What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-06 compared with 2026-05-07 · 132 added, 80 removed, 409 unchanged (34% of the section changed)

17 unchanged sentences

accumulated depreciation, depletion and impairment ( 1,464,076 ) ( 1,446,824 )

355,065 340,639

Net oil and natural gas properties 363,945 340,639

Other property, plant and equipment, net 72,621 75,649

5 unchanged sentences

Accounts payable and accrued expenses $ 49,030 $ 59,037

Derivative contracts 677 —

Asset retirement obligations 8,044 8,098

9 unchanged sentences

250,000 shares authorized;

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

37,075 issued and outstanding at June 30, 2026 and 36,825 issued and outstanding at December 31, 2025

Additional paid-in capital 967,039 980,592

7 unchanged sentences

(In thousands, except per share data)

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Oil, natural gas and NGL $ 51,117 $ 34,531 $ 100,894 $ 77,135

12 unchanged sentences

Interest income (expense), net 735 1,027 1,549 1,887

Other income (expense), net 1 ( 3 ) 1 ( 3 )

Total other income (expense) 736 1,024 1,550 1,884

15 unchanged sentences

Accumulated Deficit Total

Three Months Ended March 31, 2026

Six Months Ended June 30, 2026

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

5 unchanged sentences

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

Three Months Ended March 31, 2025

Issuance of stock awards, net of cancellations 57 — — — —

Tax withholdings paid in exchange for shares withheld on employee vested stock awards — — ( 130 ) — ( 130 )

Stock-based compensation — — 771 — 771

Dividends paid to stockholders — — ( 10,635 ) — ( 10,635 )

Dividend reinvestments 143 — — — —

Repurchases of common stock, including excise tax — — 12 — 12

— — — 26,693 26,693

Balance at June 30, 2026 37,075 $ 37 $ 967,039 $ ( 424,395 ) $ 542,681

Six Months Ended June 30, 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 )

Repurchases of common stock, including excise tax ( 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 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, including excise tax ( 97 ) — ( 880 ) — ( 880 )

— — — 19,558 19,558

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

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

3 unchanged sentences

(In thousands)

Three Months Ended March 31,

Six Months Ended June 30,

CASH FLOWS FROM OPERATING ACTIVITIES

5 unchanged sentences

Stock-based compensation 1,473 1,370

Other ( 44 ) 300

Changes in operating assets and liabilities ( 6,803 ) ( 8,726 )

4 unchanged sentences

Purchase of other property and equipment — ( 562 )

Sales tax refund on completion costs — 2,800

Proceeds from sale of assets 847 455

3 unchanged sentences

Reduction of financing lease liability ( 424 ) ( 406 )

Repurchases of common stock — ( 5,047 )

Repurchases of common stock, including excise tax ( 41 ) ( 5,927 )

Tax withholdings paid in exchange for shares withheld on employee vested stock awards ( 535 ) ( 224 )

11 unchanged sentences

Asset retirement obligation removed due to divestiture $ — $ ( 288 )

Change in accrued excise tax on repurchases of common stock $ — $ 47

Change in dividends payable $ ( 6 ) $ 9

Decrease (increase) in excise tax payable on repurchases of common stock $ 53 $ ( 47 )

Decrease (increase) in dividends payable $ 1 $ 48

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

17 unchanged sentences

The Company considers all highly liquid instruments with an original maturity of three months or less to be cash equivalents as these instruments are readily convertible to known amounts of cash and bear insignificant risk of changes in value due to their short maturity period.

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

Additionally, the Company considers demand deposits or accounts that have the general characteristics of demand deposits where the Company 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 June 30, 2026 and December 31, 2025, the Company had $ 113.3 million and $ 111.0 million in cash and cash equivalents, respectively.

Restricted Cash.

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.

As of June 30, 2026 and December 31, 2025, the Company had $ 1.3 million in restricted cash.

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 was recorded in the second quarter of 2025.

The adjustments reduced our lease operating expenses for the three and six months ended June 30, 2025 and are not material to the current period or prior periods.

Use of Estimates.

16 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

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 Company’s chief operating decision maker regularly reviews total assets , which were $ 668.1 million and $ 644.0 million as of June 30, 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 March 31,

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Oil $ 31,327 $ 16,956 $ 56,398 $ 35,836

14 unchanged sentences

Interest income (expense), net 735 1,027 1,549 1,887

Other income (expense), net 1 ( 3 ) 1 ( 3 )

Total other income (expense) 736 1,024 1,550 1,884

13 unchanged sentences

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 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 March 31, 2026, and December 31, 2025.

The Company had assets classified in Level 2 and 3 of the hierarchy as of June 30, 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 March 31, 2026 (in thousands):

Fair Value Measurements

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 June 30, 2026 (in thousands):

Fair Value Measurements Netting (1)

Assets (Liabilities) at Fair Value

Level 1 Level 2 Level 3

Commodity derivative contracts $ — $ 4,677 $ — $ 491 $ 4,186

$ — $ ( 5,736 ) $ — $ 4,853 $ ( 883 )

Total $ — $ 4,677 $ — $ 491 $ 4,186

(1) Represents the effect of netting assets and liabilities for counterparties with which the right of offset exists.

15 unchanged sentences

The following table summarizes derivative activity (in thousands):

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(Gain) loss on derivative contracts $ ( 4,222 ) $ ( 6,059 ) $ ( 696 ) $ ( 3,572 )

3 unchanged sentences

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.

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.

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

Changes in fair value were principally measured based on a comparison of future prices to the contract price at the end of the period and through the Black-Scholes or other similar valuation method in the case of options.

2 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 March 31, 2026 (in thousands):

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, (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 June 30, 2026 and December 31, 2025 (in thousands):

June 30, 2026

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

3 unchanged sentences

Total $ 4,677 $ 491 $ 4,186 $ — $ 4,186

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 derivative contracts, and (iv) the Company’s net derivative asset positions as of December 31, 2025 (in thousands):

December 31, 2025

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

5 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

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

As of June 30, 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

April 2026 - December 2026 NYMEX WTI 799 $ 74.37

July 2026 - December 2026 NYMEX WTI 700 $ 75.18

January 2027 - December 2027 NYMEX WTI 200 $ 65.00

Producer Costless Collars

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

July 2026 - December 2026 NYMEX WTI 1,255 $ 62.57 Put / $ 84.41 Call

Natural Gas (MMBtu)

Fixed Price Swaps

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

July 2026 - December 2026 NYMEX Henry Hub 15,925 $ 4.17

Producer Costless Collars

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

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

Fixed Price Swaps

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.

July 2026 - December 2026 Mont Belvieu OPIS 490 $ 54.34

As of December 31, 2025, the Company's open derivative contracts consisted of oil and natural gas commodity derivative contracts under which it 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:

27 unchanged sentences

$ 436,566 $ 416,288

On June 26, 2026, the Company entered into a purchase and sale agreement for the acquisition of certain producing assets and leasehold interests in the Cherokee Play of the Mid-Continent region for $ 65.0 million, subject to customary purchase price adjustments, and three contingent earn-out payments of $ 2.0 million each, based on exceeding the average daily spot price for West Texas Intermediate crude oil at certain price thresholds beginning July 1, 2026 and ending December 31, 2027.

The Company expects to fund the acquisition with cash on hand.

The acquisition is expected to close during the third quarter of 2026 and will be effective May 1, 2026.

Accounts Payable and Accrued Expenses

7 unchanged sentences

Commitments and Contingencies

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

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

1 unchanged sentence

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

SANDRIDGE ENERGY, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

Legal Proceedings.

2 unchanged sentences

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.

2 unchanged sentences

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;

Grubb, 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.

13 unchanged sentences

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.

In assessing the realizability of the deferred tax assets, we consider whether it is more likely than not that some or all of the deferred tax assets will not be realized.

In assessing the realizability of the deferred tax assets, the Company considers whether it is more likely than not that some or all of the deferred tax assets will not be realized.

The ultimate realization of the deferred tax assets is dependent upon the generation of future income in periods in which the deferred tax assets can be utilized.

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, 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.

In prior years, the Company 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, 2025 and June 30, 2026, the Company had partially released its valuation allowance on our deferred tax assets by $ 78.3 million.

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

The Company did not recognize federal or state income tax expense or benefit for the three and six months ended June 30, 2026 or 2025.

SANDRIDGE ENERGY, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

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.

4 unchanged sentences

Future transactions involving the Company's stock including those outside of the Company's control could cause an IRC 382 ownership change resulting in a limitation on tax attributes currently not limited and a more restrictive limitation on tax attributes currently subject to the previous IRC 382 limitation.

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.

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.

The Company adopted the Tax Benefits Preservation Plan, as amended on March 16, 2021, June 20, 2023 and June 15, 2026, in order to protect the Company’s ability to use its tax NOLs and certain other tax benefits.

As of June 30, 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 March 31, 2026 or December 31, 2025.

The Company did not have unrecognized tax benefits at June 30, 2026 or December 31, 2025.

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

4 unchanged sentences

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 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.

At June 30, 2026, the Company had 37.1 million shares of common stock issued and outstanding.

Further, at June 30, 2026, the Company had 0.2 million shares of unvested restricted stock units, 0.1 million unvested stock options outstanding and an immaterial number of unvested restricted stock awards, performance share units and deferred stock units.

Omnibus Incentive Plan.

On June 10, 2026, at the 2026 Annual Meeting of Stockholders (the “2026 Annual Meeting”) of the Company, the Company’s stockholders approved the adoption of an amendment (the “Incentive Plan Amendment”) to the Company’s 2016 Omnibus Incentive Plan (as amended and restated, the “Omnibus Incentive Plan”), pursuant to which the expiration date of the Omnibus Incentive Plan was extended until June 10, 2036, the tenth anniversary of the date of stockholder approval of the Incentive Plan Amendment.

The Company’s Board of Directors (the “Board”) previously approved the Incentive Plan Amendment, subject to stockholder approval at the 2026 Annual Meeting.

The Incentive Plan Amendment became effective at the time of stockholder approval.

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.

Purchases under the Program are intended to meet the requirements of Rule 10b5-1 of the Exchange Act.

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.

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.

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

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.

The Company did not repurchase any shares during the six months ended June 30, 2026, compared to 0.5 million shares repurchased for $ 6.0 million, at an average price of $ 10.89 per share, during the six months ended June 30, 2025.

SANDRIDGE ENERGY, INC.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

The following table summarizes the Company’s dividends for the periods presented (in thousands except share and per share data):

Quarterly Dividend per Share Special Dividend per Share Total per Share Aggregate Cash Dividend Payments Common Stock Issued in lieu of Cash Dividends

Q2 2026 $ 0.13 $ 0.20 $ 0.33 $ 10,642 143,343

Q1 2026 0.12 — 0.12 3,862 —

Total $ 0.25 $ 0.20 $ 0.45 $ 14,504 143,343

Q2 2025 $ 0.11 $ — $ 0.11 $ 4,105 —

Q1 2025 0.11 — 0.11 4,086 —

Total $ 0.22 $ — $ 0.22 $ 8,191 —

The Tax Benefits Preservation Plan .

5 unchanged sentences

(i) the time at which the Rights are redeemed pursuant to the Tax Benefits Preservation Plan, (ii) the time at which the Rights are exchanged pursuant to the Tax Benefits Preservation Plan, (iii) the closing of any merger or other acquisition transaction involving the Company pursuant to an agreement of the type described in Section 13(f) of the Tax Benefits Preservation Plan at which time the Rights are terminated, (iv) the time at which the Board determines that the NOLs are utilized in all material respects or that an ownership change under Section 382 would not adversely impact in any material respect the time period in which the Company could use the NOLs, or materially impair the amount of the NOLs that could be used by the Company in any particular time period, for applicable tax purposes and (v) the close of business on July 1, 2029.

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.

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.

The Board plans to request shareholder approval for the third amendment to the Tax Benefits Preservation plan at the 2027 annual meeting.

The Company adopted the Tax Benefits Preservation Plan, as amended on March 16, 2021, June 20, 2023 and June 15, 2026, 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.

federal income tax obligations.

3 unchanged sentences

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.

SANDRIDGE ENERGY, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

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

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(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 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.

As of June 30, 2026, and December 31, 2025 and 2024, the Company had revenues receivable of $ 19.6 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 and six months ended June 30, 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.

SANDRIDGE ENERGY, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

Earnings per Share

3 unchanged sentences

(In thousands, except per share amounts)

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

Basic earnings per share

7 unchanged sentences

$ 26,693 37,082 $ 0.72

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Basic earnings per share

7 unchanged sentences

$ 19,558 36,677 $ 0.53

Six Months Ended June 30, 2026

Basic earnings per share

$ 45,363 36,838 $ 1.23

Effect of dilutive securities

Restricted stock units — 89

Restricted stock awards — 34

Performance share units (1)

Stock options — 87

Diluted earnings per share (2)

$ 45,363 37,048 $ 1.22

Six Months Ended June 30, 2025

Basic earnings per share

$ 32,607 36,850 $ 0.88

Effect of dilutive securities

Restricted stock units — 22

Restricted stock awards — 12

Performance share units (1)

Stock options — —

Diluted earnings per share (2)

$ 32,607 36,884 $ 0.88

____________________

(1) The performance share unit awards are contingently issuable and are considered in the calculation of diluted earnings per share.

1 unchanged sentence

(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.

The incremental shares of deferred stock units were excluded for the three and six months ended June 30, 2026 as their effect was antidilutive under the treasury stock method.

SANDRIDGE ENERGY, INC.

2 unchanged sentences

Subsequent Events

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

On August 4, 2026, the Board declared a dividend of $ 0.13 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 the Company’s previously announced Dividend Reinvestment Plan, payable on August 31, 2026 to stockholders of record on August 19, 2026.

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