SandRidge Energy Inc (NYSE:SD) reported a net income of $18.7 million and an adjusted net income of $16.2 million for the third quarter on Monday. The company also declared a dividend of $0.10 per share, which is set to be payable on November 27, 2023.
The company's adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) reached $22.6 million in the third quarter and accumulated to $73.8 million over the first nine months of 2023. SandRidge's net cash provided by operating activities totaled $25.5 million in Q3 and rose to $89.4 million over nine months.
Free cash flow for the third quarter was reported at $24.2 million and amounted to $63.6 million for the first nine months of the year, demonstrating an over 85% conversion rate relative to adjusted EBITDA.
The company also disclosed its Q3 interest income of $2.5 million and nine-month interest income of $7.9 million. Despite not drilling any new wells in Q3, SandRidge's production total reached 1,586 MBoe due to its capital development program.
The oil content increased by 17%, while natural gas rose by 55%, and Natural Gas Liquids (NGLs) by 28%. SandRidge also reported a General and Administrative (G&A) expense of $2.6 million and an adjusted G&A of $2.1 million for the period.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.