Investor Presentaiton

SandRidge - Key Highlights • Over the past few years, the Board and Management have focused SD's assets, optimized its production profile, streamlined its organization and cost structure, strengthened its balance sheet and maintained an ESG commitment Midcon PDP Asset Base Advantage Organic Development Free Cash Flow Generation Capability Shareholder Value Focus Balance Sheet and Financial Flexibility ESG Commitment ☐ ☐ ☐ ◉ ☐ ■ Currently, focused solely on well-understood, long-historied, Midcon assets ~100% HBP acreage with a long-lived, shallow decline, double-digit reserve life and commodity mix diversified between oil, gas, and natural gas liquids ("NGLS") Stable, low-decline production base with estimated annual PDP decline of ~9% over the next 10 years Majority of wells can operate profitably at $40 WTI and $2.00 HH(5) Prior investment in existing infrastructure (7) with over 1,000 miles of saltwater disposal ("SWD") pipelines and electric power lines, contributing to low operating costs (8) Production Optimization projects will add efficient production, while reducing expenses on artificial lift conversions In 2023, successfully completed high-return development program, adding four new NW Stack wells Flexibility to adjust capital development plans to maximize returns at attractive commodity prices Free cash flow generation of ~$89MM in 2023 (3) given low-per Boe cost structure, low and predictable capital requirements, strong realizations and balance sheet - Top-tier EBITDA to FCF conversion percentage of over 95% in 2023, after capital program Board commitment to utilize cash to maximize shareholder value Initiated return of capital program with $3.70 per share of cumulative dividends paid through February 2024 Increased regular quarterly dividend by 10% to $0.11 per share, subject to quarterly Board approval Executed opportunistic, economically-accretive acquisitions Increased its ownership interest in twenty-six producing wells operated by the Company within the Northwest Stack play for $10.6 million (11) during 2023 Current cash position of ~$200MM (1) as of YE23, pro forma for $1.50 per share dividend paid 2/20/2024, and no debt No MVCs, drilling or other material "off balance sheet" commitments ~$1.6 billion of Net Operating Loss (NOL) carryforwards as of YE23 Environmental. - No routine flaring of produced natural gas since 1Q21 Owned and operated saltwater gathering systems provide a lower emissions alternative relative to produced water trucking Social. Demonstrated safety track record integral to culture Governance. Independent board with diversity of background; annual say-on-pay; 382 Rights Plan approved by shareholders 5 SandRidge Energy, Inc. NYSE: SD

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