XML 147 R64.htm IDEA: XBRL DOCUMENT v2.4.0.8
Acquisitions and Divestitures - Additional Information (Details) (USD $)
Share data in Thousands, unless otherwise specified
 12 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Apr. 17, 2012
Dynamic Acquisition
Dec. 31, 2013
Dynamic Acquisition
Dec. 31, 2012
Dynamic Acquisition
Jun. 20, 2012
Gulf of Mexico Properties
Dec. 31, 2013
Gulf of Mexico Properties
Dec. 31, 2012
Gulf of Mexico Properties
Dec. 31, 2011
2011 Divestitures
Jul. 31, 2011
Wolfberry
Aug. 31, 2011
New Mexico
Nov. 30, 2011
East Texas
Jun. 30, 2012
Tertiary
Dec. 31, 2013
Permian Properties
Dec. 31, 2013
Atinum MidCon I, LLC and Repsol E&P USA, Inc.
Dec. 31, 2012
Atinum MidCon I, LLC and Repsol E&P USA, Inc.
Dec. 31, 2013
Mississippian Properties
Dec. 31, 2013
Noncontrolling Interest
Permian Properties
Business Acquisitions and Dispositions [Line Items]                                      
Gain (loss) on divestiture                   $ 0       $ 0 $ (398,900,000)     $ 0 $ (71,700,000)
Proceeds from sale of oil and natural gas properties                     151,600,000 199,000,000 225,400,000 130,800,000 2,600,000,000        
Percentage of equity interests acquired       100.00%                              
Purchase price of acquired entity       1,235,229,000 [1]                              
Cash consideration       680,000,000 [1],[2]     43,282,000                        
Issuance of common stock in acquisition (in shares)       73,962 [1]                              
Revenue of acquiree since acquisition date           365,000,000     26,200,000                    
Earnings of acquiree since acquisition date           81,500,000                          
Acquisition related costs           13,000,000     200,000                    
Measurement period adjustments to the preliminary purchase price allocation         0     (4,800,000)                      
Goodwill             0                        
Earnings on oil and gas properties                 19,100,000                    
Cumulative proceeds from sale of working interest subject to drilling carry                                   500,000,000  
Total Drilling Carry 1,000,000,000                                 1,000,000,000  
Drilling carry recorded as reduction of capital expenditures                               408,000,000 367,600,000    
Bargain purchase gain $ 0 $ (122,696,000) $ 0 $ (122,696,000) [3]     $ 0                        
[1] Consideration paid by the Company consisted of 74 million shares of SandRidge common stock and cash of approximately $680.0 million. The value of the stock consideration is based upon the closing price of $7.33 per share of SandRidge common stock on April 17, 2012, which was the closing date of the Dynamic Acquisition. Under the acquisition method of accounting, the purchase price is determined based on the total cash paid and the fair value of SandRidge common stock issued on the acquisition date.
[2] Cash consideration paid, including amounts paid to retire Dynamic’s long-term debt, was funded through a portion of the net proceeds from the Company’s issuance of $750.0 million of unsecured 8.125% Senior Notes due 2022.
[3] The bargain purchase gain resulted from the excess of the fair value of net assets acquired over consideration paid. To validate the bargain purchase gain on this acquisition, the Company reviewed its initial identification and valuation of assets acquired and liabilities assumed. The Company believes it was able to acquire Dynamic for less than the estimated fair value of its net assets due to their offshore location resulting in less bidding competition.