibits | 34
Signature |  |

Table of Contents
PART I. Financial Information
ITEM 1. Financial Statements
SANDRIDGE ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands, except share data)

| September 30, 2025 |  | December 31, 2024
ASSETS |  |  |
Current assets |  |  |
Cash and cash equivalents | $ | 101,204 |  |  | $ | 98,128 |
Restricted cash | 1,383 |  |  | 1,383 |
Accounts receivable, net | 27,442 |  |  | 23,878 |
Derivative contracts | 2,416 |  |  | 114 |
Prepaid expenses | 2,507 |  |  | 3,370 |
Other current assets | 1,678 |  |  | 780 |
Total current assets | 136,630 |  |  | 127,653 |
Oil and natural gas properties, using full cost method of accounting |  |  |
Proved | 1,738,182 |  |  | 1,689,807 |
Unproved | 30,255 |  |  | 23,504 |
Less: accumulated depreciation, depletion and impairment | (1,437,501) |  |  | (1,415,110) |
| 330,936 |  |  | 298,201 |
Other property, plant and equipment, net | 76,632 |  |  | 80,689 |
Derivative contracts | — |  |  | 86 |
Other assets | 1,974 |  |  | 2,081 |
Deferred tax assets, net of valuation allowance | 72,801 |  |  | 72,801 |
Total assets | $ | 618,973 |  |  | $ | 581,511 |

LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |
Current liabilities |  |  |
Accounts payable and accrued expenses | $ | 53,155 |  |  | $ | 50,625 |
Asset retirement obligations | 8,951 |  |  | 9,131 |
Other current liabilities | 756 |  |  | 839 |
Total current liabilities | 62,862 |  |  | 60,595 |
Derivative contracts | 261 |  |  | — |
Asset retirement obligations | 62,828 |  |  | 59,449 |
Other long-term obligations | 573 |  |  | 936 |
Total liabilities | 126,524 |  |  | 120,980 |
Commitments and contingencies (Note 6) |  |  |
Stockholders’ Equity |  |  |
Common stock, $0.001 par value; 250,000 shares authorized; 36,773 issued and outstanding at September 30, 2025 and 37,203 issued and outstanding at December 31, 2024 | 37 |  |  | 37 |
Additional paid-in capital | 983,813 |  |  | 1,000,455 |
Accumulated deficit | (491,401) |  |  | (539,961) |
Total stockholders’ equity | 492,449 |  |  | 460,531 |
Total liabilities and stockholders’ equity | $ | 618,973 |  |  | $ | 581,511 |

The accompanying notes are an integral part of these condensed consolidated financial statements.
4

Table of Contents
SANDRIDGE ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited)
(In thousands, except per share data)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues |  |  |  |  |  |  |
Oil, natural gas and NGL | $ | 39,822 |  |  | $ | 30,057 |  |  | $ | 116,957 |  |  | $ | 86,317 |
Total revenues | 39,822 |  |  | 30,057 |  |  | 116,957 |  |  | 86,317 |
Expenses |  |  |  |  |  |  |
Lease operating expenses | 10,911 |  |  | 9,104 |  |  | 28,384 |  |  | 28,734 |
Production, ad valorem, and other taxes | 2,155 |  |  | 1,813 |  |  | 7,412 |  |  | 5,550 |
Depreciation and depletion — oil and natural gas | 9,400 |  |  | 8,345 |  |  | 26,106 |  |  | 16,771 |
Depreciation and amortization — other | 1,638 |  |  | 1,605 |  |  | 4,853 |  |  | 4,947 |
General and administrative | 2,737 |  |  | 2,304 |  |  | 9,618 |  |  | 8,686 |
Restructuring expenses | 305 |  |  | 260 |  |  | 757 |  |  | 341 |
(Gain) loss on derivative contracts | (2,364) |  |  | (1,866) |  |  | (5,936) |  |  | (1,866) |
Other operating (income) expense, net | — |  |  | — |  |  | — |  |  | 24 |
Total expenses | 24,782 |  |  | 21,565 |  |  | 71,194 |  |  | 63,187 |
Income from operations | 15,040 |  |  | 8,492 |  |  | 45,763 |  |  | 23,130 |
Other income (expense) |  |  |  |  |  |  |
Interest income (expense), net | 916 |  |  | 1,553 |  |  | 2,803 |  |  | 6,742 |
Other income (expense), net | (3) |  |  | — |  |  | (6) |  |  | 92 |
Total other income (expense) | 913 |  |  | 1,553 |  |  | 2,797 |  |  | 6,834 |
Income (loss) before income taxes | 15,953 |  |  | 10,045 |  |  | 48,560 |  |  | 29,964 |
Income tax (benefit) expense | — |  |  | (15,439) |  |  | — |  |  | (15,439) |
Net income (loss) | $ | 15,953 |  |  | $ | 25,484 |  |  | $ | 48,560 |  |  | $ | 45,403 |
Net income (loss) per share |  |  |  |  |  |  |
Basic | $ | 0.44 |  |  | $ | 0.69 |  |  | $ | 1.32 |  |  | $ | 1.22 |
Diluted | $ | 0.43 |  |  | $ | 0.69 |  |  | $ | 1.32 |  |  | $ | 1.22 |
Weighted average number of common shares outstanding |  |  |  |  |  |  |
Basic | 36,671 |  |  | 37,134 |  |  | 36,789 |  |  | 37,087 |
Diluted | 36,708 |  |  | 37,180 |  |  | 36,848 |  |  | 37,150 |

The accompanying notes are an integral part of these condensed consolidated financial statements.
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SANDRIDGE ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Unaudited)
(In thousands)

|  | Common Stock |  | Additional Paid-In Capital |  | Accumulated Deficit |  | Total |  |
|  | Shares |  | Amount |  |  |  |  |
Nine Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2025 |  | 37,203 |  |  | $ | 37 |  |  | $ | 1,000,455 |  |  | $ | (539,961) |  |  | $ | 460,531 |  |  |
Issuance of stock awards, net of cancellations |  | 26 |  |  | — |  |  | — |  |  | — |  |  | $ | — |  |  |
Tax withholdings paid in exchange for shares withheld on employee vested stock awards |  | — |  |  | — |  |  | (146) |  |  | — |  |  | $ | (146) |  |  |
Stock-based compensation |  | — |  |  | — |  |  | 650 |  |  | — |  |  | $ | 650 |  |  |
Dividends paid to stockholders |  | — |  |  | — |  |  | (4,077) |  |  | — |  |  | $ | (4,077) |  |  |
Repurchases of common stock |  | (452) |  |  | — |  |  | (5,094) |  |  | — |  |  | $ | (5,094) |  |  |
Net income |  | — |  |  | — |  |  | — |  |  | 13,049 |  |  | 13,049 |  |  |
Balance at March 31, 2025 |  | 36,777 |  |  | $ | 37 |  |  | $ | 991,788 |  |  | $ | (526,912) |  |  | $ | 464,913 |  |  |
Issuance of stock awards, net of cancellations |  | 72 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Tax withholdings paid in exchange for shares withheld on employee vested stock awards |  | — |  |  | — |  |  | (78) |  |  | — |  |  | (78) |  |  |
Stock-based compensation |  | — |  |  | — |  |  | 720 |  |  | — |  |  | 720 |  |  |
Dividends paid to stockholders |  | — |  |  | — |  |  | (4,066) |  |  | — |  |  | (4,066) |  |  |
Repurchases of common stock |  | (97) |  |  | — |  |  | (880) |  |  | — |  |  | (880) |  |  |
Net income |  | — |  |  | — |  |  | — |  |  | 19,558 |  |  | 19,558 |  |  |
Balance at June 30, 2025 |  | 36,752 |  |  | 37 |  |  | 987,484 |  |  | (507,354) |  |  | 480,167 |  |  |
Issuance of stock awards, net of cancellations |  | 17 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Tax withholdings paid in exchange for shares withheld on employee vested stock awards |  | — |  |  | — |  |  | (19) |  |  | — |  |  | (19) |  |  |
Stock-based compensation |  | — |  |  | — |  |  | 688 |  |  | — |  |  | 688 |  |  |
Dividends paid to stockholders |  | — |  |  | — |  |  | (3,859) |  |  | — |  |  | (3,859) |  |  |
Dividend reinvestments |  | 51 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Repurchases of common stock |  | (47) |  |  | — |  |  | (481) |  |  | — |  |  | (481) |  |  |
Net income |  | — |  |  | — |  |  | — |  |  | 15,953 |  |  | 15,953 |  |  |
Balance at September 30, 2025 |  | 36,773 |  |  | 37 |  |  | 983,813 |  |  | (491,401) |  |  | 492,449 |  |  |
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2024 |  | 37,091 |  |  | $ | 37 |  |  | $ | 1,071,021 |  |  | $ | (602,947) |  |  | 468,111 |  |  |
Issuance of stock awards, net of cancellations |  | 27 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Tax withholdings paid in exchange for shares withheld on employee vested stock awards |  | — |  |  | — |  |  | (103) |  |  | — |  |  | (103) |  |  |
Stock-based compensation |  | — |  |  | — |  |  | 536 |  |  | — |  |  | 536 |  |  |
Dividends paid to stockholders |  | — |  |  | — |  |  | (59,965) |  |  | — |  |  | (59,965) |  |  |
Net income |  | — |  |  | — |  |  | — |  |  | 11,125 |  |  | 11,125 |  |  |
Balance at March 31, 2024 |  | 37,118 |  |  | $ | 37 |  |  | $ | 1,011,489 |  |  | $ | (591,822) |  |  | $ | 419,704 |  |  |
Issuance of stock awards, net of cancellations |  | 64 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Tax withholdings paid in exchange for shares withheld on employee vested stock awards |  | — |  |  | — |  |  | (124) |  |  | — |  |  | (124) |  |  |
Stock-based compensation |  | — |  |  | — |  |  | 536 |  |  | — |  |  | 536 |  |  |
Dividends paid to stockholders |  | — |  |  | — |  |  | (4,103) |  |  | — |  |  | (4,103) |  |  |
Net income |  | — |  |  | — |  |  | — |  |  | 8,794 |  |  | 8,794 |  |  |
Balance at June 30, 2024 |  | 37,182 |  |  | $ | 37 |  |  | $ | 1,007,798 |  |  | $ | (583,028) |  |  | $ | 424,807 |  |  |
Issuance of stock awards, net of cancellations |  | 23 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Tax withholdings paid in exchange for shares withheld on employee vested stock awards |  | — |  |  | — |  |  | (129) |  |  | — |  |  | (129) |  |  |
Stock-based compensation |  | — |  |  | — |  |  | 707 |  |  | — |  |  | 707 |  |  |
Dividends paid to stockholders |  | — |  |  | — |  |  | (4,112) |  |  | — |  |  | (4,112) |  |  |
Net income |  | — |  |  | — |  |  | — |  |  | 25,484 |  |  | 25,484 |  |  |
Balance at September 30, 2024 |  | 37,205 |  |  | 37 |  |  | 1,004,264 |  |  | (557,544) |  |  | 446,757 |  |  |

The accompanying notes are an integral part of these condensed consolidated financial statements.
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SANDRIDGE ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)

| Nine Months Ended September 30,
| 2025 |  | 2024
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
Net income | $ | 48,560 |  |  | $ | 45,403 |
Adjustments to reconcile net income to net cash provided by operating activities |  |  |
Depreciation, depletion, and amortization | 30,959 |  |  | 21,718 |
Deferred income taxes | — |  |  | (15,439) |
(Gain) loss on derivative contracts | (5,936) |  |  | (1,866) |
Settlement gains (losses) on derivative contracts | 3,980 |  |  | 199 |
Stock-based compensation | 2,058 |  |  | 1,779 |
Other | 219 |  |  | 118 |
Changes in operating assets and liabilities | (11,390) |  |  | (3,972) |
Net cash provided by operating activities | 68,450 |  |  | 47,940 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |
Capital expenditures for property, plant and equipment | (41,361) |  |  | (13,572) |
Acquisition of assets | (7,790) |  |  | (125,950) |
Purchase of other property and equipment | (562) |  |  | (1) |
Sales tax refund on completion costs | 2,800 |  |  | — |
Proceeds from sale of assets | 785 |  |  | 861 |
Net cash used in investing activities | (46,128) |  |  | (138,662) |
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
Dividends paid to stockholders | (12,014) |  |  | (68,222) |
Reduction of financing lease liability | (586) |  |  | (563) |
Repurchases of common stock | (6,403) |  |  | — |
Tax withholdings paid in exchange for shares withheld on employee vested stock awards | (243) |  |  | (356) |
Net cash used in financing activities | (19,246) |  |  | (69,141) |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS and RESTRICTED CASH | 3,076 |  |  | (159,863) |
CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year | 99,511 |  |  | 253,944 |
CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of period | $ | 102,587 |  |  | $ | 94,081 |
Supplemental Disclosure of Cash Flow Information |  |  |
Cash paid for interest, net of amounts capitalized | $ | (228) |  |  | $ | (92) |
Supplemental Disclosure of Noncash Investing and Financing Activities |  |  |
Capital expenditures for property, plant and equipment in accounts payable and accrued expenses | $ | 10,456 |  |  | $ | 661 |
Non-cash acquisition purchase price adjustments | $ | 241 |  |  | $ | 6,852 |
Right-of-use assets obtained in exchange for financing lease obligations | $ | 229 |  |  | $ | 230 |
Inventory material transfers to oil and natural gas properties | $ | 3 |  |  | $ | 141 |
Asset retirement obligation capitalized | $ | 40 |  |  | $ | 51 |
Asset retirement obligation removed due to divestiture | $ | (288) |  |  | $ | — |
Change in accrued excise tax on repurchases of common stock | $ | (52) |  |  | $ | — |
Change in dividends payable | $ | 12 |  |  | $ | 42 |

The accompanying notes are an integral part of these condensed consolidated financial statements.
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SANDRIDGE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Basis of Presentation
Nature of Business. SandRidge Energy, Inc. is an oil and natural gas acquisition, development and production company headquartered in Oklahoma City, Oklahoma and organized in 2006 with a principal focus on developing and producing hydrocarbon resources in the United States.
Principles of Consolidation. The condensed consolidated financial statements include the accounts of the Company and its wholly owned or majority-owned subsidiaries, including its proportionate share of the Royalty Trust. All intercompany accounts and transactions have been eliminated in consolidation.
Interim Financial Statements. The accompanying unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited financial statements and notes contained in the Company’s 2024 Form 10-K. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted, although the Company believes that the disclosures contained herein are adequate to make the information presented not misleading. In the opinion of management, the financial statements include all adjustments, which consist of normal recurring adjustments unless otherwise disclosed, necessary to fairly state the Company’s unaudited condensed consolidated financial statements.
Significant Accounting Policies. The unaudited condensed consolidated financial statements were prepared in accordance with the accounting policies stated in the Company’s 2024 Form 10-K, as well as the items noted below.
Cash and Cash Equivalents. The Company considers all highly liquid instruments with an original maturity of three months or less to be cash equivalents as these instruments are readily convertible to known amounts of cash and bear insignificant risk of changes in value due to their short maturity period. Additionally, the Company considers demand deposits or accounts that have the general characteristics of demand deposits where we may deposit additional funds at any time and also effectively withdraw funds at any time without prior notice or penalty to be cash equivalents. As of September 30, 2025 and December 31, 2024, the Company had $101.2 million and $98.1 million in cash and cash equivalents, respectively.
Restricted Cash. T he Company maintains funds related to collateralized letters of credit and secured credit cards. As of September 30, 2025 and December 31, 2024, the Company had $1.4 million in restricted cash.
Accounts Payable and Accrued Expenses. The Company’s accounts payable and other accrued expenses balance as of September 30, 2025 reflects a one-time $2.1 million non-cash adjustment of an operating accrual dating back to the Company’s emergence from bankruptcy that was recorded in the second quarter of 2025. The adjustment reduced our lease operating expenses for the nine months ended September 30, 2025.
Use of Estimates. The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
The more significant areas requiring the use of assumptions, judgments and estimates include: oil, natural gas, and NGL reserves; impairment tests of long-lived assets; the carrying value of unproved oil and natural gas properties; depreciation, depletion and amortization; asset retirement obligations; determinations of significant alterations to the full cost pool and related estimates of fair value used to allocate the full cost pool net book value to divested properties, as necessary; valuation allowances for deferred tax assets; income taxes; valuation of derivative instruments; contingencies; and accrued revenue and related receivables. Although management believes the estimates used in the areas noted above are reasonable, actual results could differ significantly from those estimates.
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SANDRIDGE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
Recently Adopted Accounting Pronouncements. The FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires entities to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires entities to disclose the title and position of the chief operating decision maker. The new standard was effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company applied the amendments in this ASU retrospectively to all prior periods presented in the financial statements.
The Company’s chief operating decision maker regularly reviews total assets, which were $619.0 million and $581.5 million as of September 30, 2025 and December 31, 2024, respectively. The following table presents selected financial information with respect to the Company’s single operating segment (in thousands):

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues |  |  |  |  |  |  |
Oil | $ | 22,415 |  |  | $ | 16,871 |  |  | $ | 58,251 |  |  | $ | 47,202 |
Natural gas | 8,517 |  |  | 4,349 |  |  | 29,938 |  |  | 13,302 |
NGL | 8,890 |  |  | 8,837 |  |  | 28,768 |  |  | 25,813 |
Total revenues | 39,822 |  |  | 30,057 |  |  | 116,957 |  |  | 86,317 |
Expenses |  |  |  |  |  |  |
Lease operating expenses | 10,911 |  |  | 9,104 |  |  | 28,384 |  |  | 28,734 |
Production, ad valorem, and other taxes | 2,155 |  |  | 1,813 |  |  | 7,412 |  |  | 5,550 |
Depreciation and depletion—oil and natural gas | 9,400 |  |  | 8,345 |  |  | 26,106 |  |  | 16,771 |
Depreciation and amortization—other | 1,638 |  |  | 1,605 |  |  | 4,853 |  |  | 4,947 |
General and administrative | 2,737 |  |  | 2,304 |  |  | 9,618 |  |  | 8,686 |
Restructuring expenses | 305 |  |  | 260 |  |  | 757 |  |  | 341 |
(Gain) loss on derivative contracts | (2,364) |  |  | (1,866) |  |  | (5,936) |  |  | (1,866) |
Other operating (income) expense | — |  |  | — |  |  | — |  |  | 24 |
Total expenses | 24,782 |  |  | 21,565 |  |  | 71,194 |  |  | 63,187 |
Income (loss) from operations | 15,040 |  |  | 8,492 |  |  | 45,763 |  |  | 23,130 |
Other income (expense) |  |  |  |  |  |  |
Interest income (expense), net | 916 |  |  | 1,553 |  |  | 2,803 |  |  | 6,742 |
Other income (expense), net | (3) |  |  | — |  |  | (6) |  |  | 92 |
Total other income (expense) | 913 |  |  | 1,553 |  |  | 2,797 |  |  | 6,834 |
Income (loss) before income taxes | 15,953 |  |  | 10,045 |  |  | 48,560 |  |  | 29,964 |
Income tax (benefit) | — |  |  | (15,439) |  |  | — |  |  | (15,439) |
Net income (loss) | $ | 15,953 |  |  | $ | 25,484 |  |  | $ | 48,560 |  |  | $ | 45,403 |

Recent Accounting Pronouncements Not Yet Adopted. The FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which require greater disaggregation of income tax disclosures. The amendments in this update change income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. This update changes said disclosures by requiring disaggregation by jurisdiction of disclosures of pretax income (or loss) and income tax expense (or benefit). This ASU is to be applied on a prospective basis, with retrospective application permitted. The guidance in this update is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact ASU 2023-09 will have on its consolidated financial statement disclosures and does not expect an impact to our consolidated financial statements .
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SANDRIDGE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
The FASB issued Accounting Standards Update 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). The objective of ASU 2024-03 is to improve disclosures about a public entity's expenses, primarily through additional disaggregation of income statement expenses. The new standard is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted and may be applied either on a prospective or retrospective basis. The Company is currently evaluating the impact ASU 2024-03 will have on its consolidated financial statement disclosures and does not expect an impact to our consolidated financial statements .
2. Fair Value Measurements
The Company measures and reports certain assets and liabilities on a fair value basis and has classified and disclosed its fair value measurements using the levels of the fair value hierarchy noted below. The carrying values of cash, restricted cash, accounts receivable, prepaid expenses, accounts payable and accrued expenses and other current liabilities included in the unaudited condensed consolidated balance sheets approximated fair value at September 30, 2025 and December 31, 2024.

Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
Level 2 | Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.
Level 3 | Measurement based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity).

Assets and liabilities that are measured at fair value are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, which may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The determination of the fair values, stated below, considers the market for the Company’s financial assets and liabilities, the associated credit risk and other factors. The Company considers active markets as those in which transactions for the assets and liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. The Company had assets classified in Level 2 and 3 of the hierarchy as of September 30, 2025, and December 31, 2024.
Level 2 Fair Value Measurements
Commodity Derivative Contracts. As applicable, the fair values of the Company’s oil, natural gas and NGL fixed price swaps are based upon inputs that are either readily available in the public market, such as oil, natural gas and NGL futures prices, volatility factors and discount rates, or can be corroborated from active markets. Historically, if the Company has a commodity derivative contract in place, the fair value is determined through the use of a discounted cash flow model or option pricing model using the applicable inputs discussed above. The Company applies a weighted average credit default risk rating factor for its counterparties or gives effect to its credit default risk rating, as applicable, in determining the fair value of these derivative contracts. Credit default risk ratings are based on current published credit default swap rates.
Fair Value - Recurring Measurement Basis
The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis by the fair value hierarchy as of September 30, 2025 (in thousands):

| Fair Value Measurements |  | Netting (1) |  | Assets (Liabilities) at Fair Value
| Level 1 |  | Level 2 |  | Level 3
Commodity derivative contracts | $ | — |  |  | $ | 2,838 |  |  | $ | — |  |  | $ | 683 |  |  | $ | 2,155 |
Total | $ | — |  |  | $ | 2,838 |  |  | $ | — |  |  | $ | 683 |  |  | $ | 2,155 |

(1) Represents the effect of netting assets and liabilities for counterparties with which the right of offset exists.
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SANDRIDGE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
The following table summarizes the Company’s assets measured at fair value on a recurring basis by the fair value hierarchy as of December 31, 2024 (in thousands):

| Fair Value Measurements |  | Netting(1) |  | Assets (Liabilities) at Fair Value
| Level 1 |  | Level 2 |  | Level 3 |  |
Commodity derivative contracts | $ | — |  |  | $ | 830 |  |  | $ | — |  |  | $ | 630 |  |  | $ | 200 |
Total | $ | — |  |  | $ | 830 |  |  | $ | — |  |  | $ | 630 |  |  | $ | 200 |

(1) Represents the effect of netting assets and liabilities for counterparties with which the right of offset exists.
3. Derivatives
Commodity Derivatives
The Company is exposed to commodity price risk, which impacts the predictability of its cash flows from the sale of oil, natural gas and NGL. On occasion, the Company has attempted to manage this risk on a portion of its forecasted oil, natural gas or NGL production sales through the use of commodity derivative contracts.
Historically, the Company has not designated any of its derivative contracts as hedges for accounting purposes. As applicable, if the Company has open derivative contracts, the Company has recorded such contracts at fair value with changes in derivative contract fair values recognized as a gain or loss on derivative contracts in the condensed consolidated income statements. Commodity derivative contracts were settled on a monthly basis, and the commodity derivative contract valuations were adjusted on a mark-to-market valuation basis quarterly.
The following table summarizes derivative activity (in thousands):

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
(Gain) loss on derivative contracts | $ | (2,364) |  |  | $ | (1,866) |  |  | $ | (5,936) |  |  | $ | (1,866) |
Settlement gains (losses) on derivative contracts | $ | 2,661 |  |  | $ | 199 |  |  | $ | 3,980 |  |  | $ | 199 |

Master Netting Agreements and the Right of Offset. As applicable, the Company historically has had master netting agreements with all of its commodity derivative counterparties and has presented its derivative assets and liabilities with the same counterparty on a net basis in the unaudited condensed consolidated balance sheets. As a result of the netting provisions, the Company's maximum amount of loss under commodity derivative transactions due to credit risk was limited to the net amounts due from its counterparties.
Because we did not designate any of our derivative contracts as hedges for accounting purposes, changes in the fair value of our derivative contracts were recognized as gains and losses in the earnings of the relevant period. Changes in fair value were principally measured based on a comparison of future prices to the contract price at the end of the period and through the Black-Scholes or other similar valuation method in the case of options.
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SANDRIDGE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
The following table summarizes (i) the Company's commodity derivative contracts on a gross basis, (ii) the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements, (iii) the financial collateral, if any, associated with the Company’s commodity contracts, and (iv) the Company’s net derivative asset and liability positions as of September 30, 2025 (in thousands):

|  | Gross Amounts |  | Gross Amounts Offset |  | Amounts Net of Offset |  | Financial Collateral |  | Net Amount
Assets (Liabilities) |  |  |  |  |  |  |  |  |  |
Derivative contracts - current |  | $ | 2,760 |  |  | $ | 344 |  |  | $ | 2,416 |  |  | $ | — |  |  | $ | 2,416 |
Derivative contracts - non-current |  | 78 |  |  | 339 |  |  | (261) |  |  | — |  |  | (261) |
Total |  | $ | 2,838 |  |  | $ | 683 |  |  | $ | 2,155 |  |  | $ | — |  |  | $ | 2,155 |

The following table summarizes (i) the Company's commodity derivative contracts on a gross basis, (ii) the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements, (iii) the financial collateral, if any, associated with the Company’s commodity derivative contracts, and (iv) the Company’s net derivative asset positions as of December 31, 2024 (in thousands):

|  | Gross Amounts |  | Gross Amounts Offset |  | Amounts Net of Offset |  | Financial Collateral |  | Net Amount
Assets |  |  |  |  |  |  |  |  |  |
Derivative contracts - current |  | $ | 744 |  |  | $ | 630 |  |  | $ | 114 |  |  | $ | — |  |  | $ | 114 |
Derivative contracts - non-current |  | 86 |  |  | — |  |  | 86 |  |  | — |  |  | 86 |
Total |  | $ | 830 |  |  | $ | 630 |  |  | $ | 200 |  |  | $ | — |  |  | $ | 200 |

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
As of September 30, 2025, the Company's open derivative contracts consisted of oil, natural gas, and NGL commodity derivative contracts as follows:

|  | Period |  | Index |  | Daily Volume |  | Weighted Average Price
Oil (Bbl) |  |  |  |  |  |  |  |
Fixed Price Swaps |  |  |  |  |  |  |  |
|  | October 2025 - December 2025 |  | NYMEX WTI |  | 500 |  | $71.60
|  | January 2026 - June 2026 |  | NYMEX WTI |  | 300 |  | $68.67
Producer Costless Collars |  |  |  |  |  |  |  |
|  | October 2025 - December 2025 |  | NYMEX WTI |  | 675 |  | $61.57 Put / $78.02 Call
Natural Gas (MMBtu) |  |  |  |  |  |  |  |
Fixed Price Swaps |  |  |  |  |  |  |  |
|  | October 2025 - December 2025 |  | NYMEX Henry Hub |  | 8,500 |  | $4.17
|  | January 2026 - December 2026 |  | NYMEX Henry Hub |  | 4,500 |  | $4.09
Producer Costless Collars |  |  |  |  |  |  |  |
|  | October 2025 - December 2025 |  | NYMEX Henry Hub |  | 20,500 |  | $3.79 Put / $7.08 Call
|  | January 2026 - December 2026 |  | NYMEX Henry Hub |  | 4,500 |  | $3.35 Put / $5.35 Call
NGL (Bbl) |  |  |  |  |  |  |  |
Fixed Price Swaps |  |  |  |  |  |  |  |
|  | October 2025 - December 2025 |  | Mont Belvieu OPIS - C3+(1) |  | 300 |  | $39.69
|  | October 2025 - December 2025 |  | Mont Belvieu OPIS - Ethane(2) |  | 325 |  | $11.76

____________________
(1) Excludes ethane.
(2) Ethane only.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
As of December 31, 2024, the Company's open derivative contracts consisted of oil and NGL commodity derivative contracts as follows:

|  | Period |  | Index |  | Daily Volume |  | Weighted Average Price
Oil (Bbl) |  |  |  |  |  |  |  |
Fixed Price Swaps |  |  |  |  |  |  |  |
|  | January 2025 - December 2025 |  | NYMEX WTI |  | 500 |  | $71.60
|  | January 2026 - June 2026 |  | NYMEX WTI |  | 300 |  | $68.67
NGL (Bbl) |  |  |  |  |  |  |  |
Fixed Price Swaps |  |  |  |  |  |  |  |
|  | January 2025 - December 2025 |  | Mont Belvieu OPIS - C3+(1) |  | 300 |  | $39.69

____________________
(1) Excludes ethane.
4. Property, Plant and Equipment
Property, plant and equipment consists of the following (in thousands):

| September 30, 2025 |  | December 31, 2024
Oil and natural gas properties |  |  |
Proved | $ | 1,738,182 |  |  | $ | 1,689,807 |
Unproved | 30,255 |  |  | 23,504 |
Total oil and natural gas properties | 1,768,437 |  |  | 1,713,311 |
Less: accumulated depreciation, depletion and impairment | (1,437,501) |  |  | (1,415,110) |
Net oil and natural gas properties capitalized costs | 330,936 |  |  | 298,201 |
Land | 200 |  |  | 200 |
Electrical infrastructure | 122,380 |  |  | 121,818 |
Non-oil and natural gas equipment | 1,626 |  |  | 1,634 |
Building and structures | 3,603 |  |  | 3,603 |
Financing leases | 907 |  |  | 1,286 |
Total | 128,716 |  |  | 128,541 |
Less: accumulated depreciation and amortization | (52,084) |  |  | (47,852) |
Other property, plant and equipment, net | 76,632 |  |  | 80,689 |
Total property, plant and equipment, net | $ | 407,568 |  |  | $ | 378,890 |

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
5. Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consist of the following (in thousands):

| September 30, 2025 |  |  | December 31, 2024
Accounts payable and other accrued expenses | $ | 23,622 |  |  |  | $ | 19,502 |
Production payable | 25,788 |  |  |  | 27,557 |
Payroll and benefits | 2,410 |  |  |  | 2,912 |
Taxes payable | 1,335 |  |  |  | 654 |
Total accounts payable and accrued expenses | $ | 53,155 |  |  |  | $ | 50,625 |

6. Commitments and Contingencies
Included below is a discussion of the Company's various future commitments and contingencies as of September 30, 2025. The Company has provided accruals where necessary for contingent liabilities, based on ASC 450, Contingencies, when it has determined that a liability is probable and reasonably estimable. The Company continuously assesses the potential liability related to the Company's pending litigation and revises its estimates when additional information becomes available. Additionally, the Company currently expenses all legal costs as they are incurred.
Legal Proceedings. As previously disclosed, on May 16, 2016, the Company and certain of its direct and indirect subsidiaries (collectively, the “Debtors”) filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). The Bankruptcy Court confirmed the joint plan of reorganization (the “Plan”) of the Debtors on September 9, 2016, and the Debtors subsequently emerged from bankruptcy on October 4, 2016.
Pursuant to the Plan, claims against the Company were discharged without recovery in each of the following consolidated cases:
• In re SandRidge Energy, Inc. Securities Litigation, Case No. 5:12-cv-01341-LRW, USDC, Western District of Oklahoma (“In re SandRidge Energy, Inc. Securities Litigation”); and
• Ivan Nibur, Lawrence Ross, Jase Luna, Matthew Willenbucher, and the Duane & Virginia Lanier Trust v. SandRidge Mississippian Trust I, et al., Case No. 5:15-cv-00634-SLP, USDC, Western District of Oklahoma (“Lanier Trust”)
Both cases were settled with all defendants except the SandRidge Mississippian Trust I (“the Trust”) in Lanier Trust, which is being sued by a class of purchasers of units under the remaining claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, based on allegations that the Trust made misrepresentations or omissions concerning various topics including the performance of wells operated by the Company. On September 11, 2025, the Federal District Court (Western District of Oklahoma) issued summary judgment in favor of the Trust with respect to all claims and dismissed, with prejudice, all claims against the Company.
Separately, the Company had received a demand by two of the settling individual defendants to fund a proposed settlement of $17.0 million with those defendants. The insurance carriers funded the $17.0 million settlement and then requested indemnification from the Company. The Company refused and filed an action in Oklahoma state court seeking a declaratory judgment that the insurers were not entitled to indemnification; the insurers counterclaimed. Subsequently, the Company voluntarily dismissed its action. In line with the Company's position regarding the insurers’ claims, the Company filed motions in the United States Bankruptcy Court for the Southern District of Texas seeking to reopen the bankruptcy case and to obtain a declaration that the insurers’ claims were discharged under the September 2016 plan. The motions were denied and the Company appealed the bankruptcy court’s decision to the Southern District of the United States District Court of Texas. Independent of the Company’s appeal to reopen the bankruptcy case, the insurers’ Oklahoma counterclaim is stayed, with no further development. The Company disputes any liability, as it believes it has meritorious defenses, and intends to continue to vigorously defend against this claim. Considering the status of this matter, and the facts, circumstances and legal theories thereto, the Company is not able to determine the likelihood of an outcome. The Company has not established any liabilities relating to this matter.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
In addition to the matters described above, the Company is involved in various lawsuits, claims and proceedings, which are being handled and defended by the Company in the ordinary course of business.
7. Income Taxes
For each interim reporting period, the Company estimates the effective tax rate expected for the full fiscal year and uses that estimated rate in providing for income taxes on a current year-to-date basis.
Deferred income taxes are provided to reflect the future tax consequences of temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. In assessing the realizability of the deferred tax assets, we consider whether it is more likely than not that some or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future income in periods in which the deferred tax assets can be utilized. In prior years, we determined that the deferred tax assets did not meet the more likely than not threshold of being utilized and thus recorded a valuation allowance. As of December 31, 2024 and September 30, 2025, we had partially released our valuation allowance on our deferred tax assets by $72.8 million. We anticipate being able to utilize these deferred tax assets based on the generation of future income. A change in the estimate of future income could cause the valuation allowance to be adjusted in subsequent periods. The Company has no federal or state income tax expense or benefit for the three and nine-month periods ended September 30, 2025 and $15.4 million in federal and state income tax benefit for the same periods in 2024.
Internal Revenue Code (“IRC”) Section 382 addresses company ownership changes and specifically limits the utilization of certain deductions and other tax attributes on an annual basis following an ownership change. As a result of the Chapter 11 reorganization and related transactions, the Company experienced an ownership change within the meaning of IRC Section 382 during 2016 that subjected certain of the Company’s tax attributes, including net operating losses ("NOLs"), to an IRC Section 382 limitation. This limitation has not resulted in cash taxes for any period subsequent to the ownership change. Since the 2016 ownership change, the Company has generated additional NOLs and other tax attributes that are not currently subject to an IRC Section 382 limitation. The Company's ability to use NOLs and other tax attributes to reduce taxable income and income taxes could be materially impacted by a future IRC 382 ownership change. Future transactions involving the Company's stock including those outside of the Company's control could cause an IRC 382 ownership change resulting in a limitation on tax attributes currently not limited and a more restrictive limitation on tax attributes currently subject to the previous IRC 382 limitation. The Company adopted the Tax Benefits Preservation Plan, as amended on March 16, 2021 and June 20, 2023, in order to protect the Company’s ability to use its tax NOLs and certain other tax benefits.
As of September 30, 2025, the Company had approximately $1.6 billion of federal NOL carryforwards, net of NOLs expected to expire unused due to the 2016 IRC Section 382 limitation. Of the $1.6 billion of federal NOL carryforwards, $0.7 billion expire during the years 2025 through 2037, while the remaining $0.9 billion do not have an expiration date. In addition, the Company had approximately $1.0 billion of state NOL carryforwards, net of NOLs expected to expire unused due to the 2016 IRC Section 382 limitation. Of the $1.0 billion in state NOL carryforwards, $199.0 million are derived from states the Company currently does not operate in. Of the remaining state NOL carryforwards, $652.0 million do not have an expiration date and $183.0 million expire during the years 2025 through 2037. Additionally, the Company had federal tax credits in excess of $33.5 million which begin expiring in 2029.
The Company did not have unrecognized tax benefits at September 30, 2025 or December 31, 2024.
The Company’s only taxing jurisdiction is the United States (federal and state). The Company’s tax years 2022 to present remain open for federal examination. Additionally, tax years 2005 through 2020 remain subject to examination for the purpose of determining the amount of federal NOL and other carryforwards. The number of years open for state tax audits varies, depending on the state, but are generally from three to five years.
On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act ("OBBBA"). The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation. ASC 740, "Income Taxes", requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. The Company has completed its initial assessment of the OBBBA corporate tax provisions which were enacted on July 4, 2025 and estimated its impact on the consolidated financial statements to be immaterial.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
8. Equity
Capital Stock and Equity Awards. Our authorized capital stock consists of 300.0 million shares, which include 250.0 million shares of common stock, $0.001 par value per share (“common stock”), and 50.0 million shares of preferred stock, par value $0.001 per share. At September 30, 2025, the Company had 36.8 million shares of common stock issued and outstanding. Further, at September 30, 2025, the Company had 0.1 million of unvested restricted stock awards, 0.2 million shares of unvested restricted stock units, 0.1 million unvested stock options outstanding and an immaterial number of unvested performance share units.
Share Repurchase Program. In May 2023, the Company's Board of Directors (the “Board”) approved a share repurchase program (the “Program”) authorizing the Company to repurchase up to an aggregate of $75.0 million of the Company’s outstanding common stock with the Company’s cash on hand. Purchases under the Program are intended to meet the requirements of Rule 10b5-1 of the Exchange Act. The Program does not require any specific number of shares to be acquired, and can be modified or discontinued by the Board at any time. During the nine months ended September 30, 2025, the Company repurchased 0.6 million shares for $6.4 million at an average price of $10.72 per share. The Company did not repurchase any common stock under the Program during the nine months ended September 30, 2024.
Dividends. On August 5, 2025, the Board approved a dividend reinvestment plan (the “Dividend Reinvestment Plan”), pursuant to which the stockholders of the Company may, at their election, reinvest any dividends declared by the Board.
In connection with the Dividend Reinvestment Plan, the Board approved a general waiver under the Company’s Tax Benefits Preservation Plan (the “Tax Benefits Preservation Plan”), by and between the Company and Equiniti (formerly known as American Stock Transfer & Trust Company, LLC). This waiver applies to any stockholders who as of the date immediately prior to the adoption of the Dividend Reinvestment Plan beneficially owned 4.9% or more of the Company’s outstanding common stock and who would otherwise trigger the rights plan, but only as the result of shares of stock they receive under the Dividend Reinvestment Plan, and not otherwise.
Cash dividend payments totaled $12.0 million and $68.2 million for the nine months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025, the Company issued 51,401 shares of common stock in lieu of cash dividends under the Dividend Reinvestment Plan.
The Tax Benefits Preservation Plan. On July 1, 2020, the Board declared a dividend distribution of one right (a “Right”) for each outstanding share of the Company’s common stock to stockholders of record at the close of business on July 13, 2020. On June 20, 2023, the Company entered into an amendment to the Tax Benefits Preservation Plan to extend the expiration time of the Tax Benefits Preservation Plan from July 1, 2023 to July 1, 2026. Each Right entitles its holder, under certain circumstances, to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock of the Company, par value $0.001 per share, at an exercise price of $5.00 per Right, subject to adjustment. The description and terms of the Rights are set forth in the tax benefits preservation plan, dated as of July 1, 2020, as amended, between the Company and American Stock Transfer & Trust Company, LLC, as rights agent (and any successor rights agent, the “Rights Agent”). The Tax Benefits Preservation Plan will expire on the earliest of: (i) the time at which the Rights are redeemed pursuant to the Tax Benefits Preservation Plan, (ii) the time at which the Rights are exchanged pursuant to the Tax Benefits Preservation Plan, (iii) the closing of any merger or other acquisition transaction involving the Company pursuant to an agreement of the type described in Section 13(f) of the Tax Benefits Preservation Plan at which time the Rights are terminated, (iv) the time at which the Board determines that the NOLs are utilized in all material respects or that an ownership change under Section 382 would not adversely impact in any material respect the time period in which the Company could use the NOLs, or materially impair the amount of the NOLs that could be used by the Company in any particular time period, for applicable tax purposes and (v) the close of business on July 1, 2026. At the Company's 2024 Annual Meeting held on June 12, 2024, the Company's stockholders approved the extension of the Tax Benefits Preservation Plan to July 1, 2026.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
The Company adopted the Tax Benefits Preservation Plan, as amended on March 16, 2021, and June 20, 2023, in order to protect stockholder value against a possible limitation on the Company’s ability to use its tax NOLs and certain other tax benefits to reduce potential future U.S. federal income tax obligations. The NOLs are a valuable asset to the Company, which may inure to the benefit of the Company and its stockholders. However, if the Company experiences an “ownership change,” as defined in Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), its ability to fully utilize the NOLs and certain other tax benefits will be substantially limited and the timing of the usage of the NOLs and such other benefits could be substantially delayed, which could significantly impair the value of those assets. Generally, an “ownership change” occurs if the percentage of the Company’s stock owned by one or more of its “five-percent stockholders” (as such term is defined in Section 382 of the Code) increases by more than 50 percentage points over the lowest percentage of stock owned by such stockholder or stockholders at any time over a three-year period. The Tax Benefits Preservation Plan is intended to prevent against such an “ownership change” by deterring any person or group from acquiring beneficial ownership of 4.9% or more of the Company’s securities.
9. Revenues
The following table disaggregates the Company’s revenue by source:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In thousands)
Oil | $ | 22,415 |  |  | $ | 16,871 |  |  | $ | 58,251 |  |  | $ | 47,202 |
Natural gas | 8,517 |  |  | 4,349 |  |  | 29,938 |  |  | 13,302 |
NGL | 8,890 |  |  | 8,837 |  |  | 28,768 |  |  | 25,813 |
Total revenues | $ | 39,822 |  |  | $ | 30,057 |  |  | $ | 116,957 |  |  | $ | 86,317 |

Oil, Natural Gas and NGL revenues. All of the Company’s revenues come from sales of oil, natural gas and NGLs. In accordance with the contracts governing these sales, revenues are recorded at a point in time when control of the oil, natural gas and NGL production passes to the purchaser at the inlet of the processing plant or pipeline, or the delivery point for onloading to a delivery truck. As the Company’s purchaser obtains control of the production prior to selling it to other end customers, the Company presents its revenues on a net basis, rather than on a gross basis.
Pricing for the Company’s oil, natural gas and NGL contracts is variable and is based on volumes sold multiplied by either an index price, net of deductions, or a percentage of the sales price obtained by the purchaser, which is also based on index prices. The transaction price is allocated on a pro-rata basis to each unit of oil, natural gas or NGL sold based on the terms of the contract. Oil, natural gas and NGL revenues are also recorded net of royalties, discounts and allowances, and transportation costs, as applicable. Taxes assessed by governmental authorities on oil, natural gas and NGL sales are presented separately from revenues and are included in production, ad valorem, and other taxes expense in the condensed consolidated income statements.
Revenues Receivable. The Company records an asset in accounts receivable, net on its condensed consolidated balance sheets for revenues receivable from contracts with purchasers at the end of each period. Pricing for revenues receivable is estimated using current month crude oil, natural gas and NGL prices, net of deductions. Revenues receivable on operated properties are typically collected the month after the Company delivers the related production to its purchaser. As of September 30, 2025, and December 31, 2024 and 2023, the Company had revenues receivable of $15.5 million, $15.3 million and $14.5 million, respectively. The Company did not record any credit losses on revenues receivable nor write-offs during the three and nine months ended September 30, 2025 or 2024, as the Company’s purchasers of oil, natural gas and NGL have had no issues of payment collectability or lack of creditworthiness with the Company.
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(Unaudited)
10. Earnings per Share
The following table summarizes the calculation of weighted average shares of common stock outstanding used in the computation of diluted earnings per share:

| Net Income (loss) |  | Weighted Average Shares | Earnings Per Share
| (In thousands, except per share amounts)
Three Months Ended September 30, 2025 |  |  |  |
Basic earnings per share | $ | 15,953 |  |  | 36,671 |  | $ | 0.44 |
Effect of dilutive securities |  |  |  |
Restricted stock units | — |  |  | 22 |  |
Restricted stock awards | — |  |  | 12 |  |
Performance share units(1) | — |  |  | — |  |
Stock options | — |  |  | 3 |  |
Diluted earnings per share(2) | $ | 15,953 |  |  | 36,708 |  | $ | 0.43 |
Three Months Ended September 30, 2024 |  |  |  |
Basic earnings per share | $ | 25,484 |  |  | 37,134 |  | $ | 0.69 |
Effect of dilutive securities |  |  |  |
Restricted stock units | — |  |  | 20 |  |
Restricted stock awards | — |  |  | 12 |  |
Performance share units(1) | — |  |  | — |  |
Stock options | — |  |  | 14 |  |
Diluted earnings per share(2) | $ | 25,484 |  |  | 37,180 |  | $ | 0.69 |
Nine Months Ended September 30, 2025 |  |  |  |
Basic earnings per share | $ | 48,560 |  |  | 36,789 |  | $ | 1.32 |
Effect of dilutive securities |  |  |  |
Restricted stock units | — |  |  | 42 |  |
Restricted stock awards | — |  |  | 17 |  |
Performance share units(1) | — |  |  | — |  |
Stock options | — |  |  | — |  |
Diluted earnings per share(2) | $ | 48,560 |  |  | 36,848 |  | $ | 1.32 |
Nine Months Ended September 30, 2024 |  |  |  |
Basic earnings per share | $ | 45,403 |  |  | 37,087 |  | $ | 1.22 |
Effect of dilutive securities |  |  |  |
Restricted stock units | — |  |  | 21 |  |
Restricted stock awards | — |  |  | 26 |  |
Performance share units(1) | — |  |  | — |  |
Stock options | — |  |  | 16 |  |
Diluted earnings per share(2) | $ | 45,403 |  |  | 37,150 |  | $ | 1.22 |

____________________
(1)The performance share unit awards are contingently issuable and are considered in the calculation of diluted earnings per share. The Company assesses the number of awards that would be issuable, if any, under the terms of the agreement if the end of the reporting period were the end of the contingency period.
(2)Incremental shares are excluded if their effect is antidilutive under the treasury stock method.
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(Unaudited)
11. Subsequent Events
On November 4, 2025, the Board declared a dividend of $0.12 per share of the Company’s common stock, which stockholders can elect to receive in cash or additional shares of common stock by enrolling in our previously announced Dividend Reinvestment Plan, payable on November 28, 2025 to stockholders of record on November 14, 2025.
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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Introduction
The following discussion and analysis is intended to help the reader understand our business, financial condition, results of operations, liquidity and capital resources. This discussion and analysis should be read in conjunction with the accompanying unaudited condensed consolidated financial statements and the accompanying notes included in this Quarterly Report, as well as our audited consolidated financial statements and the accompanying notes included in the 2024 Form 10-K. Our discussion and analysis includes the following subjects:
•Overview;
•Consolidated Results of Operations;
•Liquidity and Capital Resources; and
•Critical Accounting Policies and Estimates.
The financial information with respect to the three and nine months ended September 30, 2025 and 2024, discussed below, is unaudited. In the opinion of management, this information contains all adjustments, which consist only of normal recurring adjustments unless otherwise disclosed, necessary to state fairly the accompanying unaudited condensed consolidated financial statements. The results of operations for the interim periods are not necessarily indicative of the results of operations for the full fiscal year.
Overview
We are an independent oil and natural gas company with a principal focus on acquisition, development and production activities in the U.S. Mid-Continent region (“Mid-Con”).
The charts below show production by product and percent revenues for the three and nine months ended September 30, 2025 and 2024:
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Total MBoe production for the three months ended September 30, 2025 was comprised of approximately 19.7% oil, 47.7% natural gas and 32.6% NGL compared to 14.8% oil, 50.4% natural gas and 34.8% NGL in the third quarter of 2024. Total MBoe production for the nine months ended September 30, 2025 was comprised of approximately 17.8% oil, 48.6% natural gas and 33.6% NGL compared to 14.5% oil, 54.2% natural gas and 31.3% NGL in the first nine months of 2024.
Outlook
We remain committed to growing the value of our asset base in a safe, responsible and efficient manner, while prudently allocating capital to high-return, growth projects. Currently, these projects include: (1) one-rig development in the Cherokee Shale Play (2) evaluation of accretive merger and acquisition opportunities, with consideration of our strong balance sheet and commitment to our capital return program (3) production optimization program through artificial lift conversions to more efficient and cost-effective systems and (4) a leasing program that will bolster future development and extend development in our Cherokee assets. We are developing our term acreage in the Cherokee Play, and our total leasehold position, inclusive of the Cherokee, NW Stack and legacy assets, is approximately 95% held by production, which cost-effectively maintains our development option over a reasonable tenor. We will continue to monitor forward-looking commodity prices, project results, costs, impacts of tariffs and other factors that could influence returns and cash flows, and will adjust our program accordingly, to include curtailment of capital activity and wells, if needed, or conversely, well reactivations in higher commodity price environments. These and other factors, including reasonable reinvestment rates, maintaining our cash flows and prioritizing our regular-way dividend, will continue to shape our development decisions for the remainder of the year and beyond.
Consolidated Results of Operations
Our consolidated revenues and cash flows are generated from the production and sale of oil, natural gas and NGL. Our revenues, profitability and future growth depend substantially on prevailing prices received for our production, the quantity of oil, natural gas and NGL we produce, and our ability to find and economically develop and produce our reserves. Prices for oil, natural gas and NGL fluctuate widely and are difficult to predict. To provide information on the general trend in pricing, the average New York Mercantile Exchange ("NYMEX") prices for oil and natural gas are shown in the tables below:

|  |  |  |  |  | Three-month periods ended |  |
|  |  |  | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024 |  |  |  |
NYMEX Oil (per Bbl) |  |  |  |  |  | $ | 65.78 |  |  | $ | 64.57 |  |  | $ | 71.78 |  |  | $ | 70.73 |  |  | $ | 76.43 |  |  |  |  |
NYMEX Natural gas (per Mcf) |  |  |  |  |  | $ | 3.15 |  |  | $ | 3.31 |  |  | $ | 4.30 |  |  | $ | 2.53 |  |  | $ | 2.19 |  |  |  |  |

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In order to reduce our exposure to price fluctuations, from time to time we may enter into commodity derivative contracts for a portion of our anticipated future oil, natural gas and NGL production as discussed in “Item 3. Quantitative and Qualitative Disclosures About Market Risk.” During periods where the strike prices for our commodity derivative contracts are below market prices at the time of settlement, we may not fully benefit from increases in the market price of oil and natural gas. Conversely, during periods of declining oil and natural gas market prices, our commodity derivative contracts may partially offset declining revenues and cash flows to the extent strike prices for our contracts are above market prices at the time of settlement. See “Note 3 — Derivatives” to the accompanying unaudited condensed consolidated financial statements included in this Quarterly Report for additional information regarding our commodity derivatives.
Revenues
Consolidated revenues are presented in the table below (in thousands):

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | Change |  | 2025 |  | 2024 |  | Change
Oil | $ | 22,415 |  |  | $ | 16,871 |  |  | $ | 5,544 |  |  | $ | 58,251 |  |  | $ | 47,202 |  |  | $ | 11,049 |
Natural gas | 8,517 |  |  | 4,349 |  |  | 4,168 |  |  | 29,938 |  |  | 13,302 |  |  | 16,636 |
NGL | 8,890 |  |  | 8,837 |  |  | 53 |  |  | 28,768 |  |  | 25,813 |  |  | 2,955 |
Total revenues | $ | 39,822 |  |  | $ | 30,057 |  |  | $ | 9,765 |  |  | $ | 116,957 |  |  | $ | 86,317 |  |  | $ | 30,640 |

Oil, Natural Gas and NGL Production and Pricing
Our production and pricing information is shown in the table below:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | Change |  | 2025 |  | 2024 |  | Change
Production data |  |  |  |  |  |  |  |  |  |  |
Oil (MBbls) | 344 |  |  | 231 |  |  | 113 |  |  | 884 |  |  | 624 |  |  | 260 |
Natural gas (MMcf) | 4,993 |  |  | 4,729 |  |  | 264 |  |  | 14,513 |  |  | 13,979 |  |  | 534 |
NGL (MBbls) | 569 |  |  | 544 |  |  | 25 |  |  | 1,668 |  |  | 1,348 |  |  | 320 |
Total volumes (MBoe) | 1,745 |  |  | 1,563 |  |  | 182 |  |  | 4,971 |  |  | 4,302 |  |  | 669 |
Average daily total volumes (MBoe/d) | 19.0 |  |  | 17.0 |  |  | 2.0 |  |  | 18.2 |  |  | 15.7 |  |  | 2.5 |
Average prices—as reported(1) |  |  |  |  |  |  |  |  |  |  |
Oil (per Bbl) | $ | 65.23 |  |  | $ | 73.07 |  |  | $ | (7.84) |  |  | $ | 65.91 |  |  | $ | 75.66 |  |  | $ | (9.75) |
Natural gas (per Mcf) | $ | 1.71 |  |  | $ | 0.92 |  |  | $ | 0.79 |  |  | $ | 2.06 |  |  | $ | 0.95 |  |  | $ | 1.11 |
NGL (per Bbl) | $ | 15.61 |  |  | $ | 16.25 |  |  | $ | (0.64) |  |  | $ | 17.24 |  |  | $ | 19.15 |  |  | $ | (1.91) |
Total (per Boe) | $ | 22.82 |  |  | $ | 19.23 |  |  | $ | 3.59 |  |  | $ | 23.53 |  |  | $ | 20.07 |  |  | $ | 3.46 |
Average prices—including impact of derivative contract settlements |  |  |  |  |  |  |  |  |  |  |
Oil (per Bbl) | $ | 66.15 |  |  | $ | 73.71 |  |  | $ | (7.56) |  |  | $ | 66.68 |  |  | $ | 75.89 |  |  | $ | (9.21) |
Natural gas (per Mcf) | $ | 2.15 |  |  | $ | 0.92 |  |  | $ | 1.23 |  |  | $ | 2.29 |  |  | $ | 0.95 |  |  | $ | 1.34 |
NGL (per Bbl) | $ | 15.82 |  |  | $ | 16.34 |  |  | $ | (0.52) |  |  | $ | 17.24 |  |  | $ | 19.19 |  |  | $ | (1.95) |
Total (per Boe) | $ | 24.34 |  |  | $ | 19.36 |  |  | $ | 4.98 |  |  | $ | 24.33 |  |  | $ | 20.11 |  |  | $ | 4.22 |

__________________
(1) Prices represent actual average sales prices for the periods presented and do not include effects of derivative settlements.
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Variances in oil, natural gas and NGL revenues attributable to changes in the average prices received for our production and total production volumes sold are shown in the table below (in thousands):

| Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025
2024 oil, natural gas and NGL revenues | $ | 30,057 |  |  | $ | 86,317 |
Change due to production volumes | 8,203 |  |  | 23,761 |
Change due to average prices | 1,562 |  |  | 6,879 |
2025 oil, natural gas and NGL revenues | $ | 39,822 |  |  | $ | 116,957 |

Operating Expenses
Operating expenses consisted of the following (in thousands):

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | Change |  | 2025 |  | 2024 |  | Change
Lease operating expenses | $ | 10,911 |  |  | $ | 9,104 |  |  | $ | 1,807 |  |  | $ | 28,384 |  |  | $ | 28,734 |  |  | $ | (350) |
Production, ad valorem, and other taxes | 2,155 |  |  | 1,813 |  |  | 342 |  |  | 7,412 |  |  | 5,550 |  |  | 1,862 |
Depreciation and depletion—oil and natural gas | 9,400 |  |  | 8,345 |  |  | 1,055 |  |  | 26,106 |  |  | 16,771 |  |  | 9,335 |
Depreciation and amortization—other | 1,638 |  |  | 1,605 |  |  | 33 |  |  | 4,853 |  |  | 4,947 |  |  | (94) |
Total operating expenses | $ | 24,104 |  |  | $ | 20,867 |  |  | $ | 3,237 |  |  | $ | 66,755 |  |  | $ | 56,002 |  |  | $ | 10,753 |
Lease operating expenses ($/Boe) | $ | 6.25 |  |  | $ | 5.82 |  |  | $ | 0.43 |  |  | $ | 5.71 |  |  | $ | 6.68 |  |  | $ | (0.97) |
Production, ad valorem, and other taxes ($/Boe) | $ | 1.23 |  |  | $ | 1.16 |  |  | $ | 0.07 |  |  | $ | 1.49 |  |  | $ | 1.29 |  |  | $ | 0.20 |
Depreciation and depletion—oil and natural gas ($/Boe) | $ | 5.39 |  |  | $ | 5.34 |  |  | $ | 0.05 |  |  | $ | 5.25 |  |  | $ | 3.90 |  |  | $ | 1.35 |
Production, ad valorem, and other taxes (% of oil, natural gas and NGL revenue) | 5.4 | % |  | 6.0 | % |  | (0.6) | % |  | 6.3 | % |  | 6.4 | % |  | (0.1) | %

Lease operating expenses for the three months ended September 30, 2025 increased in total and per Boe versus the same period in 2024 primarily due to an increase in labor, utility and other costs. Lease operating expenses for the nine months ended September 30, 2025 decreased in total and per Boe versus the same period in 2024 primarily due to a $2.1 million one-time non-cash adjustment of an operating accrual dating back to the Company’s emergence from bankruptcy (see “Note 1—Basis of Presentation” to the accompanying unaudited condensed consolidated financial statements included in Item 1 of this Quarterly Report for further information) that was recorded in the second quarter of 2025. The decrease was partially offset by an increase in utility and water hauling costs.
Production, ad valorem, and other taxes for the three and nine months ended September 30, 2025 increased in total primarily due to higher average commodity prices, sales volumes, and related revenues. The increase in sales volumes was primarily the result of our one rig development program in the Cherokee Play of the Mid-Con. Production, ad valorem, and other taxes per Boe increased for the three and nine months ended September 30, 2025 versus the same period in 2024 primarily due to higher average commodity prices.
The increase in depreciation and depletion for oil and natural gas properties for the three months ended September 30, 2025 versus the same period in 2024 was primarily the result of an increase in sales volumes. The increase in depreciation and depletion for oil and natural gas properties for the nine months ended September 30, 2025 versus the same period in 2024 was primarily the result of our acquisition in the Cherokee Play of the Mid-Con during the third quarter of 2024, which increased the book value of our proved properties and subsequently our depletion rate.
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Impairment
A ceiling limitation calculation is performed at the end of each quarter. If the full cost pool balance exceeds the ceiling limitation, an impairment of the full cost pool is required. Calculation of the full cost ceiling test is based on, among other factors, trailing twelve-month first-day-of-the-month index prices (“SEC prices”) as adjusted for price differentials and other contractual arrangements. The SEC prices utilized in the calculation of proved reserves included in the full cost ceiling test at September 30, 2025 were $67.45 per barrel of oil and $3.10 per MMBtu of natural gas, before price differential adjustments.
The ceiling limitation was not exceeded; therefore, no full cost ceiling limitation impairments were recorded during the three or nine months ended September 30, 2025 or 2024. During certain periods within the past five years, the SEC prices used in the full cost ceiling test have been lower than the SEC prices used for the September 30, 2025 full cost ceiling test and resulted in material ceiling limitation impairments. Full cost pool ceiling limitation impairments have no impact to our cash flow or liquidity.
Based on the SEC prices over the trailing ten months ended October 31, 2025, as well as two months of NYMEX strip pricing for November and December of 2025 as of October 31, 2025, we estimate the SEC prices utilized in the December 31, 2025 full cost ceiling test may be $65.45 per barrel of oil and $3.33 per MMBtu of natural gas (the "estimated fourth quarter prices"). Applying these estimated fourth quarter prices, and holding all other inputs constant to those used in the calculation of our September 30, 2025 ceiling test, we expect that no full cost ceiling limitation impairment is indicated for the fourth quarter of 2025.
Any actual full cost ceiling limitation impairment recognized in future quarters may fluctuate significantly from projected amounts based on the outcome of numerous other factors such as declines in the actual trailing twelve-month SEC prices, lower NGL pricing, changes in estimated future development costs and operating expenses, and other adjustments to our levels of proved reserves.
Other Operating Expenses
Other operating expenses consisted of the following (in thousands):

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | Change |  | 2025 |  | 2024 |  | Change
General and administrative | $ | 2,737 |  |  | $ | 2,304 |  |  | $ | 433 |  |  | $ | 9,618 |  |  | $ | 8,686 |  |  | $ | 932 |
Restructuring expenses | 305 |  |  | 260 |  |  | 45 |  |  | 757 |  |  | 341 |  |  | 416 |
(Gain) loss on derivative contracts | (2,364) |  |  | (1,866) |  |  | (498) |  |  | (5,936) |  |  | (1,866) |  |  | (4,070) |
Other operating (income) expense | — |  |  | — |  |  | — |  |  | — |  |  | 24 |  |  | (24) |
Total other operating expenses | $ | 678 |  |  | $ | 698 |  |  | $ | (20) |  |  | $ | 4,439 |  |  | $ | 7,185 |  |  | $ | (2,746) |

General and administrative expenses increased for the three and nine months ended September 30, 2025 versus the same periods in 2024 primarily as a result of an increase in personnel and other costs.
The following table summarizes derivative activity (in thousands):

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
(Gain) loss on derivative contracts | $ | (2,364) |  |  | $ | (1,866) |  |  | $ | (5,936) |  |  | $ | (1,866) |
Settlement gains (losses) on derivative contracts | $ | 2,661 |  |  | $ | 199 |  |  | $ | 3,980 |  |  | $ | 199 |

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Our derivative contracts were not designated as accounting hedges and, as a result, changes in their fair values were recorded each quarter as a component of operating expenses. Internally, management has historically viewed the settlement of commodity derivative contracts at contractual maturity as adjustments to the price received for oil, natural gas and NGL production to determine “effective prices.” In general, cash is received on settlement of contracts due to lower oil and natural gas prices at the time of settlement, compared to the contract price for our commodity derivative contracts; and, cash is paid on settlement of contracts due to higher oil, natural gas and NGL prices at the time of settlement, compared to the contract price for our commodity derivative contracts. See further discussion of derivative contracts in “I tem 3. Quantitative and Qualitative Disclosures about Market Risk” included in Part I of this Quarterly Report.
Other Income (Expense)
Our other income (expense) are presented in the table below (in thousands):

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Other income (expense) |  |  |  |  |  |  |
Interest income (expense), net | $ | 916 |  |  | $ | 1,553 |  |  | $ | 2,803 |  |  | $ | 6,742 |
Other income (expense), net | (3) |  |  | — |  |  | (6) |  |  | 92 |
Total other income | $ | 913 |  |  | $ | 1,553 |  |  | $ | 2,797 |  |  | $ | 6,834 |

Interest income, net during the three and nine month periods ended September 30, 2025 and 2024 is primarily comprised of interest income on cash deposits. The decrease in interest income, net is due to the Company’s lower cash balance primarily as a result of our acquisitions as well as capital expenditures, share repurchases, and quarterly dividend payments.
Liquidity and Capital Resources
As of September 30, 2025, our cash and cash equivalents, including restricted cash, was $102.6 million. We expect our cash on hand and cash from operations to be adequate to meet our short and long-term liquidity needs. We had no outstanding term or revolving debt obligations as of September 30, 2025. On August 4, 2025, we filed a universal shelf registration statement on Form S-3 covering the offering of up to $500.0 million of securities, which was declared effective by the SEC on August 26, 2025.
Working Capital and Sources and Uses of Cash
Our principal sources of liquidity for the next year include cash flows from operations and cash on hand.
Cash flows from operations was the primary driver in the increase in working capital to $73.8 million at September 30, 2025 compared to $67.1 million at December 31, 2024. The increase in working capital was partially offset by capital expenditures of $41.4 million, dividend payments to stockholders of $12.0 million, cash payments for leasehold acquisitions of $7.8 million, and repurchases of our common stock of $6.4 million.
Cash Flows
Our cash flows from operations are substantially dependent on current and future prices for oil, natural gas and NGL, which historically have been, and may continue to be, volatile. Cash flows from operations are also affected by timing of cash receipts and disbursements and changes in other working capital assets and liabilities.
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Our cash flows are presented in the following table and discussed below (in thousands):

| Nine Months Ended September 30,
| 2025 |  | 2024
Cash flows provided by operating activities | $ | 68,450 |  |  | $ | 47,940 |
Cash flows used in investing activities | (46,128) |  |  | (138,662) |
Cash flows used in financing activities(1) | (19,246) |  |  | (69,141) |
Net (decrease) increase in cash and cash equivalents and restricted cash | $ | 3,076 |  |  | $ | (159,863) |

__________________
(1) Includes $12.0 million and $68.2 million in dividend payments for the nine months ended September 30, 2025 and 2024, respectively.
Cash Flows from Operating Activities
The increase in cash flows from operations for the nine months ended September 30, 2025 compared to the same period in 2024 is primarily due to an increase in revenues from higher average commodity prices and higher sales volumes from our 2024 acquisition and 2025 development program in the Cherokee Play of the Mid-Con.
Cash Flows from Investing Activities
Capital expenditures and acquisitions of oil and gas properties are summarized below (in thousands):

| Nine Months Ended September 30,
| 2025 |  | 2024
Capital Expenditures |  |  |
Drilling, completion, and capital workovers | $ | 46,246 |  |  | $ | 6,562 |
Leasehold and geophysical | 4,392 |  |  | 6,893 |
Capital expenditures (on an accrual basis) | 50,638 |  |  | 13,455 |
Acquisitions | 7,790 |  |  | 125,950 |
Capital expenditures, including acquisitions | 58,428 |  |  | 139,405 |
Changes in accounts payable and accrued expenses | (9,274) |  |  | 258 |
Inventory material transfers to oil and natural gas properties | (3) |  |  | (141) |
Total cash paid for capital expenditures | $ | 49,151 |  |  | $ | 139,522 |

Cash Flows from Financing Activities
Cash used in financing activities for the nine months ended September 30, 2025 consisted of $12.0 million in cash dividends, $6.4 million in repurchases of common stock, finance lease payments of $0.6 million, and $0.2 million of cash used for tax withholdings paid in exchange for shares withheld on employee vested stock awards that were settled by net exercise. Since 2023, the Company has paid cash dividends totaling $165.9 million and $0.6 million in shares issued in lieu of cash dividends under the Dividend Reinvestment Program, which represents $3.50 per share in special dividends and $0.98 per share in quarterly dividends for a total of $4.48 per share in total dividends. Cash used in financing activities for the nine months ended September 30, 2024 consisted primarily of $68.2 million in cash dividends, $0.4 million of cash used for tax withholdings paid in exchange for shares withheld on employee vested stock awards that were settled by net exercise, and finance lease payments of $0.6 million. Net exercises of stock awards allows the holder of a stock award to tender back to us a number of shares at fair value upon the vesting of such stock award that equals the employee payroll tax obligation due. We then remit a cash payment to the relevant taxing authority on behalf of the employee for their payroll tax obligations resulting from the vesting of their stock award.
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Contractual Obligations and Off-Balance Sheet Arrangements
At September 30, 2025, our contractual obligations included asset retirement obligations, leases and other individually insignificant obligations. Additionally, we have certain financial instruments representing potential commitments that were incurred in the normal course of business to support our operations, including surety bonds. The underlying liabilities insured by these instruments are reflected in our balance sheets, where applicable. Therefore, no additional liability is reflected for the surety bonds or other instruments.
There were no other significant changes in total contractual obligations and off-balance sheet arrangements from those reported in the 2024 Form 10-K.
Critical Accounting Policies and Estimates
For a description of our critical accounting policies and estimates, refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the 2024 Form 10-K. For a discussion of recent accounting pronouncements, newly adopted and recent accounting pronouncements not yet adopted, see “Note 1—Basis of Presentation” to the accompanying unaudited condensed consolidated financial statements included in Item 1 of this Quarterly Report. We did not have any material changes in critical accounting policies, estimates, judgments and assumptions during the first nine months of 2025.
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ITEM 3. Quantitative and Qualitative Disclosures About Market Risk
General
This discussion provides information about the financial instruments we have historically used to manage commodity prices. All contracts were settled in cash and did not require the actual delivery of a commodity at settlement. Additionally, our exposure to credit risk and interest rate risk is also discussed.
Commodity Price Risk. Our most significant market risk relates to the prices we receive for our oil, natural gas and NGLs. Due to the historical price volatility of these commodities, from time to time we have historically entered, depending upon our view of opportunities under the then-prevailing current market conditions, commodity derivative contracts for a portion of our anticipated production volumes for the purpose of reducing the impact of the variability of oil and natural gas prices.
We have used, and may use, a variety of commodity-based derivative contracts, including fixed price swaps, basis swaps and collars. As of September 30, 2025, the Company's open derivative contracts consisted of oil, natural gas, and NGL commodity derivative contracts as follows:

|  | Period |  | Index |  | Daily Volume |  | Weighted Average Price
Oil (Bbl) |  |  |  |  |  |  |  |
Fixed Price Swaps |  |  |  |  |  |  |  |
|  | October 2025 - December 2025 |  | NYMEX WTI |  | 500 |  | $71.60
|  | January 2026 - June 2026 |  | NYMEX WTI |  | 300 |  | $68.67
Producer Costless Collars |  |  |  |  |  |  |  |
|  | October 2025 - December 2025 |  | NYMEX WTI |  | 675 |  | $61.57 Put / $78.02 Call
Natural Gas (MMBtu) |  |  |  |  |  |  |  |
Fixed Price Swaps |  |  |  |  |  |  |  |
|  | October 2025 - December 2025 |  | NYMEX Henry Hub |  | 8,500 |  | $4.17
|  | January 2026 - December 2026 |  | NYMEX Henry Hub |  | 4,500 |  | $4.09
Producer Costless Collars |  |  |  |  |  |  |  |
|  | October 2025 - December 2025 |  | NYMEX Henry Hub |  | 20,500 |  | $3.79 Put / $7.08 Call
|  | January 2026 - December 2026 |  | NYMEX Henry Hub |  | 4,500 |  | $3.35 Put / $5.35 Call
NGL (Bbl) |  |  |  |  |  |  |  |
Fixed Price Swaps |  |  |  |  |  |  |  |
|  | October 2025 - December 2025 |  | Mont Belvieu OPIS - C3+(1) |  | 300 |  | $39.69
|  | October 2025 - December 2025 |  | Mont Belvieu OPIS - Ethane(2) |  | 325 |  | $11.76

____________________
(1) Excludes ethane
(2) Ethane only
Because we historically have not designated any of our derivative contracts as hedges for accounting purposes, changes in the fair value of our derivative contracts are recognized as gains and losses in current period earnings. As a result, and when applicable, current period earnings could have been significantly affected by changes in the fair value of our commodity derivative contracts. Changes in fair value were principally measured based on a comparison of future prices to the contract price at the end of the period and through the Black-Scholes or other similar valuation method in the case of options.
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The following table summarizes derivative activity (in thousands):

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
(Gain) loss on derivative contracts | $ | (2,364) |  |  | $ | (1,866) |  |  | $ | (5,936) |  |  | $ | (1,866) |
Settlement gains (losses) on derivative contracts | $ | 2,661 |  |  | $ | 199 |  |  | $ | 3,980 |  |  | $ | 199 |

See “Note 3 — Derivatives” to the accompanying unaudited condensed consolidated financial statements included in this Quarterly Report for additional information regarding our commodity derivatives.
Credit Risk. As applicable, we are exposed to credit risk related to counterparties to our derivative financial contracts. All of our derivative transactions are carried out in the over-the-counter market. The use of derivative transactions in over-the-counter markets involves the risk that the counterparties may be unable to meet the financial terms of the transactions. The counterparties for all of our current derivative transactions have had and continue to have an “investment grade” credit rating. We monitor the credit ratings of our derivative counterparties and considered our counterparties’ credit default risk ratings in determining the fair value of our derivative contracts. Our derivative contracts have historically been with multiple counterparties to minimize exposure to any individual counterparty, and in addition our counterparties have been large financial institutions.
We do not require collateral or other security from counterparties to support derivative instruments. We have master netting agreements with our derivative contract counterparties, which allows us to net our derivative assets and liabilities by commodity type with the same counterparty. As a result of the netting provisions, our maximum amount of loss under derivative transactions due to credit risk is limited to the net amounts due from the counterparties under the commodity derivative contracts. Therefore, we are not required to post additional collateral under our commodity derivative contracts.
We are also exposed to credit risk related to the collection of receivables from our joint interest partners for their proportionate share of expenditures on wells and properties we operate. Historically, our credit losses on joint interest receivables have been immaterial.
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ITEM 4. Controls and Procedures
Disclosure Controls and Procedures
Under the supervision and with the participation of the Company’s management, including the Company’s CEO and CFO, the Company performed an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures pursuant to Exchange Act Rules 13a-15 and 15d-15 as of the end of the period covered by this Quarterly Report. Based on that evaluation, the Company’s CEO and CFO concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2025, to provide reasonable assurance that the information required to be disclosed by the Company in its reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and such information is accumulated and communicated to management, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
There was no change in the Company’s internal control over financial reporting during the quarter ended September 30, 2025 that has materially affected or is reasonably likely to materially affect the Company’s internal control over financial reporting.
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PART II. Other Information
ITEM 1. Legal Proceedings
See "Note 6—Commitments and Contingencies” to the accompanying condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report.
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ITEM 1A. Risk Factors
Information regarding our risk factors appears in Item 1A. of our 2024 Form 10-K for the year ended December 31, 2024. These risk factors describe some of the assumptions, risks, uncertainties and other factors that could adversely affect our business or that could otherwise result in changes that differ materially from our expectations.
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds
Our current equity-based compensation plans include provisions that allow for the “net exercise” of share-settled vested awards by all plan participants. In a net exercise, any required payroll taxes, federal withholding taxes and exercise price of the shares due from the share-based award holders are settled by having the holder tender back to us a number of shares at fair value equal to the amounts due. Net exercises are treated as purchases and retirements of shares.
The following table presents a summary of share repurchases made by the Company during the three months ended September 30, 2025.

Period | Total Number of Shares Purchased(1) |  | Average Price Paid per Share |  | Total Number of Shares Purchased as Part of Publicly Announced Program(2) |  | Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (in Millions)(2)
July 1, 2025 - July 31, 2025 | — |  |  | $ | — |  |  | — |  |  | $ | 68.8 |
August 1, 2025 - August 31, 2025 | 46,855 |  |  | $ | 10.12 |  |  | 46,855 |  |  | $ | 68.3 |
September 1, 2025 - September 30, 2025 | 1,578 |  |  | $ | 11.84 |  |  | — |  |  | $ | 68.3 |
| 48,433 |  |  |  |  | — |  |  |
(1) Includes 1,578 shares of common stock tendered by employees in September 2025 in order to satisfy tax withholding requirements upon vesting of their stock awards. Shares withheld are initially recorded as treasury shares, then immediately retired.
(2) In May 2023, the Company's Board of Directors approved the initiation of a share repurchase program authorizing the Company to purchase up to an aggregate of $75.0 million of the Company’s common stock.

ITEM 3. Defaults Upon Senior Securities
None.
ITEM 4. Mine Safety Disclosures
Not applicable.
ITEM 5. Other Information
During the three months ended September 30, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined under Item 408(a) of Regulation S-K.
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ITEM 6. Exhibits

|  | Incorporated by Reference |  |
Exhibit No. | Exhibit Description | Form |  | SEC File No. |  | Exhibit |  | Filing Date |  | Filed Herewith
2.1 | Amended Joint Chapter 11 Plan of Reorganization of SandRidge Energy, Inc., et al., dated September 19, 2016 | 8-A |  | 001-33784 |  | 2.1 |  | 10/4/2016 |  |
3.1 | Amended and Restated Certificate of Incorporation of SandRidge Energy, Inc. | 8-A |  | 001-33784 |  | 3.1 |  | 10/4/2016 |  |
3.2 | Amended and Restated Bylaws of SandRidge Energy, Inc. | 8-A |  | 001-33784 |  | 3.2 |  | 10/4/2016 |  |
10.1 | Plan Confidentiality Agreement, dated July 22, 2025, by and among SandRidge Energy, Inc., Icahn Partners LP, Icahn Partners Master Fund LP, Icahn Onshore LP, Icahn Offshore LP, Icahn Capital LP, Beckton Corp., IPH GP LLC, Icahn Enterprises Holdings LP, Icahn Enterprises GP, Inc., and Carl C. Icahn. | 8-K |  | 001-33784 |  | 10.1 |  | 7/22/2025 |  |
31.1 | Section 302 Certification—Chief Executive Officer |  |  |  |  |  |  |  |  | *
31.2 | Section 302 Certification—Chief Financial Officer |  |  |  |  |  |  |  |  | *
32.1 | Section 906 Certifications of Chief Executive Officer and Chief Financial Officer |  |  |  |  |  |  |  |  | *
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |  |  |  |  |  |  |  |  | *
101.SCH | XBRL Taxonomy Extension Schema Document |  |  |  |  |  |  |  |  | *
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |  |  |  |  |  |  |  |  | *
101.DEF | XBRL Taxonomy Extension Definition Document |  |  |  |  |  |  |  |  | *
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |  |  |  |  |  |  |  |  | *
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |  |  |  |  |  |  |  |  | *
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |  |  |  |  |  |  |  |  | *

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Table of Contents
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

| SandRidge Energy, Inc.
Date: November 6, 2025 | By: | /s/ Jonathan Frates
|  | Jonathan Frates Executive Vice President and Chief Financial Officer (Principal Financial Officer)

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