SandRidge Energy (SD) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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	1 E. Sheridan Ave, Suite 500
Entity Address, City or Town	Oklahoma City
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	73104
City Area Code	405
Local Phone Number	429-5500
Title of 12(b) Security	Common Stock, $.001 par value
Trading Symbol	SD
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		36,965,688
Document Fiscal Year Focus	2023
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, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 222,359	$ 255,722
Restricted cash - other	1,668	1,746
Accounts receivable, net	23,908	34,735
Derivative contracts	0	4,429
Prepaid expenses	1,815	523
Other current assets	4,744	7,747
Total current assets	254,494	304,902
Oil and natural gas properties, using full cost method of accounting
Proved	1,527,475	1,507,690
Unproved	11,565	11,516
Less: accumulated depreciation, depletion and impairment	(1,385,569)	(1,380,574)
Net oil and natural gas properties	153,471	138,632
Other property, plant and equipment, net	89,295	92,244
Other assets	272	190
Deferred tax assets	64,529	64,529
Total assets	562,061	600,497
Current liabilities
Accounts payable and accrued expenses	39,506	46,335
Asset retirement obligation	15,647	16,074
Other current liabilities	691	870
Total current liabilities	55,844	63,279
Asset retirement obligation	49,434	47,635
Other long-term obligations	2,085	1,661
Total liabilities	107,363	112,575
Commitments and contingencies (Note 6)
Shareholders’ Equity
Common stock, $0.001 par value; 250,000 shares authorized; 36,966 issued and outstanding at June 30, 2023 and 36,868 issued and outstanding at December 31, 2022	37	37
Additional paid-in capital	1,078,070	1,151,689
Accumulated deficit	(623,409)	(663,804)
Total shareholders’ equity	454,698	487,922
Total liabilities and shareholders’ equity	$ 562,061	$ 600,497

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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)	36,966,000	36,868,000
Common stock, shares outstanding (in shares)	36,966,000	36,868,000

CONDENSED CONSOLIDATED INCOME S

CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Total revenues	$ 33,419	$ 69,760	$ 76,566	$ 127,247
Expenses
Lease operating expenses	8,802	9,512	20,496	20,374
Production, ad valorem, and other taxes	2,740	4,799	6,491	8,909
Depreciation and depletion — oil and natural gas	3,744	2,826	7,198	5,227
Depreciation and amortization — other	1,615	1,563	3,233	3,138
General and administrative	2,476	2,171	5,385	4,701
Restructuring expenses	262	433	301	642
Employee termination benefits	0	0	19	0
(Gain) loss on derivative contracts	0	0	(1,447)	1,064
Other operating (income) expense	(27)	(51)	(121)	(115)
Total expenses	19,612	21,253	41,555	43,940
Income from operations	13,807	48,507	35,011	83,307
Other income (expense)
Interest income (expense), net	2,828	(27)	5,327	(179)
Other income, net	2	12	57	88
Total other income (expense)	2,830	(15)	5,384	(91)
Income before income taxes	16,637	48,492	40,395	83,216
Income tax (benefit) expense	0	0	0	0
Net income	$ 16,637	$ 48,492	$ 40,395	$ 83,216
Net income per share
Basic (in dollars per share)	$ 0.45	$ 1.32	$ 1.10	$ 2.27
Diluted (in dollars per share)	$ 0.45	$ 1.30	$ 1.09	$ 2.24
Weighted average number of common shares outstanding
Basic (in shares)	36,892	36,699	36,876	36,667
Diluted (in shares)	37,097	37,185	37,085	37,107

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Warrants	Additional Paid-In Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		36,675,000	6,981,000
Beginning balance at Dec. 31, 2021	$ 245,322	$ 37	$ 88,520	$ 1,062,737	$ (905,972)
Increase (Decrease) in Stockholders' Equity
Issuance of stock awards, net of cancellations (in shares)		51,000
Issuance of stock awards, net of cancellations	0
Tax withholdings paid in exchange for shares withheld on employee vested stock awards	(235)			(235)
Stock-based compensation	384			384
Net income	34,724				34,724
Ending balance (in shares) at Mar. 31, 2022		36,726,000	6,981,000
Ending balance at Mar. 31, 2022	280,195	$ 37	$ 88,520	1,062,886	(871,248)
Beginning balance (in shares) at Dec. 31, 2021		36,675,000	6,981,000
Beginning balance at Dec. 31, 2021	245,322	$ 37	$ 88,520	1,062,737	(905,972)
Increase (Decrease) in Stockholders' Equity
Net income	83,216
Ending balance (in shares) at Jun. 30, 2022		36,742,000	6,981,000
Ending balance at Jun. 30, 2022	329,127	$ 37	$ 88,520	1,063,326	(822,756)
Beginning balance (in shares) at Mar. 31, 2022		36,726,000	6,981,000
Beginning balance at Mar. 31, 2022	280,195	$ 37	$ 88,520	1,062,886	(871,248)
Increase (Decrease) in Stockholders' Equity
Issuance of stock awards, net of cancellations (in shares)		16,000
Issuance of stock awards, net of cancellations	0
Stock-based compensation	440			440
Net income	48,492				48,492
Ending balance (in shares) at Jun. 30, 2022		36,742,000	6,981,000
Ending balance at Jun. 30, 2022	$ 329,127	$ 37	$ 88,520	1,063,326	(822,756)
Beginning balance (in shares) at Dec. 31, 2022	36,868,000	36,868,000	0
Beginning balance at Dec. 31, 2022	$ 487,922	$ 37	$ 0	1,151,689	(663,804)
Increase (Decrease) in Stockholders' Equity
Issuance of stock awards, net of cancellations (in shares)		34,000
Issuance of stock awards, net of cancellations	0			0
Tax withholdings paid in exchange for shares withheld on employee vested stock awards	(211)			(211)
Stock-based compensation	396			396
Net income	23,758				23,758
Ending balance (in shares) at Mar. 31, 2023		36,902,000	0
Ending balance at Mar. 31, 2023	$ 511,865	$ 37	$ 0	1,151,874	(640,046)
Beginning balance (in shares) at Dec. 31, 2022	36,868,000	36,868,000	0
Beginning balance at Dec. 31, 2022	$ 487,922	$ 37	$ 0	1,151,689	(663,804)
Increase (Decrease) in Stockholders' Equity
Net income	$ 40,395
Ending balance (in shares) at Jun. 30, 2023	36,966,000	36,966,000	0
Ending balance at Jun. 30, 2023	$ 454,698	$ 37	$ 0	1,078,070	(623,409)
Beginning balance (in shares) at Mar. 31, 2023		36,902,000	0
Beginning balance at Mar. 31, 2023	511,865	$ 37	$ 0	1,151,874	(640,046)
Increase (Decrease) in Stockholders' Equity
Issuance of stock awards, net of cancellations (in shares)		64,000
Issuance of stock awards, net of cancellations	0
Stock-based compensation	576			576
Dividends to shareholders	(74,380)			(74,380)
Net income	$ 16,637				16,637
Ending balance (in shares) at Jun. 30, 2023	36,966,000	36,966,000	0
Ending balance at Jun. 30, 2023	$ 454,698	$ 37	$ 0	$ 1,078,070	$ (623,409)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 40,395	$ 83,216
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation, depletion, and amortization	10,431	8,365
(Gain) loss on derivative contracts	(1,447)	1,064
Realized settlement gains (losses) on derivative contracts	5,876	(1,085)
Stock-based compensation	946	754
Other	77	76
Changes in operating assets and liabilities	7,574	(13,234)
Net cash provided by operating activities	63,852	79,156
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures for property, plant and equipment	(24,327)	(11,959)
Acquisition of assets	0	(1,431)
Purchase of other property and equipment	(31)	(49)
Proceeds from sale of assets	1,334	306
Net cash used in investing activities	(23,024)	(13,133)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid to shareholders	(73,823)	0
Reduction of financing lease liability	(261)	(197)
Proceeds from exercise of stock options	26	70
Tax withholdings paid in exchange for shares withheld on employee vested stock awards	(211)	(235)
Net cash used in financing activities	(74,269)	(362)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS and RESTRICTED CASH	(33,441)	65,661
CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year	257,468	139,524
CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of period	224,027	205,185
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized	(54)	(167)
Supplemental Disclosure of Noncash Investing and Financing Activities
Capital expenditures for property, plant and equipment in accounts payables and accrued expenses	1,775	10,858
Right-of-use assets obtained in exchange for financing lease obligations	260	117
Inventory material transfers to oil and natural gas properties	1,205	0
Asset retirement obligation capitalized	12	0
Dividends Declared, Not Yet Paid	$ (557)	$ 0

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2023
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 Mid-Continent region (“Mid-Con”). Principles of Consolidation. The condensed 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 2022 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 Company’s 2022 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 NGL reserves; impairment tests of long-lived assets; the carrying value of unproved oil and natural gas properties; 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 from those estimates.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
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, accounts payable and accrued expenses and other current liabilities included in the unaudited condensed consolidated balance sheets approximated fair value at June 30, 2023 and December 31, 2022. 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 and 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 December 31, 2022 and none as of June 30, 2023. Level 2 Fair Value Measurements Commodity Derivative Contracts. As applicable, the fair values of the Company’s oil, natural gas and NGL fixed price swaps are based upon inputs that are either readily available in the public market, such as oil, natural gas and NGL futures prices, volatility factors and discount rates, or can be corroborated from active markets. As applicable, if the Company has a commodity derivative contract in place, the 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 There were no open commodity derivative contracts as of June 30, 2023. As of December 31, 2022 the following table summarizes the Company’s assets measured at fair value on a recurring basis by the fair value hierarchy (in thousands): December 31, 2022 Fair Value Measurements Netting Assets at Fair Value Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ — $ 4,429 $ — $ — $ 4,429 Total $ — $ 4,429 $ — $ — $ 4,429

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2023
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, natural gas and NGL. On occasion, the Company has attempted to manage this risk on a portion of its forecasted oil, natural gas or NGL production sales through the use of commodity derivative contracts. There were no open commodity derivative contracts as of June 30, 2023. Historically, the Company has not designated any of its derivative contracts as hedges for accounting purposes. As applicable, if the Company has open derivative contracts, the Company has recorded such contracts at fair value with changes in derivative contract fair values recognized as a gain or loss on derivative contracts in the condensed consolidated income statements. Commodity derivative contracts were settled on a monthly basis, and the commodity derivative contract valuations were adjusted on a mark-to-market valuation basis quarterly. The following table summarizes derivative activity for the three and six-month periods ended June 30, 2023 and 2022 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (Gain) loss on derivative contracts $ — $ — $ (1,447) $ 1,064 Realized settlement gains (losses) on derivative contracts $ — $ — $ 5,876 $ (1,085) M aster Netting Agreements and the Right of Offset. As applicable, the Company historically has had 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. There were no open commodity derivatives contracts as of June 30, 2023. As of December 31, 2022, the Company’s open commodity derivative contracts were held with one counterparty. There were no open derivative positions as of June 30, 2023. 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) the Company’s net derivative asset position as of December 31, 2022 (in thousands): Gross Amounts Gross Amounts Offset Amounts Net of Offset Financial Collateral Net Amount Assets Derivative contracts - current $ 4,429 $ — $ 4,429 $ — $ 4,429 Total $ 4,429 $ — $ 4,429 $ — $ 4,429 Because we did not designate any of our derivative contracts as hedges for accounting purposes, changes in the fair value of our derivative contracts were recognized as gains and losses in the earnings of the relevant period. As a result, and as applicable, our current period earnings could have been significantly affected by changes in the fair value of our commodity derivative contracts. Changes in fair value were principally measured based on a comparison of future prices to the contract price at the end of the period. Fair Value of Derivatives The following table presents the fair value of the Company’s derivative contracts on a net basis with the same counterparty (in thousands): Type of Contract Balance Sheet Classification December 31, 2022 Natural Gas Current assets - Derivative Contracts $ 4,429 Total net derivative contracts $ 4,429

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2023
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, Oil and natural gas properties Proved $ 1,527,475 $ 1,507,690 Unproved 11,565 11,516 Total oil and natural gas properties 1,539,040 1,519,206 Less: accumulated depreciation, depletion and impairment (1,385,569) (1,380,574) Net oil and natural gas properties 153,471 138,632 Land 200 200 Electrical infrastructure 121,819 121,819 Other non-oil and natural gas equipment 1,658 1,644 Building and structures 3,603 3,603 Financing leases 1,347 1,468 Total 128,627 128,734 Less: accumulated depreciation and amortization (39,332) (36,490) Other property, plant and equipment, net 89,295 92,244 Total property, plant and equipment, net $ 242,766 $ 230,876

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	6 Months Ended
	Jun. 30, 2023
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, Accounts payable and other accrued expenses $ 13,500 $ 17,989 Production payable 22,521 22,290 Payroll and benefits 2,889 3,471 Taxes payable 596 2,585 Total accounts payable and accrued expenses $ 39,506 $ 46,335

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Included below is a discussion of the Company's various future commitments and contingencies as of June 30, 2023. The Company has provided accruals where necessary for contingent liabilities, based on ASC 450, Contingencies, when it has determined that a liability is probable and reasonably estimable. The Company continuously assesses the potential liability related to the Company's pending litigation and revises its estimates when additional information becomes available. Additionally, the Company currently expenses all legal costs as they are incurred. The commitments and contingencies under these arrangements are not recorded in the accompanying consolidated balance sheets. 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 (“In re SandRidge Energy, Inc. Securities Litigation”); 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 (“Lanier Trust”) Both cases were settled with all defendants except the SandRidge Mississippian Trust I (“the Trust”), which is being sued by a class of purchasers of units 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, based on allegations that the Trust, made misrepresentations or omissions concerning various topics including the performance of wells operated by the Company. The Company is contractually obligated to indemnify the Trust for losses, claims, damages, liabilities and expenses, including reasonable costs of investigation and attorney’s fees and expenses, which it is required to advance. Such indemnification is not covered by insurance. Considering the status of the Lanier Trust matter, and the facts, circumstances and legal theories relating thereto, the Company is not able to determine the likelihood of an outcome or provide an estimate of any reasonably possible loss or range of possible loss related thereto. However, such losses, if incurred, could be material. The Company has not established any liabilities relating to the Lanier Trust matter and believes that the plaintiffs’ claims are without merit. Separately, the Company had received a demand by two of the settling individual defendants to fund a proposed settlement of $17 million with those defendants. The Company refused and filed an action in Oklahoma state court seeking a declaratory judgment that the defendants were not entitled to indemnification. The insurance carriers funded the settlement of $17 million and filed a counterclaim, which seeks reimbursement of the $17 million settlement, with each carrier to receive their funded portion of the $17 million. The Company disputes any liability, as it believes it has meritorious defenses. Considering the status of this matter, and the facts, circumstances and legal theories thereto, the Company is not able to determine the likelihood of an outcome. The Company has not established any liabilities relating to this matter. 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, 2023
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. In assessing the realizability of the deferred tax assets, we consider whether it is more likely than not that some or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future income in periods in which the deferred tax assets can be utilized. In prior years, we determined that the deferred tax assets did not meet the more likely than not threshold of being utilized and thus recorded a valuation allowance. During the year ended December 31, 2022, we partially released our valuation allowance on our deferred tax assets by $64.5 million. We anticipate being able to utilize these deferred tax assets based on the generation of future income. A change in the estimate of future income could cause the valuation allowance to be adjusted in subsequent periods. The Company had no federal or state income tax expense or benefit for the three and six-month periods ended June 30, 2023 and 2022. 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 adopted the Tax Benefits Preservation Plan, as amended on March 16, 2021, and June 20, 2023, in order to protect the Company’s ability to use its tax NOLs and certain other tax benefits. As of June 30, 2023, the Company had approximately $1.6 billion of federal NOL carryforwards, net of NOLs expected to expire unused due to the 2016 IRC Section 382 limitation. Of the $1.6 billion of federal NOL carryforwards, $0.7 billion expire during the years 2025 through 2037, while the remaining $0.9 billion do not have an expiration date. In addition, the Company had approximately $1.1 billion of state NOL carryforwards, net of NOLs expected to expire unused due to the 2016 IRC Section 382 limitation. Of the $1.1 billion in state NOL carryforwards, approximately $200.0 million are derived from states the Company currently does not operate in. Of the remaining state NOL carryforwards, $658.1 million do not have an expiration date and $247.0 million expire during the years 2026 through 2037. Additionally, the Company had federal tax credits in excess of $33.5 million which begin expiring in 2029. The Company did not have unrecognized tax benefits at June 30, 2023 and December 31, 2022. The Company’s only taxing jurisdiction is the United States (federal and state). The Company’s tax years 2019 to present remain open for federal examination. Additionally, tax years 2005 through 2018 remain subject to examination for the purpose of determining the amount of federal NOL and other carryforwards. The number of years open for state tax audits varies, depending on the state, but are generally from three

Equity

Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Equity	Equity Capital Stock and Equity Awards . Our authorized capital stock consists of 300 million shares, which include 250 million shares of common stock, $0.001 par value per share (“Common Stock”) and 50 million shares of preferred stock, par value $0.001 per share. At June 30, 2023, the Company had 37.0 million shares of common stock issued and outstanding. Further, at June 30, 2023, the Company had 0.1 million of unvested restricted stock awards, 0.3 million shares of unvested restricted stock units, an immaterial amount of unvested performance share units, and 0.2 million unvested stock options outstanding. Warrants . During the fourth quarter of 2016, the Company issued approximately 4.9 million Series A warrants and 2.1 million Series B warrants to certain holders of general unsecured claims as defined in the 2016 bankruptcy reorganization plan. These warrants were exercisable until October 4, 2022 for one share of common stock per warrant at initial exercise prices of $41.34 and $42.03 per share, respectively, subject to adjustments pursuant to the terms of the warrants. The warrants contained customary anti-dilution adjustments in the event of any stock split, reverse stock split, reclassification, stock dividend or other distributions. Upon expiration, the entirety of the 4.9 million Series A warrants and 2.1 million Series B warrants were cancelled and the carrying value was transferred to Additional paid-in capital in the accompanying condensed consolidated balance sheets. Share Repurchase Program. In May 2023, the Company's Board of Directors (the “Board”) approved a share repurchase program (the “Program”) authorizing the Company to repurchase up to an aggregate of $75.0 million of the Company’s outstanding common stock with the Company’s cash on hand. The Program replaced the prior share repurchase program previously approved by the Board in August 2021. Purchases under the Program are intended to meet the requirements of Rule 10b5-1 of the Exchange Act. The Program does not require any specific number of shares to be acquired, and can be modified or discontinued by the Board at any time. The Company did not repurchase any common stock under the Program during the three and six-month periods ended June 30, 2023. There were no repurchases for the three and six-month periods ended June 30, 2023 under the Company’s prior share repurchase program. Dividends . In May 2023, the Board approved a one-time cash dividend of $2.00 per share of the Company’s common stock, which was paid on June 7, 2023 to shareholders of record as of the close of business on May 24, 2023. The aggregate total payout was approximately $73.8 million. Additionally, in May 2023, the Board announced that it plans a regular quarterly dividend of $0.10 per share of the Company’s common stock, to commence after the second quarter and to be first payable in August 2023, subject to quarterly approval by the Board. The Tax Benefits Preservation Plan . On July 1, 2020, the Board declared a dividend distribution of one right (a “Right”) for each outstanding share of Company Common Stock to shareholders of record at the close of business on July 13, 2020. On June 20, 2023, the Company entered into an amendment to the Tax Benefits Preservation Plan to extend the expiration time of the Tax Benefits Preservation Plan from July 1, 2023 to July 1, 2026. Each Right entitles its holder, under certain circumstances, 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, 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, dated as of July 1, 2020, as amended, between the Company and American Stock Transfer & Trust Company, LLC, as rights agent (and any successor rights agent, the “Rights Agent”). The Tax Benefits Preservation Plan will expire on the earliest of: (i) the time at which the Rights are redeemed pursuant to the Tax Benefits Preservation Plan, (ii) the time at which the Rights are exchanged pursuant to the Tax Benefits Preservation Plan, (iii) the closing of any merger or other acquisition transaction involving the Company pursuant to an agreement of the type described in Section 13(f) of the Tax Benefits Preservation Plan, at which time, the Rights are terminated, (iv) the time at which the Board determines that the NOLs are utilized in all material respects or that an ownership change under Section 382 would not adversely impact in any material respect the time period in which the Company could use the NOLs, or materially impair the amount of the NOLs that could be used by the Company in any particular time period, for applicable tax purposes and (v) the Close of Business on July 1, 2026. The Board plans to request shareholder approval for the Tax Benefits Preservation Plan at the 2024 annual meeting. The Company adopted the Tax Benefits Preservation Plan, as amended on March 16, 2021, and June 20, 2023, in order to protect shareholder value against a possible limitation on the Company’s ability to use its tax net operating losses (the “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 shareholders. 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 shareholder or shareholders 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.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2023
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, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Oil $ 19,584 $ 22,602 $ 38,994 $ 42,383 Natural gas 6,805 27,705 20,195 47,669 NGL 7,030 19,453 17,377 37,195 Total revenues $ 33,419 $ 69,760 $ 76,566 $ 127,247 Oil, natural gas and NGL revenues. The Company’s revenues come from the sale 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 purchaser at the inlet of the processing plant or pipeline, or the delivery point for onloading to a delivery truck. As the Company’s purchaser obtains 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.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table summarizes the calculation of weighted average common shares outstanding used in the computation of diluted earnings per share: Earnings Weighted Average Shares Earnings Per Share (In thousands, except per share amounts) Three Months Ended June 30, 2023 Basic earnings per share $ 16,637 36,892 $ 0.45 Effect of dilutive securities Restricted stock units — 177 Restricted stock awards — — Performance share units (1) — — Stock options — 28 Diluted earnings per share (2) $ 16,637 37,097 $ 0.45 Three Months Ended June 30, 2022 Basic earnings per share $ 48,492 36,699 $ 1.32 Effect of dilutive securities Restricted stock units — 339 Restricted stock awards — 34 Performance share units (1) — — Stock options — 113 Diluted earnings per share (2) $ 48,492 37,185 $ 1.30 Six Months Ended June 30, 2023 Basic earnings per share $ 40,395 36,876 $ 1.10 Effect of dilutive securities Restricted stock units — 168 Restricted stock awards — — Performance share units (1) — — Stock options — 41 Diluted earnings per share (2) $ 40,395 37,085 $ 1.09 Six Months Ended June 30, 2022 Basic earnings per share $ 83,216 36,667 $ 2.27 Effect of dilutive securities Restricted stock units — 323 Restricted stock awards 42 Performance share units (1) — — Stock options — 75 Diluted earnings per share (2) $ 83,216 37,107 $ 2.24 ____________________ (1) The performance share unit awards are contingently issuable and are considered in the calculation of diluted earnings per share. The Company assesses the number of awards that would be issuable, if any, under the terms of the agreement if the end of the reporting period were the end of the contingency period.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 11, 2023, the Company closed an acquisition that increased its interest in twenty-six producing wells operated by the Company within the Northwest Stack play for approximately $11.3 million, with an effective date of April 1, 2023. On August 1, 2023, the Board declared a cash dividend of $0.10 per share of the Company’s Common Stock, payable on August 28, 2023 to shareholders of record on August 14, 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 16,637	$ 23,758	$ 48,492	$ 34,724	$ 40,395	$ 83,216

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2023
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 Mid-Continent region (“Mid-Con”).
Principles of Consolidation	Principles of Consolidation. The condensed 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 2022 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 Company’s 2022 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 NGL reserves; impairment tests of long-lived assets; the carrying value of unproved oil and natural gas properties; 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 from those estimates.
Oil, natural gas and NGL revenues	Oil, natural gas and NGL revenues. The Company’s revenues come from the sale 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 purchaser at the inlet of the processing plant or pipeline, or the delivery point for onloading to a delivery truck. As the Company’s purchaser obtains 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 Measures and Disclos

Fair Value Measures and Disclosures (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured on Recurring Basis	There were no open commodity derivative contracts as of June 30, 2023. As of December 31, 2022 the following table summarizes the Company’s assets measured at fair value on a recurring basis by the fair value hierarchy (in thousands): December 31, 2022 Fair Value Measurements Netting Assets at Fair Value Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ — $ 4,429 $ — $ — $ 4,429 Total $ — $ 4,429 $ — $ — $ 4,429

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments, Gain (Loss)	The following table summarizes derivative activity for the three and six-month periods ended June 30, 2023 and 2022 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (Gain) loss on derivative contracts $ — $ — $ (1,447) $ 1,064 Realized settlement gains (losses) on derivative contracts $ — $ — $ 5,876 $ (1,085)
Schedule of Offsetting Assets	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) the Company’s net derivative asset position as of December 31, 2022 (in thousands): Gross Amounts Gross Amounts Offset Amounts Net of Offset Financial Collateral Net Amount Assets Derivative contracts - current $ 4,429 $ — $ 4,429 $ — $ 4,429 Total $ 4,429 $ — $ 4,429 $ — $ 4,429
Schedule of Fair Value of Derivatives	The following table presents the fair value of the Company’s derivative contracts on a net basis with the same counterparty (in thousands): Type of Contract Balance Sheet Classification December 31, 2022 Natural Gas Current assets - Derivative Contracts $ 4,429 Total net derivative contracts $ 4,429

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment consists of the following (in thousands): June 30, December 31, Oil and natural gas properties Proved $ 1,527,475 $ 1,507,690 Unproved 11,565 11,516 Total oil and natural gas properties 1,539,040 1,519,206 Less: accumulated depreciation, depletion and impairment (1,385,569) (1,380,574) Net oil and natural gas properties 153,471 138,632 Land 200 200 Electrical infrastructure 121,819 121,819 Other non-oil and natural gas equipment 1,658 1,644 Building and structures 3,603 3,603 Financing leases 1,347 1,468 Total 128,627 128,734 Less: accumulated depreciation and amortization (39,332) (36,490) Other property, plant and equipment, net 89,295 92,244 Total property, plant and equipment, net $ 242,766 $ 230,876

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consist of the following (in thousands): June 30, December 31, Accounts payable and other accrued expenses $ 13,500 $ 17,989 Production payable 22,521 22,290 Payroll and benefits 2,889 3,471 Taxes payable 596 2,585 Total accounts payable and accrued expenses $ 39,506 $ 46,335

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Oil $ 19,584 $ 22,602 $ 38,994 $ 42,383 Natural gas 6,805 27,705 20,195 47,669 NGL 7,030 19,453 17,377 37,195 Total revenues $ 33,419 $ 69,760 $ 76,566 $ 127,247

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) per Share	The following table summarizes the calculation of weighted average common shares outstanding used in the computation of diluted earnings per share: Earnings Weighted Average Shares Earnings Per Share (In thousands, except per share amounts) Three Months Ended June 30, 2023 Basic earnings per share $ 16,637 36,892 $ 0.45 Effect of dilutive securities Restricted stock units — 177 Restricted stock awards — — Performance share units (1) — — Stock options — 28 Diluted earnings per share (2) $ 16,637 37,097 $ 0.45 Three Months Ended June 30, 2022 Basic earnings per share $ 48,492 36,699 $ 1.32 Effect of dilutive securities Restricted stock units — 339 Restricted stock awards — 34 Performance share units (1) — — Stock options — 113 Diluted earnings per share (2) $ 48,492 37,185 $ 1.30 Six Months Ended June 30, 2023 Basic earnings per share $ 40,395 36,876 $ 1.10 Effect of dilutive securities Restricted stock units — 168 Restricted stock awards — — Performance share units (1) — — Stock options — 41 Diluted earnings per share (2) $ 40,395 37,085 $ 1.09 Six Months Ended June 30, 2022 Basic earnings per share $ 83,216 36,667 $ 2.27 Effect of dilutive securities Restricted stock units — 323 Restricted stock awards 42 Performance share units (1) — — Stock options — 75 Diluted earnings per share (2) $ 83,216 37,107 $ 2.24 ____________________ (1) The performance share unit awards are contingently issuable and are considered in the calculation of diluted earnings per share. The Company assesses the number of awards that would be issuable, if any, under the terms of the agreement if the end of the reporting period were the end of the contingency period.

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - Commodity derivative contracts - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets at Fair Value	$ 0	$ 4,429
Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets at Fair Value		0
Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets at Fair Value		4,429
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets at Fair Value		0
Netting
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets at Fair Value		$ 0

Derivatives - Derivative Activi

Derivatives - Derivative Activity (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure
(Gain) loss on derivative contracts	$ 0	$ 0	$ (1,447,000)	$ 1,064,000
Realized settlement gains (losses) on derivative contracts			5,876,000	(1,085,000)
Commodity Derivatives
Derivative Instruments and Hedging Activities Disclosure
Receivable for settled derivative contracts	0		0
(Gain) loss on derivative contracts	0	0	(1,447,000)	1,064,000
Realized settlement gains (losses) on derivative contracts	$ 0	$ 0	$ 5,876,000	$ (1,085,000)

Derivatives - Offsetting Assets

Derivatives - Offsetting Assets and Liabilities (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Gross Amounts	$ 0	$ 4,429,000
Gross Amounts Offset		0
Amounts Net of Offset		4,429,000
Financial Collateral		0
Net Amount		$ 4,429,000
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Derivative contracts

Derivatives - Fair Value by Bal

Derivatives - Fair Value by Balance sheet Location (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Derivatives, Fair Value
Derivative assets, Total net derivative contracts	$ 4,429
Natural Gas and NGLs Price Swaps | Current Assets
Derivatives, Fair Value
Derivative assets, Total net derivative contracts	$ 4,429

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Oil and natural gas properties
Proved	$ 1,527,475	$ 1,507,690
Unproved	11,565	11,516
Total oil and natural gas properties	1,539,040	1,519,206
Less: accumulated depreciation, depletion and impairment	(1,385,569)	(1,380,574)
Net oil and natural gas properties	153,471	138,632
Property, Plant and Equipment, net
Financing leases	1,347	1,468
Total	128,627	128,734
Less: accumulated depreciation and amortization	(39,332)	(36,490)
Other property, plant and equipment, net	89,295	92,244
Total property, plant and equipment, net	242,766	230,876
Land
Property, Plant and Equipment, net
Property, plant and equipment, gross	200	200
Electrical infrastructure
Property, Plant and Equipment, net
Property, plant and equipment, gross	121,819	121,819
Other non-oil and natural gas equipment
Property, Plant and Equipment, net
Property, plant and equipment, gross	1,658	1,644
Building and structures
Property, Plant and Equipment, net
Property, plant and equipment, gross	$ 3,603	$ 3,603

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounts payable and other accrued expenses	$ 13,500	$ 17,989
Production payable	22,521	22,290
Payroll and benefits	2,889	3,471
Taxes payable	596	2,585
Total accounts payable and accrued expenses	$ 39,506	$ 46,335

Commitments and Contingencies (

Commitments and Contingencies (Details) - SandRidge Mississippian Trust I - Pending Litigation $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) individual
Loss Contingencies [Line Items]
Number of defendants | individual	2
Loss contingency, estimate of possible loss | $	$ 17

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Income Taxes
Deferred tax assets		$ 64.5
States operating loss carryforwards	$ 200
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
Domestic Tax Authority
Income Taxes
Operating loss carryforwards	$ 1,600
Operating loss carryforwards, subject to expiration	700
Operating loss carryforwards, not subject to expiration	900
Tax credit carryforward, amount	33.5
State and Local Jurisdiction
Income Taxes
Operating loss carryforwards	1,100
Operating loss carryforwards, subject to expiration	247
Operating loss carryforwards, not subject to expiration	$ 658.1

Equity (Details)

Equity (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 07, 2023 USD ($) $ / shares	May 31, 2023 USD ($) $ / shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2023 shareholder $ / shares shares	Dec. 31, 2022 $ / shares shares	Jul. 01, 2020 $ / shares shares
Class of Stock
Shares authorized for issuance (in shares)			300,000,000	300,000,000
Common stock, shares authorized (in shares)			250,000,000	250,000,000	250,000,000
Common stock, par value (in dollars per share) | $ / shares			$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)			50,000,000	50,000,000
Preferred stock, par value (in dollars per share) | $ / shares			$ 0.001	$ 0.001
Common stock, shares issued (in shares)			36,966,000	36,966,000	36,868,000
Common stock, shares outstanding (in shares)			36,966,000	36,966,000	36,868,000
Stock repurchase program, authorized amount | $		$ 75,000
Dividends cash paid, (in dollars per share) | $ / shares	$ 2
Dividends cash paid | $	$ 73,800		$ 74,380
Dividends declared (in dollars per share) | $ / shares		$ 0.10
Tax benefits preservation plan, ownership threshold, beneficial ownership threshold, number of shareholders | shareholder				1
Tax benefits preservation plan, ownership threshold, beneficial ownership threshold, percent				4.90%
Tax benefits preservation plan, ownership threshold, beneficial ownership threshold, period (in years)				3 years
Maximum
Class of Stock
Tax benefits preservation plan, ownership threshold, beneficial ownership threshold, percent				5%
Minimum
Class of Stock
Tax benefits preservation plan, ownership threshold, beneficial ownership threshold, increases by more points over lowest percentage of stock owned				50%
Series A Warrants
Class of Stock
Plan of reorganization, equity interest issuable (in shares)				4,900,000
Number of common shares exercised for each warrant (in shares)			1	1
Exercise price (in dollars per share) | $ / shares			$ 41.34	$ 41.34
Number of warrants cancelled (in shares)			4,900,000	4,900,000
Series B Warrants
Class of Stock
Plan of reorganization, equity interest issuable (in shares)				2,100,000
Number of common shares exercised for each warrant (in shares)			1	1
Exercise price (in dollars per share) | $ / shares			$ 42.03	$ 42.03
Number of warrants cancelled (in shares)			2,100,000	2,100,000
The Tax Benefits Preservation Plan
Class of Stock
Preferred stock, par value (in dollars per share) | $ / shares						$ 0.001
Number of rights per outstanding share of common stock						1
The Tax Benefits Preservation Plan | Preferred Stock
Class of Stock
Exercise price (in dollars per share) | $ / shares						$ 5
Restricted Stock
Class of Stock
Common stock, shares authorized (in shares)			100,000	100,000
Restricted Stock Units (RSUs)
Class of Stock
Unvested awards (in shares)			300,000	300,000
Stock Option
Class of Stock
Unvested options (in shares)			200,000	200,000
Performance Share Units
Class of Stock
Common stock, shares authorized (in shares)			0	0

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue
Total revenues	$ 33,419	$ 69,760	$ 76,566	$ 127,247
Oil
Disaggregation of Revenue
Total revenues	19,584	22,602	38,994	42,383
Natural gas
Disaggregation of Revenue
Total revenues	6,805	27,705	20,195	47,669
NGL
Disaggregation of Revenue
Total revenues	$ 7,030	$ 19,453	$ 17,377	$ 37,195

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenues Receivable from Customer
Bad debt expense on revenues receivable	$ 0	$ 0	$ 0	$ 0
Revenue Receivable from Contract With Customers
Revenues Receivable from Customer
Revenues receivable	$ 13,500,000		$ 13,500,000		$ 21,800,000

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings	$ 16,637	$ 48,492	$ 40,395	$ 83,216
Weighted Average Shares, basic (in shares)	36,892	36,699	36,876	36,667
Earnings Per Share, Basic (in dollars per share)	$ 0.45	$ 1.32	$ 1.10	$ 2.27
Effect of dilutive securities
Restricted stock units	$ 0	$ 0	$ 0
Restricted stock units (in shares)	177	339	0	42
Restricted stock awards	$ 0	$ 0	$ 0	$ 0
Restricted stock awards (in shares)	0	34	168	323
Performance share units	$ 0	$ 0	$ 0	$ 0
Performance share units (in shares)	0	0	0	0
Stock options	$ 0	$ 0	$ 0	$ 0
Stock options (in shares)	28	113	41	75
Earnings per share, diluted	$ 16,637	$ 48,492	$ 40,395	$ 83,216
Diluted (in shares)	37,097	37,185	37,085	37,107
Earnings Per Share, Diluted (in dollars per share)	$ 0.45	$ 1.30	$ 1.09	$ 2.24

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Millions			1 Months Ended
	Aug. 01, 2023 $ / shares	Jul. 12, 2023 USD ($) produceWell	May 31, 2023 $ / shares
Business Acquisition [Line Items]
Dividends declared (in dollars per share)			$ 0.10
Subsequent Event
Business Acquisition [Line Items]
Dividends declared (in dollars per share)	$ 0.10
Northwest Stack Play | Subsequent Event
Business Acquisition [Line Items]
Number of producing wells | produceWell		26
Gross purchase price | $		$ 11.3