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- **Production Growth**: 12% YoY to 19 MBoe/day, oil volumes up 49%, driving 32% revenue growth.
- **Cherokee Success**: 4 wells at 2,000 Boe/day peak, 275,000 Boe produced in 170 days from first well.
- **Financial Strength**: $27.3M EBITDA, $6M free cash flow Q3, $103M cash balance, no debt.
- **Dividend & Buyback**: $4.48/share dividends since 2023, $68M remaining under repurchase program.
- **Strategic Focus**: 1-rig Cherokee development, M&A in Mid-Con, and ESG leadership with 4 years of safe operations.

**【CEO Opening Remarks】**
- Q3 2025 production averaged 19 MBoe/day, up 12% YoY, with oil volumes up 49%, driving 32% revenue growth and 54% EBITDA increase.
- Cherokee acquisition and development program contributed significantly to volume growth, with 4 operated wells achieving 2,000 Boe/day peak rates.
- 2025 exit rate oil volumes expected to increase meaningfully with 2 additional completions and further drilling.

**【CFO Financial Commentary】**
- Q3 revenue $40M (+32% YoY), Adjusted EBITDA $27.3M (+54% YoY), Free Cash Flow $6M Q3, $29M YTD.
- Dividends: $4.4M paid Q3, $4.48/share since 2023, with $68.3M remaining under share repurchase program.
- Capital expenditures $23M, fully funded by cash flow; no debt outstanding.
- Commodity hedges covering 35% of Q4 production, including 55% natural gas and 30% oil.

**【COO Operational Update】**
- 8 operated Cherokee wells planned for 2025, with 6 completions this year and 2 carrying into 2026.
- Wells cost $9-12M, with breakevens at $35 WTI; 99% PDP legacy assets provide stable cash flow.
- LOE $10.9M ($6.25/Boe), down 10% YoY; infrastructure reduces breakeven to $40 WTI for legacy assets.

**【CEO Strategy & M&A】**
- 5-point strategy: optimize PDP assets, invest in high-return Cherokee development, pursue accretive M&A, return capital to shareholders, and uphold ESG standards.
- $1.6B federal NOLs provide tax advantage; 24,000 net acres in Cherokee offer multiyear runway.
- ESG achievement: 4 years without reportable safety incidents.

**【CAO Administrative Update】**
- Adjusted G&A $2.1M ($1.23/Boe), among lowest in peer group; 100+ employees with outsourced non-core functions.
- Cash balance $103M ($2.80/share), no debt, negative leverage.

**【Q&A Highlights】**
- M&A focus on Cherokee leasehold and Mid-Con assets with operational synergies.
- Cherokee acquisition success: 275,000 Boe produced in 170 days from first well, validating reservoir quality.
- 2026 outlook: 2-4 completions carrying over, potential to increase rig count if commodity prices justify.


SandRidge Energy, Inc. (SD) Q3 2025 Earnings Call Transcript

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