SandRidge Energy, Inc. (NYSE:SD) Q3 2022 Results Conference Call November 3, 2022 11:00 AM ET

Company Participants

Scott Prestridge - Director, Finance and Investor Relations

Grayson Pranin - President, CEO & COO

Salah Gamoudi - EVP, CFO & CAO

Dean Parrish - SVP of Operations

Conference Call Participants

Josh Young - Bison

Jeff Robertson - Water Tower Research

Harvey Sax - Alpha Wealth Funds

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Q3 2022 SandRidge Energy Conference call. At this time, our all lines are in a listen-only mode. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]

Now, I would like to turn the call over to Scott Prestridge, Director of Finance and Investor Relations.

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 uncertainties, 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 am proud to report on another strong quarter results for SandRidge and that the Company's cost focus in efficient activity with high-graded drilling in the core of the Northwest STACK as well as a well reactivation program continue to add incremental economic production with strong free cash flow contribution from our producing assets this year and projected into 2023.

Before expanding on this, Salah will touch on a few highlights from the third quarter.

Salah Gamoudi

Thank you, Grayson. Production for the third quarter remained flat at approximately 17.8 MBoe per day over the last three quarters. Production benefited from the completion of 3 new wells this quarter as well as the reactivation of 42 wells during the first nine months of 2022 that were previously curtailed during the commodity price downturn in 2020.

The production from the 3 new wells contributed to an increase of oil production over the prior quarter by 25%. We expect production from this year's drilling program to continue to add the base levels in the fourth quarter of this year and into 2023 as we finish completions on wells drilled in the second half of the year.