SandRidge Energy (SD) 10-Q 12 Nov 19 2019 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2019	Oct. 31, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-33784
Entity Registrant Name	SANDRIDGE ENERGY, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8084793
Entity Address, Address Line One	123 Robert S. Kerr Avenue
Entity Address, City or Town	Oklahoma City
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	73102
City Area Code	405
Local Phone Number	429-5500
Title of 12(b) Security	Common Stock, $.001 par value
Trading Symbol	SD
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		35,774,611
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Central Index Key	0001349436
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 4,035	$ 17,660
Restricted cash - other	1,693	1,985
Accounts receivable, net	31,706	45,503
Derivative contracts	1,133	5,286
Prepaid expenses	1,999	2,628
Other current assets	830	265
Total current assets	41,396	73,327
Oil and natural gas properties, using full cost method of accounting
Proved	1,455,609	1,269,091
Unproved	26,107	60,152
Less: accumulated depreciation, depletion and impairment	(855,765)	(580,132)
Net oil and natural gas properties	625,951	749,111
Other property, plant and equipment, net	191,280	200,838
Other assets	1,325	1,062
Total assets	859,952	1,024,338
Current liabilities
Accounts payable and accrued expenses	79,812	111,797
Asset retirement obligation	13,968	25,393
Other current liabilities	1,415	0
Total current liabilities	95,195	137,190
Long-term debt	62,000	0
Asset retirement obligation	45,901	34,671
Other long-term obligations	5,612	4,756
Total liabilities	208,708	176,617
Commitments and contingencies (Note 9)
Stockholders’ Equity
Common stock, $0.001 par value; 250,000 shares authorized; 35,730 issued and outstanding at September 30, 2019 and 35,687 issued and outstanding at December 31, 2018	36	36
Warrants	88,518	88,516
Additional paid-in capital	1,058,905	1,055,164
Accumulated deficit	(496,215)	(295,995)
Total stockholders’ equity	651,244	847,721
Total liabilities and stockholders’ equity	$ 859,952	$ 1,024,338

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	35,730,000	35,687,000
Common stock, shares outstanding (in shares)	35,730,000	35,687,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Total revenues	$ 58,369	$ 97,660	$ 206,993	$ 264,250
Expenses
Lease operating expenses	23,866	21,913	71,721	65,189
Production, ad valorem, and other taxes	4,346	7,339	15,303	19,256
Depreciation and depletion — oil and natural gas	38,871	33,090	114,755	92,048
Depreciation and amortization — other	2,981	3,036	8,910	9,229
Impairment	165,507	0	165,507	4,170
General and administrative	6,238	9,064	26,261	32,823
Accelerated vesting of employment compensation	0	0	0	6,545
Proxy contest	0	(459)	0	7,139
Employee termination benefits	0	23	4,465	32,653
(Gain) loss on derivative contracts	(1,756)	11,329	(1,547)	59,763
Other operating expense (income)	23	(105)	142	(1,343)
Total expenses	240,076	85,230	405,517	327,472
(Loss) income from operations	(181,707)	12,430	(198,524)	(63,222)
Other (expense) income
Interest expense, net	(722)	(627)	(2,009)	(2,226)
Gain on extinguishment of debt	0	0	0	1,151
Other income (expense), net	827	(118)	370	972
Total other income (expense)	105	(745)	(1,639)	(103)
(Loss) income before income taxes	(181,602)	11,685	(200,163)	(63,325)
Income tax benefit	0	(30)	0	(72)
Net (loss) income	$ (181,602)	$ 11,715	$ (200,163)	$ (63,253)
(Loss) earnings per share
Basic (in dollars per share)	$ (5.12)	$ 0.33	$ (5.66)	$ (1.81)
Diluted (in dollars per share)	$ (5.12)	$ 0.33	$ (5.66)	$ (1.81)
Weighted average number of common shares outstanding
Basic (in shares)	35,491,000	35,308,000	35,390,000	34,971,000
Diluted (in shares)	35,491,000	35,330,000	35,390,000	34,971,000
Oil, natural gas and NGL
Revenues
Total revenues	$ 58,188	$ 97,491	$ 206,432	$ 263,761
Other
Revenues
Total revenues	$ 181	$ 169	$ 561	$ 489

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Warrants	Additional Paid-In Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2017		35,650,000	6,570,000
Beginning balance at Dec. 31, 2017	$ 839,940	$ 36	$ 88,500	$ 1,038,324	$ (286,920)
Increase (Decrease) in Stockholders' Equity
Issuance of stock awards, net of cancellations (in shares)		(90,000)
Stock-based compensation	16,055			16,055
Cash paid for tax withholdings on vested stock awards	(1,661)			(1,661)
Net income (loss)	(40,894)				(40,894)
Ending balance (in shares) at Mar. 31, 2018		35,560,000	6,570,000
Ending balance at Mar. 31, 2018	813,440	$ 36	$ 88,500	1,052,718	(327,814)
Beginning balance (in shares) at Dec. 31, 2017		35,650,000	6,570,000
Beginning balance at Dec. 31, 2017	839,940	$ 36	$ 88,500	1,038,324	(286,920)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(63,253)
Ending balance (in shares) at Sep. 30, 2018		35,691,000	6,602,000
Ending balance at Sep. 30, 2018	792,535	$ 36	$ 88,517	1,054,155	(350,173)
Beginning balance (in shares) at Mar. 31, 2018		35,560,000	6,570,000
Beginning balance at Mar. 31, 2018	813,440	$ 36	$ 88,500	1,052,718	(327,814)
Increase (Decrease) in Stockholders' Equity
Issuance of stock awards, net of cancellations (in shares)		(254,000)
Issuance of stock awards, net of cancellations	0	$ (1)		1
Common stock issued for general unsecured claims		26,000
Stock-based compensation	6,605			6,605
Issuance of warrants for general unsecured claims (in shares)			52,000
Issuance of warrants for general unsecured claims	0		$ 14	(14)
Cash paid for tax withholdings on vested stock awards	(5,715)			(5,715)
Net income (loss)	(34,074)				(34,074)
Ending balance (in shares) at Jun. 30, 2018		35,332,000	6,622,000
Ending balance at Jun. 30, 2018	780,256	$ 35	$ 88,514	1,053,595	(361,888)
Increase (Decrease) in Stockholders' Equity
Issuance of stock awards, net of cancellations (in shares)		359,000
Issuance of stock awards, net of cancellations	0	$ 1		(1)
Stock-based compensation	564			564
Issuance of warrants for general unsecured claims (in shares)			(20,000)
Issuance of warrants for general unsecured claims	0		$ 3	(3)
Net income (loss)	11,715				11,715
Ending balance (in shares) at Sep. 30, 2018		35,691,000	6,602,000
Ending balance at Sep. 30, 2018	$ 792,535	$ 36	$ 88,517	1,054,155	(350,173)
Beginning balance (in shares) at Dec. 31, 2018	35,687,000	35,687,000	6,604,000
Beginning balance at Dec. 31, 2018	$ 847,721	$ 36	$ 88,516	1,055,164	(295,995)
Increase (Decrease) in Stockholders' Equity
Stock-based compensation	1,073			1,073
Issuance of warrants for general unsecured claims (in shares)			1,000
Issuance of warrants for general unsecured claims	0		$ 2	(2)
Net income (loss)	(5,277)				(5,277)
Ending balance (in shares) at Mar. 31, 2019		35,687,000	6,605,000
Ending balance at Mar. 31, 2019	$ 843,460	$ 36	$ 88,518	1,056,235	(301,329)
Beginning balance (in shares) at Dec. 31, 2018	35,687,000	35,687,000	6,604,000
Beginning balance at Dec. 31, 2018	$ 847,721	$ 36	$ 88,516	1,055,164	(295,995)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	$ (200,163)
Ending balance (in shares) at Sep. 30, 2019	35,730,000	35,730,000	6,605,000
Ending balance at Sep. 30, 2019	$ 651,244	$ 36	$ 88,518	1,058,905	(496,215)
Beginning balance (in shares) at Mar. 31, 2019		35,687,000	6,605,000
Beginning balance at Mar. 31, 2019	843,460	$ 36	$ 88,518	1,056,235	(301,329)
Increase (Decrease) in Stockholders' Equity
Issuance of stock awards, net of cancellations (in shares)		75,000
Stock-based compensation	2,170			2,170
Cash paid for tax withholdings on vested stock awards	(205)			(205)
Net income (loss)	(13,284)				(13,284)
Ending balance (in shares) at Jun. 30, 2019		35,762,000	6,605,000
Ending balance at Jun. 30, 2019	832,141	$ 36	$ 88,518	1,058,200	(314,613)
Increase (Decrease) in Stockholders' Equity
Issuance of stock awards, net of cancellations (in shares)		(32,000)
Stock-based compensation	862			862
Cash paid for tax withholdings on vested stock awards	(157)			(157)
Net income (loss)	$ (181,602)
Ending balance (in shares) at Sep. 30, 2019	35,730,000	35,730,000	6,605,000
Ending balance at Sep. 30, 2019	$ 651,244	$ 36	$ 88,518	$ 1,058,905	$ (496,215)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (200,163)	$ (63,253)
Adjustments to reconcile net loss to net cash provided by operating activities
Provision for doubtful accounts	(90)	(6)
Depreciation, depletion, and amortization	123,665	101,277
Impairment	165,507	4,170
Debt issuance costs amortization	398	352
Amortization of premiums and discounts on debt	0	(47)
Write off of debt issuance costs	142	0
Gain on extinguishment of debt	0	(1,151)
(Gain) loss on derivative contracts	(1,547)	59,763
Cash received (paid) on settlement of derivative contracts	5,700	(29,025)
Stock-based compensation	3,930	22,415
Other	(119)	(1,734)
Changes in operating assets and liabilities	(1,894)	16,407
Net cash provided by operating activities	95,529	109,168
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures for property, plant and equipment	(170,723)	(146,819)
Acquisition of assets	236	0
Proceeds from sale of assets	1,347	14,497
Net cash used in investing activities	(169,140)	(132,322)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings	170,096	0
Repayments of borrowings	(108,096)	(36,304)
Reduction of financing lease liability	(1,034)	0
Debt issuance costs	(910)	0
Cash paid for tax withholdings on vested stock awards	(362)	(7,376)
Net cash provided by (used in) financing activities	59,694	(43,680)
NET DECREASE IN CASH, CASH EQUIVALENTS and RESTRICTED CASH	(13,917)	(66,834)
CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year	19,645	101,308
CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of period	5,728	34,474
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized	(1,446)	0
Cash received for income taxes	0	4,381
Supplemental Disclosure of Noncash Investing and Financing Activities
Purchase of PP&E in accounts payable	12,790	20,955
Right-of-use assets obtained in exchange for financing lease obligations	3,237	0
Carrying value of properties exchanged	$ 5,384	$ 0

Statement of Financial Position

Statement of Financial Position, Classified (Statement) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Asset retirement obligation	$ 45,901	$ 34,671

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Nature of Business. SandRidge Energy, Inc. is an oil and natural gas exploration and production company headquartered in Oklahoma City, Oklahoma with a principal focus on the acquisition, exploration and development of hydrocarbon resources in the United States. Principles of Consolidation. The consolidated financial statements include the accounts of the Company and its wholly owned or majority owned subsidiaries, including its proportionate share of the Royalty Trusts. All intercompany accounts and transactions have been eliminated in consolidation. Interim Financial Statements. The accompanying unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited financial statements and notes contained in the Company’s 2018 Form 10-K. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted, although the Company believes that the disclosures contained herein are adequate to make the information presented not misleading. In the opinion of management, the financial statements include all adjustments, which consist of normal recurring adjustments unless otherwise disclosed, necessary to fairly state the Company’s unaudited condensed consolidated financial statements. Significant Accounting Policies. The unaudited condensed consolidated financial statements were prepared in accordance with the accounting policies stated in the 2018 Form 10-K as well as the items noted below. Reclassifications. Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. These reclassifications have no effect on the Company’s previously reported results of operations. Use of Estimates. The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of assumptions, judgments and estimates include: oil, natural gas and natural gas liquids (“NGL”) reserves; impairment tests of long-lived assets; asset retirement obligations; depreciation, depletion and amortization; income taxes; valuation of derivative instruments; contingencies; and accrued revenue and related receivables. In the second quarter of 2019, the Company revised estimated retirement dates for certain Mid-Continent properties. These revisions resulted in the reclassification of $9.7 million in asset retirement obligations from current liabilities to long-term obligations on the accompanying condensed consolidated balance sheet as of September 30, 2019. Although management believes the estimates used in the areas noted above are reasonable, actual results could differ significantly. Recent Accounting Pronouncements. In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, “Leases (Topic 842),” and subsequently issued other associated ASU's related to Topic 842 which supersede Accounting Standards Codification ("ASC") 840 and require lessees to recognize right of use ("ROU") lease assets and liabilities on the balance sheet for long-term leases formerly classified as operating leases under ASC 840, and to disclose key information about leasing arrangements. The Company adopted this ASU on January 1, 2019 using a modified retrospective approach for all ROU leases that existed at the period of adoption and did not restate its comparative periods. See Note 5 for additional discussion of the new leasing standard. Recent Accounting Pronouncements Not Yet Adopted. The FASB issued ASU 2016-13, “Financial Instruments —Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments,” which changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace the currently required incurred loss approach with an expected loss model for instruments measured at amortized cost. The standard is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted for the interim and annual periods beginning after December 31, 2018, and will be applied using a modified retrospective approach resulting in a cumulative effect adjustment to retained earnings upon adoption. The Company does not plan to early adopt and is currently evaluating the effect the guidance will have on its consolidated financial statements; however, the impact is not expected to be material.

Acquisitions and Divestitures o

Acquisitions and Divestitures of Oil and Gas Properties	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Acquisitions and Divestitures of Oil and Gas Properties	Acquisitions and Divestitures of Oil and Gas Properties Nonmonetary transaction. During the three-month period ended September 30, 2019, the Company transferred its interest in certain proved oil and natural gas properties located in Comanche, Harper and Sumner counties in Kansas along with associated electrical infrastructure and an insignificant amount of accounts receivable with an aggregate estimated fair value of $5.4 million, for an interest in certain other proved oil and natural gas properties located in Comanche, Harper and Barber counties in Kansas. The fair value of the assets given in the transaction approximated their carrying value, therefore no gain or loss was recognized on the transfer.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company measures and reports certain assets and liabilities on a fair value basis and has classified and disclosed its fair value measurements using the levels of the fair value hierarchy noted below. The carrying values of cash, restricted cash, accounts receivable, prepaid expenses, certain other current assets and other assets, accounts payable and accrued expenses, other current liabilities and other long-term obligations included in the unaudited condensed consolidated balance sheets approximated fair value at September 30, 2019, and December 31, 2018. Additionally, the carrying amount of debt associated with borrowings outstanding under the credit facility approximates fair value as borrowings bear interest at variable rates. As a result, these financial assets and liabilities are not discussed below. The fair values of property, plant and equipment classified as assets held for sale and related impairments and nonmonetary transactions, which are calculated using Level 3 inputs, are discussed in Note 6. Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Measurement based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity). Assets and liabilities that are measured at fair value are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, which may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The determination of the fair values, stated below, considers the market for the Company’s financial assets and liabilities, the associated credit risk and other factors. The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. The Company had assets classified in Level 2 of the hierarchy as of September 30, 2019 and December 31, 2018, as described below. Level 2 Fair Value Measurements Commodity Derivative Contracts. The fair values of the Company’s oil and natural gas fixed price swaps are based upon inputs that are either readily available in the public market, such as oil and natural gas futures prices, volatility factors and discount rates, or can be corroborated from active markets. Fair value is determined through the use of a discounted cash flow model or option pricing model using the applicable inputs discussed above. The Company applies a weighted average credit default risk rating factor for its counterparties or gives effect to its credit default risk rating, as applicable, in determining the fair value of these derivative contracts. Credit default risk ratings are based on current published credit default swap rates. Fair Value - Recurring Measurement Basis The following tables summarize the Company’s assets measured at fair value on a recurring basis by the fair value hierarchy (in thousands): September 30, 2019 Fair Value Measurements Netting(1) Assets/Liabilities at Fair Value Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ — $ 1,133 $ — — $ 1,133 $ — $ 1,133 $ — $ — $ 1,133 December 31, 2018 Fair Value Measurements Netting(1) Assets/Liabilities at Fair Value Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ — $ 5,286 $ — $ — $ 5,286 $ — $ 5,286 $ — $ — $ 5,286 ____________________ 1. Represents the effect of netting assets and liabilities for counterparties with which the right of offset exists. Transfers. The Company did not have any transfers between Level 1, Level 2 or Level 3 fair value measurements during the three and nine-month periods ended September 30, 2019 and 2018.

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives Commodity Derivatives The Company is exposed to commodity price risk, which impacts the predictability of its cash flows from the sale of oil and natural gas. The Company, on occasion, has sought to manage this risk through the use of commodity derivative contracts, which allow the Company to limit its exposure to commodity price volatility on a portion of its forecasted oil and natural gas sales. The Company has not designated any of its derivative contracts as hedges for accounting purposes. All derivative contracts are recorded at fair value with changes in derivative contract fair values recognized as gain or loss on derivative contracts in the unaudited condensed consolidated statements of operations. None of the Company’s commodity derivative contracts may be terminated prior to contractual maturity solely as a result of a downgrade in the credit rating of a party to the contract. Commodity derivative contracts are settled on a monthly basis, and the commodity derivative contract valuations are adjusted to the mark-to-market valuation on a quarterly basis. The Company entered into two oil swap contracts in July 2019 which consisted of fixed price swaps under which the Company receives a fixed price for the contract and pays a floating market price to the counterparty over a specified period for a contracted volume. The Board and management of the Company are continuing to evaluate the futures market for oil and natural gas to mitigate exposure to adverse oil and natural gas price changes. The following table summarizes derivative activity for the three and nine-month periods ended September 30, 2019, and 2018 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (Gain) loss on commodity derivative contracts $ (1,756) $ 11,329 $ (1,547) $ 59,763 Cash (received) paid on settlements $ (622) $ 11,631 $ (5,700) $ 29,025 Master Netting Agreements and the Right of Offset. The Company has master netting agreements with all of its commodity derivative counterparties and has presented its derivative assets and liabilities with the same counterparty on a net basis in the unaudited condensed consolidated balance sheets. As a result of the netting provisions, the Company's maximum amount of loss under commodity derivative transactions due to credit risk is limited to the net amounts due from its counterparties. As of September 30, 2019, the counterparties to the Company's open commodity derivative contracts consisted of two financial institutions, both of which are also lenders under the Company's credit facility. The Company is not required to post additional collateral under its commodity derivative contracts as all of the counterparties to the Company’s commodity derivative contracts share in the collateral supporting the Company’s credit facility. The following table summarizes (i) the Company's commodity derivative contracts on a gross basis, (ii) the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements and (iii) for the Company’s net derivative liability positions, the applicable portion of shared collateral under the credit facility as of September 30, 2019 and December 31, 2018 (in thousands): September 30, 2019 Gross Amounts Gross Amounts Offset Amounts Net of Offset Financial Collateral Net Amount Assets Derivative contracts - current $ 1,133 $ — $ 1,133 $ — $ 1,133 Total $ 1,133 $ — $ 1,133 $ — $ 1,133 December 31, 2018 Gross Amounts Gross Amounts Offset Amounts Net of Offset Financial Collateral Net Amount Assets Derivative contracts - current $ 5,286 $ — $ 5,286 $ — $ 5,286 Total $ 5,286 $ — $ 5,286 $ — $ 5,286 At September 30, 2019, the Company's open derivative contracts consisted of the following: Oil Price Swaps Notional (MBbls) Weighted Average Fixed Price October 2019 - December 2019 184 $ 60.04 Fair Value of Derivatives The following table presents the fair value of the Company’s derivative contracts as of September 30, 2019 and December 31, 2018, on a gross basis without regard to same-counterparty netting (in thousands): Type of Contract Balance Sheet Classification September 30, December 31, 2018 Derivative assets Oil price swaps Derivative contracts-current $ 1,133 $ — Natural gas price swaps Derivative contracts-current — 5,286 Total net derivative contracts $ 1,133 $ 5,286

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	Leases In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” and subsequently issued other associated ASU's related to Topic 842 which supersede ASC 840 and require lessees to recognize ROU lease assets and liabilities on the balance sheet for long-term leases formerly classified as operating leases under ASC 840, and to disclose key information about leasing arrangements. Leases to explore for or produce oil and natural gas were not impacted by this guidance. This ASU became effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted this ASU on January 1, 2019 using a modified retrospective approach for all ROU leases that existed at the period of adoption and did not restate its comparative periods. Topic 842 provides practical expedients to assist with the transition to the new standard. The Company elected the 'package of practical expedients,' and therefore did not have to reassess prior conclusions about lease identification, lease classification and initial indirect costs. The Company also elected the land easement practical expedient and short-term lease recognition exemption, under which leases with initial terms less than 12 months are not required to be presented on the balance sheet. The Company further elected the practical expedient to combine lease and non-lease components for asset classes including drilling rigs, compressors and various office equipment. The Company determines if an arrangement is or contains a lease at inception. A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. Lease liabilities were recognized based on the present value of the lease payments not yet paid over the lease term at January 1, 2019 for existing leases and at the commencement date for any new leases entered into subsequent to January 1, 2019. As most of the Company's leases do not provide an implicit rate, the Company's incremental borrowing rate was used as the discount rate when determining the present value of future payments. Lease assets are recognized based on the lease liability plus any prepaid lease payments and excluding lease incentives and initial direct costs incurred for the same periods. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that option will be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Adoption of this standard resulted in additional ROU lease assets and lease liabilities of approximately $2.3 million and $2.4 million, respectively, as of January 1, 2019, which did not materially impact the Company's consolidated financial statements. The difference between the net lease assets and liabilities was recognized as a cumulative-effect adjustment to the opening balance of retained earnings. Operating leases are included in other assets, other current liabilities and other long-term obligations, and finance leases are included in other property, plant and equipment, other current liabilities and other long-term obligations on the accompanying condensed consolidated balance sheet as of September 30, 2019. The Company had no significant capital or operating leases with terms longer than 12 months at December 31, 2018. The Company had operating and financing leases for vehicles, drilling rigs and equipment outstanding during the three and nine-month periods ended September 30, 2019, which were not significant to the consolidated financial statements. The components of lease costs recognized for the Company's ROU leases are shown below (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Short-term lease cost (1) $ 1,258 $ 9,342 Financing lease cost 407 1,052 Operating lease cost 33 133 Total lease cost $ 1,698 $ 10,527 ___________________ 1. $(0.2) million and $4.9 million of short-term lease cost was capitalized as part of oil and natural gas properties during the three and nine-month periods ended September 30, 2019, respectively. Portions of these costs were reimbursed to the Company by other working interest owners.
Leases	Leases In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” and subsequently issued other associated ASU's related to Topic 842 which supersede ASC 840 and require lessees to recognize ROU lease assets and liabilities on the balance sheet for long-term leases formerly classified as operating leases under ASC 840, and to disclose key information about leasing arrangements. Leases to explore for or produce oil and natural gas were not impacted by this guidance. This ASU became effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted this ASU on January 1, 2019 using a modified retrospective approach for all ROU leases that existed at the period of adoption and did not restate its comparative periods. Topic 842 provides practical expedients to assist with the transition to the new standard. The Company elected the 'package of practical expedients,' and therefore did not have to reassess prior conclusions about lease identification, lease classification and initial indirect costs. The Company also elected the land easement practical expedient and short-term lease recognition exemption, under which leases with initial terms less than 12 months are not required to be presented on the balance sheet. The Company further elected the practical expedient to combine lease and non-lease components for asset classes including drilling rigs, compressors and various office equipment. The Company determines if an arrangement is or contains a lease at inception. A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. Lease liabilities were recognized based on the present value of the lease payments not yet paid over the lease term at January 1, 2019 for existing leases and at the commencement date for any new leases entered into subsequent to January 1, 2019. As most of the Company's leases do not provide an implicit rate, the Company's incremental borrowing rate was used as the discount rate when determining the present value of future payments. Lease assets are recognized based on the lease liability plus any prepaid lease payments and excluding lease incentives and initial direct costs incurred for the same periods. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that option will be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Adoption of this standard resulted in additional ROU lease assets and lease liabilities of approximately $2.3 million and $2.4 million, respectively, as of January 1, 2019, which did not materially impact the Company's consolidated financial statements. The difference between the net lease assets and liabilities was recognized as a cumulative-effect adjustment to the opening balance of retained earnings. Operating leases are included in other assets, other current liabilities and other long-term obligations, and finance leases are included in other property, plant and equipment, other current liabilities and other long-term obligations on the accompanying condensed consolidated balance sheet as of September 30, 2019. The Company had no significant capital or operating leases with terms longer than 12 months at December 31, 2018. The Company had operating and financing leases for vehicles, drilling rigs and equipment outstanding during the three and nine-month periods ended September 30, 2019, which were not significant to the consolidated financial statements. The components of lease costs recognized for the Company's ROU leases are shown below (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Short-term lease cost (1) $ 1,258 $ 9,342 Financing lease cost 407 1,052 Operating lease cost 33 133 Total lease cost $ 1,698 $ 10,527 ___________________ 1. $(0.2) million and $4.9 million of short-term lease cost was capitalized as part of oil and natural gas properties during the three and nine-month periods ended September 30, 2019, respectively. Portions of these costs were reimbursed to the Company by other working interest owners.

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment consists of the following (in thousands): September 30, December 31, 2018 Oil and natural gas properties Proved $ 1,455,609 $ 1,269,091 Unproved 26,107 60,152 Total oil and natural gas properties 1,481,716 1,329,243 Less accumulated depreciation, depletion and impairment (855,765) (580,132) Net oil and natural gas properties 625,951 749,111 Land 4,400 4,400 Electrical infrastructure 126,482 131,176 Other non-oil and natural gas equipment 13,083 13,458 Buildings and structures 77,148 77,148 Financing leases 2,305 — Total 223,418 226,182 Less accumulated depreciation and amortization (32,138) (25,344) Other property, plant and equipment, net 191,280 200,838 Total property, plant and equipment, net $ 817,231 $ 949,949 Impairments. The Company recorded impairment to its oil and natural gas properties of $165.5 million during the three and nine-month periods ended September 30, 2019 as a result of its quarterly full cost ceiling test. Nonmonetary transaction. The Company utilized the income approach to estimate discounted cash flows as the basis for determining the fair value of proved properties divested in nonmonetary transactions. See Note 2. During the first quarter of 2018, the Company classified its remaining midstream generator assets as held for sale. These assets had a carrying value of $5.7 million which exceeded the estimated net realizable value of $1.6 million based on expected sales prices obtained from third parties. As a result, the Company recorded an impairment of $4.1 million for the nine-month period ended September 30, 2018. The midstream generator assets were sold during the second quarter of 2018 with no gain or loss recognized on the sale. No significant assets were classified as held for sale at September 30, 2019 or December 31, 2018.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	9 Months Ended
	Sep. 30, 2019
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consist of the following (in thousands): September 30, December 31, 2018 Accounts payable and other accrued expenses $ 36,740 $ 62,733 Payroll and benefits 9,458 12,891 Production payable 25,109 28,253 Taxes payable 7,395 5,350 Drilling advances 554 2,031 Accrued interest 556 539 Total accounts payable and accrued expenses $ 79,812 $ 111,797

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt	Debt Credit Facility. On June 21, 2019, the Company amended and restated its existing $600.0 million reserve-based revolving credit facility. The initial borrowing base of the restated credit facility is $300.0 million, which was reduced from $350.0 million under the previous credit facility and is subject to semiannual redeterminations. The facility is also subject to an initial aggregate elected commitment of $270.0 million , which the Company may reduce or seek to increase in future periods in accordance with the terms of the restated credit facility. The restatement extended the credit facility maturity date to April 1, 2021 from March 31, 2020. The interest rate on outstanding borrowings was reduced from a pricing grid tied to the borrowing base utilization rate of (a) LIBOR plus an applicable margin that varies from 3.00% to 4.00% per annum, or (b) the base rate plus an applicable margin that varies from 2.00% to 3.00% per annum under the previous credit facility to a pricing grid tied to borrowing base utilization of (a) LIBOR plus an applicable margin that varies from 2.00% to 3.00% per annum, or (b) the base rate plus an applicable margin that varies from 1.00% to 2.00% per annum under the restated credit facility. Interest on base rate borrowings is payable quarterly in arrears and interest on LIBOR borrowings is payable every one, two, three or six months, at the election of the Company. Quarterly, the Company pays commitment fees assessed at annual rates of 0.50% on any available portion of the credit facility. During the three and nine-month periods ended September 30, 2019, the weighted average interest rates on the credit facility were approximately 4.5% and 5.1%, respectively. The Company has the right to prepay loans under the credit facility at any time without a prepayment penalty, other than customary “breakage” costs with respect to LIBOR loans. The restated credit facility is secured by (i) first-priority mortgages on at least 85% of the PV-9 valuation of all proved reserves included in the most recently delivered reserve report of the Company, (ii) a first-priority perfected pledge of substantially all of the capital stock owned by each credit party and equity interests in the Royalty Trusts that are owned by a credit party and (iii) a first-priority perfected security interest in substantially all the cash, cash equivalents, deposits, securities and other similar accounts, and other tangible and intangible assets of the credit parties (including but not limited to as-extracted collateral, accounts receivable, inventory, equipment, general intangibles, investment property, intellectual property, real property and the proceeds of the foregoing). Other than reducing the proportion of the Company’s proved reserves required to be subject to first-priority mortgages to 85% from 95%, these terms are materially similar to those contained in the previously existing credit facility. The restated facility includes events of default and certain customary affirmative and negative covenants which are materially similar to those under the previous credit facility. The Company must also continue to maintain certain financial covenants including (i) a maximum consolidated total net leverage ratio, measured as of the end of any fiscal quarter, of no greater than 3.50 to 1.00 and (ii) a minimum consolidated interest coverage ratio, measured as of the end of any fiscal quarter, of no less than 2.25 to 1.00. As of September 30, 2019, the Company was in compliance with all applicable covenants and had a consolidated total net leverage ratio of 0.38 and consolidated interest coverage ratio of 48.00. The Company had $62.0 million outstanding under the credit facility at September 30, 2019, and $6.0 million in outstanding letters of credit, which reduce availability under the restated credit facility on a dollar-for-dollar basis. Building Note. In February 2018, the Company fully repaid a note secured by a mortgage on the Company's downtown Oklahoma City real estate (the "Building Note") in the amount of $36.3 million, which was comprised of an initial principal amount of $35.0 million and $1.3 million in in-kind interest costs that were previously added to the principal. An unamortized premium of $1.2 million was recognized as a gain on extinguishment of debt in the unaudited condensed consolidated statement of operations for the nine-month period ended September 30, 2018 in connection with the repayment.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings. As previously disclosed, on May 16, 2016, the Company and certain of its direct and indirect subsidiaries (collectively, the "Debtors") filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). The Bankruptcy Court confirmed the joint plan of organization (the "Plan") of the Debtors on September 9, 2016, and the Debtors subsequently emerged from bankruptcy on October 4, 2016. Pursuant to the Plan, claims against the Company were discharged without recovery in each of the following consolidated cases (the “Cases”): • In re SandRidge Energy, Inc. Securities Litigation, Case No. 5:12-cv-01341-LRW, USDC, Western District of Oklahoma; and • Ivan Nibur, Lawrence Ross, Jase Luna, Matthew Willenbucher, and the Duane & Virginia Lanier Trust v. SandRidge Mississippian Trust I, et al., Case No. 5:15-cv-00634-SLP, USDC, Western District of Oklahoma The lead plaintiffs in both In re SandRidge Energy, Inc. Securities Litigation and Lanier Trust assert claims on behalf of themselves and (i) in In re SandRidge Energy, Inc. Securities Litigation , a class of all purchasers of SandRidge common stock from February 24, 2011 and November 8, 2012 under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, and (ii) in Lanier Trust , a putative class of purchasers of SandRidge Mississippian Trust I and SandRidge Mississippian Trust II common units between April 7, 2011 and November 8, 2012 under Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, both based on allegations that defendants, which include certain former officers of the Company and the SandRidge Mississippian Trust I, made misrepresentations or omissions concerning various topics including the performance of wells operated by the Company in the Mississippian region. Discovery in each of the Cases closed on June 19, 2019. Following a hearing on class certification in each of the Cases on September 6, 2019, the court granted class certification in In re SandRidge Energy, Inc. Securities Litigation on September 30, 2019. The motion for class certification in Lanier Trust remains pending. In each of the Cases, lead plaintiffs seek to recover unspecified damages, interest, costs and expenses incurred in the litigation on behalf of themselves and class members. Although the claims against the Company in each Case have been discharged pursuant to the Plan, the Company remains a nominal defendant in each of the Cases to the extent necessary to allow recovery from applicable insurance policies or proceeds. In addition, the Company owes indemnity obligations and/or the obligation to advance legal fees, to certain former officers who remain as defendants in each action. The Company may also be contractually obligated to indemnify the SandRidge Mississippian Trust I against losses, claims, damages, liabilities and expenses, including reasonable costs of investigation and attorney’s fees and expenses, arising out of the Cases, and such indemnification is not covered by insurance. In light of the status of the Cases, and the facts, circumstances and legal theories relating thereto, the Company is not able to determine the likelihood of an outcome in either case or provide an estimate of any reasonably possible loss or range of possible loss related thereto. However, considering the erosion of insurance coverage available to the Company, such losses, if incurred, could be material. The Company has not established any liabilities relating to the Cases and believes that the plaintiffs’ claims are without merit. The Company intends to continue to vigorously defend against the Cases in its capacity as a nominal defendant. In addition to the matters described above, the Company is involved in various lawsuits, claims and proceedings which are being handled and defended by the Company in the ordinary course of business.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For each interim reporting period, the Company estimates the effective tax rate expected for the full fiscal year and uses that estimated rate in providing for income taxes on a current year-to-date basis. Deferred income taxes are provided to reflect the future tax consequences of temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. The Company’s deferred tax assets have been reduced by a valuation allowance due to a determination that it is more likely than not that some or all of the deferred assets will not be realized based on the weight of all available evidence. The Company continues to closely monitor and weigh all available evidence, including both positive and negative, in making its determination whether to maintain a valuation allowance. As a result of the significant weight placed on the Company's cumulative negative earnings position, the Company continued to maintain a full valuation allowance against its net deferred tax asset at September 30, 2019. Thus, the Company had no federal or state income tax expense or benefit for the three and nine-month periods ended September 30, 2019, and an insignificant amount of federal and state income tax expense or benefit for the three and nine-month periods ended September 30, 2018. Internal Revenue Code (“IRC”) Section 382 addresses company ownership changes and specifically limits the utilization of certain deductions and other tax attributes on an annual basis following an ownership change. As a result of the Chapter 11 reorganization and related transactions, the Company experienced an ownership change within the meaning of IRC Section 382 during 2016 that subjected certain of the Company’s tax attributes, including net operating losses ("NOLs"), to an IRC Section 382 limitation. This limitation has not resulted in cash taxes for any period subsequent to the ownership change. Since the 2016 ownership change, the Company has generated additional NOLs and other tax attributes that are not currently subject to an IRC Section 382 limitation. The Company's ability to use NOLs and other tax attributes to reduce taxable income and income taxes could be materially impacted by a future IRC 382 ownership change. Future transactions involving the Company's stock, including those outside of the Company's control, could cause an IRC 382 ownership change resulting in a limitation on tax attributes currently not limited and a more restrictive limitation on tax attributes currently subject to the previous IRC 382 limitation. The Company’s only taxing jurisdiction is the United States (federal and state). The Company’s tax years 2016 to present remain open for federal examination. Additionally, tax years 2005 through 2015 remain subject to examination for determining the amount of remaining federal net operating loss and other carryforwards. The number of years open for state tax audits varies, depending on the state, but are generally from three five

Equity

Equity	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Equity	Equity Common Stock, Performance Share Units, and Stock Options. At September 30, 2019, the Company had approximately 35.7 million shares of common stock, par value $0.001 per share, issued and outstanding, including 0.2 million shares of unvested restricted stock awards, 0.3 million unvested stock options, 0.1 million unvested performance share units, and 250.0 million shares of common stock authorized. See Note 13 for further discussion of the Company’s restricted stock awards, performance share units, and stock options.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The following table disaggregates the Company’s revenue by source for the three and nine-month periods ended September 30, 2019 and 2018: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In thousands) Oil $ 44,072 $ 63,994 $ 142,846 $ 166,548 NGL 6,362 18,776 28,886 52,111 Natural gas 7,754 14,721 34,700 45,102 Other 181 169 561 489 Total revenues $ 58,369 $ 97,660 206,993 $ 264,250 Oil, natural gas and NGL revenues. A majority of the Company’s revenues come from sales of oil, natural gas and NGLs and are recorded at a point in time when control of the oil, natural gas and NGL production passes to the customer at the inlet of the processing plant or pipeline, or the delivery point for onloading to a delivery truck. As the Company’s customers obtain control of the production prior to selling it to other end customers, the Company presents its revenues on a net basis, rather than on a gross basis. Pricing for the Company’s oil, natural gas and NGL contracts is variable and is based on volumes sold multiplied by either an index price, net of deductions, or a percentage of the sales price obtained by the customer, which is also based on index prices. The transaction price is allocated on a pro-rata basis to each unit of oil, natural gas or NGL sold based on the terms of the contract. Oil, natural gas and NGL revenues are also recorded net of royalties, discounts and allowances, and transportation costs, as applicable. Taxes assessed by governmental authorities on oil, natural gas and NGL sales are presented separately from revenues and are included in production, ad valorem, and other tax expense in the consolidated statements of operations. Payment terms are typically within 30 days of control being transferred. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, and (ii) contracts for which revenue is recognized at the amount to which the Company has the right to invoice for services performed. Revenues Receivable. The Company records an asset in accounts receivable, net on its consolidated balance sheet for revenues receivable from contracts with customers at the end of each period. Pricing for revenues receivable is estimated using current month crude oil, natural gas and NGL prices, net of deductions. Revenues receivable are typically collected the month after the Company delivers the related production to its customers. As of September 30, 2019, and December 31, 2018, the Company had revenues receivable of $22.2 million and $31.8 million, respectively, and did not record any bad debt expense on revenues receivable during the three and nine-month periods ended September 30, 2019.

Share and Incentive-Based Compe

Share and Incentive-Based Compensation	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Share and Incentive-Based Compensation	Share and Incentive-Based Compensation Share-Based Compensation Omnibus Incentive Plan. The Company's Omnibus Incentive Plan authorizes the issuance of up to 4.6 million shares of SandRidge common stock to eligible persons including non-employee directors of the Company, employees of the Company or any of its affiliates, and certain consultants and advisers to the Company or any of its affiliates. At September 30, 2019, the Company had restricted stock awards and an immaterial amount of performance share units and stock options outstanding under the Omnibus Incentive Plan. Vesting for certain restricted stock awards and performance share units was accelerated in connection with the departure of certain executives and reductions in force which occurred during the nine-month period ended September 30, 2019 and the nine-month period ended September 30, 2018. Vesting for certain restricted stock awards, performance share units and performance units was accelerated in the second quarter of 2018 in connection with the change in the composition of the Board after the 2018 annual meeting. Restricted Stock Awards. The Company’s restricted stock awards are equity-classified awards and are valued based upon the market value of the Company’s common stock on the date of grant. Outstanding restricted shares will generally vest over either a one three The following tables summarize share and incentive-based compensation for the three and nine-month periods ended September 30, 2019, and 2018 (in thousands): Recurring Compensation Expense(1) Executive Terminations(2) Reduction in Force(2) Accelerated Vesting(3) Total Three Months Ended September 30, 2019 Equity-classified awards: Restricted stock awards $ 478 $ — $ (1) $ — $ 477 Performance share units 168 — — — 168 Stock options 195 — — — 195 Total share-based compensation expense 841 — (1) — 840 Less: Capitalized compensation expense (34) — — — (34) Share-based compensation expense, net $ 807 $ — $ (1) $ — $ 806 Three Months Ended September 30, 2018 Equity-classified awards: Restricted stock awards $ 523 $ — $ — $ — $ 523 Performance share units 41 — — — 41 Total share-based compensation expense 564 — — — 564 Less: Capitalized compensation expense (58) — — — (58) Share-based compensation expense, net $ 506 $ — $ — $ — $ 506 ____________________ 1. Recorded in general and administrative expense in the accompanying consolidated statements of operations. 2. Recorded in employee termination benefits in the accompanying consolidated statements of operations. 3. Recorded in accelerated vesting of employment compensation in the accompanying consolidated statements of operations. Recurring Compensation Expense(1) Executive Terminations(2) Reduction in Force(2) Accelerated Vesting(3) Total Nine Months Ended September 30, 2019 Equity-classified awards: Restricted stock awards $ 2,052 $ 197 $ 500 $ — $ 2,749 Performance share units 555 281 — — 836 Stock options 518 — — — 518 Total share-based compensation expense 3,125 478 500 — 4,103 Less: Capitalized compensation expense (173) — — — (173) Share-based compensation expense, net $ 2,952 $ 478 $ 500 $ — $ 3,930 Nine Months Ended September 30, 2018 Equity-classified awards: Restricted stock awards $ 3,902 $ 8,140 $ 3,777 $ 5,181 $ 21,000 Performance share units 400 1,056 158 610 2,224 Total share-based compensation expense 4,302 9,196 3,935 5,791 23,224 Liability-classified awards: Performance units 776 2,151 558 1,309 4,794 Total share and incentive-based compensation expense 5,078 11,347 4,493 7,100 28,018 Less: Capitalized compensation expense (392) — — (555) (947) Share and incentive-based compensation expense, net $ 4,686 $ 11,347 $ 4,493 $ 6,545 $ 27,071 ____________________ 1. Recorded in general and administrative expense in the accompanying consolidated statements of operations. 2. Recorded in employee termination benefits in the accompanying consolidated statements of operations. 3. Recorded in accelerated vesting of employment compensation in the accompanying consolidated statements of operations.

Employee Termination Benefits

Employee Termination Benefits	9 Months Ended
	Sep. 30, 2019
Postemployment Benefits [Abstract]
Employee Termination Benefits	Employee Termination Benefits There were no significant employee termination benefits paid during the three-month periods ended September 30, 2019 and 2018. The following table presents a summary of employee termination benefits for the nine-month periods ended September 30, 2019 and 2018 (in thousands): Cash Share-Based Compensation (5) Number of Shares Total Employee Termination Benefits Nine Months Ended September 30, 2019 Executive Employee Termination Benefits (1) $ 879 $ 478 37 $ 1,357 Other Employee Termination Benefits (2) 2,608 500 44 3,108 $ 3,487 $ 978 81 $ 4,465 Nine Months Ended September 30, 2018 Executive Employee Termination Benefits (3) $ 11,945 $ 9,196 554 $ 21,141 Other Employee Termination Benefits (4) 7,577 3,935 209 11,512 $ 19,522 $ 13,131 763 $ 32,653 ____________________ 1. On June 14, 2019, the Company’s then current Executive Vice President, General Counsel and Corporate Secretary, Philip Warman, separated employment from the Company. As a result, the Company paid cash severance costs and incurred share-based compensation costs associated with this separation during the second quarter of 2019. 2. As a result of a reduction in workforce in the second quarter of 2019, certain employees received termination benefits including cash severance and accelerated share-based compensation upon separation of service from the Company. 3. On February 8, 2018, the Company’s then current chief executive officer ("CEO"), James Bennett, separated employment from the Company, and on February 22, 2018, the Company’s then current chief financial officer ("CFO"), Julian Bott, also separated employment from the Company. As a result, the Company paid cash severance costs and incurred share-based compensation costs associated with these separations during the first quarter of 2018. 4. As a result of a reduction in workforce in the first quarter of 2018, certain employees received termination benefits including cash severance and accelerated share-based and incentive compensation upon separation of service from the Company. 5. Share-based compensation recognized in connection with the accelerated vesting of restricted stock awards and performance share units upon the departure of certain executives and the reductions in workforce in the first quarter of 2018 and second quarter of 2019 reflects the remaining unrecognized compensation expense associated with these awards at the date of termination. The unrecognized compensation expense was calculated using the grant date fair value for restricted stock awards and performance share units. One share of the Company’s common stock was issued per performance share unit. See Note 13 for additional discussion of the Company’s share-based compensation awards.

(Loss) Earnings per Share

(Loss) Earnings per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
(Loss) Earnings per Share	(Loss) Earnings per Share The following table summarizes the calculation of weighted average common shares outstanding used in the computation of diluted (loss) earnings per share: Net (Loss) Earnings Weighted Average Shares (Loss) Earnings Per Share (In thousands, except per share amounts) Three Months Ended September 30, 2019 Basic loss per share $ (181,602) 35,491 $ (5.12) Effect of dilutive securities Restricted stock awards(1) — — Performance share units(1) — — Warrants(1) — — Stock options(1) — — Diluted loss per share $ (181,602) 35,491 $ (5.12) Three Months Ended September 30, 2018 Basic earnings per share $ 11,715 35,308 $ 0.33 Effect of dilutive securities Restricted stock awards — 22 Performance share units(2) — — Warrants(2) — — Diluted earnings per share $ 11,715 35,330 $ 0.33 Nine Months Ended September 30, 2019 Basic loss per share $ (200,163) 35,390 $ (5.66) Effect of dilutive securities Restricted stock awards(1) — — Performance share units(1) — — Warrants(1) — — Stock options(1) — — Diluted loss per share $ (200,163) 35,390 $ (5.66) Nine Months Ended September 30, 2018 Basic loss per share $ (63,253) 34,971 $ (1.81) Effect of dilutive securities Restricted stock awards(3) — — Performance share units(2) — — Warrants(2) — — Diluted loss per share $ (63,253) 34,971 $ (1.81) ____________________ 1. No incremental shares of potentially dilutive restricted stock awards, performance share units, warrants or stock options were included for the three and nine-month periods ended September 30, 2019, as their effect was antidilutive under the treasury stock method. 2. No incremental shares of potentially dilutive performance share units or warrants were included for the three and nine-month periods ended September 30, 2018, as their effect was antidilutive under the treasury stock method. 3. No incremental shares of potentially dilutive restricted stock awards were included for the nine-month period ended September 30, 2018, as their effect was antidilutive under the treasury stock method. See Note 13 for discussion of the Company’s share-based compensation awards.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business. SandRidge Energy, Inc. is an oil and natural gas exploration and production company headquartered in Oklahoma City, Oklahoma with a principal focus on the acquisition, exploration and development of hydrocarbon resources in the United States.
Principles of Consolidation	Principles of Consolidation. The consolidated financial statements include the accounts of the Company and its wholly owned or majority owned subsidiaries, including its proportionate share of the Royalty Trusts. All intercompany accounts and transactions have been eliminated in consolidation.
Interim Financial Statements	Interim Financial Statements. The accompanying unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited financial statements and notes contained in the Company’s 2018 Form 10-K. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted, although the Company believes that the disclosures contained herein are adequate to make the information presented not misleading. In the opinion of management, the financial statements include all adjustments, which consist of normal recurring adjustments unless otherwise disclosed, necessary to fairly state the Company’s unaudited condensed consolidated financial statements.
Significant Accounting Policies	Significant Accounting Policies. The unaudited condensed consolidated financial statements were prepared in accordance with the accounting policies stated in the 2018 Form 10-K as well as the items noted below.
Reclassifications	Reclassifications. Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. These reclassifications have no effect on the Company’s previously reported results of operations.
Use of Estimates	Use of Estimates. The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of assumptions, judgments and estimates include: oil, natural gas and natural gas liquids (“NGL”) reserves; impairment tests of long-lived assets; asset retirement obligations; depreciation, depletion and amortization; income taxes; valuation of derivative instruments; contingencies; and accrued revenue and related receivables. In the second quarter of 2019, the Company revised estimated retirement dates for certain Mid-Continent properties. These revisions resulted in the reclassification of $9.7 million in asset retirement obligations from current liabilities to long-term obligations on the accompanying condensed consolidated balance sheet as of September 30, 2019. Although management believes the estimates used in the areas noted above are reasonable, actual results could differ significantly.
Recent Accounting Pronouncements	Recent Accounting Pronouncements. In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, “Leases (Topic 842),” and subsequently issued other associated ASU's related to Topic 842 which supersede Accounting Standards Codification ("ASC") 840 and require lessees to recognize right of use ("ROU") lease assets and liabilities on the balance sheet for long-term leases formerly classified as operating leases under ASC 840, and to disclose key information about leasing arrangements. The Company adopted this ASU on January 1, 2019 using a modified retrospective approach for all ROU leases that existed at the period of adoption and did not restate its comparative periods. See Note 5 for additional discussion of the new leasing standard. Recent Accounting Pronouncements Not Yet Adopted. The FASB issued ASU 2016-13, “Financial Instruments —Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments,” which changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace the currently required incurred loss approach with an expected loss model for instruments measured at amortized cost. The standard is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted for the interim and annual periods beginning after December 31, 2018, and will be applied using a modified retrospective approach resulting in a cumulative effect adjustment to retained earnings upon adoption. The Company does not plan to early adopt and is currently evaluating the effect the guidance will have on its consolidated financial statements; however, the impact is not expected to be material.
Leases	In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” and subsequently issued other associated ASU's related to Topic 842 which supersede ASC 840 and require lessees to recognize ROU lease assets and liabilities on the balance sheet for long-term leases formerly classified as operating leases under ASC 840, and to disclose key information about leasing arrangements. Leases to explore for or produce oil and natural gas were not impacted by this guidance. This ASU became effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted this ASU on January 1, 2019 using a modified retrospective approach for all ROU leases that existed at the period of adoption and did not restate its comparative periods. Topic 842 provides practical expedients to assist with the transition to the new standard. The Company elected the 'package of practical expedients,' and therefore did not have to reassess prior conclusions about lease identification, lease classification and initial indirect costs. The Company also elected the land easement practical expedient and short-term lease recognition exemption, under which leases with initial terms less than 12 months are not required to be presented on the balance sheet. The Company further elected the practical expedient to combine lease and non-lease components for asset classes including drilling rigs, compressors and various office equipment. The Company determines if an arrangement is or contains a lease at inception. A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. Lease liabilities were recognized based on the present value of the lease payments not yet paid over the lease term at January 1, 2019 for existing leases and at the commencement date for any new leases entered into subsequent to January 1, 2019. As most of the Company's leases do not provide an implicit rate, the Company's incremental borrowing rate was used as the discount rate when determining the present value of future payments. Lease assets are recognized based on the lease liability plus any prepaid lease payments and excluding lease incentives and initial direct costs incurred for the same periods. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that option will be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.
Short-term Leases	The Company also elected the land easement practical expedient and short-term lease recognition exemption, under which leases with initial terms less than 12 months are not required to be presented on the balance sheet.
Separation of Lease and Nonlease Components	The Company further elected the practical expedient to combine lease and non-lease components for asset classes including drilling rigs, compressors and various office equipment.
Oil, natural gas and NGL revenues	Oil, natural gas and NGL revenues. A majority of the Company’s revenues come from sales of oil, natural gas and NGLs and are recorded at a point in time when control of the oil, natural gas and NGL production passes to the customer at the inlet of the processing plant or pipeline, or the delivery point for onloading to a delivery truck. As the Company’s customers obtain control of the production prior to selling it to other end customers, the Company presents its revenues on a net basis, rather than on a gross basis. Pricing for the Company’s oil, natural gas and NGL contracts is variable and is based on volumes sold multiplied by either an index price, net of deductions, or a percentage of the sales price obtained by the customer, which is also based on index prices. The transaction price is allocated on a pro-rata basis to each unit of oil, natural gas or NGL sold based on the terms of the contract. Oil, natural gas and NGL revenues are also recorded net of royalties, discounts and allowances, and transportation costs, as applicable. Taxes assessed by governmental authorities on oil, natural gas and NGL sales are presented separately from revenues and are included in production, ad valorem, and other tax expense in the consolidated statements of operations. Payment terms are typically within 30 days of control being transferred. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, and (ii) contracts for which revenue is recognized at the amount to which the Company has the right to invoice for services performed.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured on Recurring Basis	The following tables summarize the Company’s assets measured at fair value on a recurring basis by the fair value hierarchy (in thousands): September 30, 2019 Fair Value Measurements Netting(1) Assets/Liabilities at Fair Value Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ — $ 1,133 $ — — $ 1,133 $ — $ 1,133 $ — $ — $ 1,133 December 31, 2018 Fair Value Measurements Netting(1) Assets/Liabilities at Fair Value Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ — $ 5,286 $ — $ — $ 5,286 $ — $ 5,286 $ — $ — $ 5,286 ____________________ 1. Represents the effect of netting assets and liabilities for counterparties with which the right of offset exists.

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments, Gain (Loss)	The following table summarizes derivative activity for the three and nine-month periods ended September 30, 2019, and 2018 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (Gain) loss on commodity derivative contracts $ (1,756) $ 11,329 $ (1,547) $ 59,763 Cash (received) paid on settlements $ (622) $ 11,631 $ (5,700) $ 29,025
Offsetting Assets and Liabilities	The following table summarizes (i) the Company's commodity derivative contracts on a gross basis, (ii) the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements and (iii) for the Company’s net derivative liability positions, the applicable portion of shared collateral under the credit facility as of September 30, 2019 and December 31, 2018 (in thousands): September 30, 2019 Gross Amounts Gross Amounts Offset Amounts Net of Offset Financial Collateral Net Amount Assets Derivative contracts - current $ 1,133 $ — $ 1,133 $ — $ 1,133 Total $ 1,133 $ — $ 1,133 $ — $ 1,133 December 31, 2018 Gross Amounts Gross Amounts Offset Amounts Net of Offset Financial Collateral Net Amount Assets Derivative contracts - current $ 5,286 $ — $ 5,286 $ — $ 5,286 Total $ 5,286 $ — $ 5,286 $ — $ 5,286
Oil Price Swaps	At September 30, 2019, the Company's open derivative contracts consisted of the following: Oil Price Swaps Notional (MBbls) Weighted Average Fixed Price October 2019 - December 2019 184 $ 60.04
Fair Value of Derivatives	The following table presents the fair value of the Company’s derivative contracts as of September 30, 2019 and December 31, 2018, on a gross basis without regard to same-counterparty netting (in thousands): Type of Contract Balance Sheet Classification September 30, December 31, 2018 Derivative assets Oil price swaps Derivative contracts-current $ 1,133 $ — Natural gas price swaps Derivative contracts-current — 5,286 Total net derivative contracts $ 1,133 $ 5,286

Leases (Table)

Leases (Table)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Lease, Cost	The components of lease costs recognized for the Company's ROU leases are shown below (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Short-term lease cost (1) $ 1,258 $ 9,342 Financing lease cost 407 1,052 Operating lease cost 33 133 Total lease cost $ 1,698 $ 10,527 ___________________ 1. $(0.2) million and $4.9 million of short-term lease cost was capitalized as part of oil and natural gas properties during the three and nine-month periods ended September 30, 2019, respectively. Portions of these costs were reimbursed to the Company by other working interest owners.

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment consists of the following (in thousands): September 30, December 31, 2018 Oil and natural gas properties Proved $ 1,455,609 $ 1,269,091 Unproved 26,107 60,152 Total oil and natural gas properties 1,481,716 1,329,243 Less accumulated depreciation, depletion and impairment (855,765) (580,132) Net oil and natural gas properties 625,951 749,111 Land 4,400 4,400 Electrical infrastructure 126,482 131,176 Other non-oil and natural gas equipment 13,083 13,458 Buildings and structures 77,148 77,148 Financing leases 2,305 — Total 223,418 226,182 Less accumulated depreciation and amortization (32,138) (25,344) Other property, plant and equipment, net 191,280 200,838 Total property, plant and equipment, net $ 817,231 $ 949,949

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2019
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consist of the following (in thousands): September 30, December 31, 2018 Accounts payable and other accrued expenses $ 36,740 $ 62,733 Payroll and benefits 9,458 12,891 Production payable 25,109 28,253 Taxes payable 7,395 5,350 Drilling advances 554 2,031 Accrued interest 556 539 Total accounts payable and accrued expenses $ 79,812 $ 111,797

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table disaggregates the Company’s revenue by source for the three and nine-month periods ended September 30, 2019 and 2018: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In thousands) Oil $ 44,072 $ 63,994 $ 142,846 $ 166,548 NGL 6,362 18,776 28,886 52,111 Natural gas 7,754 14,721 34,700 45,102 Other 181 169 561 489 Total revenues $ 58,369 $ 97,660 206,993 $ 264,250

Share and Incentive-Based Com_2

Share and Incentive-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Schedule of Share and Incentive-based Compensation	The following tables summarize share and incentive-based compensation for the three and nine-month periods ended September 30, 2019, and 2018 (in thousands): Recurring Compensation Expense(1) Executive Terminations(2) Reduction in Force(2) Accelerated Vesting(3) Total Three Months Ended September 30, 2019 Equity-classified awards: Restricted stock awards $ 478 $ — $ (1) $ — $ 477 Performance share units 168 — — — 168 Stock options 195 — — — 195 Total share-based compensation expense 841 — (1) — 840 Less: Capitalized compensation expense (34) — — — (34) Share-based compensation expense, net $ 807 $ — $ (1) $ — $ 806 Three Months Ended September 30, 2018 Equity-classified awards: Restricted stock awards $ 523 $ — $ — $ — $ 523 Performance share units 41 — — — 41 Total share-based compensation expense 564 — — — 564 Less: Capitalized compensation expense (58) — — — (58) Share-based compensation expense, net $ 506 $ — $ — $ — $ 506 ____________________ 1. Recorded in general and administrative expense in the accompanying consolidated statements of operations. 2. Recorded in employee termination benefits in the accompanying consolidated statements of operations. 3. Recorded in accelerated vesting of employment compensation in the accompanying consolidated statements of operations. Recurring Compensation Expense(1) Executive Terminations(2) Reduction in Force(2) Accelerated Vesting(3) Total Nine Months Ended September 30, 2019 Equity-classified awards: Restricted stock awards $ 2,052 $ 197 $ 500 $ — $ 2,749 Performance share units 555 281 — — 836 Stock options 518 — — — 518 Total share-based compensation expense 3,125 478 500 — 4,103 Less: Capitalized compensation expense (173) — — — (173) Share-based compensation expense, net $ 2,952 $ 478 $ 500 $ — $ 3,930 Nine Months Ended September 30, 2018 Equity-classified awards: Restricted stock awards $ 3,902 $ 8,140 $ 3,777 $ 5,181 $ 21,000 Performance share units 400 1,056 158 610 2,224 Total share-based compensation expense 4,302 9,196 3,935 5,791 23,224 Liability-classified awards: Performance units 776 2,151 558 1,309 4,794 Total share and incentive-based compensation expense 5,078 11,347 4,493 7,100 28,018 Less: Capitalized compensation expense (392) — — (555) (947) Share and incentive-based compensation expense, net $ 4,686 $ 11,347 $ 4,493 $ 6,545 $ 27,071 ____________________ 1. Recorded in general and administrative expense in the accompanying consolidated statements of operations. 2. Recorded in employee termination benefits in the accompanying consolidated statements of operations. 3. Recorded in accelerated vesting of employment compensation in the accompanying consolidated statements of operations.

Employee Termination Benefits (

Employee Termination Benefits (Tables)	9 Months Ended
	Sep. 30, 2019
Postemployment Benefits [Abstract]
Schedule of Employee Termination Benefits	The following table presents a summary of employee termination benefits for the nine-month periods ended September 30, 2019 and 2018 (in thousands): Cash Share-Based Compensation (5) Number of Shares Total Employee Termination Benefits Nine Months Ended September 30, 2019 Executive Employee Termination Benefits (1) $ 879 $ 478 37 $ 1,357 Other Employee Termination Benefits (2) 2,608 500 44 3,108 $ 3,487 $ 978 81 $ 4,465 Nine Months Ended September 30, 2018 Executive Employee Termination Benefits (3) $ 11,945 $ 9,196 554 $ 21,141 Other Employee Termination Benefits (4) 7,577 3,935 209 11,512 $ 19,522 $ 13,131 763 $ 32,653 ____________________ 1. On June 14, 2019, the Company’s then current Executive Vice President, General Counsel and Corporate Secretary, Philip Warman, separated employment from the Company. As a result, the Company paid cash severance costs and incurred share-based compensation costs associated with this separation during the second quarter of 2019. 2. As a result of a reduction in workforce in the second quarter of 2019, certain employees received termination benefits including cash severance and accelerated share-based compensation upon separation of service from the Company. 3. On February 8, 2018, the Company’s then current chief executive officer ("CEO"), James Bennett, separated employment from the Company, and on February 22, 2018, the Company’s then current chief financial officer ("CFO"), Julian Bott, also separated employment from the Company. As a result, the Company paid cash severance costs and incurred share-based compensation costs associated with these separations during the first quarter of 2018. 4. As a result of a reduction in workforce in the first quarter of 2018, certain employees received termination benefits including cash severance and accelerated share-based and incentive compensation upon separation of service from the Company.

(Loss) Earnings per Share (Tabl

(Loss) Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Calculation of Weighted Average Common Shares Outstanding Used in Computation of Diluted (Loss) Earnings Per Share	The following table summarizes the calculation of weighted average common shares outstanding used in the computation of diluted (loss) earnings per share: Net (Loss) Earnings Weighted Average Shares (Loss) Earnings Per Share (In thousands, except per share amounts) Three Months Ended September 30, 2019 Basic loss per share $ (181,602) 35,491 $ (5.12) Effect of dilutive securities Restricted stock awards(1) — — Performance share units(1) — — Warrants(1) — — Stock options(1) — — Diluted loss per share $ (181,602) 35,491 $ (5.12) Three Months Ended September 30, 2018 Basic earnings per share $ 11,715 35,308 $ 0.33 Effect of dilutive securities Restricted stock awards — 22 Performance share units(2) — — Warrants(2) — — Diluted earnings per share $ 11,715 35,330 $ 0.33 Nine Months Ended September 30, 2019 Basic loss per share $ (200,163) 35,390 $ (5.66) Effect of dilutive securities Restricted stock awards(1) — — Performance share units(1) — — Warrants(1) — — Stock options(1) — — Diluted loss per share $ (200,163) 35,390 $ (5.66) Nine Months Ended September 30, 2018 Basic loss per share $ (63,253) 34,971 $ (1.81) Effect of dilutive securities Restricted stock awards(3) — — Performance share units(2) — — Warrants(2) — — Diluted loss per share $ (63,253) 34,971 $ (1.81) ____________________ 1. No incremental shares of potentially dilutive restricted stock awards, performance share units, warrants or stock options were included for the three and nine-month periods ended September 30, 2019, as their effect was antidilutive under the treasury stock method. 2. No incremental shares of potentially dilutive performance share units or warrants were included for the three and nine-month periods ended September 30, 2018, as their effect was antidilutive under the treasury stock method. 3. No incremental shares of potentially dilutive restricted stock awards were included for the nine-month period ended September 30, 2018, as their effect was antidilutive under the treasury stock method.

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Change in Accounting Estimate [Line Items]
Asset retirement obligation, current	$ 13,968	$ 25,393
Asset retirement obligations, noncurrent	45,901	$ 34,671
Service Life
Change in Accounting Estimate [Line Items]
Asset retirement obligation, current	9,700
Asset retirement obligations, noncurrent	$ (9,700)

Acquisitions and Divestitures_2

Acquisitions and Divestitures of Oil and Gas Properties (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018
Business Combinations [Abstract]
Carrying value of properties exchanged		$ 5,384,000	$ 0
Gain (loss) recognized on transfer	$ 0

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring Basis
Derivative assets	$ 1,133	$ 5,286
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring Basis
Netting adjustments, assets	0	0
Assets at fair value	1,133	5,286
Fair Value, Measurements, Recurring | Commodity derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring Basis
Netting adjustments, assets	0	0
Assets at fair value	1,133	5,286
Fair Value, Measurements, Recurring | Fair Value Measurements Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis
Derivative assets	0	0
Fair Value, Measurements, Recurring | Fair Value Measurements Level 1 | Commodity derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring Basis
Derivative assets	0	0
Fair Value, Measurements, Recurring | Fair Value Measurements Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis
Derivative assets	1,133	5,286
Fair Value, Measurements, Recurring | Fair Value Measurements Level 2 | Commodity derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring Basis
Derivative assets	1,133	5,286
Fair Value, Measurements, Recurring | Fair Value Measurements Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis
Derivative assets	0	0
Fair Value, Measurements, Recurring | Fair Value Measurements Level 3 | Commodity derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring Basis
Derivative assets	$ 0	$ 0

Derivatives - Derivative Activi

Derivatives - Derivative Activity (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)institution	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)institution	Sep. 30, 2018USD ($)	Jul. 31, 2019swap
Derivative Instruments and Hedging Activities Disclosure
(Gain) loss on derivative contracts	$ (1,756)	$ 11,329	$ (1,547)	$ 59,763
Cash (received) paid on settlements			$ (5,700)	29,025
Number of counterparties to open derivative contracts | institution	2		2
Oil swap contract
Derivative Instruments and Hedging Activities Disclosure
Number of instruments held | swap					2
Commodity derivative contracts
Derivative Instruments and Hedging Activities Disclosure
(Gain) loss on derivative contracts	$ (1,756)	11,329	$ (1,547)	59,763
Cash (received) paid on settlements	$ (622)	$ 11,631	$ (5,700)	$ 29,025

Derivatives - Offsetting Assets

Derivatives - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Derivative assets, gross amounts	$ 1,133	$ 5,286
Derivative assets, gross amounts offset	0	0
Derivative assets, amounts net of offset	1,133	5,286
Financial collateral (obligation to return cash)	0	0
Derivative assets, net amount	1,133	5,286
Current assets
Assets
Derivative assets, gross amounts	1,133	5,286
Derivative assets, gross amounts offset	0	0
Derivative assets, amounts net of offset	1,133	5,286
Financial collateral (obligation to return cash)	0	0
Derivative assets, net amount	$ 1,133	$ 5,286

Derivatives - Oil Price Swaps (

Derivatives - Oil Price Swaps (Details) - Oil Price Swaps, October 2019 - December 2019	9 Months Ended
	Sep. 30, 2019$ / bblMBbls
Derivative [Line Items]
Notional (MBbls) | MBbls	184
Weighted Average Fixed Price (in dollars per unit) | $ / bbl	60.04

Derivatives - Fair Value of Der

Derivatives - Fair Value of Derivative Contracts (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Derivatives, Fair Value
Derivative assets	$ 1,133	$ 5,286
Total net derivative contracts	1,133	5,286
Current assets
Derivatives, Fair Value
Derivative assets	1,133	5,286
Oil price swaps | Current assets
Derivatives, Fair Value
Derivative assets	1,133	0
Natural gas price swaps | Current assets
Derivatives, Fair Value
Derivative assets	$ 0	$ 5,286

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Short-term lease cost	$ 1,258	$ 9,342
Financing lease cost	407	1,052
Operating lease cost	33	133
Total lease cost	1,698	10,527
Short-term lease, cost, capitalized	$ (200)	$ 4,900
Accounting Standards Update 2016-02
Lessee, Lease, Description [Line Items]
Right-of-use asset			$ 2,300
Finance lease, liability			$ 2,400

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Oil and natural gas properties
Proved	$ 1,455,609	$ 1,269,091
Unproved	26,107	60,152
Total oil and natural gas properties	1,481,716	1,329,243
Less: accumulated depreciation, depletion and impairment	(855,765)	(580,132)
Net oil and natural gas properties	625,951	749,111
Property, Plant and Equipment, net
Property, plant and equipment, gross	223,418	226,182
Less accumulated depreciation and amortization	(32,138)	(25,344)
Other property, plant and equipment, net	191,280	200,838
Total property, plant and equipment, net	817,231	949,949
Land
Property, Plant and Equipment, net
Property, plant and equipment, gross	4,400	4,400
Electrical infrastructure
Property, Plant and Equipment, net
Property, plant and equipment, gross	126,482	131,176
Other non-oil and natural gas equipment
Property, Plant and Equipment, net
Property, plant and equipment, gross	13,083	13,458
Buildings and structures
Property, Plant and Equipment, net
Property, plant and equipment, gross	77,148	77,148
Financing leases
Property, Plant and Equipment, net
Property, plant and equipment, gross	$ 2,305	$ 0

Property, Plant and Equipment_2

Property, Plant and Equipment - Narrative (Details) - Midstream Generator Assets - USD ($)	3 Months Ended	9 Months Ended
	Jun. 30, 2018	Sep. 30, 2018	Mar. 31, 2018
Property, Plant and Equipment
Assets held-for-sale			$ 5,700,000
Net realizable value of assets held for sale			$ 1,600,000
Impairment of assets to be disposed of		$ 4,100,000
Gain (loss) on sale of assets	$ 0

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Accounts payable and other accrued expenses	$ 36,740	$ 62,733
Payroll and benefits	9,458	12,891
Production payable	25,109	28,253
Taxes payable	7,395	5,350
Drilling advances	554	2,031
Accrued interest	556	539
Total accounts payable and accrued expenses	$ 79,812	$ 111,797

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	Jun. 21, 2019	Jun. 20, 2019	Feb. 28, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Debt Instrument
Repayments of borrowings						$ 108,096,000	$ 36,304,000
Gain on extinguishment of debt				$ 0	$ 0	0	1,151,000
Credit Facility | Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity	$ 600,000,000	$ 350,000,000
Borrowing base	$ 300,000,000
Lender party commitments				$ 270,000,000		$ 270,000,000
Commitment fee						0.50%
Average interest rate during period				4.50%		5.10%
Percentage of proved reserves pledged as collateral		95.00%		85.00%		85.00%
Total net leverage ratio (no greater than)				3.50		3.50
Interest coverage ratio (no less than)				2.25		2.25
Leverage ratio				0.38		0.38
Coverage ratio				48		48
Debt outstanding				$ 62,000,000		$ 62,000,000
Outstanding letters of credit				$ 6,000,000		$ 6,000,000
Credit Facility | Revolving Credit Facility | Minimum | LIBOR
Debt Instrument
Basis spread on variable rate	2.00%	3.00%
Credit Facility | Revolving Credit Facility | Minimum | Base Rate
Debt Instrument
Basis spread on variable rate	1.00%	2.00%
Credit Facility | Revolving Credit Facility | Maximum | LIBOR
Debt Instrument
Basis spread on variable rate	3.00%	4.00%
Credit Facility | Revolving Credit Facility | Maximum | Base Rate
Debt Instrument
Basis spread on variable rate	2.00%	3.00%
New Building Note | Secured Notes
Debt Instrument
Repayments of borrowings			$ 36,300,000
Face amount of debt instrument			35,000,000
Interest costs paid-in-kind			$ 1,300,000
Gain on extinguishment of debt							$ 1,200,000

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	9 Months Ended
	Sep. 30, 2019
Minimum
Income Taxes
Number of tax years open for state tax audit (in years)	3 years
Maximum
Income Taxes
Number of tax years open for state tax audit (in years)	5 years

Equity - Narrative (Details)

Equity - Narrative (Details) - $ / shares	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Class of Stock
Common stock, shares issued (in shares)	35,730,000	35,687,000
Common stock, shares outstanding (in shares)	35,730,000	35,687,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Unvested options (in shares)	300,000
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Series A Warrants
Class of Stock
Plan of reorganization, equity interest issuable (in shares)	4,600,000
Number of common shares exercised for each warrant (in shares)	1
Exercise price (in usd per share)	$ 41.34
Series B Warrants
Class of Stock
Plan of reorganization, equity interest issuable (in shares)	2,000,000
Number of common shares exercised for each warrant (in shares)	1
Exercise price (in usd per share)	$ 42.03
Restricted Stock
Class of Stock
Unvested awards (in shares)	200,000
Performance Share Units
Class of Stock
Unvested awards (in shares)	100,000

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue
Total revenues	$ 58,369	$ 97,660	$ 206,993	$ 264,250
Oil
Disaggregation of Revenue
Total revenues	44,072	63,994	142,846	166,548
NGL
Disaggregation of Revenue
Total revenues	6,362	18,776	28,886	52,111
Natural gas
Disaggregation of Revenue
Total revenues	7,754	14,721	34,700	45,102
Other
Disaggregation of Revenue
Total revenues	$ 181	$ 169	$ 561	$ 489

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Revenue Receivable from Contract With Customers
Revenues Receivable from Customer
Revenues receivable	$ 22.2	$ 31.8

Share and Incentive-Based Com_3

Share and Incentive-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2019	Oct. 31, 2016
Share and Incentive Based Compensation Arrangement
Shares authorized for issuance (in shares)		4.6
Restricted Stock
Share and Incentive Based Compensation Arrangement
Unvested awards (in shares)	0.2
Weighted average grant date fair value (in dollars per share)	$ 12.79
Compensation yet not yet recognized	$ 2.4
Compensation yet not yet recognized period	1 year 6 months
Minimum | Restricted Stock
Share and Incentive Based Compensation Arrangement
Vesting period	1 year
Maximum | Restricted Stock
Share and Incentive Based Compensation Arrangement
Vesting period	3 years

Share and Incentive-Based Com_4

Share and Incentive-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost
Equity-classified awards compensation expense	$ 840	$ 564	$ 4,103	$ 23,224
Liability-classified awards compensation expense, Performance units				4,794
Total share and incentive-based compensation expense				28,018
Less: Capitalized compensation expense	(34)	(58)	(173)	(947)
Share-based compensation expense, net	806	506	3,930	27,071
Recurring Compensation Expense
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost
Equity-classified awards compensation expense	841	564	3,125	4,302
Liability-classified awards compensation expense, Performance units				776
Total share and incentive-based compensation expense				5,078
Less: Capitalized compensation expense	(34)	(58)	(173)	(392)
Share-based compensation expense, net	807	506	2,952	4,686
Executive Terminations
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost
Equity-classified awards compensation expense	0	0	478	9,196
Liability-classified awards compensation expense, Performance units				2,151
Total share and incentive-based compensation expense				11,347
Less: Capitalized compensation expense	0	0	0	0
Share-based compensation expense, net	0	0	478	11,347
Reduction in Force
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost
Equity-classified awards compensation expense	(1)	0	500	3,935
Liability-classified awards compensation expense, Performance units				558
Total share and incentive-based compensation expense				4,493
Less: Capitalized compensation expense	0	0	0	0
Share-based compensation expense, net	(1)	0	500	4,493
Accelerated Vesting
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost
Equity-classified awards compensation expense	0	0	0	5,791
Liability-classified awards compensation expense, Performance units				1,309
Total share and incentive-based compensation expense				7,100
Less: Capitalized compensation expense	0	0	0	(555)
Share-based compensation expense, net	0	0	0	6,545
Restricted Stock
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost
Equity-classified awards compensation expense	477	523	2,749	21,000
Restricted Stock | Recurring Compensation Expense
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost
Equity-classified awards compensation expense	478	523	2,052	3,902
Restricted Stock | Executive Terminations
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost
Equity-classified awards compensation expense	0	0	197	8,140
Restricted Stock | Reduction in Force
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost
Equity-classified awards compensation expense	(1)	0	500	3,777
Restricted Stock | Accelerated Vesting
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost
Equity-classified awards compensation expense	0	0	0	5,181
Performance Share Units
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost
Equity-classified awards compensation expense	168	41	836	2,224
Performance Share Units | Recurring Compensation Expense
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost
Equity-classified awards compensation expense	168	41	555	400
Performance Share Units | Executive Terminations
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost
Equity-classified awards compensation expense	0	0	281	1,056
Performance Share Units | Reduction in Force
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost
Equity-classified awards compensation expense	0	0	0	158
Performance Share Units | Accelerated Vesting
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost
Equity-classified awards compensation expense	0	$ 0	0	$ 610
Stock Option
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost
Equity-classified awards compensation expense	195		518
Stock Option | Recurring Compensation Expense
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost
Equity-classified awards compensation expense	195		518
Stock Option | Executive Terminations
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost
Equity-classified awards compensation expense	0		0
Stock Option | Reduction in Force
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost
Equity-classified awards compensation expense	0		0
Stock Option | Accelerated Vesting
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost
Equity-classified awards compensation expense	$ 0		$ 0

Employee Termination Benefits_2

Employee Termination Benefits (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Employee Termination Benefits
Cash			$ 3,487	$ 19,522
Share-Based Compensation			$ 978	$ 13,131
Number of Shares			81	763
Total Employee Termination Benefits	$ 0	$ 23	$ 4,465	$ 32,653
Executive Employee Termination Benefits
Employee Termination Benefits
Cash			879	11,945
Share-Based Compensation			$ 478	$ 9,196
Number of Shares			37	554
Total Employee Termination Benefits			$ 1,357	$ 21,141
Other Employee Termination Benefits
Employee Termination Benefits
Cash			2,608	7,577
Share-Based Compensation			$ 500	$ 3,935
Number of Shares			44	209
Total Employee Termination Benefits			$ 3,108	$ 11,512

(Loss) Earnings per Share (Deta

(Loss) Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
(Loss) Earnings Per Share, Diluted, by Common Class, Including Two Class Method
Net (Loss) Earnings, basic	$ (181,602)	$ 11,715	$ (200,163)	$ (63,253)
Weighted Average Shares, Basic (in shares)	35,491,000	35,308,000	35,390,000	34,971,000
(Loss) Earnings per Share, basic (in dollars per share)	$ (5.12)	$ 0.33	$ (5.66)	$ (1.81)
Effect of dilutive securities
Restricted stock awards	$ 0	$ 0	$ 0	$ 0
Restricted stock awards (in shares)	0	22,000	0	0
Performance share units	$ 0	$ 0	$ 0	$ 0
Performance share units (in shares)	0	0	0	0
Warrants	$ 0	$ 0	$ 0	$ 0
Warrants (in shares)	0	0	0	0
Stock options	$ 0		$ 0
Stock options (in shares)	0		0
Diluted (loss) earnings	$ (181,602)	$ 11,715	$ (200,163)	$ (63,253)
Weighted average shares, diluted (in shares)	35,491,000	35,330,000	35,390,000	34,971,000
(Loss) Earnings Per Share, diluted (in dollars per share)	$ (5.12)	$ 0.33	$ (5.66)	$ (1.81)
Restricted Stock awards
Potentially Dilutive Securities
Antidilutive securities excluded from computation of (loss) earnings per share (in shares)	0		0	0
Performance Share Units
Potentially Dilutive Securities
Antidilutive securities excluded from computation of (loss) earnings per share (in shares)	0	0	0	0
Warrants
Potentially Dilutive Securities
Antidilutive securities excluded from computation of (loss) earnings per share (in shares)	0	0	0	0
Stock Option
Potentially Dilutive Securities
Antidilutive securities excluded from computation of (loss) earnings per share (in shares)	0		0

Uncategorized Items - sd-201909

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (57,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (57,000)