SandRidge Investment Highlights SandRidge Energys Reserve PD PV-10 is 413MM(1) with net cash of 99MM(2) as of 3Q21 Millions Reserve PD PV-10(1) 413 Cash and cash equivalents(3) 99 Total Debt(4) 0 SandRidge is an experienced…
SandRidge Key Highlights Over the past few years, the Board and Management have focused SDs assets, optimized its production profile, streamlined its organization and cost structure, strengthened its balance sheet and maintained an ESG…
The Reset SandRidge Go-Forward Strategy The Companys primary strategic focus is to grow the cash value and generation capability of its asset base to accelerate shareholder value realization in a safe, responsible and efficient manner…
Midcon Asset Position 371K acre position across northern OK and southern KS Daily average production rate of 18.7 MBoed in 3Q21 Shallowing 3Q21 base declines will be lessened further from remaining well reactivations in 4Q21 More than…
Owned and Operated, Integrated Water and Power Infrastructure Across Acreage Footprint The Company believes that: Owned and operated SWD and EDS systems provide a field cost and strategic advantage relative to abutting operators…
Midcon Operating Cost Structure Since 2016, the Company lowered its annual absolute LOE by over 75% and its LOE per Boe by more than 30%(20) Overview LOE(21) Reduced annual absolute LOE by LOE Expense Workover LOE/Boe 75% since…
Production Optimization The Company has implemented a disciplined program of high ROI workover and other projects to shallow its PDP decline profile Work done to date has played a key role in achieving 1% annual decline over the…
. Improving NGL and Gas Realizations Realizations continue to build back up to pre-pandemic levels, further enhancing SDs strong margins and cash flow Price realizations are a key value driver for the Company on which the Board and…
SandRidge Organization Today Starting in 2018, the Board and Management initiated meaningful personnel reductions to right size the organization to better align with the asset base and activity levels as well as to improve the ratio…
Streamlined G&A The Company has lowered its absolute and per Boe G&A by more than 75% and 60%, respectively, since 2018(20) Total G&A(25) 150 8.0 6.50 Total G&A / Boe (/Boe) 6.0 SD Total G&A (MM) 5.10 100 3.38 4.0…
Peer Leading EBITDA-to-FCF Conversion Free cash flow as a percentage of EBITDA leads peers Free Cash Flow as a % of EBITDA, SD to Peers (27) 100% 50% 0% -50% -100% -150% SD Peer 1 Peer 2 Peer 3 Peer 4 Peer 5…
Proved Developed Reserve Value The Company believes its PD reserves PV-10 value is approximately 413MM using the current strip(1) The Company believes its PD PV-10 value has the following approximate price sensitivities versus October…
3Q21 Performance In Context of Guidance SDs 3Q21 actual production, adj. G&A and gas and NGL realizations compared favorably to a quarterly average of the midpoint of the Companys annual guidance 2021E Guidance (33) 3Q21 (Unaudited)…
May 12, 2021 APPENDIX SandRidge Energy, Inc. NYSE: SD
Acquisition Approach Since 2018, the Company has implemented a disciplined, low risk, PDP focused acquisition approach (35) (35) Acquisition Date Capital PV Payback Rationale Midcon Assets from Enduring Nov. 2018 25.1MM PV-25 < 3…
Hedging Summary A modest natural gas / NGL hedge program was reinstated in 3Q21 to ensure achievement of forecasted returns on well reactivation program Approximately 13% of 3Q21 Boed production hedged from October 2021 - February 2022…
Endnotes 1) Management's internal unaudited proved developed reserve PV-10 for third quarter 2021, utilizing forward-looking pricing and other assumptions, do not reflect audited or engineered SEC historical price-based reserves, as…
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