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Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Value of Derivatives | The following table presents the fair value of the Company’s derivative contracts as of June 30, 2013 and December 31, 2012 on a gross basis without regard to same-counterparty netting (in thousands):
Type of Contract |  | Balance Sheet Classification |  | June 30, 2013 |  | December 31, 2012
Derivative assets |  |  |  |  |  |
Oil price swaps |  | Derivative contracts-current |  | $ | 46,648 |  |  | $ | 88,052 |
Natural gas price swaps |  | Derivative contracts-current |  | 13,230 |  |  | — |
Oil basis swaps |  | Derivative contracts-current |  | — |  |  | 183 |
Oil collars - three way |  | Derivative contracts-current |  | 8,203 |  |  | — |
Natural gas collars |  | Derivative contracts-current |  | 1,166 |  |  | 3,111 |
Oil price swaps |  | Derivative contracts-noncurrent |  | 41,167 |  |  | 37,983 |
Oil collars - three way |  | Derivative contracts-noncurrent |  | 26,483 |  |  | 190 |
Natural gas collars |  | Derivative contracts-noncurrent |  | 587 |  |  | 884 |
Derivative liabilities |  |  |  |  |  |
Oil price swaps |  | Derivative contracts-current |  | (17,576 | ) |  | (31,991 | )
Oil basis swaps |  | Derivative contracts-current |  | — |  |  | (695 | )
Oil collars - two way |  | Derivative contracts-current |  | (45 | ) |  | (103 | )
Interest rate swap |  | Derivative contracts-current |  | — |  |  | (2,395 | )
Oil price swaps |  | Derivative contracts-noncurrent |  | (36,781 | ) |  | (67,900 | )
Oil collars - three way |  | Derivative contracts-noncurrent |  | — |  |  | (7,327 | )
Total net derivative contracts |  | $ | 83,082 |  |  | $ | 19,992 |
Offsetting Assets and Liabilities | ts. The following tables summarize the Company's derivative contracts on a gross basis, the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements, and the applicable portion of shared collateral under the senior credit facility for SandRidge's derivative contracts and under the liens granted by the Permian Trust and the Mississippian Trust II on their royalty interest for the Royalty Trusts' novated derivative contracts associated with the Company’s net derivative liability positions (in thousands): June 30, 2013
|  | Gross Amounts |  | Gross Amounts Offset |  | Amounts Net of Offset |  | Financial Collateral |  | Net Amount
Assets |  |  |  |  |  |  |  |  |  |
Derivative contracts - current |  | $ | 69,247 |  |  | $ | (15,823 | ) |  | $ | 53,424 |  |  | $ | — |  |  | $ | 53,424 |
Derivative contracts - noncurrent |  | 68,237 |  |  | (25,064 | ) |  | 43,173 |  |  | — |  |  | 43,173 |
Total |  | $ | 137,484 |  |  | $ | (40,887 | ) |  | $ | 96,597 |  |  | $ | — |  |  | $ | 96,597 |
Liabilities |  |  |  |  |  |  |  |  |  |
Derivative contracts - current |  | $ | 17,621 |  |  | $ | (15,823 | ) |  | $ | 1,798 |  |  | $ | (1,798 | ) |  | $ | — |
Derivative contracts - noncurrent |  | 36,781 |  |  | (25,064 | ) |  | 11,717 |  |  | (11,717 | ) |  | — |
Total |  | $ | 54,402 |  |  | $ | (40,887 | ) |  | $ | 13,515 |  |  | $ | (13,515 | ) |  | $ | — |
December 31, 2012
|  | Gross Amounts |  | Gross Amounts Offset |  | Amounts Net of Offset |  | Financial Collateral |  | Net Amount
Assets |  |  |  |  |  |  |  |  |  |
Derivative contracts - current |  | $ | 91,346 |  |  | $ | (20,324 | ) |  | $ | 71,022 |  |  | $ | — |  |  | $ | 71,022 |
Derivative contracts - noncurrent |  | 39,057 |  |  | (15,440 | ) |  | 23,617 |  |  | — |  |  | 23,617 |
Total |  | $ | 130,403 |  |  | $ | (35,764 | ) |  | $ | 94,639 |  |  | $ | — |  |  | $ | 94,639 |
Liabilities |  |  |  |  |  |  |  |  |  |
Derivative contracts - current |  | $ | 35,184 |  |  | $ | (20,324 | ) |  | $ | 14,860 |  |  | $ | (14,860 | ) |  | $ | — |
Derivative contracts - noncurrent |  | 75,227 |  |  | (15,440 | ) |  | 59,787 |  |  | (59,787 | ) |  | — |
Total |  | $ | 110,411 |  |  | $ | (35,764 | ) |  | $ | 74,647 |  |  | $ | (74,647 | ) |  | $ | — |
Cash Settlements and Valuation Gains and Losses on Derivative Contracts and Interest Rate Swaps | The following table summarizes the cash settlements and valuation gain and loss on the Company’s commodity derivative contracts and interest rate swap, which are included in gain on derivative contracts and interest expense, respectively, in the accompanying unaudited condensed consolidated statements of operations for the three and six-month periods ended June 30, 2013 and 2012 (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
Commodity Derivatives |  |  |  |  |  |  |
Realized (gain) loss(1) | $ | (17,717 | ) |  | $ | (89,120 | ) |  | $ | (1,632 | ) |  | $ | 36,336 |
Unrealized gain | (85,937 | ) |  | (580,730 | ) |  | (61,125 | ) |  | (451,540 | )
Gain on commodity derivative contracts | $ | (103,654 | ) |  | $ | (669,850 | ) |  | $ | (62,757 | ) |  | $ | (415,204 | )
Interest Rate Swap |  |  |  |  |  |  |
Realized loss | $ | — |  |  | $ | 2,294 |  |  | $ | 2,409 |  |  | $ | 4,494 |
Unrealized gain | — |  |  | (2,245 | ) |  | (2,395 | ) |  | (3,599 | )
Loss on interest rate swap | $ | — |  |  | $ | 49 |  |  | $ | 14 |  |  | $ | 895 |
____________________
(1) | The three-month periods ended June 30, 2013 and 2012 included $0.7 million and $57.3 million, respectively, of realized gains related to settlements of commodity derivative contracts with contractual maturities after the quarterly period in which they were settled (“early settlements”). The six-month periods ended June 30, 2013 and 2012 included $29.0 million and $(57.3) million, respectively, of realized losses (gains) related to early settlements. The six-month period ended June 30, 2012 also included $117.1 million of non-cash realized losses on derivative contracts amended in January 2012.
Open Oil and Natural Gas Commodity Derivative Contracts | At June 30, 2013, the Company’s open commodity derivative contracts consisted of the following: Oil Price Swaps
| Notional (MBbls) |  | Weighted Average Fixed Price
July 2013 - December 2013 | 6,211 |  |  | $ | 99.19 |
January 2014 - December 2014 | 7,511 |  |  | $ | 92.42 |
January 2015 - December 2015 | 5,076 |  |  | $ | 83.69 |
Natural Gas Price Swaps
| Notional (MMcf) |  | Weighted Average Fixed Price
July 2013 - December 2013 | 28,520 |  |  | $ | 4.11 |
Oil Collars - Two-way
| Notional (MBbls) |  | Collar Range
July 2013 - December 2013 | 84 |  |  | $80.00 | — | $102.50
Oil Collars - Three-way
| Notional (MBbls) |  | Sold Put | Purchased Put | Sold Call
January 2014 - December 2014 | 8,213 |  |  | $70.00 | $90.20 | $100.00
January 2015 - December 2015 | 2,920 |  |  | $73.13 | $90.82 | $103.13
Natural Gas Collars
| Notional (MMcf) |  | Collar Range
July 2013 - December 2013 | 3,432 |  |  | $3.78 | — | $6.71
January 2014 - December 2014 | 937 |  |  | $4.00 | — | $7.78
January 2015 - December 2015 | 1,010 |  |  | $4.00 | — | $8.55

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- Definition Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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