Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2013

Condensed Consolidating Financial Statements Disclosure [Abstract]

Schedule of Condensed Cash Flow Revisions for Prior Periods

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	)

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

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

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 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

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)
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