SANDRIDGE ENERGY, INC. ANNOUNCES FINANCIAL AND OPERATING RESULTS FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2024, $0.11 PER SHARE CASH DIVIDEND, AND 2025 GUIDANCE

, /PRNewswire/ -- SandRidge Energy, Inc. (the "Company" or "SandRidge") (NYSE: SD) today announced financial and operational results for the quarter and fiscal year ended December 31, 2024. Recent Highlights 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 In 2024, paid $16.4 million in regular quarterly dividends and a one-time special dividend of $55.9 million As of December 31, 2024, the Company had $99.5 million of cash and cash equivalents, including restricted cash Production averaged 19.1 MBoe per day during the fourth quarter, an increase of 19% on a Boe basis versus the same period in 2023. Oil production increased 28% over the same period. Successfully completed and initiated production from the Company's first operated wells in the Cherokee play in 2024, with three drilled but uncompleted wells ("DUCs") achieving costs below historical industry average in the play Generated net income of $63.0 million, or $1.70 per basic share in 2024. Adjusted net income(1) was $34.5 million, or $0.93 per basic share (please see table below for reconciliation of net income to adjusted net income) Generated adjusted EBITDA(1) of $69.5 million in 2024 Achieved a new Company record of more than three years without a recordable safety incident On December 13, 2024, the Company closed a second acquisition in the Cherokee Shale Play of the Mid-Continent region that exchanged and increased its ownership interest in certain proved and unproved oil and gas properties within the Cherokee Shale Play for $5.7 million, after customary post-closing adjustments, and terminated the previously announced joint development agreement 2025 guidance contemplates a 1-rig Cherokee Shale development plan for the year, drilling eight and completing six new SandRidge-operated wells Financial Results & Update Profitability Dollars in thousands (except per share data) 4Q24 3Q24 Change vs 3Q24 4Q23 Change vs 4Q23 Net income $ 17,583 $ 25,484 $ (7,901) $ 1,792 $ 15,791 Net Income per share $ 0.47 $ 0.69 $ (0.22) $ 0.05 $ 0.42 Net cash provided by operating activities $ 25,993 $ 20,847 $ 5,146 $ 26,219 $ (226) Adjusted net income(1) $ 12,698 $ 7,057 $ 5,641 $ 13,016 $ (318) Adjusted net income per share(1) $ 0.34 $ 0.19 $ 0.15 $ 0.35 $ (0.01) Adjusted operating cash flow(1) $ 24,992 $ 19,073 $ 5,919 $ 22,207 $ 2,785 Adjusted EBITDA(1) $ 24,073 $ 17,742 $ 6,331 $ 19,458 $ 4,615 Free cash flow(1) $ 13,161 $ 10,861 $ 2,300 $ 25,525 $ (12,364) Operational Results & Update Production, Revenue & Realized Prices 4Q24 3Q24 Change vs 3Q24 4Q23 Change vs 4Q23 Production MBoe 1,754 1,563 191 1,473 281 MBoed 19.1 17.0 2.1 16.0 3.1 Oil as percentage of production 17 % 15 % 2 % 16 % 1 % Natural gas as percentage of production 52 % 50 % 2 % 57 % (5) % NGLs as percentage of production 31 % 35 % (4) % 27 % 4 % Revenues Oil, natural gas and NGL revenues $38,973 $30,057 $8,916 $33,926 $5,047 Oil as percentage of revenues 54 % 56 % (2) % 53 % 1 % Natural gas as percentage of revenues 21 % 15 % 6 % 22 % (1) % NGLs as percentage of revenues 25 % 29 % (4) % 25 % — % Realized Prices Realized oil price per barrel $71.44 $73.07 $(1.63) $77.53 $(6.09) Realized natural gas price per Mcf $1.47 $0.92 $0.55 $1.50 $(0.03) Realized NGL price per barrel $18.19 $16.25 $1.94 $21.05 $(2.86) Realized price per Boe $22.22 $19.23 $2.99 $23.03 $(0.81) Operating Costs During the fourth quarter of 2024, lease operating expense ("LOE") was $11.3 million or $6.43 per Boe. For the full year 2024, LOE was $40.0 million or $6.61 per Boe. The Company continues to focus on its operating costs and on safely maximizing the value of its asset base through prudent expenditure programs, cost management efforts, and continuous pursuit of efficiency in the field. General and administrative expense ("G&A") was $3.0 million and $11.7 million for the fourth quarter and full year 2024, respectively. Adjusted G&A(1) was $2.4 million and $9.3 million or $1.39 and $1.54 per Boe for the fourth quarter and full year 2024, respectively, compared to $2.2 million and $8.8 million or $1.49 and $1.42 per Boe over the same periods in 2023. Liquidity & Capital Structure As of December 31, 2024, the Company had $99.5 million of cash and cash equivalents, including restricted cash of $1.4 million, deposited with multiple, well-capitalized financial institutions. The Company has no outstanding term or revolving debt obligations. Dividend Program Dollars in thousands Total 4Q24 3Q24 2Q24 1Q24 2023 Special dividends(2) $ 130,206 $ — $ — $ — $ 55,868 $ 74,338 Quarterly dividends(2) $ 23,866 $ 4,114 $ 4,112 $ 4,103 $ 4,097 $ 7,440 Total dividends(2) $ 154,072 $ 4,114 $ 4,112 $ 4,103 $ 59,965 $ 81,778 Total 4Q24 3Q24 2Q24 1Q24 2023 Special dividends per share $ 3.50 $ — $ — $ — $ 1.50 $ 2.00 Quarterly dividends per share $ 0.64 $ 0.11 $ 0.11 $ 0.11 $ 0.11 $ 0.20 Total dividends per share $ 4.14 $ 0.11 $ 0.11 $ 0.11 $ 1.61 $ 2.20 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. Acquisitions On August 30, 2024, the Company closed on its previously announced acquisition of certain producing oil and natural gas properties in the Cherokee Play of the Western Anadarko Basin for $121.9 million, after customary post-closing adjustments. On December 13, 2024, the Company closed a subsequent acquisition that exchanged and increased its ownership interest in certain proved and unproved oil and gas properties within the same area for $5.7 million, after customary post-closing adjustments, and terminated the previously announced joint development agreement. The Company will operate the majority of its planned development in 2025. Outlook We remain committed to growing the value of our asset base in a safe, responsible and efficient manner, while prudently allocating capital to high-return, organic growth projects. Currently, these projects include (1) Development in the Cherokee Shale Play, which consists of 9 wells to be spud, 8 wells to be drilled and 6 wells to be completed in 2025 (2) Production Optimization program through artificial lift conversions to more efficient and cost-effective systems and high-graded recompletions (3) leasing program that will bolster future development and extend development in our Cherokee assets. Our legacy non-Cherokee leaseholds remain approximately 99% held by production, which cost-effectively maintains our development option over a reasonable tenor. We will continue to monitor forward-looking commodity prices, project results, costs and other factors that could influence returns and adjust capital allocations accordingly. These and other factors, to include reasonable reinvestment rates, sustaining our cash flows and prioritizing our regular-way dividend, will continue to shape our development decisions for the remainder of the year and beyond. We also remain vigilant in evaluating further merger and acquisition opportunities, with consideration of our strong balance sheet and commitment to our capital return program. Environmental, Social, & Governance ("ESG") SandRidge maintains its Environmental, Social, and Governance ("ESG") commitment, to include no routine flaring of produced natural gas, transporting over 90% of its produced water via pipeline instead of truck, installations of systems to increase recovery of natural gas from new wells, artificial lift system conversions that help drive energy efficiency gains and lower utility usage, and the use of SCADA technology and a 24-hour manned operations center to optimize well surveillance and reduce driving time and fleet vehicle emissions in the field. Additionally, SandRidge maintains an emphasis on the safety and training of our workforce. The Company has personnel dedicated to the close monitoring of our safety standards and daily operations. Conference Call Information The Company will host a conference call to discuss these results on Tuesday, March 11, 2025 at 1:00 pm CT. The conference call can be accessed by registering online in advance at https://registrations.events/direct/Q4I2315066 at which time registrants will receive dial-in information as well as a conference ID. At the time of the call, participants will dial in using the participant number and conference ID provided upon registration. The Company's latest presentation is available on the Company's website at investors.sandridgeenergy.com. A live audio webcast of the conference call will also be available via SandRidge's website, investors.sandridgeenergy.com, under Presentation & Events. The webcast will be archived for replay on the Company's website for at least 30 days. Contact Information Investor RelationsSandRidge Energy, Inc.1 E. Sheridan Ave. Suite 500Oklahoma City, OK 73104[email protected] About SandRidge Energy, Inc. SandRidge Energy, Inc. (NYSE: SD) is an independent oil and gas company engaged in the production, development, and acquisition of oil and gas properties. Its primary area of operation is the Mid-Continent region in Oklahoma, Texas, and Kansas. Further information can be found at sandridgeenergy.com. -Tables to Follow- (1) See "Non-GAAP Financial Measures" section at the end of this press release for non-GAAP financial measures definitions. (2) Includes dividends payable on unvested restricted stock awards. 2025 Operational and Capital Expenditure Guidance Presented below is the Company's operational and capital expenditure guidance for 2025: 2025 Guidance(1) Production Oil (MMBbls) 1.0 - 1.4 Natural Gas Liquids (MMBbls) 2.0 - 2.3 Total Liquids (MMBbls) 3.0 - 3.7 Natural Gas (Bcf) 17.5 - 20.5 Total Production (MMBoe) 5.9 - 7.1 Total Capital Expenditures Drilling and Completions $47 - $63 Million Capital Workovers / Production Optimization / Leasehold $19 - $22 Million Total Capital Expenditures $66 - $85 Million Expenses Lease Operating Expenses ("LOE") $42 - $50 Million Adjusted General & Administrative ("G&A") Expenses (2) $10 - $12 Million Production and Ad Valorem Taxes (% of Revenue) 6% - 7% Price Differentials Oil (% of WTI) 97% - 98% NGL (% of WTI) 25% - 30% Natural Gas (% of HH) 50% - 70% (1) Please see "Cautionary Note to Investors" at the conclusion of this press release for disclosures around forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, including annual guidance, except as required by law. (2) Adjusted G&A expense is a non-GAAP financial measure. The Company has defined this measure at the conclusion of this press release under "Non-GAAP Financial Measures." Operational and Financial Statistics Information regarding the Company's production, pricing, costs and earnings is presented below: Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Production - Total Oil (MBbl) 294 231 918 1,047 Natural Gas (MMcf) 5,509 5,030 19,488 20,403 NGL (MBbl) 542 404 1,889 1,705 Oil equivalent (MBoe) 1,754 1,473 6,056 6,152 Daily production (MBoed) 19.1 16.0 16.5 16.9 Average price per unit Realized oil price per barrel - as reported $ 71.44 $ 77.53 $ 74.31 $ 74.69 Realized impact of derivatives per barrel 1.29 — 0.57 — Net realized price per barrel $ 72.73 $ 77.53 $ 74.88 $ 74.69 Realized natural gas price per Mcf - as reported $ 1.47 $ 1.50 $ 1.10 $ 1.71 Realized impact of derivatives per Mcf — — — 0.29 Net realized price per Mcf $ 1.47 $ 1.50 $ 1.10 $ 2.00 Realized NGL price per barrel - as reported $ 18.19 $ 21.05 $ 18.87 $ 20.83 Realized impact of derivatives per barrel (0.06) — 0.02 — Net realized price per barrel $ 18.13 $ 21.05 $ 18.89 $ 20.83 Realized price per Boe - as reported $ 22.22 $ 23.03 $ 20.69 $ 24.16 Net realized price per Boe - including impact of derivatives $ 22.42 $ 23.03 $ 20.78 $ 25.11 Average cost per Boe Lease operating $ 6.43 $ 6.73 $ 6.61 $ 6.80 Production, ad valorem, and other taxes $ 0.70 $ 1.59 $ 1.12 $ 1.77 Depletion (1) $ 5.25 $ 2.88 $ 4.29 $ 2.54 Income per share Income per share applicable to common stockholders Basic $ 0.47 $ 0.05 $ 1.70 $ 1.65 Diluted $ 0.47 $ 0.05 $ 1.69 $ 1.64 Adjusted net income (loss) per share available to common stockholders Basic $ 0.34 $ 0.35 $ 0.93 $ 1.87 Diluted $ 0.34 $ 0.35 $ 0.93 $ 1.86 Weighted average number of shares outstanding (in thousands) Basic 37,165 37,038 37,106 36,939 Diluted 37,202 37,147 37,188 37,134 (1) Includes accretion of asset retirement obligation. Reserves 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. Oil MBbls NGLsMBbls Gas MMcf Equivalent MBoe(1) Standardized Measure $MM (2) PV-10 $MM (3) Proved Reserves, December 31, 2023 7,057 16,215 194,433 55,677 $ 296,293 $ 296,293 Revisions of previous estimates, to include changes in prices(4) (535) 489 (14,754) (2,503) Acquisitions of new reserves 4,131 5,884 35,738 15,971 Extensions and discoveries 10 (6) (21) 1 Production (918) (1,889) (19,488) (6,056) Proved Reserves, December 31, 2024 9,745 20,693 195,908 63,090 $ 362,696 $ 362,696 Totals may not sum or recalculate due to rounding (1) Equivalent Boe are calculated using an energy equivalent ratio of six Mcf of natural gas to one Bbl of oil. Using an energy equivalent ratio does not factor in price differences and energy-equivalent prices may differ significantly among produced products. (2) The present value of estimated future cash inflows from proved oil, natural gas and NGL reserves, less future development and production costs and future income tax expenses and costs as of the date of estimation without future escalation and without giving effect to hedging activities, non-property related expenses such as general and administrative expenses, debt service and depreciation, depletion and amortization, discounted at 10% per annum to reflect timing of future cash flows and using the same pricing assumptions as were used to calculate PV-10. Standardized Measure differs from PV-10 because Standardized Measure includes the effect of future income taxes on future net revenues. (3) The present value of estimated future revenues to be generated from the production of proved reserves, before income taxes, calculated in accordance with SEC guidelines, net of estimated production and future development costs, using prices and costs as of the date of estimation without future escalation and without giving effect to hedging activities, non-property related expenses such as general and administrative expenses, debt service and depreciation, depletion and amortization. PV-10 is calculated using an annual discount rate of 10%. (4) Revisions include changes due to commodity prices, production costs, previous quantity estimates, and other commercial factors. Primary factor for revisions were changes in SEC prices, among other factors. Capital Expenditures The table below presents actual results of the Company's capital expenditures for the year ended December 31, 2024: Year Ended December 31, 2024 (In thousands) Drilling, completion, and capital workovers $ 15,562 Leasehold and geophysical 11,246 Capital expenditures (on an accrual basis) $ 26,808 (excluding acquisitions and plugging and abandonment) Derivatives The below details the Company's hedging positions as of March 10, 2025. Period Index Daily Volume Weighted Average Price Oil (Bbl) Fixed Price Swaps January 2025 - December 2025 NYMEX WTI 500 $71.60 January 2026 - June 2026 NYMEX WTI 300 $68.67 Natural Gas (MMBtu) Fixed Price Swaps March 2025 - December 2025 NYMEX Henry Hub 8,500 $4.17 January 2026 - December 2026 NYMEX Henry Hub 4,500 $4.09 Producer Costless Collars March 2025 - December 2025 NYMEX Henry Hub 8,500 $3.50 Put / $5.50 Call April 2025 - December 2025 NYMEX Henry Hub 12,000 $4.00 Put / $8.20 Call January 2026 - December 2026 NYMEX Henry Hub 4,500 $3.35 Put / $5.35 Call NGL (Bbl) Fixed Price Swaps January 2025 - December 2025 Mont Belvieu OPIS - C3+(1) 300 $39.69 March 2025 - December 2025 Mont Belvieu OPIS - Ethane(2) 325 $11.76 ____________________ (1) Excludes ethane (2) Ethane only Capitalization The Company's capital structure as of December 31, 2024 and December 31, 2023 is presented below: December 31, 2024 December 31, 2023 (In thousands) Cash, cash equivalents and restricted cash $ 99,511 $ 253,944 Long-term debt $ — $ — Total debt — — Stockholders' equity Common stock 37 37 Additional paid-in capital 1,000,455 1,071,021 Accumulated deficit (539,961) (602,947) Total SandRidge Energy, Inc. stockholders' equity 460,531 468,111 Total capitalization $ 460,531 $ 468,111 SandRidge Energy, Inc. and Subsidiaries Consolidated Statements of Operations (In thousands, except per share amounts) Year Ended December 31, 2024 2023 2022 (In thousands, except per share amounts) Revenues Oil, natural gas and NGL $ 125,290 $ 148,641 $ 254,258 Total revenues 125,290 148,641 254,258 Expenses Lease operating expenses 40,012 41,862 41,286 Production, ad valorem, and other taxes 6,780 10,870 15,880 Depreciation and depletion—oil and natural gas 25,976 15,657 11,542 Depreciation and amortization—other 6,503 6,518 6,342 General and administrative 11,695 10,735 9,449 Restructuring expenses 474 406 382 Employee termination benefits — 19 — (Gain) loss on derivative contracts (748) (1,447) (5,975) Other operating (income) expense 1,372 (157) (99) Total expenses 92,064 84,463 78,807 Income (loss) from operations 33,226 64,178 175,451 Other income (expense) Interest income (expense), net 7,744 10,552 1,810 Other income (expense), net (216) 87 378 Total other income (expense) 7,528 10,639 2,188 Income (loss) before income taxes 40,754 74,817 177,639 Income tax (benefit) (22,232) 13,960 (64,529) Net income (loss) $ 62,986 $ 60,857 $ 242,168 Net income (loss) per share Basic $ 1.70 $ 1.65 $ 6.59 Diluted $ 1.69 $ 1.64 $ 6.52 Weighted average number of common shares outstanding Basic 37,106 36,939 36,745 Diluted 37,188 37,134 37,154 SandRidge Energy, Inc. and Subsidiaries Consolidated Balance Sheets (In thousands) December 31, 2024 2023 (In thousands) ASSETS Current assets Cash and cash equivalents $ 98,128 $ 252,407 Restricted cash 1,383 1,537 Accounts receivable, net 23,878 22,166 Derivative contracts 114 — Prepaid expenses 3,370 430 Other current assets 780 1,314 Total current assets 127,653 277,854 Oil and natural gas properties, using full cost method of accounting Proved 1,689,807 1,538,724 Unproved 23,504 11,197 Less: accumulated depreciation, depletion and impairment (1,415,110) (1,393,801) 298,201 156,120 Other property, plant and equipment, net 80,689 86,493 Derivative contracts 86 — Other assets 2,081 3,130 Deferred tax assets, net of valuation allowance 72,801 50,569 Total assets $ 581,511 $ 574,166 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and accrued expenses $ 50,625 $ 38,828 Asset retirement obligations 9,131 9,851 Other current liabilities 839 645 Total current liabilities 60,595 49,324 Asset retirement obligations 59,449 54,553 Other long-term obligations 936 2,178 Total liabilities 120,980 106,055 Stockholders' Equity Common stock, $0.001 par value; 250,000 shares authorized; 37,203 issued and outstanding at December 31, 2024 and 37,091 issued and outstanding at December 31, 2023 37 37 Additional paid-in capital 1,000,455 1,071,021 Accumulated deficit (539,961) (602,947) Total stockholders' equity 460,531 468,111 Total liabilities and stockholders' equity $ 581,511 $ 574,166 SandRidge Energy, Inc. and Subsidiaries Consolidated Statements of Cash Flows (In thousands) Year Ended December 31, 2024 2023 2022 (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ 62,986 $ 60,857 $ 242,168 Adjustments to reconcile net income (loss) to net cash provided by operating activities Depreciation, depletion and amortization 32,479 22,176 17,884 Deferred income taxes (22,232) 13,960 (64,529) (Gain) loss on derivative contracts (748) (1,447) (5,975) Settlement gains (losses) on derivative contracts 548 5,876 1,525 Stock-based compensation 2,354 1,945 1,526 Other 1,517 159 153 Changes in operating assets and liabilities increasing (decreasing) cash Receivables (842) 12,130 (13,211) Prepaid expenses (2,940) 93 (1,507) Other current assets 375 2,203 (5,378) Other assets and liabilities, net (1,501) (56) (129) Accounts payable and accrued expenses 2,812 (1,409) (5,246) Asset retirement obligations (875) (909) (2,585) Net cash provided by operating activities 73,933 115,578 164,696 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures for property, plant and equipment (26,404) (26,375) (44,085) Acquisitions of assets (129,664) (11,232) (1,431) Purchase of other property and equipment (1) (29) (49) Proceeds from sale of assets 1,373 1,472 448 Net cash (used in) provided by investing activities (154,696) (36,164) (45,117) CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid to shareholders (72,336) (81,515) — Reduction of financing lease liability (708) (588) (541) Proceeds from exercise of stock options — 94 77 Tax withholdings paid in exchange for shares withheld on employee vested stock awards (393) (929) (1,177) Common stock repurchases (233) — — Cash received on warrant exercises — — 6 Net cash (used in) financing activities (73,670) (82,938) (1,635) NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS and RESTRICTED CASH (154,433) (3,524) 117,944 CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year 253,944 257,468 139,524 CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of year $ 99,511 $ 253,944 $ 257,468 Year Ended December 31, 2024 2023 2022 Supplemental Disclosure of Cash Flow Information Cash paid for interest, net of amounts capitalized $ (131) $ (104) $ (215) Supplemental Disclosure of Noncash Investing and Financing Activities Capital expenditures for property, plant and equipment in accounts payables and accrued expenses $ 1,182 $ 919 $ 6,151 Non-cash acquisition purchase price adjustments $ 8,819 $ (651) $ — Right-of-use assets obtained in exchange for financing lease obligations $ 790 $ 760 $ 713 Inventory material transfers to oil and natural gas properties $ 141 $ 1,289 $ — Asset retirement obligation capitalized $ 353 $ 113 $ 86 Asset retirement obligation removed due to divestiture $ — $ (1,413) $ (623) Asset retirement obligation revisions $ 31 $ (939) $ 2,656 Change in dividends payable $ 42 $ (263) $ — Non-GAAP Financial Measures This press release includes non-GAAP financial measures. These non-GAAP measures are not alternatives to GAAP measures, and you should not consider these non-GAAP measures in isolation or as a substitute for analysis of our results as reported under GAAP. Below is additional disclosure regarding each of the non-GAAP measures used in this press release, including reconciliations to their most directly comparable GAAP measure. Reconciliation of Net Cash Provided by Operating Activities to Adjusted Operating Cash Flow The Company defines Adjusted operating cash flow as net cash provided by operating activities before changes in operating assets and liabilities as shown in the following table. Adjusted Operating cash flow is a supplemental financial measure used by the Company's management and by securities analysts, investors, lenders, rating agencies and others who follow the industry as an indicator of the Company's ability to internally fund exploration and development activities or incur new debt. The Company also uses this measure because operating cash flow relates to the timing of cash receipts and disbursements that the Company may not control and may not relate to the period in which the operating activities occurred. Further, Adjusted operating cash flow allows the Company to compare its operating performance and return on capital with those of other companies without regard to financing methods and capital structure. This measure should not be considered in isolation or as a substitute for net cash provided by operating activities prepared in accordance with GAAP. Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (In thousands) Net cash provided by operating activities $ 25,993 $ 26,219 $ 73,933 $ 115,578 Changes in operating assets and liabilities (1,001) (4,012) 2,971 (12,052) Adjusted operating cash flow $ 24,992 $ 22,207 $ 76,904 $ 103,526 Reconciliation of Free Cash Flow The Company defines free cash flow as net cash provided by operating activities plus net cash (used in) provided by investing activities less the cash flow impact of acquisitions and divestitures. Free cash flow is a supplemental financial measure used by the Company's management and by securities analysts, investors, lenders, rating agencies and others who follow the industry as an indicator of the Company's ability to internally fund exploration and development activities or incur new debt. This measure should not be considered in isolation or as a substitute for net cash provided by operating or investing activities prepared in accordance with GAAP. Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (In thousands) Net cash provided by operating activities $ 25,993 $ 26,219 $ 73,933 $ 115,578 Net cash used in investing activities (16,034) (633) (154,696) (36,164) Acquisition of assets 3,714 — 129,664 11,232 Proceeds from sale of assets (512) (61) (1,373) (1,472) Free cash flow $ 13,161 $ 25,525 $ 47,528 $ 89,174 Reconciliation of Net Income to EBITDA and Adjusted EBITDA The Company defines EBITDA as net income before income tax (benefit) expense, interest expense, depreciation and amortization - other and depreciation and depletion - oil and natural gas. Adjusted EBITDA, as presented herein, is EBITDA excluding items that management believes affect the comparability of operating results such as items whose timing and/or amount cannot be reasonably estimated or are non-recurring, as shown in the following tables. Adjusted EBITDA is presented because management believes it provides useful additional information used by the Company's management and by securities analysts, investors, lenders, ratings agencies and others who follow the industry for analysis of the Company's financial and operating performance on a recurring basis and the Company's ability to internally fund exploration and development activities or incur new debt. In addition, management believes that adjusted EBITDA is widely used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in the oil and gas industry. The Company's adjusted EBITDA may not be comparable to similarly titled measures used by other companies. Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (In thousands) Net Income $ 17,583 $ 1,792 $ 62,986 $ 60,857 Adjusted for Income tax (benefit) (6,793) 13,960 (22,232) 13,960 Depreciation and depletion - oil and natural gas 9,205 4,242 25,976 15,657 Depreciation and amortization - other 1,556 1,648 6,503 6,518 Interest expense 39 29 131 104 EBITDA 21,590 21,671 73,364 97,096 Stock-based compensation 575 523 2,354 1,945 (Gain) loss on derivative contracts 1,118 — (748) (1,447) Settlement gains (losses) on derivative contracts 349 — 548 5,876 Restructuring expenses 133 63 474 406 Interest income (1,041) (2,799) (7,875) (10,656) Other 1,349 — 1,349 19 Adjusted EBITDA $ 24,073 $ 19,458 $ 69,466 $ 93,239 Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (In thousands) Net cash provided by operating activities $ 25,993 $ 26,219 $ 73,933 $ 115,578 Changes in operating assets and liabilities (1,001) (4,012) 2,971 (12,052) Interest expense 39 29 131 104 Interest income (1,041) (2,799) (7,875) (10,656) Other 83 21 306 265 Adjusted EBITDA $ 24,073 $ 19,458 $ 69,466 $ 93,239 Reconciliation of Net Income Available to Common Stockholders to Adjusted Net Income Available to Common Stockholders The Company defines adjusted net income as net income excluding items that management believes affect the comparability of operating results and are typically excluded from published estimates by the investment community, including items whose timing and/or amount cannot be reasonably estimated or are non-recurring, as shown in the following tables. Management uses the supplemental measure of adjusted net income as an indicator of the Company's operational trends and performance relative to other oil and natural gas companies and believes it is more comparable to earnings estimates provided by securities analysts. Adjusted net income is not a measure of financial performance under GAAP and should not be considered a substitute for net income available to common stockholders. Three Months Ended December 31, 2024 Three Months Ended December 31, 2023 $ $/Diluted Share $ $/Diluted Share (In thousands, except per share amounts) Net income available to common stockholders $ 17,583 $ 0.47 $ 1,792 $ 0.05 Income tax (benefit) (6,793) (0.18) 13,960 0.38 (Gain) loss on derivative contracts 1,118 0.03 — — Settlement gains (losses) on derivative contracts 349 0.01 — — Restructuring expenses 133 — 63 — Interest income (1,041) (0.03) (2,799) (0.08) Other 1,349 0.04 — — Adjusted net income available to common stockholders $ 12,698 $ 0.34 $ 13,016 $ 0.35 Basic Diluted Basic Diluted Weighted average number of common shares outstanding 37,165 37,202 37,038 37,147 Total adjusted net income per share $ 0.34 $ 0.34 $ 0.35 $ 0.35 Year Ended December 31, 2024 Year Ended December 31, 2023 $ $/Diluted Share $ $/Diluted Share (In thousands, except per share amounts) Net income available to common stockholders $ 62,986 $ 1.69 $ 60,857 $ 1.64 Income tax (benefit) (22,232) (0.60) 13,960 0.38 (Gain) loss on derivative contracts (748) (0.02) (1,447) (0.04) Settlement gains (losses) on derivative contracts 548 0.01 5,876 0.16 Restructuring expenses 474 0.01 406 0.01 Interest income (7,875) (0.21) (10,656) (0.29) Other 1,349 0.04 19 — Adjusted net income available to common stockholders $ 34,502 $ 0.93 $ 69,015 $ 1.86 Basic Diluted Basic Diluted Weighted average number of common shares outstanding 37,106 37,188 36,939 37,134 Total adjusted net income per share $ 0.93 $ 0.93 $ 1.87 $ 1.86 Reconciliation of General and Administrative to Adjusted G&A The Company reports and provides guidance on Adjusted G&A per Boe because it believes this measure is commonly used by management, analysts and investors as an indicator of cost management and operating efficiency on a comparable basis from period to period and to compare and make investment recommendations of companies in the oil and gas industry. This non-GAAP measure allows for the analysis of general and administrative spend without regard to stock-based compensation programs and other non-recurring cash items, if any, which can vary significantly between companies. Adjusted G&A per Boe is not a measure of financial performance under GAAP and should not be considered a substitute for general and administrative expense per Boe. Therefore, the Company's Adjusted G&A per Boe may not be comparable to other companies' similarly titled measures. The Company defines adjusted G&A as general and administrative expense adjusted for certain non-cash stock-based compensation and other non-recurring items, if any, as shown in the following tables: Three Months Ended December 31, 2024 Three Months Ended December 31, 2023 $ $/Boe $ $/Boe (In thousands, except per Boe amounts) General and administrative $ 3,009 $ 1.72 $ 2,731 $ 1.85 Stock-based compensation (575) (0.33) (523) (0.36) Adjusted G&A $ 2,434 $ 1.39 $ 2,208 $ 1.49 Year Ended December 31, 2024 Year Ended December 31, 2023 $ $/Boe $ $/Boe (In thousands, except per Boe amounts) General and administrative $ 11,695 $ 1.93 $ 10,735 $ 1.74 Stock-based compensation (2,354) (0.39) (1,945) (0.32) Adjusted G&A $ 9,341 $ 1.54 $ 8,790 $ 1.42 Cautionary Note to Investors - This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are neither historical facts nor assurances of future performance and reflect SandRidge's current beliefs and expectations regarding future events and operating performance. The forward-looking statements include projections and estimates of the Company's corporate strategies, anticipated financial impacts of acquisitions, future operations, development plans and appraisal programs, drilling inventory and locations, estimated oil, natural gas and natural gas liquids production, price realizations and differentials, hedging program, projected operating, general and administrative and other costs, projected capital expenditures, tax rates, efficiency and cost reduction initiative outcomes, liquidity and capital structure and the Company's unaudited proved developed PV-10 reserve value of its Mid-Continent assets. We have based these forward-looking statements on our current expectations and assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, including the Company's ability to execute, integrate and realize the benefits of acquisitions, and the performance of the acquired interests, the volatility of oil and natural gas prices, our success in discovering, estimating, developing and replacing oil and natural gas reserves, actual decline curves and the actual effect of adding compression to natural gas wells, the availability and terms of capital, the ability of counterparties to transactions with us to meet their obligations, our timely execution of hedge transactions, credit conditions of global capital markets, changes in economic conditions, the amount and timing of future development costs, the availability and demand for alternative energy sources, regulatory changes, including those related to carbon dioxide and greenhouse gas emissions, and other factors, many of which are beyond our control. We refer you to the discussion of risk factors in Part I, Item 1A - "Risk Factors" of our Annual Report on Form 10-K and in comparable "Risk Factor" sections of our Quarterly Reports on Form 10-Q filed after such form 10-K. All of the forward-looking statements made in this press release are qualified by these cautionary statements. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on our Company or our business or operations. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, including annual guidance, except as required by law. SandRidge Energy, Inc. (NYSE: SD) is an independent oil and gas company engaged in the production, development, and acquisition of oil and gas properties. Its primary area of operation is the Mid-Continent region in Oklahoma, Texas, and Kansas. Further information can be found at sandridgeenergy.com. SOURCE SANDRIDGE ENERGY, INC. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

SANDRIDGE ENERGY, INC. ANNOUNCES FINANCIAL AND OPERATING RESULTS FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2024, $0.11 PER SHARE CASH DIVIDEND, AND 2025 GUIDANCE

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