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Condensed Consolidating Financial Information | 6 Months Ended
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Jun. 30, 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 June 30, 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. During the three-month period ended June 30, 2013, an error was identified in the Company’s presentation of changes in intercompany advances (borrowings) in the condensed consolidating statement of cash flows. The intercompany advances (borrowings) represent cash flows between the Parent and the Guarantors and Non-Guarantors and is based on the Parent’s centralized treasury activities. Previously, the Company reflected the changes in intercompany advances (borrowings) in net cash provided by (used in) operating activities and such changes should have been reflected as a separate line within net cash provided by (used in) financing activities. The Company concluded these errors were not material individually or in the aggregate to any of the historical condensed consolidating financial information. Accordingly, the Company revised its condensed consolidating statements of cash flows to reflect the changes in intercompany advances (borrowings) in cash flows from financing activities. These revisions had no impact on the Company’s consolidated financial statements or the other condensed consolidating financial information. The revisions related to each of the Parent, Guarantors and Non-Guarantors associated with cash flows from operating activities had corresponding offsetting impacts to cash flows from financing activities resulting in no impact to net increase (decrease) in cash and cash equivalents. Net cash provided by (used in) operating activities increased (decreased) and net cash provided by (used in) financing activities decreased (increased) by the same amount as shown in the table below for the historical periods.
| Three Months Ended March 31, 2013 |  | Three Months Ended March 31, 2012 |  | Six Months Ended June 30, 2012 |  | Nine Months Ended September 30, 2012 |  | Year Ended December 31, 2012 |  | Year Ended December 31, 2011 |  | Year Ended December 31, 2010
| (in thousands)
Parent | $ | (2,287,259 | ) |  | $ | 53,386 |  |  | $ | 268,806 |  |  | $ | 669,502 |  |  | $ | 945,448 |  |  | $ | 288,415 |  |  | $ | 286,291 |
Guarantors | $ | 2,297,970 |  |  | $ | (16,578 | ) |  | $ | (186,706 | ) |  | $ | (550,489 | ) |  | $ | (809,099 | ) |  | $ | (172,927 | ) |  | $ | (235,352 | )
Non-Guarantors | $ | (10,711 | ) |  | $ | (36,808 | ) |  | $ | (82,100 | ) |  | $ | (119,013 | ) |  | $ | (136,349 | ) |  | $ | (115,488 | ) |  | $ | (50,939 | )
Condensed Consolidating Balance Sheets
| June 30, 2013
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
| (In thousands)
ASSETS |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,085,423 |  |  | $ | 1,379 |  |  | $ | 7,539 |  |  | $ | — |  |  | $ | 1,094,341 |
Accounts receivable, net | — |  |  | 379,252 |  |  | 32,888 |  |  | — |  |  | 412,140 |
Intercompany accounts receivable | — |  |  | 1,045,824 |  |  | 76,465 |  |  | (1,122,289 | ) |  | — |
Derivative contracts | — |  |  | 43,560 |  |  | 24,928 |  |  | (15,064 | ) |  | 53,424 |
Prepaid expenses | — |  |  | 38,056 |  |  | 106 |  |  | — |  |  | 38,162 |
Other current assets | 1,375 |  |  | 24,297 |  |  | 18,251 |  |  | — |  |  | 43,923 |
Total current assets | 1,086,798 |  |  | 1,532,368 |  |  | 160,177 |  |  | (1,137,353 | ) |  | 1,641,990 |
Property, plant and equipment, net | — |  |  | 4,769,370 |  |  | 1,229,930 |  |  | (55,585 | ) |  | 5,943,715 |
Investment in subsidiaries | 5,160,421 |  |  | (47,054 | ) |  | — |  |  | (5,113,367 | ) |  | — |
Derivative contracts | — |  |  | 35,579 |  |  | 29,060 |  |  | (21,466 | ) |  | 43,173 |
Other assets | 66,644 |  |  | 63,987 |  |  | 29 |  |  | (5,902 | ) |  | 124,758 |
Total assets | $ | 6,313,863 |  |  | $ | 6,354,250 |  |  | $ | 1,419,196 |  |  | $ | (6,333,673 | ) |  | $ | 7,753,636 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses | $ | 169,444 |  |  | $ | 627,193 |  |  | $ | 5,405 |  |  | $ | — |  |  | $ | 802,042 |
Intercompany accounts payable | 996,617 |  |  | 51,548 |  |  | 72,552 |  |  | (1,120,717 | ) |  | — |
Derivative contracts | — |  |  | 16,862 |  |  | — |  |  | (15,064 | ) |  | 1,798 |
Asset retirement obligations | — |  |  | 79,953 |  |  | — |  |  | — |  |  | 79,953 |
Total current liabilities | 1,166,061 |  |  | 775,556 |  |  | 77,957 |  |  | (1,135,781 | ) |  | 883,793 |
Long-term debt | 3,200,562 |  |  | — |  |  | — |  |  | (5,902 | ) |  | 3,194,660 |
Derivative contracts | — |  |  | 33,183 |  |  | — |  |  | (21,466 | ) |  | 11,717 |
Asset retirement obligations | — |  |  | 365,192 |  |  | 205 |  |  | — |  |  | 365,397 |
Other long-term obligations | 1,873 |  |  | 19,898 |  |  | — |  |  | — |  |  | 21,771 |
Total liabilities | 4,368,496 |  |  | 1,193,829 |  |  | 78,162 |  |  | (1,163,149 | ) |  | 4,477,338 |
Equity |  |  |  |  |  |  |  |  |
SandRidge Energy, Inc. stockholders’ equity | 1,945,367 |  |  | 5,160,421 |  |  | 1,341,034 |  |  | (6,558,612 | ) |  | 1,888,210 |
Noncontrolling interest | — |  |  | — |  |  | — |  |  | 1,388,088 |  |  | 1,388,088 |
Total equity | 1,945,367 |  |  | 5,160,421 |  |  | 1,341,034 |  |  | (5,170,524 | ) |  | 3,276,298 |
Total liabilities and equity | $ | 6,313,863 |  |  | $ | 6,354,250 |  |  | $ | 1,419,196 |  |  | $ | (6,333,673 | ) |  | $ | 7,753,636 |
| 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 | — |  |  | 411,197 |  |  | 34,309 |  |  | — |  |  | 445,506 |
Intercompany accounts receivable | 2,162,471 |  |  | 397,238 |  |  | 683,406 |  |  | (3,243,115 | ) |  | — |
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 | $ | 261,215 |  |  | $ | 492,866 |  |  | $ | 12,463 |  |  | $ | — |  |  | $ | 766,544 |
Intercompany accounts payable | 975,578 |  |  | 1,594,180 |  |  | 671,673 |  |  | (3,241,431 | ) |  | — |
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 June 30, 2013 |  |  |  |  |  |  |  |  |
Total revenues | $ | — |  |  | $ | 425,319 |  |  | $ | 81,956 |  |  | $ | 5,712 |  |  | $ | 512,987 |
Expenses |  |  |  |  |  |  |  |  |
Direct operating expenses | — |  |  | 165,518 |  |  | 6,156 |  |  | 5,229 |  |  | 176,903 |
General and administrative | 88 |  |  | 171,652 |  |  | 1,089 |  |  | 432 |  |  | 173,261 |
Depreciation, depletion, amortization and accretion | — |  |  | 141,299 |  |  | 23,426 |  |  | — |  |  | 164,725 |
Impairment | — |  |  | 12,703 |  |  | 2,940 |  |  | — |  |  | 15,643 |
Gain on derivative contracts | — |  |  | (88,653 | ) |  | (15,001 | ) |  | — |  |  | (103,654 | )
Gain on sale of assets | — |  |  | (340 | ) |  | (9 | ) |  | — |  |  | (349 | )
Total expenses | 88 |  |  | 402,179 |  |  | 18,601 |  |  | 5,661 |  |  | 426,529 |
(Loss) income from operations | (88 | ) |  | 23,140 |  |  | 63,355 |  |  | 51 |  |  | 86,458 |
Equity earnings from subsidiaries | 41,399 |  |  | 18,233 |  |  | — |  |  | (59,632 | ) |  | — |
Interest (expense) income | (61,392 | ) |  | 233 |  |  | — |  |  | — |  |  | (61,159 | )
Other (expense) income, net | — |  |  | (207 | ) |  | 101 |  |  | — |  |  | (106 | )
(Loss) income before income taxes | (20,081 | ) |  | 41,399 |  |  | 63,456 |  |  | (59,581 | ) |  | 25,193 |
Income tax expense | 406 |  |  | — |  |  | 102 |  |  | — |  |  | 508 |
Net (loss) income | (20,487 | ) |  | 41,399 |  |  | 63,354 |  |  | (59,581 | ) |  | 24,685 |
Less: net income attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | 45,121 |  |  | 45,121 |
Net (loss) income attributable to SandRidge Energy, Inc. | $ | (20,487 | ) |  | $ | 41,399 |  |  | $ | 63,354 |  |  | $ | (104,702 | ) |  | $ | (20,436 | )
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
| (In thousands)
Three Months Ended June 30, 2012 |  |  |  |  |  |  |  |  |
Total revenues | $ | — |  |  | $ | 402,589 |  |  | $ | 110,240 |  |  | $ | (34,395 | ) |  | $ | 478,434 |
Expenses |  |  |  |  |  |  |  |  |
Direct operating expenses | — |  |  | 149,859 |  |  | 44,772 |  |  | (33,349 | ) |  | 161,282 |
General and administrative | 99 |  |  | 59,951 |  |  | 2,014 |  |  | (348 | ) |  | 61,716 |
Depreciation, depletion, amortization and accretion | — |  |  | 140,339 |  |  | 22,234 |  |  | — |  |  | 162,573 |
Gain on derivative contracts | — |  |  | (562,081 | ) |  | (107,769 | ) |  | — |  |  | (669,850 | )
(Gain) loss on sale of assets | — |  |  | (319 | ) |  | 619 |  |  | — |  |  | 300 |
Total expenses | 99 |  |  | (212,251 | ) |  | (38,130 | ) |  | (33,697 | ) |  | (283,979 | )
(Loss) income from operations | (99 | ) |  | 614,840 |  |  | 148,370 |  |  | (698 | ) |  | 762,413 |
Equity earnings from subsidiaries | 800,707 |  |  | 48,942 |  |  | — |  |  | (849,649 | ) |  | — |
Interest (expense) income | (68,527 | ) |  | 278 |  |  | (320 | ) |  | — |  |  | (68,569 | )
Gain on sale of investment in subsidiary | 55,585 |  |  | — |  |  | — |  |  | (55,585 | ) |  | — |
Bargain purchase gain | — |  |  | 122,696 |  |  | — |  |  | — |  |  | 122,696 |
Other income (expense), net | — |  |  | 13,951 |  |  | — |  |  | (14,032 | ) |  | (81 | )
Income before income taxes | 787,666 |  |  | 800,707 |  |  | 148,050 |  |  | (919,964 | ) |  | 816,459 |
Income tax (benefit) expense | (100,721 | ) |  | — |  |  | 104 |  |  | — |  |  | (100,617 | )
Net income | 888,387 |  |  | 800,707 |  |  | 147,946 |  |  | (919,964 | ) |  | 917,076 |
Less: net income attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | 99,004 |  |  | 99,004 |
Net income attributable to SandRidge Energy, Inc. | $ | 888,387 |  |  | $ | 800,707 |  |  | $ | 147,946 |  |  | $ | (1,018,968 | ) |  | $ | 818,072 |
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
| (In thousands)
Six Months Ended June 30, 2013 |  |  |  |  |  |  |  |  |
Total revenues | $ | — |  |  | $ | 865,636 |  |  | $ | 159,484 |  |  | $ | (443 | ) |  | $ | 1,024,677 |
Expenses |  |  |  |  |  |  |  |  |
Direct operating expenses | — |  |  | 329,130 |  |  | 18,388 |  |  | (555 | ) |  | 346,963 |
General and administrative | 175 |  |  | 248,470 |  |  | 4,060 |  |  | — |  |  | 252,705 |
Depreciation, depletion, amortization and accretion | — |  |  | 301,188 |  |  | 46,178 |  |  | — |  |  | 347,366 |
Impairment | — |  |  | 12,703 |  |  | 2,940 |  |  | — |  |  | 15,643 |
Gain on derivative contracts | — |  |  | (57,753 | ) |  | (5,004 | ) |  | — |  |  | (62,757 | )
Loss on sale of assets | — |  |  | 290,616 |  |  | 107,209 |  |  | — |  |  | 397,825 |
Total expenses | 175 |  |  | 1,124,354 |  |  | 173,771 |  |  | (555 | ) |  | 1,297,745 |
Loss from operations | (175 | ) |  | (258,718 | ) |  | (14,287 | ) |  | 112 |  |  | (273,068 | )
Equity earnings from subsidiaries | (265,486 | ) |  | (8,409 | ) |  | — |  |  | 273,895 |  |  | — |
Interest (expense) income | (147,495 | ) |  | 426 |  |  | — |  |  | — |  |  | (147,069 | )
Loss on extinguishment of debt | (82,005 | ) |  | — |  |  | — |  |  | — |  |  | (82,005 | )
Other income (expense), net | — |  |  | 1,215 |  |  | (710 | ) |  | — |  |  | 505 |
Loss before income taxes | (495,161 | ) |  | (265,486 | ) |  | (14,997 | ) |  | 274,007 |  |  | (501,637 | )
Income tax expense | 4,727 |  |  | — |  |  | 210 |  |  | — |  |  | 4,937 |
Net loss | (499,888 | ) |  | (265,486 | ) |  | (15,207 | ) |  | 274,007 |  |  | (506,574 | )
Less: net loss attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | (6,798 | ) |  | (6,798 | )
Net loss attributable to SandRidge Energy, Inc. | $ | (499,888 | ) |  | $ | (265,486 | ) |  | $ | (15,207 | ) |  | $ | 280,805 |  |  | $ | (499,776 | )
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
| (In thousands)
Six Months Ended June 30, 2012 |  |  |  |  |  |  |  |  |
Total revenues | $ | — |  |  | $ | 724,815 |  |  | $ | 201,371 |  |  | $ | (66,117 | ) |  | $ | 860,069 |
Expenses |  |  |  |  |  |  |  |  |
Direct operating expenses | — |  |  | 264,352 |  |  | 82,956 |  |  | (64,947 | ) |  | 282,361 |
General and administrative | 185 |  |  | 108,065 |  |  | 4,447 |  |  | (680 | ) |  | 112,017 |
Depreciation, depletion, amortization, accretion and impairment | — |  |  | 231,255 |  |  | 35,503 |  |  | — |  |  | 266,758 |
Gain on derivative contracts | — |  |  | (341,146 | ) |  | (74,058 | ) |  | — |  |  | (415,204 | )
(Gain) loss on sale of assets | — |  |  | (745 | ) |  | 4,125 |  |  | — |  |  | 3,380 |
Total expenses | 185 |  |  | 261,781 |  |  | 52,973 |  |  | (65,627 | ) |  | 249,312 |
(Loss) income from operations | (185 | ) |  | 463,034 |  |  | 148,398 |  |  | (490 | ) |  | 610,757 |
Equity earnings from subsidiaries | 706,180 |  |  | 46,640 |  |  | — |  |  | (752,820 | ) |  | — |
Interest (expense) income | (135,233 | ) |  | 265 |  |  | (566 | ) |  | — |  |  | (135,534 | )
Gain on sale of investment in subsidiary | 55,585 |  |  | — |  |  | — |  |  | (55,585 | ) |  | — |
Bargain purchase gain | — |  |  | 122,696 |  |  | — |  |  | — |  |  | 122,696 |
Other income, net | — |  |  | 73,545 |  |  | — |  |  | (71,158 | ) |  | 2,387 |
Income before income taxes | 626,347 |  |  | 706,180 |  |  | 147,832 |  |  | (880,053 | ) |  | 600,306 |
Income tax (benefit) expense | (100,780 | ) |  | — |  |  | 234 |  |  | — |  |  | (100,546 | )
Net income | 727,127 |  |  | 706,180 |  |  | 147,598 |  |  | (880,053 | ) |  | 700,852 |
Less: net income attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | 100,958 |  |  | 100,958 |
Net income attributable to SandRidge Energy, Inc. | $ | 727,127 |  |  | $ | 706,180 |  |  | $ | 147,598 |  |  | $ | (981,011 | ) |  | $ | 599,894 |
Condensed Consolidating Statements of Cash Flows
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
| (In thousands)
Six Months Ended June 30, 2013 |  |  |  |  |  |  |  |  |
Net cash (used in) provided by operating activities | $ | (162,836 | ) |  | $ | 420,672 |  |  | $ | 120,672 |  |  | $ | 6,175 |  |  | $ | 384,683 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures for property, plant, and equipment | — |  |  | (828,585 | ) |  | — |  |  | — |  |  | (828,585 | )
Proceeds from sale of assets | — |  |  | 2,563,791 |  |  | 95 |  |  | — |  |  | 2,563,886 |
Other | — |  |  | 31,015 |  |  | 37 |  |  | (39,654 | ) |  | (8,602 | )
Net cash provided by investing activities | — |  |  | 1,766,221 |  |  | 132 |  |  | (39,654 | ) |  | 1,726,699 |
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Repayments of borrowings | (1,115,500 | ) |  | — |  |  | — |  |  | — |  |  | (1,115,500 | )
Distributions to unitholders | — |  |  | — |  |  | (144,810 | ) |  | 46,094 |  |  | (98,716 | )
Premium on debt redemption | (61,997 | ) |  | — |  |  | — |  |  | — |  |  | (61,997 | )
Intercompany borrowings (advances), net | 2,181,850 |  |  | (2,192,164 | ) |  | 10,314 |  |  | — |  |  | — |
Other | (56,322 | ) |  | 5,728 |  |  | 12,615 |  |  | (12,615 | ) |  | (50,594 | )
Net cash provided by (used in) financing activities | 948,031 |  |  | (2,186,436 | ) |  | (121,881 | ) |  | 33,479 |  |  | (1,326,807 | )
Net increase (decrease) in cash and cash equivalents | 785,195 |  |  | 457 |  |  | (1,077 | ) |  | — |  |  | 784,575 |
Cash and cash equivalents at beginning of year | 300,228 |  |  | 922 |  |  | 8,616 |  |  | — |  |  | 309,766 |
Cash and cash equivalents at end of period | $ | 1,085,423 |  |  | $ | 1,379 |  |  | $ | 7,539 |  |  | $ | — |  |  | $ | 1,094,341 |
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
| (In thousands)
Six Months Ended June 30, 2012 (Revised) |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | 413,460 |  |  | $ | (127,344 | ) |  | $ | 71,648 |  |  | $ | 59,942 |  |  | $ | 417,706 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures for property, plant, and equipment | — |  |  | (1,091,667 | ) |  | (31,373 | ) |  | — |  |  | (1,123,040 | )
Acquisition of assets | (693,091 | ) |  | (68,484 | ) |  | — |  |  | — |  |  | (761,575 | )
Proceeds from sale of assets | 129,830 |  |  | 345,205 |  |  | 1,409 |  |  | (55,585 | ) |  | 420,859 |
Conveyance of property for royalty trust | — |  |  | 579,425 |  |  | (587,087 | ) |  | 7,662 |  |  | — |
Other | (61,487 | ) |  | 226,253 |  |  | — |  |  | (164,766 | ) |  | — |
Net cash used in investing activities | (624,748 | ) |  | (9,268 | ) |  | (617,051 | ) |  | (212,689 | ) |  | (1,463,756 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Proceeds from borrowings | 750,000 |  |  | — |  |  | — |  |  | — |  |  | 750,000 |
Proceeds from issuance of royalty trust units | — |  |  | — |  |  | 587,086 |  |  | — |  |  | 587,086 |
Proceeds from the sale of royalty trust units | — |  |  | — |  |  | — |  |  | 123,549 |  |  | 123,549 |
Distributions to unitholders | — |  |  | — |  |  | (118,018 | ) |  | 41,217 |  |  | (76,801 | )
Cash (paid) received on settlement of financing derivative contracts | — |  |  | (45,312 | ) |  | 12,019 |  |  | (12,019 | ) |  | (45,312 | )
Intercompany (advances) borrowings, net | (268,806 | ) |  | 186,706 |  |  | 82,100 |  |  | — |  |  | — |
Other | (63,051 | ) |  | — |  |  | (16,029 | ) |  | — |  |  | (79,080 | )
Net cash provided by financing activities | 418,143 |  |  | 141,394 |  |  | 547,158 |  |  | 152,747 |  |  | 1,259,442 |
Net increase in cash and cash equivalents | 206,855 |  |  | 4,782 |  |  | 1,755 |  |  | — |  |  | 213,392 |
Cash and cash equivalents at beginning of year | 204,015 |  |  | 437 |  |  | 3,229 |  |  | — |  |  | 207,681 |
Cash and cash equivalents at end of period | $ | 410,870 |  |  | $ | 5,219 |  |  | $ | 4,984 |  |  | $ | — |  |  | $ | 421,073 |

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