SandRidge Energy Inc 2025年度报告

Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filingrequirements for the past 90days. Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 ofRegulationS-T during the preceding 12months (or for such shorter period that the registrant was required to submit such files).Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company”in Rule12b-2 of the Exchange Act. LargeacceleratedfilerNon-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7276(b)) by the registered public accounting firm that prepared or issuedits audit report.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filingreflect the correction of an error to previously issued financial statements.☐ Table of Contents Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received byany of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐ DOCUMENTS INCORPORATED BY REFERENCE Portions of the Company’s definitive proxy statement for the 2026 Annual Meeting of Stockholders, which will be filed with the SEC within 120 days ofDecember31, 2025, are incorporated by reference in PartIII. SANDRIDGE ENERGY, INC.2025ANNUAL REPORT ON FORM10-KTABLE OF CONTENTS ItemPagePART I1.Business61A.Risk Factors241B.Unresolved Staff Comments421C.Cybersecurity422.Properties433.Legal Proceedings434.Mine Safety Disclosures43PART II5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities436.[Reserved]447.Management’s Discussion and Analysis of Financial Condition and Results of Operations457A.Quantitative and Qualitative Disclosures About Market Risk568.Financial Statements and Supplementary Data579.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure999A.Controls and Procedures999B.Other Information999C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.99PART III10.Directors, Executive Officers and Corporate Governance10011.Executive Compensation10012.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters10013.Certain Relationships and Related Transactions and Director Independence10014.Principal Accountant Fees and Services100PART IV15.Exhibits and Financial Statement Schedules10116.Form 10-K Summary104Signatures105 GLOSSARY OF TERMS References in this report to the “Company,” “SandRidge,” “we,” “our,” and “us” mean SandRidge Energy, Inc., including its consolidatedsubsidiaries and variable interest entities of which it is the primary beneficiary. All monetary values are stated in U.S. dollars. In addition, thefollowing is a description of the meanings of certain terms used in this report. 2-D seismic or 3-D seismic.Geophysical data that depict the subsurface strata in two dimensions or three dimensions, respectively. 3-Dseismic typically provides a more detailed and accurate interpretation of the subsurface strata than 2-D seismic. ASC.Accounting Standards Codification. ASU.Accounting Standards Update. Bankruptcy Code.United States Bankruptcy Code. Bankruptcy Court.United States Bankruptcy Court for the Southern District of Texas. Bbl.One stock tank barrel, or 42 U.S.gallons liquid volume, used in this report in reference to oil or other liquid hydrocarbons. Bcf.Billion cubic feet of natural gas. Boe.Barrels of oil equivalent, with six thousand cubic feet of natural gas being equivalent to one barrel of oil. The six to one ratiobetween oil and natural gas emerges from energy equivalence (BTU content), rounded for simplicity, and has become an oil and gas industryconvention. Although an equivalent barrel of condensate or natural gas may be equivalent to a barrel of oil on an energy basis, it is notequivalent on a value