SandRidge Energy posts first quarter net income of $35 million

SandRidge Energy Inc., Oklahoma City, recorded net income of $35 million and adjusted net income of $17.4 million for first-quarter 2021 compared to a net loss of $200,000, and adjusted net income of $2.2 million in fourth-quarter 2020. Net cash from operating activities for the first quarter was $14.3 million.

Total production was 18,200 boe/d (17.6% oil, 31.7% NGLs, 50.7% natural gas) compared to 21,100 boe/d in the prior quarter. The company produced 17,500 boe/d from its mid-continent assets in Oklahoma and Kansas, compared to 19,000 boe/d in the prior quarter. Net production for North Park basin totaled 700 boe/d for 36 days during the quarter in which the company owned the assets.

In February, SandRidge closed a sale of its oil and natural gas properties and related assets of the basin in Colorado for net proceeds of $39.7 million in cash.