What changed in this filing

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Item 1. Financial Statements

2026-05-07 compared with 2025-11-06 · 90 added, 174 removed, 399 unchanged (40% of the section changed)

4 unchanged sentences

(In thousands, except share data)

September 30,

2026 December 31,

13 unchanged sentences

Other property, plant and equipment, net 74,260 75,649

Derivative contracts — 86

Other assets 1,500 1,539

4 unchanged sentences

Accounts payable and accrued expenses $ 49,842 $ 59,037

Derivative contracts 677 —

Asset retirement obligations 8,098 8,098

9 unchanged sentences

250,000 shares authorized;

36,773 issued and outstanding at September 30, 2025 and 37,203 issued and outstanding at December 31, 2024

36,875 issued and outstanding at March 31, 2026 and 36,825 issued and outstanding at December 31, 2025

Additional paid-in capital 977,021 980,592

7 unchanged sentences

(In thousands, except per share data)

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Oil, natural gas and NGL $ 49,777 $ 42,604

12 unchanged sentences

Interest income (expense), net 814 860

Other income (expense), net ( 3 ) — ( 6 ) 92

Total other income (expense) 814 860

15 unchanged sentences

Accumulated Deficit Total

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

Balance at January 1, 2026 36,825 $ 37 $ 980,592 $ ( 469,758 ) $ 510,871

3 unchanged sentences

Dividends paid to stockholders — — ( 3,868 ) — ( 3,868 )

Repurchases of common stock ( 452 ) — ( 5,094 ) — $ ( 5,094 )

— — — 18,670 18,670

Balance at March 31, 2026 36,875 $ 37 $ 977,021 $ ( 451,088 ) $ 525,970

Issuance of stock awards, net of cancellations 72 — — — —

Tax withholdings paid in exchange for shares withheld on employee vested stock awards — — ( 78 ) — ( 78 )

Stock-based compensation — — 720 — 720

Dividends paid to stockholders — — ( 4,066 ) — ( 4,066 )

Repurchases of common stock ( 97 ) — ( 880 ) — ( 880 )

— — — 19,558 19,558

Balance at June 30, 2025 36,752 37 987,484 ( 507,354 ) 480,167

Issuance of stock awards, net of cancellations 17 — — — —

Tax withholdings paid in exchange for shares withheld on employee vested stock awards — — ( 19 ) — ( 19 )

Stock-based compensation — — 688 — 688

Dividends paid to stockholders — — ( 3,859 ) — ( 3,859 )

Dividend reinvestments 51 — — — —

Repurchases of common stock ( 47 ) — ( 481 ) — ( 481 )

Net income — — — 15,953 15,953

Balance at September 30, 2025 36,773 37 983,813 ( 491,401 ) 492,449

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Balance at January 1, 2025 37,203 $ 37 $ 1,000,455 $ ( 539,961 ) 460,531

3 unchanged sentences

Dividends paid to stockholders — — ( 4,077 ) — ( 4,077 )

Repurchases of common stock ( 452 ) — ( 5,094 ) — ( 5,094 )

— — — 13,049 13,049

Balance at March 31, 2025 36,777 $ 37 $ 991,788 $ ( 526,912 ) $ 464,913

Issuance of stock awards, net of cancellations 64 — — — —

Tax withholdings paid in exchange for shares withheld on employee vested stock awards — — ( 124 ) — ( 124 )

Stock-based compensation — — 536 — 536

Dividends paid to stockholders — — ( 4,103 ) — ( 4,103 )

— — — 8,794 8,794

Balance at June 30, 2024 37,182 $ 37 $ 1,007,798 $ ( 583,028 ) $ 424,807

Issuance of stock awards, net of cancellations 23 — — — —

Tax withholdings paid in exchange for shares withheld on employee vested stock awards — — ( 129 ) — ( 129 )

Stock-based compensation — — 707 — 707

Dividends paid to stockholders — — ( 4,112 ) — ( 4,112 )

Net income — — — 25,484 25,484

Balance at September 30, 2024 37,205 37 1,004,264 ( 557,544 ) 446,757

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

3 unchanged sentences

(In thousands)

Nine Months Ended September 30,

Three Months Ended March 31,

CASH FLOWS FROM OPERATING ACTIVITIES

2 unchanged sentences

Depreciation, depletion, and amortization 11,443 10,019

Deferred income taxes — ( 15,439 )

(Gain) loss on derivative contracts 3,526 2,487

6 unchanged sentences

Capital expenditures for property, plant and equipment ( 20,864 ) ( 6,411 )

Acquisition of assets ( 7,790 ) ( 125,950 )

Acquisition of oil and natural gas assets ( 2,651 ) ( 2,568 )

Purchase of other property and equipment — ( 325 )

Sales tax refund on completion costs 2,800 —

Proceeds from sale of assets — 49

13 unchanged sentences

Capital expenditures for property, plant and equipment in accounts payable and accrued expenses $ 10,620 $ 4,092

Non-cash acquisition purchase price adjustments $ 241 $ 6,852

Right-of-use assets obtained in exchange for financing lease obligations $ 200 $ 229

16 unchanged sentences

Interim Financial Statements.

The accompanying unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited financial statements and notes contained in the Company’s 2024 Form 10-K.

The accompanying condensed consolidated financial statements and notes should be read in conjunction with the audited financial statements and notes contained in the Company’s 2025 Form 10-K.

Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted, although the Company believes that the disclosures contained herein are adequate to make the information presented not misleading.

In the opinion of management, the financial statements include all adjustments, which consist of normal recurring adjustments unless otherwise disclosed, necessary to fairly state the Company’s unaudited condensed consolidated financial statements.

Significant Accounting Policies.

The unaudited condensed consolidated financial statements were prepared in accordance with the accounting policies stated in the Company’s 2024 Form 10-K, as well as the items noted below.

The condensed consolidated financial statements were prepared in accordance with the accounting policies stated in the Company’s 2025 Form 10-K, as well as the items noted below.

Cash and Cash Equivalents.

1 unchanged sentence

Additionally, the Company considers demand deposits or accounts that have the general characteristics of demand deposits where we may deposit additional funds at any time and also effectively withdraw funds at any time without prior notice or penalty to be cash equivalents.

As of September 30, 2025 and December 31, 2024, the Company had $ 101.2 million and $ 98.1 million in cash and cash equivalents, respectively.

As of March 31, 2026 and December 31, 2025, the Company had $ 102.7 million and $ 111.0 million in cash and cash equivalents, respectively.

Restricted Cash.

T he Company maintains funds related to collateralized letters of credit and secured credit cards.

As of September 30, 2025 and December 31, 2024, the Company had $ 1.4 million in restricted cash.

Accounts Payable and Accrued Expenses.

The Company’s accounts payable and other accrued expenses balance as of September 30, 2025 reflects a one-time $ 2.1 million non-cash adjustment of an operating accrual dating back to the Company’s emergence from bankruptcy that was recorded in the second quarter of 2025.

The adjustment reduced our lease operating expenses for the nine months ended September 30, 2025.

The Company maintains funds related to collateralized letters of credit and secured credit cards.

As of March 31, 2026 and December 31, 2025, the Company had $ 1.3 million in restricted cash.

Use of Estimates.

The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

The more significant areas requiring the use of assumptions, judgments and estimates include:

14 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

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 was 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.

The Company’s chief operating decision maker regularly reviews total assets, which were $ 619.0 million and $ 581.5 million as of September 30, 2025 and December 31, 2024, respectively.

The Company’s chief operating decision maker regularly reviews total assets , which were $ 652.1 million and $ 644.0 million as of March 31, 2026 and December 31, 2025, respectively.

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

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Oil $ 25,071 $ 18,880

14 unchanged sentences

Interest income (expense), net 814 860

Other income (expense), net ( 3 ) — ( 6 ) 92

Total other income (expense) 814 860

3 unchanged sentences

Recent Accounting Pronouncements Not Yet Adopted.

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

Improvements to Income Tax Disclosures, which require greater disaggregation of income tax disclosures.

The amendments in this update change income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction.

This update changes said 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.

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

The Company is currently evaluating the impact ASU 2023-09 will have on its consolidated financial statement disclosures and does not expect an impact to our consolidated financial statements .

SANDRIDGE ENERGY, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

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

3 unchanged sentences

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.

SANDRIDGE ENERGY, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

Fair Value Measurements

The Company measures and reports certain assets and liabilities on a fair value basis and has classified and disclosed its fair value measurements using the levels of the fair value hierarchy noted below.

The carrying values of cash, restricted cash, accounts receivable, prepaid expenses, accounts payable and accrued expenses and other current liabilities included in the unaudited condensed consolidated balance sheets approximated fair value at September 30, 2025 and December 31, 2024.

The carrying values of cash, restricted cash, accounts receivable, prepaid expenses, accounts payable and accrued expenses and other current liabilities included in the condensed consolidated balance sheets approximated fair value at March 31, 2026 and December 31, 2025.

Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

5 unchanged sentences

The Company considers active markets as those in which transactions for the assets and 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 September 30, 2025, and December 31, 2024.

The Company had assets classified in Level 2 and 3 of the hierarchy as of March 31, 2026, and December 31, 2025.

Level 2 Fair Value Measurements

5 unchanged sentences

Fair Value - Recurring Measurement Basis

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis by the fair value hierarchy as of September 30, 2025 (in thousands):

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis by the fair value hierarchy as of March 31, 2026 (in thousands):

Fair Value Measurements

19 unchanged sentences

The following table summarizes derivative activity (in thousands):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

(Gain) loss on derivative contracts $ 3,526 $ 2,487

1 unchanged sentence

Master Netting Agreements and the Right of Offset.

As applicable, the Company historically has had master netting agreements with all of its commodity derivative counterparties and has presented its derivative assets and liabilities with the same counterparty on a net basis in the unaudited condensed consolidated balance sheets.

As a result of the netting provisions, the Company's maximum amount of loss under commodity derivative transactions due to credit risk was limited to the net amounts due from its counterparties.

4 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

The following table summarizes (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, (iii) the financial collateral, if any, associated with the Company’s commodity contracts, and (iv) the Company’s net derivative asset and liability positions as of September 30, 2025 (in thousands):

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

7 unchanged sentences

3,130 357 2,773 — 2,773

Derivative contracts - non-current 86 — 86 — 86

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

2 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

As of September 30, 2025, the Company's open derivative contracts consisted of oil, natural gas, and NGL commodity derivative contracts as follows:

As of March 31, 2026, the Company's open derivative contracts consisted of oil, natural gas, and NGL commodity derivative contracts as follows:

Period Index Daily Volume Weighted Average Price

Fixed Price Swaps

October 2025 - December 2025 NYMEX WTI 500 $ 71.60

January 2026 - June 2026 NYMEX WTI 300 $ 68.67

April 2026 - December 2026 NYMEX WTI 799 $ 74.37

January 2027 - December 2027 NYMEX WTI 200 $ 65.00

Producer Costless Collars

October 2025 - December 2025 NYMEX WTI 675 $ 61.57 Put / $ 78.02 Call

April 2026 - December 2026 NYMEX WTI 975 $ 57.56 Put / $ 79.93 Call

Natural Gas (MMBtu)

Fixed Price Swaps

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

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

April 2026 - December 2026 NYMEX Henry Hub 16,430 $ 4.17

Producer Costless Collars

October 2025 - December 2025 NYMEX Henry Hub 20,500 $ 3.79 Put / $ 7.08 Call

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

April 2026 - December 2026 NYMEX Henry Hub 4,500 $ 3.35 Put / $ 5.35 Call

Fixed Price Swaps

October 2025 - December 2025 Mont Belvieu OPIS - C3+ (1)

October 2025 - December 2025 Mont Belvieu OPIS - Ethane (2)

____________________

(1) Excludes ethane.

(2) Ethane only.

April 2026 - December 2026 Mont Belvieu OPIS 420 $ 55.41

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

SANDRIDGE ENERGY, INC.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

As of December 31, 2024, the Company's open derivative contracts consisted of oil and NGL commodity derivative contracts as follows:

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 - C3+ (1)

____________________

(1) Excludes ethane.

Property, Plant and Equipment

Property, plant and equipment consists of the following (in thousands):

September 30,

2026 December 31,

16 unchanged sentences

$ 429,325 $ 416,288

SANDRIDGE ENERGY, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following (in thousands):

September 30,

2026 December 31,

5 unchanged sentences

Commitments and Contingencies

Included below is a discussion of the Company's various future commitments and contingencies as of September 30, 2025.

Included below is a discussion of the Company's various future commitments and contingencies as of March 31, 2026.

The Company has provided accruals where necessary for contingent liabilities, based on ASC 450, Contingencies, when it has determined that a liability is probable and reasonably estimable.

4 unchanged sentences

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.

Securities Litigation, Case No.

5:12-cv-01341-LRW, USDC, Western District of Oklahoma (“In re SandRidge Energy, Inc.

Securities Litigation”);

• Ivan Nibur, Lawrence Ross, Jase Luna, Matthew Willenbucher, and the Duane & Virginia Lanier Trust v.

SandRidge Mississippian Trust I, et al., Case No.

5:15-cv-00634-SLP, USDC, Western District of Oklahoma (“Lanier Trust”)

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.

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.

Pursuant to the Plan, certain securities claims against the Company were discharged without recovery.

With respect to certain other securities claims relating to the Company and an affiliate, the Federal District Court (Western District of Oklahoma) in the second half of 2025 either dismissed, with prejudice, such actions or ruled favorably on the Company’s motion for summary judgement.

SANDRIDGE ENERGY, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

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 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;

Certain insurance carriers funded the $ 17.0 million settlement and subsequently requested reimbursement from the Company.

The Company refused and filed an action in Oklahoma state court (Sandridge Energy, Inc.

Bennett, Matthew K.

Grub, Beasley Insurance Company, Inc., Old Republic Insurance Company, and Allied World National Assurance Company) seeking a declaratory judgment that the insurers were not entitled to indemnification;

the insurers counterclaimed.

1 unchanged sentence

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 motions were denied and the Company appealed the bankruptcy court’s decision to the Southern District of the United States District Court of Texas (Sandridge Energy Inc.

Appellant vs.

Beasley Insurance Company Inc.

and Old Republic Insurance Company, Appellees);

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.

1 unchanged sentence

Considering the status of this matter, and the facts, circumstances and legal theories thereto, the Company is not able to determine the likelihood of an outcome.

The Company has not established any liabilities relating to this matter.

SANDRIDGE ENERGY, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

The Company has not established any contingencies relating to this matter

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.

4 unchanged sentences

In prior years, we determined that the deferred tax assets did not meet the more likely than not threshold of being utilized and thus recorded a valuation allowance.

As of December 31, 2024 and September 30, 2025, we had partially released our valuation allowance on our deferred tax assets by $ 72.8 million.

As of December 31, 2025 and March 31, 2026, we had partially released our valuation allowance on our deferred tax assets by $ 78.3 million.

We anticipate being able to utilize these deferred tax assets based on the generation of future income.

A change in the estimate of future income could cause the valuation allowance to be adjusted in subsequent periods.

The Company has no federal or state income tax expense or benefit for the three and nine-month periods ended September 30, 2025 and $ 15.4 million in federal and state income tax benefit for the same periods in 2024.

The Company did not recognize federal or state income tax expense or benefit for the three-months ended March 31, 2026 or 2025.

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.

5 unchanged sentences

The Company adopted the Tax Benefits Preservation Plan, as amended on March 16, 2021 and June 20, 2023, in order to protect the Company’s ability to use its tax NOLs and certain other tax benefits.

As of September 30, 2025, the Company had approximately $ 1.6 billion of federal NOL carryforwards, net of NOLs expected to expire unused due to the 2016 IRC Section 382 limitation.

SANDRIDGE ENERGY, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

As of March 31, 2026, the Company had approximately $ 1.5 billion of federal NOL carryforwards, net of NOLs expected to expire unused due to the 2016 IRC Section 382 limitation.

Of the $ 1.5 billion of federal NOL carryforwards, $ 0.6 billion expire during the years 2028 through 2037, while the remaining $ 0.9 billion do not have an expiration date.

3 unchanged sentences

Additionally, the Company had federal tax credits in excess of $ 33.5 million which begin expiring in 2029.

The Company did not have unrecognized tax benefits at September 30, 2025 or December 31, 2024.

The Company did not have unrecognized tax benefits at March 31, 2026 or December 31, 2025.

The Company’s only taxing jurisdiction is the United States (federal and state).

2 unchanged sentences

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

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.

SANDRIDGE ENERGY, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

Capital Stock and Equity Awards .

Our authorized capital stock consists of 300.0 million shares, which include 250.0 million shares of common stock, $ 0.001 par value per share (“common stock”), and 50.0 million shares of preferred stock, par value $ 0.001 per share.

At September 30, 2025, the Company had 36.8 million shares of common stock issued and outstanding.

Further, at September 30, 2025, the Company had 0.1 million of unvested restricted stock awards, 0.2 million shares of unvested restricted stock units, 0.1 million unvested stock options outstanding and an immaterial number of unvested performance share units.

At March 31, 2026, the Company had 36.9 million shares of common stock issued and outstanding.

Further, at March 31, 2026, the Company had 0.1 million of unvested restricted stock awards, 0.2 million shares of unvested restricted stock units, 0.1 million unvested stock options outstanding and an immaterial number of unvested performance share units.

Share Repurchase Program.

2 unchanged sentences

The Program does not require any specific number of shares to be acquired, and can be modified or discontinued by the Board at any time.

During the nine months ended September 30, 2025, the Company repurchased 0.6 million shares for $ 6.4 million at an average price of $ 10.72 per share.

The Company did not repurchase any common stock under the Program during the nine months ended September 30, 2024.

The Company did not repurchase any shares during the three months ended March 31, 2026, compared to 0.5 million shares repurchased for $ 5.1 million, at an average price of $ 11.26 per share, during the three months ended March 31, 2025.

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.

1 unchanged sentence

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 the result of shares of stock they receive under the Dividend Reinvestment Plan, and not otherwise.

Cash dividend payments totaled $ 12.0 million and $ 68.2 million for the nine months ended September 30, 2025 and 2024, respectively.

For the nine months ended September 30, 2025, the Company issued 51,401 shares of common stock in lieu of cash dividends under the Dividend Reinvestment Plan.

Cash dividend payments totaled $ 3.9 million and $ 4.1 million for the three months ended March 31, 2026 and 2025, respectively.

For the three months ended March 31, 2026, the Company did not issue any shares of common stock in lieu of cash dividends under the Dividend Reinvestment Plan.

SANDRIDGE ENERGY, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

The Tax Benefits Preservation Plan .

6 unchanged sentences

At the Company's 2024 Annual Meeting held on June 12, 2024, the Company's stockholders approved the extension of the Tax Benefits Preservation Plan to July 1, 2026.

SANDRIDGE ENERGY, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

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 NOLs and certain other tax benefits to reduce potential future U.S.

5 unchanged sentences

The following table disaggregates the Company’s revenue by source:

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

(In thousands)

11 unchanged sentences

Taxes assessed by governmental authorities on oil, natural gas and NGL sales are presented separately from revenues and are included in production, ad valorem, and other taxes expense in the condensed consolidated income statements.

SANDRIDGE ENERGY, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

Revenues Receivable.

2 unchanged sentences

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

As of September 30, 2025, and December 31, 2024 and 2023, the Company had revenues receivable of $ 15.5 million, $ 15.3 million and $ 14.5 million, respectively.

The Company did no t record any credit losses on revenues receivable nor write-offs during the three and nine months ended September 30, 2025 or 2024, as the Company’s purchasers of oil, natural gas and NGL have had no issues of payment collectability or lack of creditworthiness with the Company.

SANDRIDGE ENERGY, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

As of March 31, 2026, and December 31, 2025 and 2024, the Company had revenues receivable of $ 21.3 million, $ 16.7 million and $ 15.3 million, respectively.

The Company did no t record any credit losses on revenues receivable nor write-offs during the three months ended March 31, 2026 or 2025, as the Company’s purchasers of oil, natural gas and NGL have had no issues of payment collectability or lack of creditworthiness with the Company.

Earnings per Share

3 unchanged sentences

(In thousands, except per share amounts)

Three Months Ended September 30, 2025

Basic earnings per share

$ 15,953 36,671 $ 0.44

Effect of dilutive securities

Restricted stock units — 22

Restricted stock awards — 12

Performance share units (1)

Stock options — 3

Diluted earnings per share (2)

$ 15,953 36,708 $ 0.43

Three Months Ended September 30, 2024

Basic earnings per share

$ 25,484 37,134 $ 0.69

Effect of dilutive securities

Restricted stock units — 20

Restricted stock awards — 12

Performance share units (1)

Stock options — 14

Diluted earnings per share (2)

$ 25,484 37,180 $ 0.69

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

Basic earnings per share

7 unchanged sentences

$ 18,670 36,992 $ 0.50

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Basic earnings per share

11 unchanged sentences

(2) Incremental shares are excluded if their effect is antidilutive under the treasury stock method.

The incremental shares of restricted stock units were excluded for the three months ended March 31, 2025 as their effect was antidilutive under the treasury stock method.

SANDRIDGE ENERGY, INC.

2 unchanged sentences

Subsequent Events

On November 4, 2025, 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 November 28, 2025 to stockholders of record on November 14, 2025.

On May 5, 2026, the Board increased its on-going quarterly dividend program by 8 % to $ 0.13 per share.

In addition, the Board declared a one-time dividend of $ 0.20 per share.

Both dividends are payable on June 1, 2026 to stockholders of record on May 20, 2026.

Stockholders can elect to receive the dividends in cash or additional shares of common stock by enrolling in the Company’s previously announced Dividend Reinvestment Plan

Subsequent to March 31, 2026, the Company entered into the following oil derivative producer costless collar contracts:

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

June - December 2026 NYMEX WTI 280 $ 80.00 $ 100.00

Subsequent to March 31, 2026, the Company entered into the following NGL derivative swap contracts:

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

June - December 2026 Mont Belvieu OPIS 70 $ 47.88

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-Q

Item 1. Financial Statements