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Variable Interest Entities (Tables) | 12 Months Ended
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Dec. 31, 2014
Variable Interest Entity [Line Items] |
Royalty Trusts Distributions | The following distributions will be paid on February 27, 2015 to holders of record as of the close of business on February 13, 2015 (in thousands):
Royalty Trust |  | Total Distribution |  | Amount to be Distributed to Third-Party Unitholders
Mississippian Trust I |  | $ | 8,538 |  |  | $ | 6,242 |
Permian Trust |  | 27,681 |  |  | 25,830 |
Mississippian Trust II |  | 13,985 |  |  | 11,644 |
Total |  | $ | 50,204 |  |  | $ | 43,716 |
Open Oil and Natural Gas Commodity Derivative Contracts | At December 31, 2014, the Company’s open commodity derivative contracts consisted of the following: Oil Price Swaps
| Notional (MBbls) |  | Weighted Average Fixed Price
January 2015 - December 2015 | 5,588 |  |  | $ | 92.44 |
January 2016 - December 2016 | 1,464 |  |  | $ | 88.36 |
Natural Gas Price Swaps
| Notional (MMcf) |  | Weighted Average Fixed Price
January 2015 - December 2015 | 19,900 |  |  | $ | 4.51 |
Natural Gas Basis Swaps
| Notional (MMcf) |  | Weighted Average Fixed Price
January 2015 - December 2015 | 21,900 |  |  | $ | (0.27 | )
Oil Collars - Three-way
| Notional (MBbls) |  | Sold Put |  | Purchased Put |  | Sold Call
January 2015 - December 2015 | 4,576 |  |  | $ | 76.56 |  |  | $ | 90.28 |  |  | $ | 103.48 |
January 2016 - December 2016 | 2,556 |  |  | $ | 83.14 |  |  | $ | 90.00 |  |  | $ | 100.85 |
Natural Gas Collars
| Notional (MMcf) |  | Collar Range
January 2015 - December 2015 | 1,010 |  |  | $4.00 | — | $8.55
Royalty Trusts |
Variable Interest Entity [Line Items] |
Schedule of Royalty Trust Units By Class | Common and subordinated units outstanding as of December 31, 2014 for each Royalty Trust are as follows:
|  | Mississippian Trust I (1) |  | Permian Trust |  | Mississippian Trust II
Total outstanding common units(1) |  | 28,000,000 |  |  | 39,375,000 |  |  | 37,293,750 |
Total outstanding subordinated units(2) |  | — |  |  | 13,125,000 |  |  | 12,431,250 |
____________________
(1) | The Mississippian Trust I’s previously outstanding subordinated units, all of which were held by SandRidge, converted to common units on July 1, 2014.
(2) | All outstanding subordinated units are owned by SandRidge.
Royalty Trusts Ownership Interest | The Company’s beneficial interest in the Royalty Trusts at December 31, 2014 and 2013 were as follows:
| December 31,
| 2014 |  | 2013
Mississippian Trust I | 26.9 | % |  | 26.9 | %
Permian Trust | 25.0 | % |  | 28.5 | %
Mississippian Trust II | 37.6 | % |  | 37.6 | %
Royalty Trusts Distributions | Quarterly distributions declared and paid by the Royalty Trusts during the years ended December 31, 2014, 2013 and 2012 as follows (in thousands):
|  | Year Ended December 31,
|  | 2014(1) |  | 2013(2) |  | 2012(3)
Total distributions |  | $ | 234,326 |  |  | $ | 299,674 |  |  | $ | 274,979 |
Distributions to third-party unitholders |  | $ | 193,807 |  |  | $ | 206,470 |  |  | $ | 181,727 |
____________________
(1) | Subordination thresholds were not met for the Mississippian Trust I’s first or second quarter 2014 distributions, the Permian Trust’s second, third or fourth quarter 2014 distributions or for the Mississippian Trust II’s distributions for the year ended December 31, 2014, resulting in reduced distributions to the Company on its subordinated units for these periods.
(2) | Subordination thresholds were not met for the Mississippian Trust I’s second, third or fourth quarter 2013 distributions, the Permian Trust’s second quarter 2013 distribution or for the Mississippian Trust II’s fourth quarter 2013 distribution, resulting in reduced distributions to the Company on its subordinated units for this period.
(3) | The Company received incentive distributions from the Mississippian Trust I during the first and second quarters of 2012.
Open Oil and Natural Gas Commodity Derivative Contracts | 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
January 2015 — December 2015 | 904 |  |  | $ | 97.78 |
Natural Gas Collars Underlying the Royalty Trust Derivatives Agreements
| Notional (MMcf) |  | Collar Range
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
January 2015 — March 2015 | 141 |  |  | $ | 100.90 |
Assets and Liabilities Included in Consolidated Balance Sheets | The Royalty Trusts’ assets and liabilities, after considering the effects of intercompany eliminations, included in the accompanying consolidated balance sheets at December 31, 2014 and 2013 consisted of the following (in thousands):
| December 31,
| 2014 |  | 2013
Cash and cash equivalents(1) | $ | 9,387 |  |  | $ | 7,912 |
Accounts receivable | 17,660 |  |  | 22,540 |
Derivative contracts | 6,589 |  |  | 4,983 |
Total current assets | 33,636 |  |  | 35,435 |
Investment in royalty interests(2) | 1,325,942 |  |  | 1,325,942 |
Less: accumulated depletion | (284,094 | ) |  | (186,095 | )
| 1,041,848 |  |  | 1,139,847 |
Derivative contracts | — |  |  | 1,476 |
Total assets | $ | 1,075,484 |  |  | $ | 1,176,758 |
Accounts payable and accrued expenses | $ | 2,852 |  |  | $ | 3,393 |
Total liabilities | $ | 2,852 |  |  | $ | 3,393 |
____________________
(1) | Includes $3.0 million held by the trustee at December 31, 2014 and 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 consolidated balance sheets.
Grey Ranch Plant, L.P |
Variable Interest Entity [Line Items] |
Assets and Liabilities Included in Consolidated Balance Sheets | GRLP’s assets and liabilities, after considering the effects of intercompany eliminations, included in the accompanying 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 [Line Items] |
Amounts Due To/From PGC | Amounts due from and due to PGC as of December 31, 2014 and 2013 included in the accompanying consolidated balance sheets are as follows (in thousands):
| December 31,
| 2014 |  | 2013
Accounts receivable due from PGC | $ | 1,141 |  |  | $ | 741 |
Accounts payable due to PGC | $ | 4,163 |  |  | $ | 3,634 |

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