SandRidge Energy Inc. carried out zero drilling activity on its assets in the Midcontinent and in Colorado last year, causing production to wither, according to its 2020 annual report.

SandRidge acreage

The company’s output fell by nearly 25% in 2020 to 8.7 million boe comprising 24% oil, 45% natural gas and 31% natural gas liquids (NGL). In 2019, it produced 12 million boe, weighted 29% to oil, 46% to natural gas and 24% to NGLs.

The downward trend is expected to continue sharply in 2021, as SandRidge plans to cut total output further to between 4.8 million boe and 6.2 million boe, management said in issuing its 4Q2020 results.

During the 4Q2020 earnings call, CEO Carl Giesler said the company had improved its cash position over the past year after laying off around 170 workers, selling its...