SandRidge Energy, Inc. (SD) stock rises to 5.85% in aftermarket – Learn why?

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SandRidge Energy, Inc. (SD) saw a rise of 5.85% in the aftermarket. However, the last trading session concluded at $12.47 with an incline of 3.14%.

Third Quarter 2021 Results – What’s going on?

SD reported third-quarter results on 9th November 2021. Net cash climbed to $99.0 million in the third quarter, with an increase of $28.4 million over the previous quarter. Moreover, the company’s cash and cash equivalents were $99.0 million.

The Company paid off its $20 million term loan and closed its current credit arrangement in early September. SandRidge discharged all outstanding debt and ended the Credit Facility’s responsibilities and obligations. The company handed the lender $20.0 million, which covered all of the Company’s outstanding debt obligations. In addition, SD had no debt on its balance sheet as of September 30, 2021.

Furthermore, the Company has reactivated 106 wells that are shut down because of the commodity price slump in 2020. Lastly, before the impact of derivatives, third-quarter realized oil, natural gas, and natural gas liquids prices were $69.40, $2.89, and $26.93, respectively, $64.73, $1.66, and $17.33 more than the previous quarter.

Second Quarter 2021 Results by SD – Revealed!

SD announced second-quarter 2021 results on 10th August 2021. SD reported a net income of $16.3 million, and an adjusted net income of around $16.5 million. Not only this, but the operating cash flow totaled $20.5 million and adjusted EBITDA came out to be $20.8 million. The Board of Directors of SD has approved a share repurchase program that allows the company to buy up to $25.0 million in outstanding common shares starting August 16, 2021. Lastly, the Program has no minimum share purchase requirement and can be terminated at any time by SD’s Board of Directors.

Resignation of Carl Giesler & Appointment of Grayson Pranin

On 13th July 2021, SD announced that Carl Giesler, Jr. has resigned as Chief Executive Officer to explore another employment opportunity while the Company’s current Senior Vice President and Chief Operating Officer, Grayson Pranin, has been named the new President and Chief Executive Officer by the Board.

Mr. Giesler’s departure will take effect on July 16, 2021, and is not the consequence of any dispute with the Company or any issue pertaining to its operations, policies, or procedures. Moreover, Mr. Pranin has worked with the Company for the past ten years in a variety of engineering, operational, and leadership responsibilities. His appointment reflects the Board’s and the Company’s continued focus on cash flow maximization.

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