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Variable Interest Entities (Tables) | 9 Months Ended
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Sep. 30, 2015
Variable Interest Entity |
Royalty Trusts Distributions | The following distributions are expected to be paid on or before November 27, 2015 to holders of record as of the close of business on November 13, 2015 (in thousands):
Royalty Trust |  | Total Distribution |  | Amount Distributed to Third-Party Unitholders
Mississippian Trust I |  | $ | 8,528 |  |  | $ | 6,236 |
Permian Trust |  | 9,844 |  |  | 9,844 |
Mississippian Trust II |  | 8,317 |  |  | 6,924 |
Total |  | $ | 26,689 |  |  | $ | 23,004 |
Open Oil and Natural Gas Commodity Derivative Contracts | At September 30, 2015, the Company’s open commodity derivative contracts consisted of the following: Oil Price Swaps
| Notional (MBbls) |  | Weighted Average Fixed Price
October 2015 - December 2015 | 555 |  |  | $ | 94.11 |
January 2016 - December 2016 | 1,464 |  |  | $ | 88.36 |
Natural Gas Price Swaps
| Notional (MMcf) |  | Weighted Average Fixed Price
October 2015 - December 2015 | 1,840 |  |  | $ | 4.20 |
Natural Gas Basis Swaps
| Notional (MMcf) |  | Weighted Average Fixed Price
October 2015 - December 2015 | 15,640 |  |  | $ | (0.30 | )
January 2016 - December 2016 | 10,980 |  |  | $ | (0.38 | )
Oil Collars - Three-way
| Notional (MBbls) |  | Sold Put | Purchased Put | Sold Call
October 2015 - December 2015 | 1,564 |  |  | $78.15 | $90.03 | $103.65
January 2016 - December 2016 | 2,556 |  |  | $83.14 | $90.00 | $100.85
Natural Gas Collars
| Notional (MMcf) |  | Collar Range
October 2015 - December 2015 | 255 |  |  | $4.00 | — | $8.55
Royalty Trusts |
Variable Interest Entity |
Royalty Trust Units | Common and subordinated units outstanding as of September 30, 2015 and December 31, 2014 for each Royalty Trust are as follows:
|  | Mississippian Trust I |  | 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 in the third quarter of 2014.
(2) | All outstanding subordinated units are owned by SandRidge.
Royalty Trusts Ownership Interest | The Company’s beneficial interests in the Royalty Trusts at September 30, 2015 and December 31, 2014 were as follows:
Mississippian Trust I | 26.9 | %
Permian Trust | 25.0 | %
Mississippian Trust II | 37.6 | %
Royalty Trusts Distributions | Quarterly distributions declared and paid by the Royalty Trusts during the three and nine-month periods ended September 30, 2015 and 2014 were as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2015(1) |  | 2014(2) |  | 2015(1) |  | 2014(2)
Total distributions | $ | 34,444 |  |  | $ | 56,191 |  |  | $ | 131,943 |  |  | $ | 184,176 |
Distributions to third-party unitholders | $ | 30,611 |  |  | $ | 47,298 |  |  | $ | 115,301 |  |  | $ | 150,440 |
____________________
(1) | Subordination thresholds were not met for the Permian Trust and Mississippian Trust II’s distributions for the three and nine-month periods ended September 30, 2015, 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 distributions for the three and nine-month periods ended September 30, 2014 and for the Mississippian Trust II’s distributions for the three-month period September 30, 2014, resulting in reduced distributions to the Company on its subordinated units for these periods.
Open Oil and Natural Gas Commodity Derivative Contracts | The tables below present the open oil and natural gas commodity derivative contracts at September 30, 2015 underlying the derivatives agreements with the Mississippian Trust I and Mississippian Trust II. The derivatives agreement with the Permian Trust contained commodity derivative contracts that covered volumes of oil production through March 31, 2015 and is no longer in effect. 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
October 2015 - December 2015 | 187 |  |  | $ | 97.09 |
Natural Gas Collars Underlying the Royalty Trust Derivatives Agreements
| Notional (MMcf) |  | Collar Range
October 2015 - December 2015 | 255 |  |  | $ | 4.00 |  | — | $ | 8.55 |
Schedule Of Variable Interest Entities Assets and Liabilities | The Royalty Trusts’ assets and liabilities, after considering the effects of intercompany eliminations, included in the accompanying unaudited condensed consolidated balance sheets at September 30, 2015 and December 31, 2014 consisted of the following (in thousands):
| September 30, 2015 |  | December 31, 2014
Cash and cash equivalents(1) | $ | 7,702 |  |  | $ | 9,387 |
Accounts receivable, net | 6,032 |  |  | 17,660 |
Derivative contracts | — |  |  | 6,589 |
Total current assets | 13,734 |  |  | 33,636 |
Investment in royalty interests(2) | 1,325,942 |  |  | 1,325,942 |
Less: accumulated depletion and impairment(3) | (1,051,186 | ) |  | (284,094 | )
| 274,756 |  |  | 1,041,848 |
Total assets | $ | 288,490 |  |  | $ | 1,075,484 |
Accounts payable and accrued expenses | $ | 952 |  |  | $ | 2,852 |
Total liabilities | $ | 952 |  |  | $ | 2,852 |
____________________
(1) | Includes $3.0 million held by the trustee at September 30, 2015 and December 31, 2014 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) | Includes cumulative full cost ceiling limitation impairment of $783.5 million and $42.3 million at September 30, 2015 and December 31, 2014, respectively.
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 September 30, 2015 and December 31, 2014 included in the accompanying unaudited condensed consolidated balance sheets are as follows (in thousands):
| September 30, 2015 |  | December 31, 2014
Accounts receivable due from PGC | $ | 1,034 |  |  | $ | 1,141 |
Accounts payable due to PGC | $ | 3,955 |  |  | $ | 4,163 |

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