SandRidge Energy, Inc. (NYSE:SD) Q1 2023 Earnings Conference Call May 5, 2023 11:00 AM ET
Company Participants
Scott Prestridge – Vice President, Finance and Treasury
Grayson Pranin – Chief Executive Officer and Chief Operating Officer
Salah Gamoudi – Chief Financial Officer and Chief Accounting Officers
Conference Call Participants
Operator
Good morning, and welcome to SandRidge Energy's Q1 2023 Earnings Conference Call. All participants are in a listen-only mode. After the speakers' presentation, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference call is being recorded.
I would now like to turn the call over to Scott Prestridge, Vice President, Finance and Treasury. Thank you. Please go ahead.
Scott Prestridge
Thank you, and welcome, everyone. With me today are Grayson Pranin, our CEO and COO; Salah Gamoudi, our CFO and CAO; as well as Dean Parrish, our SVP of Operations. We would like to remind you that today's call contains forward-looking statements and assumptions, which are subject to risk and uncertainty, and actual results may differ materially from those projected in these forward-looking statements. We may also refer to adjusted EBITDA and adjusted G&A and other non-GAAP financial measures. Reconciliations of these measures can be found on our website.
With that, I'll turn the call over to Grayson.
Grayson Pranin
Thank you, and good morning. I'm pleased to report on another good quarter of results and that the company's efficient activity continues to translate to meaningful free cash flow from our producing assets this past quarter and projected into 2023. Before expanding on this, Salah will touch on a few highlights.
Salah Gamoudi
Thank you, Grayson. Production for the quarter averaged 16.7 MBoe per day and oil production increased approximately 22% from the first quarter of 2022, driven by the higher oil content of our new Northwest STACK wells. Over the quarter, the company generated adjusted EBITDA of approximately $31 million. As we have pointed out in the past, our adjusted EBITDA is a unique metric for SandRidge due to us having no I and very little T, given that we have no debt and a substantial NOL position that shields our cash flows from federal income taxes.
Net cash, including restricted cash, increased to approximately $288 million, which represents $7.79 per share of our common stock issued and outstanding as of March 31, 2023. The company has no term debt or revolving debt obligations as of March 31, 2023, and continues to live within cash flow, putting all of its capital expenditures with cash flow from operations and cash held on the balance sheet. Commodity price realizations over the first quarter, before considering the impact of hedges, were $74.26 per barrel and $2.73 per Mcf for oil and natural gas, which were 98% and nearly 100% compared to average WTI and Henry Hub benchmarks before the impact of any hedges. NGL realizations were $24.62 per barrel or 32% of WTI.