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Here are 1-2 brief analogies for SandRidge Energy (SD):

• A smaller, regional version of an independent oil and gas producer like EOG Resources.
• An oil and gas exploration and production (E&P) company, similar to a scaled-down Marathon Oil, primarily active in the Mid-Continent region.

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• Crude Oil: A fossil fuel extracted from the earth, primarily used for gasoline, diesel, and other petroleum products.
• Natural Gas: A fossil fuel primarily composed of methane, used for heating, electricity generation, and industrial purposes.
• Natural Gas Liquids (NGLs): Hydrocarbons found in natural gas, such as ethane, propane, and butane, used as raw materials for plastics, heating, and fuel.

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SandRidge Energy (symbol: SD) sells primarily to other companies, not individuals.

Based on its public filings, including its latest Form 10-K, SandRidge Energy does not have any single major customer that accounts for 10% or more of its total revenues. As an independent oil and natural gas company, its products (crude oil and natural gas) are commodities sold to a diverse group of purchasers.

The company's crude oil and natural gas production is sold to a variety of purchasers at various delivery points. These purchasers are typically:

• Large oil and gas marketing companies
• Pipelines
• Refineries

Due to the fungible nature of crude oil and natural gas, the number of available purchasers, and the competitive market, the company's filings state that the loss of a particular purchaser would not have a material adverse effect on its financial condition or results of operations. Therefore, specific major customer companies are not identified or disclosed in its public reports.

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Grayson Pranin, President, Chief Executive Officer & Director

Mr. Pranin was appointed CEO in July 2021 and has served in various engineering, operational, and leadership roles with SandRidge Energy since December 2011. Prior to joining SandRidge, he held engineering and operating roles with Pioneer Natural Resources from June 2010 to November 2011. Mr. Pranin also served as a non-commissioned and commissioned officer in the U.S. Army Engineering Corps.

Jonathan Frates, Executive Vice President & Chief Financial Officer

Mr. Frates transitioned to the role of Executive Vice President and Chief Financial Officer, effective October 21, 2024, after serving as Chairman of the Board of Directors for SandRidge Energy since June 2018. Most recently, he served as Investment Director of Vision One Management Partners from July 2022 through September 2024. Prior to Vision One, he was Managing Director and Head of Family Office of Daughters Capital Corp. from July 2021 through June 2022, and Managing Director of Icahn Enterprises L.P. from November 2015 through July 2021. Before his time at Icahn Enterprises, Mr. Frates held roles at First Acceptance Corp., Diamond A Ford Corp., and Wachovia Securities LLC.

Dean W. Parrish, Senior Vice President, Chief Operating Officer

Mr. Parrish was appointed Senior Vice President and Chief Operating Officer effective April 1, 2024. He has been with SandRidge Energy since January 2012, holding various engineering, operational, and leadership positions, including Senior Production Engineer, Operating Manager, Vice President of Operations, and Senior Vice President, Operations. Prior to joining SandRidge, Mr. Parrish was employed at EXCO Resources, Inc. as a Production Engineer from June 2010 to January 2012.

Brandon Brown, Senior Vice President, Chief Accounting Officer

Mr. Brown assumed the role of Senior Vice President, Chief Accounting Officer in October 2024, having previously served as the Company's Chief Financial Officer from September 2023 to October 2024. He has also held positions at SandRidge as Vice President of Accounting since March 2023 and Corporate Controller from June 2020 to March 2023. Before joining SandRidge, Mr. Brown was the Assistant Controller and Financial Reporting Manager at Black Stone Minerals, L.P. from August 2016 to February 2020. He also served as Assistant Controller and in various other accounting and financial reporting roles at Goodrich Petroleum Corporation from August 2011 to August 2016. His early career included work as an external auditor at HEIN & Associates LLP and Ernst & Young LLP.

Scott Prestridge, Senior Vice President of Finance & Strategy

Mr. Prestridge currently serves as the Senior Vice President of Finance & Strategy for SandRidge Energy.

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The key risks to SandRidge Energy (SD) are primarily linked to the volatile nature of the oil and gas industry and its financial performance.

1. Volatility of Oil and Natural Gas Prices: SandRidge Energy's revenues, profitability, and cash flow are highly dependent on the prices it receives for oil, natural gas, and natural gas liquids (NGLs). These commodity markets are historically very volatile, with prices capable of fluctuating quickly and widely due to factors beyond the company's control.
2. Potential for Financial Distress: Despite having a strong balance sheet with no debt and ample liquidity, SandRidge Energy's Altman Z-Score of 1.15 places the company in the "distress zone." This score indicates a potential risk of bankruptcy within the next two years.
3. Declining Revenue Growth: The company has experienced a decline in revenue per share over the past five years, with a 3-year growth rate of -9.4% and a 5-year growth rate of -8.1%. This suggests ongoing challenges in revenue growth.

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SandRidge Energy (NYSE: SD) primarily operates in the exploration, development, and production of crude oil, natural gas, and natural gas liquids (NGLs) in the Mid-Continent region of the United States, including Oklahoma, Kansas, and the North Park Basin of Colorado. Therefore, their addressable market is the U.S. oil and gas market, specifically the upstream (exploration and production) segment.

The addressable market size for the U.S. oil and gas industry shows varying estimates across different reports:

• One estimate valued the U.S. oil and gas market at approximately $252.6 billion in 2024, projected to reach $339.5 billion by 2033.
• Another report indicated the U.S. oil and gas market size was approximately $453.2 billion in 2024, expected to grow to $474.5 billion in 2025, and reach $665.5 billion by 2033.
• A different analysis estimated the U.S. oil and gas market size at $1.55 trillion in 2024, with a projection to grow to approximately $2.24 trillion by 2034.
• Yet another source estimated the U.S. oil and gas market size at $142.81 billion in 2025, expected to reach $178.91 billion by 2030.

Within this broader market, the upstream segment, which includes exploration and production activities like those of SandRidge Energy, constitutes a significant portion. In 2024, the upstream sector held an estimated 58.5% to 72.3% share of the U.S. oil and gas market.

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• Increased Oil Production from Cherokee Development Program: SandRidge Energy's continued success and expansion of its Cherokee drilling program are key drivers. The company reported a significant rise in oil production, with a 49% increase in Q3 2025 compared to the previous year, contributing to a 32% increase in revenue. Management plans to continue its "OneRidge" development into 2026, anticipating the delivery of more wells and projecting increased oilier production volumes beyond 2025 exit rates.
• Potential for Higher Commodity Prices: While there have been fluctuations, sustained higher commodity prices, particularly for oil (WTI firmly over $80 per barrel) and natural gas (Henry Hub over $4), could significantly boost revenue. The company has indicated that such price levels, or a reduction in well costs, would incentivize the development of higher gas-content legacy assets and further well reactivations.
• Production Optimization Program: SandRidge Energy is focused on growing the value of its asset base through a production optimization program. This includes initiatives like artificial lift conversions to more efficient and cost-effective systems and high-graded recompletions, which are expected to enhance output from existing wells and contribute to overall production growth.
• Operational Efficiencies and Cost Management: The company's strategic focus on operational efficiencies and cost discipline, including prudent expenditure programs and continuous field efficiency improvements, indirectly supports revenue growth. By managing lease operating expenses effectively, SandRidge can allocate more capital to high-return, organic growth projects and development, thereby enhancing overall profitability and the potential for increased production.

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Share Repurchases

• Year-to-date through Q2 2025, SandRidge Energy repurchased approximately 550,000 shares for $6 million, with $69 million remaining authorized in its share repurchase program.
• During the first nine months of 2025, the company repurchased 0.6 million shares for $6.4 million at an average price of $10.72 per share.
• As of November 2025, $68.3 million remained authorized for future share repurchases out of a $75.0 million authorization.

Share Issuance

• SandRidge has an effective S-3 universal shelf registration for up to $500.0 million of securities, active since August 26, 2025, serving as a standard liquidity tool.
• Shareholders can elect to receive additional shares of common stock through the company's dividend reinvestment plan, which was newly authorized.

Outbound Investments

• In Q3 2024, SandRidge completed a $144 million cash acquisition of producing assets and leasehold interests in the Cherokee play of the Western Anadarko Basin from Upland Exploration/Upland Operating.
• A subsequent acquisition in the Cherokee Shale Play was closed in December 2024 for $5.7 million, which exchanged and increased ownership interest in certain oil and gas properties.

Capital Expenditures

• SandRidge provided guidance for approximately $33 million in capital expenditures for the second half of 2024, following $3 million in the first half of the year, primarily focused on completing four drilled uncompleted wells (DUCs) and initiating up to three new wells in the Western Anadarko Basin.
• For the full year 2025, the company intends to spend between $66 million and $85 million on its capital program, with $47 million to $63 million allocated for drilling and completions and $19 million to $22 million for capital workovers, production optimization, and selective leasing in the Cherokee play.
• The 2025 capital program primarily focuses on a one-rig development plan in the Cherokee Shale Play, including drilling eight and completing six new SandRidge-operated wells, as well as production optimization and a strategic leasing program.