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Condensed Consolidating Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2014
Condensed Consolidating Financial Statements Disclosure [Abstract] |
Schedule of Condensed Cash Flow Revisions for Prior Periods | Net cash provided by (used in) operating activities increased (decreased) and net cash provided by (used in) financing activities decreased (increased) by the same amount as shown in the table below for the historical three-month period ended March 31, 2013.
|  | Three Months Ended March 31, 2013
|  | (In thousands)
Parent |  | $ | (2,287,259 | )
Guarantors |  | $ | 2,297,970 |
Non-Guarantors |  | $ | (10,711 | )
Unaudited Condensed Consolidating Balance Sheets of SandRidge Energy, Inc. and Wholly Owned Subsidiary Guarantors and Non-Guarantors | Condensed Consolidating Balance Sheets
| March 31, 2014 (Restated)
| Parent(1) |  | Guarantors(2)(3) |  | Non-Guarantors |  | Eliminations(1)(2) |  | Consolidated
| (In thousands)
ASSETS |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,170,581 |  |  | $ | 1,527 |  |  | $ | 7,536 |  |  | $ | — |  |  | $ | 1,179,644 |
Accounts receivable, net | — |  |  | 270,092 |  |  | 23,673 |  |  | — |  |  | 293,765 |
Intercompany accounts receivable | 56,521 |  |  | 1,351,683 |  |  | 59,095 |  |  | (1,467,299 | ) |  | — |
Derivative contracts | — |  |  | 5,702 |  |  | 9,986 |  |  | (6,686 | ) |  | 9,002 |
Prepaid expenses | — |  |  | 13,509 |  |  | 58 |  |  | — |  |  | 13,567 |
Other current assets | 1,375 |  |  | 28,470 |  |  | 122 |  |  | — |  |  | 29,967 |
Total current assets | 1,228,477 |  |  | 1,670,983 |  |  | 100,470 |  |  | (1,473,985 | ) |  | 1,525,945 |
Property, plant and equipment, net | — |  |  | 4,130,353 |  |  | 1,121,873 |  |  | — |  |  | 5,252,226 |
Investment in subsidiaries | 5,960,279 |  |  | 21,969 |  |  | — |  |  | (5,982,248 | ) |  | — |
Derivative contracts | — |  |  | 18,048 |  |  | 4,471 |  |  | (4,471 | ) |  | 18,048 |
Other assets | 66,550 |  |  | 21,367 |  |  | 23 |  |  | (5,902 | ) |  | 82,038 |
Total assets | $ | 7,255,306 |  |  | $ | 5,862,720 |  |  | $ | 1,226,837 |  |  | $ | (7,466,606 | ) |  | $ | 6,878,257 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses | $ | 157,676 |  |  | $ | 429,223 |  |  | $ | 3,186 |  |  | $ | — |  |  | $ | 590,085 |
Intercompany accounts payable | 1,355,653 |  |  | 72,815 |  |  | 38,831 |  |  | (1,467,299 | ) |  | — |
Derivative contracts | — |  |  | 20,861 |  |  | — |  |  | (6,686 | ) |  | 14,175 |
Other current liabilities | 6,987 |  |  | 9,480 |  |  | — |  |  | — |  |  | 16,467 |
Total current liabilities | 1,520,316 |  |  | 532,379 |  |  | 42,017 |  |  | (1,473,985 | ) |  | 620,727 |
Investment in subsidiaries | 851,437 |  |  | 145,150 |  |  | — |  |  | (996,587 | ) |  | — |
Long-term debt | 3,200,938 |  |  | — |  |  | — |  |  | (5,902 | ) |  | 3,195,036 |
Derivative contracts | — |  |  | 4,471 |  |  | — |  |  | (4,471 | ) |  | — |
Asset retirement obligations | — |  |  | 53,103 |  |  | — |  |  | — |  |  | 53,103 |
Other long-term obligations | 1,398 |  |  | 18,775 |  |  | — |  |  | — |  |  | 20,173 |
Total liabilities | 5,574,089 |  |  | 753,878 |  |  | 42,017 |  |  | (2,480,945 | ) |  | 3,889,039 |
Equity |  |  |  |  |  |  |  |  |
SandRidge Energy, Inc. stockholders’ equity | 1,681,217 |  |  | 5,108,842 |  |  | 1,184,820 |  |  | (6,293,662 | ) |  | 1,681,217 |
Noncontrolling interest | — |  |  | — |  |  | — |  |  | 1,308,001 |  |  | 1,308,001 |
Total equity | 1,681,217 |  |  | 5,108,842 |  |  | 1,184,820 |  |  | (4,985,661 | ) |  | 2,989,218 |
Total liabilities and equity | $ | 7,255,306 |  |  | $ | 5,862,720 |  |  | $ | 1,226,837 |  |  | $ | (7,466,606 | ) |  | $ | 6,878,257 |
____________________
(1) | Amounts presented as Investment in subsidiaries have been revised to present negative investments in certain subsidiaries, totaling $851.4 million, as liabilities and to present $55.6 million Parent gain on sale of subsidiary with full cost pool assets in 2012 as a reduction to Guarantor full cost pool (property, plant and equipment, net) and a reduction to Parent equity. Gain on sale of subsidiary was previously classified as an adjustment to the consolidated full cost pool through elimination in the condensed consolidating balance sheets. The impact of these revisions was not material to any previously issued financial statements.
(2) | Amounts presented as Investment in subsidiaries have been revised to present negative investments in certain subsidiaries, totaling $145.2 million, as liabilities. Property, plant and equipment, net has been revised to present $55.6 million Parent gain on sale of subsidiary with full cost pool assets in 2012 as a reduction to the Guarantor full cost pool (property, plant and equipment, net) and a reduction to Guarantor equity. Gain on sale of subsidiary was previously classified as an adjustment to the consolidated full cost pool through elimination in the condensed consolidating balance sheets. The impact of these revisions was not material to any previously issued financial statements.
(3) | Guarantor and Consolidated accounts payable and accrued expenses have been restated to reflect accrual of the CO 2 delivery shortfall penalty. See Note 2.
| December 31, 2013 (Revised)
| Parent(1) |  | Guarantors(2) |  | Non-Guarantors |  | Eliminations(1)(2) |  | Consolidated
| (In thousands)
ASSETS |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 805,505 |  |  | $ | 1,013 |  |  | $ | 8,145 |  |  | $ | — |  |  | $ | 814,663 |
Accounts receivable, net | — |  |  | 326,345 |  |  | 22,873 |  |  | — |  |  | 349,218 |
Intercompany accounts receivable | 153,325 |  |  | 982,524 |  |  | 70,107 |  |  | (1,205,956 | ) |  | — |
Derivative contracts | — |  |  | 7,796 |  |  | 14,748 |  |  | (9,765 | ) |  | 12,779 |
Prepaid expenses | — |  |  | 39,165 |  |  | 88 |  |  | — |  |  | 39,253 |
Other current assets | 1,376 |  |  | 24,410 |  |  | 124 |  |  | — |  |  | 25,910 |
Total current assets | 960,206 |  |  | 1,381,253 |  |  | 116,085 |  |  | (1,215,721 | ) |  | 1,241,823 |
Property, plant and equipment, net | — |  |  | 5,125,543 |  |  | 1,182,132 |  |  | — |  |  | 6,307,675 |
Investment in subsidiaries | 6,009,603 |  |  | 49,418 |  |  | — |  |  | (6,059,021 | ) |  | — |
Derivative contracts | — |  |  | 12,650 |  |  | 9,585 |  |  | (8,109 | ) |  | 14,126 |
Other assets | 61,923 |  |  | 65,123 |  |  | 27 |  |  | (5,902 | ) |  | 121,171 |
Total assets | $ | 7,031,732 |  |  | $ | 6,633,987 |  |  | $ | 1,307,829 |  |  | $ | (7,288,753 | ) |  | $ | 7,684,795 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses | $ | 207,572 |  |  | $ | 601,074 |  |  | $ | 3,842 |  |  | $ | — |  |  | $ | 812,488 |
Intercompany accounts payable | 967,365 |  |  | 181,573 |  |  | 57,018 |  |  | (1,205,956 | ) |  | — |
Derivative contracts | — |  |  | 44,032 |  |  | — |  |  | (9,765 | ) |  | 34,267 |
Asset retirement obligations | — |  |  | 87,063 |  |  | — |  |  | — |  |  | 87,063 |
Total current liabilities | 1,174,937 |  |  | 913,742 |  |  | 60,860 |  |  | (1,215,721 | ) |  | 933,818 |
Investment in subsidiaries | 828,794 |  |  | 152,266 |  |  | — |  |  | (981,060 | ) |  | — |
Long-term debt | 3,200,809 |  |  | — |  |  | — |  |  | (5,902 | ) |  | 3,194,907 |
Derivative contracts | — |  |  | 28,673 |  |  | — |  |  | (8,109 | ) |  | 20,564 |
Asset retirement obligations | — |  |  | 337,054 |  |  | — |  |  | — |  |  | 337,054 |
Other long-term obligations | 1,382 |  |  | 21,443 |  |  | — |  |  | — |  |  | 22,825 |
Total liabilities | 5,205,922 |  |  | 1,453,178 |  |  | 60,860 |  |  | (2,210,792 | ) |  | 4,509,168 |
Equity |  |  |  |  |  |  |  |  |
SandRidge Energy, Inc. stockholders’ equity | 1,825,810 |  |  | 5,180,809 |  |  | 1,246,969 |  |  | (6,427,778 | ) |  | 1,825,810 |
Noncontrolling interest | — |  |  | — |  |  | — |  |  | 1,349,817 |  |  | 1,349,817 |
Total equity | 1,825,810 |  |  | 5,180,809 |  |  | 1,246,969 |  |  | (5,077,961 | ) |  | 3,175,627 |
Total liabilities and equity | $ | 7,031,732 |  |  | $ | 6,633,987 |  |  | $ | 1,307,829 |  |  | $ | (7,288,753 | ) |  | $ | 7,684,795 |
____________________
(1) | Amounts presented as Investment in subsidiaries have been revised to present negative investments in certain subsidiaries, totaling $828.8 million, as liabilities and to present $55.6 million Parent gain on sale of subsidiary with full cost pool assets in 2012 as a reduction to Guarantor full cost pool (property, plant and equipment, net) and a reduction to Parent equity. Gain on sale of subsidiary was previously classified as an adjustment to the consolidated full cost pool through elimination in the condensed consolidating balance sheets. The impact of these revisions was not material to any previously issued financial statements.
(2) | Amounts presented as Investment in subsidiaries have been revised to present negative investments in certain subsidiaries, totaling $152.3 million, as liabilities. Property, plant and equipment, net has been revised to present $55.6 million Parent gain on sale of subsidiary with full cost pool assets in 2012 as a reduction to the Guarantor full cost pool (property, plant and equipment, net) and a reduction to Guarantor equity. Gain on sale of subsidiary was previously classified as an adjustment to the consolidated full cost pool through elimination in the condensed consolidating balance sheets. The impact of these revisions was not material to any previously issued financial statements.
Unaudited Condensed Consolidating Statements of Operations of SandRidge Energy, Inc. and Wholly Owned Subsidiary Guarantors and Non-Guarantors |
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
| (In thousands)
Three Months Ended March 31, 2013 (Restated) |  |  |  |  |  |  |  |  |
Total revenues | $ | — |  |  | $ | 440,318 |  |  | $ | 77,536 |  |  | $ | (6,164 | ) |  | $ | 511,690 |
Expenses |  |  |  |  |  |  |  |  |
Direct operating expenses(1) | — |  |  | 171,507 |  |  | 12,241 |  |  | (5,732 | ) |  | 178,016 |
General and administrative | 87 |  |  | 76,819 |  |  | 2,970 |  |  | (432 | ) |  | 79,444 |
Depreciation, depletion, amortization and accretion | — |  |  | 159,890 |  |  | 22,751 |  |  | — |  |  | 182,641 |
Loss on derivative contracts | — |  |  | 30,900 |  |  | 9,997 |  |  | — |  |  | 40,897 |
Loss on sale of assets | — |  |  | 290,956 |  |  | 107,218 |  |  | — |  |  | 398,174 |
Total expenses(1) | 87 |  |  | 730,072 |  |  | 155,177 |  |  | (6,164 | ) |  | 879,172 |
Loss from operations(1) | (87 | ) |  | (289,754 | ) |  | (77,641 | ) |  | — |  |  | (367,482 | )
Equity earnings from subsidiaries | (314,780 | ) |  | (26,641 | ) |  | — |  |  | 341,421 |  |  | — |
Interest (expense) income | (86,103 | ) |  | 193 |  |  | — |  |  | — |  |  | (85,910 | )
Loss on extinguishment of debt | (82,005 | ) |  | — |  |  | — |  |  | — |  |  | (82,005 | )
Other income (expense), net | — |  |  | 1,422 |  |  | (811 | ) |  | — |  |  | 611 |
Loss before income taxes(1) | (482,975 | ) |  | (314,780 | ) |  | (78,452 | ) |  | 341,421 |  |  | (534,786 | )
Income tax expense | 4,321 |  |  | — |  |  | 108 |  |  | — |  |  | 4,429 |
Net loss(1) | (487,296 | ) |  | (314,780 | ) |  | (78,560 | ) |  | 341,421 |  |  | (539,215 | )
Less: net loss attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | (51,919 | ) |  | (51,919 | )
Net loss attributable to SandRidge Energy, Inc.(1) | $ | (487,296 | ) |  | $ | (314,780 | ) |  | $ | (78,560 | ) |  | $ | 393,340 |  |  | $ | (487,296 | )
____________________
(1) | Guarantor and Consolidated direct operating expenses have been restated to reflect accrual of the CO 2 delivery shortfall penalty. See Note 2.
Condensed Consolidating Statements of Operations
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
| (In thousands)
Three Months Ended March 31, 2014 (Restated) |  |  |  |  |  |  |  |  |
Total revenues | $ | — |  |  | $ | 379,050 |  |  | $ | 64,093 |  |  | $ | (87 | ) |  | $ | 443,056 |
Expenses |  |  |  |  |  |  |  |  |
Direct operating expenses(1) | — |  |  | 138,402 |  |  | 4,810 |  |  | (87 | ) |  | 143,125 |
General and administrative | 148 |  |  | 36,947 |  |  | 1,443 |  |  | — |  |  | 38,538 |
Depreciation, depletion, amortization and accretion | — |  |  | 120,577 |  |  | 15,876 |  |  | — |  |  | 136,453 |
Impairment | — |  |  | 122,466 |  |  | 42,313 |  |  | — |  |  | 164,779 |
Loss on derivative contracts | — |  |  | 34,102 |  |  | 8,389 |  |  | — |  |  | 42,491 |
Total expenses(1) | 148 |  |  | 452,494 |  |  | 72,831 |  |  | (87 | ) |  | 525,386 |
Loss from operations(1) | (148 | ) |  | (73,444 | ) |  | (8,738 | ) |  | — |  |  | (82,330 | )
Equity earnings from subsidiaries | (73,985 | ) |  | (2,777 | ) |  | — |  |  | 76,762 |  |  | — |
Interest (expense) income | (62,186 | ) |  | 143 |  |  | — |  |  | — |  |  | (62,043 | )
Other income, net | — |  |  | 2,093 |  |  | 1 |  |  | — |  |  | 2,094 |
Loss before income taxes(1) | (136,319 | ) |  | (73,985 | ) |  | (8,737 | ) |  | 76,762 |  |  | (142,279 | )
Income tax expense | 17 |  |  | — |  |  | 110 |  |  | — |  |  | 127 |
Net loss(1) | (136,336 | ) |  | (73,985 | ) |  | (8,847 | ) |  | 76,762 |  |  | (142,406 | )
Less: net loss attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | (6,070 | ) |  | (6,070 | )
Net loss attributable to SandRidge Energy, Inc.(1) | $ | (136,336 | ) |  | $ | (73,985 | ) |  | $ | (8,847 | ) |  | $ | 82,832 |  |  | $ | (136,336 | )
____________________
(1) | Guarantor and Consolidated direct operating expenses have been restated to reflect accrual of the CO 2 delivery shortfall penalty. See Note 2.
Unaudited Condensed Consolidating Statements of Cash Flows of SandRidge Energy, Inc. and Wholly Owned Subsidiary Guarantors and Non-Guarantors | Condensed Consolidating Statements of Cash Flows
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
| (In thousands)
Three Months Ended March 31, 2014 |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | 289,883 |  |  | $ | (262,831 | ) |  | $ | 65,742 |  |  | $ | (2,343 | ) |  | $ | 90,451 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures for property, plant, and equipment | — |  |  | (331,016 | ) |  | — |  |  | — |  |  | (331,016 | )
Proceeds from sale of assets | — |  |  | 706,158 |  |  | — |  |  | 1,208 |  |  | 707,366 |
Other | — |  |  | 29,690 |  |  | (80 | ) |  | (31,962 | ) |  | (2,352 | )
Net cash provided by (used in) investing activities | — |  |  | 404,832 |  |  | (80 | ) |  | (30,754 | ) |  | 373,998 |
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Other | 75,193 |  |  | (141,487 | ) |  | (66,271 | ) |  | 33,097 |  |  | (99,468 | )
Net cash provided by (used in) financing activities | 75,193 |  |  | (141,487 | ) |  | (66,271 | ) |  | 33,097 |  |  | (99,468 | )
Net increase (decrease) in cash and cash equivalents | 365,076 |  |  | 514 |  |  | (609 | ) |  | — |  |  | 364,981 |
Cash and cash equivalents at beginning of year | 805,505 |  |  | 1,013 |  |  | 8,145 |  |  | — |  |  | 814,663 |
Cash and cash equivalents at end of period | $ | 1,170,581 |  |  | $ | 1,527 |  |  | $ | 7,536 |  |  | $ | — |  |  | $ | 1,179,644 |
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
| (In thousands)
Three Months Ended March 31, 2013 |  |  |  |  |  |  |  |
Net cash (used in) provided by operating activities(1) | $ | (95,203 | ) |  | $ | 155,489 |  |  | $ | 57,994 |  |  | $ | 3,177 |  |  | $ | 121,457 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures for property, plant, and equipment | — |  |  | (421,876 | ) |  | — |  |  | — |  |  | (421,876 | )
Proceeds from sale of assets | — |  |  | 2,559,371 |  |  | 3 |  |  | — |  |  | 2,559,374 |
Other | — |  |  | 16,947 |  |  | — |  |  | (21,995 | ) |  | (5,048 | )
Net cash provided by investing activities | — |  |  | 2,154,442 |  |  | 3 |  |  | (21,995 | ) |  | 2,132,450 |
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Repayments of borrowings | (1,115,500 | ) |  | — |  |  | — |  |  | — |  |  | (1,115,500 | )
Premium on debt redemption | (61,997 | ) |  | — |  |  | — |  |  | — |  |  | (61,997 | )
Intercompany borrowings (advances), net(1) | 2,287,259 |  |  | (2,297,970 | ) |  | 10,711 |  |  | — |  |  | — |
Other | (29,395 | ) |  | 3,208 |  |  | (70,074 | ) |  | 18,818 |  |  | (77,443 | )
Net cash provided by (used in) financing activities(1) | 1,080,367 |  |  | (2,294,762 | ) |  | (59,363 | ) |  | 18,818 |  |  | (1,254,940 | )
Net increase (decrease) in cash and cash equivalents | 985,164 |  |  | 15,169 |  |  | (1,366 | ) |  | — |  |  | 998,967 |
Cash and cash equivalents at beginning of year | 300,228 |  |  | 922 |  |  | 8,616 |  |  | — |  |  | 309,766 |
Cash and cash equivalents at end of period | $ | 1,285,392 |  |  | $ | 16,091 |  |  | $ | 7,250 |  |  | $ | — |  |  | $ | 1,308,733 |
____________________
(1) | Net cash provided by financing activities has been revised to include intercompany (advances) borrowings, net previously included in net cash provided by operating activities. Amounts represent cash flows between the Parent and the Guarantors and Non-Guarantors resulting from the Parent’s centralized treasury activities. The impact of these revisions was not material to any previously issued financial statements.

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