What changed in this filing

/stocks — the workspaceLOADING

Item 8. Financial Statements and Supplementary Data

2026-03-05 compared with 2025-03-11 · 220 added, 225 removed, 1130 unchanged (28% of the section changed)

3 unchanged sentences

Reports of Independent Registered Public Accounting Firm (PCAOB ID No .

Report of Independent Registered Public Accounting Firm (PCAOB ID No .

Consolidated Balance Sheets at December 31, 2 025 and 2024

Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024, and 2023

Consolidated Statements of Changes in Stockholders’ Equity for the Years Ended December 31, 2024, 2023 and 2022

Consolidated Statements Cash Flows for the Years Ended December 31, 2024, 2023 and 2022

Consolidated Statements of Changes in Stockholders’ Equity for the Years End ed De cember 31, 2025, 2024, a nd 2023

Consolidated Statements Cash Flows for the Years End ed December 31 , 2025, 2024, and 2023

Notes to Consolidated Financial Statements

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We have audited the accompanying consolidated balance sheets of SandRidge Energy, Inc.

(a Delaware corporation) and subsidiaries (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of operations, changes in stockholders’ equity, and cash flows for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

(a Delaware corporation) and subsidiaries (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in stockholders’ equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated March 5, 2026 expressed an unqualified opinion.

16 unchanged sentences

As described further in Note 1 to the consolidated financial statements, the Company accounts for its oil and natural gas properties using the full cost method of accounting, which requires management to make estimates of proved reserve volumes and future revenues to record depletion expense.

To estimate the volume of proved reserves and future revenues, management makes significant estimates and assumptions, including forecasting the timing and volumetric amounts of production and corresponding decline rates of producing properties associated with the Company’s development and maintenance plan.

In addition, the estimation of proved reserves is also impacted by management’s judgments and estimates regarding the financial performance of wells to determine if wells are expected, with reasonable certainty, to be economical under the appropriate pricing assumptions.

6 unchanged sentences

• Identified inputs and assumptions that were significant to the period end determination of proved reserve volumes and tested management’s process of determining the significant inputs and assumptions, as follows:

◦ Compared the estimated pricing and pricing differentials used in the reserve report to actual realized prices related to revenue transactions recorded in the current year for the pricing differentials;

◦ Compared the pricing used in the reserve report to relevant pricing benchmarks and realized prices related to revenue transactions recorded in the current year;

◦ Assessed operating cost inputs by comparing the forecasted amount to historical actual costs;

34 unchanged sentences

March 5, 2026

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and the Board of Directors of SandRidge Energy, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of operations, changes in stockholders’ equity and cash flows of SandRidge Energy, Inc.

and subsidiaries (the “Company”) for the year ended December 31, 2022, and the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated results of the Company’s operations and its cash flows for the year ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management.

Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audit.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures to respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.

Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that our audit provides a reasonable basis for our opinion.

/s/ MOSS ADAMS LLP

Houston, Texas

March 15, 2023, except for Note 18, as to which the date is March 11, 2025

We served as the Company's auditor from 2022 to 2023.

SandRidge Energy, Inc.

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Consolidated Statements of Changes in Stockholders’ Equity

Common Stock Warrants Additional

Shares Amount Shares Amount

Common Stock Additional

Shares Amount

(In thousands)

Balance at January 1, 2022

36,675 $ 37 6,981 $ 88,520 $ 1,062,737 $ ( 905,972 ) $ 245,322

As of January 1, 2023 36,868 $ 37 $ 1,151,689 $ ( 663,804 ) $ 487,922

Issuance of stock awards, net of cancellations 223 — — — —

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Tax withholdings paid in exchange for shares withheld on employee vested stock awards — — ( 929 ) — ( 929 )

— — — — ( 1,177 ) — ( 1,177 )

Warrants exercised — — — ( 2 ) 8 — 6

Cancellation of expired warrants — — ( 6,981 ) ( 88,518 ) 88,518 — —

Dividends paid to stockholders — — ( 81,778 ) — ( 81,778 )

Net income — — — 60,857 60,857

Balance at December 31, 2023 37,091 $ 37 $ 1,071,021 $ ( 602,947 ) $ 468,111

36,868 $ 37 — $ — $ 1,151,689 $ ( 663,804 ) $ 487,922

Issuance of stock awards, net of cancellations 133 — — — —

1 unchanged sentence

Tax withholdings paid in exchange for shares withheld on employee vested stock awards — — ( 393 ) — ( 393 )

— — — — ( 929 ) — ( 929 )

Dividends to shareholders — — — — ( 81,778 ) — ( 81,778 )

Dividends paid to stockholders — — ( 72,294 ) — ( 72,294 )

Repurchases of common stock ( 21 ) — ( 233 ) — ( 233 )

Net income — — — 62,986 62,986

Balance at December 31, 2024 37,203 $ 37 $ 1,000,455 $ ( 539,961 ) $ 460,531

37,091 $ 37 — $ — $ 1,071,021 $ ( 602,947 ) $ 468,111

Issuance of stock awards, net of cancellations 125 — — — —

1 unchanged sentence

Tax withholdings paid in exchange for shares withheld on employee vested stock awards — — ( 290 ) — ( 290 )

— — — — ( 393 ) — ( 393 )

Dividends to shareholders — — — — ( 72,294 ) — ( 72,294 )

Dividends paid to stockholders — — ( 15,862 ) — ( 15,862 )

Dividend reinvestments 93 — — — —

Repurchases of common stock ( 596 ) — ( 6,455 ) — ( 6,455 )

1 unchanged sentence

Balance at December 31, 2025 36,825 $ 37 $ 980,592 $ ( 469,758 ) $ 510,871

37,203 $ 37 — $ — $ 1,000,455 $ ( 539,961 ) $ 460,531

The accompanying notes are an integral part of these consolidated financial statements.

6 unchanged sentences

CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss)

$ 70,203 $ 62,986 $ 60,857

Adjustments to reconcile net income (loss) to net cash provided by operating activities

Adjustments to reconcile net income to net cash provided by operating activities

Depreciation, depletion and amortization

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Purchase of other property and equipment ( 562 ) ( 1 ) ( 29 )

Sales tax refund on capitalized predecessor completion costs 2,800 — —

Proceeds from sale of assets

876 1,373 1,472

Net cash (used in) provided by investing activities

Net used in investing activities

( 64,011 ) ( 154,696 ) ( 36,164 )

CASH FLOWS FROM FINANCING ACTIVITIES

Dividends paid to shareholders ( 72,336 ) ( 81,515 ) —

Dividends paid to stockholders ( 15,864 ) ( 72,336 ) ( 81,515 )

Reduction of financing lease liability

4 unchanged sentences

Common stock repurchases

Cash received on warrant exercises

( 6,403 ) ( 233 ) —

Net cash used in financing activities

( 23,295 ) ( 73,670 ) ( 82,938 )

NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS and RESTRICTED CASH

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS and RESTRICTED CASH

12,834 ( 154,433 ) ( 3,524 )

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Inventory expected to be placed in service within one year is reflected in other current assets on the accompanying consolidated balance sheets, while inventory expected to be place in service beyond one year is reflected in other assets on the accompanying consolidated balance sheets.

For the year ended December 31, 2024, the Company recorded a $ 1.3 million impairment in other operating (income) expense on the accompanying consolidated statements of operations to reflect production equipment inventory at the lower of cost or net realizable value.

There were no inventory impairments recorded for the years ended December 31, 2023 and 2022.

For the year ended December 31, 2025, the Company recorded no impairment in other operating (income) expense on the accompanying consolidated statements of operations to reflect production equipment inventory at the lower of cost or net realizable value.

For the year ended December 31, 2024, the Company recorded a $ 1.3 impairment in other operating (income) expense on the accompanying consolidated statements of operations to reflect production equipment inventory at the lower of cost or net realizable value.

There were no inventory impairments recorded for the year ended December 31, 2023.

Oil and Natural Gas Operations.

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Liabilities are recorded for imbalances greater than the Company’s proportionate share of remaining estimated natural gas reserves.

The Company has not recorded a liability for natural gas imbalance positions as of December 31, 2024 and recorded a $ 1.5 million liability at December 31, 2023.

The Company has not recorded a liability for natural gas imbalance positions as of December 31, 2025 or 2024.

The Company includes the gas imbalance positions in other long-term obligations in the consolidated balance sheets.

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Sales % of Revenue

December 31, 2024

As of December 31, 2025

Targa Pipeline Mid-Continent West OK LLC $ 50,896 32.6 %

Plains Marketing, L.P.

$ 33,551 21.5 %

Targa Pipeline Mid-Continent West OK LLC $ 46,248 36.9 %

December 31, 2023

Valero Marketing and Supply Co $ 21,600 13.8 %

As of December 31, 2024

Plains Marketing, L.P.

1 unchanged sentence

Targa Pipeline Mid-Continent West OK LLC $ 46,248 36.9 %

December 31, 2022

Targa Pipeline Mid-Continent West OK LLC $ 147,902 58.2 %

As of December 31, 2023

Plains Marketing, L.P.

$ 71,832 48.3 %

Targa Pipeline Mid-Continent West OK LLC $ 69,743 46.9 %

SandRidge Energy, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements

Out-of-Period Correction.

The Company’s December 31, 2025 accounts payable and other accrued expenses balance reflects $ 5.1 million of non-recurring, non-cash adjustments of operating accruals dating as far back as the Company’s emergence from bankruptcy, of which $ 2.1 million and $ 3.0 million were recorded in the second and fourth quarter of 2025, respectively.

The adjustments reduced our lease operating expenses for the year ended December 31, 2025 and are not material to the current period or prior periods.

Recently Adopted Accounting Pronouncements .

The FASB issued ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures, which requires entities to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually.

Additionally, it requires entities to disclose the title and position of the Chief Operating Decision Maker.

The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.

The Company applied the amendments in this ASU retrospectively to all prior periods presented in the financial statements.

See Note 18 for additional discussion of the Company's segment information.

Recent Accounting Pronouncements Not Yet Adopted .

The FASB issued ASU 2023-09, Income Taxes (Topic 740):

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This update improves the effectiveness and comparability of disclosures by requiring disaggregation by jurisdiction of disclosures of pretax income (or loss) and income tax expense (or benefit).

This ASU is to be applied on a prospective basis, with retrospective application permitted.

This ASU was applied on a retrospective basis.

The guidance in this update is effective for fiscal years beginning after December 15, 2024.

We are currently evaluating the potential effect of the adoption of this ASU will have on our consolidated financial statements and related disclosures.

The adoption of this ASU did not have an impact on our consolidated financial statements.

See Note 12 for the Company's income tax disclosures.

Recent Accounting Pronouncements Not Yet Adopted .

The FASB issued Accounting Standards Update 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”).

The objective of ASU 2024-03 is to improve disclosures about a public entity's expenses, primarily through additional disaggregation of income statement expenses.

The new standard is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027.

Early adoption is permitted and may be applied either on a prospective or retrospective basis.

The Company is currently evaluating the impact ASU 2024-03 will have on its consolidated financial statement disclosures and does not expect an impact to our consolidated financial statements.

Supplemental Cash Flow Information

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Asset retirement obligation revisions $ 29 $ 31 $ ( 939 )

Change in accrued excise tax on repurchases of common stock $ ( 52 ) $ — $ —

Change in dividends payable $ 2 $ 42 $ ( 263 )

Cash paid for income taxes for the years ended December 31, 2025, 2024 and 2023 were de minimis.

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Acquisitions of Assets and Oil and Gas Properties

2024 Acquisitions

On August 30, 2024, the Company closed the previously announced acquisition of oil and natural gas properties in the Cherokee Play of the Western Anadarko Basin, pursuant to the Purchase and Sale Agreement signed on July 29, 2024, as amended on August 30, 2024 (the “Cherokee Play Acquisition”).

On August 30, 2024, the Company closed the acquisition of oil and natural gas properties in the Cherokee Play of the Western Anadarko Basin, pursuant to the Purchase and Sale Agreement signed on July 29, 2024, as amended on August 30, 2024 (the “Cherokee Play Acquisition”).

The Company funded the acquisition with cash on hand.

3 unchanged sentences

The inputs and assumptions related to the oil and natural gas properties are categorized as Level 3 in the fair value hierarchy.

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

The following table represents the allocation of the total cost of the Cherokee Play Acquisition to the assets acquired and liabilities assumed after customary post-closing adjustments:

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The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

The Company had assets classified in Level 2 and 3 of the hierarchy as of December 31, 2024.

The Company had assets classified in Level 2 and 3 of the hierarchy as of December 31, 2025 and 2024.

Level 2 Fair Value Measurements

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Total $ — $ 3,130 $ — $ 357 $ 2,773

____________________

(1) Represents the impact of netting assets and liabilities with counterparties where the right of offset exists.

There were no open commodity derivative contracts as of December 31, 2023.

As of December 31, 2024, the following table summarizes the Company’s assets measured at fair value on a recurring basis by the fair value hierarchy (in thousands):

Fair Value Measurements Netting(1) Assets at Fair Value

Level 1 Level 2 Level 3

Commodity derivative contracts $ — $ 830 $ — $ 630 $ 200

$ — $ 830 $ — $ 630 $ 200

____________________

(1) Represents the impact of netting assets and liabilities with counterparties where the right of offset exists.

During the years ended December 31, 2025, 2024 and 2023, the Company did not have any transfers between Level 1, Level 2 or Level 3 fair value measurements.

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Total accounts receivable, net $ 26,186 $ 23,878

For the years ended December 31, 2024 and 2023, there was no activity for our allowance for expected credit losses.

As of December 31, 2024 and 2023, our allowance for expected credit losses was $ 2.0 million.

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

The following table represents the balance in the allowance for expected credit losses:

Year Ended December 31,

Beginning balance $ ( 2,027 ) $ ( 2,027 )

Additional allowance ( 453 ) —

Deductions (1) — —

Ending balance $ ( 2,480 ) $ ( 2,027 )

__________________

(1) Deductions represent collections of amounts for which an allowance had previously been established.

Commodity Derivatives

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Commodity derivative contracts were settled on a monthly basis, and the commodity derivative contract valuations were adjusted on a mark-to-market valuation basis quarterly.

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

The following table summarizes derivative activity for the years ended December 31, 2024, 2023 and 2022, (in thousands):

The following table summarizes derivative activity (in thousands):

Year Ended December 31,

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As of December 31, 2025, the Company’s open commodity derivative contracts were held with one counterparty.

The following tables summarize (i) the Company's commodity derivative contracts on a gross basis, (ii) the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements and (iii) for the Company’s net derivative asset positions as of December 31, 2024 (in thousands):

December 31, 2024

Gross Amounts Gross Amounts Offset Amounts Net of Offset Financial Collateral Net Amount

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

As of December 31, 2025 Gross Amounts Gross Amounts Offset Amounts Net of Offset Financial Collateral Net Amount

Derivative contracts - current

$ 3,130 $ 357 $ 2,773 $ — $ 2,773

Total $ 3,130 $ 357 $ 2,773 $ — $ 2773

At December 31, 2024 Gross Amounts Gross Amounts Offset Amounts Net of Offset Financial Collateral Net Amount

Derivative contracts - current $ 744 $ 630 $ 114 $ — $ 114

Derivative contracts - non-current 86 — 86 — 86

Total $ 830 $ 630 $ 200 $ — $ 200

There were no open derivative positions as of December 31, 2023.

Because we did not designate any of our derivative contracts as hedges for accounting purposes, changes in the fair value of our derivative contracts were recognized as gains and losses in the earnings of the relevant period.

1 unchanged sentence

Changes in fair value were principally measured based on a comparison of future prices to the contract price at the end of the period.

As of December 31, 2025, the Company's open derivative contracts consisted of oil and natural gas commodity derivative contracts under which we will receive a fixed price for the contract and pay a floating market price to the counterparty over a specified period for a contracted volume.

These commodity derivative contracts consisted of the following:

Period Index Daily Volume Weighted Average Price

Fixed Price Swaps January 2026 - June 2026 NYMEX WTI 300 $ 68.67

Natural Gas (MMBtu)

Fixed Price Swaps January 2026 - December 2026 NYMEX Henry Hub 11,797 $ 4.16

Producer Costless Collars January 2026 - December 2026 NYMEX Henry Hub 4,500 $ 3.35 Put / $ 5.35 Call

As of December 31, 2024, the Company's open derivative contracts consisted of oil and NGL commodity derivative contracts under which we will receive a fixed price for the contract and pay a floating market price to the counterparty over a specified period for a contracted volume.

These commodity derivative contracts consisted of the following:

Period Type of Derivative Instrument Index (1)

Daily Volume (Bbl) Weighted Average Price Per Barrel

January 2025 - December 2025 Swaps Mont Belvieu OPIS 300 $ 39.69

January 2025 - December 2025 Swaps NYMEX WTI 500 $ 71.60

January 2026 - June 2026 Swaps NYMEX WTI 300 $ 68.67

(1) NGL swaps exclude ethane

SandRidge Energy, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements

Period Index Daily Volume Weighted Average Price

Fixed Price Swaps

January 2025 - December 2025 NYMEX WTI 500 $ 71.60

January 2026 - June 2026 NYMEX WTI 300 $ 68.67

Fixed Price Swaps January 2025 - December 2025 Mont Belvieu OPIS (1)

(1) NGL swaps exclude ethane

Fair Value of Derivatives

1 unchanged sentence

Type of Contract Balance Sheet Classification December 31, 2025

Oil and natural gas price swaps and collars Current assets - Derivative Contracts $ 2,773

Total net derivative contracts $ 2,773

Type of Contract Balance Sheet Classification December 31, 2024

Oil and NGL price swaps Current assets - Derivative Contracts $ 114

12 unchanged sentences

The Company had operating and financing leases for vehicles, office space and equipment outstanding during the year ended December 31, 2025, 2024 and 2023 which were not significant to the consolidated financial statements.

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

The components of lease costs recognized for the Company's right-of-use leases are shown below (in thousands):

Year Ended December 31, 2024 Year Ended December 31, 2023 Year Ended December 31, 2022

Year Ended December 31,

2025 2024 2023

Short-term lease cost (1) $ 2,303 $ 1,815 $ 3,139

3 unchanged sentences

___________________

(1) During the year ended December 31, 2024, there were no short-term lease costs capitalized associated with drilling rig leases.

(1) During the year ended December 31, 2025, there were $ 8.0 million in short-term lease costs capitalized associated with our drilling rig lease.

During the years ended December 31, 2024, there were no short-term lease costs capitalized associated with drilling rig leases.

During the year ended December 31, 2023, there were $ 1.6 million in short-term lease costs capitalized associated with our drilling rig lease.

Portions of these costs were reimbursed to the Company by other working interest owners.

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

As of December 31, 2025, the Company's weighted average remaining lease term and discount rate for its finance leases were 2.2 years and 7.69 %, respectively.

At December 31, 2025, the Company's operating lease had a term of one year remaining and a discount rate of 7.38 %.

Property, Plant and Equipment

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The average rates used for depreciation and depletion of oil and natural gas properties were $ 4.63 per Boe in 2025, $ 3.52 per Boe in 2024 and $ 1.82 per Boe in 2023.

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Costs Excluded from Amortization

9 unchanged sentences

Total accounts payable and accrued expenses $ 59,037 $ 50,625

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Asset Retirement Obligations

11 unchanged sentences

____________________

(1) Revisions for the years ended December 31, 2023 and 2022 relate primarily to changes in working interest and estimated well lives.

(1) Revisions for the year ended December 31, 2023 relate primarily to changes in working interest and estimated well lives.

(2) Included on the Depreciation and depletion - oil and natural gas line item on the Consolidated Statements of Operations.

4 unchanged sentences

Additionally, the Company currently expenses all legal costs as they are incurred.

The commitments and contingencies under these arrangements are not recorded in the accompanying consolidated balance sheets.

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Legal Proceedings.

As previously disclosed, on May 16, 2016, the Company and certain of its direct and indirect subsidiaries (collectively, the “Debtors”) filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”).

The Bankruptcy Court confirmed the joint plan of organization (the “Plan”) of the Debtors on September 9, 2016, and the Debtors subsequently emerged from bankruptcy on October 4, 2016.

Pursuant to the Plan, claims against the Company were discharged without recovery in each of the following consolidated cases (the “Cases”):

The Bankruptcy Court confirmed the joint plan of reorganization (the “Plan”) of the Debtors on September 9, 2016, and the Debtors subsequently emerged from bankruptcy on October 4, 2016.

Pursuant to the Plan, claims against the Company were discharged without recovery in each of the following consolidated cases:

• In re SandRidge Energy, Inc.

6 unchanged sentences

Both cases were settled with all defendants except the SandRidge Mississippian Trust I (“the Trust”) in Lanier Trust , which is being sued by a class of purchasers of units under the remaining claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, based on allegations that the Trust made misrepresentations or omissions concerning various topics including the performance of wells operated by the Company.

The Company may be contractually obligated to indemnify the Trust for losses, claims, damages, liabilities and expenses, including reasonable costs of investigation and attorneys’ fees and expenses, which it is required to advance.

Such indemnification may not be covered by insurance.

Considering the status of the Lanier Trust matter, and the facts, circumstances and legal theories relating thereto, the Company is not able to determine the likelihood of an outcome or provide an estimate of any reasonably possible loss or range of possible loss related thereto.

However, such losses, if incurred, could be material.

The Company has not established any liabilities relating to the Lanier Trust matter and believes that the plaintiffs’ claims are without merit.

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

On September 11, 2025, the Federal District Court (Western District of Oklahoma) issued summary judgment in favor of the Trust with respect to all claims and dismissed, with prejudice, all claims against the Company, and the plaintiffs' right to appeal has expired.

Separately, the Company had received a demand by two of the settling individual defendants to fund a proposed settlement of $ 17.0 million with those defendants.

The Company refused and filed an action in Oklahoma state court seeking a declaratory judgment that the defendants were not entitled to indemnification.

The insurance carriers funded the settlement of $ 17 million and filed a counterclaim, which seeks reimbursement of the $ 17 million settlement, with each carrier to receive their funded portion of the $ 17 million.

The insurance carriers funded the $ 17.0 million settlement and then requested indemnification from the Company.

The Company refused and filed an action in Oklahoma state court seeking a declaratory judgment that the insurers were not entitled to indemnification;

the insurers counterclaimed.

Subsequently, the Company voluntarily dismissed its action.

In line with the Company's position regarding the insurers’ claims, the Company filed motions in the United States Bankruptcy Court for the Southern District of Texas seeking to reopen the bankruptcy case and to obtain a declaration that the insurers’ claims were discharged under the September 2016 plan.

The motions were denied and the Company appealed the bankruptcy court’s decision to the Southern District of the United States District Court of Texas;

the appeal was denied in December of 2025 and the Company has appealed the District Court's decision to the United States Court of Appeals for the Fifth Circuit.

Independent of the Company’s appeal to reopen the bankruptcy case, the insurers’ Oklahoma counterclaim is stayed, with no further development.

The Company disputes any liability, as it believes it has meritorious defenses, and intends to continue to vigorously defend against this claim.

2 unchanged sentences

In addition to the matters described above, the Company is involved in various lawsuits, claims and proceedings, which are being handled and defended by the Company in the ordinary course of business.

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act ("OBBBA").

The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation.

ASC 740, "Income Taxes", requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted.

The Company has completed its initial assessment of the OBBBA corporate tax provisions which were enacted on July 4, 2025 and estimated its impact on the consolidated financial statements to be immaterial.

The Company’s income tax (benefit) provision consisted of the following components (in thousands):

6 unchanged sentences

Total (benefit) provision $ ( 5,535 ) $ ( 22,232 ) $ 13,960

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

A reconciliation of the (benefit) provision for income taxes at the statutory federal tax rate to the Company’s actual income tax (benefit) provision is as follows (in thousands):

Year Ended December 31,

Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023

$ Amount Percent $ Amount Percent $ Amount Percent

Provision for income taxes at U.S.

Federal statutory rate $ 13,580 21.0 % $ 8,559 21.0 % $ 15,712 21.0 %

State and local income taxes, net of federal benefit (1) ( 780 ) ( 1.2 ) % ( 2,862 ) ( 7.0 ) % 1,958 2.6 %

Effect of changes in tax laws or rates enacted in the current period — — % — — % — — %

Changes in the valuation allowance ( 18,380 ) ( 28.4 ) % ( 27,930 ) ( 68.5 ) % ( 3,699 ) ( 4.9 ) %

Nontaxable or nondeductible items 45 0.1 % 1 — % ( 69 ) ( 0.1 ) %

Other adjustments — — % — — % 58 0.1 %

Total $ ( 5,535 ) ( 8.5 )% $ ( 22,232 ) ( 54.5 )% $ 13,960 18.7 %

____________________

Computed at federal statutory rate $ 8,559 $ 15,712 $ 37,304

State taxes, net of federal benefit 1,317 2,433 5,843

Non-deductible expenses 23 2 3

Stock-based compensation ( 22 ) ( 71 ) 23

Return to provision adjustments — 738 1,015

Change in statutory tax rate 948 2,665 25,499

Change in state net operating loss carryforwards 673 — 31,762

Change in valuation allowance ( 33,730 ) ( 7,537 ) ( 165,978 )

Total (benefit) provision $ ( 22,232 ) $ 13,960 $ ( 64,529 )

Effective tax rate ( 54.5 ) % 18.7 % ( 36.3 ) %

(1) The state that contributes to the majority (greater than 50%) of the tax effect in this category is Oklahoma.

Deferred income taxes are provided to reflect the future tax consequences of temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements.

6 unchanged sentences

Our partial valuation allowance release of $ 72.8 million as of December 31, 2024 was increased by $ 5.5 million due to changes in expected future income, resulting in net deferred tax assets of $ 78.3 million as of December 31, 2025.

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):

December 31, 2024 December 31, 2023

Year Ended December 31,

Deferred tax liabilities

14 unchanged sentences

(1) Includes the Company’s deferred tax liability resulting from its investment in the Royalty Trusts.

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Internal Revenue Code (“IRC”) Section 382 addresses company ownership changes and specifically limits the utilization of certain deductions and other tax attributes on an annual basis following an ownership change.

15 unchanged sentences

The number of years open for state tax audits varies, depending on the state, but is generally from three to five years .

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Capital Stock and Equity Awards.

1 unchanged sentence

At December 31, 2025, the Company had 36.8 million shares of common stock issued and outstanding, including 0.1 million of shares of unvested restricted stock awards.

The Company also has 0.2 million restricted stock units, an immaterial amount of performance share units and 0.1 million stock options outstanding at December 31, 2024 as discussed further in Note 15.

The Company also has 0.2 million of unvested restricted stock units, an immaterial amount of unvested performance share units and 0.1 million of unvested stock options outstanding at December 31, 2025 as discussed further in Note 15.

At December 31, 2024, the Company had 37.2 million shares of common stock issued and outstanding, including 0.1 million of shares of unvested restricted stock awards.

The Company also had 0.1 million restricted stock units, an immaterial amount of performance share units and 0.2 million stock options outstanding at December 31, 2023.

Since the fourth quarter of 2016, the Company issued approximately 4.9 million Series A warrants and 2.1 million Series B warrants to certain holders of general unsecured claims as defined in the 2016 bankruptcy reorganization plan.

These warrants were exercisable until October 4, 2022 for one share of common stock per warrant at initial exercise prices of $ 41.34 and $ 42.03 per share, respectively, subject to adjustments pursuant to the terms of the warrants.

The warrants contained customary anti-dilution adjustments in the event of any stock split, reverse stock split, reclassification, stock dividend or other distributions.

During the year ended December 31, 2022, warrant holders exercised 103 Series A warrants and 44 Series B warrants for 147 shares of common stock.

Upon expiration, the remaining 4.9 million Series A warrants and 2.1 million Series B warrants were cancelled and the carrying value was transferred to Additional paid-in capital in the accompanying consolidated balance sheets.

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

The Company also has 0.2 million of unvested restricted stock units, an immaterial amount of performance share units and 0.1 million stock options outstanding at December 31, 2024 as discussed further in Note 15.

Share Repurchase Program.

In May 2023, the Company's Board of Directors (the “Board”) approved a share repurchase program (the “Program”) authorizing the Company to repurchase up to an aggregate of $ 75.0 million of the Company’s outstanding common stock with the Company’s cash on hand.

In May 2023, the Board approved a share repurchase program (the “Program”) authorizing the Company to repurchase up to an aggregate of $ 75.0 million of the Company’s outstanding common stock with the Company’s cash on hand.

The Program replaced the prior share repurchase program previously approved by the Board in August 2021 of $ 25.0 million.

2 unchanged sentences

For the year ended December 31, 2025, the Company repurchased 595,635 shares for $ 6.4 million.

The Company did not repurchase any common stock under the existing or prior Program during the year ended December 31, 2023.

In January 2024, the Board approved a one-time cash dividend of $ 1.50 per share of the Company's common stock, which was paid on February 20, 2024 to shareholders of record as of the close of business on February 5, 2024.

The aggregate total payout was approximately $ 55.6 million.

Additionally, in March 2024, the Board increased the on-going quarterly dividend to $ 0.11 per share which was paid in March, May, August, and November 2024.

The aggregate total payout was $ 16.3 million.

The $ 0.11 per share dividend is subject to quarterly approval by the Board.

Dividend payments for the year ended December 31, 2024 totaled $ 72.3 million, which included $ 0.5 million of dividends on vested stock awards.

Cash dividends for the year ended December 31, 2023 totaled $ 81.5 million.

For the year ended December 31, 2024, the Company repurchased 21,308 shares for $ 0.2 million.

On August 5, 2025, the Board approved a dividend reinvestment plan (the “Dividend Reinvestment Plan”), pursuant to which the stockholders of the Company may, at their election, reinvest any dividends declared by the Board.

In connection with the Dividend Reinvestment Plan, the Board approved a general waiver under the Company’s Tax Benefits Preservation Plan (the “Tax Benefits Preservation Plan”), by and between the Company and Equiniti (formerly known as American Stock Transfer & Trust Company, LLC).

This waiver applies to any stockholders who as of the date immediately prior to the adoption of the Dividend Reinvestment Plan beneficially owned 4.9 % or more of the Company’s outstanding common stock and who would otherwise trigger the rights plan, but only as a result of shares of stock they receive under the Dividend Reinvestment Plan, and not otherwise.

Cash dividend payments for the year ended December 31, 2025 totaled $ 15.9 million.

During the during ended December 31, 2025, the Company issued 92,733 shares of common stock in lieu of cash dividends under the Dividend Reinvestment Plan.

Cash dividends for the year ended December 31, 2024 totaled $ 72.3 million, which included $ 0.5 million of dividends on vested stock awards.

The Tax Benefits Preservation Plan .

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The description and terms of the Rights are set forth in the tax benefits preservation plan, dated as of July 1, 2020, between the Company and American Stock Transfer & Trust Company, LLC, as rights agent (and any successor rights agent, the “Rights Agent”).

The Company adopted the Tax Benefits Preservation Plan, as amended on March 16, 2021, in order to protect shareholder value against a possible limitation on the Company’s ability to use its tax net operating losses (the “NOLs”) and certain other tax benefits to reduce potential future U.S.

The Company adopted the Tax Benefits Preservation Plan, as amended on March 16, 2021, and June 20, 2023 in order to protect stockholder value against a possible limitation on the Company’s ability to use its tax net operating losses (the “NOLs”) and certain other tax benefits to reduce potential future U.S.

federal income tax obligations.

1 unchanged sentence

However, if the Company experiences an “ownership change,” as defined in Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), its ability to fully utilize the NOLs and certain other tax benefits will be substantially limited and the timing of the usage of the NOLs and such other benefits could be substantially delayed, which could significantly impair the value of those assets.

Generally, an “ownership change” occurs if the percentage of the Company’s stock owned by one or more of its “ five -percent shareholders” (as such term is defined in Section 382 of the Code) increases by more than 50 percentage points over the lowest percentage of stock owned by such stockholder or stockholders at any time over a three-year period.

Generally, an “ownership change” occurs if the percentage of the Company’s stock owned by one or more of its “ five -percent stockholders” (as such term is defined in Section 382 of the Code) increases by more than 50 percentage points over the lowest percentage of stock owned by such stockholder or stockholders at any time over a three-year period.

The Tax Benefits Preservation Plan is intended to prevent against such an “ownership change” by deterring any person or group from acquiring beneficial ownership of 4.9 % or more of the Company’s securities.

Subject to certain exceptions, the Rights become exercisable and trade separately from Common Stock only upon the “Distribution Time,” which occurs upon the earlier of:

• the close of business on the tenth (10th) day after the “Stock Acquisition Date,” which is (a) the first date of public announcement that a person or group of affiliated or associated persons (with certain exceptions, an “Acquiring Person”) has acquired, or obtained the right or obligation to acquire, beneficial ownership of 4.9 % or more of the outstanding shares of Common Stock (with certain exceptions) or (b) such other date, as determined by the Board, on which a person or group has become an Acquiring Person, or

• the close of business on the tenth (10th) business day (or later date as may be determined by the Board prior to such time as any person or group becomes an Acquiring Person) following the commencement of a tender offer or exchange offer which, if consummated, would result in a person or group becoming an Acquiring Person.

SandRidge Energy, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements

Any existing stockholder or group that beneficially owns 4.9 % or more of Common Stock has been grandfathered at its current ownership level, but the Rights will not be exercisable if, at any time after the announcement of the Tax Benefits Preservation Plan, such stockholder or group increases its ownership of Common Stock by one share of Common Stock.

6 unchanged sentences

The Tax Benefits Preservation Plan was approved at the 2021 annual meeting of stockholders on May 25, 2021.

On June 20, 2023, our Board of Directors approved an amendment to the Tax Benefits Preservation Plan, approved by shareholders, to extend the expiration time of the Tax Benefits Preservation Plan from July 1, 2023 to July 1, 2026.

On June 20, 2023, the Board approved an amendment to the Tax Benefits Preservation Plan, approved by stockholders, to extend the expiration time of the Tax Benefits Preservation Plan from July 1, 2023 to July 1, 2026.

This amendment was approved at the Company’s 2024 Annual Meeting.

4 unchanged sentences

• the Company sells or otherwise transfers, in one transaction or a series of related transactions, fifty percent (50%) or more of the Company’s assets, cash flow or earning power, each holder of a Right (except Rights which previously have been voided as described above) will have the right to receive, upon exercise, common stock of the acquiring company having a value equal to two times the exercise price of the Right.

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Shares Withheld for Taxes.

The following table shows the number of shares withheld for taxes and the associated value of those shares.

These shares were accounted for as treasury stock when withheld, and then immediately retired.

These shares were accounted for as treasury stock when withheld, and then immediately retired (in thousands).

Year Ended December 31,

2025 2024 2023

(In thousands)

Number of shares withheld for taxes 25 29 59

Value of shares withheld for taxes $ 290 $ 393 $ 929

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

The following table disaggregates the Company’s revenue by source for the years ended December 31, 2024, 2023 and 2022 (in thousands):

The following table disaggregates the Company’s revenue by source (in thousands):

Year Ended December 31,

15 unchanged sentences

Pricing for revenues receivable is estimated using current month crude oil, natural gas and NGL prices, net of deductions.

Revenues receivable on operated properties are typically collected the month after the Company delivers the related production to its customers.

As of December 31, 2024 and 2023, the Company had revenues receivable of $ 15.3 million and $ 14.5 million, respectively, and we did no t record any credit losses on revenue receivable as of December 31, 2024 , 2023 and 2022.

As of December 31, 2024, three purchasers accounted for approximately 70.9 % of our revenues receivable.

Revenues receivable on operated properties are typically collected the month after the Company delivers the related production to its purchaser.

As of December 31, 2025, 2024, and 2023 the Company had revenues receivable of $ 16.7 million, $ 15.3 million, and $ 14.5 million, respectively, and we did no t record any credit losses on revenue receivable as of December 31, 2025, 2024 and 2023.

As of December 31, 2025, five purchasers accounted for approximately 79.5 % of our revenues receivable.

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Share-Based Compensation

9 unchanged sentences

Outstanding restricted shares at December 31, 2025 will generally vest over a one-year period with a remaining weighted average contractual period of 0.5 years and have $ 0.3 million of associated unrecognized compensation cost.

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

The following table presents a summary of the Company’s unvested restricted stock awards:

2 unchanged sentences

(In thousands)

Unvested restricted shares outstanding at January 1, 2022

Unvested restricted stock awards outstanding at January 1, 2023 18 $ 18.93

Granted 54 $ 13.85

1 unchanged sentence

Forfeited / Canceled — $ —

Unvested restricted shares outstanding at December 31, 2022

Unvested restricted stock awards outstanding at December 31, 2023 54 $ 13.85

Granted 65 $ 13.20

1 unchanged sentence

Forfeited / Canceled — $ —

Unvested restricted shares outstanding at December 31, 2023

Unvested restricted stock awards outstanding at December 31, 2024 53 $ 13.17

Granted 67 $ 10.94

1 unchanged sentence

Forfeited / Canceled — $ —

Unvested restricted shares outstanding at December 31, 2024

Unvested restricted stock awards outstanding at December 31, 2025 67 $ 10.94

Totals may not sum or recalculate due to rounding

4 unchanged sentences

Outstanding restricted stock units at December 31, 2025 will generally vest over a three-year period with a remaining weighted average contractual period of 1.8 years and have $ 1.7 million associated unrecognized compensation cost at December 31, 2025.

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

The following table presents a summary of the Company’s unvested restricted stock units:

19 unchanged sentences

(1) The aggregate intrinsic value of restricted stock units that vested during 2025 was approximately $ 0.7 million based on the stock price at the time of vesting.

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Performance Share Units.

1 unchanged sentence

Outstanding performance share units at December 31, 2025 will generally vest over a one year period with a remaining weighted average contractual period of 0.2 years and an $ 0.1 million amount of unrecognized compensation cost at December 31, 2025.

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

The following table presents a summary of the Company's performance share units:

27 unchanged sentences

There were no stock options granted during the years ended December 31, 2025, 2024 or 2023.

Assumptions For the Year Ended December 31, 2021

Assumptions Year Ended December 31, 2021

Risk-free interest rate 0.79 %

5 unchanged sentences

Notes to Consolidated Financial Statements

The following table presents a summary of the Company's stock option activity for the years ended December 31, 2024, 2023 and 2022:

The following table presents a summary of the Company's stock option activity:

Number of Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term(years) Aggregate Intrinsic Value (in millions)

1 unchanged sentence

Outstanding at January 1, 2023 286 $ — 7.64 $ 2.38

324 $ — 7.80 $ 0.80

Granted — $ — — $ —

3 unchanged sentences

Outstanding at December 31, 2023 250 $ — 7.66 $ 1.02

286 $ — 7.64 $ 2.38

Exercisable at December 31, 2023 100 $ — 7.66 $ 0.41

68 $ — 6.49 $ 0.64

Outstanding at December 31, 2023 250 $ — 7.66 $ 1.02

286 $ — 7.64 $ 2.38

Granted — $ — — $ —

3 unchanged sentences

Outstanding at December 31, 2024 250 $ — 6.65 $ 0.53

250 $ — 7.66 $ 1.02

Exercisable at December 31, 2024 150 $ — 6.65 $ 0.32

100 $ — 7.66 $ 0.41

Outstanding at December 31, 2024 250 $ — 6.65 $ 0.53

250 $ — 7.66 $ 1.02

Granted — $ — — $ —

3 unchanged sentences

Outstanding at December 31, 2025 250 $ — 5.65 $ 1.21

250 $ — 6.65 $ 0.53

Exercisable at December 31, 2025 200 $ — 5.65 $ 0.97

150 $ — 6.65 $ 0.32

Totals may not sum or recalculate due to rounding

7 unchanged sentences

Notes to Consolidated Financial Statements

The following tables summarize the Company's share and incentive-based compensation for the years ended December 31, 2024, 2023 and 2022 (in thousands):

The following tables summarize the Company's share and incentive-based compensation (in thousands):

Recurring Compensation Expense (1)

18 unchanged sentences

____________________

(1) Recorded in general and administrative expense in the accompanying consolidated statements of operations.

(1) Included in general and administrative expense in the accompanying consolidated statements of operations.

Incentive and Deferred Compensation Plans

1 unchanged sentence

The Annual Incentive Plan ("AIP") incorporates quantitative performance measures, strategic qualitative goals and competitive target award levels for management and employees for the 2025 and 2024 performance years.

Incentive bonus awards for 2024 will be provided based on performance measures related to health, safety and environment, production, operating expenses, capital expenditures, general and administrative expenses, among other metrics and will be paid in 2025 at the discretion of the Board of Directors.

Incentive bonus awards for 2025 will be provided based on performance measures related to health, safety and environment, production, operating expenses, capital expenditures, general and administrative expenses, among other metrics and will be paid in 2026 at the discretion of the Board.

As of December 31, 2025 and 2024, the Company accrued approximately $ 2.9 million and $ 2.2 million, respectively for AIP.

2 unchanged sentences

Under this plan, eligible employees may elect to defer a portion of their earnings up to the maximum allowed by the IRS.

For the years ended December 31, 2024, 2023 and 2022, the Company made matching contributions to the plan equal to 100 % on the first 10 % of employee deferred wages, excluding incentive compensation, totaling $ 0.9 million for the year ended December 31, 2024 and $ 0.8 million for the years ended December 31, 2023 and 2022.

For the years ended December 31, 2025, 2024 and 2023, the Company made matching contributions to the plan equal to 100 % on the first 10 % of employee deferred wages, excluding incentive compensation, totaling $ 0.9 million for the year ended December 31, 2025, $ 0.9 million for the years ended December 31, 2024, and $ 0.8 million for the year ended December 31, 2023.

Participants in the plan are immediately 100 % vested in the discretionary employee contributions and related earnings on those contributions.

33 unchanged sentences

____________________

(1) The incremental shares of potentially dilutive restricted stock awards, restricted stock units, performance share units and stock options were included for the years ended December 31, 2024, 2023 and 2022 as their effect was dilutive under the treasury stock method.

(1) The incremental shares of potentially dilutive restricted stock awards, restricted stock units, performance share units and stock options were included as their effect was dilutive under the treasury stock method..

See Note 15 for discussion of the Company’s share-based compensation awards.

7 unchanged sentences

The CODM considers significant segment expenses to be those presented in the below table.

Interest expense was not significant for the years ended December 31, 2024, 2023 or 2022.

Interest expense was not significant for the years ended December 31, 2025, 2024 and 2023.

The CODM regularly reviews total assets, which were $ 644.0 million and $ 581.5 million as of December 31, 2025 and 2024, respectively.

The following table presents selected financial information with respect to the Company’s single operating segment for the years ended December 31, 2024, 2023 and 2022:

The following table presents selected financial information with respect to the Company’s single operating segment (in thousands):

Year Ended December 31,

2025 2024 2023

(In thousands)

Oil $ 77,270 $ 68,231 $ 78,174

25 unchanged sentences

Subsequent Events

On March 7, 2025, the Board declared a cash dividend of $ 0.11 per share of the Company’s common stock, payable on March 31, 2025 to shareholders of record on March 20, 2025.

Subsequent to December 31, 2024, the Company entered into the following natural gas derivative swap contracts:

Period Index Daily Volume (MMBtu) Weighted Average Price Per MMBtu

March 2025 - December 2025 NYMEX Henry Hub 8,500 $ 4.17

January 2026 - December 2026 NYMEX Henry Hub 4,500 $ 4.09

Subsequent to December 31, 2024, the Company entered into the following natural gas derivative producer costless collar contracts:

Period Index Daily Volume (MMBtu) Put (Per MMBtu) Call (Per MMBtu)

March 2025 - December 2025 NYMEX Henry Hub 8,500 $ 3.50 $ 5.50

April 2025 - December 2025 NYMEX Henry Hub 12,000 $ 4.00 $ 8.20

January 2026 - December 2026 NYMEX Henry Hub 4,500 $ 3.35 $ 5.35

Subsequent to December 31, 2024, the Company entered into the following ethane derivative swap contracts:

Period Index Daily Volume (Bbl) Weighted Average Price Per Bbl

March 2025 - December 2025 Mont Belvieu OPIS 325 $ 11.76

On March 3, 2026, the Board declared a dividend of $ 0.12 per share of the Company’s common stock, which stockholders can elect to receive in cash or additional shares of common stock by enrolling in our previously announced Dividend Reinvestment Plan, payable on March 31, 2026 to stockholders of record on March 20, 2026.

Subsequent to December 31, 2025, the Company entered into the following natural gas derivative contracts:

Period Type of Derivative Instrument Index Daily Volume (MMBtu) Weighted Average Price Per MMBtu

February 2026 - December 2026 Fixed price swaps NYMEX Henry Hub 3,750 $ 4.20

Subsequent to December 31, 2025, the Company entered into the following oil derivative contracts:

Period Type of Derivative Instrument Index Daily Volume (Bbl) Weighted Average Price Per Bbl

February 19, 2026 - December 2026 Producer Costless Collars NYMEX WTI 816 $ 56.63 Put / $ 79.43 Call

March 2026 - December 2026 Fixed price swaps NYMEX WTI 275 $ 70.00

Supplemental Information on Oil and Natural Gas Producing Activities (Unaudited)

6 unchanged sentences

and a summary of the changes in the standardized measure of discounted future net cash flows associated with proved oil, natural gas and NGL reserves.

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Capitalized Costs Related to Oil and Natural Gas Producing Activities

6 unchanged sentences

Net oil and natural gas properties capitalized costs $ 340,639 $ 298,201

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Costs Incurred in Oil and Natural Gas Property Acquisition, Exploration and Development

15 unchanged sentences

Total 2025 2024 2023 2022 and Prior

Acquisition and exploration 22,432 11,860 ( 270 ) ( 599 ) 11,441

Acquisition, exploration, and other unproved property costs $ 26,636 $ 10,589 $ 4,298 $ ( 270 ) $ 12,019

Capitalized interest 884 — — 884

3 unchanged sentences

(1) Includes application of fresh start accounting in 2016 and reflects remaining balance at December 31, 2025.

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Results of Operations for Oil and Natural Gas Producing Activities

10 unchanged sentences

____________________

(1) Income tax (benefit) expense is hypothetical and is calculated by applying the Company’s statutory tax rate to (loss) income before income taxes attributable to our oil and natural gas producing activities, after giving effect to permanent differences and tax credits.

(1) Income tax (benefit) expense is hypothetical and is calculated by applying the Company’s statutory tax rate to income (loss) before income taxes attributable to our oil and natural gas producing activities, after giving effect to permanent differences and tax credits.

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Oil, Natural Gas and NGL Reserve Quantities

2 unchanged sentences

To achieve reasonable certainty, the Company’s engineers and independent petroleum consultants relied on technologies that have been demonstrated to yield results with consistency and repeatability.

The technologies and economic data used to estimate the Company’s proved reserves include, but are not limited to, well logs, geologic maps, seismic data, well test data, production data, historical price and cost information and property ownership interests.

The technologies and economic data used to estimate the Company’s proved reserves include, but are not limited to, production data, historical price and cost information, property ownership, well logs, geologic maps and well tests.

The accuracy of the reserve estimates is dependent on many factors, including the following:

4 unchanged sentences

Proved developed reserves are proved reserves expected to be recovered through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared with the cost of a new well.

Proved undeveloped reserves are reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively large major expenditure is required for recompletion.

Proved undeveloped reserves are reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively large expenditure is required for recompletion.

Approximately 97.9 % of the Company’s proved reserves estimates have been prepared by independent reservoir engineers and geoscience professionals and the remaining 2.1 % of proved reserves are estimated internally and are reviewed by members of the Company’s senior management to ensure that the Company consistently applies rigorous professional standards and the reserve definitions prescribed by the SEC.

SandRidge Energy, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Cawley, Gillespie & Associates, independent oil and natural gas consultants, prepared the estimates of proved reserves of oil, natural gas and NGLs for approximately 97.5 % of the Company’s net interest in oil and natural gas properties as of the years ended December 31, 2024 and 2023.

Cawley, Gillespie & Associates, independent oil and natural gas consultants, prepared the estimates of proved reserves of oil, natural gas and NGLs for approximately 97.9 % and 97.5 % of the Company’s net interest in oil and natural gas properties as of the years ended December 31, 2025 and 2024, respectively.

Cawley, Gillespie & Associates are independent petroleum engineers, geologists, geophysicists and petrophysicists and do not own an interest in the Company or its properties and are not employed on a contingent basis.

3 unchanged sentences

2025 Activity .

Proved reserves increased from 63.1 MMBoe at December 31, 2024 to 69.1 MMBoe at December 31, 2025, due to extensions of 7.3 MMBoe, purchases of 1.7 MMBoe, positive net revisions of 3.2 MMBoe due to an increase in year-end SEC natural gas pricing and price realizations and 4.5 MMBoe associated with other commercial improvements.

These were partially offset by a decrease in SEC oil pricing, 6.8 MMBoe from the Company’s production during 2025, and 3.9 MMBoe attributable to performance, well shut-ins and other revisions.

2024 Activity .

Proved reserves increased from 55.7 MMBoe at December 31, 2023 to 63.1 MMBoe at December 31, 2024, primarily due to purchases of 16.0 MMBoe, 3.5 MMBoe associated with other commercial improvements, and positive revisions of 2.3 MMBoe related to NGL Yield.

These were partially offset by negative revisions including 6.6 MMBoe due to a decrease in year-end SEC commodity prices for oil and natural gas and price realizations, as well as 6.1 MMBoe from the Company’s production during 2024, and 1.7 MMBoe attributable to well performance, well shut-ins and other revisions.

2023 Activity .

Proved reserves decreased from 74.3 MMBoe at December 31, 2022 to 55.7 MMBoe at December 31, 2023, primarily due to a decrease in year-end SEC commodity prices for oil and natural gas, price realizations and NGL yield which resulted in a decrease of 17.5 MMBoe, as well as 6.2 MMBoe from the Company's production during 2023, 1.4 MMBoe attributable to well shut-ins and other revisions, and 0.1 MMBoe in sales.

The Company also had positive revisions including purchases of 1.8 MMBoe, extensions of 1.2 MMBoe, 1.9 MMBoe associated with well positive performance revisions, and 1.7 MMBoe associated with other commercial improvements.

2022 Activity .

Proved reserves increased from 71.3 MMBoe at December 31, 2021 to 74.3 MMBoe at December 31, 2022, primarily as a result of positive revisions of 9.1 MMBoe associated with the increase in year-end SEC commodity prices for oil and natural gas, 1.8 MMBoe related to the Company's well reactivation program, and 1.0 MMBoe associated with other commercial improvements.

Further, extensions added 1.2 MMBoe and purchases added 0.2 MMBoe of proved reserves.

These increases were offset by 2022 production totaling 6.5 MMBoe, a decrease of 1.0 MMBoe due to higher operating expenses in the trailing twelve month period used in the projections, and a decrease of 2.8 MMBoe attributable to other revisions.

SandRidge Energy, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements

2023 Activity .

The summary below presents changes in the Company’s estimated reserves.

6 unchanged sentences

Extensions and discoveries 283 357 3,431 1,211

Sales of reserves in place ( 26 ) ( 49 ) ( 427 ) ( 147 )

Production ( 1,047 ) ( 1,705 ) ( 20,403 ) ( 6,152 )

9 unchanged sentences

Extensions and discoveries 2,272 2,516 15,063 7,298

Sales of reserves in place — — — —

Production ( 1,214 ) ( 2,254 ) ( 19,802 ) ( 6,768 )

25 unchanged sentences

The calculated weighted average per unit prices for the Company’s proved reserves and future net revenues were as follows:

At December 31,

Year Ended December 31,

2025 2024 2023

6 unchanged sentences

The summary below presents the Company’s future net cash flows relating to proved oil, natural gas and NGL reserves based on the standardized measure in ASC Topic 932 (in thousands).

Year Ended December 31,

2025 2024 2023

24 unchanged sentences

Revisions of previous quantity estimates (1) 25,851 ( 14,213 ) ( 171,758 )

Previously estimated development costs incurred 31,507 — —

Accretion of discount 36,270 29,629 81,066

6 unchanged sentences

____________________

(1) A significant portion of the revisions of previous quantity estimates is related to the decrease in pricing which affects well life and other economic factors.

(1) A significant portion of the revisions of previous quantity estimates is related to pricing, which affects well life and other economic factors.

See Proved Reserves discussion.

4 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data