Segment Reporting
The Company operates as one operating segment, which is engaged in the acquisition, development, and production of oil, natural gas, and NGL in the U.S. Mid-Continent. The Company's chief operating decision maker ("CODM") is its Chief Executive Officer who reviews financial information on a consolidated basis and uses net income (loss) to make key operating decisions and assess financial performance. The CODM considers significant segment expenses to be those presented in the below table. Interest expense was not significant for the years ended December 31, 2025, 2024 and 2023. The CODM regularly reviews total assets, which were $644.0 million and $581.5 million as of December 31, 2025 and 2024, respectively.

The following table presents selected financial information with respect to the Company’s single operating segment (in thousands):
 Year Ended December 31,
 202520242023
Revenues
Oil$77,270 $68,231 $78,174 
Natural gas41,587 21,397 34,941 
NGL37,500 35,662 35,526 
Total revenues156,357 125,290 148,641 
Expenses
Lease operating expenses36,191 40,012 41,862 
Production, ad valorem, and other taxes9,846 6,780 10,870 
Depreciation and depletion—oil and natural gas36,439 25,976 15,657 
Depreciation and amortization—other6,433 6,503 6,518 
General and administrative13,201 11,695 10,735 
Restructuring expenses1,060 474 406 
Employee termination benefits— — 19 
(Gain) loss on derivative contracts(7,763)(748)(1,447)
Other operating (income) expense— 1,372 (157)
Total expenses95,407 92,064 84,463 
Income (loss) from operations60,950 33,226 64,178 
Other income (expense)
Interest income (expense), net3,687 7,744 10,552 
Other income (expense), net31 (216)87 
Total other income (expense)3,718 7,528 10,639 
Income (loss) before income taxes64,668 40,754 74,817 
Income tax (benefit)(5,535)(22,232)13,960 
Net income (loss)$70,203 $62,986 $60,857 
Capital expenditures, including acquisitions$77,500 $156,472 $33,664 
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Historical Timeline

Fiscal YearFiled
2025Mar 5, 2026Showing above
2024Mar 11, 2025
2015Mar 30, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.