Q4 2025 SandRidge Energy Inc Earnings Call

March 5, 2026

Operator: Hello, everyone. Thank you for joining us and welcome to the Q4 2025 SandRidge Energy Conference Call. After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. To withdraw your question, press star one again. I will now hand the call over to Scott Prestridge, Senior Vice President of Finance and Strategy. Please go ahead.

Speaker #1: Hello, everyone. Thank you for joining us, and welcome to the Q4 2025 SandRidge Energy conference call. After today's prepared remarks, we will host a question and answer session.

Speaker #1: If you would like to ask a question, please press star one on your telephone keypad. To withdraw your question, press star one.

Speaker #1: Again, I will now hand the call over to Scott Prestridge, Senior Vice President of Finance and Strategy. Please go ahead.

Speaker #2: Thank you and welcome , everyone . With me today are Grayson Pranin , our CEO Jonathan Frates , our CFO , Brandon Brown , our Cao , as well as Dean Parrish , our COO .

Scott Prestidge: Thank you, and welcome, everyone. With me today are Grayson Pranin, our CEO, Jonathan Frates, our CFO, Brandon Brown, our CAO, as well as Dean Parrish, our COO. We would like to remind you that today's call contains forward-looking statements and assumptions which are subject to risk and uncertainty. Actual results may differ materially from those projected in these forward-looking statements. These statements are not guarantees of future performance. Our actual results may differ materially due to known and unknown risks and uncertainties as discussed in greater detail in our earnings release, in our SEC filings. We may also refer to adjusted EBITDA and adjusted G&A 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: Thank you, and welcome, everyone. With me today are Grayson Pranin, our CEO, Jonathan Frates, our CFO, Brandon Brown, our CAO, as well as Dean Parrish, our COO. We would like to remind you that today's call contains forward-looking statements and assumptions which are subject to risk and uncertainty. Actual results may differ materially from those projected in these forward-looking statements. These statements are not guarantees of future performance. Our actual results may differ materially due to known and unknown risks and uncertainties as discussed in greater detail in our earnings release, in our SEC filings. We may also refer to adjusted EBITDA and adjusted G&A 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.

Speaker #2: We would like to remind you that today's call contains forward looking statements and assumptions , which are subject to risks 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 filings .

Speaker #2: We may also refer to adjusted EBITDA and adjusted G&A and other non-GAAP financial measures. Reconciliations of these measures can be found on our website. With that, I'll turn it over to Grayson. Thank you, and good afternoon.

Grayson Prannon: Thank you. Good afternoon. I'm pleased to report on a strong quarter and year for the company. Production averaged 18.5 MBOE per day during the full year, an increase of 12% on a BOE basis and 32% on oil versus 2024, benefited by our operated development program in the Cherokee Play. Production for Q4 averaged 19.5 MBOE per day. Before getting into this and other highlights, I will turn things over to Jonathan for details on financial results.

Grayson Pranin: Thank you. Good afternoon. I'm pleased to report on a strong quarter and year for the company. Production averaged 18.5 MBOE per day during the full year, an increase of 12% on a BOE basis and 32% on oil versus 2024, benefited by our operated development program in the Cherokee Play. Production for Q4 averaged 19.5 MBOE per day. Before getting into this and other highlights, I will turn things over to Jonathan for details on financial results.

Speaker #2: I'm pleased to report on a strong quarter in the company. Production averaged 18.5 MMboe per day during the full year, an increase of 12% on a Boe and 32% on oil versus 2024.

Speaker #2: Benefited by our operating development program in the Cherokee play, and production for the fourth quarter averaged 19.5 BOE per day. Before getting into this and other highlights, I will turn things over to Jonathan for details on financial results. Thank you.

Jonathan Freitas: Thank you, Grayson. Compared to Q3 2025, the company continued to see higher natural gas prices partially offset by lower WTI. We continue to grow production, generating revenues of approximately $156 million for the year, which represents a 25% increase compared to 2024. Adjusted EBITDA was roughly $25 million in the quarter and $101 million for the year, compared to $24 million and $69 million in the prior year periods. As always, we continue to manage the business within cash flow while growing production and utilizing our NOLs to shield us from federal income taxes. At the end of the quarter, cash, including restricted cash, was approximately $112 million, which represents over $3 per common share outstanding.

Jonathan Frates: Thank you, Grayson. Compared to Q3 2025, the company continued to see higher natural gas prices partially offset by lower WTI. We continue to grow production, generating revenues of approximately $156 million for the year, which represents a 25% increase compared to 2024. Adjusted EBITDA was roughly $25 million in the quarter and $101 million for the year, compared to $24 million and $69 million in the prior year periods. As always, we continue to manage the business within cash flow while growing production and utilizing our NOLs to shield us from federal income taxes. At the end of the quarter, cash, including restricted cash, was approximately $112 million, which represents over $3 per common share outstanding.

Speaker #2: Grayson: Compared to the third quarter of 2025, the company continued to see higher natural gas prices, partially offset by lower WTI.

Speaker #2: We continue to grow production, generating revenues of approximately $156 million for the year, which represents a 25% increase compared to 2024.

Speaker #2: Adjusted EBITDA was roughly $25 million in the quarter and $101 million for the year, compared to $24 million in the prior year periods.

Speaker #2: As always, we continue to manage the business within cash flow while growing production and utilizing our wells to shield us from federal income taxes.

Speaker #2: At the end of the quarter , cash including restricted cash , was approximately $112 million , which represents over $3 per common share outstanding The company paid $4.4 million in dividends during the quarter , which includes $0.6 million of dividends paid in shares under our dividend reinvestment plan , including special dividends .

Jonathan Freitas: The company paid $4.4 million in dividends during the quarter, which includes $0.6 million of dividends paid in shares under our dividend reinvestment plan. Including special dividends, SandRidge has now paid $4.60 per share in dividends since the beginning of 2023. On 03 March 2026, the board of directors declared a $0.12 per share dividend payable on 31 March to shareholders of record on 20 March 2026. Shareholders may elect to receive cash or additional shares of common stock through the company's noted dividend reinvestment plan. During the year, the company repurchased approximately 600,000 or $6.4 million worth of common shares at a weighted average price of $10.72 per share. Our share repurchase program remains in place with $68.3 million remaining authorized.

Jonathan Frates: The company paid $4.4 million in dividends during the quarter, which includes $0.6 million of dividends paid in shares under our dividend reinvestment plan. Including special dividends, SandRidge has now paid $4.60 per share in dividends since the beginning of 2023. On 03 March 2026, the board of directors declared a $0.12 per share dividend payable on 31 March to shareholders of record on 20 March 2026. Shareholders may elect to receive cash or additional shares of common stock through the company's noted dividend reinvestment plan. During the year, the company repurchased approximately 600,000 or $6.4 million worth of common shares at a weighted average price of $10.72 per share. Our share repurchase program remains in place with $68.3 million remaining authorized.

Speaker #2: Sandridge has now paid $4.60 per share in dividends since the beginning of 2023 . On March 3rd , 2026 , the Board of directors declared a 12 cent per share dividend , payable on March 31st to shareholders of record .

Speaker #2: On March 20th, 2026, shareholders may elect to receive cash or additional shares of common stock through the company's Dividend Reinvestment Plan. During the year, the company repurchased approximately 600,000 shares, or $6.4 million worth of common shares, at a weighted average price of $10.72 per share.

Speaker #2: A share repurchase program remains in place, with $68.3 million remaining authorized. Capital expenditures during the quarter were approximately $18 million, including drilling and completions and new leasehold acquisitions.

Jonathan Freitas: Capital expenditures during the quarter were approximately $18 million, including drilling and completions and new leasehold acquisitions. The company has no debt outstanding and continues to fund all capital expenditures and capital returns with cash flows from operations. Commodity price realization for the quarter, before considering the impact of hedges, was $57.56 per barrel of oil, $2.20 per Mcf of gas, and $14.92 per barrel of NGLs. This compares to Q3 realizations of $65.23 per barrel of oil, $1.71 per Mcf of gas, and $15.61 per barrel of NGLs.

Jonathan Frates: Capital expenditures during the quarter were approximately $18 million, including drilling and completions and new leasehold acquisitions. The company has no debt outstanding and continues to fund all capital expenditures and capital returns with cash flows from operations. Commodity price realization for the quarter, before considering the impact of hedges, was $57.56 per barrel of oil, $2.20 per Mcf of gas, and $14.92 per barrel of NGLs. This compares to Q3 realizations of $65.23 per barrel of oil, $1.71 per Mcf of gas, and $15.61 per barrel of NGLs.

Speaker #2: The company has no debt outstanding and continues to fund all capital expenditures and capital returns with cash flows from operations Commodity price realization for the quarter before considering the impact of hedges were $57.56 per barrel of oil , $2.20 per MCF of gas , and NGLs This compares to third quarter realizations of $65.23 per barrel of oil , $1.71 per MCF of gas , and $15.61 per barrel of NGLs Our commitment to cost discipline continues to results with adjusted G&A for the quarter of approximately 2.7 million , or $1.53 per boe and $10.2 million , or $1.50 per boe , for the full year .

Jonathan Freitas: Our commitment to cost discipline continues to yield results with adjusted G&A for the quarter of approximately $2.7 million or $1.53 per BOE and $10.2 million or $1.50 per BOE for the full year. This compares to $2.4 million or $1.39 per BOE and $9.3 million or $1.54 per BOE in the same period last year. Net income was $21.6 million for the quarter or $0.59 per diluted share, and adjusted net income was twelve and a half million or $0.34 per diluted share. This compares to $17.6 million or $0.47 per share and $12.7 million or $0.34 per share, respectively, during the same period last year.

Jonathan Frates: Our commitment to cost discipline continues to yield results with adjusted G&A for the quarter of approximately $2.7 million or $1.53 per BOE and $10.2 million or $1.50 per BOE for the full year. This compares to $2.4 million or $1.39 per BOE and $9.3 million or $1.54 per BOE in the same period last year. Net income was $21.6 million for the quarter or $0.59 per diluted share, and adjusted net income was twelve and a half million or $0.34 per diluted share. This compares to $17.6 million or $0.47 per share and $12.7 million or $0.34 per share, respectively, during the same period last year.

Speaker #2: This compares to $2.4 million , or $1.39 per boe , and $9.3 million , or $1.54 per boe , in the same period last year Net income was $21.6 million for the quarter , or $0.59 per diluted share , and adjusted net income was $12.5 million , or $0.34 per diluted share .

Speaker #2: This compares to $17.6 million , or $0.47 per share , and $12.7 million , or $0.34 per share , respectively , during the same period last year Net income for the full year was $70.2 million , or $1.90 per diluted share , and adjusted net income was $54.7 million , or $1.48 per share The company generated adjusted operating cash flow of approximately $108 million for the year , compared to $77 million in 2020 .

Jonathan Freitas: Net income for the full year was $72 million or $1.90 per diluted share, and adjusted net income was $54.7 million or $1.48 per share. The company generated adjusted operating cash flow of approximately $108 million for the year compared to $77 million in 2024. Despite the ramp-up in our capital program, free cash flow before acquisitions of roughly $44 million compared to $48 million last year. Lastly, our production is hedged with a combination of swaps and collars, representing approximately 23% of the midpoint of our 2026 guidance. This includes approximately 37% of natural gas production and 27% of oil production. These hedges will help secure a portion of our cash flows and support our drilling program through the rest of the year.

Jonathan Frates: Net income for the full year was $72 million or $1.90 per diluted share, and adjusted net income was $54.7 million or $1.48 per share. The company generated adjusted operating cash flow of approximately $108 million for the year compared to $77 million in 2024. Despite the ramp-up in our capital program, free cash flow before acquisitions of roughly $44 million compared to $48 million last year. Lastly, our production is hedged with a combination of swaps and collars, representing approximately 23% of the midpoint of our 2026 guidance. This includes approximately 37% of natural gas production and 27% of oil production. These hedges will help secure a portion of our cash flows and support our drilling program through the rest of the year.

Speaker #2: Four . And despite the ramp up in our capital program , free cash flow before acquisitions of roughly 44 million , compared to 48 million last year Lastly , our production is hedged with a combination of swaps and collars representing approximately 23% of the midpoint of our 2026 guidance .

Speaker #2: This includes approximately 37% of natural gas production and 27% of oil production. These hedges will help secure a portion of our cash flows and support our drilling program through the rest of the year.

Speaker #2: We continue to monitor the market and will take advantage of further opportunities to lock in favorable prices as volatility continues. Before shifting to our outlook, we should note that our earnings release and 10-K will provide further details on our financial and operational performance during the quarter.

Jonathan Freitas: We continue to monitor the market, and we'll take advantage of further opportunities to lock in favorable prices as volatility continues. Before shifting to our outlook, we should note that our earnings release in 10-K will provide further details on our financial and operational performance during the quarter. Now, I will turn it over to Dean for an update on operations.

Jonathan Frates: We continue to monitor the market, and we'll take advantage of further opportunities to lock in favorable prices as volatility continues. Before shifting to our outlook, we should note that our earnings release in 10-K will provide further details on our financial and operational performance during the quarter. Now, I will turn it over to Dean for an update on operations.

Speaker #2: Now, I will turn it over to Deane for an update on operations.

Speaker #3: Thank you, Jonathan. Let's start with a brief review of a very successful year in 2025, then discuss recent results in 2026.

Dean Parish: Thank you, Jonathan. Let's start with a brief review of a very successful year in 2025, then discuss recent results in 2026 drilling and completions. Average production in 2025 was 18.5 MBOE per day, which was 4% above the midpoint of guidance. This was driven by strong well results on new wells in the Cherokee play, as well as continued focus of our operations team on optimizing base production. Total capital spend for the year, including leasehold, was $76.2 million, which falls in line with midpoint of guidance. A rigorous bidding process focused on driving, drilling, and completion costs down in the Cherokee play and low artificial lift failure rates from previous years of improvements kept us on budget. Lease operating expenses for the year were $36.2 million, or 14% below the low point of guidance.

Dean Parrish: Thank you, Jonathan. Let's start with a brief review of a very successful year in 2025, then discuss recent results in 2026 drilling and completions. Average production in 2025 was 18.5 MBOE per day, which was 4% above the midpoint of guidance. This was driven by strong well results on new wells in the Cherokee play, as well as continued focus of our operations team on optimizing base production. Total capital spend for the year, including leasehold, was $76.2 million, which falls in line with midpoint of guidance. A rigorous bidding process focused on driving, drilling, and completion costs down in the Cherokee play and low artificial lift failure rates from previous years of improvements kept us on budget. Lease operating expenses for the year were $36.2 million, or 14% below the low point of guidance.

Speaker #3: Drilling and completions average production in 2025 was 18.5 MMboe per day, which was 4% above the midpoint of guidance. This was driven by strong well results on new wells and the Cherokee play, as well as continued focus of our operations team on optimizing base production.

Speaker #3: Total capital spend for the year, including leasehold, was $76.2 million, which falls in line with the midpoint of guidance. A rigorous bidding process focused on driving drilling and completion costs down in the Cherokee Play, and low artificial lift failure rates from previous years of improvements, kept us on budget.

Speaker #3: Lease operating expenses for the year were $36.2 million, or 14% below the low point of guidance. That includes $4.3 million of non-recurring, non-cash adjustments of operating accruals that benefited LOE. Excluding those, LOE was...

Dean Parish: That includes $4.3 million of non-recurring, non-cash adjustments of operating accruals that benefited LOE. Excluding those, LOE still came in below the low point, driven by the team's focus on reducing expense workovers, LOE efficiencies implemented on recent acquisitions, and utility costs. During the year, the company successfully completed and brought 6 wells online from our operated 1-rig Cherokee drilling program. We recently brought online wells 7 and 8 in the program and are drilling the 9th. We are pleased with the results of the first 6 operated wells, which had a per well average peak 30-day production rate of approximately 2,000 BOE per day, made up of 44% oil. Moving to our 2026 capital program. We plan to drill 10 operated Cherokee wells with 1 rig this year and complete 8 wells.

Dean Parrish: That includes $4.3 million of non-recurring, non-cash adjustments of operating accruals that benefited LOE. Excluding those, LOE still came in below the low point, driven by the team's focus on reducing expense workovers, LOE efficiencies implemented on recent acquisitions, and utility costs. During the year, the company successfully completed and brought 6 wells online from our operated 1-rig Cherokee drilling program. We recently brought online wells 7 and 8 in the program and are drilling the 9th. We are pleased with the results of the first 6 operated wells, which had a per well average peak 30-day production rate of approximately 2,000 BOE per day, made up of 44% oil. Moving to our 2026 capital program. We plan to drill 10 operated Cherokee wells with 1 rig this year and complete 8 wells.

Speaker #3: Still came in below the low point , driven by the team's focus on reducing expense , Workovers Low efficiencies implemented on recent acquisitions and utility costs during the year , the company successfully completed and brought six wells online from our operated one rig , Cherokee Drilling program We recently brought online , while seven and eight in the program and are drilling the ninth .

Speaker #3: We are pleased with the results of the first six operated wells , which had a per well average peak 30 day production rate of approximately 2000 boe per day , made up of 44% oil Moving to our 2026 Capital Program , we plan to drill ten operated Cherokee wells with one rig this year and complete eight wells .

Speaker #3: The remaining two completions are anticipated to carry over to next year. A majority of the remaining wells in our development program this year directly offset proven or in-progress wells in the area. These new wells and the results in the area give further confidence in reservoir quality and expectations in the area. Gross well costs vary by depth, but are estimated to be between approximately $9 million to $11 million.

Dean Parish: The remaining two completions are anticipated to carry over to next year. A majority of the remaining wells in our development program this year directly offset proven or in-progress wells in the area. These new wells and the results in the area give further confidence in reservoir quality and expectations in the area. Gross well costs vary by depth but are estimated to be between approximately $9 to 11 million. We intend to spend between $76 and 97 million in our 2026 capital program, which is made up of $62 to 80 million in drilling and completions activity and between $14 and 17 million in capital workovers, production optimization, and selective leasing in the Cherokee play.

Dean Parrish: The remaining two completions are anticipated to carry over to next year. A majority of the remaining wells in our development program this year directly offset proven or in-progress wells in the area. These new wells and the results in the area give further confidence in reservoir quality and expectations in the area. Gross well costs vary by depth but are estimated to be between approximately $9 to 11 million. We intend to spend between $76 and 97 million in our 2026 capital program, which is made up of $62 to 80 million in drilling and completions activity and between $14 and 17 million in capital workovers, production optimization, and selective leasing in the Cherokee play.

Speaker #3: We intend to spend between 76 and $97 million in our 2026 capital program , which is made up of 62 to $80 million in drilling and completions activity in between 14 and Workovers Production optimization and selective leasing in the Cherokee Play , our high grade leasing is focused to further bolster our interests , consolidate our position , and extend development into future years .

Dean Parish: Our high grade of leasing is focused to further bolster our interest, consolidate our position, and extend development into future years. With that, I will turn things back over to Grayson.

Dean Parrish: Our high grade of leasing is focused to further bolster our interest, consolidate our position, and extend development into future years. With that, I will turn things back over to Grayson.

Speaker #3: With that, I will turn things back over to Grayson. Thank you. Dean, I'd like to look back at

Grayson Prannon: Thank you, Dean. I'd like to look back at 2025 for a moment. 12 months ago, we initiated our operated development program in the Cherokee, which, among other factors, has contributed to reaching a multiyear high, with production averaging 19.5 BOE per day in Q4. In addition, something for which we are very proud, we set a new record of over four years without a recordable safety incident. I'm very proud of our team for these accomplishments and other value-adding contributions this year. They stood up a Cherokee development program from scratch, have implemented several cost efficiency initiatives, and have done all this while championing safety, resulting in zero incidents. In addition, these achievements were done with a lean but very engaged and experienced staff, which have proven to be capable operators with peer-leading operating and administrative cost efficiencies.

Grayson Pranin: Thank you, Dean. I'd like to look back at 2025 for a moment. 12 months ago, we initiated our operated development program in the Cherokee, which, among other factors, has contributed to reaching a multiyear high, with production averaging 19.5 BOE per day in Q4. In addition, something for which we are very proud, we set a new record of over four years without a recordable safety incident. I'm very proud of our team for these accomplishments and other value-adding contributions this year. They stood up a Cherokee development program from scratch, have implemented several cost efficiency initiatives, and have done all this while championing safety, resulting in zero incidents. In addition, these achievements were done with a lean but very engaged and experienced staff, which have proven to be capable operators with peer-leading operating and administrative cost efficiencies.

Speaker #4: 2025 for a moment . 12 months ago , we initiated our operated development program in the Cherokee , which , among other factors , has contributed to reaching a multi-year high of production , averaging 19.5 boe per day in the fourth quarter .

Speaker #4: In addition , something for which we are very proud , we set a new record of over four years without a recordable incident I'm very proud of our team for these accomplishments and other value adding contributions this year They stood up a Cherokee development program from scratch , have implemented several cost efficiency initiatives , and have done all this while championing safety , resulting in zero incidents in addition , these achievements were done with a lean but very engaged and experienced staff , which have proven to be capable operators with peer leading operating and administrative cost efficiencies Given the promising initial results achieved in 2025 and the attractive returns for these Cherokee wells , we plan to continue our Cherokee development with one rig throughout 2026 .

Grayson Prannon: Given the promising initial results achieved in 2025 and the attractive returns for these Cherokee wells, we plan to continue our Cherokee development with one rig throughout 2026. As we look forward to developing these high return assets, we anticipate growing oil production volumes another approximately 20% this year. In addition, we plan to sustain our ground game by opportunistically securing new leases at attractive metrics to further increase our interest in wells that we plan to operate or that will further extend our development options. We're hopeful that our approximately 24,000 net acres in the Cherokee play, as well as our continued leasing efforts, will translate to a meaningful multiyear runway as we look beyond 2026. Our operated Cherokee wells have a robust return, with breakevens for our planned wells down to $35 WTI.

Grayson Pranin: Given the promising initial results achieved in 2025 and the attractive returns for these Cherokee wells, we plan to continue our Cherokee development with one rig throughout 2026. As we look forward to developing these high return assets, we anticipate growing oil production volumes another approximately 20% this year. In addition, we plan to sustain our ground game by opportunistically securing new leases at attractive metrics to further increase our interest in wells that we plan to operate or that will further extend our development options. We're hopeful that our approximately 24,000 net acres in the Cherokee play, as well as our continued leasing efforts, will translate to a meaningful multiyear runway as we look beyond 2026. Our operated Cherokee wells have a robust return, with breakevens for our planned wells down to $35 WTI.

Speaker #4: As we look forward to developing these high return assets , we anticipate growing oil production volumes and other approximately 20% this year . In addition , we plan to sustain our ground game by opportunistically securing new leases at attractive metrics to further increase our interest in wells that we plan to operate , or that will further extend our development options .

Speaker #4: We are hopeful that our approximately 24,000 net acres in the Cherokee play, as well as our continued leasing efforts, will translate to a meaningful multi-year runway as we look beyond 2026.

Speaker #4: Our operated Cherokee wells have a robust return, with breakeven for our planned wells down to $35 WTI. Our baseline economics were set earlier this year, and recent increases in commodity prices would only enhance these returns.

Grayson Prannon: Our baseline economics were set earlier this year, and recent increases in commodity price would only enhance these returns. In addition, while these returns are durable and the program is attractive in a range of commodity environments, our team will continue to be diligent about prioritizing full cycle returns, monitoring reasonable reinvestment rates, and when needed, exercise drill schedule flexibility to make prudent adjustments to our development plans in different economic environments. Also, we do not have significant near-term leasehold expirations and have the flexibility to defer these projects if needed for a period of time. I'd like to pause here to highlight the optionality we have across our asset base, coupled with the strength of our balance sheet, which sets us up to leverage commodity price cycles.

Grayson Pranin: Our baseline economics were set earlier this year, and recent increases in commodity price would only enhance these returns. In addition, while these returns are durable and the program is attractive in a range of commodity environments, our team will continue to be diligent about prioritizing full cycle returns, monitoring reasonable reinvestment rates, and when needed, exercise drill schedule flexibility to make prudent adjustments to our development plans in different economic environments. Also, we do not have significant near-term leasehold expirations and have the flexibility to defer these projects if needed for a period of time. I'd like to pause here to highlight the optionality we have across our asset base, coupled with the strength of our balance sheet, which sets us up to leverage commodity price cycles.

Speaker #4: In addition , while these returns are durable in the program is attractive in a range of commodity environments . Our team will continue to be diligent about prioritizing full cycle returns , monitoring reasonable reinvestment rates , and when needed , exercise , drill schedule flexibility to make prudent adjustments to our development plans in different economic environments Also , we do not have significant near-term leasehold expirations and have the flexibility to defer these projects if needed for a period of time .

Speaker #4: I'd like to pause here to highlight the optionality we have across our asset base, coupled with the strength of our balance sheet, which sets us up to leverage commodity price cycles.

Speaker #4: The combination of our oil weighted Cherokee gas weighted legacy assets , as well as a robust net cash position give us a multifaceted options to maneuver and take advantage of different commodity cycles , but simply , strong balance sheet and a versatile kitbag , which makes the company more resilient and better poised to maneuver and adjust to matter .

Grayson Prannon: The combination of our oil-weighted Cherokee and gas-weighted legacy assets, as well as our robust net cash position, give us a multifaceted options to maneuver and take advantage of different commodity cycles. Put simply, we have a strong balance sheet and a versatile kit bag, which makes the company more resilient, better poised to maneuver and adjust no matter the commodity environment. I will now revisit the company's advantages. Our asset base is focused in the Mid-Continent region with a PDP well set that provides meaningful cash flow, which does not require any routine flaring of produced gas. These well-understood assets are almost fully held by production along historied, shallowing, and diversified production profile and double-digit reserve life. Our incumbent assets include more than 1,000 miles each of owned and operated SWD and electric infrastructure over our footprint.

Grayson Pranin: The combination of our oil-weighted Cherokee and gas-weighted legacy assets, as well as our robust net cash position, give us a multifaceted options to maneuver and take advantage of different commodity cycles. Put simply, we have a strong balance sheet and a versatile kit bag, which makes the company more resilient, better poised to maneuver and adjust no matter the commodity environment. I will now revisit the company's advantages. Our asset base is focused in the Mid-Continent region with a PDP well set that provides meaningful cash flow, which does not require any routine flaring of produced gas. These well-understood assets are almost fully held by production along historied, shallowing, and diversified production profile and double-digit reserve life. Our incumbent assets include more than 1,000 miles each of owned and operated SWD and electric infrastructure over our footprint.

Speaker #4: The commodity environment . I will now revisit the company's advantages . Our asset base is focused in the Mid-Continent region , with a PDP well set that provides meaningful cash flow , which does not require any routine clearing and produced gas .

Speaker #4: These well understood assets are almost fully held by production , along history . Shallowing and diversified production profile in double digit reserve life Our incumbent assets include more than 1000 miles each of owned and operated MWD and electric infrastructure over our footprint .

Speaker #4: This substantial owned and integrated infrastructure helps de-risk individual well profitability for a majority of our legacy, producing wells down to roughly $40 WTI and $2.

Grayson Prannon: This substantial owned and integrated infrastructure helps de-risk individual well profitability for a majority of our legacy producing wells down to roughly $40 WTI and $2 Henry Hub. Our assets continue to yield free cash flow. This cash generation potential provides several paths to increase shareholder value realization and is benefited by a low G&A burden. SandRidge's value proposition is materially de-risked from a financial perspective by our strengthened balance sheet, including negative net leverage, financial flexibility, and an advantaged tax position. The company is not subject to MVCs or other significant off-balance sheet financial commitments. We have bolstered our inventory to provide further organic growth opportunities and incremental oil diversification with low breakevens in high-graded areas. It is worth highlighting that we take our ESG commitment seriously and have implemented disciplined processes around us.

Grayson Pranin: This substantial owned and integrated infrastructure helps de-risk individual well profitability for a majority of our legacy producing wells down to roughly $40 WTI and $2 Henry Hub. Our assets continue to yield free cash flow. This cash generation potential provides several paths to increase shareholder value realization and is benefited by a low G&A burden. SandRidge's value proposition is materially de-risked from a financial perspective by our strengthened balance sheet, including negative net leverage, financial flexibility, and an advantaged tax position. The company is not subject to MVCs or other significant off-balance sheet financial commitments. We have bolstered our inventory to provide further organic growth opportunities and incremental oil diversification with low breakevens in high-graded areas. It is worth highlighting that we take our ESG commitment seriously and have implemented disciplined processes around us.

Speaker #4: Henry Hub. Our assets continue to yield free cash flow. This cash generation potential provides several paths to increase shareholder value realization and is benefited by a low G&A burden.

Speaker #4: Dandridge's value proposition is materially derisked from a financial perspective . By our strength in balance sheet , including negative net leverage , financial flexibility and advantaged tax position Further , the company is not subject to MVCs or other significant off balance sheet financial commitments We have bolstered our inventory to provide further organic growth opportunities and incremental oil diversification with low breakevens and high graded areas Finally , it is worth highlighting that we take our ESG commitments seriously and have implemented disciplined processes around them Not only will we continue to operate our existing assets extremely efficiently and execute on our Cherokee development in an efficient manner , but we do so in a prudent and safe manner .

Grayson Prannon: Not only do we continue to operate our existing assets extremely efficiently and execute on our Cherokee development in an efficient manner, but we do so in a prudent and safe manner. Shifting the strategy. We remain committed to growing the value of our business in a safe, responsible, efficient manner, while prudently allocating capital to high-return growth projects. We will also evaluate merger and acquisition opportunities in a disciplined manner, consideration of our balance sheet and commitment to our capital return program. This strategy has 5 points. 1, maximize the value of our incumbent MidCon PDP assets by extending and flattening our production profile with high rate of return production optimization projects, as well as continuously pressing on operating and administrative costs.

Grayson Pranin: Not only do we continue to operate our existing assets extremely efficiently and execute on our Cherokee development in an efficient manner, but we do so in a prudent and safe manner. Shifting the strategy. We remain committed to growing the value of our business in a safe, responsible, efficient manner, while prudently allocating capital to high-return growth projects. We will also evaluate merger and acquisition opportunities in a disciplined manner, consideration of our balance sheet and commitment to our capital return program. This strategy has 5 points. 1, maximize the value of our incumbent MidCon PDP assets by extending and flattening our production profile with high rate of return production optimization projects, as well as continuously pressing on operating and administrative costs.

Speaker #4: Shifting the strategy We remain committed to growing the value of our business in a safe , responsible , efficient manner . While prudently allocating capital to high return growth projects We will also evaluate merger and acquisition opportunities in the disciplined manner .

Speaker #4: Consideration of our balance sheet and commitment to our capital return program This strategy has five points . One . Maximize the value of our incumbent Mid-con PDP assets by extending and flattening our production profile with high rate of return production optimization projects , as well as continuously pressing on operating and administrative costs Two exercise capital stewardship and invest in projects and opportunities that have high risk adjusted , fully burdened rates of return .

Grayson Prannon: 2, exercise capital stewardship and invest in projects and opportunities that have high risk-adjusted, fully burdened rates of return. While being mindful and prudently targeting reasonable reinvestment rates that sustain our cash flows and prioritize our regular way dividends. An important part of this organic growth strategy is further progressing our Cherokee development and economically growing our production levels while providing further oil diversification. However, we will continue to exercise capital stewardship to maintain flexibility to respond to changes in commodity prices, costs, macroeconomic, and other factors. 3, maintain optionality to execute on value-accretive merger and acquisition opportunities that could bring synergies, leverage the company's core competencies, complement its portfolio of assets, further utilize its approximately $1.6 billion of federal Net Operating Losses, or otherwise yield attractive returns for its shareholders.

Grayson Pranin: 2, exercise capital stewardship and invest in projects and opportunities that have high risk-adjusted, fully burdened rates of return. While being mindful and prudently targeting reasonable reinvestment rates that sustain our cash flows and prioritize our regular way dividends. An important part of this organic growth strategy is further progressing our Cherokee development and economically growing our production levels while providing further oil diversification. However, we will continue to exercise capital stewardship to maintain flexibility to respond to changes in commodity prices, costs, macroeconomic, and other factors. 3, maintain optionality to execute on value-accretive merger and acquisition opportunities that could bring synergies, leverage the company's core competencies, complement its portfolio of assets, further utilize its approximately $1.6 billion of federal Net Operating Losses, or otherwise yield attractive returns for its shareholders.

Speaker #4: While being mindful and prudently targeting reasonable reinvestment rates that sustain our cash flows and prioritize our regular way . Dividend . An important part of this organic growth strategy further progressing our Cherokee development and economically growing our production levels while providing further oil diversification However , we will continue to exercise capital stewardship and maintain flexibility to respond to changes in commodity prices , costs , macroeconomic and other factors Three maintain optionality to execute on value accretive merger and acquisition opportunities that could bring synergies .

Speaker #4: Leverage the company's core competencies complements its portfolio of assets for the utilize approximately 1.6 billion of federal net operating losses . Or otherwise yield attractive returns for its shareholders For as we generate cash , we will continue to work with our board to assess path to maximize shareholder value , to include investment and strategic opportunities , advancement of our return of capital program and other uses .

Grayson Prannon: 4, 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. Our regular way quarterly dividend is an important aspect of our capital return program, which we plan to prioritize in capital allocation along with opportunistic share repurchases. The final staple is to uphold our ESG responsibilities. Now, shifting to administrative expenses, I will turn things over to Brandon.

Grayson Pranin: 4, 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. Our regular way quarterly dividend is an important aspect of our capital return program, which we plan to prioritize in capital allocation along with opportunistic share repurchases. The final staple is to uphold our ESG responsibilities. Now, shifting to administrative expenses, I will turn things over to Brandon.

Speaker #4: Our regular quarterly dividend is an important aspect of our capital return program, which we plan to prioritize in capital allocation, along with opportunistic share repurchases.

Speaker #4: The final staple is to uphold our ESG responsibilities. Now, shifting to administrative expenses, I will turn things over to Brandon.

Speaker #4: Thank you . Grayson .

Brandon Brown: Thank you, Grayson. As we approach the conclusion of our prepared remarks, I will point out our Q4 adjusted G&A of $2.7 million or $1.53 per BOE continues to compare favorably to our peers. The continued efficiency of our organization reflects our core value to remain cost disciplined, as well as prior initiatives which have tailored our organization to be fit for purpose. We will maintain our efficiency and low-cost operation mindset and continue to balance the weighting of field versus corporate personnel to reflect where we create value. Outsourcing necessary but perfunctory and less core functions, such as operations accounting, land administration, IT, tax, and HR, has allowed us to operate with total personnel of just over 100 people while retaining key technical skill sets that have both the experience and institutional knowledge of our business.

Speaker #5: As we approach the conclusion of our prepared remarks, I will point out our fourth quarter adjusted D&A of $2.7 million, or $1.53 per BOE, continues to compare favorably to our peers.

Speaker #5: The continued efficiency of our organization reflects our core value to remain cost-disciplined, as well as prior initiatives which have tailored our organization to be fit for purpose.

Speaker #5: We will maintain our efficiency and low cost operation mindset and continue to balance the weighting of fields versus corporate personnel to reflect where we create value Outsourcing necessary , but perfunctory and less core functions such as operations accounting , land administration It , tax and HR has allowed us to operate with total personnel of just over 100 people , while retaining key technical skill sets , and have both the experience and institutional knowledge of our business In summary , at the end of the fourth quarter , the company had approximately $112 million in cash and cash equivalents , which represents over $3 per share of our common stock outstanding and inventory of high rate of return , low breakeven projects , low overhead top tier adjusted GMP , no debt , negative leverage , a flattening production profile , double reserve life and approximately $1.6 billion of federal and wells .

Brandon Brown: In summary, at the end of Q4, the company had approximately $112 million in cash and cash equivalents, which represents over $3 per share of our common stock outstanding, an inventory of high rate of return, low break-even projects, low overhead, top-tier adjusted G&A, no debt, negative leverage, a flattening production profile, double-digit reserve life, and approximately $1.6 billion of federal NOLs. This concludes our prepared remarks. Thank you for your time today. We will now open the call to questions.

Speaker #5: This concludes our prepared remarks. Thank you for your time today. We will now open the call to questions.

Operator: We will now begin the question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. To withdraw your question, press star one again. Please pick up your handset when asking a question. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from Christopher Dowd of Third Avenue Management. Your line is open. Please go ahead.

Speaker #1: We will now begin the question and answer session. If you would like to ask a question, please press star one on your telephone keypad.

Speaker #1: To withdraw your question , press star one . Again , please pick up your handset when asking a question . If you are muted locally , please remember to unmute your device .

Speaker #1: Please stand by while we compile the Q&A roster. Your first question comes from Christopher Dowd of Third Avenue Management. Your line is open.

Speaker #1: Please go ahead .

Speaker #6: Hi, guys. Thanks for taking the Q&A. Your 2026 production guidance of 6.4 to 7.7 million BOE and CapEx of $76 to $97 million has got a bit of a range to it for the benefit of everyone on the call.

Christopher Dowd: Hi, guys. Thanks for taking the Q&A. Your 2026 production guidance of 6.4 to 7.7 million BOE and CapEx of $76 to 97 million has got a bit of a range to it. For the benefit of everyone on the call, could you just give a little more context on what scenarios might lead to the higher and lower ends of that guidance? I've got a follow-up.

Speaker #6: Could you just give a little more context on what scenarios might lead to the higher and lower ends of that guidance? And then I've got a follow-up.

Grayson Prannon: Sure. Yes, good afternoon. Thank you for the interest and the question. Things that we're watching for that range is timing is a big part of it. Right now we're planning on drilling 10 wells and completing 8. If the timing is to shift, just due to the availability of crews or weather or anything like that could shift wells, you know, later in the year or into next year potentially, that could affect the range, as well as working interest. A lot of the wells that we're developing this year, their pooling hasn't been finalized in Oklahoma. You pool the wells and sometimes you can achieve higher working interest through that pooling process.

Speaker #4: Sure. Yes. Good afternoon. Thank you for the interest and the question. Things that we're watching for that range is, timing is a big part of it.

Grayson Pranin: Sure. Yes, good afternoon. Thank you for the interest and the question. Things that we're watching for that range is timing is a big part of it. Right now we're planning on drilling 10 wells and completing 8. If the timing is to shift, just due to the availability of crews or weather or anything like that could shift wells, you know, later in the year or into next year potentially, that could affect the range, as well as working interest. A lot of the wells that we're developing this year, their pooling hasn't been finalized in Oklahoma. You pool the wells and sometimes you can achieve higher working interest through that pooling process.

Speaker #4: So right now we're planning on drilling ten wells and completing eight . If the timing is to shift just due to the availability of of crews or whether or anything like that that could shift wells later in the year or into next year , potentially , that could affect the range as well as working interests .

Speaker #4: A lot of the wells that we're developing this year, their pooling hasn't been finalized in Oklahoma. You pull the wells and sometimes you can achieve higher working interests through that pooling process.

Speaker #4: And so while we budgeted for some potential in that increases, additional could add additional capital. But it also adds additional production with that as well. And so we tend to like to make sure that we're budgeting at appropriate, achievable levels.

Grayson Prannon: While we budgeted for some potential net increases, add additional capital, but it also adds additional production with that as well. We tend to like to make sure that we're budgeting at appropriate achievable levels, and so we're not accounting for all of that potential upside that could occur through the normal planning and development process throughout the year.

Grayson Pranin: While we budgeted for some potential net increases, add additional capital, but it also adds additional production with that as well. We tend to like to make sure that we're budgeting at appropriate achievable levels, and so we're not accounting for all of that potential upside that could occur through the normal planning and development process throughout the year.

Speaker #4: And so we're not accounting for all of that potential upside that could occur through the normal planning and development process throughout the—

Speaker #6: Very helpful . Thank you . And then just as my follow up question , can you comment on how you're viewing what seems to be a fairly supportive spot market today relative to how that might influence your hedging positions going forward ?

Christopher Dowd: Very helpful. Thank you. Then just as my follow-up question, can you comment on how you're viewing what seems to be a fairly supportive spot market today relative to how that might influence your hedging positions going forward? I know you mentioned, I think about 23% hedged today. You know, how should we think about the opportunity to kind of lock in more certainty on the cash flows going forward? Thank you.

Speaker #6: I know you mentioned, I think, about 23% hedged today. But how should we think about the opportunity to kind of lock in?

Speaker #6: More certainty on the cash flows going forward? Thank you.

Grayson Prannon: Sure. No, it's a great question, and one that we're watching literally by the minute here, even as we're on the call now. I'm gonna say a few words and then hand this off to our CFO, Jonathan Frady, to say more. I think a big piece of this is, one, we do not have any debt, so we don't have any bank-mandated hedging requirements, meaning we're not required to hedge in the downside and can be more opportunistic in nature. As prices have increased this year, we've done that and taken in additional options. You can probably see a lot of speculation in the marketplace on where oil prices could go to, so we're mindful to layer in additional contracts.

Speaker #4: Sure . No , it's great question . One that's we're watching literally by the minute here . Even as we're on the call now , I'm going to say a few words and then hand this off to our CFO , Jonathan Frates , to say more .

Grayson Pranin: Sure. No, it's a great question, and one that we're watching literally by the minute here, even as we're on the call now. I'm gonna say a few words and then hand this off to our CFO, Jonathan Frates, to say more. I think a big piece of this is, one, we do not have any debt, so we don't have any bank-mandated hedging requirements, meaning we're not required to hedge in the downside and can be more opportunistic in nature. As prices have increased this year, we've done that and taken in additional options. You can probably see a lot of speculation in the marketplace on where oil prices could go to, so we're mindful to layer in additional contracts.

Speaker #4: But I think a big piece of this is, one, we do not have any debt, so we don't have any bank-mandated hedging requirements, meaning we're not required to hedge on the downside and can be more opportunistic in nature.

Speaker #4: Has prices have increased this year ? We've just we've done that and taken in additional options . You can probably see a lot of speculation in the marketplace where oil prices could go to .

Speaker #4: So, mindful to layer in additional contracts, we want to do so in a way that we also have some opportunity for the potential upside. And with that, I'll hand things over to Jonathan.

Grayson Prannon: We wanna do so that we also have some opportunities for the potential of upside. With that, I'll hand things over to Jonathan.

Grayson Pranin: We wanna do so that we also have some opportunities for the potential of upside. With that, I'll hand things over to Jonathan.

Speaker #2: Yeah, I think you said it. Walgreens, and we're very opportunistic with this program. I'll point out that the majority of these oil hedges came very recently.

Jonathan Freitas: Yeah, I think you said it well, Grayson. We're very opportunistic with this program. I'll point out that majority of these oil hedges came very recently. If you look at the balance of the year, I know I mentioned in the commentary that, you know, we had about 27% of guided production hedged on the oil side, but that, you know, due to the fact that we put a lot of these on very recently and we're already two months into the year. The balance is gonna look a little higher than that, which, you know, you can calculate based on your own estimates. Yeah, we're very opportunistic as these prices continue to rise up. We're watching it every day, and we'll layer on more as the year goes on, assuming things continue in this direction.

Jonathan Frates: Yeah, I think you said it well, Grayson. We're very opportunistic with this program. I'll point out that majority of these oil hedges came very recently. If you look at the balance of the year, I know I mentioned in the commentary that, you know, we had about 27% of guided production hedged on the oil side, but that, you know, due to the fact that we put a lot of these on very recently and we're already two months into the year. The balance is gonna look a little higher than that, which, you know, you can calculate based on your own estimates. Yeah, we're very opportunistic as these prices continue to rise up. We're watching it every day, and we'll layer on more as the year goes on, assuming things continue in this direction.

Speaker #2: So if you look at the balance of the year , I know I mentioned in the commentary that , you know , we had about 27% of guided production hedged on the oil side , but that , you know , due to the fact that we put a lot of these on very recently and we're already two months into the year , the balance is going to look a little higher than that , which you can calculate based on your own estimates .

Speaker #2: But yeah, we're very optimistic as these prices continue to rise. We're watching it every day, and we'll layer on more as the year goes on, assuming things continue in this direction.

Speaker #1: If you would like to ask a question, press star one on your telephone keypad. To withdraw your question, press star one.

Operator: If you would like to ask a question, press star one on your telephone keypad. To withdraw your question, press star one again. Please pick up your handset when asking a question. If you are muted locally, please remember to unmute your device. Your next question comes from the line of Sergey Pigarev of Freedom Broker. Your line is open. Please go ahead.

Speaker #1: Again, please pick up your handset when asking a question. If you are muted locally, please remember to unmute your device.

Speaker #1: Your next question comes from the line of Sergey Piskarev of Freedom Broker. Your line is open. Please go ahead.

Speaker #7: Hi everyone, and thank you for taking my question. I think everyone had this question on guidance 26 with production and CapEx. So actually I want to ask about the guidance too. I see that you have this higher range of price differentials, guidance for NGLs, and actually in Q4 we were a bit surprised because of actually higher differentials than we expected for Q4.

Sergey Pigarev: Hi, everyone, thank you for taking my question. I think everyone had this question on guidance 26 with production and CapEx. Actually, I want to ask about the guidance too. I see that you have this higher range of price differentials guidance for NGLs. Actually, in Q4, we were a bit surprised because of actually higher differentials than we expected for Q4. Do you see some temporary thing here, or it's like something structural, we will see higher differentials from here?

Speaker #7: Yes. So do you see something temporary here, like something structural? And will we see higher differentials from that?

Speaker #4: Sergey , appreciate your question . As we you know , obviously there's different differentials depending on the commodity . I think if you look at oil that's been relatively tight , I think maybe referencing gas as we talk to gas and we've talked about this directionally as we benefit from higher commodity prices , and we compare it to the Henry Hub benchmark , the fixed deducts within our gas stream are reduced .

Grayson Prannon: Sure, Sergey. Appreciate your question. As we, you know, obviously there's different differentials depending on the commodity. I think if you look at oil, that's been relatively tight. I think you may be referencing gas. As we talk to gas, we've talked about this directionally, as we benefit from higher commodity prices, we compare it to the Henry Hub benchmark, the fixed deducts within our gas stream are reduced. You kind of have an expanded realization. If you look into an environment where we have $4 gas, you'll see us towards the higher end of our guidance range.

Grayson Pranin: Sure, Sergey. Appreciate your question. As we, you know, obviously there's different differentials depending on the commodity. I think if you look at oil, that's been relatively tight. I think you may be referencing gas. As we talk to gas, we've talked about this directionally, as we benefit from higher commodity prices, we compare it to the Henry Hub benchmark, the fixed deducts within our gas stream are reduced. You kind of have an expanded realization. If you look into an environment where we have $4 gas, you'll see us towards the higher end of our guidance range.

Speaker #4: So you kind of have an expanded realization. So as you look into an environment where we have $4 gas, you'll see us towards the higher end of our guidance range.

Speaker #4: If you're looking at $2 gas , it's going to be near that lower range . And that's why we provided that range of 50 to 70% is to try to accommodate different gas environments .

Grayson Prannon: If you're looking at, you know, $2 gas, it's gonna be near that lower range, and that's why we provided that range of 50% to 70% is to try to accommodate different gas environments. I think if you look at the whole year, we're really close to that center of 60%. You know, we're averaging that I think that's averaged just under, over, you know, $3 for a benchmark this second. Relative to Q4 in particular, you had a widening of the regional basis. A lot of our gas is sold through Panhandle Eastern and NGLPL markets. I think that is localized and temporal.

Grayson Pranin: If you're looking at, you know, $2 gas, it's gonna be near that lower range, and that's why we provided that range of 50% to 70% is to try to accommodate different gas environments. I think if you look at the whole year, we're really close to that center of 60%. You know, we're averaging that I think that's averaged just under, over, you know, $3 for a benchmark this second. Relative to Q4 in particular, you had a widening of the regional basis. A lot of our gas is sold through Panhandle Eastern and NGLPL markets. I think that is localized and temporal.

Speaker #4: I think if you look at the whole year , we're really close to that center of 60% . And we're averaging that . I think that average is just over , $3 from a benchmark perspective relative to Q4 .

Speaker #4: In particular, you had a widening of the regional basis. A lot of our gas is sold through Panhandle Eastern and NGL markets.

Speaker #4: I think that is localized and temporal. I think as we look at things structurally, we're wanting to make sure that we're, you know, selling as much depth as we can at higher commodity prices because that's where we see the highest realization.

Grayson Prannon: I think as we look things structurally, we're wanting to make sure that we're, you know, selling as much gas as we can at higher commodity prices, because that's when we see the highest realization.

Grayson Pranin: I think as we look things structurally, we're wanting to make sure that we're, you know, selling as much gas as we can at higher commodity prices, because that's when we see the highest realization.

Speaker #7: Thanks a lot. That's very helpful.

Sergey Pigarev: Thanks a lot. That's very helpful.

Operator: There are no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect.

Q4 2025 SandRidge Energy Inc Earnings Call

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