Q2 2024 SandRidge Energy Inc Earnings Call

August 8, 2024

Operator: Hello, and welcome to the SandRidge Energy conference call. All lines have been placed on mute to prevent any background noise.

Hello and welcome to the SandRidge Energy Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad.

Operator: All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again, just press star 1. I would now like to turn the call over to your host, Scott Prestridge, Senior Vice President of Finance and Strategy. Please go ahead.

Operator: After this speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, followed by the number 1 on your telephone key. If you would like to withdraw your question again, just press star 1. Now, I would like to turn the call over to your host, Scott Prestridge, Senior Vice President of Finance and Strategy. Please go ahead.

Operator: If you would like to withdraw your question, again, just press star 1. I would now like to turn the call over to your host, Scott Prestridge, Senior Vice President of Finance and Strategy. Please go ahead.

Scott Prestridge: Thank you and welcome everyone. With me today are our Grayson Pranin, our CEO; Brandon Brown, our CFO, as well as Dean Parrish, our COO.

Scott Prestridge: Thank you and welcome everyone. With me today are Grayson Pranin, our CEO; Brandon Brown, our CFO, as well as Dean Parrish, our COO.

Scott Prestridge: Thank you and welcome everyone. With me today are Grayson Pranin, our CEO , Brandon Brown, our CFO , as well as Dean Parrish, our COO.

Scott Prestridge: We would like to remind you that today's call contains forward-looking statements and assumptions, which are subject to risk and uncertainty, and actual results may differ materially from those projected in these forward-looking statements. These statements are not guarantees of future performance, and our actual results may differ materially due to known and unknown risks and uncertainties, as discussed in greater detail in our earnings release and our SEC filing. We may also refer to adjusted EBITDA and adjusted GNA and other non-GAAP financial measures. Reconciliations of these measures can be found on our website. With that, I'll turn the call over to Grayson.

Scott Prestridge: We would like to remind you that today's call contains forward-looking statements and assumptions, which are subject to risk and uncertainty, and actual results may differ materially from those projected in these forward-looking statements. These statements are not guarantees of future performance, and our actual results may differ materially due to known and unknown risks and uncertainties, as discussed in greater detail in our earnings release and our SEC filing. We may also refer to adjusted EBITDA and adjusted G&A and other non-GAAP financial measures. Reconciliation of these measures can be found on our website. With that, I'll turn the call over to Grayson.

Scott Prestridge: These statements are not guarantees of future performance and our actual results may differ materially due to known and unknown risks and uncertainties as discussed in greater detail in our earnings release and our SEC filings.

Scott Prestridge: We may also refer to adjusted EBITDA and adjusted GNA and other non-GAAP financial measures. Reconciliations of these measures can be found on our website.

Scott Prestridge: With that, I'll turn the call over to Grayson.

Grayson Pranin: Thank you and good afternoon. I am pleased to report on another quarter and that the company's activity continues to translate to free cash flow from our producing assets. Last week we announced entering into a definitive agreement to buy assets in the Western Anadarko Basin for $144 million before customary adjustment. To expand on this, Brandon will touch on a few highlights for the quarter.

Grayson Pranin: Thank you and good afternoon. I am pleased to report on another quarter and that the company's activity continues to translate to three cash flows from our producing assets in a dish. Last week we announced entering into a definitive agreement to buy assets in the Western Anadarko Basin for $144 million before customary adjustments. Before expanding on this, Brandon will touch on a few highlights for the quarter.

Grayson Pranin: Thank you and good afternoon. I am pleased to report on another quarter and that the company's activity continues to translate to free cash flow from our producing assets.

Brandon: In addition, last week we announced entering into a definitive agreement to buy assets in the Western Anadarko Basin for $144 million before customary adjustments.

Grayson Pranin: For expanding on this, Brandon will touch on a few highlights for the quarter.

Brandon Brown: Thank you, Grayson. Despite the downdrafts of natural gas prices during the period, the company generated adjusted EBITDA of nearly $13 million in the second quarter. As we have pointed out in the past, our adjusted EBITDA is a unique metric for SandRidge due to us having no I and very little T, given that we have no debt and a substantial NOL position that shares our cash flows from federal income tax. On the I portion, we in fact generated $2.5 million of interest income during the quarter for cash held in various high-yield deposit accounts.

Brandon Brown: Thank you, Grayson. Despite the downdrafts of National Gas prices during the period, the company generated an adjusted EBDA of nearly $13 million in the second quarter. As we have pointed out in the past, our adjusted EBITDA is a unique metric for SandRidge due to us having no I and very little T, given that we have no debt and a substantial NOL position that shares our cash flows from federal income tax. On the eye portion, we, in fact, generated 2.5 million dollars of interest income during a quarter from cash held in various high yield deposits accounts.

Brandon Brown: Thank you, Grayson. Despite the down drafts of natural gas prices during the period, the company generated adjusted EBITDA of nearly 13 million dollars in the second quarter.

Brandon Brown: As we have pointed out in the past, our adjusted EBITDA is a unique metric for SandRidge due to us having no I and very little T, given that we have no debt and a substantial NOL position that shares our cash flows from federal income taxes.

Brandon Brown: On the I portion, we in fact generated $2.5 million of interest income during the quarter for cash held in various high-yield deposit accounts.

Brandon Brown: The company initiated a return of capital program last year with total cumulative dividends paid to date of $146,000,000 or $3.92 per share. On August 6, 2024, the Board of Directors declared an $0.11 per share cash dividend payable on August 30, 2024 to shareholders of record on August 16, 2024. Net cash, including restricted cash, at the end of the second quarter was more than $211 million, which represents nearly $5.70 per share of our common stock issued and outstanding.

Brandon Brown: The company initiated a return of capital program last year, with total cumulative dividends paid to date of $146 million or $3.92 per share. On August 6, 2024, the Board of Directors declared an 11th Anniversary dividend per share at the dividend pay table on August 30th, 2024 to shareholders of record on August 16th, 2024.

Brandon Brown: The company initiated a return of capital program last year with total cumulative dividends paid to date of $146 million or $3.92 per share.

Brandon Brown: On August 6, 2024, the Board of Directors declared an $0.11 per share

Brandon Brown: cash dividend payable on August 30th, 2024 to shareholders of record on August 16th, 2024.

Brandon Brown: Net cash, including restricted cash, at the end of the second quarter was more than $211 million, which represents nearly $5.70 per share of our common stock issued and outstanding. The company has no term debt or revolving debt obligation and continues to live within Castro, funding all its capital expenditures and Dividend Distributions with cash flow from operations and cash held on the balance sheet. Commodity price realization for the quarter, before considering the impact of hedges, was $79.54 per barrel of oil and $66.99 per barrel of gas.

Brandon Brown: Net cash, including restricted cash, at the end of the second quarter was more than $211 million, which represents nearly $5.70 per share.

Brandon Brown: of our common stock issued and outstanding.

Brandon Brown: The company has no term debt or revolving debt obligation and continues to live within cash flow, funding all its capital expenditures and Dividend Distributions with cash flow from operations and cash held on the balance sheet. Commodity price realization for the quarter, before considering the impact of hedges, was $79.54 per barrel of oil and $66 per barrel of gas, per MCF for gas, and $18.99 per barrel of NGL.

Brandon Brown: The company has no term debt or revolving debt obligations and continues to live within cash flow, funding all its capital expenditures.

Brandon Brown: and Dividend Distributions with cash flow from operations and cash held on the balance sheet.

Brandon Brown: Commodity price realization for the quarter, before considering the impact of hedges, were $79.54 per barrel of oil and $66.50 per barrel of gas.

Brandon Brown: Fint, Parr MCO for gas, and $18.99 per barrel of NGO. As alluded to earlier, we have maintained our large federal canoelle position, which is estimated to be $1.6 billion at quarter-hand. Our inner-well position has and will continue to allow us to shield our cash flows from federal income tax.

Speaker Change: $18.99 per mcf for gas and $18.99 per barrel of NGL

Brandon Brown: As alluded to earlier, we have maintained our large federal NOL position, which is estimated to be $1.6 billion at quarter end. Our NOL position has allowed us to shield our cash flows from federal income tax. Our commitment to cost discipline continues to yield results, with ingested GNA for a quarter of $2.5 million or $1.85 per BOE. We continue to generate net income for our shareholders. During the quarter, we earned net income of approximately $9 million, or $0.24 per basic share, and net cash provided by operating activities of approximately $11 million.

Brandon Brown: As alluded to earlier, we have maintained our large federal NOL position, which is estimated to be $1.6 billion at quarter end.

Brandon Brown: Our NOL position has and will continue to allow us to shield our cash flows from federal income taxes.

Brandon Brown: Our commitment to cost discipline includes the year results with adjusted DNA for the quarter of $2.5 million or $1.85 per BLE. We continue to generate net income for our shareholders. During the quarter, we earned net income of approximately $9 million, or $0.24 per basic share, and NetCash provided by operating activities of approximately $11 million. The first half of the year concluded with the company producing approximately $24 million in free cash flow, which represents a conversion rate of approximately 85% relative to adjusted EBITDA. Before shifting to our Outlook, we should note that our earnings release and TeamQ provide further details on our financial and operational performance during the quarter.

Brandon Brown: Our commitment to cost discipline continues to yield results with adjusted GNA for a quarter of $2.5 million or $1.85 per BOE.

Brandon Brown: We continue to generate net income for our shareholders. During the quarter we earned net income of approximately nine million dollars or 24 cents per basic share.

Brandon Brown: and net cash provided by operating activities of approximately $11 million.

Brandon Brown: The first half of the year concluded with the company producing approximately $24 million in free cash flow, which represents a conversion rate of approximately 85% relative to adjusted EBITDA. Before shifting to our Outlook, we should note that our earnings release and TeamQ provide further details on our financial and operational performance during the quarter.

Brandon Brown: Before shifting to our Outlook, we should note that our earnings release and TeamQ provide further details on our financial and operational performance during the quarter.

Grayson Pranin: Without the useful to talk about a recent acquisition now, for touching on other company highlights. We're excited to expand our footprint here in the Mid-Con. The assets include 42 producing wells focused in Ellis and Roger Mill Counties, Oklahoma, making approximately six MBOE per day comprised of 40% oil or 70% liquid by volume, or 90% liquids on a revenue basis. It also includes four drilled but uncompleted wells and leasehold interest in 11 drilling and spacing units.

Grayson Pranin: We thought it would be useful to talk about a recent acquisition announcement and touch on other company highlights. We're excited to expand our footprint here at Mid-Con.

Brandon Brown: Thank you, Brandon.

Grayson Pranin: We thought it would be useful to talk about a recent acquisition announcement.

Grayson Pranin: for touching on other company highlights.

Grayson Pranin: We're excited to expand our footprint here in the Mid-Con. The assets include 42 producing wells focused in Ellis and Roger Mill Counties, Oklahoma, making approximately 6 MBOE per day, comprised of 40% oil or 70% liquid by volume.

Brandon Brown: The assets include 42 producing wells focused in Ellis and Roger Mill Counties, Oklahoma, making approximately six MEOE per day comprised of 40% oil or 70% liquid by volume, or 90% liquids on a revenue basis. It also includes four drilled but uncompleted wells and leasehold interest in 11 drilling and spacing units. This acquisition could provide five main benefits for the company. The first is that it's accretive to key metrics, including production, EBITDA, and free cash flow, and provides an attractive all-in return at recent commodity prices. 2.

Brandon Brown: or 90% liquids on a revenue basis.

Brandon Brown: It also includes four drilled but uncompleted wells and leasehold interest in 11 drilling and spacing units.

Brandon Brown: It bolsters our base production and capital levels while preserving our strong balance sheet and planned capital return program. Third, it diversifies the commodity mix of our producing asset base and provides commodity optionality with future investment. Fourth, is that it upgrades our inventory through the Cherokee Shale Play, adding 22 two-mile laterals focused in highly productive areas of the Cherokee Play. And the fifth is to provide synergies with the areas that we've recently been investigating the potential for new SandRidge-operated drilling opportunities as we operate and jointly develop the acquired assets.

Grayson Pranin: This acquisition could provide several benefits for the company. The first is that it's a creative to key metrics, including production, even thought, and free cash flow, and provides an attractive all-in return at recent commodity prices to bolster our base production and casserole levels for preserving our strong balance sheet and playing capital return program. Third, is that the first slide's problem; it's the money mix of our producing asset base; it provides modality and optionality with future investments.

Brandon Brown: This acquisition could provide five main benefits for the company.

Brandon Brown: The first is that it's accretive to key metrics including production, EBITDA, and free cash flow, and provides an attractive all-in return at recent commodity prices.

Brandon Brown: 2. It bolsters our base production and capital levels while preserving our strong balance sheet and planned capital return program.

Brandon Brown: Third, is it diversifies the commodity mix of our producing asset base and provides commodity optionality with future investors.

Grayson Pranin: Fourth, is that it upgrades our inventory through the Cherokee Shield play, adding 22 mile lateral focus and highly productive areas of the Cherokee play. And the fifth is that it provides synergies with the areas that we've recently been investigating the potential for new SandRidge operated drilling opportunities as we operate and jointly develop the acquired assets. Our team will be well positioned to evaluate and execute on future organic growth opportunities. The Cherokee Formation of the Western Anadarko Basin has become a highly productive hydrocarbon target with increased horizontal activity over the last several years. It is comprised of mostly self-sourcing shells with interbedded high porosity sands. Cherokee depths range from approximately 8,500 feet north of the basin to greater than 13,000 feet basinward, with a thickness ranging from 400 feet to greater than 2,500.

Brandon Brown: Fourth is that it upgrades our inventory through the Cherokee Shale play, adding 22 two-mile laterals focused in highly productive areas of the Cherokee play.

Brandon Brown: And the fifth is to provide synergies with the areas that we've been recently investigating the potential for new SandRidge-operated drilling opportunities.

Brandon Brown: as we operate and jointly develop the acquired assets.

Brandon Brown: Our team will be well positioned to evaluate and execute on future organic growth opportunities. The Cherokee Formation of the Western Anadarko Basin has become a highly productive hydrocarbon target with increased horizontal activity over the last several years. It is comprised of mostly self-sourcing shells with interbedded high-porosity sands. Cherokee depths range from approximately 8,500 feet north of the basin to greater than 13,000 feet basinward, with a thickness ranging from 400 feet to greater than 2,500.

Brandon Brown: Our team will be well positioned to evaluate and execute on future organic growth opportunities.

Brandon Brown: The Cherokee Formation of the Western Anadarko Basin has become a highly productive hydrocarbon target with increased horizontal activity over the last several years.

Brandon Brown: It is comprised of mostly self-sourcing shells with interbedded high porosity sands.

Brandon Brown: Cherokee depths range from approximately 8,500 feet north of the basin to greater than 13,000 feet basinward with a thickness ranging from 400 feet to greater than 2,500 feet.

Grayson Pranin: A Cherokee play is currently being developed and deleted across the Northeast Texas Panhandle to Western Oklahoma areas encompassing five counties. The DSUs will be acquiring interest in our area concentrated in the southern area of the Cherokee Tour and offset some of the more productive wells in the place. The most recent Cherokee wells in Roger Mills County had an IP60 of approximately 1600 BOE per day with 57% oil composition. It had an average return of approximately 100% These wells, along with the nearest offsetting well to the north, and have a digital production history, a source firm in Paris have an average EUR greater than 500 MBO for oil, and are 1,500 V-O-E on a two-stream date. We'll also give you exposure to 3GSU in Elison Lipskin County.

Brandon Brown: The Cherokee Play is currently being developed and delineated across the northeast Texas panhandle to western Oklahoma areas, encompassing five counties. The DSUs we will be acquiring an interest in are concentrated in the southern area of the Cherokee Corps and offset some of the more productive wells in the place. The most recent Cherokee well in Roger Mills County had an IP60 of approximately 1600 BOE per day with 57% oil composition and had an average return of approximately 100%. These wells, along with the nearest offsetting well to the north, have additional production history; a source firm in Paris has an average EUR greater than 500 MBO for oil, or 1500 MVOE on a two-stream basis. You'll also gain exposure to three DSUs in Ellis and Lipscomb Counties.

Brandon Brown: The Cherokee Play is currently being developed and delineated across the northeast Texas panhandle to western Oklahoma areas, encompassing five counties.

Brandon Brown: The DSUs we will be acquiring interest in are concentrated in the southern area of the Cherokee Corps and offset some of the more productive wells in the place.

Brandon Brown: The most recent Cherokee well in Roger Mills County had an IP-60 of approximately 1,600 BOE per day with 57% oil composition.

Brandon Brown: and they had an average return of approximately 100%.

Brandon Brown: These wells, along with the nearest offsetting well to the north, have additional production history.

Brandon Brown: A source from Inveris have an average EOR greater than 500 MBOe for oil or 1500 MBOe on a two-stream basis.

Brandon Brown: You'll also gain exposure to three DSUs in Ellis and Lipscomb Counties.

Grayson Pranin: The PDP assets included in the acquisitions are focused in the core of the play and are connected to common mid-con, mid-stream purchasers and markets, and do not require any substantial infrastructure investment. The assets are relatively new horizontal wells, with the oldest being just a few years old, which helps from a break-even or reserved life perspective. For example, along with the assets, further out on this decline curve will have a higher relative reserve risk because it is more susceptible to changes in prices or costs. These wells start out free flowing and do not require artificial events for the first seven months to year.

Brandon Brown: The PDP assets included in the acquisitions are focused in the core of the play and are connected to common mid-con, mid-stream purchasers and markets, and do not require any substantial infrastructure investment. The assets are relatively new horizontal wells, with the oldest being just a few years old, which helps from a break-even or reserved life perspective. For example, a long-lived asset further out on the decline curve will have a higher relative reserve risk because it is more susceptible to changes in prices or costs. These wells start out free flowing and do not require artificial lids for the first several months to years.

Brandon Brown: The assets are relatively new horizontal wells, with the oldest being just a few years old, which helps from a break-even or reserve-like perspective. For example, a long list asset

Brandon Brown: Further out on this decline curve, we'll have a higher relative reserve risk because it is more susceptible to changes in prices or costs.

Brandon Brown: These wells start out free-flowing and do not require artificial lift for the first several months to years, and plunger lift appears to be a very cost-effective option long-term.

Brandon Brown: The plunger lift appears to be a very cost-effective option. Annualized EBITDA based on production through May of this year was over $50 million, which implies an even dollar multiple compared to the purchase price, between 2.5 and 3 times. As we look forward, we anticipate the oily PDP production and projected new development to meaningfully increase SandRidge's EBITDA and cash flow on a pro forma basis up to two times in 2025 and 2026, given the recent strip, all while maintaining our planned quarterly... I will continue to be responsible stewards of our incumbent upon consummation of the transaction.

Grayson Pranin: The plunger will have to appear to be a very cost-effective option once. Annualized EBITDA based on production through May of this year was over $50 million, which implies an EVA multiple compared to the purchase price between 2.5 and 3 times. As we look forward, we anticipate the oily PDP production and projected new development to needfully increase sandwiches, even though in cash flow on a pro-former basis, up to two times in 2025 and 2026, given the recent strip. I hope you are maintaining our plan for what you do. I will continue to be responsible steward of our incumbent activities upon consummation of the transaction.

Brandon Brown: Annualized EBITDA, based on production through May of this year, was over $50 million.

Brandon Brown: which implies an even-odd multiple compared to the purchase price between 2.5 and 3 times.

Brandon Brown: As we look forward, we anticipate the oily PDP production and projected new development to meaningfully increase SandRidge's EBITDA and cash flow on a pro forma basis up to two times in 2025 and 2026, given the recent strip.

Brandon Brown: all while maintaining our planned quarterly dividends.

Brandon Brown: I will continue to be responsible stewards of our incumbent asset base. Upon consummation of the transaction, our focus will expand to include the efficient integration of these new assets and implementing our low-cost operating expertise to these new assets.

Grayson Pranin: Our focus will expand to include the efficient integration of these new assets and implementing our low-cost operating expertise on these new assets. The transaction also provides potential for expanded activity, which includes the completion of three operated drills, but it is unclear whether the weld is here. Also, who will work with our joint development partner, who has a demo scroll history of successful operations in the play. Plan in the Nishik at Drill and King of Plan, potentially as early as the fourth quarter of this year, who will assume operatorship of the new wells after they are produced.

Brandon Brown: Our focus will expand to include the efficient integration of these new assets and implementing our low-cost operating expertise on these new assets. The transaction also provides the potential for expanded activity, which could include the completion of three operated drilled but uncompleted wells this year. Also, we will work with our joint development partner, who has a demonstrable history of successful operations in the area, plan and initiate a drilling campaign, potentially as early as the fourth quarter of this year, who will assume operatorship of the new wells after they are produced.

Brandon Brown: The transaction also provides the potential for expanded activity, which can include the completion of three operated drilled but uncompleted wells this year.

Brandon Brown: Also, we will work with our joint development partner, who has a demonstrable history of successful operations in the play, to plan and initiate a drilling campaign, potentially as early as the fourth quarter of this year.

Brandon Brown: who will assume operatorship of the new wells after they are producing.

Grayson Pranin: Closing is expected to occur during the third quarter, on which we'll plan to provide more information in that day's guidance. We plan to finance this acquisition with cash on hand. We'll have approximately $70 million of cash assets after the transaction is complete, which will be reserved for working capital, return of capital, further acquisition potential, and other capital uses, in line with our strategy that I will touch on later in the call. I'll pivot back to the base business. As mentioned previously, it had positive results for encast row in the first half, or converting over 85% of EBITDA of encast row.

Brandon Brown: Closing is expected to occur during the third quarter, at which time we will plan to provide more information and updated guidance. We plan to finance this acquisition with cash on hand. We'll have approximately $70 million of cash assets after the transaction is complete, which will be reserved for working capital, return of capital, further acquisition potential, and other capital use, in line with our strategy that I will touch on later in the call, pivot back to the base business.

Brandon Brown: Closing is expected to occur during the third quarter on which we'll plan to provide more information and updated guidance.

Brandon Brown: We plan to finance this acquisition with cash on hand and will have approximately $70 million of cash assets after the transaction is complete.

Brandon Brown: which will be reserved for working capital, return of capital, further acquisition potential, and other capital uses.

Brandon Brown: consistent with our strategy that I will touch on later in the call.

Brandon Brown: As I mentioned previously, we had positive results in free cash flow in the first half while converting over 85% of EBITDA to free cash flow. Production for the second quarter and the first half of the year from our mid-con assets averaged over 15 MBOE per day. While we did experience higher downtime associated with spring weather, our operations and field teams did a great job of responding and bringing wells back online. Dean will expand on operations later in the call.

Dean: Let's now pivot back to the base business.

Brandon Brown: As I mentioned previously, we had positive results in free cash flow in the first half, while converting over 85% of EBITDA to free cash flow.

Grayson Pranin: Production for the second quarter and the first half of the year from our mid-con assets averaged over 15 in BRE today. While we did experience higher downtime associated with spring weather, our operations and field teams did a great job of responding and bringing wells back online. Dean will expand on operations later in the call. The company's largest natural gas purchasers, which went from ethnic rejection to recovery for two months during the quarter. The duration of F-A recovery is dependent on the dynamics of pricing between natural gas and F-A moving forward and impacts both NGO volumes and price realization.

Dean: Production for the second quarter and the first half of the year from our mid-con assets averaged over 15 MBOE per day.

Brandon Brown: While we did experience higher downtime associated with spring weather, our operations and field teams did a great job in responding and bringing wells back online.

Brandon Brown: Dean will expand on operations later in the call.

Brandon Brown: The Company's largest natural gas purchaser switched from ethane rejection to recovery for two months during the quarter. The duration of FAA recovery is dependent on the dynamics of pricing between natural gas and FAA moving forward and impacts both NGL volumes and price realization. In addition, natural gas realizations were also impacted this current quarter by both low Henry Hub benchmark prices, where the fixed infield gathering and transportation costs take up a larger percentage, as well as a winding and local base. Markets are forecasting for Panhandle Eastern, where the majority of our gas is sold, to return to normal over time, but again as high as $1 this past week.

Brandon Brown: The company's largest natural gas purchasers switched from ethane rejection to recovery for two months during the quarter.

Brandon Brown: The duration of FAA recovery is dependent on the dynamics of pricing between natural gas and FAA moving forward, and impacts both NGL volumes and price realizations.

Grayson Pranin: In addition, natural gas for elevations was also intact at this point in the quarter, but both lows can we have a benchmark price, where the fixed infield gathering and transportation costs take up a larger percentage, as well as the winding and local pace. Markets are forecasting for paying him an eastern, where the majority of our gaps sold to return the normal overtime is getting his highest $1.00 in cash. With that, I will turn things over to Dean.

Brandon Brown: In addition, natural gas realizations were also impacted this current quarter by both low Henry Hub benchmark prices

Brandon Brown: for the fixed infield gathering and transportation costs take up a larger percentage, as well as a widening in local basis.

Brandon Brown: Markets are forecasting for Panhandle Eastern, where the majority of our gas is sold, to return to normal over time, but has been as high as $1 this past June .

Dean Parrish: With that, I will turn things over to Dean.

Dean Parrish: Thank you, Grayson. Let's start with our capital programs. This year, on a standalone basis, we plan to complete 14 artificial lift conversions as the company continues to focus on high-return and value-adding projects that provide benefits such as lowering forward-looking costs, Enhancing Production on Existing Wells, and further moderating its decline profile. The systems we have and will be installing are tailored for the well's current fluid production and will reduce the electrical demand from the current artificial lift system, which is key to decreasing future utility costs.

Dean Parrish: Thank you, Grayson. Let's start with our capital programs. This year, on a stand-alone basis, we plan to complete 14 artificial lift conversions as the company continues to focus on high-return and value-adding projects that provide benefits such as lowering forward-looking costs and Hancing Production on existing wells and further moderating into the Klein profile. The systems we have, and we'll be installing, are tailored for the well's current fluid production, and we'll reduce the electrical demand from the current artificial lip system, which is key to decreasing future utility costs.

Dean Parrish: With that, I will turn things over to Dean.

Dean Parrish: Thank you, Grayson. Let's start on our capital program.

Dean Parrish: This year, on a stand-alone basis, we plan to complete 14 artificial lift conversions as the company continues to focus on high-return and value-adding projects that provide benefits such as lowering forward-looking costs,

Dean Parrish: Enhancing production on existing wells.

Dean Parrish: and further moderating its decline profile.

Dean Parrish: The systems we have and will be installing are tailored for the well's current fluid production and will reduce the electrical demand from the current artificial lift system and is key to decreasing future utility costs.

Dean Parrish: In addition to artificial risk conversions, our production optimization campaign includes fuel completions, re-completions, and re-frax. The hill completion that we piloted this quarter added two additional stages to a northwest stack horizontal well. Near-term production rates are four times that of the pre-heal completion before adding volumes from the remaining lateral. Production, completion pressures, and traitors all indicate that we access a new reservoir, not already drained by the existing simulated area. We could pilot another three similar projects this year.

Dean Parrish: In addition to artificial lift conversions, our production optimization campaign includes fuel completions, re-completions, and refracts. The heel completion that we piloted this quarter added two additional stages to a northwest stack horizontal well. Near-term production rates are four times that of pre-heal completion before adding back volumes from the remaining lateral. Completion pressures and tracers all indicate that we have access to a new reservoir not already drained by the existing stimulated area. We could pilot another three similar projects this year.

Dean Parrish: In addition to artificial lift conversions, our production optimization campaign includes fuel completions, re-completions, and refracts.

Dean Parrish: The hill completion that we piloted this quarter added two additional stages to a northwest stacked horizontal well.

Dean Parrish: Near-term production rates are four times that pre-field completion before adding back volumes from the remaining lateral.

Dean Parrish: Production, completion pressures, and tracers all indicate that we access new reservoir not already drained by the existing stimulated area.

Dean Parrish: We could pilot another three similar projects this year.

Dean Parrish: Our incumbent leasehold remains approximately 99% held by production, which cost-effectively maintains our development options over a reasonable tenor. However, these assets have higher relative gas content, and commodity price futures are not yet at preferred levels to resume further development or more reactivations at this time. Commodity prices firmly over $80 WTI and $4 Henry Hub over a confident tenor and or reduction in well costs are needed before we would return to exercise the option value of further development or well reactivation.

Dean Parrish: Our incumbent leasehold remains approximately 99% held by production, which cost-effectively maintains our development options over a reasonable tenor.

Dean Parrish: These assets have higher relative gas content and commodity price futures are not yet at preferred levels to resume further development or more reactivations at this time.

Dean Parrish: Commodity prices firmly over $80 WTI and $4 Henry Hub over a confident tenor and or reduction well costs are needed before we would return to exercise the option value of further development or well reactivations.

Dean Parrish: With that said, we have and will be leasing in the Cherokee play, which could translate to additional operated development next year. The oilier content and increased productivity help to boost relative rates of return while decreasing break-even pricing. In addition, the experience we gained from the joint development of the assets included in our recently announced acquisition will position our team to evaluate and execute on operated organic growth opportunities in the future. The focused efforts over the past several quarters in optimizing our wells production profile and cost focus have contributed to flattening the expected base asset level decline of our already producing assets, a single-digit average over the next 10 years before the impact of further production optimization, development, or acquisition.

Dean Parrish: With that said, we have and will be leasing in the Cherokee play, which could translate to additional operated development next year.

Dean Parrish: The oilier content and increased productivity helps to boost relative rates of return while decreasing break-even pricing.

Dean Parrish: In addition, the experience we gained from the joint development of the assets included in our recently announced acquisition will position our team to evaluate and execute on operated organic growth opportunities in the future.

Dean Parrish: The focused efforts over the past several quarters in optimizing our wells production profile and cost focus have contributed to flattening the expected base asset level decline of our already producing assets, a single digit average over the next 10 years before the impact of further production optimization, development, or acquisition. Now shifting to lease operating expenses. Despite continued inflationary pressures, increased well count from our prior capital programs, and seasonal spring storms, LOE and expense workovers for the quarter were held to approximately $8.7 million, or $6.41 per BOE, and approximately $2 million, a $1.50 per VOE reduction to the prior quarter.

Dean Parrish: to single digit average over the next 10 years before the impact of further production optimization, development, or acquisitions.

Dean Parrish: Now shifting to lease operating expenses. Despite continued inflationary pressures, increased well count from our prior capital programs, and seasonal spring storms, LOE and expense markovers for the quarter were held to approximately $8.7 million, or $6.41 per BOE, an approximate $2 million, and $1.50 per BOE reduction to the prior quarter. This was driven in part by a reduction in expense markovers, as well as a softening in utility costs and reduced water handling costs. We will continue to actively press on operating costs through rigorous bidding processes, leveraging our significant infrastructure, operations center, and other company advantages. With that, I'll turn things back over to Grayson.

Dean Parrish: Now shifting to lease operating expenses.

Dean Parrish: Despite continued inflationary pressures,

Dean Parrish: Increased well count from our prior capital programs in seasonal spring storms.

Dean Parrish: LOE and expense markovers for the quarter were held to approximately $8.7 million, or $6.41 per BOE.

Dean Parrish: an approximate $2 million, $1.50 per BOE reduction to the prior quarter.

Dean Parrish: This was driven in part by a reduction in expense workovers, as well as a softening utility cost and reduced water handling cost. We will continue to actively focus on operating costs through rigorous process improvements, leveraging our significant infrastructure, operation center, and other company advantages. With that, I'll turn things back over to Grayson.

Dean Parrish: This was driven in part by a reduction in expense markovers, as well as a softening in utility costs and reduced water handling costs.

Dean Parrish: We will continue to actively press on operating costs through rigorous bidding processes, leveraging our significant infrastructure, operations center, and other company advantages.

Dean Parrish: With that, I'll turn things back over to Grayson.

Grayson Pranin: Thank you all.

Grayson Pranin: Let us pause for a moment to revisit the key highlights of SandRidge. The asset base is focused in the mid-continent region with primarily PDP well sets that do not require any routine flaring of produced gas. These well-understood assets are almost fully held by production with a long history of shallowing and diversified production profile in double-digit reserve life. Our incumbent assets include more than 1,000 miles each of owned and operated S&D and electric infrastructure along our footpaths.

Grayson Pranin: Some of us pause for a moment to revisit the key highlights of SandRidge. The asset base is focused in the mid-continent region with primarily PDP well set, and should not require any routine flaring of produced gas. These well-understood assets are almost fully held by production with a long history of shallowing and diversified production profile in double-digit reserve life. Our incumbent assets include more than 1,000 miles each of owned and operated S&D and electric infrastructure over our footprint.

Dean Parrish: Thank you, Dean.

Grayson Pranin: Let us pause for a moment to revisit the key highlights of SandRidge.

Grayson Pranin: Our asset base is focused in the mid-continent region with primarily PDP well sets, which do not require any routine flaring of produced gas.

Grayson Pranin: These well-understood assets are almost fully held by production with a long history shallowing and diversified production profile in double-digit reserve life.

Grayson Pranin: Our incumbent assets include more than 1,000 miles each of owned and operated S&D and electric infrastructure over our footprint.

Grayson Pranin: This substantial owned and operated infrastructure helps to de-risk individual well profitability for a majority of our legacy producing wells down to $40 WTI and $2 Henry Hudson. While we have recently seen spot prices below $2.00 Henry Hub, WTI has been in the 70s or above, which has buoyed our revenue and cash flow this year.

Grayson Pranin: This substantial owned and operated infrastructure helps to de-risk individual well profitability for a majority of our legacy producing wells down to $40 WTI and $2 Henry Hub. While we have recently seen spot prices below $2 Henry Hub, WTI has been in the 70s or above, which has buoyed our revenue and cash flow this year.

Grayson Pranin: This substantial owned and operated infrastructure helps to de-risk individual well profitability for a majority of our legacy producing wells down to $40 WTI and $2 Henry Hub.

Grayson Pranin: While we have recently seen spot prices below $2 Henry Hub, WTI has been in the 70s or above, which has buoyed our revenue and cash flow this year.

Grayson Pranin: Our assets continue to yield free cash flow, total cash, as a quarter-end of more than two-hundred million. This cast-ineration potential provides several paths to increase shareholder value, globalization, and it's benefited by a low gene A-bird. Damages' value proposition is materially de-risked from a financial perspective by a strength in the balance sheet, robust net cash position, no debt, financial flexibility, approximately $1.6 billion in federal and in wealth. Further, the company is not subject to NBC's or other significant off-balance sheet heat financial commitments.

Grayson Pranin: Our assets continue to yield free cash flow, and total cash has a quarter-end of more than $211 million. This cash generation potential provides several paths to increase shareholder value realization and is benefitted by the low GNA burden. SandRidge's value proposition is materially de-risked from a financial perspective by a strengthened balance sheet. Robust Net Cash Position, no debt, financial flexibility, approximately $1.6 billion, etc. in their wealth In addition, the company is not subject to MVCs or other significant off-balance sheet financial commitments.

Grayson Pranin: Our assets continue to yield free cash flow. Total cash has a quarter end of more than $211 million.

Grayson Pranin: This cash generation potential provides several paths to increase shareholder value realization and is benefited by low G&A burden.

Grayson Pranin: SandRidge's value proposition is materially de-risked from a financial perspective by a strengthened balance sheet, robust net cash position,

Grayson Pranin: No debt, financial flexibility, and approximately $1.6 billion in federal and non-wealth.

Grayson Pranin: Further, the company is not subject to MVCs or other significant off-balance sheet financial commitments.

Grayson Pranin: Finally, we take our ESG commitment seriously in its implemented discipline processes around that. We remain committed to our strategy to focus on growing the cash value and generation capability of our business in a safe, responsible, efficient manner while prudently allocating capital to high-return organic growth projects. We also remain vigilant in evaluating further merger and acquisition opportunities in a disciplined manner, with consideration of our balance sheet and commitment to our planned return of capital program. This strategy has five points.

Grayson Pranin: It's worth highlighting that we take our ESG commitment seriously and have implemented disciplined processes around that. We remain committed to our strategy to focus on growing the cash value and generation capability of our business in a safe, responsible, efficient manner while prudently allocating capital to high-return organic growth projects. We also remain vigilant and evaluate further merger and acquisition opportunities in a disciplined manner with consideration of our balance sheet and commitment to our planned return of capital program. This strategy has five points.

Grayson Pranin: Finally, it's worth highlighting that we take our ESG commitments seriously and have implemented disciplined processes around them.

Grayson Pranin: We remain committed to our strategy's focus on growing the cash value and generation capability of our business in a safe, responsible, efficient manner, while prudently allocating capital to high-return, organic growth projects.

Grayson Pranin: We also remain vigilant and evaluate further merger and acquisition opportunities in a disciplined manner with consideration of our balance sheet and commitment to our planned return of capital program.

Grayson Pranin: The first is to maximize the cash value of generation capacity of our commitment to P.P. assets by extending and flattening our production profile with high-rated return to depth and optimization projects, as well as continue reducing operating and administrative costs. Second, ensure we convert as much EBITDA to pre-cast flow as possible. I exercise capital stewardship by investing in projects and opportunities that have a high risk adjusted fully burden rate to return.

Grayson Pranin: First, is to maximize the cash value and generation capacity of our incumbent MidCom PPP assets by extending and flattening our production profile with high rates of return production optimization projects as well as continue to press on operating and administrative costs. Second, is to ensure we convert as much EBITDA to pre-cash flow as possible by exercising capital stewardship in investing in projects and opportunities that have a high risk adjusted fully burden rate of return.

Grayson Pranin: This strategy has five points.

Grayson Pranin: The purpose is to maximize the cash value and generation capacity of our incumbent MidCom PPP assets by extending and flattening our production profile with high rate of return production optimization projects, as well as continue pressing on operating and administrative costs.

Grayson Pranin: Second is to ensure we convert as much EBITDA to pre-cash flow as possible by exercising capital stewardship in investing in projects and opportunities that have high risk-adjusted, fully burden-rate returns.

Grayson Pranin: The third is to maintain optionality to execute on value-creative merger and acquisition opportunities that could bring synergies and leverage the company's core competencies, and complement its portfolio of assets so that it utilizes approximately $1.6 billion of federal net operating losses or otherwise yields attractive returns for its shareholders. Fourth, as we generate cash, we will continue to work with our board to assess tasks to maximize shareholder value, including investment in strategic opportunities, advancement of our return of capital program, and other units.

Grayson Pranin: The third is to maintain optionality, execute on value, increase merger and acquisition opportunities that could bring synergies, and leverage the company's core competencies. Compliment is portfolio of assets, so the utilize its approximately 1.6 billion federal meant operating losses or otherwise deal the tractor returns for a shareholder. Fourth, as we generate cash, we will continue to work with our board to assess past and next my shareholder values, to include investment in strategic opportunities, advancements of our return of capital program, and other youth. To this end, the company expanded its return of capital program earlier this year.

Grayson Pranin: The third is to maintain optionality to execute on value-creative merger and acquisition opportunities that could bring synergies.

Grayson Pranin: leverage the company's core competencies, complement its portfolio of assets, whether it utilizes approximately $1.6 billion of federal net operating losses, or otherwise yields attractive returns for its shareholders.

Grayson Pranin: Fourth, as we generate cash, we will continue to work with our board to assess paths to maximize shareholder value, to include investment in strategic opportunities, advancement of our return of capital program, and other uses.

Grayson Pranin: To this end, the company expanded its Return of Capital Program earlier this year. A $1.72 per share of dividends paid this year, and a total of $3.92 per share since last year, the final key is to uphold our ESG responsibility.

Grayson Pranin: At this end, the company expanded its Return of Capital Program earlier this year. The $1.72 per share of dividends paid this year, and a total of $3.92 per share since last year.

Grayson Pranin: A $1.72 per share of dividends paid this year, and a total of $3.92 per share since last year, our final pillar is to uphold our ESG responsibility. Shifting to administrative expenses, we are able to keep adjusted G&A to $2.5 million for the quarter or $1.85 for BOE, which compares favorably with our peers, and efficiency of our organization since from our core values for the main cost of this plan, as well as prior initiatives, which have tailored our organization to be fit for purpose.

Grayson Pranin: final staple is to uphold our ESG responsibilities.

Grayson Pranin: Shifting to administrative expenses, we're able to keep adjusted G&A to $2.5 million for the quarter, or $1.85 for BOE, which compares favorably with our peers. The efficiency of our organization stems from our core values for main cost discipline as well as prior initiatives which have tailored our organization to be fit for purpose. We continue to balance the weighting of field versus corporate personnel to reflect where we actually create value, an outsourcing necessary but more perfunctory and less core function, such as operations accounting, land administration, IT, tax, and HR.

Grayson Pranin: Shifting to administrative expenses, we're able to keep adjusted G&A to $2.5 million for the quarter, or $1.85 for BOE, which compares favorably with our peers.

Grayson Pranin: Efficiency of our organization stems from our core values for main cost discipline as well as prior initiatives which have tailored our organization to be fit for purpose.

Grayson Pranin: We continue to balance the waiting fields for corporate personnel to reflect where we actually create value. Now it's a source necessary, but more performed free and less performed, such as operations accounting, land administration, IT, tax, and HR.

Grayson Pranin: We continue to balance the weighting of field versus corporate personnel to reflect where we actually create value, and outsource necessary but more perfunctory and less foreign functions, such as operations accounting, land administration, IT, tax, and HR.

Grayson Pranin: Given our efficient structure and ability to flex with both activity and commodity price, our total personnel has remained consistent at just over 100 people, while retaining key technical skill sets that have both the experience and institutional knowledge of our area of operation. We plan to maintain this efficient structure as we move forward with the acquisition, which should only further benefit our GNA per POE metric. Please note that the company did recently secure hedges for a portion of its oil production through the first half of 2026 and NGL through 2025.

Grayson Pranin: Given our efficient structure and ability to flex with both activity and commodity price, our total personnel has remained consistent at just over 100 people while retaining key technical skill sets that have both the experience and institutional knowledge of our area of operation. We plan to maintain this efficient structure as we move forward with the acquisition, which should only further benefit our GNA per BOE metric. Please note that the company did recently secure hedges for a portion of its oil production through the first half of 2026 and NGLs through 2025.

Grayson Pranin: We plan to maintain this efficient structure as we move forward with the acquisition, which should only further benefit our GNA per POE metrics.

Grayson Pranin: Please note, the company did recently secure hedges for a portion of its oil production through the first half of 2026 and the NGL through 2025.

Grayson Pranin: We will continue to review and could hedge additional volumes from time to time in order to manage volatility for secure revenue and returns on acquisitions, material capital programs to capture favorable pricing, or for other risk management purposes.

Grayson Pranin: We will continue to review and could hedge additional volumes from time to time in order to manage volatility for secure revenue and returns on acquisitions, material capital programs, to capture favorable pricing, or for other risk management purposes.

Grayson Pranin: Please see our 10-Q for additional details. In summary, the company has more than $211 million cash-to-cash equivalent at quarter end, which represents nearly $5.70 per share of our common stock issued now standing, a mid-comp position that is approximately 99% held by production, which preserves the option value of future development potential in a cost-effective manner. Low overhead, top tier adjusted GNA of approximately $1.85 per BOE for the quarter. No debt. In fact, negative leverage.

Operator: Please see our TEMQ for additional details. In summary, the company has more than $211 million cash-to-cash equivalent at quarter end, which represents nearly $5.70 per share of our common stock issue now standing, a mid-comp position that is approximately 99% held by production, which preserves the option value of future development potential in a cost-effective manner. Low overhead, topped here at Jessa DNA of approximately $1.85 for the UAE for the quarter. No debt.

Grayson Pranin: Please see our TEMQ for additional details.

Grayson Pranin: In summary, the company has more than $211 million cash to cash equivalent a quarter end, which represents nearly $5.70 per share of our common stock issued and outstanding.

Grayson Pranin: A mid-composition that is approximately 99% held by production, which preserves the option value of future development potential in a cost-effective manner.

Grayson Pranin: Low overhead, top tier adjusted GNA of approximately $1.85 per BOE for the quarter.

Grayson Pranin: No debt. In fact, negative leverage.

Grayson Pranin: Positive free cash flow and a growing net cash position supported by a flattening production profile and a multi-digit reserve life asset base. 1.6 billion federal NOLs, which will shield future fee cash flow from federal income tax. This concludes our prepared remarks. Thank you for your time. We will now open the call to questions.

Grayson Pranin: Positive pre-cast flow and a growing net cast position.

Grayson Pranin: supported by a flattening production profile and multi-digit reserve life asset base.

Operator: In fact, negative leverage. Positive free cash flow and a growing net cash position supported by a flattening production profile and a multi-digit reserve life asset base. Once 1.6 billion federal dollars are in a well, it will shield the future fee cash flow from federal income tax. This concludes our prepared remarks. Thank you for your time. We'll now open it, and we'll call it a question.

Grayson Pranin: $1.6 billion in federal NOLs which will shield future fee cash flow from federal income taxes.

Grayson Pranin: This concludes our prepared remarks. Thank you for your time. We will now open the call to questions.

Operator: Alright, thank you so much. And once again, as a reminder to ask a question, please press star, followed by the number one. Our first question comes from the line of Jesus Leon from Castaner Investment. Please go ahead. Thank you very much.

Operator: Alright, thank you so much. And once again, as a reminder, to ask a question, please press the star followed by the number 1. Our first question comes from the line of Jesus Leon from Castaner Investment. Please go ahead. Thank you very much.

Speaker Change: All right, thank you so much. And once again, as a reminder, to ask a question, please press star followed by the number one.

Jesus Leon: Our first question comes from the line of Jesus Leon from Castaner Investment. Please go ahead. Thank you very much. My question is regarding acquisition. How much is that to our 2P research?

Jesus Leon: Thank you very much. My question is regarding the acquisition. How much is that to our 2P research? Thanks for watching, and don't forget to like, share, and subscribe to our channel.

Jesus Leon: Thank you very much. My question is regarding the acquisition. How much is that for our 2 feet research?

Operator: Out!

Speaker Change: Hi,clapping Hi,claping

Grayson Pranin: Good afternoon, hey Sue. This is Grayson. A pleasure to take your call. I'm sorry, that came in a little bit broken up. Could you repeat your question again, please?

Grayson Pranin: Good afternoon, Jesus. This is Grayson. It's a pleasure to take your call. I'm sorry that I came in a little bit broken up. Could you repeat your question again, please?

Grayson Pranin: Good afternoon, Jesus. This is Grayson. Pleasure to take your call. I'm sorry, that came in a little bit broken up. Could you repeat your question again, please?

Jesus Leon: Yes, sorry, I'm at the airport. I was talking about the latest acquisition, how much it is to our two beer reserves.

Jesus Leon: Yes, sorry. I'm at the airport. I was asking about the latest acquisition. How much does it add to our QP reserves?

Jesus Leon: Yes, sorry, I'm in the airport. I was asking about the latest acquisition, how much it adds to our 2P reserves.

Grayson Pranin: We have not come out with an actual reserve number addition, but that will be forthcoming with our standard performer reporting in the weeks to come.

Grayson Pranin: We have not come out with an actual number addition, but that will be forthcoming with our standard performer reporting in the weeks to come.

Jesus Leon: And regarding the precast flow, you mentioned a multiple of two. Can you put in a figure or number to what we still expect in the coming fiscal year?

Speaker Change: And regarding the precast flow, you mentioned multiple of two. Can you put a figure or number to what we still expect in the coming fiscal year?

Grayson Pranin: Are you, are you looking for a suit? Is that what you're asking about? What's Buck Castblown, the new accident, for the 21st century?

Jesus Leon: Are you forward-looking in haze suits? Is that what you're asking about? So you mentioned that it was created from an EBITDA and Free Cash Flow perspective.

Jesus Leon: Are you forward-looking, Jesus? Is that what you're asking about?

Jesus Leon: So you mentioned that it was created from an EBITDA and Free Gas Flow perspective. And I just wanted to put a magnitude on that.

Speaker Change: What cash flows do you acquisition into the corporation?

Jesus Leon: So you mentioned that it was created from an EBITDA and Free Gas Flow perspective, and I just wanted to put a magnitude on that. You mentioned it two times during the call; not sure if that's correct.

Speaker Change: So you mentioned that it was created from EBITDA and FreeCastFlow perspective, and I just wanted to put a magnitude on that. You mentioned two times during the call, not sure if that's correct.

Grayson Pranin: You mentioned it twice during the call. Not sure if that's correct. Yeah, that's right. We look...

Grayson Pranin: Yeah, that's right. We've looked at this in the EBIT office. It's heading up to on the fourth line between the five. So, it's a stand-alone.

Speaker Change: Yeah, that's right. We look at this as an EBIT office. I think it's up to 2 times 4.5 times 6.

Operator: and Scott Dixon. So it's just a stand-alone.

Operator: Those are just stand-alone.

Operator: All right, and as a reminder, to ask a question, please press star followed by the number one on your telephone keypad. All right. As we have no further questions, I would like to thank everyone for joining the SandRidge Energy conference call today. Have a pleasant rest of your day.

Operator: All right, and as a reminder, to ask a question, please press star followed by the number one on your telephone keypad. All right, as we have no further questions, I would like to thank everyone for joining the SandRidge Energy conference call today. Have a pleasant rest of your day. Please wait; the conference will begin shortly.

Operator: All right now as a reminder to ask a question please press star followed by the number one on your telephone keypad.

Operator: All right, as we have no further questions, I would like to thank everyone for joining the SandRidge Energy conference call today. Have a pleasant rest of your day.

Operator: Please wait.

Operator: [inaudible] a lot of time, we have a lot of time, we have a lot of time, we have

Q2 2024 SandRidge Energy Inc Earnings Call

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