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Document and Entity Information
 3 Months Ended
Mar. 31, 2014
Apr. 30, 2014
Document and Entity Information [Abstract]    
Entity Registrant Name SANDRIDGE ENERGY INC  
Trading Symbol SD  
Entity Central Index Key 0001349436  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Document Type 10-Q/A  
Document Period End Date Mar. 31, 2014  
Document Fiscal Year Focus 2014  
Document Fiscal Period Focus Q1  
Amendment Flag true  
Entity Common Stock, Shares Outstanding   494,367,908dei_EntityCommonStockSharesOutstanding
Amendment Description Explanatory Note The Company is filing this amendment on Form 10-Q/A (“Form 10-Q/A”) to amend its Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, originally filed with the SEC on May 8, 2014 (the “Original Filing”), to restate its unaudited condensed consolidated financial statements and related footnote disclosures for the three-month periods ended March 31, 2014 and 2013. This Form 10-Q/A also amends certain other items in the Original Filing, as listed in “Items Amended in this Form 10-Q/A” below. Restatement On November 4, 2014, the Company filed a Current Report on Form 8-K, stating that (i) the consolidated financial statements of the Company for the periods ended December 31, 2013 and 2012 included in the Company’s Annual Reports on Form 10-K for the periods then ended and (ii) the unaudited consolidated financial statements of the Company for the periods ended June 30, 2014, March 31, 2014, September 30, 2013, June 30, 2013 and March 31, 2013 included in the Company’s Quarterly Reports on Form 10-Q for the periods then ended should no longer be relied upon due to potential changes related to the accrual of a liability associated with the under delivery by the Company of CO2 to Occidental Petroleum Corporation’s (“Occidental”) Century Plant in Pecos County, Texas (the “Century Plant”) or elsewhere. Historically, based on its determination of the appropriate method of accounting for the annual CO2 delivery shortfall penalty, the Company did not evaluate whether an accrual was needed within each quarterly period prior to the fourth quarter. As a result of consultation with the staff of the SEC, the Company has determined to adopt a different method of accounting for the penalty, which method considers, on a quarterly basis, whether a portion of the annual shortfall delivery penalty should be accrued at the end of each quarter. After applying this method, the Company concluded that it should restate its previously issued unaudited condensed consolidated financial statements for the quarterly and year-to-date periods ended June 30, 2014, March 31, 2014, September 30, 2013, June 30, 2013 and March 31, 2013. The effect of such corrections is to transfer a portion of the annual accrual that was previously recorded at year-end to certain of the quarter-end periods within such calendar year. No changes are being made to the annual accruals previously recorded. For the three-month periods ended March 31, 2014 and 2013, the correction of these errors resulted in the accrual of (i) an $8.3 million CO2 under delivery shortfall penalty for the three-month period ended March 31, 2014 and (ii) an $8.0 million CO2 under delivery shortfall penalty for the three-month period ended March 31, 2013, which was previously included in the total 2013 annual delivery shortfall penalty of $32.7 million recorded in the fourth quarter of 2013. The correction of these errors in the unaudited condensed consolidated financial statements for the three-month period ended March 31, 2013 did not have any impact to the statement of operations or statement of cash flows for the year ended December 31, 2013 or to the balance sheet as of December 31, 2013. As a result of the above-described adjustments, the Company is presenting in this Form 10-Q/A restated condensed consolidated financial statements for the periods indicated above. Revision Additionally, as a result of consultation with the staff of the SEC, the Company has determined that construction of the Century Plant under a construction contract with Occidental should have been accounted for under the full cost method of accounting rather than the completed contract method of accounting. As of March 31, 2014 and December 31, 2013, this change in accounting treatment had no impact on total assets, total liabilities, net income or retained earnings, but resulted in (i) certain equal and offsetting adjustments within current assets or current liabilities as of March 31, 2014 and December 31, 2013 and (ii) certain equal and offsetting adjustments within items comprising net cash provided by operating activities for the three-month periods ended March 31, 2014 and 2013. The Company has determined that none of these revisions are material to the unaudited condensed consolidated financial statements for any of the periods presented in the Original Filing; however, in conjunction with the Company’s need to file this Form 10-Q/A as a result of the error noted above, the Company has determined that it would be appropriate within this Form 10-Q/A to record all such adjustments. See “Note 2 - Restatement of Previously Issued Financial Statements” of this Form 10-Q/A for more information regarding the impact of the above-described adjustments. Internal Control Consideration The Company’s management has determined that the absence of an evaluation of whether an accrual for the annual CO2 delivery shortfall penalty was required within each quarterly period prior to the fourth quarter, in accordance with its prior method of accounting, was a deficiency in its internal control over financial reporting that constitutes a material weakness, as defined by SEC regulations, at March 31, 2014. For a discussion of management’s consideration of the Company’s disclosure controls and procedures and the material weakness identified, see Part I. Item 4 included in this Form 10-Q/A. Items Amended in this Form 10-Q/A This Form 10-Q/A sets forth the Original Filing, in its entirety, as modified and superseded as necessary to reflect the restatement. The following items in the Original Filing have been amended as a result of, and to reflect, the restatement: Part I, Item 1. Financial Statements Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Part I, Item 4. Controls and Procedures Part II, Item 6. Exhibits This Form 10-Q/A is presented as of the filing date of the Original Filing and does not reflect events occurring after that date, or modify or update the information contained therein in any way other than as required to reflect the restatement described above. In accordance with rule 12b-15 under the Exchange Act, as amended, this Form 10-Q/A includes certifications from the Company’s Chief Executive Officer and Chief Financial Officer as of the date of this filing.