SandRidge Energy, Inc. (NYSE:SD) Q2 2024 Earnings Conference Call August 8, 2024 2:00 PM ET
Company Participants
Scott Prestridge – Senior Vice President of Finance and Strategy
Grayson Pranin – Chief Executive Officer
Brandon Brown – Chief Financial Officer
Dean Parrish – Chief Operating Officer
Conference Call Participants
Jesús León – Castañar Investment
Operator
Hello and welcome to the SandRidge Energy Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]
I would now like to turn the call over to your host Scott Prestridge, Senior Vice President of Finance and Strategy. Please go ahead.
Scott Prestridge
Thank you, and welcome, everyone. With me today are Grayson Pranin, our CEO; Brandon Brown, our CFO; as well as Dean Parrish, our COO. We would like to remind you that today’s call contains forward-looking statements and assumptions, which are subject to risks and uncertainties, and actual results may differ materially from those projected in these forward-looking statements. These statements are not guarantees of future performance, and our actual results may differ materially due to known and unknown risks and uncertainties as discussed in greater detail in our earnings release and our SEC filings. 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 afternoon. I am pleased to report on another quarter and that the company’s activity continues to translate to free cash flow from our producing assets. In addition, last week we announced entering into a definitive agreement to buy assets, the Western Anadarko Basin for $144 million before customary adjustments. Before expanding on this, Brandon will touch on a few highlights for the quarter.
Brandon Brown
Thank you, Grayson. Despite the downdrafts of natural gas prices during the period, the company generated adjusted EBITDA of nearly $13 million in the second quarter. 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 shares our cash flows from federal income taxes. On the I portion, we in fact generated $2.5 million of interest income during the quarter our cash held in various high yield deposit accounts.