SandRidge Energy (SD) 10-Q 7 Aug 20 2020 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2020	Jul. 29, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		35,814,879
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
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	Jun. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 13,473	$ 4,275
Restricted cash - other	1,454	1,693
Accounts receivable, net	16,608	28,644
Derivative contracts	2,004	114
Prepaid expenses	2,218	3,342
Assets held for sale	35,447	0
Other current assets	80	538
Total current assets	71,284	38,606
Oil and natural gas properties, using full cost method of accounting
Proved	1,489,793	1,484,359
Unproved	22,753	24,603
Less: accumulated depreciation, depletion and impairment	(1,335,830)	(1,129,622)
Net oil and natural gas properties	176,716	379,340
Other property, plant and equipment, net	106,665	188,603
Other assets	766	1,140
Total assets	355,431	607,689
Current liabilities
Accounts payable and accrued expenses	41,996	64,937
Current maturities of long-term debt	59,000	0
Asset retirement obligation	22,055	22,119
Liabilities held for sale	403	0
Other current liabilities	1,120	1,367
Total current liabilities	124,574	88,423
Long-term debt	0	57,500
Asset retirement obligation	52,879	52,897
Other long-term obligations	3,209	6,417
Total liabilities	180,662	205,237
Commitments and contingencies (Note 9)
Stockholders’ Equity
Common stock, $0.001 par value; 250,000 shares authorized; 35,865 issued and outstanding at June 30, 2020 and 35,772 issued and outstanding at December 31, 2019	36	36
Warrants	88,520	88,520
Additional paid-in capital	1,060,019	1,059,253
Accumulated deficit	(973,806)	(745,357)
Total stockholders’ equity	174,769	402,452
Total liabilities and stockholders’ equity	$ 355,431	$ 607,689

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 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)	35,865,000	35,772,000
Common stock, shares outstanding (in shares)	35,865,000	35,772,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Total revenues	$ 16,655,000	$ 75,388,000	$ 56,984,000	$ 148,624,000
Expenses
Lease operating expenses	8,698,000	25,076,000	24,340,000	47,855,000
Production, ad valorem, and other taxes	1,854,000	5,877,000	5,053,000	10,957,000
Depreciation and depletion — oil and natural gas	13,348,000	39,419,000	38,203,000	75,884,000
Depreciation and amortization — other	1,739,000	2,986,000	4,373,000	5,929,000
Impairment	201,784,000	0	209,754,000	0
General and administrative	4,314,000	10,084,000	9,797,000	20,023,000
Restructuring expenses	444,000	0	444,000	0
Employee termination benefits	1,993,000	4,465,000	5,247,000	4,465,000
(Gain) loss on derivative contracts	(2,241,000)	0	(12,467,000)	209,000
Loss (gains) on sale of assets			78,000	0
Other operating expense	108,000	37,000	385,000	119,000
Total expenses	232,041,000	87,944,000	285,129,000	165,441,000
Loss from operations	(215,386,000)	(12,556,000)	(228,145,000)	(16,817,000)
Other income (expense)
Interest expense, net	(447,000)	(702,000)	(1,084,000)	(1,287,000)
Other income (expense), net	58,000	(26,000)	134,000	(457,000)
Total other expense	(389,000)	(728,000)	(950,000)	(1,744,000)
Loss before income taxes	(215,775,000)	(13,284,000)	(229,095,000)	(18,561,000)
Income tax expense (benefit)	4,000	0	(646,000)	0
Net loss	$ (215,779,000)	$ (13,284,000)	$ (228,449,000)	$ (18,561,000)
Loss per share
Basic (in dollars per share)	$ (6.06)	$ (0.38)	$ (6.42)	$ (0.53)
Diluted (in dollars per share)	$ (6.06)	$ (0.38)	$ (6.42)	$ (0.53)
Weighted average number of common shares outstanding
Basic (in shares)	35,611	35,356	35,581	35,339
Diluted (in shares)	35,611	35,356	35,581	35,339
Oil, natural gas and NGL
Revenues
Total revenues	$ 16,448,000	$ 75,196,000	$ 56,587,000	$ 148,244,000
Other
Revenues
Total revenues	$ 207,000	$ 192,000	$ 397,000	$ 380,000

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			$ 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, 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
Net loss	(18,561)
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
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201602Member
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
Stock-based compensation	2,170			2,170
Cash paid for tax withholdings on vested stock awards	(205)			(205)
Issuance of stock awards, net of cancellations (in shares)		75,000
Net 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)
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 warrants for general unsecured claims (in shares)			47,000
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	6,706,000
Ending balance at Mar. 31, 2020	$ 389,966	$ 36	$ 88,520	1,059,437	(758,027)
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
Net loss	$ (228,449)
Ending balance (in shares) at Jun. 30, 2020	35,865,000	35,865,000	6,706,000
Ending balance at Jun. 30, 2020	$ 174,769	$ 36	$ 88,520	1,060,019	(973,806)
Beginning balance (in shares) at Mar. 31, 2020		35,810,000	6,706,000
Beginning balance at Mar. 31, 2020	389,966	$ 36	$ 88,520	1,059,437	(758,027)
Increase (Decrease) in Stockholders' Equity
Stock-based compensation	583			583
Cash paid for tax withholdings on vested stock awards	(1)			(1)
Issuance of stock awards, net of cancellations (in shares)		55,000
Net loss	$ (215,779)				(215,779)
Ending balance (in shares) at Jun. 30, 2020	35,865,000	35,865,000	6,706,000
Ending balance at Jun. 30, 2020	$ 174,769	$ 36	$ 88,520	$ 1,060,019	$ (973,806)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (228,449,000)	$ (18,561,000)
Adjustments to reconcile net loss to net cash provided by operating activities
Provision for doubtful accounts	283,000	(91,000)
Depreciation, depletion, and amortization	42,576,000	81,813,000
Impairment	209,754,000	0
Debt issuance costs amortization	318,000	238,000
Write off of debt issuance costs	0	142,000
(Gain) loss on derivative contracts	(12,467,000)	209,000
Cash received on settlement of derivative contracts	10,577,000	5,078,000
Loss (gains) on sale of assets	78,000	0
Stock-based compensation	749,000	3,104,000
Other	68,000	(57,000)
Changes in operating assets and liabilities	(10,025,000)	(9,402,000)
Net cash provided by operating activities	13,462,000	62,473,000
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures for property, plant and equipment	(6,814,000)	(123,676,000)
Acquisition of assets	0	236,000
Proceeds from sale of assets	1,506,000	852,000
Net cash used in investing activities	(5,308,000)	(122,588,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings	39,000,000	112,596,000
Repayments of borrowings	(37,500,000)	(60,596,000)
Reduction of financing lease liability	(694,000)	(635,000)
Debt issuance costs	0	(901,000)
Cash paid for tax withholdings on vested stock awards	(1,000)	(205,000)
Net cash provided by financing activities	805,000	50,259,000
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS and RESTRICTED CASH	8,959,000	(9,856,000)
CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year	5,968,000	19,645,000
CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of period	14,927,000	9,789,000
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized	(812,000)	(949,000)
Cash received for income taxes	616,000	0
Supplemental Disclosure of Noncash Investing and Financing Activities
Purchase of PP&E in accounts payable	704,000	17,224,000
Right-of-use assets obtained in exchange for financing lease obligations	$ 67,000	$ 2,655,000

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 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 acquisition, development and production company headquartered in Oklahoma City, Oklahoma with a principal focus on developing and producing 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 condensed 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. The Company currently has a borrowing base of $75.0 million under its credit facility and as of June 30, 2020 the Company had $59.0 million outstanding under its credit facility and $4.3 million in outstanding letters of credit, which reduces availability under the restated credit facility on a dollar-for-dollar basis. This leaves an additional $11.7 million available to be borrowed under the credit facility. The Company is under contract to sell the Company's corporate headquarters building. In addition, management has begun communications with its lenders, and other capital providers, to refinance the balance of the outstanding credit facility, which matures on April 1, 2021. The due diligence period for the building sale has expired, and the sale is expected to close during the third quarter of 2020. In addition to using cash flows from operations, management's plans include repaying the outstanding credit facility borrowings, at or before maturity, using the proceeds from the contracted sale of the building, refinancing the credit facility, or both. In its evaluation of going concern, in accordance with ASC 205-40, management evaluated relevant conditions and events regarding the Company's ability to meet future obligations without taking into consideration management's plans to refinance its existing debt or sell its corporate headquarters. Based on that evaluation, the Company currently does not project that it will have sufficient cash on hand or available liquidity to repay the outstanding credit facility balance on the maturity date, which gives rise to substantial doubt about the Company’s ability to continue as a going concern. The Company’s plans discussed above, however, are probable of being achieved and would alleviate substantial doubt about its ability to continue as a going concern. Recently Adopted Accounting Pronouncements. ASU 2016-13 - 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. ASU 2020-04 - In March 2020, FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), to facilitate the effects of reference rate reform on financial reporting. This ASU provides optional practical expedients and exceptions for applying US GAAP provisions to contracts, hedging relationships, and other transactions that reference LIBOR, or other reference rates expected to be discontinued because of reference rate reform, if certain criteria are met. The provisions of this ASU do not apply to contract modifications made and hedging transactions entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments in ASU 2020-04 are effective, for all entities, as of March 12, 2020 through December 31, 2022. The Company is currently reviewing the potential impact of the upcoming LIBOR reference rate change on its current contracts and hedging relationships and will determine the applicable provisions of ASU 2020-04. ASU 2019-12 - 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	6 Months Ended
	Jun. 30, 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 June 30, 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. Further, the fair value of our assets held for sale is calculated using Level 2 inputs, which is discussed in Note 6. No other adjustments to fair value were required for other property, plant and equipment for the three and six-month periods ended June 30, 2020 and 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 June 30, 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): June 30, 2020 Fair Value Measurements Netting(1) Assets/Liabilities at Fair Value Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ — $ 2,004 $ — $ — $ 2,004 $ — $ 2,004 $ — $ — $ 2,004 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 and six-month periods ended June 30, 2020 and 2019.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 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 and six-month periods ended June 30, 2020, and 2019 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Gain) loss on commodity derivative contracts $ (2,241) $ — $ (12,467) $ 209 Cash received on settlements $ 6,490 $ — $ 10,577 $ 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 June 30, 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 June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 Gross Amounts Gross Amounts Offset Amounts Net of Offset Financial Collateral Net Amount Assets Derivative contracts - current $ 2,004 $ — $ 2,004 $ — $ 2,004 Total $ 2,004 $ — $ 2,004 $ — $ 2,004 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 June 30, 2020, the Company's open derivative contracts consisted of natural gas commodity derivative contracts under which we will receive a fixed price for the contract and pay a floating market price to the counterparty over a specified period for a contracted volume. These commodity derivative contracts consisted of the following: Notional (MMBtu) Weighted Average Fixed Price per Unit Natural Gas Price Swaps: July 2020 - October 2020 4,920,000 $ 2.14 Further, subsequent to June 30, 2020, in July 2020, the Company entered into derivative contracts consisting of natural gas commodity derivative contracts under which we will receive a fixed price for the contract and pay a floating market price to the counterparty over a specified period for a contracted volume. These commodity derivative contracts consisted of the following: Notional (MMBtu) Weighted Average Fixed Price per Unit Natural Gas Price Swaps: November 2020 - December 2020 2,135,000 $ 2.54 Natural Gas Price Swaps: January 2021 - December 2021 10,950,000 $ 2.61 Because we have not designated any of our derivative contracts as hedges for accounting purposes, changes in the fair value of our derivative contracts are recognized as gains and losses in current period earnings. As a result, our current period earnings may be significantly affected by changes in the fair value of our commodity derivative contracts. Changes in fair value are principally measured based on a comparison of future prices to the contract price at the period-end. Fair Value of Derivatives The following table presents the fair value of the Company’s derivative contracts as of June 30, 2020 and December 31, 2019, on a gross basis without regard to same counterparty netting (in thousands): Type of Contract Balance Sheet Classification June 30, December 31, 2019 Derivative assets Oil price swaps Derivative contracts-current $ — $ 114 Natural gas price swaps Derivative contracts-current 2,004 — Total net derivative contracts $ 2,004 $ 114

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment consists of the following (in thousands): June 30, December 31, 2019 Oil and natural gas properties Proved $ 1,489,793 $ 1,484,359 Unproved 22,753 24,603 Total oil and natural gas properties 1,512,546 1,508,962 Less accumulated depreciation, depletion and impairment (1,335,830) (1,129,622) Net oil and natural gas properties 176,716 379,340 Land 200 4,400 Electrical infrastructure 121,818 126,482 Other non-oil and natural gas equipment 1,934 12,665 Buildings and structures 3,603 77,148 Financing leases 1,552 2,109 Total 129,107 222,804 Less accumulated depreciation and amortization (22,442) (34,201) Other property, plant and equipment, net 106,665 188,603 Total property, plant and equipment, net $ 283,381 $ 567,943

Impairment

Impairment	6 Months Ended
	Jun. 30, 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. In the three-month period ended June 30, 2020, we recorded a total impairment charge of $201.8 million, which included a full cost ceiling limitation impairment charge of $163.8 million, and an impairment charge of $38.0 million to w rite down the value of the Company's office headquarters, classified as assets held for sale, to its estimated fair value less estimated costs to sell the building. In the six - month period ended June 30, 2020, we recorded a total impairment charge of $209.8 million, which included a full cost ceiling limitation impairment charge of $171.8 million, and an impairment charge of $38.0 million to w rite down the value of the Company's office headquarters, classified as assets held for sale, to its estimated fair value less estimated costs to sell the building. The ceiling limitation impairment charges recorded in the six-month period ended June 30, 2020 resulted from various factors, including a decrease in proved reserve value driven by a significant decline in the trailing twelve-month weighted average oil and natural gas prices in the first and second quarters of 2020. No impairment was recorded for the three and six-month period ended June 30, 2019. Impairment charges for the Company's office headquarters is further discussed in Note 6.

Assets and Liabilities Held for

Assets and Liabilities Held for Sale	6 Months Ended
	Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Assets and Liabilities Held for Sale	Assets and Liabilities Held for Sale 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 $0.1 million. In accordance with the applicable accounting guidance, FASB ASC 360-10-45-9, the Company reclassified its corporate headquarters building net carrying amount from Other property, plant and equipment, net, to Assets held for sale on the Condensed Consolidated Balance Sheets at June 30, 2020. The Company also reclassified the liabilities associated with the corporate headquarters building from Accounts payable and accrued expenses to Liabilities held for sale on the Condensed Consolidated Balance Sheets at June 30, 2020. Further we recorded an impairment charge of $38.0 million in the three-month period ended June 30, 2020 to write down the net carrying amount of the office headquarters building assets to their estimated fair value less estimated costs to sell the building. The impairment charge is included in the Impairment line item of the Condensed Consolidated Statements of Operations for the three and six-month periods ended June 30, 2020. No impairment charges were recorded for the corporate headquarters building assets in the three and six-month period ended June 30, 2019. Prior to the sale of the building, the carrying value of the building was assessed for impairment using undiscounted cash flow measures as prescribed under ASC 360-10-35, rather than fair value. The table below sets forth an analysis of the Company's assets and liabilities held for sale at June 30, 2020 (in thousands): Assets held for sale at June 30, 2020: Net carrying amount before impairment $ 73,447 Less: asset write-down to fair value $ (37,947) Less: estimated cost of sale (53) Subtotal impairment charges (38,000) Assets held for sale balance at June 30, 2020 $ 35,447 Liabilities held for sale at June 30, 2020: Accounts payable $ 6 Accrued expenses 397 Liabilities held for sale balance at June 30, 2020 $ 403

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	6 Months Ended
	Jun. 30, 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): June 30, December 31, 2019 Accounts payable and other accrued expenses $ 17,469 $ 29,423 Production payable 12,427 22,530 Payroll and benefits 5,183 7,021 Taxes payable 6,288 4,988 Drilling advances 479 514 Accrued interest 150 461 Total accounts payable and accrued expenses $ 41,996 $ 64,937

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt Credit Facility. As of June 30, 2020, the Company had a borrowing base of $75.0 million under its credit facility, with $59.0 million outstanding and $4.3 million in outstanding letters of credit, which reduces availability under the credit facility on a dollar-for-dollar basis. This leaves $11.7 million available to be drawn under the credit facility. The next borrowing base redetermination is expected to occur during the fourth quarter of 2020. 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 and six-month period ended June 30, 2020, the weighted average interest rate paid for borrowings outstanding under the credit facility was approximately 3.0% and 3.4%, 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 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 June 30, 2020, the Company was in compliance with all applicable covenants and had a consolidated total net leverage ratio of 0.5 and consolidated interest coverage ratio of 27.93.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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. On the same date, the individual defendants filed motions for summary judgment seeking the dismissal of all claims asserted against them In re SandRidge Energy, Inc. Securities Litigation . 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	6 Months Ended
	Jun. 30, 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 June 30, 2020. As a result, the Company had no federal or state income tax expense and recorded an insignificant income tax benefit for the six-month period ended June 30, 2020. The benefit is related to previously sequestered alternative minimum tax (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 six-month period ended June 30, 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. On July 1, 2020, the Company entered into a Tax Benefits Preservation Plan (defined below) to protect shareholder value against a possible limitation on the Company's ability to use its NOLs. See Note 15 for more information. 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. During the six months ended June 30, 2020, no material adjustments were made to provision amounts recorded as a result of the enactment of the CARES Act. Subsequent to June 30, 2020, in July 2020, the U.S. Treasury Department released final and proposed regulations on IRC Section 163(j) which limits business interest expense deductions. These regulations apply to tax years beginning January 1, 2021. However, taxpayers may choose to apply these regulations to tax years beginning after December 31, 2017. The

Equity

Equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Equity	Equity Common Stock, Performance Share Units, and Stock Options . At June 30, 2020, the Company had approximately 35.9 million shares of common stock, par value $0.001 per share, issued and outstanding. Further, at June 30, 2020, the Company had approximately 0.2 million shares of unvested restricted stock awards, 1.0 million shares of unvested restricted stock units, 0.1 million unvested stock options, and 0.1 million unvested performance share units.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The following table disaggregates the Company’s revenue by source for the three and six-month periods ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In thousands) Oil $ 11,554 $ 55,615 $ 40,208 $ 98,774 NGL 1,591 9,413 7,525 22,524 Natural gas 3,303 10,168 8,854 26,946 Other 207 192 397 380 Total revenues $ 16,655 $ 75,388 $ 56,984 $ 148,624 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 June 30, 2020, and December 31, 2019, the Company had revenues receivable of $11.0 million and $22.3 million, respectively, and did not record any bad debt expense on revenues receivable during the three and six-month periods ended June 30, 2020 and 2019.

Employee Termination Benefits

Employee Termination Benefits	6 Months Ended
	Jun. 30, 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 three and six-month period ended June 30, 2020 and 2019. The following tables presents a summary of employee termination benefits for the three and six-month periods ended June 30, 2020 and 2019 (in thousands): Cash Share-Based Compensation (1) Number of Shares Total Employee Termination Benefits Three Months Ended June 30, 2020 Executive Employee Termination Benefits $ 1 $ — — $ 1 Other Employee Termination Benefits 1,992 — — 1,992 $ 1,993 $ — — $ 1,993 Three Months Ended June 30, 2019 Executive Employee Termination Benefits $ 877 $ 478 37 $ 1,355 Other Employee Termination Benefits 2,609 501 44 3,110 $ 3,486 $ 979 81 $ 4,465 Six Months Ended June 30, 2020 Executive Employee Termination Benefits $ 4 $ — $ — $ 4 Other Employee Termination Benefits 5,203 40 4 5,243 $ 5,207 $ 40 $ 4 $ 5,247 Six Months Ended June 30, 2019 Executive Employee Termination Benefits $ 877 $ 478 37 $ 1,355 Other Employee Termination Benefits 2,609 501 44 3,110 $ 3,486 $ 979 81 $ 4,465 ____________________ (1) Share-based compensation recognized in connection with the accelerated vesting of restricted stock awards due to the reduction in workforce in the three and six - month period ended June 30, 2020 and 2019 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	6 Months Ended
	Jun. 30, 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 June 30, 2020 Basic loss per share $ (215,779) 35,611 $ (6.06) Effect of dilutive securities Restricted stock awards(1) — — Performance share units(1) — — Warrants(1) — — Stock options(1) — — Diluted loss per share $ (215,779) 35,611 $ (6.06) Three Months Ended June 30, 2019 Basic loss per share $ (13,284) 35,356 $ (0.38) Effect of dilutive securities Restricted stock awards(1) — — Performance share units(1) — — Warrants(1) — — Stock options(1) — — Diluted earnings per share $ (13,284) 35,356 $ (0.38) Six Months Ended June 30, 2020 Basic loss per share $ (228,449) 35,581 $ (6.42) Effect of dilutive securities Restricted stock awards(1) — — Performance share units(1) — — Warrants(1) — — Stock options(1) — — Diluted loss per share $ (228,449) 35,581 $ (6.42) Six Months Ended June 30, 2019 Basic loss per share $ (18,561) 35,339 $ (0.53) Effect of dilutive securities Restricted stock awards(1) — — Performance share units(1) — — Warrants(1) — — Diluted loss per share $ (18,561) 35,339 $ (0.53) ____________________ (1) No incremental shares of potentially dilutive restricted stock awards, performance share units, warrants or stock options were included for the three and six-month periods ended June 30, 2020 and 2019, as their effect was antidilutive under the treasury stock method.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Tax Benefits Preservation Plan On July 1, 2020, the board of directors (the “Board”) of the Company declared a dividend distribution of one right (a “Right”) for each outstanding share of common stock, par value $0.001 per share to stockholders of record at the close of business on July 13, 2020 (the “Record Date”). Each Right entitles its holder, under the circumstances described below, to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock of the Company, par value $0.001 per share (the “Preferred Stock”), at an exercise price of $5.00 per Right, subject to adjustment. The description and terms of the Rights are set forth in the tax benefits preservation plan (the “Tax Benefits Preservation Plan”), dated as of July 1, 2020, between the Company and American Stock Transfer & Trust Company, LLC, as rights agent (and any successor rights agent, the “Rights Agent”). The Company adopted the Tax Benefits Preservation Plan in order to protect shareholder value against a possible limitation on the Company’s ability to use its NOLs and certain other tax benefits to reduce potential future U.S. federal income tax obligations. The NOLs are a valuable asset to the Company, which may inure to the benefit of the Company and its stockholders. However, if the Company experiences an “ownership change,” as defined in Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), its ability to fully utilize the NOLs and certain other tax benefits will be substantially limited and the timing of the usage of the NOLs and such other benefits could be substantially delayed, which could significantly impair the value of those assets. Generally, an “ownership change” occurs if the percentage of the Company’s stock owned by one or more of its “five-percent shareholders” (as such term is defined in Section 382 of the Code) increases by more than 50 percentage points over the lowest percentage of stock owned by such stockholder or stockholders at any time over a three-year period. The Tax Benefits Preservation Plan is intended to prevent against such an “ownership change” by deterring any person or group from acquiring beneficial ownership of 4.9% or more of the Company’s securities. Officers and Directors of the Company Effective July 1, 2020, the Board appointed Mr. Salah Gamoudi as the Company’s Chief Financial Officer and Chief Accounting Officer. Mr. Gamoudi, age 34, most recently served as the Company’s Vice President of Accounting and Finance beginning April 27, 2020. Prior to joining the Company, Mr. Gamoudi served as Vice President and Chief Accounting Officer at Jones Energy, Inc. from October 2018 to April 2020. Jones Energy, Inc. filed for protection under Chapter 11 of the U.S. Bankruptcy Code on April 14, 2019. Immediately before serving as Vice President and Chief Accounting Officer at Jones Energy, Inc., Mr. Gamoudi served as Chief Accounting Officer and Controller of Remora Petroleum, L.P. from 2017 to 2018. From 2015 to 2017, he served as Corporate Controller of Glacier Oil & Gas and its predecessor company, Miller Energy Resources, Inc. (“Miller Energy”). Miller Energy filed for protection under Chapter 11 of the U.S. Bankruptcy Code on October 1, 2015. From 2013 to 2015, he served as SOX and Internal Audit Manager of LRR Energy, L.P. and Lime Rock Resources. Prior to that, he served as an auditor for Deloitte & Touche LLP and for Ernst & Young LLP. Mr. Gamoudi has a Bachelor of Arts in Accounting from Portland State University and is a Certified Public Accountant. Consistent with his employment letter dated April 24, 2020, effective July 29, 2020, the Board of the Company, upon the recommendation of the Board’s Nominating and Governance Committee, appointed Mr. Carl F. Giesler, Jr., the Company’s President and Chief Executive Officer, to serve as a member of the Board. Prior to joining the Company, Mr. Giesler served as the Chief Executive Officer and a Director at Jones Energy, Inc. from July 2018 through January 2020. Jones Energy, Inc. filed for protection under Chapter 11 of the U.S. Bankruptcy Code on April 14, 2019. Mr. Giesler previously served as the Chief Executive Officer and a Director of Glacier Oil & Gas Corp. and its predecessor company, Miller Energy Resources, Inc. (“Miller Energy”), from September 2014 to July 2018. Miller Energy filed for protection under Chapter 11 of the U.S. Bankruptcy Code on October 1, 2015. Immediately prior to joining Glacier Oil & Gas Corp., Mr. Giesler served as a Managing Director with Harbinger Group Inc. where he led its oil and gas investment efforts since October 2011. Prior to joining Harbinger Group Inc., Mr. Giesler served in various oil and gas principal investing, financial and other roles with Harbinger Capital Partners, AIG FP, Morgan Stanley and Bain & Company. In addition to serving as a Director of Glacier Oil & Gas Corp. and its predecessor companies, Mr. Giesler has also served on the boards of Compass Production Partners, LP and North American Energy Partners, Inc. Mr. Giesler received his Bachelor of Arts from the University of Virginia and his Juris Doctorate from Harvard Law School. He is also a CFA Charterholder. Mr. Giesler’s initial term as a member of the Board will end at the annual meeting of stockholders to be held in 2021. Mr. Giesler’s appointment was not pursuant to any arrangements or understandings between Mr. Giesler and the Company or any other person. Mr. Giesler has no direct or indirect material interest in any transaction or series of similar transactions contemplated by Item 404(a) of Regulation S-K. As a non-independent Director, the Company will not compensate Mr. Giesler for his services rendered as a member of the Board. However, Mr. Giesler will enter into the Company’s standard form of Directors’ indemnification agreement with the Company, pursuant to which the Company agrees to indemnify its Directors to the fullest extent permitted by applicable law and to advance expenses in connection with proceedings as described in the indemnification agreement. Royalty Trust Right of First Refusal The Company is a party to the Amended and Restated Trust Agreement of SandRidge Mississippian Trust II (the “ Trust ”), dated April 23, 2012, by and among the Company, the Bank of New York Mellon Trust Company, N.A., and the Corporation Trust Company (the “ Trust Agreement ”). Pursuant to the Trust Agreement, the Company has a right of first refusal with respect to any sale of assets of the Trust to a third party following the occurrence of certain events (a “ Triggering Event ”). On February 14, 2020, the Trust began dissolving and winding up its activities, which is a Triggering Event. In April 2020, the Trust engaged a third-party advisor to assist with the marketing and sale of the Trust’s overriding royalty interests, which are in wells operated by the Company and subject to the right of first refusal. The Board and the Company evaluated the opportunity to acquire the properties related to the Trust’s overriding royalty interests and determined that it would be in the Company’s best interests to acquire such interests for a gross purchase price of $5.25 million (net purchase price of $3.28 million, given the Company's 37.6% ownership of the Trust). On August 6, 2020 the Board authorized and the Company exercised its right of first refusal. The Company is currently negotiating this transaction.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business. SandRidge Energy, Inc. is an oil and natural gas acquisition, development and production company headquartered in Oklahoma City, Oklahoma with a principal focus on developing and producing 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	Recently Adopted Accounting Pronouncements. ASU 2016-13 - 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. ASU 2020-04 - In March 2020, FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), to facilitate the effects of reference rate reform on financial reporting. This ASU provides optional practical expedients and exceptions for applying US GAAP provisions to contracts, hedging relationships, and other transactions that reference LIBOR, or other reference rates expected to be discontinued because of reference rate reform, if certain criteria are met. The provisions of this ASU do not apply to contract modifications made and hedging transactions entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments in ASU 2020-04 are effective, for all entities, as of March 12, 2020 through December 31, 2022. The Company is currently reviewing the potential impact of the upcoming LIBOR reference rate change on its current contracts and hedging relationships and will determine the applicable provisions of ASU 2020-04. ASU 2019-12 - 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)	6 Months Ended
	Jun. 30, 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): June 30, 2020 Fair Value Measurements Netting(1) Assets/Liabilities at Fair Value Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ — $ 2,004 $ — $ — $ 2,004 $ — $ 2,004 $ — $ — $ 2,004 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)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments, Gain (Loss)	The following table summarizes derivative activity for the three and six-month periods ended June 30, 2020, and 2019 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Gain) loss on commodity derivative contracts $ (2,241) $ — $ (12,467) $ 209 Cash received on settlements $ 6,490 $ — $ 10,577 $ 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 June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 Gross Amounts Gross Amounts Offset Amounts Net of Offset Financial Collateral Net Amount Assets Derivative contracts - current $ 2,004 $ — $ 2,004 $ — $ 2,004 Total $ 2,004 $ — $ 2,004 $ — $ 2,004 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
Open Derivative Contracts	At June 30, 2020, the Company's open derivative contracts consisted of natural gas commodity derivative contracts under which we will receive a fixed price for the contract and pay a floating market price to the counterparty over a specified period for a contracted volume. These commodity derivative contracts consisted of the following: Notional (MMBtu) Weighted Average Fixed Price per Unit Natural Gas Price Swaps: July 2020 - October 2020 4,920,000 $ 2.14 Further, subsequent to June 30, 2020, in July 2020, the Company entered into derivative contracts consisting of natural gas commodity derivative contracts under which we will receive a fixed price for the contract and pay a floating market price to the counterparty over a specified period for a contracted volume. These commodity derivative contracts consisted of the following: Notional (MMBtu) Weighted Average Fixed Price per Unit Natural Gas Price Swaps: November 2020 - December 2020 2,135,000 $ 2.54 Natural Gas Price Swaps: January 2021 - December 2021 10,950,000 $ 2.61
Fair Value of Derivatives	The following table presents the fair value of the Company’s derivative contracts as of June 30, 2020 and December 31, 2019, on a gross basis without regard to same counterparty netting (in thousands): Type of Contract Balance Sheet Classification June 30, December 31, 2019 Derivative assets Oil price swaps Derivative contracts-current $ — $ 114 Natural gas price swaps Derivative contracts-current 2,004 — Total net derivative contracts $ 2,004 $ 114

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment consists of the following (in thousands): June 30, December 31, 2019 Oil and natural gas properties Proved $ 1,489,793 $ 1,484,359 Unproved 22,753 24,603 Total oil and natural gas properties 1,512,546 1,508,962 Less accumulated depreciation, depletion and impairment (1,335,830) (1,129,622) Net oil and natural gas properties 176,716 379,340 Land 200 4,400 Electrical infrastructure 121,818 126,482 Other non-oil and natural gas equipment 1,934 12,665 Buildings and structures 3,603 77,148 Financing leases 1,552 2,109 Total 129,107 222,804 Less accumulated depreciation and amortization (22,442) (34,201) Other property, plant and equipment, net 106,665 188,603 Total property, plant and equipment, net $ 283,381 $ 567,943

Discontinued Operations and Dis

Discontinued Operations and Disposal Groups (Tables)	6 Months Ended
	Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Assets and Liabilities Held for Sale	The table below sets forth an analysis of the Company's assets and liabilities held for sale at June 30, 2020 (in thousands): Assets held for sale at June 30, 2020: Net carrying amount before impairment $ 73,447 Less: asset write-down to fair value $ (37,947) Less: estimated cost of sale (53) Subtotal impairment charges (38,000) Assets held for sale balance at June 30, 2020 $ 35,447 Liabilities held for sale at June 30, 2020: Accounts payable $ 6 Accrued expenses 397 Liabilities held for sale balance at June 30, 2020 $ 403

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2020
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consist of the following (in thousands): June 30, December 31, 2019 Accounts payable and other accrued expenses $ 17,469 $ 29,423 Production payable 12,427 22,530 Payroll and benefits 5,183 7,021 Taxes payable 6,288 4,988 Drilling advances 479 514 Accrued interest 150 461 Total accounts payable and accrued expenses $ 41,996 $ 64,937

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 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 and six-month periods ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In thousands) Oil $ 11,554 $ 55,615 $ 40,208 $ 98,774 NGL 1,591 9,413 7,525 22,524 Natural gas 3,303 10,168 8,854 26,946 Other 207 192 397 380 Total revenues $ 16,655 $ 75,388 $ 56,984 $ 148,624

Employee Termination Benefits (

Employee Termination Benefits (Tables)	6 Months Ended
	Jun. 30, 2020
Postemployment Benefits [Abstract]
Schedule of Employee Termination Benefits	The following tables presents a summary of employee termination benefits for the three and six-month periods ended June 30, 2020 and 2019 (in thousands): Cash Share-Based Compensation (1) Number of Shares Total Employee Termination Benefits Three Months Ended June 30, 2020 Executive Employee Termination Benefits $ 1 $ — — $ 1 Other Employee Termination Benefits 1,992 — — 1,992 $ 1,993 $ — — $ 1,993 Three Months Ended June 30, 2019 Executive Employee Termination Benefits $ 877 $ 478 37 $ 1,355 Other Employee Termination Benefits 2,609 501 44 3,110 $ 3,486 $ 979 81 $ 4,465 Six Months Ended June 30, 2020 Executive Employee Termination Benefits $ 4 $ — $ — $ 4 Other Employee Termination Benefits 5,203 40 4 5,243 $ 5,207 $ 40 $ 4 $ 5,247 Six Months Ended June 30, 2019 Executive Employee Termination Benefits $ 877 $ 478 37 $ 1,355 Other Employee Termination Benefits 2,609 501 44 3,110 $ 3,486 $ 979 81 $ 4,465 ____________________ (1) Share-based compensation recognized in connection with the accelerated vesting of restricted stock awards due to the reduction in workforce in the three and six - month period ended June 30, 2020 and 2019 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)	6 Months Ended
	Jun. 30, 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 June 30, 2020 Basic loss per share $ (215,779) 35,611 $ (6.06) Effect of dilutive securities Restricted stock awards(1) — — Performance share units(1) — — Warrants(1) — — Stock options(1) — — Diluted loss per share $ (215,779) 35,611 $ (6.06) Three Months Ended June 30, 2019 Basic loss per share $ (13,284) 35,356 $ (0.38) Effect of dilutive securities Restricted stock awards(1) — — Performance share units(1) — — Warrants(1) — — Stock options(1) — — Diluted earnings per share $ (13,284) 35,356 $ (0.38) Six Months Ended June 30, 2020 Basic loss per share $ (228,449) 35,581 $ (6.42) Effect of dilutive securities Restricted stock awards(1) — — Performance share units(1) — — Warrants(1) — — Stock options(1) — — Diluted loss per share $ (228,449) 35,581 $ (6.42) Six Months Ended June 30, 2019 Basic loss per share $ (18,561) 35,339 $ (0.53) Effect of dilutive securities Restricted stock awards(1) — — Performance share units(1) — — Warrants(1) — — Diluted loss per share $ (18,561) 35,339 $ (0.53) ____________________ (1) No incremental shares of potentially dilutive restricted stock awards, performance share units, warrants or stock options were included for the three and six-month periods ended June 30, 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 $ in Millions	Jun. 30, 2020USD ($)
Change in Accounting Estimate [Line Items]
Borrowing base	$ 75
Debt outstanding	59
Outstanding letters of credit	4.3
Maximum borrowing capacity	$ 11.7

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring Basis
Derivative assets	$ 2,004	$ 114
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring Basis
Netting adjustments, assets	0	0
Assets at fair value	2,004	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	2,004	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	2,004	114
Fair Value, Measurements, Recurring | Fair Value Measurements Level 2 | Commodity derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring Basis
Derivative assets	2,004	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		6 Months Ended
	Jun. 30, 2020USD ($)institution	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)institution	Jun. 30, 2019USD ($)
Derivative Instruments and Hedging Activities Disclosure
(Gain) loss on derivative contracts	$ (2,241)	$ 0	$ (12,467)	$ 209
Cash received on settlements			$ (10,577)	(5,078)
Number of counterparties to open derivative contracts | institution	2		2
Commodity derivative contracts
Derivative Instruments and Hedging Activities Disclosure
(Gain) loss on derivative contracts	$ 2,241	0	$ (12,467)	209
Cash received on settlements	$ 6,490	$ 0	$ 10,577	$ 5,078

Derivatives - Offsetting Assets

Derivatives - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets
Derivative assets, gross amounts	$ 2,004	$ 114
Derivative assets, gross amounts offset	0	0
Derivative assets, amounts net of offset	2,004	114
Financial collateral (obligation to return cash)	0	0
Derivative assets, net amount	2,004	114
Current assets
Assets
Derivative assets, gross amounts	2,004	114
Derivative assets, gross amounts offset	0	0
Derivative assets, amounts net of offset	2,004	114
Financial collateral (obligation to return cash)	0	0
Derivative assets, net amount	$ 2,004	$ 114

Derivatives - Open Derivative C

Derivatives - Open Derivative Contracts (Details) MMBTU in Thousands	1 Months Ended	6 Months Ended
	Jul. 31, 2020MMBTU$ / Unit	Jun. 30, 2020MMBTU$ / Unit
Natural Gas Price Swaps: July 2020 - October 2020
Derivative [Line Items]
Notional (MMBtu) | MMBTU		4,920
Weighted Average Fixed Price (in dollars per unit) | $ / Unit		2.14
Natural Gas Price Swaps: November 2020 - December 2020 | Subsequent Event
Derivative [Line Items]
Notional (MMBtu) | MMBTU	2,135
Weighted Average Fixed Price (in dollars per unit) | $ / Unit	2.54
Natural Gas Price Swaps: January 2021 - December 2021 | Subsequent Event
Derivative [Line Items]
Notional (MMBtu) | MMBTU	10,950
Weighted Average Fixed Price (in dollars per unit) | $ / Unit	2.61

Derivatives - Fair Value of Der

Derivatives - Fair Value of Derivative Contracts (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value
Derivative assets	$ 2,004	$ 114
Total net derivative contracts	2,004	114
Current assets
Derivatives, Fair Value
Derivative assets	2,004	114
Oil price swaps | Current assets
Derivatives, Fair Value
Derivative assets	0	114
Natural gas price swaps | Current assets
Derivatives, Fair Value
Derivative assets	$ 2,004	$ 0

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Oil and natural gas properties
Proved	$ 1,489,793	$ 1,484,359
Unproved	22,753	24,603
Total oil and natural gas properties	1,512,546	1,508,962
Less: accumulated depreciation, depletion and impairment	(1,335,830)	(1,129,622)
Net oil and natural gas properties	176,716	379,340
Property, Plant and Equipment, net
Property, plant and equipment, gross	129,107	222,804
Less accumulated depreciation and amortization	(22,442)	(34,201)
Other property, plant and equipment, net	106,665	188,603
Total property, plant and equipment, net	283,381	567,943
Land
Property, Plant and Equipment, net
Property, plant and equipment, gross	200	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	1,934	12,665
Buildings and structures
Property, Plant and Equipment, net
Property, plant and equipment, gross	3,603	77,148
Financing leases
Property, Plant and Equipment, net
Property, plant and equipment, gross	$ 1,552	$ 2,109

Impairment (Details)

Impairment (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)$ / bbl	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)$ / bbl	Jun. 30, 2019USD ($)	Jun. 30, 2020$ / Mcf
Assets and Liabilities Held for Sale [Line Items]
Impairment	$ 201,784,000	$ 0	$ 209,754,000	$ 0
Full cost ceiling limitation impairment		163,800,000	$ 171,800,000
Commodity price (usd per unit)	47.17		47.17		2.07
Disposal Group, Held-for-sale, Not Discontinued Operations | Corporate Headquarters Building
Assets and Liabilities Held for Sale [Line Items]
Impairment of Real Estate	$ 0	$ 38,000,000	$ 0	$ 38,000,000

Assets and Liabilities Held f_2

Assets and Liabilities Held for Sale (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - Corporate Headquarters Building - USD ($)	3 Months Ended			6 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Assets and Liabilities Held for Sale [Line Items]
Impairment of Real Estate		$ 0	$ 38,000,000	$ 0	$ 38,000,000
Forecast
Assets and Liabilities Held for Sale [Line Items]
Expected proceeds from sale of buildings	$ 35,500,000
Disposal group, not discontinued operations, earnest money deposits	$ 100,000

Assets and Liabilities Held f_3

Assets and Liabilities Held for Sale - Analysis of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Assets and Liabilities Held for Sale [Line Items]
Assets held for sale	$ 35,447	$ 0
Liabilities held for sale	403	$ 0
Disposal Group, Held-for-sale, Not Discontinued Operations | Corporate Headquarters Building
Assets and Liabilities Held for Sale [Line Items]
Net carrying amount before impairment	73,447
Less: asset write-down to fair value	(37,947)
Less: estimated cost of sale	(53)
Subtotal impairment charges	38,000
Assets held for sale	35,447
Accounts payable held for sale	6
Accrued expenses held for sale	397
Liabilities held for sale	$ 403

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accounts payable and other accrued expenses	$ 17,469	$ 29,423
Production payable	12,427	22,530
Payroll and benefits	5,183	7,021
Taxes payable	6,288	4,988
Drilling advances	479	514
Accrued interest	150	461
Total accounts payable and accrued expenses	$ 41,996	$ 64,937

Debt - Additional Information (

Debt - Additional Information (Details) - Credit Facility - Revolving Credit Facility $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)
Debt Instrument
Borrowing base	$ 75	$ 75
Debt outstanding	59	59
Outstanding letters of credit	4.3	4.3
Maximum borrowing capacity	$ 11.7	$ 11.7
Commitment fee		0.50%
Average interest rate during period	3.00%	3.40%
Percentage of proved reserves pledged as collateral	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	0.5	0.5
Coverage ratio	27.93	27.93
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%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Class of Stock
Common stock, shares issued (in shares)	35,865,000	35,772,000
Common stock, shares outstanding (in shares)	35,865,000	35,772,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Unvested options (in shares)	100,000
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
Restricted Stock Units (RSUs)
Class of Stock
Unvested awards (in shares)	1,000,000
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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue
Total revenues	$ 16,655	$ 75,388	$ 56,984	$ 148,624
Oil
Disaggregation of Revenue
Total revenues	11,554	55,615	40,208	98,774
NGL
Disaggregation of Revenue
Total revenues	1,591	9,413	7,525	22,524
Natural gas
Disaggregation of Revenue
Total revenues	3,303	10,168	8,854	26,946
Other
Disaggregation of Revenue
Total revenues	$ 207	$ 192	$ 397	$ 380

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Revenue Receivable from Contract With Customers
Revenues Receivable from Customer
Revenues receivable	$ 11	$ 22.3

Employee Termination Benefits_2

Employee Termination Benefits (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Employee Termination Benefits
Cash	$ 1,993	$ 3,486	$ 5,207	$ 3,486
Share-Based Compensation	$ 0	$ 979	$ 40	$ 979
Number of Shares (in shares)	0	81	4	81
Total Employee Termination Benefits	$ 1,993	$ 4,465	$ 5,247	$ 4,465
Executive Employee Termination Benefits
Employee Termination Benefits
Cash	1	877	4	877
Share-Based Compensation	$ 0	$ 478	$ 0	$ 478
Number of Shares (in shares)	0	37	0	37
Total Employee Termination Benefits	$ 1	$ 1,355	$ 4	$ 1,355
Other Employee Termination Benefits
Employee Termination Benefits
Cash	1,992	2,609	5,203	2,609
Share-Based Compensation	$ 0	$ 501	$ 40	$ 501
Number of Shares (in shares)	0	44	4	44
Total Employee Termination Benefits	$ 1,992	$ 3,110	$ 5,243	$ 3,110

Loss per Share (Details)

Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
(Loss) Earnings Per Share, Diluted, by Common Class, Including Two Class Method
Weighted Average Shares, Basic (in shares)	35,611,000		35,356,000		35,581,000	35,339,000
(Loss) Earnings per Share, basic (in dollars per share)	$ (6.06)		$ (0.38)		$ (6.42)	$ (0.53)
Effect of dilutive securities
Restricted stock awards	$ 0		$ 0		$ 0	$ 0
Restricted stock awards (in shares)	0		0		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	$ (215,779)		$ (13,284)		$ (228,449)	$ (18,561)
Weighted average shares, diluted (in shares)	35,611,000		35,356,000		35,581,000	35,339,000
(Loss) Earnings Per Share, diluted (in dollars per share)	$ (6.06)		$ (0.38)		$ (6.42)	$ (0.53)
Potentially Dilutive Securities
Net loss	$ (215,779)	$ (12,670)	$ (13,284)	$ (5,277)	$ (228,449)	$ (18,561)
Restricted Stock awards
Potentially Dilutive Securities
Antidilutive securities excluded from computation of (loss) earnings per share (in shares)	0		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		0	0

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands	Aug. 06, 2020USD ($)	Jul. 01, 2020$ / sharesshares	Jun. 30, 2020$ / shares	Dec. 31, 2019$ / shares
Subsequent Events
Common stock, par value (in dollars per share)			$ 0.001	$ 0.001
Subsequent Event | Royalty Interest of Wells from SandRidge Mississippian Trust II
Subsequent Events
Asset Acquisition, Right Of First Refusal, Potential Assets Acquired, Value, Gross | $	$ 5,250
Asset Acquisition, Right Of First Refusal, Potential Assets Acquired, Value, Net | $	$ 3,280
Asset Acquisition, Right of First Refusal, Ownership Percentage	0.376
Subsequent Event | The Tax Benefits Preservation Plan
Subsequent Events
Number of Rights per Outstanding Share of Common Stock | shares		1
Common stock, par value (in dollars per share)		$ 0.001
Preferred stock, par value (in dollars per share)		$ 0.001
Subsequent Event | The Tax Benefits Preservation Plan | Preferred Stock
Subsequent Events
Class of warrant or right, fractional number of securities called by each warrant or right (in shares) | shares		0.001
Exercise price (in usd per share)		$ 5

Uncategorized Items - sd-202006

Label	Element	Value
Cumulative Effect, Period of Adoption, Adjustment [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	$ (57,000)
Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	$ (57,000)