SandRidge Energy, Inc. Reports Financial and Operational Results for Third Quarter 2019
OKLAHOMA CITY, Nov. 12, 2019 /PRNewswire/ -- SandRidge Energy, Inc. (the "Company" or "SandRidge") (NYSE:SD) today announced financial and operational results for the quarter ended September 30, 2019.
Highlights during the third quarter:
-- Reduced G&A by 38% and Adjusted G&A by 39%, quarter over quarter
-- Reduced full year 2019 capital expenditures and adjusted G&A guidance
midpoints
-- Net loss of $182 million, or $5.12 per share, driven largely by a
non-cash ceiling test write down, and adjusted net loss of $17 million,
or $0.49 per share
Paul McKinney, President and CEO commented, "During the third quarter, we faced a challenging price environment, particularly with regard to NGLs, which significantly impacted our results. We continued to focus our efforts on further reducing our G&A costs, evaluating various M&A opportunities and reviewing our capital spending plans for the rest of the year. The planned reduction in our fourth quarter capital spending is in response to the continued volatile commodity price environment. While we are very pleased with the early results of our North Park wells completed during the quarter, we are currently assessing our capital budget for 2020 with a focus on value enhancing opportunities and financial discipline."
Financial Results
For the third quarter, the Company reported a net loss of $182 million, or $5.12 per share, and net cash provided by operating activities of $33 million. After adjusting for certain items, the Company's adjusted net loss amounted to $17 million, or $0.49 per share, operating cash flow totaled $26 million and adjusted EBITDA was $26 million for the quarter. The Company defines and reconciles adjusted net income, adjusted EBITDA and other non-GAAP financial measures to the most directly comparable GAAP measure in supporting tables at the conclusion of this press release beginning on page 10.
Operational Results and Activity
Production totaled 2.9 MMBoe (29% oil, 22% NGLs and 49% natural gas) for the third quarter.
North Park Basin Asset in Jackson County, Colorado
Net production from the North Park Basin totaled 363 MBoe (3.9 MBoepd) for the quarter. During the quarter, the Company brought six wells to sales with initial production rates in line with expectations and completed a refrac on the Grizzly 3-32H (including 1,000 feet of additional perforations), which resulted in a more than tenfold increase in production from previous rates.
Mid-Continent Assets in Oklahoma and Kansas
In the third quarter, production in the Mississippian totaled 2.2 MMBoe (24.1 MBoepd, 16% oil) and Northwest STACK production totaled 274 MBoe (3.0 MBoepd, 43% oil).
Liquidity and Capital Structure
As of October 31, 2019, the Company's total liquidity was $205 million, based on $2 million of cash and $203 million available under the aggregate elected commitment amount of its credit facility, net of outstanding letters of credit. The Company currently has $61 million drawn on the facility.
Conference Call Information
The Company will host a conference call to discuss these results on Wednesday, November 13, 2019 at 10:00 am CT. The telephone number to access the conference call from within the U.S. is (866) 393-4306 and from outside the U.S. is (734) 385-2616. The passcode for the call is 5481108. An audio replay of the call will be available from November 13, 2019 until 11:59 pm CT on November 27, 2019. The number to access the conference call replay is (855) 859-2056 or (404) 537-3406. The passcode for the replay is 5481108.
A live audio webcast of the conference call will also be available via SandRidge's website, www.sandridgeenergy.com, under Investor Relations/Presentation & Events. The webcast will be archived for replay on the Company's website for 30 days.
2019 Operational and Capital Expenditure Guidance
Presented below is the Company's updated operational and capital expenditure guidance for 2019.
Updated
Previous
Guidance Guidance
Projection as of
Projection as of
November 12, 2019
August 7, 2019
Production
---
Oil (MMBbls)
3.4 - 3.5
3.7 - 3.9
Natural Gas Liquids (MMBbls)
2.8 - 2.9
2.5 - 2.6
Total Liquids (MMBbls)
6.2 - 6.4
6.2 - 6.5
Natural Gas (Bcf)
31.5 - 33.5
31.0 - 33.0
Total (MMBoe)
11.5 - 12.0
11.4 - 12.0
Price Differentials to NYMEX
---
Oil (per Bbl) ($4.30) ($4.30)
Natural Gas Liquids (realized % of NYMEX WTI) 21% 25%
Natural Gas (per MMBtu) ($1.30) ($1.30)
Expenses
---
LOE
$91 - $94 million
$89 - $94 million
Adjusted G&A Expense (1)
$31 - $33 million
$31 - $35 million
% of Revenue
---
Severance and Ad Valorem Taxes 7.0% - 7.5% 6.5% - 7.0%
Capital Expenditures ($ in millions)
---
Drilling and Completion
$105 - $110
$115 - $125
Other Exploration and Production
$55 - $60
$45 - $55
Total Capital Expenditures
$160 - $170
$160 - $180
(excluding acquisitions and plugging and abandonment)
1. 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" beginning on
page 10. Information to
reconcile this non-GAAP
financial measure to the most
directly comparable GAAP
financial measure is not
available at this time, as
management is unable to forecast
the excluded items for future
periods.
Operational and Financial Statistics
Information regarding the Company's production, pricing, costs and earnings is presented below:
Three Months Ended September 30, Nine Months Ended September 30,
2019 2018 2019 2018
Production -
Total
Oil (MBbl) 835 956 2,668 2,637
NGL (MBbl) 629 710 2,335 2,110
Natural Gas
(MMcf) 8,318 8,757 25,414 27,221
Oil equivalent
(MBoe) 2,850 3,126 9,239 9,284
Daily production
(MBoed) 31.0 34.0 33.8 34.0
Average price per
unit
Realized oil
price per barrel
-as reported $
52.78 $
66.94 $
53.54 $
63.16
Realized impact
of derivatives
per barrel 0.75 (12.95) 0.23 (12.35)
Net realized
price per barrel $
53.53 $
53.99 $
53.77 $
50.81
Realized NGL
price per barrel
-as reported $
10.11 $
26.45 $
12.37 $
24.70
Realized impact
of derivatives
per barrel
Net realized
price per barrel $
10.11 $
26.45 $
12.37 $
24.70
Realized natural
gas price per
Mcf -as
reported $
0.93 $
1.68 $
1.37 $
1.66
Realized impact
of derivatives
per Mcf 0.09 0.20 0.13
Net realized
price per Mcf $
0.93 $
1.77 $
1.57 $
1.79
Realized price
per Boe -as
reported $
20.42 $
31.19 $
22.34 $
28.41
Net realized
price per Boe -
including impact
of derivatives $
20.64 $
27.47 $
22.96 $
25.28
Average cost per
Boe
Lease operating $
8.37 $
7.01 $
7.76 $
7.02
Production, ad
valorem, and
other taxes $
1.52 $
2.35 $
1.66 $
2.07
Depletion (1) $
13.64 $
10.59 $
12.42 $
9.91
(Loss) earnings
per share
(Loss) earnings
per share
applicable to
common
stockholders
Basic $
(5.12) $
0.33 $
(5.66) $
(1.81)
Diluted $
(5.12) $
0.33 $
(5.66) $
(1.81)
Adjusted net
(loss) income
per share
available to
common
stockholders
Basic $
(0.49) $
0.31 $
(0.74) $
0.42
Diluted $
(0.49) $
0.31 $
(0.74) $
0.42
Weighted average
number of shares
outstanding (in
thousands)
Basic 35,491 35,308 35,390 34,971
Diluted 35,491 35,330 35,390 34,971
(1) Includes accretion of
asset retirement
obligation.
Capital Expenditures
The table below presents actual results of the Company's capital expenditures for the three months and nine months ended September 30, 2019.
Three Months Ended Nine Months Ended
September 30, 2019 September 30, 2019
(In thousands) (In thousands)
Drilling and Completion 27,231 103,878
Other Exploration and Production 15,382 45,401
Total Capital Expenditures $
42,613 $
149,279
(excluding acquisitions and plugging and abandonment)
Derivative Contracts
The table below sets forth the Company's hedge position for 2019 as of November 12, 2019:
Quarter Ending
3/31/2019 6/30/2019 9/30/2019 12/31/2019 FY 2019
WTI Swaps:
Total Volume (MBbls) 163.0 184.0 347.0
Swap Price ($/Bbl) $60.04 $60.04 $60.04
Capitalization
The Company's capital structure as of September 30, 2019 and December 31, 2018 is presented below:
September 30, 2019 December 31, 2018
(In thousands)
Cash, cash equivalents and restricted cash $
5,728 $
19,645
Credit facility $
62,000
$
Total debt 62,000
Stockholders' equity
Common stock 36 36
Warrants 88,518 88,516
Additional paid-in capital 1,058,905 1,055,164
Accumulated deficit (496,215) (295,995)
Total SandRidge Energy, Inc. stockholders' equity 651,244 847,721
Total capitalization $
713,244 $
847,721
SandRidge Energy, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
Three Months Ended September 30, Nine Months Ended September 30,
2019 2018 2019 2018
Revenues
Oil, natural gas and NGL $
58,188 $
97,491 $
206,432 $
263,761
Other 181 169 561 489
Total revenues 58,369 97,660 206,993 264,250
Expenses
Lease operating expenses 23,866 21,913 71,721 65,189
Production, ad valorem,
and other taxes 4,346 7,339 15,303 19,256
Depreciation and
depletion-oil and
natural gas 38,871 33,090 114,755 92,048
Depreciation and
amortization-other 2,981 3,036 8,910 9,229
Impairment 165,507 165,507 4,170
General and
administrative 6,238 9,064 26,261 32,823
Accelerated vesting of
employment compensation - 6,545
Proxy contest - (459) 7,139
Employee termination
benefits - 23 4,465 32,653
(Gain) loss on derivative
contracts (1,756) 11,329 (1,547) 59,763
Other operating expense
(income) 23 (105) 142 (1,343)
Total expenses 240,076 85,230 405,517 327,472
(Loss) income from
operations (181,707) 12,430 (198,524) (63,222)
Other (expense) income
Interest expense, net (722) (627) (2,009) (2,226)
Gain on extinguishment of
debt - 1,151
Other income (expense),
net 827 (118) 370 972
Total other income
(expense) 105 (745) (1,639) (103)
(Loss) income before
income taxes (181,602) 11,685 (200,163) (63,325)
Income tax benefit - (30) (72)
Net (loss) income $
(181,602) $
11,715 $
(200,163) $
(63,253)
(Loss) earnings per share
Basic $
(5.12) $
0.33 $
(5.66) $
(1.81)
Diluted $
(5.12) $
0.33 $
(5.66) $
(1.81)
Weighted average number of common shares
outstanding
Basic 35,491 35,308 35,390 34,971
Diluted 35,491 35,330 35,390 34,971
===
SandRidge Energy, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands)
September 30, 2019 December 31, 2018
ASSETS
Current assets
Cash and cash equivalents $
4,035 $
17,660
Restricted cash -other 1,693 1,985
Accounts receivable, net 31,706 45,503
Derivative contracts 1,133 5,286
Prepaid expenses 1,999 2,628
Other current assets 830 265
Total current assets 41,396 73,327
Oil and natural gas properties, using full cost
method of accounting
Proved 1,455,609 1,269,091
Unproved 26,107 60,152
Less: accumulated
depreciation, depletion and
impairment (855,765) (580,132)
625,951 749,111
Other property, plant and
equipment, net 191,280 200,838
Other assets 1,325 1,062
Total assets $
859,952 $
1,024,338
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued
expenses $
79,812 $
111,797
Asset retirement obligation 13,968 25,393
Other current liabilities 1,415
Total current liabilities 95,195 137,190
Long-term debt 62,000
Asset retirement obligation 45,901 34,671
Other long-term obligations 5,612 4,756
Total liabilities 208,708 176,617
Stockholders' Equity
Common stock, $0.001 par
value; 250,000 shares
authorized; 35,730 issued and
outstanding at September 30,
2019 and 35,687 issued and
outstanding at December 31,
2018 36 36
Warrants 88,518 88,516
Additional paid-in capital 1,058,905 1,055,164
Accumulated deficit (496,215) (295,995)
Total stockholders' equity 651,244 847,721
Total liabilities and
stockholders' equity $
859,952 $
1,024,338
===
SandRidge Energy, Inc. and Subsidiaries
Condensed Consolidated Cash Flows (Unaudited)
(In thousands)
Nine Months Ended September 30,
2019 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $
(200,163) $
(63,253)
Adjustments to reconcile net loss to net
cash provided by operating activities
Provision for doubtful
accounts (90) (6)
Depreciation, depletion, and
amortization 123,665 101,277
Impairment 165,507 4,170
Debt issuance costs
amortization 398 352
Amortization of premiums and
discounts on debt - (47)
Write off of debt issuance
costs 142
Gain on extinguishment of
debt - (1,151)
(Gain) loss on derivative
contracts (1,547) 59,763
Cash received (paid) on
settlement of derivative
contracts 5,700 (29,025)
Stock-based compensation 3,930 22,415
Other (119) (1,734)
Changes in operating assets
and liabilities (1,894) 16,407
Net cash provided by
operating activities 95,529 109,168
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures for
property, plant and
equipment (170,723) (146,819)
Acquisition of assets 236
Proceeds from sale of assets 1,347 14,497
Net cash used in investing
activities (169,140) (132,322)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings 170,096
Repayments of borrowings (108,096) (36,304)
Reduction of financing lease
liability (1,034)
Debt issuance costs (910)
Cash paid for tax
withholdings on vested stock
awards (362) (7,376)
Net cash provided by (used
in) financing activities 59,694 (43,680)
NET DECREASE IN CASH, CASH
EQUIVALENTS and RESTRICTED
CASH (13,917) (66,834)
CASH, CASH EQUIVALENTS and
RESTRICTED CASH, beginning
of year 19,645 101,308
CASH, CASH EQUIVALENTS and
RESTRICTED CASH, end of
period $
5,728 $
34,474
Supplemental Disclosure of Cash Flow
Information
Cash paid for interest, net
of amounts capitalized $
(1,446)
$
Cash received for income
taxes
$ $
4,381
Supplemental Disclosure of Noncash Investing
and Financing Activities
Purchase of PP&E in accounts
payable $
12,790 $
20,955
Right-of-use assets
obtained in exchange for
financing lease obligations $
3,237
$
Carrying values of properties
exchanged $
5,384
$
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 Cash Provided by Operating Activities to Operating Cash Flow
The Company defines operating cash flow as net cash provided by operating activities before changes in operating assets and liabilities as shown in the following table. 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 and to service or incur additional 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, 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 September 30, Nine Months Ended September 30,
2019 2018 2019 2018
(In thousands)
Net cash provided
by operating
activities $
33,056 $
53,051 $
95,529 $
109,168
Changes in
operating assets
and liabilities (7,508) (5,061) 1,894 (16,407)
Operating cash
flow $
25,548 $
47,990 $
97,423 $
92,761
Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA
The Company defines EBITDA as net (loss) income before income tax benefit, interest expense, depreciation and amortization - other and depreciation and depletion - oil and natural gas. Adjusted EBITDA, as presented herein, is EBITDA excluding items that the Company 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 and to service or incur additional 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 exploration and production industry. The Company's adjusted EBITDA may not be comparable to similarly titled measures used by other companies.
Three Months Ended September 30, Nine Months Ended September 30,
2019 2018 2019 2018
(In thousands)
Net (loss) income $
(181,602) $
11,715 $
(200,163) $
(63,253)
Adjusted for
Income tax benefit - (30) (72)
Interest expense 742 702 2,091 2,508
Depreciation and amortization
-other 2,981 3,036 8,910 9,229
Depreciation and depletion -
oil and natural gas 38,871 33,090 114,755 92,048
EBITDA (139,008) 48,513 (74,407) 40,460
Asset impairment 165,507 165,507 4,170
Stock-based compensation 808 506 2,953 9,284
(Gain) loss on derivative
contracts (1,756) 11,329 (1,547) 59,763
Cash received (paid) upon
settlement of derivative
contracts 622 (11,632) 5,700 (29,025)
Employee termination benefits - 23 4,465 32,653
Proxy contest - (459) 7,139
Acceleration of performance
units - 1,232
Gain on extinguishment of
debt - (1,151)
Other (85) (245) (202) (2,457)
Adjusted EBITDA $
26,088 $
48,035 $
102,469 $
122,068
===
Reconciliation of Cash Provided by Operating Activities to Adjusted EBITDA
Three Months Ended September 30, Nine Months Ended September 30,
2019 2018 2019 2018
(In thousands)
Net cash provided by
operating activities $
33,056 $
53,051 $
95,529 $
109,168
Changes in operating assets
and liabilities (7,508) (5,061) 1,894 (16,407)
Interest expense 742 702 2,091 2,508
Employee termination benefits
(1) 1 23 3,487 19,522
Proxy contest - (459) 7,139
Acceleration of performance
units - 1,232
Income tax benefit - (30) (72)
Other (203) (191) (532) (1,022)
Adjusted EBITDA $
26,088 $
48,035 $
102,469 $
122,068
===
1. Excludes associated stock-based
compensation.
Reconciliation of Net (Loss) Income Available to Common Stockholders to Adjusted Net (Loss) Income Available to Common Stockholders
The Company defines adjusted net (loss) income as net (loss) income excluding items that the Company 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 (loss) 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 (loss) income is not a measure of financial performance under GAAP and should not be considered a substitute for net (loss) income available to common stockholders.
Three Months Ended September 30, 2019 Three Months Ended September 30, 2018
$
$/Diluted Share
$
$/Diluted Share
(In thousands, except per share amounts)
Net (loss) income
available to common
stockholders $
(181,602) $
(5.12) $
11,715 $
0.33
Asset impairment 165,507 4.66
(Gain) loss on
derivative contracts (1,756) (0.05) 11,329 0.32
Cash received (paid)
upon settlement of
derivative contracts 622 0.02 (11,632) (0.33)
Employee termination
benefits 23
Proxy contest (459) (0.01)
Other (66) (172)
Adjusted net (loss)
income available to
common stockholders $
(17,295) $
(0.49) $
10,804 $
0.32
Basic Diluted Basic Diluted
Weighted average
number of common
shares outstanding 35,491 35,491 35,308 35,330
Total adjusted net
(loss) income per
share $
(0.49) $
(0.49) $
0.31 $
0.31
Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018
$
$/Diluted Share
$
$/Diluted Share
(In thousands, except per share amounts)
Net loss available to
common stockholders $
(200,163) $
(5.66) $
(63,253) $
(1.81)
Asset impairment 165,507 4.68 4,170 0.12
(Gain) loss on
derivative contracts (1,547) (0.05) 59,763 1.71
Cash received (paid)
upon settlement of
derivative contracts 5,700 0.16 (29,025) (0.83)
Employee termination
benefits 4,465 0.13 32,653 0.93
Proxy contest 7,139 0.20
Accelerated vesting of
employment
compensation 6,545 0.19
Gain on extinguishment
of debt (1,151) (0.03)
Other (120) (2,077) (0.06)
Adjusted net (loss)
income available to
common stockholders $
(26,158) $
(0.74) $
14,764 $
0.42
Basic Diluted Basic Diluted
Weighted average
number of common
shares outstanding 35,390 35,390 34,971 34,971
Total adjusted net
(loss) income per
share $
(0.74) $
(0.74) $
0.42 $
0.42
Reconciliation of G&A 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 September 30, 2019 Three Months Ended September 30, 2018
$
$/Boe
$
$/Boe
(In thousands, except per Boe amounts)
General and
administrative $
6,238 $
2.19 $
9,064 $
2.90
Stock-based
compensation (808) (0.28) (506) (0.16)
Adjusted G&A $
5,430 $
1.91 $
8,558 $
2.74
===
Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018
$
$/Boe
$
$/Boe
(In thousands, except per Boe amounts)
General and
administrative $
26,261 $
2.84 $
32,823 $
3.54
Stock-based
compensation (1) (2,953) (0.32) (3,971) (0.43)
Adjusted G&A $
23,308 $
2.52 $
28,852 $
3.11
===
1. Excludes non-cash stock-based
compensation included in employee
termination benefits and
accelerated vesting of employment
compensation in the consolidated
statement of operations.
For further information, please contact:
Johna Robinson
Investor Relations
SandRidge Energy, Inc.
123 Robert S. Kerr Avenue
Oklahoma City, OK 73102-6406
(405) 429-5515
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, including, but not limited to, the information appearing under the heading "2019 Operational and Capital Expenditure Guidance." 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, future operations, and development plans and appraisal programs, estimated oil, natural gas and natural gas liquids production, projected operating, general and administrative and other costs, projected capital expenditures, efficiency and cost reduction initiative outcomes and liquidity and capital structure. 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 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.
SandRidge Energy, Inc. (NYSE: SD) is an oil and natural gas exploration and production company headquartered in Oklahoma City, Oklahoma with its principal focus on developing high-return, growth oriented projects in Oklahoma and Colorado. The majority of the Company's production is generated from the Mississippian Lime formation in Oklahoma and Kansas.
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