SandRidge Energy, Inc. · NYSE:SD
SandRidge Energy — Q3 2019 Earnings Presentation
15 slides from SandRidge Energy's earnings presentation, Nov 13, 2019
Slide 1: Third Quarter 2019 Earnings Presentation
ZWwAFY SANDRIDGE energy Third Quarter 2019 Earnings Presentation November 13, 2019 ~~ __
Slide 2: Forward-looking statements
This presentation 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
Slide 3: SandRidge Energy
Ay SandRidge Energy We are an independent oil and natural gas exploration and production company headquartered in Oklahoma City, OK with principal focus on the acquisition, exploration and development of hydrocarbon resources in the United States. Highlights as of October 31, 2019 Stock Price $4.38
Slide 4: SandRidge Strategy
A Ny SandRidge Strategy Our business strategy is to acquire, explore for, and develop hydrocarbon resources in the United States; focus on financial discipline, flexibility, and value creation; and ensure health, safety, and environmental excellence while demonstrating the Company's core values. Att
Slide 5: Financial Results
aa Financial Results Continued Discipline and Flexibility Third Quarter Results Adjusted EBITDA' $26 Million * Continued focus on financial discipline Capital Expenditures $43 Million * Reduced third quarter adjusted G&A by 9, Adjusted G&A? $5 Million 39% quarter over quarter LOE $24 Million * Reduc
Slide 6: North Park Basin: Advancing Spacing Tests and Resource Delineation
mY North Park Basin Advancing Spacing Tests and Resource Delineation PETERSON RIDGE Third Quarter Summary WELLS PATRIOT + Net production of 363 MBoe (3.9 MBoepd) | WELLS * Six wells brought to sales - Two Peterson Ridge Unit XRLs for northern delineation [ Grizzty 3-32H — Four Patriot XRLs, a 15-wel
Slide 7: North Park Basin: Optimizing Well Spacing
NY North Park Basin Optimizing Well Spacing to Minimize Capital Costs & Maximize EUR and Value Patriot Spacing Test: 15-Wells-Per-Section Equivalent Pattern + Four Patriot wells in Northern spacing test + Affirms wine rack offset pattern with two rows * Current average cumulative production is 3% ab
Slide 8: North Park Basin: Niobrara Refrac Test Results
mY North Park Basin Niobrara Refrac Test Results GRIZZLY 3-32H REFRAC 1 PATRIOT WELLS Testing Refrac Potential in Legacy Wells * Objectives for the initial test in the Grizzly 3-32H — Re-pressurize reservoir to enhance offset new well fracture efficiency - Re-stimulate a legacy well with modern frac
Slide 9: NPB Production Outlook
aa NPB Production Outlook Expected Third Quarter Completions to Increase Fourth Quarter Net Oil Production 7.0 NET DAILY OIL PRODUCTION 6.0 5.0 = 40 230 2.0 1.0 l Ke 0.0 ] Q'l8 Q2'18 03'18 0418 Q'l9 Q2'19 Q3"19 Q4'19E ? Note: Future production is estimated, actuals may differ. SandRidge Energy, Inc.
Slide 10: Appendix
FY SANDRIDGE energy APPENDIX ~~ __
Slide 11: 2019 Updated Guidance
7) 2019 Updated Guidance CAPEX GUIDANCE ($MM) CURRENT PREVIOUS PRICE DIFFERENTIALS TO NYMEX CURRENT PREVIOUS Drilling & Completion $105-$110 $115-$125 Oil (per Bbl) ($4.30) ($4.30) Other E&P $55 - $60 $45 - $55 NGLs (realized % of WTI) 21% 25% Total Capital Expenditures $160-$170 $160-$180 Gas (per
Slide 12: Hedging Overview
=) Hedging Overview pwr [ove ere ar orn SWAPS Total Volumes (MBbls) - - 163.0 184.0 347.0 Price ($/Bbl) . - $60.04 $60.04 | $60.04 12 As of August 7, 2019 SandRidge Energy, Inc. NYSE: SD
Slide 13: NPB Performance vs Type Curve
my NPB Performance vs Type Curve Average Oil Rate (Bopd) 1,000 100 10 PRODUCTION’ VS XRL TYPE CURVE eee ---- ee in 0 60 120 180 240 300 Producing Days Type Curve —Producing Wells |~— -Well Count (1) Production from wells drilled with new completion design, normalized to 10,000 ft XRL 360 20 10 Well
Slide 14: Reconciliation of G&A to Adjusted G&A
my Reconciliation Tables Reconciliation of G&A to Adjusted G&A 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 followingtable. Three Months Ended Three Months Ended Se
Slide 15: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
my Reconciliation Tables Reconciliation of Net Loss to EBITDA and Adjusted EBITDA The Company defines EBITDA as net income (loss) before income tax benefit, interest expense, depreciation and amortization - other and depreciation and depletion - oil and natural gas. Adjusted EBITDA, as presented her