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Variable Interest Entities (Tables) | 12 Months Ended
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Dec. 31, 2012
Variable Interest Entity [Line Items] |
Royalty Trusts Distributions | The following distributions will be paid on March 1, 2013 to holders of record as of the close of business on February 14, 2013 (in thousands):
Royalty Trust |  | Total Distribution |  | Amount to be Distributed to Third-Party Unitholders
Mississippian Trust I |  | $ | 18,221 |  |  | $ | 13,322 |
Permian Trust |  | 31,659 |  |  | 22,011 |
Mississippian Trust II |  | 26,481 |  |  | 15,923 |
Total |  | $ | 76,361 |  |  | $ | 51,256 |
Grey Ranch Plant, L.P |
Variable Interest Entity [Line Items] |
Assets and Liabilities Included in Consolidated Balance Sheets | GRLP’s assets and liabilities, after considering the effects of intercompany eliminations, included in the accompanying consolidated balance sheets at December 31, 2012 and 2011 consisted of the following (in thousands):
| December 31,
| 2012 |  | 2011
Cash and cash equivalents | $ | 1,080 |  |  | $ | 1,702 |
Accounts receivable, net | 20 |  |  | 24 |
Inventory | 109 |  |  | 109 |
Prepaid expenses | 64 |  |  | 176 |
Total current assets | 1,273 |  |  | 2,011 |
Other property, plant and equipment, net | 1,246 |  |  | 14,985 |
Total assets | $ | 2,519 |  |  | $ | 16,996 |
Accounts payable and accrued expenses | $ | 274 |  |  | $ | 280 |
Total liabilities | $ | 274 |  |  | $ | 280 |
Royalty Trusts |
Variable Interest Entity [Line Items] |
Royalty Trust Initial Public Offerings | The following table summarizes information about each Royalty Trust upon completion of its initial public offering:
|  | Mississippian Trust I |  | Permian Trust |  | Mississippian Trust II
Net proceeds of offering (in millions) |  | $ | 336.9 |  |  | $ | 580.6 |  |  | $ | 587.1 |
Total outstanding common units |  | 21,000,000 |  |  | 39,375,000 |  |  | 37,293,750 |
Total outstanding subordinated units |  | 7,000,000 |  |  | 13,125,000 |  |  | 12,431,250 |
Beneficial interest owned by Company(1) |  | 38.4 | % |  | 34.3 | % |  | 39.9 | %
Liquidation date(2) |  | 12/31/2030 |  |  | 3/31/2031 |  |  | 12/31/2031 |
____________________
(1) | During the year ended December 31, 2012, the Company sold common units of the Mississippian Trust I and the Permian Trust it owned in transactions exempt from registration under Rule 144 under the Securities Act. These transactions decreased the Company’s beneficial interests in the Royalty Trusts. See further discussion of the unit sales below.
(2) | At the time each Royalty Trust terminates, 50% of the royalty interests conveyed to the Royalty Trust will automatically revert back to the Company, and the remaining 50% will be sold with the proceeds distributed to Royalty Trust unitholders.
Royalty Trusts Distributions | The Royalty Trusts declared and paid quarterly distributions during the years ended December 31, 2012 and 2011 as follows (in millions):
|  | Year Ended December 31,
|  | 2012 |  | 2011
Total distributions |  | $ | 275.0 |  |  | $ | 91.2 |
Distributions to third-party unitholders |  | $ | 181.7 |  |  | $ | 57.4 |
Open Oil and Natural Gas Commodity Derivative Contracts | The combined volume in the tables below reflects the total volume of the Royalty Trusts’ open oil and natural gas commodity derivative contracts. See Note 14 for further discussion of the derivatives agreement between the Company and each Royalty Trust. Oil Price Swaps Underlying the Royalty Trust Derivatives Agreements
| Notional (MBbls) |  | Weighted Average Fixed Price
January 2013 — December 2013 | 1,814 |  |  | $ | 103.03 |
January 2014 — December 2014 | 2,053 |  |  | $ | 100.78 |
January 2015 — December 2015 | 667 |  |  | $ | 101.02 |
Natural Gas Collars Underlying the Royalty Trust Derivatives Agreements
| Notional (MMcf) |  | Collar Range
January 2013 — December 2013 | 858 |  |  | $ | 4.00 |  | — | $ | 7.15 |
January 2014 — December 2014 | 937 |  |  | $ | 4.00 |  | — | $ | 7.78 |
January 2015 — December 2015 | 1,010 |  |  | $ | 4.00 |  | — | $ | 8.55 |
Oil Price Swaps Underlying the Derivatives Agreements and Novated to the Royalty Trusts
| Notional (MBbls) |  | Weighted Average Fixed Price
January 2013 — December 2013 | 1,021 |  |  | $ | 103.35 |
January 2014 — December 2014 | 799 |  |  | $ | 100.59 |
January 2015 — March 2015 | 104 |  |  | $ | 100.90 |
Assets and Liabilities Included in Consolidated Balance Sheets | The Royalty Trusts’ assets and liabilities, after considering the effects of intercompany eliminations, included in the accompanying consolidated balance sheets at December 31, 2012 and 2011 consisted of the following (in thousands):
| December 31,
| 2012 |  | 2011
Cash and cash equivalents(1) | $ | 7,445 |  |  | $ | 3,151 |
Accounts receivable | 28,596 |  |  | 18,357 |
Derivative contracts | 10,286 |  |  | 1,499 |
Total current assets | 46,327 |  |  | 23,007 |
Investment in royalty interests(2) | 1,325,942 |  |  | 858,795 |
Less: accumulated depletion | (103,746 | ) |  | (24,404 | )
| 1,222,196 |  |  | 834,391 |
Derivative contracts | 7,660 |  |  | 5,668 |
Total assets | $ | 1,276,183 |  |  | $ | 863,066 |
Accounts payable and accrued expenses | $ | 1,101 |  |  | $ | 486 |
Total liabilities | $ | 1,101 |  |  | $ | 486 |
____________________
(1) | Includes $3.0 million and $2.0 million held by the trustee at December 31, 2012 and 2011, respectively, as reserves for future general and administrative expenses.
(2) | Investment in royalty interests is included in oil and natural gas properties in the accompanying consolidated balance sheets, and was determined by allocating the historical net book value of the Company’s full cost pool based on the fair value of each Royalty Trust’s royalty interests relative to the fair value of the Company’s full cost pool.
Royalty Trusts Ownership Interest | The Company’s beneficial interests in the Royalty Trusts at December 31, 2012 and 2011 were as follows:
| December 31,
| 2012 |  | 2011
Mississippian Trust I | 26.9 | % |  | 38.4 | %
Permian Trust | 30.5 | % |  | 34.3 | %
Mississippian Trust II | 39.9 | % |  | N/A |
Pinon Gathering Company LLC |
Variable Interest Entity [Line Items] |
Amounts Due To/From PGC | The amounts due from and due to PGC as of December 31, 2012 and 2011 included in the accompanying consolidated balance sheets are as follows (in thousands):
| December 31,
| 2012 |  | 2011
Accounts receivable due from PGC | $ | 1,976 |  |  | $ | 3,205 |
Accounts payable due to PGC | $ | 8,444 |  |  | $ | 4,603 |

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