SandRidge reports Q2 net income $8.8M; declares $0.11 dividend; agrees to $144M Cherokee acquisition

SANDRIDGE ENERGY INC

2024-Q2 EPS reported $0.54 revenue$56,260,000

Q2 net income $8.8M ($0.24 diluted) vs $16.6M a year ago; adjusted net income $6.4M ($0.17).
Oil, gas, NGL revenue $26.0M, down 22% YoY; production 1,363 MBoe (15.0 MBoe/d).
Board declared $0.11/share cash dividend payable Aug 30 to holders of record Aug 16.
Agreed to acquire Cherokee play assets for $144M cash, expected to close Q3 2024, funded from cash.
Cash and equivalents $211.3M, no debt; free cash flow $23.5M in H1 2024 (85% conversion).

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