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Derivatives (Tables) | 9 Months Ended
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Sep. 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 September 30, 2013 and December 31, 2012 on a gross basis without regard to same-counterparty netting (in thousands):
Type of Contract |  | Balance Sheet Classification |  | September 30, 2013 |  | December 31, 2012
Derivative assets |  |  |  |  |  |
Oil price swaps |  | Derivative contracts-current |  | $ | 14,585 |  |  | $ | 88,052 |
Natural gas price swaps |  | Derivative contracts-current |  | 6,374 |  |  | — |
Oil basis swaps |  | Derivative contracts-current |  | — |  |  | 183 |
Natural gas collars |  | Derivative contracts-current |  | 727 |  |  | 3,111 |
Oil price swaps |  | Derivative contracts-noncurrent |  | 23,050 |  |  | 37,983 |
Oil collars - three way |  | Derivative contracts-noncurrent |  | 12,837 |  |  | 190 |
Natural gas collars |  | Derivative contracts-noncurrent |  | 513 |  |  | 884 |
Derivative liabilities |  |  |  |  |  |
Oil price swaps |  | Derivative contracts-current |  | (43,519 | ) |  | (31,991 | )
Oil basis swaps |  | Derivative contracts-current |  | — |  |  | (695 | )
Oil collars - two way |  | Derivative contracts-current |  | (92 | ) |  | (103 | )
Oil collars - three way |  | Derivative contracts-current |  | (6,240 | ) |  | — |
Interest rate swap |  | Derivative contracts-current |  | — |  |  | (2,395 | )
Oil price swaps |  | Derivative contracts-noncurrent |  | (45,464 | ) |  | (67,900 | )
Oil collars - three way |  | Derivative contracts-noncurrent |  | — |  |  | (7,327 | )
Total net derivative contracts |  | $ | (37,229 | ) |  | $ | 19,992 |
Offsetting Assets and Liabilities | 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): September 30, 2013
|  | Gross Amounts |  | Gross Amounts Offset |  | Amounts Net of Offset |  | Financial Collateral |  | Net Amount
Assets |  |  |  |  |  |  |  |  |  |
Derivative contracts - current |  | $ | 21,686 |  |  | $ | (13,380 | ) |  | $ | 8,306 |  |  | $ | — |  |  | $ | 8,306 |
Derivative contracts - noncurrent |  | 36,400 |  |  | (20,922 | ) |  | 15,478 |  |  | — |  |  | 15,478 |
Total |  | $ | 58,086 |  |  | $ | (34,302 | ) |  | $ | 23,784 |  |  | $ | — |  |  | $ | 23,784 |
Liabilities |  |  |  |  |  |  |  |  |  |
Derivative contracts - current |  | $ | 49,851 |  |  | $ | (13,380 | ) |  | $ | 36,471 |  |  | $ | (36,471 | ) |  | $ | — |
Derivative contracts - noncurrent |  | 45,464 |  |  | (20,922 | ) |  | 24,542 |  |  | (24,542 | ) |  | — |
Total |  | $ | 95,315 |  |  | $ | (34,302 | ) |  | $ | 61,013 |  |  | $ | (61,013 | ) |  | $ | — |
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 gains and losses on the Company’s commodity derivative contracts and interest rate swap, which are included in loss (gain) on derivative contracts and interest expense, respectively, in the accompanying unaudited condensed consolidated statements of operations for the three and nine-month periods ended September 30, 2013 and 2012 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
Commodity Derivatives |  |  |  |  |  |  |
Loss (gain) on settlement(1) | $ | 13,203 |  |  | $ | (28,970 | ) |  | $ | 11,571 |  |  | $ | 7,366 |
Loss (gain) due to change in fair value | 119,605 |  |  | 222,467 |  |  | 58,480 |  |  | (229,073 | )
Loss (gain) on commodity derivative contracts | $ | 132,808 |  |  | $ | 193,497 |  |  | $ | 70,051 |  |  | $ | (221,707 | )
Interest Rate Swap |  |  |  |  |  |  |
Loss on settlement | $ | — |  |  | $ | 2,330 |  |  | $ | 2,409 |  |  | $ | 6,824 |
Gain due to change in fair value | — |  |  | (2,033 | ) |  | (2,395 | ) |  | (5,632 | )
Loss on interest rate swap | $ | — |  |  | $ | 297 |  |  | $ | 14 |  |  | $ | 1,192 |
____________________
(1) | The three-month period ended September 30, 2012 included $2.1 million of gains related to settlements of commodity derivative contracts with contractual maturities after the quarterly period in which they were settled (“early settlements”). The nine-month periods ended September 30, 2013 and 2012 included $29.3 million and $(59.5) million, respectively, of losses (gains) related to early settlements. The nine-month period ended September 30, 2012 also included $117.1 million of non-cash losses due to the amendment of derivative contracts in January 2012.
Open Oil and Natural Gas Commodity Derivative Contracts | At September 30, 2013, the Company’s open commodity derivative contracts consisted of the following: Oil Price Swaps
| Notional (MBbls) |  | Weighted Average Fixed Price
October 2013 - December 2013 | 3,494 |  |  | $ | 99.48 |
January 2014 - December 2014 | 8,813 |  |  | $ | 92.98 |
January 2015 - December 2015 | 6,614 |  |  | $ | 85.25 |
Natural Gas Price Swaps
| Notional (MMcf) |  | Weighted Average Fixed Price
October 2013 - December 2013 | 12,420 |  |  | $ | 4.11 |
Oil Collars - Two-way
| Notional (MBbls) |  | Collar Range
October 2013 - December 2013 | 42 |  |  | $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
October 2013 - December 2013 | 1,716 |  |  | $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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