XML 104 R27.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Variable Interest Entities (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2014
Variable Interest Entity |
Open Oil and Natural Gas Commodity Derivative Contracts | At March 31, 2014, the Company’s open commodity derivative contracts consisted of the following: Oil Price Swaps
| Notional (MBbls) |  | Weighted Average Fixed Price
April 2014 - December 2014 | 2,936 |  |  | $ | 99.45 |
January 2015 - December 2015 | 5,314 |  |  | $ | 92.55 |
Natural Gas Price Swaps
| Notional (MMcf) |  | Weighted Average Fixed Price
April 2014 - December 2014 | 38,490 |  |  | $ | 4.27 |
January 2015 - December 2015 | 15,400 |  |  | $ | 4.50 |
Oil Collars - Three-way
| Notional (MBbls) |  | Sold Put | Purchased Put | Sold Call
April 2014 - December 2014 | 6,066 |  |  | $70.00 | $90.21 | $100.00
January 2015 - December 2015 | 2,920 |  |  | $73.13 | $90.82 | $103.13
Natural Gas Collars
| Notional (MMcf) |  | Collar Range
April 2014 - December 2014 | 706 |  |  | $4.00 | — | $7.78
January 2015 - December 2015 | 1,010 |  |  | $4.00 | — | $8.55
Royalty Trusts |
Variable Interest Entity |
Royalty Trust Initial Public Offerings | The following table summarizes information about each Royalty Trust upon completion of its initial public offering:
|  | Mississippian Trust I |  | Permian Trust |  | Mississippian Trust II
Net proceeds of offering (in thousands) |  | $ | 336,893 |  |  | $ | 580,635 |  |  | $ | 587,087 |
Total outstanding common units |  | 21,000,000 |  |  | 39,375,000 |  |  | 37,293,750 |
Total outstanding subordinated units |  | 7,000,000 |  |  | 13,125,000 |  |  | 12,431,250 |
Beneficial interest owned by Company(1) |  | 38.4 | % |  | 34.3 | % |  | 39.9 | %
Liquidation date(2) |  | 12/31/2030 |  |  | 3/31/2031 |  |  | 12/31/2031 |
____________________
(1) | Subsequent to the initial public offerings, the Company sold common units of the Royalty Trusts it owned in transactions exempt from registration under Rule 144 under the Securities Act. These transactions decreased the Company’s beneficial interests in the Royalty Trusts. See further discussion of the unit sales below.
(2) | At the time each Royalty Trust terminates, 50% of the royalty interests conveyed to the Royalty Trust will automatically revert to the Company, and the remaining 50% will be sold with the proceeds distributed to the Royalty Trust unitholders.
Royalty Trusts Distributions | The Royalty Trusts declared and paid quarterly distributions during the three-month periods ended March 31, 2014 and 2013 as follows (in thousands):
| Three Months Ended March 31,
| 2014(1) |  | 2013
Total distributions | $ | 68,313 |  |  | $ | 76,361 |
Distributions to third-party unitholders | $ | 53,118 |  |  | $ | 51,256 |
____________________
(1) | Subordination thresholds were not met for the Mississippian Trust I’s and Mississippian Trust II’s distributions, resulting in reduced distributions to the Company on its subordinated units for this period.
Open Oil and Natural Gas Commodity Derivative Contracts | The tables below present the open oil and natural gas commodity derivative contracts at March 31, 2014 underlying the derivatives agreements. The combined volume in the tables below reflects the total volume of the Royalty Trusts’ open oil and natural gas commodity derivative contracts. Oil Price Swaps Underlying the Royalty Trust Derivatives Agreements
| Notional (MBbls) |  | Weighted Average Fixed Price
April 2014 - December 2014 | 1,426 |  |  | $ | 100.70 |
January 2015 - December 2015 | 630 |  |  | $ | 101.03 |
Natural Gas Collars Underlying the Royalty Trust Derivatives Agreements
| Notional (MMcf) |  | Collar Range
April 2014 - December 2014 | 706 |  |  | $ | 4.00 |  | — | $ | 7.78 |
January 2015 - December 2015 | 1,010 |  |  | $ | 4.00 |  | — | $ | 8.55 |
Oil Price Swaps Underlying the Derivatives Agreements and Novated to the Royalty Trusts
| Notional (MBbls) |  | Weighted Average Fixed Price
April 2014 - December 2014 | 722 |  |  | $ | 100.78 |
January 2015 - March 2015 | 141 |  |  | $ | 100.90 |
Assets and Liabilities Included in Unaudited Condensed Consolidated Balance Sheets | The Royalty Trusts’ assets and liabilities, after considering the effects of intercompany eliminations, included in the accompanying unaudited condensed consolidated balance sheets at March 31, 2014 and December 31, 2013 consisted of the following (in thousands):
| March 31, 2014 |  | December 31, 2013
Cash and cash equivalents(1) | $ | 7,241 |  |  | $ | 7,912 |
Accounts receivable, net | 22,453 |  |  | 22,540 |
Derivative contracts | 3,300 |  |  | 4,983 |
Total current assets | 32,994 |  |  | 35,435 |
Investment in royalty interests(2) | 1,325,942 |  |  | 1,325,942 |
Less: accumulated depletion and impairment(3) | (243,971 | ) |  | (186,095 | )
| 1,081,971 |  |  | 1,139,847 |
Derivative contracts | — |  |  | 1,476 |
Total assets | $ | 1,114,965 |  |  | $ | 1,176,758 |
Accounts payable and accrued expenses | $ | 2,157 |  |  | $ | 3,393 |
Total liabilities | $ | 2,157 |  |  | $ | 3,393 |
____________________
(1) | Includes $3.0 million held by the trustee at March 31, 2014 and December 31, 2013 as reserves for future general and administrative expenses.
(2) | Investment in royalty interests is included in oil and natural gas properties in the accompanying unaudited condensed consolidated balance sheets.
(3) | Accumulated depletion and impairment at March 31, 2014 includes full cost ceiling limitation impairment allocated to the Royalty Trusts of $42.3 million. There was no full cost ceiling limitation impairment allocated to the Royalty Trusts as of December 31, 2013.
Royalty Trusts Ownership Interest | The Company’s beneficial interests in the Royalty Trusts at March 31, 2014 and December 31, 2013 were as follows:
| March 31, 2014 |  | December 31, 2013
Mississippian Trust I | 26.9 | % |  | 26.9 | %
Permian Trust | 25.0 | % |  | 28.5 | %
Mississippian Trust II | 37.6 | % |  | 37.6 | %
Grey Ranch Plant, L.P |
Variable Interest Entity |
Assets and Liabilities Included in Unaudited Condensed Consolidated Balance Sheets | GRLP’s assets and liabilities, after considering the effects of intercompany eliminations, included in the accompanying unaudited condensed consolidated balance sheet at December 31, 2013 consisted of the following (in thousands):
| December 31, 2013
Cash and cash equivalents | $ | 132 |
Accounts receivable, net | 16 |
Prepaid expenses | 32 |
Other current assets | 109 |
Total current assets | 289 |
Other property, plant and equipment, net | 1,163 |
Total assets | $ | 1,452 |
Accounts payable and accrued expenses | $ | 129 |
Total liabilities | $ | 129 |
Pinon Gathering Company LLC |
Variable Interest Entity |
Schedule Of Amounts Due To/From Variable Interest Entities | Amounts due from and due to PGC as of March 31, 2014 and December 31, 2013 included in the accompanying unaudited condensed consolidated balance sheets are as follows (in thousands):
| March 31, 2014 |  | December 31, 2013
Accounts receivable due from PGC | $ | 1,050 |  |  | $ | 741 |
Accounts payable due to PGC | $ | 3,827 |  |  | $ | 3,634 |

X
- Definition Royalty Trust Distributions [Table Text Block] + References No definition available. + Details
Name: | sd_RoyaltyTrustDistributionsTableTextBlock
Namespace Prefix: | sd_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Amounts Due To/From Variable Interest Entities [Table Text Block] + References No definition available. + Details
Name: | sd_ScheduleOfAmountsDueToFromVariableInterestEntitiesTableTextBlock
Namespace Prefix: | sd_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Royalty Trust Initial Public Offerings [Table Text Block] + References No definition available. + Details
Name: | sd_ScheduleOfRoyaltyTrustInitialPublicOfferingsTableTextBlock
Namespace Prefix: | sd_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Variable Interest Entities Assets and Liabilities Balances. + References No definition available. + Details
Name: | sd_ScheduleOfVariableInterestEntitiesAssetsLiabilitiesTableTextBlock
Namespace Prefix: | sd_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The tabular disclosure of the effects of any changes in a parent's ownership interest in a subsidiary on the equity attributable to the parent if the ownership interests in a subsidiary changes during the period. The changes represented by this element did not result in the deconsolidation of the subsidiary. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4M -URI http://asc.fasb.org/extlink&oid=31814832&loc=SL4591554-111686 + Details
Name: | us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestEffectsOfChangesNetTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_VariableInterestEntityLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration