SANDRIDGE ENERGY INC, 10-Q filed on 5/7/2026
Quarterly Report
v3.26.1
Cover - shares
 3 Months Ended
Mar. 31, 2026
Apr. 30, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-33784  
Entity Registrant Name SANDRIDGE ENERGY, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 20-8084793  
Entity Address, Address Line One 1 E. Sheridan Ave  
Entity Address, Address Line Two Suite 500  
Entity Address, City or Town Oklahoma City  
Entity Address, State or Province OK  
Entity Address, Postal Zip Code 73104  
City Area Code 405  
Local Phone Number 429-5500  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   36,918,259
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Entity Central Index Key 0001349436  
Current Fiscal Year End Date --12-31  
Common Stock    
Document Information [Line Items]    
Title of 12(b) Security Common Stock, $0.001 par value  
Trading Symbol SD  
Security Exchange Name NYSE  
Preferred Stock    
Document Information [Line Items]    
Title of 12(b) Security Preferred Stock Purchase Rights  
No Trading Symbol Flag true  
Security Exchange Name NYSE  
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 102,749 $ 110,998
Restricted cash 1,347 1,347
Accounts receivable, net 30,313 26,186
Derivative contracts 0 2,773
Prepaid expenses 2,997 748
Other current assets 5,563 5,806
Total current assets 142,969 147,858
Oil and natural gas properties, using full cost method of accounting    
Proved 1,780,529 1,759,943
Unproved 29,526 27,520
Less: accumulated depreciation, depletion and impairment (1,454,990) (1,446,824)
Net oil and natural gas properties capitalized costs 355,065 340,639
Other property, plant and equipment, net 74,260 75,649
Other assets 1,500 1,539
Deferred tax assets, net of valuation allowance 78,336 78,336
Total assets 652,130 644,021
Current liabilities    
Accounts payable and accrued expenses 49,842 59,037
Derivative contracts 677 0
Asset retirement obligations 8,098 8,098
Other current liabilities 866 905
Total current liabilities 59,483 68,040
Derivative contracts 206 0
Asset retirement obligations 65,644 64,293
Other long-term obligations 827 817
Total liabilities 126,160 133,150
Commitments and contingencies
Stockholders’ Equity    
Common stock, $0.001 par value; 250,000 shares authorized; 36,875 issued and outstanding at March 31, 2026 and 36,825 issued and outstanding at December 31, 2025 37 37
Additional paid-in capital 977,021 980,592
Accumulated deficit (451,088) (469,758)
Total stockholders’ equity 525,970 510,871
Total liabilities and stockholders’ equity $ 652,130 $ 644,021
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, authorized (in shares) 250,000,000.0 250,000,000
Common stock, issued (in shares) 36,875,000 36,825,000
Common stock, outstanding (in shares) 36,875,000 36,825,000
v3.26.1
CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) - USD ($)
shares in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues    
Total revenues $ 49,777,000 $ 42,604,000
Expenses    
Lease operating expenses 10,787,000 10,917,000
Production, ad valorem, and other taxes 3,021,000 3,099,000
Depreciation and depletion—oil and natural gas 9,820,000 8,416,000
Depreciation and amortization—other 1,623,000 1,603,000
General and administrative 2,988,000 3,853,000
Restructuring expenses 146,000 40,000
(Gain) loss on derivative contracts 3,526,000 2,487,000
Other operating (income) expense 10,000 0
Total expenses 31,921,000 30,415,000
Income from operations 17,856,000 12,189,000
Other income (expense)    
Interest income (expense), net 814,000 860,000
Total other income (expense) 814,000 860,000
Income (loss) before income taxes 18,670,000 13,049,000
Income tax (benefit) expense 0 0
Net income (loss) $ 18,670,000 $ 13,049,000
Net income (loss) per share    
Basic (in dollars per share) $ 0.51 $ 0.35
Diluted (in dollars per share) $ 0.50 $ 0.35
Weighted average number of common shares outstanding    
Basic (in shares) 36,770 37,041
Diluted (in shares) 36,992 37,080
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-In Capital
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024   37,203    
Beginning balance at Dec. 31, 2024 $ 460,531 $ 37 $ 1,000,455 $ (539,961)
Increase (Decrease) in Stockholders' Equity        
Issuance of stock awards, net of cancellations (in shares)   26    
Tax withholdings paid in exchange for shares withheld on employee vested stock awards (146)   (146)  
Stock-based compensation 650   650  
Dividends paid to stockholders $ (4,077)   (4,077)  
Repurchases of common stock (in shares) (500) (452)    
Repurchases of common stock $ (5,094)   (5,094)  
Net income 13,049     13,049
Ending balance (in shares) at Mar. 31, 2025   36,777    
Ending balance at Mar. 31, 2025 $ 464,913 $ 37 991,788 (526,912)
Beginning balance (in shares) at Dec. 31, 2025 36,825 36,825    
Beginning balance at Dec. 31, 2025 $ 510,871 $ 37 980,592 (469,758)
Increase (Decrease) in Stockholders' Equity        
Issuance of stock awards, net of cancellations (in shares)   50    
Tax withholdings paid in exchange for shares withheld on employee vested stock awards (405)   (405)  
Stock-based compensation 702   702  
Dividends paid to stockholders $ (3,868)   (3,868)  
Repurchases of common stock (in shares) 0      
Net income $ 18,670     18,670
Ending balance (in shares) at Mar. 31, 2026 36,875 36,875    
Ending balance at Mar. 31, 2026 $ 525,970 $ 37 $ 977,021 $ (451,088)
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 18,670 $ 13,049
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation, depletion, and amortization 11,443 10,019
(Gain) loss on derivative contracts 3,526 2,487
Settlement gains (losses) on derivative contracts 130 (159)
Stock-based compensation 702 650
Other (44) 300
Changes in operating assets and liabilities (14,668) (6,015)
Net cash provided by operating activities 19,759 20,331
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures for property, plant and equipment (20,864) (6,411)
Acquisition of oil and natural gas assets (2,651) (2,568)
Purchase of other property and equipment 0 (325)
Proceeds from sale of assets 0 49
Net cash used in investing activities (23,515) (9,255)
CASH FLOWS FROM FINANCING ACTIVITIES    
Dividends paid to stockholders (3,862) (4,086)
Reduction of financing lease liability (226) (199)
Repurchases of common stock 0 (5,047)
Tax withholdings paid in exchange for shares withheld on employee vested stock awards (405) (146)
Net cash used in financing activities (4,493) (9,478)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS and RESTRICTED CASH (8,249) 1,598
CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year 112,345 99,511
CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of period 104,096 101,109
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest, net of amounts capitalized (56) (28)
Supplemental Disclosure of Noncash Investing and Financing Activities    
Capital expenditures for property, plant and equipment in accounts payable and accrued expenses 10,620 4,092
Right-of-use assets obtained in exchange for financing lease obligations 200 229
Inventory material transfers to oil and natural gas properties 0 5
Asset retirement obligation capitalized 12 7
Asset retirement obligation removed due to divestiture 0 (288)
Change in accrued excise tax on repurchases of common stock 0 47
Change in dividends payable $ (6) $ 9
v3.26.1
Basis of Presentation
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
Nature of Business. SandRidge Energy, Inc. is an oil and natural gas acquisition, development and production company headquartered in Oklahoma City, Oklahoma and organized in 2006 with a principal focus on developing and producing hydrocarbon resources in the United States.

Principles of Consolidation. The condensed consolidated financial statements include the accounts of the Company and its wholly owned or majority-owned subsidiaries, including its proportionate share of the Royalty Trust. All intercompany accounts and transactions have been eliminated in consolidation.

Interim Financial Statements. The accompanying condensed consolidated financial statements and notes should be read in conjunction with the audited financial statements and notes contained in the Company’s 2025 Form 10-K. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted, although the Company believes that the disclosures contained herein are adequate to make the information presented not misleading. In the opinion of management, the financial statements include all adjustments, which consist of normal recurring adjustments unless otherwise disclosed, necessary to fairly state the Company’s condensed consolidated financial statements.     

Significant Accounting Policies. The condensed consolidated financial statements were prepared in accordance with the accounting policies stated in the Company’s 2025 Form 10-K, as well as the items noted below.

Cash and Cash Equivalents. The Company considers all highly liquid instruments with an original maturity of three months or less to be cash equivalents as these instruments are readily convertible to known amounts of cash and bear insignificant risk of changes in value due to their short maturity period. Additionally, the Company considers demand deposits or accounts that have the general characteristics of demand deposits where we may deposit additional funds at any time and also effectively withdraw funds at any time without prior notice or penalty to be cash equivalents. As of March 31, 2026 and December 31, 2025, the Company had $102.7 million and $111.0 million in cash and cash equivalents, respectively.

Restricted Cash. The Company maintains funds related to collateralized letters of credit and secured credit cards. As of March 31, 2026 and December 31, 2025, the Company had $1.3 million in restricted cash.

Use of Estimates. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

The more significant areas requiring the use of assumptions, judgments and estimates include: oil, natural gas, and NGL reserves; impairment tests of long-lived assets; the carrying value of unproved oil and natural gas properties; depreciation, depletion and amortization; asset retirement obligations; determinations of significant alterations to the full cost pool and related estimates of fair value used to allocate the full cost pool net book value to divested properties, as necessary; valuation allowances for deferred tax assets; income taxes; valuation of derivative instruments; contingencies; and accrued revenue and related receivables. Although management believes the estimates used in the areas noted above are reasonable, actual results could differ significantly from those estimates.
Segments. The Company’s chief operating decision maker regularly reviews total assets, which were $652.1 million and $644.0 million as of March 31, 2026 and December 31, 2025, respectively. The following table presents selected financial information with respect to the Company’s single operating segment (in thousands):

 Three Months Ended March 31,
 20262025
Revenues
Oil$25,071 $18,880 
Natural gas15,621 12,673 
NGL9,085 11,051 
Total revenues49,777 42,604 
Expenses
Lease operating expenses10,787 10,917 
Production, ad valorem, and other taxes3,021 3,099 
Depreciation and depletion—oil and natural gas9,820 8,416 
Depreciation and amortization—other1,623 1,603 
General and administrative2,988 3,853 
Restructuring expenses146 40 
(Gain) loss on derivative contracts3,526 2,487 
Other operating (income) expense10 — 
Total expenses31,921 30,415 
Income (loss) from operations17,856 12,189 
Other income (expense)
Interest income (expense), net814 860 
Total other income (expense)814 860 
Income (loss) before income taxes18,670 13,049 
Income tax (benefit)— — 
Net income (loss)$18,670 $13,049 

Recent Accounting Pronouncements Not Yet Adopted. The FASB issued Accounting Standards Update 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). The objective of ASU 2024-03 is to improve disclosures about a public entity's expenses, primarily through additional disaggregation of income statement expenses. The new standard is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted and may be applied either on a prospective or retrospective basis. The Company is currently evaluating the impact ASU 2024-03 will have on its consolidated financial statement disclosures and does not expect an impact to our consolidated financial statements.
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company measures and reports certain assets and liabilities on a fair value basis and has classified and disclosed its fair value measurements using the levels of the fair value hierarchy noted below. The carrying values of cash, restricted cash, accounts receivable, prepaid expenses, accounts payable and accrued expenses and other current liabilities included in the condensed consolidated balance sheets approximated fair value at March 31, 2026 and December 31, 2025.

Level 1Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
Level 2Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.
Level 3Measurement based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity).

Assets and liabilities that are measured at fair value are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, which may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The determination of the fair values, stated below, considers the market for the Company’s financial assets and liabilities, the associated credit risk and other factors. The Company considers active markets as those in which transactions for the assets and liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. The Company had assets classified in Level 2 and 3 of the hierarchy as of March 31, 2026, and December 31, 2025.

Level 2 Fair Value Measurements

Commodity Derivative Contracts. As applicable, the fair values of the Company’s oil, natural gas and NGL fixed price swaps are based upon inputs that are either readily available in the public market, such as oil, natural gas and NGL futures prices, volatility factors and discount rates, or can be corroborated from active markets. Historically, if the Company has a commodity derivative contract in place, the fair value is determined through the use of a discounted cash flow model or option pricing model using the applicable inputs discussed above. The Company applies a weighted average credit default risk rating factor for its counterparties or gives effect to its credit default risk rating, as applicable, in determining the fair value of these derivative contracts. Credit default risk ratings are based on current published credit default swap rates.

Fair Value - Recurring Measurement Basis

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis by the fair value hierarchy as of March 31, 2026 (in thousands):

Fair Value Measurements
Netting (1)
Assets (Liabilities) at Fair Value
Level 1
Level 2
Level 3
Commodity derivative contracts$— $(5,736)$— $4,853 $(883)
Total
$— $(5,736)$— $4,853 $(883)

(1) Represents the effect of netting assets and liabilities for counterparties with which the right of offset exists.
The following table summarizes the Company’s assets measured at fair value on a recurring basis by the fair value hierarchy as of December 31, 2025 (in thousands):

Fair Value MeasurementsNetting(1)Assets (Liabilities) at Fair Value
Level 1Level 2Level 3
Commodity derivative contracts$— $3,130 $— $357 $2,773 
Total$— $3,130 $— $357 $2,773 
(1) Represents the effect of netting assets and liabilities for counterparties with which the right of offset exists.
v3.26.1
Derivatives
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
Commodity Derivatives 

The Company is exposed to commodity price risk, which impacts the predictability of its cash flows from the sale of oil, natural gas and NGL. On occasion, the Company has attempted to manage this risk on a portion of its forecasted oil, natural gas or NGL production sales through the use of commodity derivative contracts.

Historically, the Company has not designated any of its derivative contracts as hedges for accounting purposes. As applicable, if the Company has open derivative contracts, the Company has recorded such contracts at fair value with changes in derivative contract fair values recognized as a gain or loss on derivative contracts in the condensed consolidated income statements. Commodity derivative contracts were settled on a monthly basis, and the commodity derivative contract valuations were adjusted on a mark-to-market valuation basis quarterly.

The following table summarizes derivative activity (in thousands):

Three Months Ended March 31,
20262025
(Gain) loss on derivative contracts$3,526 $2,487 
Settlement gains (losses) on derivative contracts$130 $(159)

Master Netting Agreements and the Right of Offset. As applicable, the Company historically has had master netting agreements with all of its commodity derivative counterparties and has presented its derivative assets and liabilities with the same counterparty on a net basis in the condensed consolidated balance sheets. As a result of the netting provisions, the Company's maximum amount of loss under commodity derivative transactions due to credit risk was limited to the net amounts due from its counterparties.

Because we did not designate any of our derivative contracts as hedges for accounting purposes, changes in the fair value of our derivative contracts were recognized as gains and losses in the earnings of the relevant period. Changes in fair value were principally measured based on a comparison of future prices to the contract price at the end of the period and through the Black-Scholes or other similar valuation method in the case of options.
The following table summarizes (i) the Company's commodity derivative contracts on a gross basis, (ii) the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements, (iii) the financial collateral, if any, associated with the Company’s commodity contracts, and (iv) the Company’s net derivative asset and liability positions as of March 31, 2026 (in thousands):
Gross AmountsGross Amounts OffsetAmounts Net of OffsetFinancial CollateralNet Amount
Assets (Liabilities)
Derivative contracts - current$(5,530)$4,853 $(677)$— $(677)
Derivative contracts - non-current(206)— (206)— (206)
Total$(5,736)$4,853 $(883)$— $(883)

The following table summarizes (i) the Company's commodity derivative contracts on a gross basis, (ii) the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements, (iii) the financial collateral, if any, associated with the Company’s commodity derivative contracts, and (iv) the Company’s net derivative asset positions as of December 31, 2025 (in thousands):

Gross AmountsGross Amounts OffsetAmounts Net of OffsetFinancial CollateralNet Amount
Assets
Derivative contracts - current
3,130 357 2,773 — 2,773 
Total$3,130 $357 $2,773 $— $2,773 
As of March 31, 2026, the Company's open derivative contracts consisted of oil, natural gas, and NGL commodity derivative contracts as follows:

PeriodIndexDaily Volume
Weighted Average Price
Oil (Bbl)
Fixed Price Swaps
April 2026 - December 2026NYMEX WTI799$74.37
January 2027 - December 2027NYMEX WTI200$65.00
Producer Costless Collars
April 2026 - December 2026NYMEX WTI975
$57.56 Put / $79.93 Call
Natural Gas (MMBtu)
Fixed Price Swaps
April 2026 - December 2026NYMEX Henry Hub16,430$4.17
Producer Costless Collars
April 2026 - December 2026NYMEX Henry Hub4,500
$3.35 Put / $5.35 Call
NGL (Bbl)
Fixed Price Swaps
April 2026 - December 2026Mont Belvieu OPIS420$55.41

As of December 31, 2025, the Company's open derivative contracts consisted of oil and natural gas commodity derivative contracts under which we will receive a fixed price for the contract and pay a floating market price to the counterparty over a specified period for a contracted volume. These commodity derivative contracts consisted of the following:

PeriodIndexDaily Volume
Weighted Average Price
Oil (Bbl)
Fixed Price SwapsJanuary 2026 - June 2026NYMEX WTI300$68.67
Natural Gas (MMBtu)
Fixed Price Swaps January 2026 - December 2026NYMEX Henry Hub 11,797$4.16
Producer Costless Collars January 2026 - December 2026 NYMEX Henry Hub4,500
$3.35 Put / $5.35 Call
v3.26.1
Property, Plant and Equipment
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
Property, plant and equipment consists of the following (in thousands):
March 31,
2026		December 31,
2025
Oil and natural gas properties
Proved
$1,780,529 $1,759,943 
Unproved
29,526 27,520 
Total oil and natural gas properties
1,810,055 1,787,463 
Less: accumulated depreciation, depletion and impairment(1,454,990)(1,446,824)
Net oil and natural gas properties capitalized costs355,065 340,639 
Land200 200 
Electrical infrastructure122,380 122,380 
Non-oil and natural gas equipment1,626 1,626 
Building and structures3,603 3,603 
Financing leases1,377 1,345 
Total129,186 129,154 
Less: accumulated depreciation and amortization(54,926)(53,505)
Other property, plant and equipment, net
74,260 75,649 
Total property, plant and equipment, net
$429,325 $416,288 
v3.26.1
Accounts Payable and Accrued Expenses
 3 Months Ended
Mar. 31, 2026
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consist of the following (in thousands):
March 31,
2026		December 31,
2025
Accounts payable and other accrued expenses$19,776 $25,402 
Production payable27,284 29,221 
Payroll and benefits1,121 3,211 
Taxes payable1,661 1,203 
Total accounts payable and accrued expenses$49,842 $59,037 
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Included below is a discussion of the Company's various future commitments and contingencies as of March 31, 2026. The Company has provided accruals where necessary for contingent liabilities, based on ASC 450, Contingencies, when it has determined that a liability is probable and reasonably estimable. The Company continuously assesses the potential liability related to the Company's pending litigation and revises its estimates when additional information becomes available. Additionally, the Company currently expenses all legal costs as they are incurred.

Legal Proceedings. As previously disclosed, on May 16, 2016, the Company and certain of its direct and indirect subsidiaries (collectively, the “Debtors”) filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). The Bankruptcy Court confirmed the joint plan of reorganization (the “Plan”) of the Debtors on September 9, 2016, and the Debtors subsequently emerged from bankruptcy on October 4, 2016.

Pursuant to the Plan, certain securities claims against the Company were discharged without recovery. With respect to certain other securities claims relating to the Company and an affiliate, the Federal District Court (Western District of Oklahoma) in the second half of 2025 either dismissed, with prejudice, such actions or ruled favorably on the Company’s motion for summary judgement.
Separately, the Company had received a demand by two of the settling individual defendants to fund a proposed settlement of $17.0 million with those defendants. Certain insurance carriers funded the $17.0 million settlement and subsequently requested reimbursement from the Company. The Company refused and filed an action in Oklahoma state court (Sandridge Energy, Inc. v. James D. Bennett, Matthew K. Grub, Beasley Insurance Company, Inc., Old Republic Insurance Company, and Allied World National Assurance Company) seeking a declaratory judgment that the insurers were not entitled to indemnification; the insurers counterclaimed. Subsequently, the Company voluntarily dismissed its action. In line with the Company's position regarding the insurers’ claims, the Company filed motions in the United States Bankruptcy Court for the Southern District of Texas seeking to reopen the bankruptcy case and to obtain a declaration that the insurers’ claims were discharged under the September 2016 plan. The motions were denied and the Company appealed the bankruptcy court’s decision to the Southern District of the United States District Court of Texas (Sandridge Energy Inc. Appellant vs. Beasley Insurance Company Inc. and Old Republic Insurance Company, Appellees); the appeal was denied in December of 2025 and the Company has appealed the District Court's decision to the United States Court of Appeals for the Fifth Circuit. Independent of the Company’s appeal to reopen the bankruptcy case, the insurers’ Oklahoma counterclaim is stayed, with no further development. The Company disputes any liability, as it believes it has meritorious defenses, and intends to continue to vigorously defend against this claim. Considering the status of this matter, and the facts, circumstances and legal theories thereto, the Company is not able to determine the likelihood of an outcome. The Company has not established any contingencies relating to this matter

In addition to the matters described above, the Company is involved in various lawsuits, claims and proceedings, which are being handled and defended by the Company in the ordinary course of business.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
For each interim reporting period, the Company estimates the effective tax rate expected for the full fiscal year and uses that estimated rate in providing for income taxes on a current year-to-date basis.

Deferred income taxes are provided to reflect the future tax consequences of temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. In assessing the realizability of the deferred tax assets, we consider whether it is more likely than not that some or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future income in periods in which the deferred tax assets can be utilized. In prior years, we determined that the deferred tax assets did not meet the more likely than not threshold of being utilized and thus recorded a valuation allowance. As of December 31, 2025 and March 31, 2026, we had partially released our valuation allowance on our deferred tax assets by $78.3 million. We anticipate being able to utilize these deferred tax assets based on the generation of future income. A change in the estimate of future income could cause the valuation allowance to be adjusted in subsequent periods. The Company did not recognize federal or state income tax expense or benefit for the three-months ended March 31, 2026 or 2025.

Internal Revenue Code (“IRC”) Section 382 addresses company ownership changes and specifically limits the utilization of certain deductions and other tax attributes on an annual basis following an ownership change. As a result of the Chapter 11 reorganization and related transactions, the Company experienced an ownership change within the meaning of IRC Section 382 during 2016 that subjected certain of the Company’s tax attributes, including net operating losses ("NOLs"), to an IRC Section 382 limitation. This limitation has not resulted in cash taxes for any period subsequent to the ownership change. Since the 2016 ownership change, the Company has generated additional NOLs and other tax attributes that are not currently subject to an IRC Section 382 limitation. The Company's ability to use NOLs and other tax attributes to reduce taxable income and income taxes could be materially impacted by a future IRC 382 ownership change. Future transactions involving the Company's stock including those outside of the Company's control could cause an IRC 382 ownership change resulting in a limitation on tax attributes currently not limited and a more restrictive limitation on tax attributes currently subject to the previous IRC 382 limitation. The Company adopted the Tax Benefits Preservation Plan, as amended on March 16, 2021 and June 20, 2023, in order to protect the Company’s ability to use its tax NOLs and certain other tax benefits.
As of March 31, 2026, the Company had approximately $1.5 billion of federal NOL carryforwards, net of NOLs expected to expire unused due to the 2016 IRC Section 382 limitation. Of the $1.5 billion of federal NOL carryforwards, $0.6 billion expire during the years 2028 through 2037, while the remaining $0.9 billion do not have an expiration date.  In addition, the Company had approximately $0.9 billion of state NOL carryforwards, net of NOLs expected to expire unused due to the 2016 IRC Section 382 limitation. Of the $0.9 billion in state NOL carryforwards, $198.0 million are derived from states the Company currently does not operate in. Of the remaining state NOL carryforwards, $645.0 million do not have an expiration date and $93.0 million expire during the years 2028 through 2037. Additionally, the Company had federal tax credits in excess of $33.5 million which begin expiring in 2029.

The Company did not have unrecognized tax benefits at March 31, 2026 or December 31, 2025.

The Company’s only taxing jurisdiction is the United States (federal and state). The Company’s tax years 2022 to present remain open for federal examination. Additionally, tax years 2005 through 2021 remain subject to examination for the purpose of determining the amount of federal NOL and other carryforwards. The number of years open for state tax audits varies, depending on the state, but are generally from three to five years.
v3.26.1
Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Equity Equity
Capital Stock and Equity Awards. Our authorized capital stock consists of 300.0 million shares, which include 250.0 million shares of common stock, $0.001 par value per share (“common stock”), and 50.0 million shares of preferred stock, par value $0.001 per share. At March 31, 2026, the Company had 36.9 million shares of common stock issued and outstanding. Further, at March 31, 2026, the Company had 0.1 million of unvested restricted stock awards, 0.2 million shares of unvested restricted stock units, 0.1 million unvested stock options outstanding and an immaterial number of unvested performance share units.

Share Repurchase Program. In May 2023, the Company's Board of Directors (the “Board”) approved a share repurchase program (the “Program”) authorizing the Company to repurchase up to an aggregate of $75.0 million of the Company’s outstanding common stock with the Company’s cash on hand. Purchases under the Program are intended to meet the requirements of Rule 10b5-1 of the Exchange Act. The Program does not require any specific number of shares to be acquired, and can be modified or discontinued by the Board at any time. The Company did not repurchase any shares during the three months ended March 31, 2026, compared to 0.5 million shares repurchased for $5.1 million, at an average price of $11.26 per share, during the three months ended March 31, 2025.

Dividends. On August 5, 2025, the Board approved a dividend reinvestment plan (the “Dividend Reinvestment Plan”), pursuant to which the stockholders of the Company may, at their election, reinvest any dividends declared by the Board.

In connection with the Dividend Reinvestment Plan, the Board approved a general waiver under the Company’s Tax Benefits Preservation Plan (the “Tax Benefits Preservation Plan”), by and between the Company and Equiniti (formerly known as American Stock Transfer & Trust Company, LLC). This waiver applies to any stockholders who as of the date immediately prior to the adoption of the Dividend Reinvestment Plan beneficially owned 4.9% or more of the Company’s outstanding common stock and who would otherwise trigger the rights plan, but only as the result of shares of stock they receive under the Dividend Reinvestment Plan, and not otherwise.

Cash dividend payments totaled $3.9 million and $4.1 million for the three months ended March 31, 2026 and 2025, respectively. For the three months ended March 31, 2026, the Company did not issue any shares of common stock in lieu of cash dividends under the Dividend Reinvestment Plan.
The Tax Benefits Preservation Plan. On July 1, 2020, the Board declared a dividend distribution of one right (a “Right”) for each outstanding share of the Company’s common stock to stockholders of record at the close of business on July 13, 2020. On June 20, 2023, the Company entered into an amendment to the Tax Benefits Preservation Plan to extend the expiration time of the Tax Benefits Preservation Plan from July 1, 2023 to July 1, 2026. Each Right entitles its holder, under certain circumstances, to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock of the Company, par value $0.001 per share, at an exercise price of $5.00 per Right, subject to adjustment. The description and terms of the Rights are set forth in the tax benefits preservation plan, dated as of July 1, 2020, as amended, between the Company and American Stock Transfer & Trust Company, LLC, as rights agent (and any successor rights agent, the “Rights Agent”). The Tax Benefits Preservation Plan will expire on the earliest of: (i) the time at which the Rights are redeemed pursuant to the Tax Benefits Preservation Plan, (ii) the time at which the Rights are exchanged pursuant to the Tax Benefits Preservation Plan, (iii) the closing of any merger or other acquisition transaction involving the Company pursuant to an agreement of the type described in Section 13(f) of the Tax Benefits Preservation Plan at which time the Rights are terminated, (iv) the time at which the Board determines that the NOLs are utilized in all material respects or that an ownership change under Section 382 would not adversely impact in any material respect the time period in which the Company could use the NOLs, or materially impair the amount of the NOLs that could be used by the Company in any particular time period, for applicable tax purposes and (v) the close of business on July 1, 2026. At the Company's 2024 Annual Meeting held on June 12, 2024, the Company's stockholders approved the extension of the Tax Benefits Preservation Plan to July 1, 2026.

The Company adopted the Tax Benefits Preservation Plan, as amended on March 16, 2021, and June 20, 2023, in order to protect stockholder value against a possible limitation on the Company’s ability to use its tax NOLs and certain other tax benefits to reduce potential future U.S. federal income tax obligations. The NOLs are a valuable asset to the Company, which may inure to the benefit of the Company and its stockholders. However, if the Company experiences an “ownership change,” as defined in Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), its ability to fully utilize the NOLs and certain other tax benefits will be substantially limited and the timing of the usage of the NOLs and such other benefits could be substantially delayed, which could significantly impair the value of those assets. Generally, an “ownership change” occurs if the percentage of the Company’s stock owned by one or more of its “five-percent stockholders” (as such term is defined in Section 382 of the Code) increases by more than 50 percentage points over the lowest percentage of stock owned by such stockholder or stockholders at any time over a three-year period. The Tax Benefits Preservation Plan is intended to prevent against such an “ownership change” by deterring any person or group from acquiring beneficial ownership of 4.9% or more of the Company’s securities.
v3.26.1
Revenues
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
The following table disaggregates the Company’s revenue by source:
Three Months Ended March 31,
20262025
(In thousands)
Oil$25,071 $18,880 
Natural gas15,621 12,673 
NGL9,085 11,051 
Total revenues $49,777 $42,604 

Oil, Natural Gas and NGL revenues. All of the Company’s revenues come from sales of oil, natural gas and NGLs. In accordance with the contracts governing these sales, revenues are recorded at a point in time when control of the oil, natural gas and NGL production passes to the purchaser at the inlet of the processing plant or pipeline, or the delivery point for onloading to a delivery truck. As the Company’s purchaser obtains control of the production prior to selling it to other end customers, the Company presents its revenues on a net basis, rather than on a gross basis.

Pricing for the Company’s oil, natural gas and NGL contracts is variable and is based on volumes sold multiplied by either an index price, net of deductions, or a percentage of the sales price obtained by the purchaser, which is also based on index prices. The transaction price is allocated on a pro-rata basis to each unit of oil, natural gas or NGL sold based on the terms of the contract. Oil, natural gas and NGL revenues are also recorded net of royalties, discounts and allowances, and transportation costs, as applicable. Taxes assessed by governmental authorities on oil, natural gas and NGL sales are presented separately from revenues and are included in production, ad valorem, and other taxes expense in the condensed consolidated income statements.
Revenues Receivable. The Company records an asset in accounts receivable, net on its condensed consolidated balance sheets for revenues receivable from contracts with purchasers at the end of each period. Pricing for revenues receivable is estimated using current month crude oil, natural gas and NGL prices, net of deductions. Revenues receivable on operated properties are typically collected the month after the Company delivers the related production to its purchaser. As of March 31, 2026, and December 31, 2025 and 2024, the Company had revenues receivable of $21.3 million, $16.7 million and $15.3 million, respectively. The Company did not record any credit losses on revenues receivable nor write-offs during the three months ended March 31, 2026 or 2025, as the Company’s purchasers of oil, natural gas and NGL have had no issues of payment collectability or lack of creditworthiness with the Company.
v3.26.1
Earnings per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings per Share Earnings per Share
The following table summarizes the calculation of weighted average shares of common stock outstanding used in the computation of diluted earnings per share:
Net Income (loss)
Weighted Average Shares
Earnings Per Share
(In thousands, except per share amounts)
Three Months Ended March 31, 2026
Basic earnings per share
$18,670 36,770 $0.51 
Effect of dilutive securities
Restricted stock units— 80 
Restricted stock awards— 51 
Performance share units(1)
— — 
Stock options— 91 
Diluted earnings per share(2)
$18,670 36,992 $0.50 
Three Months Ended March 31, 2025
Basic earnings per share
$13,049 37,041 $0.35 
Effect of dilutive securities
Restricted stock units— — 
Restricted stock awards— 31 
Performance share units(1)
— — 
Stock options— 8 
Diluted earnings per share(2)
$13,049 37,080 $0.35 
____________________

(1)The performance share unit awards are contingently issuable and are considered in the calculation of diluted earnings per share. The Company assesses the number of awards that would be issuable, if any, under the terms of the agreement if the end of the reporting period were the end of the contingency period.

(2)Incremental shares are excluded if their effect is antidilutive under the treasury stock method. The incremental shares of restricted stock units were excluded for the three months ended March 31, 2025 as their effect was antidilutive under the treasury stock method.
v3.26.1
Subsequent Events
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On May 5, 2026, the Board increased its on-going quarterly dividend program by 8% to $0.13 per share. In addition, the Board declared a one-time dividend of $0.20 per share. Both dividends are payable on June 1, 2026 to stockholders of record on May 20, 2026. Stockholders can elect to receive the dividends in cash or additional shares of common stock by enrolling in the Company’s previously announced Dividend Reinvestment Plan

Subsequent to March 31, 2026, the Company entered into the following oil derivative producer costless collar contracts:

PeriodIndexDaily Volume (Bbl)Put (Per Bbl)Call (Per Bbl)
June - December 2026NYMEX WTI280$80.00 $100.00 

Subsequent to March 31, 2026, the Company entered into the following NGL derivative swap contracts:

PeriodIndexDaily Volume (Bbl)Weighted Average Price Per Bbl
June - December 2026Mont Belvieu OPIS70$47.88
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Basis of Presentation (Policies)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Business
Nature of Business. SandRidge Energy, Inc. is an oil and natural gas acquisition, development and production company headquartered in Oklahoma City, Oklahoma and organized in 2006 with a principal focus on developing and producing hydrocarbon resources in the United States.
Principles of Consolidation
Principles of Consolidation. The condensed consolidated financial statements include the accounts of the Company and its wholly owned or majority-owned subsidiaries, including its proportionate share of the Royalty Trust. All intercompany accounts and transactions have been eliminated in consolidation.
Interim Financial Statements Interim Financial Statements. The accompanying condensed consolidated financial statements and notes should be read in conjunction with the audited financial statements and notes contained in the Company’s 2025 Form 10-K. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted, although the Company believes that the disclosures contained herein are adequate to make the information presented not misleading. In the opinion of management, the financial statements include all adjustments, which consist of normal recurring adjustments unless otherwise disclosed, necessary to fairly state the Company’s condensed consolidated financial statements.
Significant Accounting Policies
Significant Accounting Policies. The condensed consolidated financial statements were prepared in accordance with the accounting policies stated in the Company’s 2025 Form 10-K, as well as the items noted below.
Cash and Cash Equivalents Cash and Cash Equivalents. The Company considers all highly liquid instruments with an original maturity of three months or less to be cash equivalents as these instruments are readily convertible to known amounts of cash and bear insignificant risk of changes in value due to their short maturity period. Additionally, the Company considers demand deposits or accounts that have the general characteristics of demand deposits where we may deposit additional funds at any time and also effectively withdraw funds at any time without prior notice or penalty to be cash equivalents.
Restricted Cash Restricted Cash. The Company maintains funds related to collateralized letters of credit and secured credit cards.
Use of Estimates
Use of Estimates. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

The more significant areas requiring the use of assumptions, judgments and estimates include: oil, natural gas, and NGL reserves; impairment tests of long-lived assets; the carrying value of unproved oil and natural gas properties; depreciation, depletion and amortization; asset retirement obligations; determinations of significant alterations to the full cost pool and related estimates of fair value used to allocate the full cost pool net book value to divested properties, as necessary; valuation allowances for deferred tax assets; income taxes; valuation of derivative instruments; contingencies; and accrued revenue and related receivables. Although management believes the estimates used in the areas noted above are reasonable, actual results could differ significantly from those estimates.
Segments Segments. The Company’s chief operating decision maker regularly reviews total assets
Recent Accounting Pronouncements Not Yet Adopted
Recent Accounting Pronouncements Not Yet Adopted. The FASB issued Accounting Standards Update 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). The objective of ASU 2024-03 is to improve disclosures about a public entity's expenses, primarily through additional disaggregation of income statement expenses. The new standard is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted and may be applied either on a prospective or retrospective basis. The Company is currently evaluating the impact ASU 2024-03 will have on its consolidated financial statement disclosures and does not expect an impact to our consolidated financial statements.
Oil, Natural Gas and NGL revenues
Oil, Natural Gas and NGL revenues. All of the Company’s revenues come from sales of oil, natural gas and NGLs. In accordance with the contracts governing these sales, revenues are recorded at a point in time when control of the oil, natural gas and NGL production passes to the purchaser at the inlet of the processing plant or pipeline, or the delivery point for onloading to a delivery truck. As the Company’s purchaser obtains control of the production prior to selling it to other end customers, the Company presents its revenues on a net basis, rather than on a gross basis.

Pricing for the Company’s oil, natural gas and NGL contracts is variable and is based on volumes sold multiplied by either an index price, net of deductions, or a percentage of the sales price obtained by the purchaser, which is also based on index prices. The transaction price is allocated on a pro-rata basis to each unit of oil, natural gas or NGL sold based on the terms of the contract. Oil, natural gas and NGL revenues are also recorded net of royalties, discounts and allowances, and transportation costs, as applicable. Taxes assessed by governmental authorities on oil, natural gas and NGL sales are presented separately from revenues and are included in production, ad valorem, and other taxes expense in the condensed consolidated income statements.
Revenues Receivable. The Company records an asset in accounts receivable, net on its condensed consolidated balance sheets for revenues receivable from contracts with purchasers at the end of each period. Pricing for revenues receivable is estimated using current month crude oil, natural gas and NGL prices, net of deductions. Revenues receivable on operated properties are typically collected the month after the Company delivers the related production to its purchaser. As of March 31, 2026, and December 31, 2025 and 2024, the Company had revenues receivable of $21.3 million, $16.7 million and $15.3 million, respectively. The Company did not record any credit losses on revenues receivable nor write-offs during the three months ended March 31, 2026 or 2025, as the Company’s purchasers of oil, natural gas and NGL have had no issues of payment collectability or lack of creditworthiness with the Company.
v3.26.1
Basis of Presentation (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Segment Reporting Information, by Segment The following table presents selected financial information with respect to the Company’s single operating segment (in thousands):
 Three Months Ended March 31,
 20262025
Revenues
Oil$25,071 $18,880 
Natural gas15,621 12,673 
NGL9,085 11,051 
Total revenues49,777 42,604 
Expenses
Lease operating expenses10,787 10,917 
Production, ad valorem, and other taxes3,021 3,099 
Depreciation and depletion—oil and natural gas9,820 8,416 
Depreciation and amortization—other1,623 1,603 
General and administrative2,988 3,853 
Restructuring expenses146 40 
(Gain) loss on derivative contracts3,526 2,487 
Other operating (income) expense10 — 
Total expenses31,921 30,415 
Income (loss) from operations17,856 12,189 
Other income (expense)
Interest income (expense), net814 860 
Total other income (expense)814 860 
Income (loss) before income taxes18,670 13,049 
Income tax (benefit)— — 
Net income (loss)$18,670 $13,049 
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured on Recurring Basis
The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis by the fair value hierarchy as of March 31, 2026 (in thousands):

Fair Value Measurements
Netting (1)
Assets (Liabilities) at Fair Value
Level 1
Level 2
Level 3
Commodity derivative contracts$— $(5,736)$— $4,853 $(883)
Total
$— $(5,736)$— $4,853 $(883)

(1) Represents the effect of netting assets and liabilities for counterparties with which the right of offset exists.
The following table summarizes the Company’s assets measured at fair value on a recurring basis by the fair value hierarchy as of December 31, 2025 (in thousands):

Fair Value MeasurementsNetting(1)Assets (Liabilities) at Fair Value
Level 1Level 2Level 3
Commodity derivative contracts$— $3,130 $— $357 $2,773 
Total$— $3,130 $— $357 $2,773 
(1) Represents the effect of netting assets and liabilities for counterparties with which the right of offset exists.
v3.26.1
Derivatives (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments, Gain (Loss)
The following table summarizes derivative activity (in thousands):

Three Months Ended March 31,
20262025
(Gain) loss on derivative contracts$3,526 $2,487 
Settlement gains (losses) on derivative contracts$130 $(159)
Schedule of Offsetting Assets
The following table summarizes (i) the Company's commodity derivative contracts on a gross basis, (ii) the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements, (iii) the financial collateral, if any, associated with the Company’s commodity contracts, and (iv) the Company’s net derivative asset and liability positions as of March 31, 2026 (in thousands):
Gross AmountsGross Amounts OffsetAmounts Net of OffsetFinancial CollateralNet Amount
Assets (Liabilities)
Derivative contracts - current$(5,530)$4,853 $(677)$— $(677)
Derivative contracts - non-current(206)— (206)— (206)
Total$(5,736)$4,853 $(883)$— $(883)

The following table summarizes (i) the Company's commodity derivative contracts on a gross basis, (ii) the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements, (iii) the financial collateral, if any, associated with the Company’s commodity derivative contracts, and (iv) the Company’s net derivative asset positions as of December 31, 2025 (in thousands):

Gross AmountsGross Amounts OffsetAmounts Net of OffsetFinancial CollateralNet Amount
Assets
Derivative contracts - current
3,130 357 2,773 — 2,773 
Total$3,130 $357 $2,773 $— $2,773 
Schedule of Derivative Contracts
As of March 31, 2026, the Company's open derivative contracts consisted of oil, natural gas, and NGL commodity derivative contracts as follows:

PeriodIndexDaily Volume
Weighted Average Price
Oil (Bbl)
Fixed Price Swaps
April 2026 - December 2026NYMEX WTI799$74.37
January 2027 - December 2027NYMEX WTI200$65.00
Producer Costless Collars
April 2026 - December 2026NYMEX WTI975
$57.56 Put / $79.93 Call
Natural Gas (MMBtu)
Fixed Price Swaps
April 2026 - December 2026NYMEX Henry Hub16,430$4.17
Producer Costless Collars
April 2026 - December 2026NYMEX Henry Hub4,500
$3.35 Put / $5.35 Call
NGL (Bbl)
Fixed Price Swaps
April 2026 - December 2026Mont Belvieu OPIS420$55.41

As of December 31, 2025, the Company's open derivative contracts consisted of oil and natural gas commodity derivative contracts under which we will receive a fixed price for the contract and pay a floating market price to the counterparty over a specified period for a contracted volume. These commodity derivative contracts consisted of the following:

PeriodIndexDaily Volume
Weighted Average Price
Oil (Bbl)
Fixed Price SwapsJanuary 2026 - June 2026NYMEX WTI300$68.67
Natural Gas (MMBtu)
Fixed Price Swaps January 2026 - December 2026NYMEX Henry Hub 11,797$4.16
Producer Costless Collars January 2026 - December 2026 NYMEX Henry Hub4,500
$3.35 Put / $5.35 Call
Subsequent to March 31, 2026, the Company entered into the following oil derivative producer costless collar contracts:

PeriodIndexDaily Volume (Bbl)Put (Per Bbl)Call (Per Bbl)
June - December 2026NYMEX WTI280$80.00 $100.00 

Subsequent to March 31, 2026, the Company entered into the following NGL derivative swap contracts:

PeriodIndexDaily Volume (Bbl)Weighted Average Price Per Bbl
June - December 2026Mont Belvieu OPIS70$47.88
v3.26.1
Property, Plant and Equipment (Tables)
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
Property, plant and equipment consists of the following (in thousands):
March 31,
2026		December 31,
2025
Oil and natural gas properties
Proved
$1,780,529 $1,759,943 
Unproved
29,526 27,520 
Total oil and natural gas properties
1,810,055 1,787,463 
Less: accumulated depreciation, depletion and impairment(1,454,990)(1,446,824)
Net oil and natural gas properties capitalized costs355,065 340,639 
Land200 200 
Electrical infrastructure122,380 122,380 
Non-oil and natural gas equipment1,626 1,626 
Building and structures3,603 3,603 
Financing leases1,377 1,345 
Total129,186 129,154 
Less: accumulated depreciation and amortization(54,926)(53,505)
Other property, plant and equipment, net
74,260 75,649 
Total property, plant and equipment, net
$429,325 $416,288 
v3.26.1
Accounts Payable and Accrued Expenses (Tables)
 3 Months Ended
Mar. 31, 2026
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consist of the following (in thousands):
March 31,
2026		December 31,
2025
Accounts payable and other accrued expenses$19,776 $25,402 
Production payable27,284 29,221 
Payroll and benefits1,121 3,211 
Taxes payable1,661 1,203 
Total accounts payable and accrued expenses$49,842 $59,037 
v3.26.1
Revenues (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table disaggregates the Company’s revenue by source:
Three Months Ended March 31,
20262025
(In thousands)
Oil$25,071 $18,880 
Natural gas15,621 12,673 
NGL9,085 11,051 
Total revenues $49,777 $42,604 
v3.26.1
Earnings per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Earnings (Loss) per Share
The following table summarizes the calculation of weighted average shares of common stock outstanding used in the computation of diluted earnings per share:
Net Income (loss)
Weighted Average Shares
Earnings Per Share
(In thousands, except per share amounts)
Three Months Ended March 31, 2026
Basic earnings per share
$18,670 36,770 $0.51 
Effect of dilutive securities
Restricted stock units— 80 
Restricted stock awards— 51 
Performance share units(1)
— — 
Stock options— 91 
Diluted earnings per share(2)
$18,670 36,992 $0.50 
Three Months Ended March 31, 2025
Basic earnings per share
$13,049 37,041 $0.35 
Effect of dilutive securities
Restricted stock units— — 
Restricted stock awards— 31 
Performance share units(1)
— — 
Stock options— 8 
Diluted earnings per share(2)
$13,049 37,080 $0.35 
____________________

(1)The performance share unit awards are contingently issuable and are considered in the calculation of diluted earnings per share. The Company assesses the number of awards that would be issuable, if any, under the terms of the agreement if the end of the reporting period were the end of the contingency period.

(2)Incremental shares are excluded if their effect is antidilutive under the treasury stock method. The incremental shares of restricted stock units were excluded for the three months ended March 31, 2025 as their effect was antidilutive under the treasury stock method.
v3.26.1
Subsequent Events (Tables)
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Schedule of Derivative Contracts
As of March 31, 2026, the Company's open derivative contracts consisted of oil, natural gas, and NGL commodity derivative contracts as follows:

PeriodIndexDaily Volume
Weighted Average Price
Oil (Bbl)
Fixed Price Swaps
April 2026 - December 2026NYMEX WTI799$74.37
January 2027 - December 2027NYMEX WTI200$65.00
Producer Costless Collars
April 2026 - December 2026NYMEX WTI975
$57.56 Put / $79.93 Call
Natural Gas (MMBtu)
Fixed Price Swaps
April 2026 - December 2026NYMEX Henry Hub16,430$4.17
Producer Costless Collars
April 2026 - December 2026NYMEX Henry Hub4,500
$3.35 Put / $5.35 Call
NGL (Bbl)
Fixed Price Swaps
April 2026 - December 2026Mont Belvieu OPIS420$55.41

As of December 31, 2025, the Company's open derivative contracts consisted of oil and natural gas commodity derivative contracts under which we will receive a fixed price for the contract and pay a floating market price to the counterparty over a specified period for a contracted volume. These commodity derivative contracts consisted of the following:

PeriodIndexDaily Volume
Weighted Average Price
Oil (Bbl)
Fixed Price SwapsJanuary 2026 - June 2026NYMEX WTI300$68.67
Natural Gas (MMBtu)
Fixed Price Swaps January 2026 - December 2026NYMEX Henry Hub 11,797$4.16
Producer Costless Collars January 2026 - December 2026 NYMEX Henry Hub4,500
$3.35 Put / $5.35 Call
Subsequent to March 31, 2026, the Company entered into the following oil derivative producer costless collar contracts:

PeriodIndexDaily Volume (Bbl)Put (Per Bbl)Call (Per Bbl)
June - December 2026NYMEX WTI280$80.00 $100.00 

Subsequent to March 31, 2026, the Company entered into the following NGL derivative swap contracts:

PeriodIndexDaily Volume (Bbl)Weighted Average Price Per Bbl
June - December 2026Mont Belvieu OPIS70$47.88
v3.26.1
Basis of Presentation - Narrative (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
segment
Dec. 31, 2025
USD ($)
Segment Reporting Information [Line Items]    
Cash and cash equivalents $ 102,749 $ 110,998
Restricted cash 1,347 1,347
Total assets $ 652,130 644,021
Number of operating segments | segment 1  
Number of reportable segments | segment 1  
Reportable Segment    
Segment Reporting Information [Line Items]    
Total assets $ 652,100 $ 644,000
v3.26.1
Basis of Presentation - Schedule of Segment Reporting Information (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Total revenues $ 49,777,000 $ 42,604,000
Expenses    
Lease operating expenses 10,787,000 10,917,000
Production, ad valorem, and other taxes 3,021,000 3,099,000
Depreciation and depletion—oil and natural gas 9,820,000 8,416,000
Depreciation and amortization—other 1,623,000 1,603,000
General and administrative 2,988,000 3,853,000
Restructuring expenses 146,000 40,000
(Gain) loss on derivative contracts 3,526,000 2,487,000
Other operating (income) expense 10,000 0
Total expenses 31,921,000 30,415,000
Income from operations 17,856,000 12,189,000
Interest income (expense), net 814,000 860,000
Total other income (expense) 814,000 860,000
Income (loss) before income taxes 18,670,000 13,049,000
Income tax (benefit) 0 0
Net income (loss) 18,670,000 13,049,000
Reportable Segment    
Segment Reporting Information [Line Items]    
Total revenues 49,777,000 42,604,000
Expenses    
Lease operating expenses 10,787,000 10,917,000
Production, ad valorem, and other taxes 3,021,000 3,099,000
Depreciation and depletion—oil and natural gas 9,820,000 8,416,000
Depreciation and amortization—other 1,623,000 1,603,000
General and administrative 2,988,000 3,853,000
Restructuring expenses 146,000 40,000
(Gain) loss on derivative contracts 3,526,000 2,487,000
Other operating (income) expense 10,000 0
Total expenses 31,921,000 30,415,000
Income from operations 17,856,000 12,189,000
Interest income (expense), net 814,000 860,000
Total other income (expense) 814,000 860,000
Income (loss) before income taxes 18,670,000 13,049,000
Income tax (benefit) 0 0
Net income (loss) 18,670,000 13,049,000
Oil    
Segment Reporting Information [Line Items]    
Total revenues 25,071,000 18,880,000
Oil | Reportable Segment    
Segment Reporting Information [Line Items]    
Total revenues 25,071,000 18,880,000
Natural gas    
Segment Reporting Information [Line Items]    
Total revenues 15,621,000 12,673,000
Natural gas | Reportable Segment    
Segment Reporting Information [Line Items]    
Total revenues 15,621,000 12,673,000
NGL    
Segment Reporting Information [Line Items]    
Total revenues 9,085,000 11,051,000
NGL | Reportable Segment    
Segment Reporting Information [Line Items]    
Total revenues $ 9,085,000 $ 11,051,000
v3.26.1
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Assets at Fair Value $ (883) $ 2,773
Level 1    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Assets at Fair Value 0 0
Level 2    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Assets at Fair Value (5,736) 3,130
Level 3    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Assets at Fair Value 0 0
Netting    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Assets at Fair Value 4,853 357
Commodity derivative contracts    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Assets at Fair Value (883) 2,773
Commodity derivative contracts | Level 1    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Assets at Fair Value 0 0
Commodity derivative contracts | Level 2    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Assets at Fair Value (5,736) 3,130
Commodity derivative contracts | Level 3    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Assets at Fair Value 0 0
Commodity derivative contracts | Netting    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Assets at Fair Value $ 4,853 $ 357
v3.26.1
Derivatives - Derivative Instruments, Gain (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure    
(Gain) loss on derivative contracts $ 3,526 $ 2,487
Settlement gains (losses) on derivative contracts 130 (159)
Commodity Derivatives    
Derivative Instruments and Hedging Activities Disclosure    
(Gain) loss on derivative contracts 3,526 2,487
Settlement gains (losses) on derivative contracts $ 130 $ (159)
v3.26.1
Derivatives - Offsetting Assets and Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets (Liabilities)    
Gross Amounts $ (5,736)  
Gross Amounts Offset 4,853  
Amounts Net of Offset (883)  
Financial Collateral 0  
Net Amount (883)  
Assets    
Gross Amounts   $ 3,130
Gross Amounts Offset   357
Amounts Net of Offset   2,773
Financial Collateral   0
Net Amount   2,773
Derivative contracts - current    
Assets (Liabilities)    
Gross Amounts (5,530)  
Gross Amounts Offset 4,853  
Amounts Net of Offset (677)  
Financial Collateral 0  
Net Amount (677)  
Derivative contracts - non-current    
Assets (Liabilities)    
Gross Amounts (206)  
Gross Amounts Offset 0  
Amounts Net of Offset (206)  
Financial Collateral 0  
Net Amount $ (206)  
Derivative contracts - current    
Assets    
Gross Amounts   3,130
Gross Amounts Offset   357
Amounts Net of Offset   2,773
Financial Collateral   0
Net Amount   $ 2,773
v3.26.1
Derivatives - Derivative Contracts (Details) - Designated as Hedging Instrument
 3 Months Ended 12 Months Ended
Mar. 31, 2026
MMBTU
$ / MMBTU
$ / bbl
bbl
Dec. 31, 2025
MMBTU
$ / bbl
$ / MMBTU
bbl
Oil Swaps January 2026 To June 2026    
Business Combination [Line Items]    
Daily volume (in barrels) | bbl   300
Weighted average price per barrel (in dollars per barrel)   68.67
Oil Swaps April 2026 To December 2026    
Business Combination [Line Items]    
Daily volume (in barrels) | bbl 799  
Weighted average price per barrel (in dollars per barrel) 74.37  
Oil Swaps January 2027 To December 2027    
Business Combination [Line Items]    
Daily volume (in barrels) | bbl 200  
Weighted average price per barrel (in dollars per barrel) 65.00  
Oil Collars April 2026 To December 2026    
Business Combination [Line Items]    
Daily volume (in barrels) | bbl 975  
Oil Collars April 2026 To December 2026 | Put    
Business Combination [Line Items]    
Weighted average price per barrel (in dollars per barrel) 57.56  
Oil Collars April 2026 To December 2026 | Call    
Business Combination [Line Items]    
Weighted average price per barrel (in dollars per barrel) 79.93  
Natural Gas Swaps January 2026 To December 2026    
Business Combination [Line Items]    
Daily volume (in million barrels) | MMBTU   11,797
Weighted average price per barrel (in dollars per barrel) | $ / MMBTU   4.16
Natural Gas Swaps April 2026 To December 2026    
Business Combination [Line Items]    
Daily volume (in million barrels) | MMBTU 16,430  
Weighted average price per barrel (in dollars per barrel) | $ / MMBTU 4.17  
Natural Gas Collars January 2026 To December 2026    
Business Combination [Line Items]    
Daily volume (in million barrels) | MMBTU 4,500 4,500
Natural Gas Collars January 2026 To December 2026 | Put    
Business Combination [Line Items]    
Weighted average price per barrel (in dollars per barrel) | $ / MMBTU 3.35  
Natural Gas Collars January 2026 To December 2026 | Call    
Business Combination [Line Items]    
Weighted average price per barrel (in dollars per barrel) | $ / MMBTU 5.35  
Natural Gas Liquid Swaps April 2026 To December 2026    
Business Combination [Line Items]    
Daily volume (in barrels) | bbl 420  
Weighted average price per barrel (in dollars per barrel) 55.41  
v3.26.1
Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Oil and natural gas properties    
Proved $ 1,780,529 $ 1,759,943
Unproved 29,526 27,520
Total oil and natural gas properties 1,810,055 1,787,463
Less: accumulated depreciation, depletion and impairment (1,454,990) (1,446,824)
Net oil and natural gas properties capitalized costs 355,065 340,639
Property, Plant and Equipment, net    
Financing leases 1,377 1,345
Total 129,186 129,154
Less: accumulated depreciation and amortization (54,926) (53,505)
Other property, plant and equipment, net 74,260 75,649
Total property, plant and equipment, net 429,325 416,288
Land    
Property, Plant and Equipment, net    
Property, plant and equipment, gross 200 200
Electrical infrastructure    
Property, Plant and Equipment, net    
Property, plant and equipment, gross 122,380 122,380
Non-oil and natural gas equipment    
Property, Plant and Equipment, net    
Property, plant and equipment, gross 1,626 1,626
Building and structures    
Property, Plant and Equipment, net    
Property, plant and equipment, gross $ 3,603 $ 3,603
v3.26.1
Accounts Payable and Accrued Expenses (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Payables and Accruals [Abstract]    
Accounts payable and other accrued expenses $ 19,776 $ 25,402
Production payable 27,284 29,221
Payroll and benefits 1,121 3,211
Taxes payable 1,661 1,203
Total accounts payable and accrued expenses $ 49,842 $ 59,037
v3.26.1
Commitments and Contingencies (Details) - SandRidge Mississippian Trust I - Pending Litigation
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
individual
Loss Contingencies [Line Items]  
Number of defendants | individual 2
Loss contingency, estimate of possible loss | $ $ 17.0
v3.26.1
Income Taxes (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Income Taxes      
Valuation allowance, deferred tax asset, decrease $ 78,300,000   $ 78,300,000
Income tax benefit 0 $ 0  
States operating loss carryforwards $ 198,000,000.0    
Minimum      
Income Taxes      
Number of tax years open for state tax audit 3 years    
Maximum      
Income Taxes      
Number of tax years open for state tax audit 5 years    
Domestic Tax Authority      
Income Taxes      
Operating loss carryforwards $ 1,500,000,000    
Operating loss carryforwards, subject to expiration 600,000,000    
Operating loss carryforwards, not subject to expiration 900,000,000    
Tax credit carryforward, amount 33,500,000    
State and Local Jurisdiction      
Income Taxes      
Operating loss carryforwards 900,000,000    
Operating loss carryforwards, subject to expiration 93,000,000.0    
Operating loss carryforwards, not subject to expiration $ 645,000,000.0    
v3.26.1
Equity (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
shareholder
$ / shares
shares
Mar. 31, 2025
USD ($)
$ / shares
shares
Dec. 31, 2025
$ / shares
shares
Aug. 05, 2025
Dec. 31, 2024
shares
May 31, 2023
USD ($)
Jul. 01, 2020
$ / shares
shares
Class of Stock              
Shares authorized for issuance (in shares) 300,000,000.0            
Common stock, authorized (in shares) 250,000,000.0   250,000,000        
Common stock, par value (in dollars per share) | $ / shares $ 0.001   $ 0.001        
Preferred stock, shares authorized (in shares) 50,000,000.0            
Preferred stock, par value (in dollars per share) | $ / shares $ 0.001            
Common stock, issued (in shares) 36,875,000   36,825,000        
Common stock, outstanding (in shares) 36,875,000   36,825,000        
Stock repurchase program, authorized amount | $           $ 75,000  
Stock repurchased (in shares) 0 500,000          
Repurchases of common stock | $   $ 5,094          
Average price per share (in dollars per share) | $ / shares   $ 11.26          
Common stock, shares, outstanding, minimal beneficial ownership trigger for dividend waiver       4.90%      
Payments of dividends | $ $ 3,862 $ 4,086          
Tax benefits preservation plan, ownership threshold, beneficial ownership threshold, number of shareholders | shareholder 1            
Tax benefits preservation plan, ownership threshold, beneficial ownership threshold, percent 4.90%            
Tax benefits preservation plan, ownership threshold, beneficial ownership threshold, period (in years) 3 years            
Maximum              
Class of Stock              
Tax benefits preservation plan, ownership threshold, beneficial ownership threshold, percent 5.00%            
Minimum              
Class of Stock              
Tax benefits preservation plan, ownership threshold, beneficial ownership threshold, increases by more points over lowest percentage of stock owned 50.00%            
Common Stock              
Class of Stock              
Common stock, outstanding (in shares) 36,875,000 36,777,000 36,825,000   37,203,000    
Stock repurchased (in shares)   452,000          
Dividend reinvestments (in shares) 0            
The Tax Benefits Preservation Plan              
Class of Stock              
Number of rights per outstanding share of common stock             1
The Tax Benefits Preservation Plan | Series A Junior Participating Preferred Stock              
Class of Stock              
Number of common shares exercised for each warrant (in shares)             0.001
The Tax Benefits Preservation Plan | Preferred Stock              
Class of Stock              
Exercise price (in dollars per share) | $ / shares             $ 5.00
Restricted Stock              
Class of Stock              
Common stock, authorized (in shares) 100,000            
Restricted Stock Units (RSUs)              
Class of Stock              
Unvested awards (in shares) 200,000            
Stock Option              
Class of Stock              
Unvested options (in shares) 100,000            
v3.26.1
Revenues - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue    
Total revenues $ 49,777 $ 42,604
Reportable Segment    
Disaggregation of Revenue    
Total revenues 49,777 42,604
Oil    
Disaggregation of Revenue    
Total revenues 25,071 18,880
Oil | Reportable Segment    
Disaggregation of Revenue    
Total revenues 25,071 18,880
Natural gas    
Disaggregation of Revenue    
Total revenues 15,621 12,673
Natural gas | Reportable Segment    
Disaggregation of Revenue    
Total revenues 15,621 12,673
NGL    
Disaggregation of Revenue    
Total revenues 9,085 11,051
NGL | Reportable Segment    
Disaggregation of Revenue    
Total revenues $ 9,085 $ 11,051
v3.26.1
Revenues - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Revenues Receivable from Customer        
Bad debt expense on revenues receivable $ 0 $ 0    
Revenue Receivable from Contract With Customers        
Revenues Receivable from Customer        
Revenues receivable $ 21,300,000   $ 16,700,000 $ 15,300,000
v3.26.1
Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Net Income (loss) $ 18,670 $ 13,049
Weighted average shares, basic (in shares) 36,770 37,041
Earnings per share, basic (in dollars per share) $ 0.51 $ 0.35
Effect of dilutive securities    
Restricted stock units $ 0 $ 0
Restricted stock units (in shares) 80 0
Restricted stock awards $ 0 $ 0
Restricted stock awards (in shares) 51 31
Performance share units $ 0 $ 0
Performance share units (in shares) 0 0
Stock options $ 0 $ 0
Stock options (in shares) 91 8
Diluted earnings per share $ 18,670 $ 13,049
Diluted earnings per share (in shares) 36,992 37,080
Diluted earnings per share (in dollars per share) $ 0.50 $ 0.35
v3.26.1
Subsequent Events - Narrative (Details) - Subsequent Event
May 05, 2026
$ / shares
Business Acquisition [Line Items]  
Dividends declared, increase, percentage 8.00%
O 2026 Q1 Dividends  
Business Acquisition [Line Items]  
Dividends declared (in dollars per share) $ 0.13
S 2026 Q1 Dividends  
Business Acquisition [Line Items]  
Dividends declared (in dollars per share) $ 0.20
v3.26.1
Subsequent Events - Schedule of Derivative Collars (Details) - Subsequent Event
May 05, 2026
$ / bbl
bbl
NYMEX June - December 2026  
Business Combination [Line Items]  
Daily volume (in barrels) | bbl 280
NYMEX June - December 2026 | Put  
Business Combination [Line Items]  
Weighted average price per barrel (in dollars per barrel) 80.00
NYMEX June - December 2026 | Call  
Business Combination [Line Items]  
Weighted average price per barrel (in dollars per barrel) 100.00
Mont Belvieu OPIS  
Business Combination [Line Items]  
Daily volume (in barrels) | bbl 70
Weighted average price per barrel (in dollars per barrel) 47.88