Introduction



The following discussion and analysis is intended to help the reader understand
the financial condition, results of operations, liquidity and capital resources
of SandRidge Mississippian Trust I (the "Trust"). This discussion and analysis
should be read in conjunction with the Trust's unaudited interim financial
statements and the accompanying notes included in this Quarterly Report and the
Trust's audited financial statements and the accompanying notes included in the
2019 Form 10-K. All information regarding operations has been provided to the
Trustee by SandRidge.

Overview

The Trust is a statutory trust created under the Delaware Statutory Trust Act.
The business and affairs of the Trust are administered by the Trustee and, as
necessary, the Delaware Trustee. The Trust's purpose is to hold the Royalty
Interests, to distribute to the Trust unitholders cash that the Trust receives
in respect of the Royalty Interests and to perform certain administrative
functions in respect of the Royalty Interests and the Trust units. Other than
the foregoing activities, the Trust does not conduct any operations or
activities. The Trustee has no involvement with, control or authority over, or
responsibility for, any aspect of the operations on or relating to the
properties in which the Trust has an interest. The Trust derives all or
substantially all of its income and cash flow from the Royalty Interests. The
Trust is treated as a partnership for federal income tax purposes.

Commodity Price Volatility; COVID-19 Pandemic. The Trust's quarterly cash
distributions are highly dependent upon the prices realized from the sale of
oil, natural gas and NGL. The markets for these commodities are volatile, as
demonstrated by significant price swings experienced during 2019 and have
declined in 2020 attributable primarily to the economic effects of the dispute
over production levels between Russia and the members of the Organization of
Petroleum Exporting Countries ("OPEC"), and the global outbreak of the novel
form of coronavirus known as COVID-19. The spot price for WTI crude oil has
decreased from $61.18 on January 2, 2020 to $42.06 on August 6, 2020. Crude oil
reached a closing NYMEX price low of negative $37.63 per barrel in April 2020.
The responses by federal, state and local governmental authorities to the
pandemic have also resulted in significant business and operational disruptions,
including business closures, supply chains disruptions, travel restrictions,
stay-at-home orders and limitations on the availability of workforces. The full
impact of COVID-19 is unknown and is rapidly evolving. The extent to which
COVID-19 negatively impacts SandRidge or any third-party operator of the
Underlying Properties will depend on the severity, location and duration of the
effects and spread of COVID-19, the actions undertaken by federal, state and
local governments and health officials to contain the virus or treat its
effects, and how quickly and to what extent economic conditions improve and
normal business and operating conditions resume. A prolonged period of low crude
oil, NGL and natural gas prices will adversely affect SandRidge or third-party
operators of the Underlying Properties. As a result, there can be no assurance
that prices for oil, natural gas and NGL, and therefore the Trust's quarterly
cash distributions, will be maintained for any significant period of time.
Continued low oil, NGL and natural gas prices will reduce revenues to the Trust,
which will reduce the amount of cash available for distribution to unitholders
and in certain periods could result in no distributions to unitholders, which
could result in the early termination of the Trust as discussed in "-Potential
Early Termination of the Trust" below.

Impairment of Investment in Royalty Interests. During the six-month period ended
June 30, 2020, the Trust recorded an impairment to the carrying value of the
Investment in Royalty Interests of $3.3 million. The impairment resulted in a
non-cash charge to trust corpus and did not affect the Trust's distributable
income. There was no impairment in the carrying value of the Investment in
Royalty Interests during the six-month period ended June 30, 2019. Material
write-downs in subsequent periods may occur if commodity prices decline or a
change in circumstances causes a decline in expected future undiscounted cash
flows relative to the carrying value of the investment in royalty interests. See
"Impairment of Investment in Royalty Interests" in Note 2 to the unaudited
interim financial statements contained in Part I, Item 1 of this Quarterly
Report for further discussion of the impairments.

Properties. As of June 30, 2020, the Trust's properties consisted of Royalty
Interests in oil and natural gas wells located in Alfalfa, Garfield, Grant and
Woods counties in Oklahoma.

Distributions. The Trust makes quarterly cash distributions of substantially all
of its cash receipts, after deducting amounts for the Trust's administrative
expenses and cash reserves withheld by the Trustee, on or about the 60th day
following the completion of each quarter.

Pursuant to Internal Revenue Code ("IRC") Section 1446, withholding tax on
income effectively connected to a United States trade or business allocated to
non-U.S. persons ("ECI") should be made at the highest marginal rate. Under IRC
Section 1441, withholding tax on fixed, determinable, annual, periodic income
from United States sources allocated to non-U.S. persons should be made at 30%
of gross income unless the rate is reduced by treaty. This is intended to be a
qualified notice to nominees and brokers as
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provided for under Treasury Regulation Section 1.1446-4(b) by the Trust, and
while specific relief is not specified for IRC Section 1441 income, this
disclosure is intended to suffice. Nominees and brokers should withhold at the
highest marginal rate on the distribution made to non-U.S. persons. The Tax Cuts
and Jobs Act (the "TCJA") enacted in December 2017 treats a non-U.S. holder's
gain on the sale of Trust units as ECI to the extent such holder would have had
ECI if the Trust had sold all of its assets at fair market value on the date of
the exchange. The TCJA also requires the transferee of units to withhold 10% of
the amount realized on the sale of exchange of units (generally, the purchase
price) unless the transferor certifies that it is not a nonresident alien
individual or foreign corporation. Pending the finalization of proposed
regulations under IRC Section 1446, the IRS has suspended this new withholding
obligation with respect to publicly traded partnerships such as the Trust, which
is classified as a partnership for federal and state income tax purposes.

Litigation. As described in more detail in Item 1 of Part II, Legal Proceedings,
claims were brought against the Trust, SandRidge and others in a putative class
action during 2015. Regardless of the outcome of the litigation, the Trust may
incur expenses in defending the litigation, and any such expenses may increase
the Trust's administrative expenses significantly. Further, any costs incurred
by the Trust in connection with any settlement of or judgment in the litigation
could increase the Trust's administrative expenses significantly.

Potential Early Termination of the Trust. Based on SandRidge's estimates for the
next twelve months regarding projected production from the Underlying Properties
and estimated pricing based on futures prices as of June 30, 2020 readily
available in the public market adjusted for differentials, cash available for
distribution for the four consecutive quarters ending September 30, 2020, on a
cumulative basis, may fall below $1.0 million, which would require the Trust to
commence termination shortly after the record date for the quarterly cash
distribution to be made in November 2020. If that early termination event
occurs, the Trustee will be required to sell all of the Trust's remaining assets
and liquidate the Trust.


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Results of Trust Operations



The primary factors affecting the Trust's revenues and costs are the quantity of
oil, natural gas and NGL production attributable to the Royalty Interests and
the prices received for such production. Royalty income, post-production
expenses and certain taxes are recorded on a cash basis when net revenue
distributions are received by the Trust from SandRidge. Information regarding
the Trust's production, pricing and costs for the three- and six-month periods
ended June 30, 2020 and 2019 is presented below.
                                                     Three Months Ended June 30,                            Six Months Ended June
                                                                                                                     30,
                                                       2020(1)             2019(2)          2020(3)             2019(4)
Production Data
Oil (MBbls)                                                   8                11               17                  21
NGL (MBbls)                                                  20                22               35                  43
Natural gas (MMcf)                                          240               290              501                 616
Combined equivalent volumes (MBoe)                           68                81              136                 167
Average daily combined equivalent volumes
(MBoe/d)                                                    0.8               0.9              0.8                 0.9
Well Data
Initial and Trust Development Wells producing -
average                                                      81                92               82                  93
Revenues (in thousands)
Royalty income                                    $       1,022           $ 1,798          $ 2,169          $    3,837
Total revenue                                             1,022             1,798            2,169               3,837
Expenses (in thousands)
Post-production expenses                                    176               213              366                 448
Production taxes                                             62               116              131                 245
Trust administrative expenses                               308               571              785                 879
Cash reserves withheld for current Trust
expenses, net of amounts used                               113              (148)              58                 (24)
Total expenses                                              659               752            1,340               1,548
Distributable income available to unitholders     $         363           $ 1,046          $   829          $    2,289
Average Prices
Oil (per Bbl)                                     $       55.07           $ 49.79          $ 54.87          $    57.20
NGL (per Bbl)                                     $       12.30           $ 17.70          $ 14.25          $    23.61
Combined oil and NGL (per Bbl)                    $       24.52           $ 27.93          $ 27.40          $    34.82
Natural gas (per Mcf)                             $        1.37           $  2.98          $  1.45          $     2.57
Combined equivalent (per Boe)                     $       14.97           $ 21.94          $ 15.89          $    22.86
Average Prices - including impact of
post-production expenses
Natural gas (per Mcf)                             $        0.64           $  2.24          $  0.72          $     1.84
Combined equivalent (per Boe)                     $       12.38           $ 19.32          $ 13.19          $    20.16
Expenses (per Boe)
Post-production                                   $        2.58           $  2.62          $  2.70          $     2.69
Production taxes                                  $        0.91           $  1.42          $  0.97          $     1.47


____________________
1.Production volumes and related revenues and expenses for the three-month
period ended June 30, 2020 (included in SandRidge's May 2020 net revenue
distribution to the Trust) represent production from December 1, 2019 to
February 29, 2020.
2.Production volumes and related revenues and expenses for the three-month
period ended June 30, 2019 (included in SandRidge's May 2019 net revenue
distribution to the Trust) represent production from December 1, 2018 to
February 28, 2019.
3.Production volumes and related revenues and expenses for the six-month period
ended June 30, 2020 (included in SandRidge's February and May 2020 net revenue
distributions to the Trust) represent production from September 1, 2019 to
February 29, 2020.
4.Production volumes and related revenues and expenses for the six-month period
ended June 30, 2019 (included in SandRidge's February and May 2019 net revenue
distributions to the Trust) represent production from September 1, 2018 to
February 28, 2019.


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Three Months Ended June 30, 2020 Compared to the Three Months Ended June 30, 2019



Revenues

Royalty Income. Royalty income is a function of production volumes sold
attributable to the Royalty Interests and associated prices received. Royalty
income received during the three-month period ended June 30, 2020 totaled $1.0
million compared to $1.8 million received during the three-month period ended
June 30, 2019. The approximate $0.8 million decrease in royalty income consisted
of approximately $0.5 million attributable to a decrease in prices received in
the 2020 period and approximately $0.3 million attributable to a decrease in
total volumes produced. The average number of producing wells in the three-month
period ended June 30, 2020 decreased by 11 from 92 in the three-month period
ended June 30, 2019 because wells that could not economically produce due to
continued declining production and current pricing were shut-in.

Expenses



Production Taxes. Production taxes are calculated as a percentage of oil and
natural gas revenues, net of any applicable tax credits. Production taxes for
the three-month period ended June 30, 2020 totaled approximately $0.1 million,
or $0.91 per Boe, and were approximately 6.1% of royalty income. Production
taxes for the three-month period ended June 30, 2019 totaled approximately $0.1
million, or $1.42 per Boe, and were approximately 6.5% of royalty income.

Distributable Income



Distributable income for the three-month period ended June 30, 2020 was $0.4
million, which included a net addition to the cash reserve for payment of future
Trust expenses of approximately $113,000, reflecting approximately $421,000
withheld from the May 2020 cash distribution to unitholders partially offset by
approximately $308,000 used to pay Trust expenses during the period.
Distributable income for the three-month period ended June 30, 2019 was $1.0
million, which included a net reduction to the cash reserve for payment of
future Trust expenses of approximately $147,000, reflecting approximately
$571,000 used to pay Trust expenses during the period partially offset by
approximately $424,000 withheld from the May 2019 cash distribution to
unitholders.

Six Months Ended June 30, 2020 Compared to the Six Months Ended June 30, 2019

Revenues



Royalty Income. Royalty income is a function of production volumes sold
attributable to the Royalty Interests and associated prices received. Royalty
income received during the six-month period ended June 30, 2020 totaled $2.2
million compared to $3.8 million received during the six-month period ended
June 30, 2019. The approximate $1.6 million decrease in royalty income consisted
of approximately $0.9 million attributable to a decrease in prices received in
the 2020 period and approximately $0.7 million attributable to a decrease in
total volumes produced. The average number of producing wells in the six-month
period ended June 30, 2020 decreased by 11 from 93 in the six-month period ended
June 30, 2019 because wells that could not economically produce due to continued
declining production and current pricing were shut-in.

Expenses



Production Taxes. Production taxes for the six-month period ended June 30, 2020
totaled approximately $0.1 million, or $0.97 per Boe, and were approximately
6.1% of royalty income. Production taxes for the six-month period ended June 30,
2019 totaled approximately $0.2 million, or $1.47 per Boe, and were
approximately 6.4% of royalty income.

Distributable Income



Distributable income for the six-month period ended June 30, 2020 was $0.8
million, which included a net addition to the cash reserve for payment of future
Trust expenses of approximately $58,000, reflecting approximately $843,000
withheld in aggregate from the February 2020 and May 2020 cash distributions to
unitholders partially offset by approximately $785,000 used to pay Trust
expenses during the period. Distributable income for the six-month period ended
June 30, 2019 was $2.3 million, which included a net reduction to the cash
reserve for payment of future Trust expenses of approximately $24,000,
reflecting approximately $879,000 used to pay Trust expenses during the period
partially offset by approximately $855,000 withheld in aggregate from the
February 2019 and May 2019 cash distributions to unitholders.

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Liquidity and Capital Resources



The Trust has no source of liquidity or capital resources other than cash flow
generated from the Royalty Interests and borrowings to fund administrative
expenses, including any amounts borrowed under SandRidge's loan commitment
described in Note 5 to the unaudited interim financial statements contained in
Part I, Item 1 of this Quarterly Report. The Trust's primary uses of cash are
distributions to Trust unitholders, including, if applicable, payment of Trust
administrative expenses, including any reserves established by the Trustee for
future liabilities, payment of applicable taxes and payment of expense
reimbursements to SandRidge for out-of-pocket expenses incurred on behalf of the
Trust. The Trust does not have any capital requirements related to drilling
wells or any other operating or capital costs related to the wells.

Administrative expenses include payments to the Trustee and the Delaware Trustee
as well as a quarterly fee of $50,000 to SandRidge pursuant to an administrative
services agreement. Each quarter, the Trustee determines the amount of funds
available for distribution. Available funds are the excess cash, if any,
received by the Trust from the sale of production attributable to the Royalty
Interests that quarter over the Trust's expenses for the quarter. If at any time
the Trust's cash on hand (including available cash reserves) is not sufficient
to pay the Trust's ordinary course administrative expenses as they become due,
the Trust may borrow funds from the Trustee or other lenders, including
SandRidge, to pay such expenses. The Trustee does not intend to lend funds to
the Trust. If such funds are borrowed, no further distributions will be made to
unitholders (except in respect of any previously determined quarterly
distribution amount) until the borrowed funds have been repaid. No such loan was
outstanding at June 30, 2020 or December 31, 2019.

Commencing with the distribution to unitholders paid in the first quarter of
2019, the Trustee has withheld, and in the future intends to withhold, the
greater of $35,000 or 3.5% of the funds otherwise available for distribution
each quarter to gradually increase cash reserves for the payment of future
known, anticipated or contingent expenses or liabilities by a total of $425,000.

The Trust is highly dependent on its Trustor, SandRidge, for multiple services,
including the operation of the Trust wells, remittance of net proceeds from the
sale of associated production to the Trust, administrative services such as
accounting, tax preparation, bookkeeping and informational services performed on
behalf of the Trust, and potentially for loans to pay Trust administrative
expenses. The ability to operate the properties depends on the Trustor's future
financial condition and economic performance, access to capital, and other
factors, many of which are out of the control of the Trustor. The reduced demand
for crude oil in the global market resulting from the economic effects of the
COVID-19 pandemic, and the oversupply in crude oil attributable to the dispute
over production levels between Russia and the members of OPEC, have had, and are
likely to continue to have, a negative impact on the Trustor's financial
condition. This negative impact could affect the Trustor's ability to operate
the wells and provide services to the Trust.

Trust Distributions to Unitholders. During the six-month period ended June 30, 2020, the Trust's distributions to unitholders were as follows:


                                                                                                                                                Total
                                                       Covered                                                                              Distribution
                                                  Production Period                Date Declared                   Date Paid                    Paid

Calendar Quarter 2020
First Quarter                                September 1, 2019 -
                                             November 30, 2019                 January 23, 2020             February 28, 2020              $    456,400
Second Quarter                               December 1, 2019 -
                                             February 29, 2020                 April  23, 2020              May 29, 2020                   $    358,400



Future Trust Distributions to Unitholders. During the three-month production
period from March 1, 2020 to May 31, 2020, average oil prices decreased
significantly compared to the three-month period ended February 29, 2020. On
July 23, 2020, the Trust announced that there would be no distribution to
unitholders with respect to production for the period, as expenses exceeded
revenues. See "Distribution to Unitholders" in Note 6 to the unaudited interim
financial statements contained in Part I, Item 1 of this Quarterly Report for
additional discussion of this future distribution. See also "Overview-Commodity
Price Volatility; COVID-19 Pandemic" and "-Potential Early Termination of the
Trust" for discussion of the effects of continued low oil, NGL and natural gas
prices on cash available for distribution to unitholders in future periods.

As the Trust cannot acquire or cause additional wells to be drilled on its behalf, the Trust's production is expected to decline each quarter during the remainder of its life.


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