Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): January 16, 2024

SANDRIDGE ENERGY, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-33784

20-8084793

(State or other jurisdiction
of Incorporation)

(Commission

file number)

(I.R.S. Employer
Identification No.)

1 E. Sheridan Ave, Suite 500

Oklahoma City, Oklahoma 73104

(Address of principal executive offices and Zip Code)

Registrant’s telephone number, including area code: (405) 429-5500

Not Applicable.

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange

on which registered

Common Stock, $0.001 par value

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01.

Other Matters.

On January 16, 2024, SandRidge Energy, Inc., a Delaware company (the “Company”) issued a press release announcing that its Board of Directors approved the following: (1) a one-time cash dividend of $1.50 per share of the Company’s common stock, payable on February 20, 2024 to stockholders of record as of the close of business on February 5, 2024, and (2) an increase to the current regular quarterly cash dividend from $0.10 per share of the Company’s common stock to $0.11 per share.

The full text of the press release is included as Exhibit 99.1 hereto.

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits


Exhibit No.		Description

99.1		Press release dated January 16, 2024.

104		Cover Page Interactive Data File

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


SandRidge Energy, Inc.

By:		/s/ Brandon Brown
		Brandon Brown
		Senior Vice President and Chief Financial Officer

Date: January 16, 2024

Exhibit 99.1

LOGO

NEWS RELEASE

SANDRIDGE ENERGY, INC. ANNOUNCES ONE-TIME $1.50 PER SHARE DIVIDEND

AND A 10% INCREASE TO ITS ON-GOING QUARTERLY DIVIDEND TO $0.11

PER SHARE FROM THE CURRENT $0.10 PER SHARE

Oklahoma City, Oklahoma, January 16, 2024 /PRNewswire/—SandRidge Energy, Inc. (the “Company”) today announced that its Board of Directors (the “Board”) has (1) declared a one-time dividend of $1.50 per share (for a total payout of approximately $55 million) and (2) planned an on-going quarterly dividend increase to $0.11 per share, increased from the current $0.10 per share starting with the next quarterly payout.

The one-time $1.50 per share dividend will be payable on February 20, 2024 to shareholders of record on February 5, 2024.

The Board also announced that it currently plans to increase its on-going quarterly dividend to $0.11 per share starting with the next quarterly payout, estimated to be first paid in March 2024, continuing every quarter thereafter until noticed.

The Company will continue to maintain sufficient resources to execute on value accretive merger and acquisition opportunities, which could bring synergies, complement our portfolio of assets, or otherwise yield attractive returns. We will also continue to focus on growing the value of our asset base while exercising prudent capital allocations to projects that provide high rates of returns in the current commodity price environment.

About SandRidge Energy, Inc.

SandRidge Energy, Inc. (NYSE: SD) is an independent oil and gas company engaged in the development, acquisition, and production of oil and gas assets. Its primary area of operations is the Mid-Continent region in Oklahoma and Kansas. Further information can be found at www.sandridgeenergy.com.

Contact Information

Investor Relations

SandRidge Energy, Inc.

1 E. Sheridan Ave., Suite 500

Oklahoma City, OK 73104

investors@sandridgeenergy.com

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on present circumstances and on the Company’s predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements, including the expected future payment of dividends and any statements of the plans and objectives of management for future operations and forecasts of future growth and value, are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements. Such forward-looking statements are made only as of the date of this release and the Company assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements.

Document and Entity Information	Jan. 16, 2024
Cover [Abstract]
Entity Registrant Name	SANDRIDGE ENERGY INC
Amendment Flag	false
Entity Central Index Key	0001349436
Document Type	8-K
Document Period End Date	Jan. 16, 2024
Entity Incorporation State Country Code	DE
Entity File Number	001-33784
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
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, $0.001 par value
Trading Symbol	SD
Security Exchange Name	NYSE
Entity Emerging Growth Company	false