A simpler way to look at it is that the total "energy budget" in the universe does indeed seem to be conserved. More specifically, although energy converts to matter and back again, the sum total of it all should always add up.<br /><br />As time goes by, this energy becomes both more diffuse (as the universe expands and entropy increases, leaving the energy in more and more unusable forms), or more dense (in the case of growing black holes, which also seems to leave the energy in an unusable form).<br /><br />Note that a possible exception to the conservation rule may involve multiple universes, or multiple "branes", as has been suggested by some cosmologists. In this case, energy or mass may possibly flow out of this universe into another, or vice versa. Theoretically, the total energy budget in the "mulitverse" would then be conserved, but not necessarily in any given universe. I should mention, however, that there is no strong evidence for anything in this paragraph, and is at the current time, more or less speculative.