Sandridge Energy, Inc. · NYSE:SD
Sandridge Energy — Q4 2025 Earnings Presentation
16 slides from Sandridge Energy's earnings presentation, Mar 5, 2026
Slide 1: Investor Presentation 2026
Investor Presentation 2026 SandRidge Energy, Inc. NYSE: SD
Slide 2: Disclosure – Forward-Looking Statements
Disclosure – Forward-Looking Statements This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements express a belief, expectation or intention
Slide 3: SandRidge – Investment Highlights
SandRidge – Investment Highlights • SandRidge Energy, Inc. (NYSE: SD) is an independent oil and gas company engaged in the production, development, and acquisition of oil and gas properties. Its primary area of operation is the Mid-Continent region in Oklahoma, Texas, and Kansas • Stable production
Slide 4: SandRidge – Key Highlights & Go-Forward Strategy
SandRidge – Key Highlights & Go-Forward Strategy • Over the past few years, the Board and Management have focused SD’s assets, optimized its production profile, streamlined its cost structure, strengthened its balance sheet and maintained an Environmental, Social, and Governance (“ESG”) commitment •
Slide 5: 2025 Review
2025 Review • The Company was above or within target range of 2025E production, capital expenditures, Lease Operating Expenditures (“LOE”), and Adjusted General and Administrative (“G&A”)(5) guidance(11) Production (MBoed) Capex ($MM)(12) 4% above $76.2 1% above MPOG 18.5 MPOG $66-$85 16.2-19.5 (11)
Slide 6: Midcon Asset Position
Midcon Asset Position • Long-lived, resilient assets with single-digit average annual PDP decline over the next 10 years • ~10-year reserves-to-production ratio and >30-year weighted average well life(2) • Acreage is 95% held by producing wells(7) which cost effectively sustains our development opti
Slide 7: Cherokee Development
Cherokee Development Modern Well Averages(17) Inventory & Development Plans • Operated development program with 1 rig # of Wells in IP30 Oil IP30 Lateral Proppant Average (Boe/d) (Bbl/d) Length (ft) Loading (lb/ft) ‒ 6 wells drilled and completed in 2025 delivered an average per well peak 30-day IP
Slide 8: Best In Class Operating Costs
Best In Class Operating Costs • The Company has maintained a low-cost structure over the last several years, while actively pressing on costs and combating inflationary pressures Overview LOE(13)(21) Continuous review of individual well LOE Expense Workover WTI ($/Bbl) profitability to assess well
Slide 9: Streamlined G&A
Streamlined G&A • The Company has maintained a tight cost structure, with a low G&A burden that compares favorably to peers Total G&A(23) $150 $8.00 $6.50 SD Adj. G&A / Boe ($/Boe) $6.00 SD Total G&A ($MM) $5.10 $100 $3.38 $4.00 $125.9 $2.68 $50 $1.93 $1.95 $1.76 $1.74 $76.0 $1.42 $1.46 $2.00 $41.7
Slide 10: Low-Cost Operator
Low-Cost Operator • SandRidge delivers the lowest cash operating costs per Boe in its peer group and is one of the few with no debt • Commitment to safely driving operational efficiencies has mitigated higher per Boe costs often associated with maintaining long-lived assets Cash Operating Costs ($/B
Slide 11: Stock Price Performance (%)
SD Relative Stock Price Performance • Between March 3, 2025 and March 2, 2026, SandRidge outperformed the XOP by ~36%, XLE by ~33%, and peers(22) by ~78% Dividend Adjusted Relative Stock Price Performance Vs XOP & XLE – LTM 80% Stock Price Performance (%) 60% 40% 20% 0% -20% -40% SD-US XOP-US XLE-US
Slide 12: 2026E Guidance
2026E Guidance 2026E Guidance Production Oil (MMBbls) 1.2 – 1.7 Natural Gas Liquids (MMBbls) 2.2 – 2.5 Total Liquids (MMBbls) 3.4 – 4.2 Natural Gas (Bcf) 17.8 – 21.0 Total Production (MMBoe) 6.4 – 7.7 Total Capital Expenditures Drilling and Completions $62 - $80 Million Capital Workovers / Productio
Slide 13: Environmental, Social, & Governance (“ESG”)
Environmental, Social, & Governance (“ESG”) • The Company maintains its Environmental, Social, and Governance ("ESG") commitment • Achieved a record >4 years without a recordable safety incident Uphold ESG Commitment ESG Achievements and Strategy ► Environmental Flaring Intensity ► No routine flarin
Slide 14: APPENDIX
APPENDIX SandRidge Energy, Inc. NYSE: SD
Slide 15: Adjusted EBITDA, Free Cash Flow, and Adjusted G&A
Adjusted EBITDA, Free Cash Flow, and Adjusted G&A Reconciliation of Net Income to Adjusted EBITDA Year Ended December 31, 2025 (In thousands) Net income $70,203 Adjusted for Income tax (benefit) (5,535) Interest expense 462 Depreciation and depletion – oil and natural gas 36,439 Depreciation and amo
Slide 16: Endnotes
Endnotes 1) Majority of operated PDP well set as of December 31, 2025 forward-looking has positive cash flow at $40.00 per Bbl oil, $2.00 per Mcf and NGLs of 25% of WTI; Based on YE25 SEC reserves (see endnote 8). 2) Reserves-to-production ratio calculated using YE25 SEC net reserves (see endnote 8)