Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2013

Condensed Consolidating Financial Statements Disclosure [Abstract]

Unaudited Condensed Consolidating Balance Sheets of SandRidge Energy, Inc. and Wholly Owned Subsidiary Guarantors and Non-Guarantors

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

Unaudited Condensed Consolidating Statements of Operations of SandRidge Energy, Inc. and Wholly Owned Subsidiary Guarantors and Non-Guarantors

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	)

Unaudited Condensed Consolidating Statements of Cash Flows of SandRidge Energy, Inc. and Wholly Owned Subsidiary Guarantors and Non-Guarantors

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