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Condensed Consolidating Financial Information | 3 Months Ended
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Mar. 31, 2013
Condensed Consolidating Financial Statements Disclosure [Abstract] |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information The Company provides condensed consolidating financial information for its subsidiaries that are guarantors of its registered debt. As of March 31, 2013, the subsidiary guarantors, which are 100% owned by the Company, have jointly and severally guaranteed, on a full, unconditional and unsecured basis, the Company’s 8.75% Senior Notes due 2020, 7.5% Senior Notes due 2021, 8.125% Senior Notes due 2022 and 7.5% Senior Notes due 2023. The Senior Floating Rate Notes, prior to their purchase and redemption in 2012, were also jointly and severally guaranteed, on a full, unconditional and unsecured basis by the subsidiary guarantors. The subsidiary guarantees: (i) rank equally in right of payment with all of the existing and future senior debt of the subsidiary guarantors; (ii) rank senior to all of the existing and future subordinated debt of the subsidiary guarantors; (iii) are effectively subordinated in right of payment to any existing or future secured obligations of the subsidiary guarantors to the extent of the value of the assets securing such obligations; (iv) are structurally subordinated to all debt and other obligations of the subsidiaries of the guarantors who are not themselves subsidiary guarantors; and (v) are only released under certain customary circumstances. The Company’s subsidiary guarantors guarantee payments of principal and interest under the Company’s registered notes. The following condensed consolidating financial information represents the financial information of SandRidge Energy, Inc., its wholly owned subsidiary guarantors and its non-guarantor subsidiaries, prepared on the equity basis of accounting. The non-guarantor subsidiaries, including consolidated VIEs, majority owned subsidiaries and certain immaterial wholly owned subsidiaries, are included in the non-guarantors column in the tables below. The financial information may not necessarily be indicative of the financial position, results of operations or cash flows had the subsidiary guarantors operated as independent entities. Condensed Consolidating Balance Sheets
| March 31, 2013
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
| (In thousands)
ASSETS |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,285,392 |  |  | $ | 16,091 |  |  | $ | 7,250 |  |  | $ | — |  |  | $ | 1,308,733 |
Accounts receivable, net | — |  |  | 1,554,283 |  |  | 715,628 |  |  | (1,880,512 | ) |  | 389,399 |
Derivative contracts | — |  |  | 19,359 |  |  | 18,165 |  |  | (11,831 | ) |  | 25,693 |
Prepaid expenses | — |  |  | 39,992 |  |  | 167 |  |  | — |  |  | 40,159 |
Other current assets | 1,375 |  |  | 19,585 |  |  | 4,214 |  |  | — |  |  | 25,174 |
Total current assets | 1,286,767 |  |  | 1,649,310 |  |  | 745,424 |  |  | (1,892,343 | ) |  | 1,789,158 |
Property, plant and equipment, net | — |  |  | 4,515,107 |  |  | 1,276,084 |  |  | (55,585 | ) |  | 5,735,606 |
Investment in subsidiaries | 5,119,024 |  |  | (30,760 | ) |  | — |  |  | (5,088,264 | ) |  | — |
Derivative contracts | — |  |  | 19,288 |  |  | 27,163 |  |  | (21,232 | ) |  | 25,219 |
Other assets | 69,005 |  |  | 65,196 |  |  | 29 |  |  | (5,902 | ) |  | 128,328 |
Total assets | $ | 6,474,796 |  |  | $ | 6,218,141 |  |  | $ | 2,048,700 |  |  | $ | (7,063,326 | ) |  | $ | 7,678,311 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses | $ | 1,330,207 |  |  | $ | 532,220 |  |  | $ | 688,833 |  |  | $ | (1,878,888 | ) |  | $ | 672,372 |
Derivative contracts | — |  |  | 24,801 |  |  | — |  |  | (11,831 | ) |  | 12,970 |
Asset retirement obligations | — |  |  | 91,113 |  |  | — |  |  | — |  |  | 91,113 |
Other current liabilities | — |  |  | 5,798 |  |  | — |  |  | — |  |  | 5,798 |
Total current liabilities | 1,330,207 |  |  | 653,932 |  |  | 688,833 |  |  | (1,890,719 | ) |  | 782,253 |
Long-term debt | 3,200,445 |  |  | — |  |  | — |  |  | (5,902 | ) |  | 3,194,543 |
Derivative contracts | — |  |  | 61,616 |  |  | — |  |  | (21,232 | ) |  | 40,384 |
Asset retirement obligations | — |  |  | 367,256 |  |  | 200 |  |  | — |  |  | 367,456 |
Other long-term obligations | 1,870 |  |  | 16,313 |  |  | — |  |  | — |  |  | 18,183 |
Total liabilities | 4,532,522 |  |  | 1,099,117 |  |  | 689,033 |  |  | (1,917,853 | ) |  | 4,402,819 |
Equity |  |  |  |  |  |  |  |  |
SandRidge Energy, Inc. stockholders’ equity | 1,942,274 |  |  | 5,119,024 |  |  | 1,359,667 |  |  | (6,535,900 | ) |  | 1,885,065 |
Noncontrolling interest | — |  |  | — |  |  | — |  |  | 1,390,427 |  |  | 1,390,427 |
Total equity | 1,942,274 |  |  | 5,119,024 |  |  | 1,359,667 |  |  | (5,145,473 | ) |  | 3,275,492 |
Total liabilities and equity | $ | 6,474,796 |  |  | $ | 6,218,141 |  |  | $ | 2,048,700 |  |  | $ | (7,063,326 | ) |  | $ | 7,678,311 |
| December 31, 2012
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
| (In thousands)
ASSETS |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 300,228 |  |  | $ | 922 |  |  | $ | 8,616 |  |  | — |  |  | $ | 309,766 |
Accounts receivable, net | 2,162,471 |  |  | 808,435 |  |  | 717,715 |  |  | (3,243,115 | ) |  | 445,506 |
Derivative contracts | — |  |  | 60,736 |  |  | 28,484 |  |  | (18,198 | ) |  | 71,022 |
Prepaid expenses | — |  |  | 31,135 |  |  | 184 |  |  | — |  |  | 31,319 |
Restricted deposit | — |  |  | 255,000 |  |  | — |  |  | — |  |  | 255,000 |
Other current assets | 1,375 |  |  | 24,188 |  |  | 4,709 |  |  | — |  |  | 30,272 |
Total current assets | 2,464,074 |  |  | 1,180,416 |  |  | 759,708 |  |  | (3,261,313 | ) |  | 1,142,885 |
Property, plant and equipment, net | — |  |  | 7,236,685 |  |  | 1,298,877 |  |  | (55,585 | ) |  | 8,479,977 |
Investment in subsidiaries | 5,425,907 |  |  | (86,235 | ) |  | — |  |  | (5,339,672 | ) |  | — |
Derivative contracts | — |  |  | 15,957 |  |  | 33,114 |  |  | (25,454 | ) |  | 23,617 |
Other assets | 83,642 |  |  | 66,512 |  |  | — |  |  | (5,902 | ) |  | 144,252 |
Total assets | $ | 7,973,623 |  |  | $ | 8,413,335 |  |  | $ | 2,091,699 |  |  | $ | (8,687,926 | ) |  | $ | 9,790,731 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses | $ | 1,236,793 |  |  | $ | 2,087,046 |  |  | $ | 684,136 |  |  | $ | (3,241,431 | ) |  | $ | 766,544 |
Derivative contracts | 2,394 |  |  | 30,664 |  |  | — |  |  | (18,198 | ) |  | 14,860 |
Asset retirement obligations | — |  |  | 118,504 |  |  | — |  |  | — |  |  | 118,504 |
Deposit on pending sale | — |  |  | 255,000 |  |  | — |  |  | — |  |  | 255,000 |
Other current liabilities | — |  |  | 15,546 |  |  | — |  |  | — |  |  | 15,546 |
Total current liabilities | 1,239,187 |  |  | 2,506,760 |  |  | 684,136 |  |  | (3,259,629 | ) |  | 1,170,454 |
Long-term debt | 4,306,985 |  |  | — |  |  | — |  |  | (5,902 | ) |  | 4,301,083 |
Derivative contracts | — |  |  | 85,241 |  |  | — |  |  | (25,454 | ) |  | 59,787 |
Asset retirement obligations | — |  |  | 379,710 |  |  | 196 |  |  | — |  |  | 379,906 |
Other long-term obligations | 1,329 |  |  | 15,717 |  |  | — |  |  | — |  |  | 17,046 |
Total liabilities | 5,547,501 |  |  | 2,987,428 |  |  | 684,332 |  |  | (3,290,985 | ) |  | 5,928,276 |
Equity |  |  |  |  |  |  |  |  |
SandRidge Energy, Inc. stockholders’ equity | 2,426,122 |  |  | 5,425,907 |  |  | 1,407,367 |  |  | (6,890,543 | ) |  | 2,368,853 |
Noncontrolling interest | — |  |  | — |  |  | — |  |  | 1,493,602 |  |  | 1,493,602 |
Total equity | 2,426,122 |  |  | 5,425,907 |  |  | 1,407,367 |  |  | (5,396,941 | ) |  | 3,862,455 |
Total liabilities and equity | $ | 7,973,623 |  |  | $ | 8,413,335 |  |  | $ | 2,091,699 |  |  | $ | (8,687,926 | ) |  | $ | 9,790,731 |
Condensed Consolidating Statements of Operations
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
| (In thousands)
Three Months Ended March 31, 2013 |  |  |  |  |  |  |  |  |
Total revenues | $ | — |  |  | $ | 440,318 |  |  | $ | 77,536 |  |  | $ | (6,164 | ) |  | $ | 511,690 |
Expenses |  |  |  |  |  |  |  |  |
Direct operating expenses | — |  |  | 163,611 |  |  | 12,241 |  |  | (5,792 | ) |  | 170,060 |
General and administrative | 87 |  |  | 76,819 |  |  | 2,970 |  |  | (432 | ) |  | 79,444 |
Depreciation, depletion, amortization and accretion | — |  |  | 159,889 |  |  | 22,752 |  |  | — |  |  | 182,641 |
Loss on derivative contracts | — |  |  | 30,900 |  |  | 9,997 |  |  | — |  |  | 40,897 |
Loss on sale of assets | — |  |  | 290,956 |  |  | 107,218 |  |  | — |  |  | 398,174 |
Total expenses | 87 |  |  | 722,175 |  |  | 155,178 |  |  | (6,224 | ) |  | 871,216 |
Loss from operations | (87 | ) |  | (281,857 | ) |  | (77,642 | ) |  | 60 |  |  | (359,526 | )
Equity earnings from subsidiaries | (306,884 | ) |  | (26,641 | ) |  | — |  |  | 333,525 |  |  | — |
Interest (expense) income | (86,103 | ) |  | 192 |  |  | 1 |  |  | — |  |  | (85,910 | )
Loss on extinguishment of debt | (82,005 | ) |  | — |  |  | — |  |  | — |  |  | (82,005 | )
Other income (expense), net | — |  |  | 1,422 |  |  | (811 | ) |  | — |  |  | 611 |
Loss before income taxes | (475,079 | ) |  | (306,884 | ) |  | (78,452 | ) |  | 333,585 |  |  | (526,830 | )
Income tax expense | 4,321 |  |  | — |  |  | 108 |  |  | — |  |  | 4,429 |
Net loss | (479,400 | ) |  | (306,884 | ) |  | (78,560 | ) |  | 333,585 |  |  | (531,259 | )
Less: net loss attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | (51,919 | ) |  | (51,919 | )
Net loss attributable to SandRidge Energy, Inc. | $ | (479,400 | ) |  | $ | (306,884 | ) |  | $ | (78,560 | ) |  | $ | 385,504 |  |  | $ | (479,340 | )
Three Months Ended March 31, 2012 |  |  |  |  |  |  |  |  |
Total revenues | $ | — |  |  | $ | 322,226 |  |  | $ | 91,193 |  |  | $ | (31,784 | ) |  | $ | 381,635 |
Expenses |  |  |  |  |  |  |  |  |
Direct operating expenses | — |  |  | 114,066 |  |  | 41,752 |  |  | (31,660 | ) |  | 124,158 |
General and administrative | 86 |  |  | 48,113 |  |  | 2,433 |  |  | (331 | ) |  | 50,301 |
Depreciation, depletion, amortization, accretion and impairment | — |  |  | 90,917 |  |  | 13,269 |  |  | — |  |  | 104,186 |
Loss on derivative contracts | — |  |  | 220,935 |  |  | 33,711 |  |  | — |  |  | 254,646 |
Total expenses | 86 |  |  | 474,031 |  |  | 91,165 |  |  | (31,991 | ) |  | 533,291 |
(Loss) income from operations | (86 | ) |  | (151,805 | ) |  | 28 |  |  | 207 |  |  | (151,656 | )
Equity earnings from subsidiaries | (94,527 | ) |  | (2,303 | ) |  | — |  |  | 96,830 |  |  | — |
Interest expense, net | (66,706 | ) |  | (13 | ) |  | (246 | ) |  | — |  |  | (66,965 | )
Other income, net | — |  |  | 59,594 |  |  | — |  |  | (57,126 | ) |  | 2,468 |
Loss before income taxes | (161,319 | ) |  | (94,527 | ) |  | (218 | ) |  | 39,911 |  |  | (216,153 | )
Income tax (benefit) expense | (60 | ) |  | — |  |  | 131 |  |  | — |  |  | 71 |
Net loss | (161,259 | ) |  | (94,527 | ) |  | (349 | ) |  | 39,911 |  |  | (216,224 | )
Less: net income attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | 1,954 |  |  | 1,954 |
Net loss attributable to SandRidge Energy, Inc. | $ | (161,259 | ) |  | $ | (94,527 | ) |  | $ | (349 | ) |  | $ | 37,957 |  |  | $ | (218,178 | )
Condensed Consolidating Statements of Cash Flows
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
| (In thousands)
Three Months Ended March 31, 2013 |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | 2,192,056 |  |  | $ | (2,142,481 | ) |  | $ | 68,705 |  |  | $ | 3,177 |  |  | $ | 121,457 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures for property, plant, and equipment | — |  |  | (421,876 | ) |  | — |  |  | — |  |  | (421,876 | )
Proceeds from sale of assets | — |  |  | 2,559,371 |  |  | 3 |  |  | — |  |  | 2,559,374 |
Other | — |  |  | 16,947 |  |  | — |  |  | (21,995 | ) |  | (5,048 | )
Net cash provided by investing activities | — |  |  | 2,154,442 |  |  | 3 |  |  | (21,995 | ) |  | 2,132,450 |
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Repayments of borrowings | (1,115,500 | ) |  | — |  |  | — |  |  | — |  |  | (1,115,500 | )
Premium on debt redemption | (61,997 | ) |  | — |  |  | — |  |  | — |  |  | (61,997 | )
Other | (29,395 | ) |  | 3,208 |  |  | (70,074 | ) |  | 18,818 |  |  | (77,443 | )
Net cash (used in) provided by financing activities | (1,206,892 | ) |  | 3,208 |  |  | (70,074 | ) |  | 18,818 |  |  | (1,254,940 | )
Net increase (decrease) in cash and cash equivalents | 985,164 |  |  | 15,169 |  |  | (1,366 | ) |  | — |  |  | 998,967 |
Cash and cash equivalents at beginning of year | 300,228 |  |  | 922 |  |  | 8,616 |  |  | — |  |  | 309,766 |
Cash and cash equivalents at end of period | $ | 1,285,392 |  |  | $ | 16,091 |  |  | $ | 7,250 |  |  | $ | — |  |  | $ | 1,308,733 |
Three Months Ended March 31, 2012 |  |  |  |  |  |  |  |  |
Net cash (used in) provided by operating activities | $ | (48,637 | ) |  | $ | 202,554 |  |  | $ | 78,163 |  |  | $ | (1,170 | ) |  | $ | 230,910 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures for property, plant, and equipment | — |  |  | (572,334 | ) |  | (29,507 | ) |  | — |  |  | (601,841 | )
Proceeds from sale of assets | — |  |  | 267,001 |  |  | 2,007 |  |  | — |  |  | 269,008 |
Other | — |  |  | 56,658 |  |  | 1 |  |  | (67,170 | ) |  | (10,511 | )
Net cash used in investing activities | — |  |  | (248,675 | ) |  | (27,499 | ) |  | (67,170 | ) |  | (343,344 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Proceeds from the sale of royalty trust units | — |  |  | — |  |  | — |  |  | 98,849 |  |  | 98,849 |
Other | (31,623 | ) |  | 45,973 |  |  | (50,095 | ) |  | (30,509 | ) |  | (66,254 | )
Net cash (used in) provided by financing activities | (31,623 | ) |  | 45,973 |  |  | (50,095 | ) |  | 68,340 |  |  | 32,595 |
Net (decrease) increase in cash and cash equivalents | (80,260 | ) |  | (148 | ) |  | 569 |  |  | — |  |  | (79,839 | )
Cash and cash equivalents at beginning of year | 204,015 |  |  | 437 |  |  | 3,229 |  |  | — |  |  | 207,681 |
Cash and cash equivalents at end of period | $ | 123,755 |  |  | $ | 289 |  |  | $ | 3,798 |  |  | $ | — |  |  | $ | 127,842 |

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- Definition Text block that encapsulates the detailed table comprising the condensed financial statements (balance sheet, income statement and statement of cash flows), normally using the registrant (parent) as the sole domain member. If condensed consolidating financial statements are being presented, other domain members (in addition to parent) such as guarantor subsidiaries, non-guarantor subsidiaries, and the consolidation eliminations, will be included in order that the respective monetary amounts for each of the domains will aggregate to the respective amounts on the consolidated financial statements. The line items are the various captions used to compile the condensed financial statements. Using extensions, most, if not all, of the elements representing condensed financial statement captions will be the same as those used for the consolidated financial statements captions. + References No definition available. + Details
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