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Investor Presentaiton

SandRidge Investment Highlights • • - SandRidge Energy, Inc. is an independent oil and gas company engaged in the development, acquisition, and production of oil and gas assets. Its primary area of operations is the Mid-Continent region in Oklahoma and Kansas Company is positioned to manage through the current commodity environment, with an established return of capital program and will continue to maintain sufficient resources to execute on value accretive merger and acquisition opportunities, which could bring synergies, complement our portfolio of assets, or otherwise yield attractive returns 3 " Cash and cash equivalents, pro forma for Feb. '24 dividend (1) Total Debt(2) $ Millions ~$200 $0 2023 Adj. EBITDA / Free Cash Flow(3) $93 / $89 Sand Ridge is an experienced operator with: - - - Established return of capital program with $3.70 per share of cumulative dividends paid through February 2024 o Increased regular quarterly dividend by 10% to $0.11 per share, subject to quarterly Board approval 2024 planned capital program utilizes the Company's flexibility to prioritize returns in changing commodity price environments Low overhead, with G&A of $1.74 per Boe production in 2023(4) No debt ~$89MM of free cash flow (3) in 2023, a more than 95% conversion rate, and a growing net cash position Stable, low-decline production base with estimated single-digit annual PDP decline over the next 10 years 。 Majority of wells can operate profitably at $40 WTI and $2.00 HH(5) 。 >30-year weighted average well life (6) and ~10-year reserves-to-production ratio ~$1.6 billion of Net Operating Loss ("NOL") carryforwards as of YE23, shields future free cash flow from federal income taxes 。 NOLS could be further utilized with potential value accretive merger or acquisition Prior investment in existing infrastructure (7) of over 1,000 miles of saltwater disposal ("SWD") pipelines and 1,000 miles of electric power lines, contributing to low lease operating costs (8) Ongoing commitment to Environmental, Social, and Governance ("ESG") SandRidge Energy, Inc. NYSE: SD
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