SandRidge Energy (SD) 10-Q 19 May 20 2020 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2020	May 12, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
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		35,779,494
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
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	Mar. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 6,287	$ 4,275
Restricted cash - other	1,454	1,693
Accounts receivable, net	21,039	28,644
Derivative contracts	6,253	114
Prepaid expenses	3,096	3,342
Other current assets	527	538
Total current assets	38,656	38,606
Oil and natural gas properties, using full cost method of accounting
Proved	1,487,721	1,484,359
Unproved	24,298	24,603
Less: accumulated depreciation, depletion and impairment	(1,160,486)	(1,129,622)
Net oil and natural gas properties	351,533	379,340
Other property, plant and equipment, net	181,851	188,603
Other assets	953	1,140
Total assets	572,993	607,689
Current liabilities
Accounts payable and accrued expenses	55,033	64,937
Asset retirement obligation	21,728	22,119
Other current liabilities	1,252	1,367
Total current liabilities	78,013	88,423
Long-term debt	46,000	57,500
Asset retirement obligation	52,115	52,897
Other long-term obligations	6,899	6,417
Total liabilities	183,027	205,237
Commitments and contingencies (Note 8)
Stockholders’ Equity
Common stock, $0.001 par value; 250,000 shares authorized; 35,810 issued and outstanding at March 31, 2020 and 35,772 issued and outstanding at December 31, 2019	36	36
Warrants	88,520	88,520
Additional paid-in capital	1,059,437	1,059,253
Accumulated deficit	(758,027)	(745,357)
Total stockholders’ equity	389,966	402,452
Total liabilities and stockholders’ equity	$ 572,993	$ 607,689

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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)	35,810,000	35,772,000
Common stock, shares outstanding (in shares)	35,810,000	35,772,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Total revenues	$ 40,329	$ 73,236
Expenses
Lease operating expenses	15,642	22,779
Production, ad valorem, and other taxes	3,199	5,080
Depreciation and depletion — oil and natural gas	24,855	36,465
Depreciation and amortization — other	2,634	2,943
Impairment	7,970	0
General and administrative	5,483	9,939
Employee termination benefits	3,254	0
(Gain) loss on derivative contracts	(10,226)	209
Other operating expense	277	82
Total expenses	53,088	77,497
Loss from operations	(12,759)	(4,261)
Other (expense) income
Interest expense, net	(637)	(585)
Other income (expense), net	76	(431)
Total other expense	(561)	(1,016)
Loss before income taxes	(13,320)	(5,277)
Income tax benefit	(650)	0
Net loss	$ (12,670)	$ (5,277)
Loss per share
Basic (in dollars per share)	$ (0.36)	$ (0.15)
Diluted (in dollars per share)	$ (0.36)	$ (0.15)
Weighted average number of common shares outstanding
Basic (in shares)	35,551	35,322
Diluted (in shares)	35,551	35,322
Oil, natural gas and NGL
Revenues
Total revenues	$ 40,139	$ 73,048
Other
Revenues
Total revenues	$ 190	$ 188

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, 2018		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 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, 2019	35,772,000	35,772,000	6,659,000
Beginning balance at Dec. 31, 2019	$ 402,452	$ 36	$ 88,520	1,059,253	(745,357)
Increase (Decrease) in Stockholders' Equity
Stock-based compensation	185			185
Issuance of common stock for general unsecured claims (in shares)		38,000
Issuance of common stock for general unsecured claims	0
Issuance of warrants for general unsecured claims (in shares)			47,000
Issuance of warrants for general unsecured claims	0
Cash paid for tax withholdings on vested stock awards	(1)			(1)
Net loss	$ (12,670)				(12,670)
Ending balance (in shares) at Mar. 31, 2020	35,810,000	35,810,000	6,706,000
Ending balance at Mar. 31, 2020	$ 389,966	$ 36	$ 88,520	$ 1,059,437	$ (758,027)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (12,670)	$ (5,277)
Adjustments to reconcile net loss to net cash provided by operating activities
Provision for doubtful accounts	283	72
Depreciation, depletion, and amortization	27,489	39,408
Impairment	7,970	0
Debt issuance costs amortization	159	117
(Gain) loss on derivative contracts	(10,226)	209
Cash received on settlement of derivative contracts	4,087	5,078
Stock-based compensation	169	996
Other	156	(35)
Changes in operating assets and liabilities	686	(8,998)
Net cash provided by operating activities	18,103	31,570
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures for property, plant and equipment	(5,452)	(62,254)
Acquisition of assets	0	326
Proceeds from sale of assets	989	341
Net cash used in investing activities	(4,463)	(61,587)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings	21,000	39,596
Repayments of borrowings	(32,500)	(19,596)
Reduction of financing lease liability	(366)	(293)
Cash paid for tax withholdings on vested stock awards	(1)	0
Net cash (used in) provided by financing activities	(11,867)	19,707
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS and RESTRICTED CASH	1,773	(10,310)
CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year	5,968	19,645
CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of period	7,741	9,335
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized	(540)	(408)
Cash received for income taxes	616	0
Supplemental Disclosure of Noncash Investing and Financing Activities
Purchase of PP&E in accounts payable	1,066	43,425
Right-of-use assets obtained in exchange for financing lease obligations	$ 67	$ 1,992

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2020
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 2019 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 2019 Form 10-K as well as the items noted below. 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; the carrying value of unproved oil and natural gas properties and other property, plant and equipment; depreciation, depletion and amortization; asset retirement obligations; determinations of significant alterations to the full cost pool and related estimates of fair value used to allocate the full cost pool net book value to divested properties, as necessary; valuation allowances for deferred tax assets; income taxes; valuation of derivative instruments; contingencies; and accrued revenue and related receivables. Although management believes the estimates used in the areas noted above are reasonable, actual results could differ significantly. Going Concern Consideration. The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of March 31, 2020, the Company had $46.0 million outstanding under its credit facility and $2.9 million in outstanding letters of credit, which reduces availability under the restated credit facility on a dollar-for-dollar basis. The Company's credit facility had a total capacity of $600.0 million with a borrowing base of $225.0 million, which was subsequently reduced to $75.0 million during the April 2020 redetermination. The credit facility matures on April 1, 2021. The Company projects that it will not have sufficient cash on hand or available liquidity to repay such debt on the maturity date. These conditions and events raise substantial doubt about the Company's ability to continue as a going concern. Management’s plans to repay the outstanding credit facility borrowings at or before maturity include using the proceeds from the planned sale of the Company's headquarters. The Company has concluded that management’s plans are probable of being achieved to alleviate substantial doubt about the Company’s ability to continue as a going concern. Recent Accounting Pronouncements. In March 2016, 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 replaced the previously required incurred loss approach with an expected loss model for instruments measured at amortized cost. The company adopted this ASU on January 1, 2020 using a modified retrospective approach; however, the impact was not material upon adoption. Recent Accounting Pronouncements Not Yet Adopted. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which simplifies various aspects of accounting for income taxes, including requirements related to hybrid tax regimes, the tax basis step-up in goodwill obtained in a transaction that is not a business combination, separate financial statements of entities not subject to tax, the intraperiod tax allocation exception to the incremental approach, ownership changes in investments, interim-period accounting for enacted changes in tax laws, and year-to-date loss limitation in interim-period tax accounting. The standard is effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted, and will be applied on a prospective basis. The Company is currently evaluating the effect the guidance will have on its consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020, and December 31, 2019. 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 value of our oil and natural gas properties,is calculated using Level 3 inputs, which are discussed in Note 5. No other adjustments to fair value were required for other property, plant and equipment for the three-month periods ended March 31, 2020 or March 31, 2019. 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 March 31, 2020 and December 31, 2019, 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): March 31, 2020 Fair Value Measurements Netting(1) Assets/Liabilities at Fair Value Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ — $ 6,253 $ — — $ 6,253 $ — $ 6,253 $ — $ — $ 6,253 December 31, 2019 Fair Value Measurements Netting(1) Assets/Liabilities at Fair Value Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ — $ 114 $ — $ — $ 114 $ — $ 114 $ — $ — $ 114 ____________________ (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-month periods ended March 31, 2020 and 2019.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2020
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. On occasion, the Company has attempted to manage this risk on a portion of its forecasted oil or natural gas production sales through the use of commodity derivative contracts. 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 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 following table summarizes derivative activity for the three-month periods ended March 31, 2020, and 2019 (in thousands): Three Months Ended March 31, 2020 2019 (Gain) loss on commodity derivative contracts $ (10,226) $ 209 Cash received on settlements $ (4,087) $ (5,078) 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 March 31, 2020, 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 March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 Gross Amounts Gross Amounts Offset Amounts Net of Offset Financial Collateral Net Amount Assets Derivative contracts - current $ 6,253 $ — $ 6,253 $ — $ 6,253 Total $ 6,253 $ — $ 6,253 $ — $ 6,253 December 31, 2019 Gross Amounts Gross Amounts Offset Amounts Net of Offset Financial Collateral Net Amount Assets Derivative contracts - current $ 114 $ — $ 114 $ — $ 114 Total $ 114 $ — $ 114 $ — $ 114 At March 31, 2020, the Company's open derivative contracts consisted of the following: Oil Price Swaps Notional (MBbls) Weighted Average Fixed Price April 2020 - June 2020 182 $ 60.00 Fair Value of Derivatives The following table presents the fair value of the Company’s derivative contracts as of March 31, 2020 and December 31, 2019, on a gross basis without regard to same-counterparty netting (in thousands): Type of Contract Balance Sheet Classification March 31, December 31, 2019 Derivative assets Oil price swaps Derivative contracts-current $ 6,253 $ 114 Total net derivative contracts $ 6,253 $ 114

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment consists of the following (in thousands): March 31, December 31, 2019 Oil and natural gas properties Proved $ 1,487,721 $ 1,484,359 Unproved 24,298 24,603 Total oil and natural gas properties 1,512,019 1,508,962 Less accumulated depreciation, depletion and impairment (1,160,486) (1,129,622) Net oil and natural gas properties 351,533 379,340 Land 4,400 4,400 Electrical infrastructure 121,818 126,482 Other non-oil and natural gas equipment 11,553 12,665 Buildings and structures 77,148 77,148 Financing leases 1,847 2,109 Total 216,766 222,804 Less accumulated depreciation and amortization (34,915) (34,201) Other property, plant and equipment, net 181,851 188,603 Total property, plant and equipment, net $ 533,384 $ 567,943 See Note 5 for discussion of impairment of other property, plant and equipment, and Note 14 for discussion of subsequent events involving the Company's headquarters in Oklahoma City, OK, which is included in buildings and structures in the table above.

Impairment

Impairment	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Impairment	Impairment The Company assesses the need to impair its oil and gas properties during its quarterly full cost pool ceiling limitation calculation. The Company analyzes various property, plant and equipment for impairment when certain triggering events occur by comparing the carrying values of the assets to their estimated fair values. The full cost pool ceiling limitation and estimated fair values of other assets were determined in accordance with the policies discussed in Note 1. We recorded a full cost ceiling limitation impairment of $8.0 million for the three-month period ended March 31, 2020, which resulted from various factors including a decrease in the trailing twelve-month weighted average natural gas price in the first quarter of 2020. No impairment was recorded for the three-month period ended March 31, 2019.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	3 Months Ended
	Mar. 31, 2020
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): March 31, December 31, 2019 Accounts payable and other accrued expenses $ 21,313 $ 29,423 Production payable 19,415 22,530 Payroll and benefits 8,288 7,021 Taxes payable 5,167 4,988 Drilling advances 514 514 Accrued interest 336 461 Total accounts payable and accrued expenses $ 55,033 $ 64,937

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt Credit Facility. As of March 31, 2020, the Company had $46.0 million outstanding under its credit facility and $2.9 million in outstanding letters of credit, which reduces availability under the restated credit facility on a dollar-for-dollar basis. The Company's credit facility had a total capacity of $600.0 million with a borrowing base of $225.0 million, which was subsequently reduced to $75.0 million during the April 2020 redetermination. The credit facility matures on April 1, 2021. The interest rate on outstanding borrowings under the credit facility was determined by 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. 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-month period ended March 31, 2020, the weighted average interest rate paid for borrowings outstanding under the credit facility was approximately 3.7%. 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 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). The credit facility includes events of default and certain customary affirmative and negative covenants. 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 March 31, 2020, the Company was in compliance with all applicable covenants and had a consolidated total net leverage ratio of 0.34 and consolidated interest coverage ratio of 29.61.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
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. On April 2, 2020, the individual defendants and SandRidge Mississippian Trust I filed motions for summary judgment seeking the dismissal of all claims asserted against them in the Lanier Trust matter. The motions remain 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	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020. As a result, the Company had no federal or state income tax expense and recorded an insignificant income tax benefit for the three-month period ended March 31, 2020. The benefit is related to previously sequestered prior year AMT refund amounts released to the Company during the current quarter. The Company has no remaining AMT credits to be refunded. The Company had no federal or state income tax expense or benefit for the three-month periods ended March 31, 2019. 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 On March 27, 2020, the President of the United States signed into law the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The CARES Act provides relief to corporate taxpayers by permitting a five year carryback of 2018-2020 NOLs, removing the 80% limitation on the carryback of those NOLs, increasing the Section 163(j) 30% limitation on interest expense deductibility to 50% of adjusted taxable income for 2019 and 2020, and accelerates refunds for minimum tax credit carryforwards, along with a few other provisions. Enactment of the CARES Act did not have a material impact on the Company's tax provision during the three-months ended March 31, 2020.

Equity

Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Equity	Equity Common Stock, Performance Share Units, and Stock Options. At March 31, 2020, the Company had approximately 35.8 million shares of common stock, par value $0.001 per share, issued and outstanding, including 0.2 million shares of unvested restricted stock awards, 0.2 million unvested stock options, 0.1 million unvested performance share units, and 250.0 million shares of common stock authorized.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The following table disaggregates the Company’s revenue by source for the three-month periods ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 (In thousands) Oil $ 28,654 $ 43,159 NGL 5,934 13,111 Natural gas 5,551 16,778 Other 190 188 Total revenues $ 40,329 $ 73,236 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 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. 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 March 31, 2020, and December 31, 2019, the Company had revenues receivable of $14.0 million and $22.3 million, respectively, and did not record any bad debt expense on revenues receivable during the three-month periods ended March 31, 2020.

Employee Termination Benefits

Employee Termination Benefits	3 Months Ended
	Mar. 31, 2020
Postemployment Benefits [Abstract]
Employee Termination Benefits	Employee Termination Benefits Certain employees received termination benefits including cash severance and accelerated share-based compensation upon separation of service from the Company as a result of a reduction in workforce in the first quarter of 2020. The following table presents a summary of employee termination benefits for the three-month period ended March 31, 2020 (in thousands): Cash Share-Based Compensation (1) Number of Shares Total Employee Termination Benefits Three Months Ended March 31, 2020 Executive Employee Termination Benefits $ 3 $ — — $ 3 Other Employee Termination Benefits 3,211 40 4 3,251 $ 3,214 $ 40 4 $ 3,254 ____________________ (2) Share-based compensation recognized in connection with the accelerated vesting of restricted stock awards due to the reduction in workforce in the first quarter of 2020 and 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.

Loss Per Share

Loss Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Loss Per Share	Loss 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 March 31, 2020 Basic loss per share $ (12,670) 35,551 $ (0.36) Effect of dilutive securities Restricted stock awards(1) — — Performance share units(1) — — Warrants(1) — — Stock options(1) — — Diluted loss per share $ (12,670) 35,551 $ (0.36) Three Months Ended March 31, 2019 Basic loss per share $ (5,277) 35,322 $ (0.15) Effect of dilutive securities Restricted stock awards(1) — — Performance share units(1) — — Warrants(1) — — Stock options(1) — — Diluted earnings per share $ (5,277) 35,322 $ (0.15) ____________________ (1) No incremental shares of potentially dilutive restricted stock awards, performance share units, warrants or stock options were included for the three-month periods ended March 31, 2020 and 2019, as their effect was antidilutive under the treasury stock method.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Officers and Directors of the Company Effective April 6, 2020, the Board of Directors (the “Board”) of the Company appointed Carl F. Giesler, Jr. as the Company’s President and Chief Executive Officer. Bob G. Alexander, a member of the Company’s Board, passed away on April 5, 2020. Mr. Alexander was one of three independent directors serving on the audit committee of the Board. Following Mr. Alexander’s passing, the Board appointed John. J. Lipinski to the Audit Committee. The Board has determined that Mr. Lipinski is financially sophisticated and qualifies as an audit committee financial expert under applicable rules. Mr. Alexander was also a member of the Nominating and Governance Committee of the Board. The Board has appointed Jonathan Christodoro to the Nominating and Governance Committee and appointed Mr. Lipinski as chairman of the committee. On April 14, 2020, the Company determined to effect the separation of employment of Michael A. Johnson from his position as Senior Vice President and Chief Financial Officer and John P. Suter from his position as Executive Vice President and Chief Operating, effective no earlier than July 1, 2020. Impact of COVID-19 and Commodity Price Volatility In December 2019, a novel strain of coronavirus disease ("COVID-19") was identified and subsequently declared a pandemic by the World Health Organization on March 11, 2020. The COVID-19 pandemic has adversely affected the global economy, disrupted global supply chains and created significant volatility in the financial markets. As a result, there has been a significant reduction in demand for and prices of crude oil, natural gas and NGL. The reduced demand for and prices of crude oil, natural gas and NGLs are expected to significantly impact our operations, financial condition, cash flows, level of expenditures and the quantity of estimated proved reserves that may be attributed to our properties in the second quarter of 2020 and potentially beyond. In particular, COVID-19 has caused the Company’s headquarters in Oklahoma City, Oklahoma to close due to suggested and mandated stay-at-home orders. In addition, the Company issued a work from home policy to protect its employees and others from potential virus transmission. The office closure and work from home policy resulted in limited availability of key personnel required to assist in the preparation of this Quarterly Report. Accordingly, the Company relied upon the U.S. Securities and Exchange Commission’s Order Under Section 36 of the Securities Exchange Act of 1934 Modifying Exemptions From the Reporting and Proxy Delivery Requirements for Public Companies, dated March 25, 2020 (Release No. 34-88465), to extend the deadline by up to 45 days for the filing of this Quarterly Report. As a result of the decrease in demand for oil, gas and NGL's due to the impact of the COVID-19 pandemic and other pricing volatility caused by the announcement of production increases by the Saudi Arabia-led Organization of the Petroleum Exporting Countries ("OPEC") and Russia, the Company implemented additional cost cutting measures in the second quarter of 2020 as announced on April 7, 2020. These measures included carrying out an additional reduction in personnel and effecting salary reductions for a portion of remaining employees in the second quarter of 2020. Sale of Corporate Headquarters In May 2020, the Company entered into an agreement for the sale of its corporate headquarters building located in Oklahoma City, OK. The Company expects the sale to be completed in the third quarter of 2020 after a due diligence period and result in proceeds of approximately $35.5 million. The agreement includes an earnest money provision to be provided by the buyer in an amount of $100,000. The Company will also recognize an impairment of approximately $35.0 million when adjusting this asset to fair value in the second quarter of 2020.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2020
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 2019 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 2019 Form 10-K as well as the items noted below.
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; the carrying value of unproved oil and natural gas properties and other property, plant and equipment; depreciation, depletion and amortization; asset retirement obligations; determinations of significant alterations to the full cost pool and related estimates of fair value used to allocate the full cost pool net book value to divested properties, as necessary; valuation allowances for deferred tax assets; income taxes; valuation of derivative instruments; contingencies; and accrued revenue and related receivables. 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 March 2016, 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 replaced the previously required incurred loss approach with an expected loss model for instruments measured at amortized cost. The company adopted this ASU on January 1, 2020 using a modified retrospective approach; however, the impact was not material upon adoption. Recent Accounting Pronouncements Not Yet Adopted. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which simplifies various aspects of accounting for income taxes, including requirements related to hybrid tax regimes, the tax basis step-up in goodwill obtained in a transaction that is not a business combination, separate financial statements of entities not subject to tax, the intraperiod tax allocation exception to the incremental approach, ownership changes in investments, interim-period accounting for enacted changes in tax laws, and year-to-date loss limitation in interim-period tax accounting. The standard is effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted, and will be applied on a prospective basis. The Company is currently evaluating the effect the guidance will have on its consolidated financial statements.
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.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
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): March 31, 2020 Fair Value Measurements Netting(1) Assets/Liabilities at Fair Value Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ — $ 6,253 $ — — $ 6,253 $ — $ 6,253 $ — $ — $ 6,253 December 31, 2019 Fair Value Measurements Netting(1) Assets/Liabilities at Fair Value Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ — $ 114 $ — $ — $ 114 $ — $ 114 $ — $ — $ 114 ____________________ (1) Represents the effect of netting assets and liabilities for counterparties with which the right of offset exists.

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments, Gain (Loss)	The following table summarizes derivative activity for the three-month periods ended March 31, 2020, and 2019 (in thousands): Three Months Ended March 31, 2020 2019 (Gain) loss on commodity derivative contracts $ (10,226) $ 209 Cash received on settlements $ (4,087) $ (5,078)
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 March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 Gross Amounts Gross Amounts Offset Amounts Net of Offset Financial Collateral Net Amount Assets Derivative contracts - current $ 6,253 $ — $ 6,253 $ — $ 6,253 Total $ 6,253 $ — $ 6,253 $ — $ 6,253 December 31, 2019 Gross Amounts Gross Amounts Offset Amounts Net of Offset Financial Collateral Net Amount Assets Derivative contracts - current $ 114 $ — $ 114 $ — $ 114 Total $ 114 $ — $ 114 $ — $ 114
Oil Price Swaps	At March 31, 2020, the Company's open derivative contracts consisted of the following: Oil Price Swaps Notional (MBbls) Weighted Average Fixed Price April 2020 - June 2020 182 $ 60.00
Fair Value of Derivatives	The following table presents the fair value of the Company’s derivative contracts as of March 31, 2020 and December 31, 2019, on a gross basis without regard to same-counterparty netting (in thousands): Type of Contract Balance Sheet Classification March 31, December 31, 2019 Derivative assets Oil price swaps Derivative contracts-current $ 6,253 $ 114 Total net derivative contracts $ 6,253 $ 114

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment consists of the following (in thousands): March 31, December 31, 2019 Oil and natural gas properties Proved $ 1,487,721 $ 1,484,359 Unproved 24,298 24,603 Total oil and natural gas properties 1,512,019 1,508,962 Less accumulated depreciation, depletion and impairment (1,160,486) (1,129,622) Net oil and natural gas properties 351,533 379,340 Land 4,400 4,400 Electrical infrastructure 121,818 126,482 Other non-oil and natural gas equipment 11,553 12,665 Buildings and structures 77,148 77,148 Financing leases 1,847 2,109 Total 216,766 222,804 Less accumulated depreciation and amortization (34,915) (34,201) Other property, plant and equipment, net 181,851 188,603 Total property, plant and equipment, net $ 533,384 $ 567,943

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consist of the following (in thousands): March 31, December 31, 2019 Accounts payable and other accrued expenses $ 21,313 $ 29,423 Production payable 19,415 22,530 Payroll and benefits 8,288 7,021 Taxes payable 5,167 4,988 Drilling advances 514 514 Accrued interest 336 461 Total accounts payable and accrued expenses $ 55,033 $ 64,937

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table disaggregates the Company’s revenue by source for the three-month periods ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 (In thousands) Oil $ 28,654 $ 43,159 NGL 5,934 13,111 Natural gas 5,551 16,778 Other 190 188 Total revenues $ 40,329 $ 73,236

Employee Termination Benefits (

Employee Termination Benefits (Tables)	3 Months Ended
	Mar. 31, 2020
Postemployment Benefits [Abstract]
Schedule of Employee Termination Benefits	The following table presents a summary of employee termination benefits for the three-month period ended March 31, 2020 (in thousands): Cash Share-Based Compensation (1) Number of Shares Total Employee Termination Benefits Three Months Ended March 31, 2020 Executive Employee Termination Benefits $ 3 $ — — $ 3 Other Employee Termination Benefits 3,211 40 4 3,251 $ 3,214 $ 40 4 $ 3,254 ____________________ (2) Share-based compensation recognized in connection with the accelerated vesting of restricted stock awards due to the reduction in workforce in the first quarter of 2020 and 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.

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 Basic loss per share $ (12,670) 35,551 $ (0.36) Effect of dilutive securities Restricted stock awards(1) — — Performance share units(1) — — Warrants(1) — — Stock options(1) — — Diluted loss per share $ (12,670) 35,551 $ (0.36) Three Months Ended March 31, 2019 Basic loss per share $ (5,277) 35,322 $ (0.15) Effect of dilutive securities Restricted stock awards(1) — — Performance share units(1) — — Warrants(1) — — Stock options(1) — — Diluted earnings per share $ (5,277) 35,322 $ (0.15) ____________________ (1) No incremental shares of potentially dilutive restricted stock awards, performance share units, warrants or stock options were included for the three-month periods ended March 31, 2020 and 2019, as their effect was antidilutive under the treasury stock method.

Basis of Presentation (Details)

Basis of Presentation (Details) - Credit Facility - Revolving Credit Facility - USD ($)	Apr. 30, 2020	Mar. 31, 2020
Change in Accounting Estimate [Line Items]
Debt outstanding		$ 46,000,000
Outstanding letters of credit		2,900,000
Maximum borrowing capacity		600,000,000
Borrowing base		$ 225,000,000
Subsequent Event
Change in Accounting Estimate [Line Items]
Borrowing base	$ 75,000,000

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring Basis
Derivative assets	$ 6,253	$ 114
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring Basis
Netting adjustments, assets	0	0
Assets at fair value	6,253	114
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	6,253	114
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	6,253	114
Fair Value, Measurements, Recurring | Fair Value Measurements Level 2 | Commodity derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring Basis
Derivative assets	6,253	114
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
	Mar. 31, 2020USD ($)institution	Mar. 31, 2019USD ($)
Derivative Instruments and Hedging Activities Disclosure
(Gain) loss on derivative contracts	$ (10,226)	$ 209
Cash received on settlements	$ (4,087)	(5,078)
Number of counterparties to open derivative contracts | institution	2
Commodity derivative contracts
Derivative Instruments and Hedging Activities Disclosure
(Gain) loss on derivative contracts	$ (10,226)	209
Cash received on settlements	$ (4,087)	$ (5,078)

Derivatives - Offsetting Assets

Derivatives - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Derivative assets, gross amounts	$ 6,253	$ 114
Derivative assets, gross amounts offset	0	0
Derivative assets, amounts net of offset	6,253	114
Financial collateral (obligation to return cash)	0	0
Derivative assets, net amount	6,253	114
Current assets
Assets
Derivative assets, gross amounts	6,253	114
Derivative assets, gross amounts offset	0	0
Derivative assets, amounts net of offset	6,253	114
Financial collateral (obligation to return cash)	0	0
Derivative assets, net amount	$ 6,253	$ 114

Derivatives - Oil Price Swaps (

Derivatives - Oil Price Swaps (Details) - Oil Price Swaps, October 2019 - December 2019 MBbls in Thousands	3 Months Ended
	Mar. 31, 2020$ / bblMBbls
Derivative [Line Items]
Notional (MBbls) | MBbls	182
Weighted Average Fixed Price (in dollars per unit) | $ / bbl	60

Derivatives - Fair Value of Der

Derivatives - Fair Value of Derivative Contracts (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value
Derivative assets	$ 6,253	$ 114
Total net derivative contracts	6,253	114
Current assets
Derivatives, Fair Value
Derivative assets	6,253	114
Oil price swaps | Current assets
Derivatives, Fair Value
Derivative assets	$ 6,253	$ 114

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Oil and natural gas properties
Proved	$ 1,487,721	$ 1,484,359
Unproved	24,298	24,603
Total oil and natural gas properties	1,512,019	1,508,962
Less: accumulated depreciation, depletion and impairment	(1,160,486)	(1,129,622)
Net oil and natural gas properties	351,533	379,340
Property, Plant and Equipment, net
Property, plant and equipment, gross	216,766	222,804
Less accumulated depreciation and amortization	(34,915)	(34,201)
Other property, plant and equipment, net	181,851	188,603
Total property, plant and equipment, net	533,384	567,943
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	121,818	126,482
Other non-oil and natural gas equipment
Property, Plant and Equipment, net
Property, plant and equipment, gross	11,553	12,665
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	$ 1,847	$ 2,109

Impairment (Details)

Impairment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)$ / bbl	Mar. 31, 2019USD ($)	Mar. 31, 2020$ / Mcf
Property, Plant and Equipment [Abstract]
Impairment	$ 7,970	$ 0
Commodity price (usd per unit)	55.77		2.30

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accounts payable and other accrued expenses	$ 21,313	$ 29,423
Production payable	19,415	22,530
Payroll and benefits	8,288	7,021
Taxes payable	5,167	4,988
Drilling advances	514	514
Accrued interest	336	461
Total accounts payable and accrued expenses	$ 55,033	$ 64,937

Debt - Additional Information (

Debt - Additional Information (Details) - Credit Facility - Revolving Credit Facility - USD ($)	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Debt Instrument
Debt outstanding	$ 46,000,000
Outstanding letters of credit	2,900,000
Maximum borrowing capacity	600,000,000
Borrowing base	$ 225,000,000
Commitment fee	0.50%
Average interest rate during period	3.70%
Percentage of proved reserves pledged as collateral	85.00%
Total net leverage ratio (no greater than)	3.50
Interest coverage ratio (no less than)	2.25
Leverage ratio	0.34
Coverage ratio	29.61
Minimum | LIBOR
Debt Instrument
Basis spread on variable rate	2.00%
Minimum | Base Rate
Debt Instrument
Basis spread on variable rate	1.00%
Maximum | LIBOR
Debt Instrument
Basis spread on variable rate	3.00%
Maximum | Base Rate
Debt Instrument
Basis spread on variable rate	2.00%
Subsequent Event
Debt Instrument
Borrowing base		$ 75,000,000

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended
	Mar. 31, 2020
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	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Class of Stock
Common stock, shares issued (in shares)	35,810,000	35,772,000
Common stock, shares outstanding (in shares)	35,810,000	35,772,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Unvested options (in shares)	200,000
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)	4,700,000
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
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue
Total revenues	$ 40,329	$ 73,236
Oil
Disaggregation of Revenue
Total revenues	28,654	43,159
NGL
Disaggregation of Revenue
Total revenues	5,934	13,111
Natural gas
Disaggregation of Revenue
Total revenues	5,551	16,778
Other
Disaggregation of Revenue
Total revenues	$ 190	$ 188

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Revenue Receivable from Contract With Customers
Revenues Receivable from Customer
Revenues receivable	$ 14	$ 22.3

Employee Termination Benefits_2

Employee Termination Benefits (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Employee Termination Benefits
Cash	$ 3,214
Share-Based Compensation	$ 40
Number of Shares (in shares)	4
Total Employee Termination Benefits	$ 3,254	$ 0
Executive Employee Termination Benefits
Employee Termination Benefits
Cash	3
Share-Based Compensation	$ 0
Number of Shares (in shares)	0
Total Employee Termination Benefits	$ 3
Other Employee Termination Benefits
Employee Termination Benefits
Cash	3,211
Share-Based Compensation	$ 40
Number of Shares (in shares)	4
Total Employee Termination Benefits	$ 3,251

Loss Per Share (Details)

Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
(Loss) Earnings Per Share, Diluted, by Common Class, Including Two Class Method
Net loss	$ (12,670)	$ (5,277)
Weighted Average Shares, Basic (in shares)	35,551,000	35,322,000
(Loss) Earnings per Share, basic (in dollars per share)	$ (0.36)	$ (0.15)
Effect of dilutive securities
Restricted stock awards	$ 0	$ 0
Restricted stock awards (in shares)	0	0
Performance share units	$ 0	$ 0
Performance share units (in shares)	0	0
Warrants	$ 0	$ 0
Warrants (in shares)	0	0
Stock options	$ 0
Stock options (in shares)	0
Diluted (loss) earnings	$ (12,670)	$ (5,277)
Weighted average shares, diluted (in shares)	35,551,000	35,322,000
(Loss) Earnings Per Share, diluted (in dollars per share)	$ (0.36)	$ (0.15)
Restricted Stock awards
Potentially Dilutive Securities
Antidilutive securities excluded from computation of (loss) earnings per share (in shares)	0	0
Performance Share Units
Potentially Dilutive Securities
Antidilutive securities excluded from computation of (loss) earnings per share (in shares)	0	0
Warrants
Potentially Dilutive Securities
Antidilutive securities excluded from computation of (loss) earnings per share (in shares)	0	0
Stock Option
Potentially Dilutive Securities
Antidilutive securities excluded from computation of (loss) earnings per share (in shares)	0	0

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - Forecast - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Sep. 30, 2020
Subsequent Events
Proceeds from sale of buildings		$ 35,500
Earnest money deposits		$ 100
Impairment of Real Estate	$ 35,000

Uncategorized Items - sd-202003

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)