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Derivatives (Tables)
 12 Months Ended
Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value of Derivative Contracts
The following table presents the fair value of the Company’s derivative contracts as of December 31, 2014 and 2013 on a gross basis without regard to same-counterparty netting (in thousands):
 
 
 
 
December 31,
Type of Contract
 
Balance Sheet Classification
 
2014
 
2013
Derivative assets
 
 
 
 
 
 
Oil price swaps
 
Derivative contracts—current
 
$
204,072

 
$
15,887

Natural gas price swaps
 
Derivative contracts—current
 
29,648

 
1,598

Natural gas basis swaps
 
Derivative contracts—current
 
350

 
—

Oil collars—three way
 
Derivative contracts—current
 
56,289

 
706

Natural gas collars
 
Derivative contracts—current
 
1,055

 
177

Oil price swaps
 
Derivative contracts—noncurrent
 
36,288

 
19,376

Oil collars—three way
 
Derivative contracts—noncurrent
 
10,715

 
12,189

Natural gas collars
 
Derivative contracts—noncurrent
 
—

 
341

Derivative liabilities
 
 
 
 
 
 
Oil price swaps
 
Derivative contracts—current
 
—

 
(38,396
)
Natural gas price swaps
 
Derivative contracts—current
 
—

 
(1,460
)
Oil price swaps
 
Derivative contracts—noncurrent
 
—

 
(38,344
)
Total net derivative contracts
 
$
338,417

 
$
(27,926
)
Offsetting Assets and Liabilities
The following tables summarize (i) the Company's derivative contracts on a gross basis, (ii) the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements and (iii) for the Company’s derivative liability positions, the applicable portion of shared collateral under the senior credit facility (for SandRidge's derivative contracts) and under liens granted on the royalty interests (for the Permian Trust and the Mississippian Trust II) (in thousands):

December 31, 2014
 
 
Gross Amounts
 
Gross Amounts Offset
 
Amounts Net of Offset
 
Financial Collateral
 
Net Amount
Assets
 
 
 
 
 
 
 
 
 
 
Derivative contracts - current
 
$
291,414

 
$
—

 
$
291,414

 
$
—

 
$
291,414

Derivative contracts - noncurrent
 
47,003

 
—

 
47,003

 
—

 
47,003

Total
 
$
338,417

 
$
—

 
$
338,417

 
$
—

 
$
338,417

 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
Derivative contracts - current
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Derivative contracts - noncurrent
 
—

 
—

 
—

 
—

 
—

Total
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—


December 31, 2013
 
 
Gross Amounts
 
Gross Amounts Offset
 
Amounts Net of Offset
 
Financial Collateral
 
Net Amount
Assets
 
 
 
 
 
 
 
 
 
 
Derivative contracts - current
 
$
18,368

 
$
(5,589
)
 
$
12,779

 
$
—

 
$
12,779

Derivative contracts - noncurrent
 
31,906

 
(17,780
)
 
14,126

 
—

 
14,126

Total
 
$
50,274

 
$
(23,369
)
 
$
26,905

 
$
—

 
$
26,905

 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
Derivative contracts - current
 
$
39,856

 
$
(5,589
)
 
$
34,267

 
$
(34,267
)
 
$
—

Derivative contracts - noncurrent
 
38,344

 
(17,780
)
 
20,564

 
(20,564
)
 
—

Total
 
$
78,200

 
$
(23,369
)
 
$
54,831

 
$
(54,831
)
 
$
—
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