Concho Resources (CXO) 10-Q30 Jul 152015 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2015	Jul. 27, 2015
Document Documentand Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	CXO
Entity Registrant Name	CONCHO RESOURCES INC
Entity Central Index Key	1,358,071
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		120,302,606

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 280	$ 21
Accounts receivable, net of allowance for doubtful accounts:
Oil and natural gas	251,497	250,600
Joint operations and other	257,956	409,665
Derivative instruments	351,360	490,351
Prepaid costs and other	40,599	37,759
Total current assets	901,692	1,188,396
Property and equipment:
Oil and natural gas properties, successful efforts method	15,183,313	13,867,831
Accumulated depletion and depreciation	(4,353,015)	(3,790,953)
Total oil and natural gas properties, net	10,830,298	10,076,878
Other property and equipment, net	146,138	129,136
Total property and equipment, net	10,976,436	10,206,014
Deferred loan costs, net	63,497	68,443
Intangible asset - operating rights, net	26,424	27,154
Inventory	16,365	14,435
Noncurrent derivative instruments	93,843	262,349
Other assets	75,719	33,172
Total assets	12,153,976	11,799,963
Accounts payable:
Trade	44,895	20,380
Related parties	0	0
Bank overdrafts	82,170	92,541
Revenue payable	202,542	238,098
Accrued and prepaid drilling costs	472,424	718,300
Deferred income taxes	115,781	162,566
Other current liabilities	181,317	195,308
Total current liabilities	1,099,129	1,427,193
Long-term debt	3,582,465	3,517,320
Deferred income taxes	1,389,702	1,438,185
Noncurrent derivative instruments	3,970	0
Asset retirement obligations and other long-term liabilities	$ 140,563	$ 136,477
Commitments and contingencies (Note 9)
Stockholders' equity:
Common stock, $0.001 par value; 300,000,000 authorized; 120,600,497 and 113,264,918 shares issued at June 30, 2015 and December 31, 2014, respectively	$ 121	$ 113
Additional paid-in capital	3,802,137	3,027,412
Retained earnings	2,166,770	2,279,741
Treasury stock, at cost; 299,249 and 260,124 shares at June 30, 2015 and December 31, 2014, respectively	(30,881)	(26,478)
Total stockholders' equity	5,938,147	5,280,788
Total liabilities and stockholders' equity	$ 12,153,976	$ 11,799,963

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	120,600,497	113,264,918
Treasury shares	299,249	260,124

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Operating revenues:
Oil sales	$ 470,890	$ 580,772	$ 820,474	$ 1,120,629
Natural gas sales	66,535	123,930	130,473	245,032
Total operating revenues	537,425	704,702	950,947	1,365,661
Operating costs and expenses:
Oil and natural gas production	142,265	134,944	267,800	261,868
Exploration and abandonments	12,020	28,288	17,775	53,663
Depreciation, depletion and amortization	304,802	237,445	572,007	458,837
Accretion of discount on asset retirement obligations	2,047	1,722	4,041	3,393
General and administrative (including non-cash stock-based compensation of $15,450 and $9,775 for the three months ended June 30, 2015 and 2014, respectively, and $30,945 and $21,207 for the six months ended June 30, 2015 and 2014, respectively)	60,923	49,535	119,724	97,285
Loss on derivatives not designated as hedges	147,399	164,707	32,059	200,322
Total operating costs and expenses	669,456	616,641	1,013,406	1,075,368
Income (loss) from operations	(132,031)	88,061	(62,459)	290,293
Other income (expense):
Interest expense	(53,482)	(55,388)	(107,051)	(111,523)
Loss on extinguishment of debt	0	(4,316)	0	(4,316)
Other, net	(5,678)	(9,529)	(10,019)	(8,988)
Total other expense	(59,160)	(69,233)	(117,070)	(124,827)
Income (loss) before income taxes	(191,191)	18,828	(179,529)	165,466
Income tax (expense) benefit	70,708	(7,059)	66,558	(62,390)
Net income (loss)	$ (120,483)	$ 11,769	$ (112,971)	$ 103,076
Earnings per share:
Basic net income (loss)	$ (1.02)	$ 0.11	$ (0.97)	$ 0.96
Diluted net income (loss)	$ (1.02)	$ 0.11	$ (0.97)	$ 0.96

Consolidated Statements of Ope5

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Non-cash stock-based compensation	$ 15,450	$ 9,775	$ 30,945	$ 21,207

Consolidated Statement of Stock

Consolidated Statement of Stockholders Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total		Common Stock [Member]	Additional Paid In Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]
BALANCE at Dec. 31, 2014	$ 5,280,788		$ 113	$ 3,027,412	$ 2,279,741	$ (26,478)
BALANCE, Shares at Dec. 31, 2014			113,265,000			260,000
Net loss	$ (112,971)		$ 0	0	(112,971)	$ 0
Issuance of common stock (Shares)	6,900,000		6,900,000
Issuance of common stock	$ 741,509		$ 7	741,502
Stock options exercised	$ 58		$ 1	57	0	$ 0
Stock options exercised, shares	4,812		4,000			0
Grants of restricted stock, shares	447,208	[1]	447,000			0
Cancellation of restricted stock, shares			(16,000)			0
Stock-based compensation	$ 30,945		$ 0	30,945	0	$ 0
Excess tax benefits related to stock-based compensation	2,221		0	2,221	0	0
Purchase of treasury stock	(4,403)		$ 0	0	0	$ (4,403)
Purchase of treasury stock, shares			0			39,000
BALANCE at Jun. 30, 2015	$ 5,938,147		$ 121	$ 3,802,137	$ 2,166,770	$ (30,881)
BALANCE, Shares at Jun. 30, 2015			120,600,000			299,000

[1]	Weighted average grant date fair value per share is $109.79

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (112,971)	$ 103,076
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	572,007	458,837
Accretion of discount on asset retirement obligations	4,041	3,393
Exploration and abandonments, including dry holes	12,352	41,762
Non-cash compensation expense	30,945	21,207
Deferred income taxes	(95,268)	34,951
(Gain) loss on disposition of assets and other	1,620	9,457
Loss on derivatives not designated as hedges	32,059	200,322
Other non-cash items	5,298	9,418
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable	55,870	(83,061)
Prepaid costs and other	(2,098)	(6,154)
Inventory	(1,935)	4,782
Accounts payable	23,339	36,626
Revenue payable	(35,556)	17,671
Other current liabilities	(769)	2,441
Net cash provided by operating activities	488,934	854,728
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures on oil and natural gas properties	(1,492,547)	(1,054,000)
Additions to property, equipment and other assets	(26,146)	(20,456)
Proceeds from the disposition of assets	96	394
Contribution to equity method investment	(45,000)	(10,050)
Settlements received from (paid on) derivatives not designated as hedges	279,408	(40,891)
Net cash used in investing activities	(1,284,189)	(1,125,003)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of debt	1,097,400	1,578,000
Payments of debt	(1,030,900)	(1,828,000)
Exercise of stock options	58	1,289
Excess tax benefit from stock-based compensation	2,221	4,000
Net proceeds from issuance of common stock	741,509	932,455
Payments for loan costs	0	(10,642)
Purchase of treasury stock	(4,403)	(4,642)
Decrease in bank overdrafts	(10,371)	(36,718)
Net cash provided by financing activities	795,514	635,742
Net increase in cash and cash equivalents	259	365,467
Cash and cash equivalents at beginning of period	21	21
Cash and cash equivalents at end of period	$ 280	$ 365,488

Organization and nature of oper

Organization and nature of operations	6 Months Ended
Organization and nature of operations	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and nature of operations	Note 1 . Organization and nature of operations Concho Resources Inc. (the “Company”) is a Delaware corporation formed on February 22, 2006. The Company’s principal business is the acquisition, development and exploration of oil and natural gas properties primarily located in the Permian Basin region of Southeast New Mexico and West Texas.

Summary of significant accounti

Summary of significant accounting policies	6 Months Ended
Summary of significant accounting policies	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of significant accounting policies	Note 2 . Summary of significant accounting policies Principles of consolidation. The consolidated financial statements of the Company include the account s of the Company and its 100 percent owned subsidiaries. The Company consolidates the financial statements of these entities. All material intercompany balances and transactions have been eliminated. Use of estimates in the preparation of financial statements. Preparation of financial statements in conformity with generally accepted accoun ting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements an d the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Depletion of oil and natural gas properties is determined using estimates of proved oil and natural gas reserves. There are nume rous uncertainties inherent in the estimation of quantities of proved reserves and in the projection of future rates of production and the timing of development expenditures. Similarly, evaluations for impairment of proved and unproved oil and natural gas properties are subject to numerous uncertainties including, among others, estimates of future recoverable reserves and commodity price outlooks. Other significant estimates inclu de, but are not limited to, asset retirement obligations, fair value of deriva tive financial instruments, fair value of business combinations , fair value of stock-based compensation and income taxes . Interim financial statements. The accompanying consolidated financial statements of the Company have not been audited by the Comp any’s independent registered public accounting firm, except that the consolidated balance sheet at December 31, 2014 is derived from audited consolidated financial statements. In the opinion of management, the accompanying consolidated financial statements reflect all adjustments necessary to present fairly the Company’s consolidated financial statements . All such adjustments are of a normal , recurring nature. In preparing the accompanying consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. Certain disclosures have been condensed in or omitted from these consolidated financial statements. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes in cluded in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . Deferred loan costs. Deferred loan costs are stated at cost, net of amortization, which is computed using the effective interest and straight-line methods. The Company had def erred loan costs of $ 63.5 million and $ 68.4 million, net of accumulated amortization of $ 64.6 million and $ 59.7 million, at June 30, 2015 and December 31, 2014 , respectively. Equity method investment. The Company owns a 50 percent member interest in a midstream joint venture , Alpha Crude Connector, LLC (“ACC” ), to construct a crude oil gathering and transportation system in the northern Delaware Basin. The Company has the option to purchase the member interest of the other investor in ACC. This purchase option becomes exercisable three months after the completion date of the pipeline and remains exercisable for a period of twelve months. The Company acco unts for its investment in ACC under the equity method of accounting for investment s in unconsolidated affiliates. The Company’s net investment in ACC is $ 74.3 million at June 30, 2015 and is included in other assets in the Company’s consoli dated balance sheet. The equity loss for the six months ended June 30, 2015 is approximately $ 1.7 million and is included in other expense in the Company’s consolidated statement of operations. During the six months ended June 30, 2015 , the Company recorded $ 1.5 million of capitalized interest on its investment in ACC. Revenue recognition. Oil and natural gas revenues are recorded at the time of physical transfer of such products to the purchaser, which for the Company is primarily at the wellhead. The Company follows the sales method of accounting for oil and natural gas sales, recognizing revenues based on the Company’s actual proceeds from the oil and natural gas sold to purchasers. General and admi nistrative expense . The Company receives fees for the operation of jointly-owned oil and natural gas properties and records such reimbursements as reductions of general and administrative expense. Such fees totaled approximately $ 6.4 million and $ 5.9 million for the three months ended June 30, 2015 and 2014 , respectively , and $ 12.7 million and $ 11.0 million for the six months ended June 30, 2015 and 2014 , respectively . Recent accounting pronouncements. In April 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ ASU”) No. 2015-03, “Interest–Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented as a direct deduction from the carrying amount of that debt liability. The Company currently presents debt issuance costs on the balance sheet as an asset. An entity is required to apply ASU 2015-03 for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. The Company plans to early adopt this ASU on December 31, 2015. As of June 30, 2015 , the Company had $45.6 mil lion of debt issuance costs, which under this standard would be reclassified from an asset to a direct deduction to the related debt liability. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which outline s a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new revenue recognition model provi des a five-step analysis in determining when and how revenue is recognized. The new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to r eceive in exchange for those goods or services. The original effective date to apply ASU 2014-09 was for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. However, on July 9, 2015, the FASB voted to approve a one-year deferral of the effective date of this standard, which when formalized in an ASU, will move the effective date to annual reporting periods beginning after December 15, 2017. An entity can apply ASU 2014-09 using either a full retrosp ective method, meaning the standard is applied to all of the periods presented, or a modified retrospective method, meaning the cumulative effect of initially applying the standard is recognized in the most current period presented in the financial stateme nts. The Company is evaluating the impact that this new guidance will have on its consolidated financial statements.

Exploratory well costs

Exploratory well costs	6 Months Ended
Exploratory well costs	Jun. 30, 2015
Disclosure Exploratory Well Costs Capitalized Exploratory Well Activity [Abstract]
Exploratory well costs	Note 3 . Exploratory well costs The Company capitalizes exploratory well costs until a determination is made that the well has either found proved reserves or that it is impaired. After an exploratory well has been completed and found oil and natural gas reserves, a determination may be pending as to whether the oil and natural reserves can be classified as proved. In those circumstances, the Company continues to capitalize the well or project costs pending the determination of proved status if ( i ) the well has found a sufficient quantity of reserves to justify its completion as a producing well and (ii) the Company is making sufficient progress assessing the reserves and the economi c and operating viability of the project. The capitalized exploratory well costs are carried in unproved oil and natural gas properties. See Note 16 for the proved and unproved components of oil and natural gas properties. If the exploratory well is determi ned to be impaired, the well costs are charged to exploration and abandonments expense in the consolidated statements of operations. The following table reflects the Company’s net capitalized exploratory well activity during the six months ended June 30, 2015 : Six Months Ended (in thousands) June 30, 2015 Beginning capitalized exploratory well costs $ 241,657 Additions to exploratory well costs pending the determination of proved reserves 109,894 Reclassifications due to determination of proved reserves (214,981) Exploratory well costs charged to expense (532) Ending capitalized exploratory well costs $ 136,038 The following table provides an aging at June 30, 2015 and December 31, 2014 of capitalized exploratory well costs based on the date drilling was completed: June 30, December 31, (dollars in thousands) 2015 2014 Capitalized exploratory well costs that have been capitalized for a period of one year or less $ 127,694 $ 232,346 Capitalized exploratory well costs that have been capitalized for a period greater than one year 8,344 9,311 Total capitalized exploratory well costs $ 136,038 $ 241,657 Number of projects with exploratory well costs that have been capitalized for a period greater than one year 3 7 Delaware Basin project . At June 30, 2015 , the Company had approximately $ 5.3 million of suspended well costs greater than one year recorded for a well that was initially drilled to monitor nearby wells but is now undergoing tests to determine commercial production capability. Projects operated by others. At June 30, 2015 , the Company had approximately $ 3.0 million of suspended well costs greater than one year recorded for two wells that are operated by others and waiting on completion.

Asset retirement obligations

Asset retirement obligations	6 Months Ended
Asset retirement obligations	Jun. 30, 2015
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations	Note 4 . Asset retirement obligations The Company ’ s asset retirement obligations primarily relate to the future plugging and abandonment of wells and facilities. The followi ng table summarizes the Company ’ s asset retirement obligation activity during the six months ended June 30, 2015 : Six Months Ended (in thousands) June 30, 2015 Asset retirement obligations, beginning of period $ 119,881 Liabilities incurred from new wells 2,905 Accretion expense 4,041 Liabilities settled upon plugging and abandoning wells (3,031) Revision of estimates (12) Asset retirement obligations, end of period $ 123,784

Incentive plans

Incentive plans	6 Months Ended
Incentive plans	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Incentive plans	Note 5 . Stock incentive plan The Company’s 20 15 Stock Incentive Plan provides for granting stock options, restricted stock awards and performance awards to directors, officers and employees of the Company. A summary of the Company’s activity for the six months ended June 30, 2015 is presented below: Restricted Stock Performance Stock Options Units Outstanding at December 31, 2014 1,091,309 47,713 250,314 Awards granted (a) 447,208 - 176,330 Options exercised - (4,812) - Awards cancelled / forfeited (16,441) - - Lapse of restrictions (259,699) - - Outstanding at June 30, 2015 1,262,377 42,901 426,644 (a) Weighted average grant date fair value per share $ 109.79 $ - $ 156.86 The following table reflects the future stock-based compensation expense to be recorded for all the stock-based compensation awards that were outsta nding at June 30, 2015 : (in thousands) Remaining 2015 $ 32,253 2016 47,633 2017 27,324 2018 6,393 2019 246 Thereafter 4 Total $ 113,853

Disclosures about fair value me

Disclosures about fair value measurements	6 Months Ended
Disclosures about fair value measurements	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Disclosures about fair value measurements	Note 6 . Disclosures about fair value measurements The Company uses a valuation framework based upon inputs that market participants use in pricing an asset or liability, which are classified into two categories: observable inputs and unobservable inputs. Observable inputs represent market data obtained from independent sources, whereas unobservable inputs reflect a company’s own market assumptions, which are used if observable inputs are not reasonably available without undue cost and effort. These two types of inputs are further prioritized into the following fair value input hierarchy: Level 1 : Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Th e Company considers active markets to be those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 : Quoted prices in markets that are not active, or input s which are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that the Company values using observable market data. Substantially all of these inputs ar e observable in the marketplace throughout the full term of the derivative instrument, can be derived from observable data, or supported by observable levels at which transactions are executed in the marketplace. Level 2 instruments primarily include non-e xchange traded derivatives such as over-the-counter commodity price swaps, basis swaps, collars and floors, investments and interest rate swaps. The Company’s valuation models are primarily industry-standard models that consider various inputs including: ( i ) quoted forward prices f or commodities, (ii) time value, (iii) current market and contractual prices for the underlying instruments and (iv) volatility factors, as well as other relevant economic measures. Level 3 : Measured based on prices or valuatio n models that require inputs that are both significant to the fair value measurement and less observable from objective sources ( i.e. , supported by little or no market activity). The Company’s valuation models are primarily industry-standard models that co nsider various inputs including: ( i ) quoted forward prices for commodities, (ii) time value, (iii) volatility factors and (iv) current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Financial Assets and Liabilities Measured at Fair Value The following table presents the carrying amounts and fair values of the Company’s financial instruments at June 30, 2015 and December 31, 2014 June 30, 2015 December 31, 2014 Carrying Fair Carrying Fair (in thousands) Value Value Value Value Assets: Derivative instruments $ 445,203 $ 445,203 $ 752,700 $ 752,700 Liabilities: Derivative instruments $ 3,970 $ 3,970 $ - $ - Credit facility $ 206,000 $ 195,793 $ 139,500 $ 131,068 7.0% senior notes due 2021 $ 600,000 $ 628,500 $ 600,000 $ 625,500 6.5% senior notes due 2022 $ 600,000 $ 624,000 $ 600,000 $ 628,500 5.5% senior notes due 2022 $ 600,000 $ 597,360 $ 600,000 $ 598,500 5.5% senior notes due 2023 $ 1,576,465 $ 1,580,406 $ 1,577,820 $ 1,573,875 Cash and cash equivalents, accounts receivable, other current assets, accounts payable, interest payable and other current liabilities. The carrying amounts approximate fair value due to the short maturity of these instruments. Credit facility. The fair value of the Company’s credit facility is estimated by discounting the principal and interest p ayments at the Company’s credit- adjusted discount rate at the reporting date , which utilizes inputs that are Level 2 measurements in the fair value hierarchy . Senior notes. The fair values of the Company’s senior notes are based on quoted market prices. The debt securities are not actively traded and, therefore, are classified as Level 2 in the fair value hierarchy. Derivative instruments. The fair value of the Company’s derivative instruments is estimated by management considering various factors, including closing exchange and over-the-counter quotations and the time value of the underlying commitments. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect th e valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The following table s summarize ( i ) the valuation of each of the Company’s financial instruments by required fair value hierarchy levels and (ii) the gross fair value by the appropriate balance sheet classification, even when the derivative instruments are subject to netting arrangements and qualify for net presentation in the Company’s consolidated balance sheets at June 30, 2015 and December 31, 2014 . The Company nets the fair value of derivative instruments by counterparty in the Company’s consolidated balance sheets. June 30, 2015 Fair Value Measurements Using Net Quoted Prices Gross Fair Value in Active Significant Amounts Presented Markets for Other Significant Offset in the in the Identical Observable Unobservable Consolidated Consolidated Assets Inputs Inputs Total Balance Balance (in thousands) (Level 1) (Level 2) (Level 3) Fair Value Sheet Sheet Assets: Current: Commodity derivatives $ - $ 392,672 $ - $ 392,672 $ (41,312) $ 351,360 Noncurrent: Commodity derivatives - 100,436 - 100,436 (6,593) 93,843 Liabilities: Current: Commodity derivatives - (41,312) - (41,312) 41,312 - Noncurrent: Commodity derivatives - (10,563) - (10,563) 6,593 (3,970) Net derivative instruments $ - $ 441,233 $ - $ 441,233 $ - $ 441,233 December 31, 2014 Fair Value Measurements Using Net Quoted Prices Gross Fair Value in Active Significant Amounts Presented Markets for Other Significant Offset in the in the Identical Observable Unobservable Consolidated Consolidated Assets Inputs Inputs Total Balance Balance (in thousands) (Level 1) (Level 2) (Level 3) Fair Value Sheet Sheet Assets: Current: Commodity derivatives $ - $ 501,717 $ - $ 501,717 $ (11,366) $ 490,351 Noncurrent: Commodity derivatives - 262,349 - 262,349 - 262,349 Liabilities: Current: Commodity derivatives - (11,366) - (11,366) 11,366 - Noncurrent: Commodity derivatives - - - - - - Net derivative instruments $ - $ 752,700 $ - $ 752,700 $ - $ 752,700 Concentrations of credit risk. At June 30, 2015 , the Company’s primary concentration of credit risks are the risk of collecting accounts receivable and the risk of counterparties’ failure to perform under derivative obligations. The Company has entered into International Swap Dealers Association Master Agreements (“ISDA Agreements”) with each of its derivative counterparties. The terms of the ISDA Agreements provide the Company and the co unterparties with rights of set- off upon the occurrence of defined acts of default by either the Company or a counterparty to a derivative, whereby the party not in default may set off all derivative liabilities owed to the defaulting party against all derivative asset receivables from the defaulting party. See No te 7 for additional information regarding the Company ’ s derivative activities. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets and liabilities are reported at fair value on a nonrecurring basis in the Company’ s consolidated balance sheets. The following methods and assumptions were used to estimate the fair values: Impairments of long-lived assets. The Company reviews its long-lived assets to be held and used, including proved oil and natural gas properties, whenever events or circumstances indicate that the carrying value of those assets may not be recoverable , for instance when there are declines in commodity prices or well performance . An impairment loss is indicated if the sum of the expected undiscounted future net cash flows is less than the carrying amount of the assets. In this cir cumstance, the Company recognizes an impairment loss for the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset. The Company reviews its oil and natural gas properties by depletion base or by individual well for those wells not constituting part of a depletion base. For each property determined to be impaired, an impairment loss equal to the difference between the carrying value of the properties and the estimated fair value of the properties would be recognized a t that time. It is reasonably possible that the estimate of undiscounted future net cash flows may change in the future resulting in the need to impair carrying values. The primary factors that may affect estimates of future cash flows are ( i ) commodity futures prices, (ii) increases or decreases in production and capital costs , (iii) future reserve adjustments, both positive and negative, to proved reserves and appropriate risk-adjusted probable and possible reserves and (iv) results of f uture drilling activitie s. B ased on the factors above as of June 30, 2015 , the Company determined that undiscounted future cash flows attributable to certain depletion groups indicated that their carrying amounts were expected to be recovered; however, they may be at risk fo r impairment if management’s estimates of future cash flows further decline.

Derivative financial instrument

Derivative financial instruments	6 Months Ended
Derivative financial instruments	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative financial instruments	Note 7 . Derivative financial instruments The Company uses derivative financial instruments to manage its exposure to commodity price fluctuations. Commodity derivative instruments are used to ( i ) reduce the effect of the volatility of price changes on the oil and natural gas the Company produces and sells, (ii) support the Company’s capital budget and expenditure plans and (iii) support the economics associated with acquisitions. The Company does not enter into derivative financial instrument s for speculative or trading purposes. The Company may also enter into physical delivery contracts to effectively provide commodity price hedges. Because these physical delivery contracts are not expected to be net cash settled, they are considered to be n ormal sales contracts and not derivatives. Therefore, these contracts are not recorded in the Company’s consolidated financial statements. T he Company does not designate its derivative instruments to qualify for hedge accounting. Accordingly, the Company reflects changes in the fair value of its derivative instruments in its statements of operations as they occur. The following table summarizes the gains (l osses ) reported in earnings related to the commodity derivative i nstruments for the three and six months ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2015 2014 2015 2014 Gain (loss) on derivatives not designated as hedges: Oil derivatives $ (146,549) $ (163,655) $ (36,269) $ (187,875) Natural gas derivatives (850) (1,052) 4,210 (12,447) Total $ (147,399) $ (164,707) $ (32,059) $ (200,322) The following table represents the Company’s cash receipts from (payments on) derivatives for the three and six months ended June 30, 2015 and 2014: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2015 2014 2015 2014 Cash receipts from (payments on) derivatives not designated as hedges: Oil derivatives $ 103,129 $ (24,569) $ 263,315 $ (34,338) Natural gas derivatives 9,123 (1,485) 16,093 (6,553) Total $ 112,252 $ (26,054) $ 279,408 $ (40,891) Commodity derivative contracts at June 30, 2015 . The following table sets forth the Company’s outstanding derivative contracts at June 30, 2015 . When aggregating multiple contracts, the weighted average contract price is disclosed. All of the Company’s derivative contracts at June 30, 2015 are expected to settle by June 30, 2017. First Second Third Fourth Quarter Quarter Quarter Quarter Total Oil Swaps: (a) 2015: Volume (Bbl) 5,719,000 4,904,000 10,623,000 Price per Bbl $ 77.19 $ 78.84 $ 77.95 2016: Volume (Bbl) 4,188,000 3,858,000 3,618,000 3,195,000 14,859,000 Price per Bbl $ 84.33 $ 85.38 $ 85.60 $ 63.69 $ 80.48 2017: Volume (Bbl) 2,784,000 2,784,000 - - 5,568,000 Price per Bbl $ 65.60 $ 65.60 $ - $ - $ 65.60 Oil Basis Swaps: (b) 2015: Volume (Bbl) 5,506,000 4,876,000 10,382,000 Price per Bbl $ (2.65) $ (2.72) $ (2.68) 2016: Volume (Bbl) 4,124,000 3,821,000 3,404,000 3,128,000 14,477,000 Price per Bbl $ (2.05) $ (2.11) $ (2.17) $ (2.22) $ (2.13) 2017: Volume (Bbl) 2,430,000 2,457,000 - - 4,887,000 Price per Bbl $ (1.67) $ (1.67) $ - $ - $ (1.67) Natural Gas Swaps: (c) 2015: Volume (MMBtu) 5,980,000 5,980,000 11,960,000 Price per MMBtu $ 4.16 $ 4.16 $ 4.16 Natural Gas Basis Swaps: (d) 2015: Volume (MMBtu) 1,380,000 1,380,000 2,760,000 Price per MMBtu $ (0.13) $ (0.13) $ (0.13) (a) The index prices for the oil price swaps are based on the New York Mercantile Exchange (“NYMEX”) – West Texas Intermediate (“WTI”) monthly average futures price. (b) The basis differential price is between Midland – WTI and Cushing – WTI. (c) The index prices for the natural gas price swaps are based on the NYMEX – Henry Hub last trading day futures price. (d) The basis differential price is between the El Paso Permian delivery point and NYMEX – Henry Hub delivery point. Derivative counterparties. The Company uses credit and other financial criteria to evaluate the credit worthiness of counterparties to its derivative instruments. The Company believes that all of its derivative counterparties are currently acceptable credit risks. Other than provided by the Company’s revolving credit facility, the Company is not required to provide credit support or collateral to any counterparties under its derivative contracts, nor are they required to provide credit support to the C ompany. At June 30, 2015 , the Company had a net asset position of $ 441.2 million as a result of outstanding derivative contracts which are reflected in the accompanying consolidated balance sheets. The Company assessed this balance for concentration risk and noted balances of approximately $64.9 million , $57.8 million, $54.2 million and $47.4 million with J.P. Morgan Chase Bank, W ells Fargo Bank, N.A., Barclays Bank PLC and KeyBank National Association , respectively.

Debt

Debt	6 Months Ended
Debt	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt	Note 8 . Debt The Company’s debt consisted of the following at June 30, 2015 and December 31, 2014 : June 30, December 31, (in thousands) 2015 2014 Credit facility $ 206,000 $ 139,500 7.0% unsecured senior notes due 2021 600,000 600,000 6.5% unsecured senior notes due 2022 600,000 600,000 5.5% unsecured senior notes due 2022 600,000 600,000 5.5% unsecured senior notes due 2023 1,550,000 1,550,000 Unamortized original issue premium, net 26,465 27,820 Less: current portion - - Total long-term debt $ 3,582,465 $ 3,517,320 Credit facility. The Company’s credit facility , as amended and restated, has a maturity date of May 9, 2019 . In April 2015, the Company amended its credit agreement to remove the current ratio financial covenant. The Company’s borrowing base is $3.25 billion until the next scheduled borrowing base redetermination in May 2016. At June 30, 2015 , commitments from the Company’s bank group total ed $2.5 billion . Senior notes. Interest on the Company’s senior notes is paid in arrears semi-annually. The senior notes are fully and unconditionally guaranteed on a senior unsecured basis by all subsidiaries of the Company, subject to customary release provisions as described in Note 14 . At June 30, 2015 , the C ompany was in compliance with the covenants under all of its debt instruments . Principal maturities of long-term debt. Principal maturities of long -term debt outstanding at June 30, 2015 were as follows: (in thousands) Remaining 2015 $ - 2016 - 2017 - 2018 - 2019 206,000 2020 - Thereafter 3,350,000 Total $ 3,556,000 Interest expense. The following amounts have been incurred and charged to interest expense for the three and six months ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2015 2014 2015 2014 Cash payments for interest $ 59,225 $ 65,480 $ 105,232 $ 109,800 Amortization of original issue discount (premium) (681) (645) (1,355) (1,282) Amortization of deferred loan origination costs 2,482 2,725 4,945 6,072 Net changes in accruals (6,365) (12,172) 618 (3,067) Interest costs incurred 54,661 55,388 109,440 111,523 Less: capitalized interest (1,179) - (2,389) - Total interest expense $ 53,482 $ 55,388 $ 107,051 $ 111,523

Commitments and contingencies

Commitments and contingencies	6 Months Ended
Commitments and contingencies	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Note 9 . Commitments and contingencies Severance agreements. The Company has entered into severance and change in control agreem ents with all of its officers. The current annual salaries for the Company’s officers covered under such agreements total approximately $ 7.9 million. Indemnification s . The Company has agreed to indemnify its directors and officers with respect to claims and damages arising from certain acts or omissions taken in such capacity. Legal actions . The Company is a party to proceedings and clai ms incidental to its business. While many of these matters involve inherent uncertainty, the Company believes that the amount of the liability, if any, ultimately incurred with respect to any such proceedings or claims will not have a material adverse effect on the Company’s consolidated financial position as a whole or on its liquidity, capital resources or future results of operations. The Company will continue to evaluate proceedings and claims involving the Company on a r egular basis and will establish and adjust any reserves as appropriate to reflect its assessment of the then current status of the matters. Severance tax, royalty and joint interest audits . The Company is subject to routine severance, royalty and joint interest audits from regulatory bodies and non-operators and makes accruals as necessary for estimated exposure when deemed probable and estimable. Additionally, the Company is subject to various possible contingencies that arise primarily from interpretat ions affecting the oil and natural gas industry. Such contingencies include differing interpretations as to the prices at which oil and natural gas sales may be made, the prices at which royalty owners may be paid for production from their leases, allowabl e costs under joint interest arrangements and other matters. At June 30, 2015 and December 31, 2014 , the Company had $ 12.1 million and $ 12.3 million accrued for estimated exposure, respectively. Although the Company believe s that i t has estimated its exposure with respect to the various laws and regulations, administrative rulings and interpretations thereof, adjustments could be required as new interpretations and regulations are issued. C ommitments. The Company periodically enters into contractual arrangements under which the Company is committed to expend funds . These contractual arrangements r elate to purchase agreements the Company has entered into including daywork drilling contracts, water commitment agreements, throughput volume delivery commitments and power commitments. The following table s ummarizes the Company’s commitments at June 30, 2015 : (in thousands) Remaining 2015 $ 27,341 2016 38,233 2017 24,474 2018 20,633 2019 9,931 2020 3,517 Thereafter 27,943 Total $ 152,072 Operating leases. The Company leases vehicles, equipment and office facilities under non-cancellable operating leases. Lease payments associated with these operating leases for the three months ended June 30, 2015 and 2014 were approximately $ 1.9 million and $ 1.7 million, respectively , and approximately $ 3.8 million and $ 3.4 million for the six months ended June 30, 2015 and 2014 , respectively . Future minimum lease commitments under non-cancellable operating leases at June 30, 2015 were as follows: (in thousands) Remaining 2015 $ 3,792 2016 6,269 2017 6,137 2018 5,233 2019 4,306 2020 4,259 Thereafter 4,687 Total $ 34,683

Income taxes

Income taxes	6 Months Ended
Income taxes	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income taxes	Note 10 . Income taxes The effective income tax rate s w ere 37.0 percent and 37.5 percent for the three months ended June 30, 2015 and 2014 , respectively , and 37.1 percent and 37.7 percent for the six months ended June 30, 2015 and 2014 , respectively . Total income tax expense for the three and six months ended June 30, 2015 and 2014 differed from amounts computed by applying the United States federal statutory tax rates to pre-tax income due primarily to state taxes and the impact of permanent differences between book and t axable income.

Related party transactions

Related party transactions	6 Months Ended
Related party transactions	Jun. 30, 2015
Related Party Transactions [Abstract]
Related party transactions	Note 11 . Related party transactions The following table summarize s charges incurred with and payments made to related parties and reported in the Company’s consolidated statements of operations for the periods presented: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2015 2014 2015 2014 Amounts paid to a partnership in which a director has an ownership interest (a) $ 1,403 $ 3,253 $ 3,097 $ 6,055 Royalties paid to a director and certain officers of the Company (b) $ 32 $ 60 $ 555 $ 157 (a) Amounts include r oyalties on certain properties and lease bonus payments paid to a partnership in which a director of the Company is the general partner and owns a 3.5 percent partnership interest. (b) Amounts include revenue interests, overriding royalty interests, and net profits interests in properties owned by the Company made to a director and certain officers (or affiliated entities). Amounts also include payments for an acreage acquisition and lease bonuses to an affiliated entity of an offic er.

Net income per share

Net income per share	6 Months Ended
Net income per share	Jun. 30, 2015
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]
Net income per share	Note 12 . Net income (loss) per share The Company uses the two-class method of calculating net income (loss) per share because certain of the Company’s unvested share-based awards qualify as participating securities. The following table reconcile s the Company’s income (loss) from operations and income (loss) attributable to common stockholders to the basic and diluted earnings used to determine the Company’s income (loss) per share amounts for the three and six months ended June 30, 2015 and 2014 , respectively, under the two-class method: Three Months Ended Six Months Ended June 30, June 30, (in thousands, except per share amounts) 2015 2014 2015 2014 Income (loss) as reported $ (120,483) $ 11,769 $ (112,971) $ 103,076 Participating basic earnings - (131) - (1,174) Basic income (loss) attributable to common stockholders (120,483) 11,638 (112,971) 101,902 Reallocation of participating earnings - 1 - 3 Diluted income (loss) attributable to common stockholders $ (120,483) $ 11,639 $ (112,971) $ 101,905 Income (loss) per common share: Basic $ (1.02) $ 0.11 $ (0.97) $ 0.96 Diluted $ (1.02) $ 0.11 $ (0.97) $ 0.96 The following table is a reconciliation of the basic weighted average common shares outstanding to diluted weighted average common shares outstanding for the three and six months en ded June 30, 2015 and 2014 : Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2015 2014 2015 2014 Weighted average common shares outstanding: Basic 117,637 107,733 116,502 105,852 Dilutive common stock options - 107 - 115 Dilutive performance units - 211 - 222 Diluted 117,637 108,051 116,502 106,189 Performance unit awards. The number of shares of common stock that will ultimately be issued for performance units will be determined by a combination of (i) comparing the Company ’ s total shareholder return relative to the total shareholder return of a predetermined group of peer companies at the end of the performance period and (ii) the Company’s absolute total shareholder return at the end of the performance period. The performance period is 36 months. The actual payout of shares will be between zero and 300 percent of the performance units granted dep ending on the Company’s performance at the end of the performance period.

Stockholders' equity

Stockholders' equity	6 Months Ended
Stockholders' equity	Jun. 30, 2015
Stockholders' Equity Disclosure [Abstract]
Stockholders' equity	Note 13 . Stockholders’ equity Public common stock offering. In March 2015, the Company issued 6.9 million shares of its common stock in a public offering at $ 107.49 per share and received net proceeds of approximately $ 741.5 million.

Subsidiary guarantors

Subsidiary guarantors	6 Months Ended
Subsidiary guarantors	Jun. 30, 2015
Guarantees [Abstract]
Subsidiary guarantors	Note 14 . Subsidiary guarantors All of the Company’s 100 percent owned subsidiaries have fully and unconditionally guaranteed the Company’s senior notes. The indentures governing the Company’s senior notes provide that the guarantees of its subsidiary guarantors will be released in certain customary circumstances , including ( i ) in connection with any sale, exchange or other disposition, whether by merger, consolidation or otherwise, of the capital stock of that guarantor to a person that is n ot the Company or a restricted subsidiary of the Company, such that, after giving effect to such transaction, such guarantor would no longer constitute a subsidiary of the Company , (ii) in connection with any sale, exchange or other disposition (other than a lease) of all or substantially all of the assets of that guarantor to a person that is not the Company or a restricted subsidiary of the Company , (iii) upon the merger of a guarantor into the Company or any other guarantor or the liquidation or dissolut ion of a guarantor , (iv) if the Company designates any restricted subsidiary that is a guarantor to be an unrestricted subsidiary in accordance with the indenture , (v) upon legal defeasance or satisfaction and discharge of the indenture and (vi) upon writt en notice of such release or discharge by the Company to the trustee following the release or discharge of all guarantees by such guarantor of any indebtedness that resulted in the creation of such guarantee, except a discharge or release by or as a result of payment under such guarantee . See Note 8 for a summary of the Company’s senior notes. In accordance with practices accepted by the United States S ecurities and E xchange C ommission , the Company has prepared condensed consolidating financial st atements in order to quantify the assets, results of operations and cash flows of such subsidi aries as subsidiary guarantors. The following condensed consolidating balance s heets at June 30, 2015 and December 31, 2014 , condensed c o nsolidating statements of o perations for the three and six months ended June 30, 2015 and 2014 and condensed consolidating statements of cash flows for the six months ended June 30, 2015 and 2014 , present financial information fo r Concho Resources Inc. as the p arent on a stand-alone basis (carrying any investments in subsidiaries under the equity method), financial information for the subsidiary guarantors on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the information for the Company on a consolidated basis. All current and deferred income taxes are recorded on Concho Resources Inc., as the subsidiaries are flow-through entities for income tax purposes. The subsidiary guarantors are not restricted from making distribut ions to the Company. Condensed Consolidating Balance Sheet June 30, 2015 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total ASSETS Accounts receivable - related parties $ 7,684,553 $ 1,171,087 $ (8,855,640) $ - Other current assets 383,698 517,994 - 901,692 Oil and natural gas properties, net - 10,830,298 - 10,830,298 Property and equipment, net - 146,138 - 146,138 Investment in subsidiaries 4,046,002 - (4,046,002) - Other long-term assets 157,340 118,508 - 275,848 Total assets $ 12,271,593 $ 12,784,025 $ (12,901,642) $ 12,153,976 LIABILITIES AND EQUITY Accounts payable - related parties $ 1,171,087 $ 7,684,553 $ (8,855,640) $ - Other current liabilities 186,222 912,907 - 1,099,129 Long-term debt 3,582,465 - - 3,582,465 Other long-term liabilities 1,393,672 140,563 - 1,534,235 Equity 5,938,147 4,046,002 (4,046,002) 5,938,147 Total liabilities and equity $ 12,271,593 $ 12,784,025 $ (12,901,642) $ 12,153,976 Condensed Consolidating Balance Sheet December 31, 2014 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total ASSETS Accounts receivable - related parties $ 6,670,744 $ 1,201,950 $ (7,872,694) $ - Other current assets 569,545 618,851 - 1,188,396 Oil and natural gas properties, net - 10,076,878 - 10,076,878 Property and equipment, net - 129,136 - 129,136 Investment in subsidiaries 4,085,045 - (4,085,045) - Other long-term assets 330,792 74,761 - 405,553 Total assets $ 11,656,126 $ 12,101,576 $ (11,957,739) $ 11,799,963 LIABILITIES AND EQUITY Accounts payable - related parties $ 1,201,950 $ 6,670,744 $ (7,872,694) $ - Other current liabilities 217,884 1,209,309 - 1,427,193 Long-term debt 3,517,320 - - 3,517,320 Other long-term liabilities 1,438,184 136,478 - 1,574,662 Equity 5,280,788 4,085,045 (4,085,045) 5,280,788 Total liabilities and equity $ 11,656,126 $ 12,101,576 $ (11,957,739) $ 11,799,963 Condensed Consolidating Statement of Operations Three Months Ended June 30, 2015 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total Total operating revenues $ - $ 537,425 $ - $ 537,425 Total operating costs and expenses (148,039) (521,417) - (669,456) Income (loss) from operations (148,039) 16,008 - (132,031) Interest expense (53,482) - - (53,482) Other, net 10,330 (5,678) (10,330) (5,678) Income (loss) before income taxes (191,191) 10,330 (10,330) (191,191) Income tax benefit 70,708 - - 70,708 Net income (loss) $ (120,483) $ 10,330 $ (10,330) $ (120,483) Condensed Consolidating Statement of Operations Three Months Ended June 30, 2014 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total Total operating revenues $ - $ 704,702 $ - $ 704,702 Total operating costs and expenses (165,326) (451,315) - (616,641) Income (loss) from operations (165,326) 253,387 - 88,061 Interest expense (55,388) - - (55,388) Loss on extinguishment of debt (4,316) - - (4,316) Other, net 243,858 (9,530) (243,857) (9,529) Income before income taxes 18,828 243,857 (243,857) 18,828 Income tax expense (7,059) - - (7,059) Net income $ 11,769 $ 243,857 $ (243,857) $ 11,769 Condensed Consolidating Statement of Operations Six Months Ended June 30, 2015 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total Total operating revenues $ - $ 950,947 $ - $ 950,947 Total operating costs and expenses (33,435) (979,971) - (1,013,406) Loss from operations (33,435) (29,024) - (62,459) Interest expense (107,051) - - (107,051) Other, net (39,043) (10,019) 39,043 (10,019) Loss before income taxes (179,529) (39,043) 39,043 (179,529) Income tax benefit 66,558 - - 66,558 Net loss $ (112,971) $ (39,043) $ 39,043 $ (112,971) Condensed Consolidating Statement of Operations Six Months Ended June 30, 2014 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total Total operating revenues $ - $ 1,365,661 $ - $ 1,365,661 Total operating costs and expenses (201,479) (873,889) - (1,075,368) Income (loss) from operations (201,479) 491,772 - 290,293 Interest expense (111,523) - - (111,523) Loss on extinguishment of debt (4,316) - - (4,316) Other, net 482,784 (8,989) (482,783) (8,988) Income before income taxes 165,466 482,783 (482,783) 165,466 Income tax expense (62,390) - - (62,390) Net income $ 103,076 $ 482,783 $ (482,783) $ 103,076 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2015 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total Net cash flows provided by (used in) operating activities $ (1,085,293) $ 1,574,227 $ - $ 488,934 Net cash flows provided by (used in) investing activities 279,408 (1,563,597) - (1,284,189) Net cash flows provided by (used in) financing activities 805,885 (10,371) - 795,514 Net increase in cash and cash equivalents - 259 - 259 Cash and cash equivalents at beginning of period - 21 - 21 Cash and cash equivalents at end of period $ - $ 280 $ - $ 280 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2014 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total Net cash flows provided by (used in) operating activities $ (631,569) $ 1,486,297 $ - $ 854,728 Net cash flows used in investing activities (40,891) (1,084,112) - (1,125,003) Net cash flows provided by (used in) financing activities 672,460 (36,718) - 635,742 Net increase in cash and cash equivalents - 365,467 - 365,467 Cash and cash equivalents at beginning of period - 21 - 21 Cash and cash equivalents at end of period $ - $ 365,488 $ - $ 365,488

Subsequent events

Subsequent events	6 Months Ended
Subsequent events	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent events	Note 15 . Subsequent events New commodity derivative contracts. After June 30, 2015 , the Com pany entered into the following oil price swaps, oil basis swaps and natural gas price sw aps to hedge additional amounts of the Company’s estimated future production: First Second Third Fourth Quarter Quarter Quarter Quarter Total Oil Swaps: (a) 2015: Volume (Bbl) 450,000 675,000 1,125,000 Price per Bbl $ 49.12 $ 49.12 $ 49.12 2016: Volume (Bbl) 950,000 750,000 750,000 750,000 3,200,000 Price per Bbl $ 53.43 $ 53.62 $ 53.62 $ 53.62 $ 53.56 2017: Volume (Bbl) 360,000 360,000 - - 720,000 Price per Bbl $ 56.63 $ 56.63 $ - $ - $ 56.63 Oil Basis Swaps: (b) 2015: Volume (Bbl) 305,000 460,000 765,000 Price per Bbl $ 0.22 $ 0.22 $ 0.22 2016: Volume (Bbl) - - 184,000 - 184,000 Price per Bbl $ - $ - $ (0.70) $ - $ (0.70) 2017: Volume (Bbl) 720,000 728,000 - - 1,448,000 Price per Bbl $ (0.96) $ (0.96) $ - $ - $ (0.96) Natural Gas Swaps: (c) 2016: Volume (MMBtu) 910,000 910,000 920,000 920,000 3,660,000 Price per MMBtu $ 3.14 $ 3.14 $ 3.14 $ 3.14 $ 3.14 (a) The index prices for the oil price swaps are based on the New York Mercantile Exchange (“NYMEX”) – West Texas Intermediate (“WTI”) monthly average futures price. (b) The basis differential price is between Midland – WTI and Cushing – WTI. (c) The index prices for the natural gas price swaps are based on the NYMEX – Henry Hub last trading day futures price.

Supplementary information

Supplementary information	6 Months Ended
Supplementary information	Jun. 30, 2015
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Supplementary information	Note 16 . Supplementary information Capitalized costs June 30, December 31, (in thousands) 2015 2014 Oil and natural gas properties: Proved $ 14,232,112 $ 12,795,970 Unproved 951,201 1,071,861 Less: accumulated depletion (4,353,015) (3,790,953) Net capitalized costs for oil and natural gas properties $ 10,830,298 $ 10,076,878 Costs incurred for oil and natural gas producing activities Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2015 2014 2015 2014 Property acquisition costs: Proved $ 2,243 $ 2,137 $ 2,243 $ 22,627 Unproved 18,037 11,382 34,050 36,070 Exploration 343,051 342,424 772,220 666,921 Development 221,410 193,163 523,154 404,842 Total costs incurred for oil and natural gas properties $ 584,741 $ 549,106 $ 1,331,667 $ 1,130,460

Summary of significant accoun24

Summary of significant accounting policies (Policies)	6 Months Ended
Summary of significant accounting policies (Policies)	Jun. 30, 2015
Accounting Policies [Abstract]
Principles of consolidation	Principles of consolidation. The consolidated financial statements of the Company include the account s of the Company and its 100 percent owned subsidiaries. The Company consolidates the financial statements of these entities. All material intercompany balances and transactions have been eliminated.
Use of estimates in the preparation of financial statements	Use of estimates in the preparation of financial statements. Preparation of financial statements in conformity with generally accepted accoun ting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements an d the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Depletion of oil and natural gas properties is determined using estimates of proved oil and natural gas reserves. There are nume rous uncertainties inherent in the estimation of quantities of proved reserves and in the projection of future rates of production and the timing of development expenditures. Similarly, evaluations for impairment of proved and unproved oil and natural gas properties are subject to numerous uncertainties including, among others, estimates of future recoverable reserves and commodity price outlooks. Other significant estimates inclu de, but are not limited to, asset retirement obligations, fair value of deriva tive financial instruments, fair value of business combinations , fair value of stock-based compensation and income taxes .
Interim Financial Statements [Policy Text Block]	Interim financial statements. The accompanying consolidated financial statements of the Company have not been audited by the Comp any’s independent registered public accounting firm, except that the consolidated balance sheet at December 31, 2014 is derived from audited consolidated financial statements. In the opinion of management, the accompanying consolidated financial statements reflect all adjustments necessary to present fairly the Company’s consolidated financial statements . All such adjustments are of a normal , recurring nature. In preparing the accompanying consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. Certain disclosures have been condensed in or omitted from these consolidated financial statements. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes in cluded in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 .
Deferred loan costs.	Deferred loan costs. Deferred loan costs are stated at cost, net of amortization, which is computed using the effective interest and straight-line methods. The Company had def erred loan costs of $ 63.5 million and $ 68.4 million, net of accumulated amortization of $ 64.6 million and $ 59.7 million, at June 30, 2015 and December 31, 2014 , respectively.
Equity method investment	Equity method investment. The Company owns a 50 percent member interest in a midstream joint venture , Alpha Crude Connector, LLC (“ACC” ), to construct a crude oil gathering and transportation system in the northern Delaware Basin. The Company has the option to purchase the member interest of the other investor in ACC. This purchase option becomes exercisable three months after the completion date of the pipeline and remains exercisable for a period of twelve months. The Company acco unts for its investment in ACC under the equity method of accounting for investment s in unconsolidated affiliates. The Company’s net investment in ACC is $ 74.3 million at June 30, 2015 and is included in other assets in the Company’s consoli dated balance sheet. The equity loss for the six months ended June 30, 2015 is approximately $ 1.7 million and is included in other expense in the Company’s consolidated statement of operations. During the six months ended June 30, 2015 , the Company recorded $ 1.5 million of capitalized interest on its investment in ACC.
Revenue recognition	Revenue recognition. Oil and natural gas revenues are recorded at the time of physical transfer of such products to the purchaser, which for the Company is primarily at the wellhead. The Company follows the sales method of accounting for oil and natural gas sales, recognizing revenues based on the Company’s actual proceeds from the oil and natural gas sold to purchasers.
General and administrative expense.	General and admi nistrative expense . The Company receives fees for the operation of jointly-owned oil and natural gas properties and records such reimbursements as reductions of general and administrative expense. Such fees totaled approximately $ 6.4 million and $ 5.9 million for the three months ended June 30, 2015 and 2014 , respectively , and $ 12.7 million and $ 11.0 million for the six months ended June 30, 2015 and 2014 , respectively .
Recent accounting pronouncements	Recent accounting pronouncements. In April 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ ASU”) No. 2015-03, “Interest–Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented as a direct deduction from the carrying amount of that debt liability. The Company currently presents debt issuance costs on the balance sheet as an asset. An entity is required to apply ASU 2015-03 for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. The Company plans to early adopt this ASU on December 31, 2015. As of June 30, 2015 , the Company had $45.6 mil lion of debt issuance costs, which under this standard would be reclassified from an asset to a direct deduction to the related debt liability. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which outline s a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new revenue recognition model provi des a five-step analysis in determining when and how revenue is recognized. The new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to r eceive in exchange for those goods or services. The original effective date to apply ASU 2014-09 was for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. However, on July 9, 2015, the FASB voted to approve a one-year deferral of the effective date of this standard, which when formalized in an ASU, will move the effective date to annual reporting periods beginning after December 15, 2017. An entity can apply ASU 2014-09 using either a full retrosp ective method, meaning the standard is applied to all of the periods presented, or a modified retrospective method, meaning the cumulative effect of initially applying the standard is recognized in the most current period presented in the financial stateme nts. The Company is evaluating the impact that this new guidance will have on its consolidated financial statements.

Exploratory well costs (Tables)

Exploratory well costs (Tables)	6 Months Ended
Exploratory well costs (Tables)	Jun. 30, 2015
Disclosure Exploratory Well Costs Capitalized Exploratory Well Activity [Abstract]
Company's capitalized exploratory well activity	The following table reflects the Company’s net capitalized exploratory well activity during the six months ended June 30, 2015 : Six Months Ended (in thousands) June 30, 2015 Beginning capitalized exploratory well costs $ 241,657 Additions to exploratory well costs pending the determination of proved reserves 109,894 Reclassifications due to determination of proved reserves (214,981) Exploratory well costs charged to expense (532) Ending capitalized exploratory well costs $ 136,038
Aging of capitalized exploratory well costs based on the date drilling was completed	The following table provides an aging at June 30, 2015 and December 31, 2014 of capitalized exploratory well costs based on the date drilling was completed: June 30, December 31, (dollars in thousands) 2015 2014 Capitalized exploratory well costs that have been capitalized for a period of one year or less $ 127,694 $ 232,346 Capitalized exploratory well costs that have been capitalized for a period greater than one year 8,344 9,311 Total capitalized exploratory well costs $ 136,038 $ 241,657 Number of projects with exploratory well costs that have been capitalized for a period greater than one year 3 7

Asset retirement obligations (T

Asset retirement obligations (Tables)	6 Months Ended
Asset retirement obligations (Tables)	Jun. 30, 2015
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations	The followi ng table summarizes the Company ’ s asset retirement obligation activity during the six months ended June 30, 2015 : Six Months Ended (in thousands) June 30, 2015 Asset retirement obligations, beginning of period $ 119,881 Liabilities incurred from new wells 2,905 Accretion expense 4,041 Liabilities settled upon plugging and abandoning wells (3,031) Revision of estimates (12) Asset retirement obligations, end of period $ 123,784

Incentive plans (Tables)

Incentive plans (Tables)	6 Months Ended
Incentive plans (Tables)	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of the Company's stock awards activity	A summary of the Company’s activity for the six months ended June 30, 2015 is presented below: Restricted Stock Performance Stock Options Units Outstanding at December 31, 2014 1,091,309 47,713 250,314 Awards granted (a) 447,208 - 176,330 Options exercised - (4,812) - Awards cancelled / forfeited (16,441) - - Lapse of restrictions (259,699) - - Outstanding at June 30, 2015 1,262,377 42,901 426,644 (a) Weighted average grant date fair value per share $ 109.79 $ - $ 156.86
Future stock-based compensation expense to be recorded for all the stock-based compensation awards that were outstanding	The following table reflects the future stock-based compensation expense to be recorded for all the stock-based compensation awards that were outsta nding at June 30, 2015 : (in thousands) Remaining 2015 $ 32,253 2016 47,633 2017 27,324 2018 6,393 2019 246 Thereafter 4 Total $ 113,853

Disclosures about fair value 28

Disclosures about fair value measurements (Tables)	6 Months Ended
Disclosures about fair value measurements (Tables)	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Carrying amounts and fair values of the Company's financial instruments	The following table presents the carrying amounts and fair values of the Company’s financial instruments at June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 Carrying Fair Carrying Fair (in thousands) Value Value Value Value Assets: Derivative instruments $ 445,203 $ 445,203 $ 752,700 $ 752,700 Liabilities: Derivative instruments $ 3,970 $ 3,970 $ - $ - Credit facility $ 206,000 $ 195,793 $ 139,500 $ 131,068 7.0% senior notes due 2021 $ 600,000 $ 628,500 $ 600,000 $ 625,500 6.5% senior notes due 2022 $ 600,000 $ 624,000 $ 600,000 $ 628,500 5.5% senior notes due 2022 $ 600,000 $ 597,360 $ 600,000 $ 598,500 5.5% senior notes due 2023 $ 1,576,465 $ 1,580,406 $ 1,577,820 $ 1,573,875
Net basis derivative fair values as reported in the consolidated balance sheets	The following table s summarize ( i ) the valuation of each of the Company’s financial instruments by required fair value hierarchy levels and (ii) the gross fair value by the appropriate balance sheet classification, even when the derivative instruments are subject to netting arrangements and qualify for net presentation in the Company’s consolidated balance sheets at June 30, 2015 and December 31, 2014 . The Company nets the fair value of derivative instruments by counterparty in the Company’s consolidated balance sheets. June 30, 2015 Fair Value Measurements Using Net Quoted Prices Gross Fair Value in Active Significant Amounts Presented Markets for Other Significant Offset in the in the Identical Observable Unobservable Consolidated Consolidated Assets Inputs Inputs Total Balance Balance (in thousands) (Level 1) (Level 2) (Level 3) Fair Value Sheet Sheet Assets: Current: Commodity derivatives $ - $ 392,672 $ - $ 392,672 $ (41,312) $ 351,360 Noncurrent: Commodity derivatives - 100,436 - 100,436 (6,593) 93,843 Liabilities: Current: Commodity derivatives - (41,312) - (41,312) 41,312 - Noncurrent: Commodity derivatives - (10,563) - (10,563) 6,593 (3,970) Net derivative instruments $ - $ 441,233 $ - $ 441,233 $ - $ 441,233 December 31, 2014 Fair Value Measurements Using Net Quoted Prices Gross Fair Value in Active Significant Amounts Presented Markets for Other Significant Offset in the in the Identical Observable Unobservable Consolidated Consolidated Assets Inputs Inputs Total Balance Balance (in thousands) (Level 1) (Level 2) (Level 3) Fair Value Sheet Sheet Assets: Current: Commodity derivatives $ - $ 501,717 $ - $ 501,717 $ (11,366) $ 490,351 Noncurrent: Commodity derivatives - 262,349 - 262,349 - 262,349 Liabilities: Current: Commodity derivatives - (11,366) - (11,366) 11,366 - Noncurrent: Commodity derivatives - - - - - - Net derivative instruments $ - $ 752,700 $ - $ 752,700 $ - $ 752,700

Derivative financial instrume29

Derivative financial instruments (Tables)	6 Months Ended
Derivative financial instruments (Tables)	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summarizes the gains and losses reported in earnings related to the commodity and interest rate derivative instruments	The following table summarizes the gains (l osses ) reported in earnings related to the commodity derivative i nstruments for the three and six months ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2015 2014 2015 2014 Gain (loss) on derivatives not designated as hedges: Oil derivatives $ (146,549) $ (163,655) $ (36,269) $ (187,875) Natural gas derivatives (850) (1,052) 4,210 (12,447) Total $ (147,399) $ (164,707) $ (32,059) $ (200,322) The following table represents the Company’s cash receipts from (payments on) derivatives for the three and six months ended June 30, 2015 and 2014: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2015 2014 2015 2014 Cash receipts from (payments on) derivatives not designated as hedges: Oil derivatives $ 103,129 $ (24,569) $ 263,315 $ (34,338) Natural gas derivatives 9,123 (1,485) 16,093 (6,553) Total $ 112,252 $ (26,054) $ 279,408 $ (40,891)
Company's outstanding derivative contracts	The following table sets forth the Company’s outstanding derivative contracts at June 30, 2015 . When aggregating multiple contracts, the weighted average contract price is disclosed. All of the Company’s derivative contracts at June 30, 2015 are expected to settle by June 30, 2017. First Second Third Fourth Quarter Quarter Quarter Quarter Total Oil Swaps: (a) 2015: Volume (Bbl) 5,719,000 4,904,000 10,623,000 Price per Bbl $ 77.19 $ 78.84 $ 77.95 2016: Volume (Bbl) 4,188,000 3,858,000 3,618,000 3,195,000 14,859,000 Price per Bbl $ 84.33 $ 85.38 $ 85.60 $ 63.69 $ 80.48 2017: Volume (Bbl) 2,784,000 2,784,000 - - 5,568,000 Price per Bbl $ 65.60 $ 65.60 $ - $ - $ 65.60 Oil Basis Swaps: (b) 2015: Volume (Bbl) 5,506,000 4,876,000 10,382,000 Price per Bbl $ (2.65) $ (2.72) $ (2.68) 2016: Volume (Bbl) 4,124,000 3,821,000 3,404,000 3,128,000 14,477,000 Price per Bbl $ (2.05) $ (2.11) $ (2.17) $ (2.22) $ (2.13) 2017: Volume (Bbl) 2,430,000 2,457,000 - - 4,887,000 Price per Bbl $ (1.67) $ (1.67) $ - $ - $ (1.67) Natural Gas Swaps: (c) 2015: Volume (MMBtu) 5,980,000 5,980,000 11,960,000 Price per MMBtu $ 4.16 $ 4.16 $ 4.16 Natural Gas Basis Swaps: (d) 2015: Volume (MMBtu) 1,380,000 1,380,000 2,760,000 Price per MMBtu $ (0.13) $ (0.13) $ (0.13) (a) The index prices for the oil price swaps are based on the New York Mercantile Exchange (“NYMEX”) – West Texas Intermediate (“WTI”) monthly average futures price. (b) The basis differential price is between Midland – WTI and Cushing – WTI. (c) The index prices for the natural gas price swaps are based on the NYMEX – Henry Hub last trading day futures price. (d) The basis differential price is between the El Paso Permian delivery point and NYMEX – Henry Hub delivery point.

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Jun. 30, 2015
Debt Disclosure [Abstract]
Company's debt	The Company’s debt consisted of the following at June 30, 2015 and December 31, 2014 : June 30, December 31, (in thousands) 2015 2014 Credit facility $ 206,000 $ 139,500 7.0% unsecured senior notes due 2021 600,000 600,000 6.5% unsecured senior notes due 2022 600,000 600,000 5.5% unsecured senior notes due 2022 600,000 600,000 5.5% unsecured senior notes due 2023 1,550,000 1,550,000 Unamortized original issue premium, net 26,465 27,820 Less: current portion - - Total long-term debt $ 3,582,465 $ 3,517,320
Principal maturities of debt	Principal maturities of long -term debt outstanding at June 30, 2015 were as follows: (in thousands) Remaining 2015 $ - 2016 - 2017 - 2018 - 2019 206,000 2020 - Thereafter 3,350,000 Total $ 3,556,000
Interest expense	The following amounts have been incurred and charged to interest expense for the three and six months ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2015 2014 2015 2014 Cash payments for interest $ 59,225 $ 65,480 $ 105,232 $ 109,800 Amortization of original issue discount (premium) (681) (645) (1,355) (1,282) Amortization of deferred loan origination costs 2,482 2,725 4,945 6,072 Net changes in accruals (6,365) (12,172) 618 (3,067) Interest costs incurred 54,661 55,388 109,440 111,523 Less: capitalized interest (1,179) - (2,389) - Total interest expense $ 53,482 $ 55,388 $ 107,051 $ 111,523

Commitments and contingencies (

Commitments and contingencies (Tables)	6 Months Ended
Commitments and contingencies (Tables)	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Summary of the Company's future commitments	The following table s ummarizes the Company’s commitments at June 30, 2015 : (in thousands) Remaining 2015 $ 27,341 2016 38,233 2017 24,474 2018 20,633 2019 9,931 2020 3,517 Thereafter 27,943 Total $ 152,072
Future minimum lease commitments under non-cancellable operating leases	Future minimum lease commitments under non-cancellable operating leases at June 30, 2015 were as follows: (in thousands) Remaining 2015 $ 3,792 2016 6,269 2017 6,137 2018 5,233 2019 4,306 2020 4,259 Thereafter 4,687 Total $ 34,683

Related party transactions (Tab

Related party transactions (Tables)	6 Months Ended
Related party transactions (Tables)	Jun. 30, 2015
Related Party Transactions [Abstract]
Summary of charges incurred with and payments made to the Company's related parties and reported in the consolidated statements of operations	The following table summarize s charges incurred with and payments made to related parties and reported in the Company’s consolidated statements of operations for the periods presented: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2015 2014 2015 2014 Amounts paid to a partnership in which a director has an ownership interest (a) $ 1,403 $ 3,253 $ 3,097 $ 6,055 Royalties paid to a director and certain officers of the Company (b) $ 32 $ 60 $ 555 $ 157 (a) Amounts include r oyalties on certain properties and lease bonus payments paid to a partnership in which a director of the Company is the general partner and owns a 3.5 percent partnership interest. (b) Amounts include revenue interests, overriding royalty interests, and net profits interests in properties owned by the Company made to a director and certain officers (or affiliated entities). Amounts also include payments for an acreage acquisition and lease bonuses to an affiliated entity of an offic er.

Net income per share (Tables)

Net income per share (Tables)	6 Months Ended
Net income per share (Tables)	Jun. 30, 2015
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]
Reconciliation of earnings attributable to common shares, basic and diluted	The following table reconcile s the Company’s income (loss) from operations and income (loss) attributable to common stockholders to the basic and diluted earnings used to determine the Company’s income (loss) per share amounts for the three and six months ended June 30, 2015 and 2014 , respectively, under the two-class method: Three Months Ended Six Months Ended June 30, June 30, (in thousands, except per share amounts) 2015 2014 2015 2014 Income (loss) as reported $ (120,483) $ 11,769 $ (112,971) $ 103,076 Participating basic earnings - (131) - (1,174) Basic income (loss) attributable to common stockholders (120,483) 11,638 (112,971) 101,902 Reallocation of participating earnings - 1 - 3 Diluted income (loss) attributable to common stockholders $ (120,483) $ 11,639 $ (112,971) $ 101,905 Income (loss) per common share: Basic $ (1.02) $ 0.11 $ (0.97) $ 0.96 Diluted $ (1.02) $ 0.11 $ (0.97) $ 0.96
reconciliation of the basic weighted average common shares outstanding to diluted weighted average common shares outstanding	The following table is a reconciliation of the basic weighted average common shares outstanding to diluted weighted average common shares outstanding for the three and six months en ded June 30, 2015 and 2014 : Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2015 2014 2015 2014 Weighted average common shares outstanding: Basic 117,637 107,733 116,502 105,852 Dilutive common stock options - 107 - 115 Dilutive performance units - 211 - 222 Diluted 117,637 108,051 116,502 106,189

Subsidiary guarantors (Tables)

Subsidiary guarantors (Tables)	6 Months Ended
Subsidiary guarantors (Tables)	Jun. 30, 2015
Guarantees [Abstract]
Condensed Consolidating Balance Sheet	The following condensed consolidating balance s heets at June 30, 2015 and December 31, 2014 , condensed c o nsolidating statements of o perations for the three and six months ended June 30, 2015 and 2014 and condensed consolidating statements of cash flows for the six months ended June 30, 2015 and 2014 , present financial information fo r Concho Resources Inc. as the p arent on a stand-alone basis (carrying any investments in subsidiaries under the equity method), financial information for the subsidiary guarantors on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the information for the Company on a consolidated basis. All current and deferred income taxes are recorded on Concho Resources Inc., as the subsidiaries are flow-through entities for income tax purposes. The subsidiary guarantors are not restricted from making distribut ions to the Company. Condensed Consolidating Balance Sheet June 30, 2015 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total ASSETS Accounts receivable - related parties $ 7,684,553 $ 1,171,087 $ (8,855,640) $ - Other current assets 383,698 517,994 - 901,692 Oil and natural gas properties, net - 10,830,298 - 10,830,298 Property and equipment, net - 146,138 - 146,138 Investment in subsidiaries 4,046,002 - (4,046,002) - Other long-term assets 157,340 118,508 - 275,848 Total assets $ 12,271,593 $ 12,784,025 $ (12,901,642) $ 12,153,976 LIABILITIES AND EQUITY Accounts payable - related parties $ 1,171,087 $ 7,684,553 $ (8,855,640) $ - Other current liabilities 186,222 912,907 - 1,099,129 Long-term debt 3,582,465 - - 3,582,465 Other long-term liabilities 1,393,672 140,563 - 1,534,235 Equity 5,938,147 4,046,002 (4,046,002) 5,938,147 Total liabilities and equity $ 12,271,593 $ 12,784,025 $ (12,901,642) $ 12,153,976 Condensed Consolidating Balance Sheet December 31, 2014 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total ASSETS Accounts receivable - related parties $ 6,670,744 $ 1,201,950 $ (7,872,694) $ - Other current assets 569,545 618,851 - 1,188,396 Oil and natural gas properties, net - 10,076,878 - 10,076,878 Property and equipment, net - 129,136 - 129,136 Investment in subsidiaries 4,085,045 - (4,085,045) - Other long-term assets 330,792 74,761 - 405,553 Total assets $ 11,656,126 $ 12,101,576 $ (11,957,739) $ 11,799,963 LIABILITIES AND EQUITY Accounts payable - related parties $ 1,201,950 $ 6,670,744 $ (7,872,694) $ - Other current liabilities 217,884 1,209,309 - 1,427,193 Long-term debt 3,517,320 - - 3,517,320 Other long-term liabilities 1,438,184 136,478 - 1,574,662 Equity 5,280,788 4,085,045 (4,085,045) 5,280,788 Total liabilities and equity $ 11,656,126 $ 12,101,576 $ (11,957,739) $ 11,799,963
Condensed Consolidating Statement of Operations	The following condensed consolidating balance s heets at June 30, 2015 and December 31, 2014 , condensed c o nsolidating statements of o perations for the three and six months ended June 30, 2015 and 2014 and condensed consolidating statements of cash flows for the six months ended June 30, 2015 and 2014 , present financial information fo r Concho Resources Inc. as the p arent on a stand-alone basis (carrying any investments in subsidiaries under the equity method), financial information for the subsidiary guarantors on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the information for the Company on a consolidated basis. All current and deferred income taxes are recorded on Concho Resources Inc., as the subsidiaries are flow-through entities for income tax purposes. The subsidiary guarantors are not restricted from making distribut ions to the Company. Condensed Consolidating Statement of Operations Three Months Ended June 30, 2015 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total Total operating revenues $ - $ 537,425 $ - $ 537,425 Total operating costs and expenses (148,039) (521,417) - (669,456) Income (loss) from operations (148,039) 16,008 - (132,031) Interest expense (53,482) - - (53,482) Other, net 10,330 (5,678) (10,330) (5,678) Income (loss) before income taxes (191,191) 10,330 (10,330) (191,191) Income tax benefit 70,708 - - 70,708 Net income (loss) $ (120,483) $ 10,330 $ (10,330) $ (120,483) Condensed Consolidating Statement of Operations Three Months Ended June 30, 2014 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total Total operating revenues $ - $ 704,702 $ - $ 704,702 Total operating costs and expenses (165,326) (451,315) - (616,641) Income (loss) from operations (165,326) 253,387 - 88,061 Interest expense (55,388) - - (55,388) Loss on extinguishment of debt (4,316) - - (4,316) Other, net 243,858 (9,530) (243,857) (9,529) Income before income taxes 18,828 243,857 (243,857) 18,828 Income tax expense (7,059) - - (7,059) Net income $ 11,769 $ 243,857 $ (243,857) $ 11,769 Condensed Consolidating Statement of Operations Six Months Ended June 30, 2015 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total Total operating revenues $ - $ 950,947 $ - $ 950,947 Total operating costs and expenses (33,435) (979,971) - (1,013,406) Loss from operations (33,435) (29,024) - (62,459) Interest expense (107,051) - - (107,051) Other, net (39,043) (10,019) 39,043 (10,019) Loss before income taxes (179,529) (39,043) 39,043 (179,529) Income tax benefit 66,558 - - 66,558 Net loss $ (112,971) $ (39,043) $ 39,043 $ (112,971) Condensed Consolidating Statement of Operations Six Months Ended June 30, 2014 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total Total operating revenues $ - $ 1,365,661 $ - $ 1,365,661 Total operating costs and expenses (201,479) (873,889) - (1,075,368) Income (loss) from operations (201,479) 491,772 - 290,293 Interest expense (111,523) - - (111,523) Loss on extinguishment of debt (4,316) - - (4,316) Other, net 482,784 (8,989) (482,783) (8,988) Income before income taxes 165,466 482,783 (482,783) 165,466 Income tax expense (62,390) - - (62,390) Net income $ 103,076 $ 482,783 $ (482,783) $ 103,076
Condensed Consolidating Statement of Cash Flows	The following condensed consolidating balance s heets at June 30, 2015 and December 31, 2014 , condensed c o nsolidating statements of o perations for the three and six months ended June 30, 2015 and 2014 and condensed consolidating statements of cash flows for the six months ended June 30, 2015 and 2014 , present financial information fo r Concho Resources Inc. as the p arent on a stand-alone basis (carrying any investments in subsidiaries under the equity method), financial information for the subsidiary guarantors on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the information for the Company on a consolidated basis. All current and deferred income taxes are recorded on Concho Resources Inc., as the subsidiaries are flow-through entities for income tax purposes. The subsidiary guarantors are not restricted from making distribut ions to the Company. Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2015 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total Net cash flows provided by (used in) operating activities $ (1,085,293) $ 1,574,227 $ - $ 488,934 Net cash flows provided by (used in) investing activities 279,408 (1,563,597) - (1,284,189) Net cash flows provided by (used in) financing activities 805,885 (10,371) - 795,514 Net increase in cash and cash equivalents - 259 - 259 Cash and cash equivalents at beginning of period - 21 - 21 Cash and cash equivalents at end of period $ - $ 280 $ - $ 280 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2014 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total Net cash flows provided by (used in) operating activities $ (631,569) $ 1,486,297 $ - $ 854,728 Net cash flows used in investing activities (40,891) (1,084,112) - (1,125,003) Net cash flows provided by (used in) financing activities 672,460 (36,718) - 635,742 Net increase in cash and cash equivalents - 365,467 - 365,467 Cash and cash equivalents at beginning of period - 21 - 21 Cash and cash equivalents at end of period $ - $ 365,488 $ - $ 365,488

Subsequent events (Tables)

Subsequent events (Tables)	6 Months Ended
Subsequent events (Tables)	Jun. 30, 2015
Subsequent Events [Abstract]
New commodity derivative contracts	After June 30, 2015 , the Com pany entered into the following oil price swaps, oil basis swaps and natural gas price sw aps to hedge additional amounts of the Company’s estimated future production: First Second Third Fourth Quarter Quarter Quarter Quarter Total Oil Swaps: (a) 2015: Volume (Bbl) 450,000 675,000 1,125,000 Price per Bbl $ 49.12 $ 49.12 $ 49.12 2016: Volume (Bbl) 950,000 750,000 750,000 750,000 3,200,000 Price per Bbl $ 53.43 $ 53.62 $ 53.62 $ 53.62 $ 53.56 2017: Volume (Bbl) 360,000 360,000 - - 720,000 Price per Bbl $ 56.63 $ 56.63 $ - $ - $ 56.63 Oil Basis Swaps: (b) 2015: Volume (Bbl) 305,000 460,000 765,000 Price per Bbl $ 0.22 $ 0.22 $ 0.22 2016: Volume (Bbl) - - 184,000 - 184,000 Price per Bbl $ - $ - $ (0.70) $ - $ (0.70) 2017: Volume (Bbl) 720,000 728,000 - - 1,448,000 Price per Bbl $ (0.96) $ (0.96) $ - $ - $ (0.96) Natural Gas Swaps: (c) 2016: Volume (MMBtu) 910,000 910,000 920,000 920,000 3,660,000 Price per MMBtu $ 3.14 $ 3.14 $ 3.14 $ 3.14 $ 3.14 (a) The index prices for the oil price swaps are based on the New York Mercantile Exchange (“NYMEX”) – West Texas Intermediate (“WTI”) monthly average futures price. (b) The basis differential price is between Midland – WTI and Cushing – WTI. (c) The index prices for the natural gas price swaps are based on the NYMEX – Henry Hub last trading day futures price.

Supplementary information (Tabl

Supplementary information (Tables)	6 Months Ended
Supplementary information (Tables)	Jun. 30, 2015
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Capitalized costs	Capitalized costs June 30, December 31, (in thousands) 2015 2014 Oil and natural gas properties: Proved $ 14,232,112 $ 12,795,970 Unproved 951,201 1,071,861 Less: accumulated depletion (4,353,015) (3,790,953) Net capitalized costs for oil and natural gas properties $ 10,830,298 $ 10,076,878
costs incurred for oil and natural gas producing activities	Costs incurred for oil and natural gas producing activities Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2015 2014 2015 2014 Property acquisition costs: Proved $ 2,243 $ 2,137 $ 2,243 $ 22,627 Unproved 18,037 11,382 34,050 36,070 Exploration 343,051 342,424 772,220 666,921 Development 221,410 193,163 523,154 404,842 Total costs incurred for oil and natural gas properties $ 584,741 $ 549,106 $ 1,331,667 $ 1,130,460

Summary Of Significant Accoun37

Summary Of Significant Accounting Policies (Narrative) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Disclosure Summary Of Significant Accounting Policies Narrative [Abstract]
Deferred loan costs	$ 63,497		$ 63,497		$ 68,443
Accumulated amortization			64,600		$ 59,700
Fees related to operation of jointly owned oil and natural gas properties	$ 6,400	$ 5,900	$ 12,700	$ 11,000
Equity method investment ownership percentage	50.00%		50.00%
Total equity method investment	$ 74,300		$ 74,300
Income (loss) from equity method investments			(1,700)
Interest costs capitalized on equity method investment			1,500
Debt issuance costs			$ 45,600

Exploratory Well Costs (Capital

Exploratory Well Costs (Capitalized Exploratory Well Activity) (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Disclosure Exploratory Well Costs Capitalized Exploratory Well Activity [Abstract]
Beginning capitalized exploratory well costs	$ 241,657
Additions to exploratory well costs pending the determination of proved reserves	109,894
Reclassifications due to determination of proved reserves	(214,981)
Exploratory well costs charged to expense	(532)
Ending capitalized exploratory well costs	$ 136,038

Exploratory Well Costs (Aging O

Exploratory Well Costs (Aging Of Capitalized Exploratory Well Costs Based On The Date Of Drilling) (Detail) $ in Thousands	Jun. 30, 2015USD ($)Number	Dec. 31, 2014USD ($)Number
Disclosure Exploratory Well Costs Aging Of Capitalized Exploratory Well Costs Based On The Date Of Drilling [Abstract]
Capitalized exploratory well costs that have been capitalized for a period of one year or less	$ 127,694	$ 232,346
Capitalized exploratory well costs that have been capitalized for a period greater than one year	8,344	9,311
Total capitalized exploratory well costs	$ 136,038	$ 241,657
Projects that have Exploratory Well Costs that have been Capitalized for Period Greater than One Year, Number of Projects \| Number	3	7

Exploratory Well Costs (Narrati

Exploratory Well Costs (Narrative) (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Oil And Gas In Process Activities [Line Items]
Capitalized Exploratory Well Costs That Have Been Capitalized For Period Greater Than One Year	$ 8,344	$ 9,311
Delaware Basin Area [Member]
Oil And Gas In Process Activities [Line Items]
Capitalized Exploratory Well Costs That Have Been Capitalized For Period Greater Than One Year	5,300
OBO Projects [Member]
Oil And Gas In Process Activities [Line Items]
Capitalized Exploratory Well Costs That Have Been Capitalized For Period Greater Than One Year	$ 3,000

Asset Retirement Obligations (S

Asset Retirement Obligations (Schedule Of Asset Retirement Obligation Transactions) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Disclosure Asset Retirement Obligations Schedule Of Asset Retirement Obligation Transactions [Abstract]
Asset retirement obligations, beginning of period			$ 119,881
Liabilities incurred from new wells			2,905
Accretion expense	$ 2,047	$ 1,722	4,041	$ 3,393
Liabilities settled upon plugging and abandoning wells			(3,031)
Revision of estimates			(12)
Asset retirement obligations, end of period	$ 123,784		$ 123,784

Incentive Plans (Schedule Of Re

Incentive Plans (Schedule Of Restricted Stock Awards Activity) (Detail) - 6 months ended Jun. 30, 2015 - $ / shares		Total
Disclosure Incentive Plans Schedule Of Restricted Stock Awards Activity [Abstract]
Outstanding at beginning of period		1,091,309
Shares granted	[1]	447,208
Shares cancelled / forfeited		(16,441)
Lapse of restrictions		(259,699)
Outstanding at end of period		1,262,377
Shares Granted - Grant Date Value Per Share		$ 109.79

[1]	Weighted average grant date fair value per share is $109.79

Incentive Plans (Schedule Of St

Incentive Plans (Schedule Of Stock Option Awards Activity) (Detail)	6 Months Ended
	Jun. 30, 2015shares
Disclosure Incentive Plans Schedule Of Stock Option Awards Activity [Abstract]
Outstanding at beginning of period (Shares)	47,713
Options exercised (Shares)	(4,812)
Outstanding at end of period (Shares)	42,901

Incentive Plans (Schedule Of Pe

Incentive Plans (Schedule Of Performance Unit Awards Activity) (Detail) - 6 months ended Jun. 30, 2015 - $ / shares		Total
Disclosure Incentive Plans Schedule Of Performance Unit Awards Activity [Abstract]
Performance units outstanding at beginning of period (Shares)		250,314
Units granted	[1]	176,330
Performance units outstanding at end of period (Shares)		426,644
Shares Granted - Grant Date Fair Value - Performance Units		$ 156.86

[1]	Weighted average grant date fair value per share is $156.86

Incentive Plans (Summary For Fu

Incentive Plans (Summary For Future Stock-Based Compensation Expense) (Detail) $ in Thousands	Jun. 30, 2015USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Remaining 2,015	$ 32,253
2,016	47,633
2,017	27,324
2,018	6,393
2,019	246
Thereafter	4
Total	$ 113,853

Disclosures About Fair Value 46

Disclosures About Fair Value Measurements (Carrying Amounts And Fair Values Of The Company's Financial Instruments) (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Credit facility	$ 206,000	$ 139,500
Seven Point Zero Percent Unsecured Senior Notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unsecured senior notes	600,000	600,000
Six Point Five Percent Unsecured Senior Notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unsecured senior notes	600,000	600,000
Five Point Five Percent Unsecured Senior Notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unsecured senior notes	600,000	600,000
Five Point Five Percent Unsecured Senior Notes Due Twenty Twenty Three [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unsecured senior notes	1,550,000	1,550,000
Carrying Reported Amount Fair Value Disclosure [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative instruments, Assets	445,203	752,700
Derivative instruments, Liabilities	3,970	0
Credit facility	206,000	139,500
Carrying Reported Amount Fair Value Disclosure [Member] \| Seven Point Zero Percent Unsecured Senior Notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unsecured senior notes	600,000	600,000
Carrying Reported Amount Fair Value Disclosure [Member] \| Six Point Five Percent Unsecured Senior Notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unsecured senior notes	600,000	600,000
Carrying Reported Amount Fair Value Disclosure [Member] \| Five Point Five Percent Unsecured Senior Notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unsecured senior notes	600,000	600,000
Carrying Reported Amount Fair Value Disclosure [Member] \| Five Point Five Percent Unsecured Senior Notes Due Twenty Twenty Three [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unsecured senior notes	1,576,465	1,577,820
Portion At Fair Value Fair Value Disclosure [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative instruments, Assets	445,203	752,700
Derivative instruments, Liabilities	3,970	0
Credit facility	195,793	131,068
Portion At Fair Value Fair Value Disclosure [Member] \| Seven Point Zero Percent Unsecured Senior Notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unsecured senior notes	628,500	625,500
Portion At Fair Value Fair Value Disclosure [Member] \| Six Point Five Percent Unsecured Senior Notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unsecured senior notes	624,000	628,500
Portion At Fair Value Fair Value Disclosure [Member] \| Five Point Five Percent Unsecured Senior Notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unsecured senior notes	597,360	598,500
Portion At Fair Value Fair Value Disclosure [Member] \| Five Point Five Percent Unsecured Senior Notes Due Twenty Twenty Three [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unsecured senior notes	$ 1,580,406	$ 1,573,875

Disclosures About Fair Value 47

Disclosures About Fair Value Measurements (Company's Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value Of Derivatives Disclosure Information [Line Items]
Current derivative contracts, assets	$ 351,360	$ 490,351
Noncurrent derivative contracts, assets	93,843	262,349
Noncurrent derivative contracts, liabilities	(3,970)	0
Net financial assets (liabilities)	441,233	752,700
Fair Value Inputs Level 1 [Member]
Fair Value Of Derivatives Disclosure Information [Line Items]
Current derivative contracts, assets	0	0
Noncurrent derivative contracts, assets	0	0
Current derivative contracts, liabilities	0	0
Noncurrent derivative contracts, liabilities	0	0
Net financial assets (liabilities)	0	0
Fair Value Inputs Level 2 [Member]
Fair Value Of Derivatives Disclosure Information [Line Items]
Current derivative contracts, assets	392,672	501,717
Noncurrent derivative contracts, assets	100,436	262,349
Current derivative contracts, liabilities	(41,312)	(11,366)
Noncurrent derivative contracts, liabilities	(10,563)	0
Net financial assets (liabilities)	441,233	752,700
Fair Value Inputs Level 3 [Member]
Fair Value Of Derivatives Disclosure Information [Line Items]
Current derivative contracts, assets	0	0
Noncurrent derivative contracts, assets	0	0
Current derivative contracts, liabilities	0	0
Noncurrent derivative contracts, liabilities	0	0
Net financial assets (liabilities)	0	0
Estimate Of Fair Value Fair Value Disclosure [Member]
Fair Value Of Derivatives Disclosure Information [Line Items]
Current derivative contracts, assets	392,672	501,717
Noncurrent derivative contracts, assets	100,436	262,349
Current derivative contracts, liabilities	(41,312)	(11,366)
Noncurrent derivative contracts, liabilities	(10,563)	0
Net financial assets (liabilities)	441,233	752,700
Gross Amounts Offset in Consolidated Balance Sheet [Member]
Fair Value Of Derivatives Disclosure Information [Line Items]
Current derivative contracts, assets	(41,312)	(11,366)
Noncurrent derivative contracts, assets	(6,593)	0
Current derivative contracts, liabilities	41,312	11,366
Noncurrent derivative contracts, liabilities	6,593	0
Net financial assets (liabilities)	$ 0	$ 0

Derivative Financial Instrume48

Derivative Financial Instruments (Gains And Losses Reported In Earnings Related To The Commodity And Interest Rate Derivative Instruments) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Financial Instruments Gains And Losses Reported In Earnings Related To Commodity Derivative Instruments [Line Items]
Cash (payments on) receipts from derivatives not designated as hedges	$ (112,252)	$ 26,054	$ (279,408)	$ 40,891
Mark-to-market gain (loss)	(147,399)	(164,707)	(32,059)	(200,322)
Oil Commodity Derivative [Member]
Derivative Financial Instruments Gains And Losses Reported In Earnings Related To Commodity Derivative Instruments [Line Items]
Cash (payments on) receipts from derivatives not designated as hedges	103,129	(24,569)	263,315	(34,338)
Mark-to-market gain (loss)	(146,549)	(163,655)	(36,269)	(187,875)
Natural Gas Commodity Derivative [Member]
Derivative Financial Instruments Gains And Losses Reported In Earnings Related To Commodity Derivative Instruments [Line Items]
Cash (payments on) receipts from derivatives not designated as hedges	9,123	(1,485)	16,093	(6,553)
Mark-to-market gain (loss)	$ (850)	$ (1,052)	$ 4,210	$ (12,447)

Derivative Financial Instrume49

Derivative Financial Instruments (Outstanding Commodity Derivative Contracts) (Detail)		3 Months Ended				12 Months Ended
		Dec. 31, 2015bblMMBTU$ / bbl$ / MMBTU	Sep. 30, 2015bblMMBTU$ / bbl$ / MMBTU	Jun. 30, 2015bbl$ / bbl	Mar. 31, 2015bbl$ / bbl	Dec. 31, 2015bblMMBTU$ / bbl$ / MMBTU
Oil Swaps [Member]
Derivative [Line Items]
Volume (Bbl/MMBtu) - Current Year \| bbl	[1]	4,904,000	5,719,000			10,623,000
Price per Bbl/MMBtu - Current Year	[1]	78.84	77.19			77.95
Volume (Bbl/MMBtu) - Year One \| bbl	[1]	3,195,000	3,618,000	3,858,000	4,188,000	14,859,000
Price per Bbl/MMBtu - Year One	[1]	63.69	85.6	85.38	84.33	80.48
Volume (Bbl/MMBtu) - Year Two \| bbl	[1]	0	0	2,784,000	2,784,000	5,568,000
Price per Bbl/MMBtu - Year Two	[1]	0	0	65.6	65.6	65.6
Oil Basis Swaps [Member]
Derivative [Line Items]
Volume (Bbl/MMBtu) - Current Year \| bbl	[2]	4,876,000	5,506,000			10,382,000
Price per Bbl/MMBtu - Current Year	[2]	(2.72)	(2.65)			(2.68)
Volume (Bbl/MMBtu) - Year One \| bbl	[2]	3,128,000	3,404,000	3,821,000	4,124,000	14,477,000
Price per Bbl/MMBtu - Year One	[2]	(2.22)	(2.17)	(2.11)	(2.05)	(2.13)
Volume (Bbl/MMBtu) - Year Two \| bbl	[2]	0	0	2,457,000	2,430,000	4,887,000
Price per Bbl/MMBtu - Year Two	[2]	0	0	(1.67)	(1.67)	(1.67)
Natural Gas Swap [Member]
Derivative [Line Items]
Volume (Bbl/MMBtu) - Current Year \| MMBTU	[3]	5,980,000	5,980,000			11,960,000
Price per Bbl/MMBtu - Current Year \| $ / MMBTU	[3]	4.16	4.16			4.16
Natural Gas Basis Swap [Member]
Derivative [Line Items]
Volume (Bbl/MMBtu) - Current Year \| MMBTU	[4]	1,380,000	1,380,000			2,760,000
Price per Bbl/MMBtu - Current Year \| $ / MMBTU	[4]	(0.13)	(0.13)			(0.13)

[1]	The index prices for the oil price swaps are based on the New York Mercantile Exchange (“NYMEX”) – West Texas Intermediate (“WTI”) monthly average futures price.
[2]	The basis differential price is between Midland – WTI and Cushing – WTI.
[3]	The index prices for the natural gas price swaps are based on the NYMEX – Henry Hub last trading day futures price.
[4]	The basis differential price is between the El Paso Permian delivery point and NYMEX – Henry Hub delivery point.

Derivative Counterparties (Deta

Derivative Counterparties (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Derivative Counterparties Fair Value [Line Items]
Net financial assets (liabilities)	$ 441,233,000	$ 752,700,000
JP Morgan Chase Bank [Member]
Derivative Counterparties Fair Value [Line Items]
Credit Risk Derivative Assets At Fair Value	64,900,000
Wells Fargo Bank NA [Member]
Derivative Counterparties Fair Value [Line Items]
Credit Risk Derivative Assets At Fair Value	57,800,000
Barclays Bank PLC [Member]
Derivative Counterparties Fair Value [Line Items]
Credit Risk Derivative Assets At Fair Value	54,200,000
KeyBank National Association [Member]
Derivative Counterparties Fair Value [Line Items]
Credit Risk Derivative Assets At Fair Value	$ 47,400,000

Debt (Summary Of Long-Term Debt

Debt (Summary Of Long-Term Debt) (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Credit facility	$ 206,000	$ 139,500
Unamortized original issue premium, net	26,465	27,820
Less: current portion	0	0
Total long-term debt	3,582,465	3,517,320
7.0% senior notes due 2021
Debt Instrument [Line Items]
Unsecured senior notes	600,000	600,000
6.5% senior notes due 2022
Debt Instrument [Line Items]
Unsecured senior notes	600,000	600,000
5.5% unsecured senior notes due 2022
Debt Instrument [Line Items]
Unsecured senior notes	600,000	600,000
5.5% unsecured senior notes due 2023
Debt Instrument [Line Items]
Unsecured senior notes	$ 1,550,000	$ 1,550,000

Debt (Narrative) (Detail)

Debt (Narrative) (Detail) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Debt Disclosure [Line Items]
Line of credit maturity date	May 9, 2019
Aggregate maximum borrowing base	$ 3,250
Aggregate lender commitments	$ 2,500

Debt (Principal Maturities Of D

Debt (Principal Maturities Of Debt) (Detail) $ in Thousands	Jun. 30, 2015USD ($)
Disclosure Debt Principal Maturities Of Debt [Abstract]
Remaining 2,015	$ 0
2,016	0
2,017	0
2,018	0
2,019	206,000
2,020	0
Thereafter	3,350,000
Total	$ 3,556,000

Debt (Summary Of Interest Expen

Debt (Summary Of Interest Expense) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Disclosure Debt Summary Of Interest Expense [Abstract]
Cash payments for interest	$ 59,225	$ 65,480	$ 105,232	$ 109,800
Amortization of original issue premium	(681)	(645)	(1,355)	(1,282)
Amortization of deferred loan origination costs	2,482	2,725	4,945	6,072
Net changes in accruals	(6,365)	(12,172)	618	(3,067)
Interest costs incurred	54,661	55,388	109,440	111,523
Less: capitalized interest	(1,179)	0	(2,389)	0
Total interest expense	$ 53,482	$ 55,388	$ 107,051	$ 111,523

Commitments And Contingencies55

Commitments And Contingencies (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Commitments [Line Items]
Annual officers' salaries	$ 7.9		$ 7.9
Operating leases, lease payments	1.9	$ 1.7	3.8	$ 3.4
Accrued Exposure	$ 12.1		$ 12.1		$ 12.3

Commitments And Contingencies56

Commitments And Contingencies (Future Commitments) (Detail) $ in Thousands	Jun. 30, 2015USD ($)
Disclosure Commitments And Contingencies Future Commitments [Abstract]
Remaining 2,015	$ 27,341
2,016	38,233
2,017	24,474
2,018	20,633
2,019	9,931
2,020	3,517
Thereafter	27,943
Total	$ 152,072

Commitments And Contingencies57

Commitments And Contingencies (Future Minimum Lease Commitments Under Non-Cancellable Operating Leases) (Detail) $ in Thousands	Jun. 30, 2015USD ($)
Disclosure Commitments And Contingencies Future Minimum Lease Commitments Under Non Cancellable Operating Leases [Abstract]
Remaining 2,015	$ 3,792
2,016	6,269
2,017	6,137
2,018	5,233
2,019	4,306
2,020	4,259
Thereafter	4,687
Total	$ 34,683

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Detail)	3 Months Ended		6 Months Ended
Income Taxes (Narrative) (Detail)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Disclosure Income Taxes Narrative [Abstract]
Effective tax rate	37.00%	37.50%	37.10%	37.70%

Related Party Transactions (Sch

Related Party Transactions (Schedule Of Related Party Transactions) (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Ownership interest in system		3.50%
Partnership (Director Ownership Interest) [Member]
Related Party Transaction [Line Items]
Royalty interest paid	[1]	$ 1,403	$ 3,253	$ 3,097	$ 6,055
Director and Certain Officers [Member]
Related Party Transaction [Line Items]
Royalty interest paid	[2]	$ 32	$ 60	$ 555	$ 157

[1]	Amounts include r oyalties on certain properties and lease bonus payments paid to a partnership in which a director of the Company is the general partner and owns a 3.5 percent partnership interest.
[2]	Amounts include revenue interests, overriding royalty interests, and net profits interests in properties owned by the Company made to a director and certain officers (or affiliated entities). Amounts also include payments for an acreage acquisition and lease bonuses to an affiliated entity of an offic er.

Net Income Per Share (Narrative

Net Income Per Share (Narrative) (Detail) - 6 months ended Jun. 30, 2015	Total
Disclosure Net Income Per Share Narrative [Abstract]
Performance unit awards vesting period	36 months
Maximum Payout Value on Performance Units	300.00%
Minimum Payout Value on Performance Units	0.00%

Net Income Per Share (Reconcili

Net Income Per Share (Reconciliation Of Earnings Attributable To Common Shares Basic And Diluted) (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss)	$ (120,483)	$ 11,769	$ (112,971)	$ 103,076
Participating basic earnings	0	(131)	0	(1,174)
Basic net income (loss) attributable to common stockholders	(120,483)	11,638	(112,971)	101,902
Reallocation of participating earnings	0	1	0	3
Diluted net income (loss) attributable to common stockholders	$ (120,483)	$ 11,639	$ (112,971)	$ 101,905
Basic net income (loss)	$ (1.02)	$ 0.11	$ (0.97)	$ 0.96
Diluted net income (loss)	$ (1.02)	$ 0.11	$ (0.97)	$ 0.96

Net Income Per Share (Reconci62

Net Income Per Share (Reconciliation Of The Weighted Average Common Shares Outstanding) (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Reconciliation Of Basic Weighted Average Common Shares Outstanding To Diluted Weighted Average Common Shares Outstanding [Line Items]
Basic	117,637	107,733	116,502	105,852
Diluted	117,637	108,051	116,502	106,189
Stock Options [Member]
Reconciliation Of Basic Weighted Average Common Shares Outstanding To Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive shares	0	107	0	115
Performance Shares [Member]
Reconciliation Of Basic Weighted Average Common Shares Outstanding To Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive shares	0	211	0	222

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Disclosure Stockholders' Equity Narrative [Abstract]
Issuance of common stock (Shares)	6,900
Net proceeds from issuance of common stock	$ 741,509	$ 932,455
Shares issued price per share	$ 107.49

Subsidiary Guarantors (Condense

Subsidiary Guarantors (Condensed Consolidating Balance Sheet) (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Accounts receivable - related parties	$ 0	$ 0
Other current assets	901,692	1,188,396
Oil and natural gas properties, net	10,830,298	10,076,878
Property and equipment, net	146,138	129,136
Investment in subsidiaries	0	0
Other long-term assets	275,848	405,553
Total assets	12,153,976	11,799,963
LIABILITIES AND EQUITY
Accounts payable - related parties	0	0
Other current liabilities	1,099,129	1,427,193
Long-term debt	3,582,465	3,517,320
Other long-term liabilities	1,534,235	1,574,662
Equity	5,938,147	5,280,788
Total liabilities and stockholders' equity	12,153,976	11,799,963
Parent Company [Member]
ASSETS
Accounts receivable - related parties	7,684,553	6,670,744
Other current assets	383,698	569,545
Oil and natural gas properties, net	0	0
Property and equipment, net	0	0
Investment in subsidiaries	4,046,002	4,085,045
Other long-term assets	157,340	330,792
Total assets	12,271,593	11,656,126
LIABILITIES AND EQUITY
Accounts payable - related parties	1,171,087	1,201,950
Other current liabilities	186,222	217,884
Long-term debt	3,582,465	3,517,320
Other long-term liabilities	1,393,672	1,438,184
Equity	5,938,147	5,280,788
Total liabilities and stockholders' equity	12,271,593	11,656,126
Guarantor Subsidiaries [Member]
ASSETS
Accounts receivable - related parties	1,171,087	1,201,950
Other current assets	517,994	618,851
Oil and natural gas properties, net	10,830,298	10,076,878
Property and equipment, net	146,138	129,136
Investment in subsidiaries	0	0
Other long-term assets	118,508	74,761
Total assets	12,784,025	12,101,576
LIABILITIES AND EQUITY
Accounts payable - related parties	7,684,553	6,670,744
Other current liabilities	912,907	1,209,309
Long-term debt	0	0
Other long-term liabilities	140,563	136,478
Equity	4,046,002	4,085,045
Total liabilities and stockholders' equity	12,784,025	12,101,576
Consolidation Eliminations [Member]
ASSETS
Accounts receivable - related parties	(8,855,640)	(7,872,694)
Other current assets	0	0
Oil and natural gas properties, net	0	0
Property and equipment, net	0	0
Investment in subsidiaries	(4,046,002)	(4,085,045)
Other long-term assets	0	0
Total assets	(12,901,642)	(11,957,739)
LIABILITIES AND EQUITY
Accounts payable - related parties	(8,855,640)	(7,872,694)
Other current liabilities	0	0
Long-term debt	0	0
Other long-term liabilities	0	0
Equity	(4,046,002)	(4,085,045)
Total liabilities and stockholders' equity	$ (12,901,642)	$ (11,957,739)

Subsidiary Guarantors (Conden65

Subsidiary Guarantors (Condensed Consolidating Statement Of Operations) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Financial Statements Captions [Line Items]
Total operating revenues	$ 537,425	$ 704,702	$ 950,947	$ 1,365,661
Total operating costs and expenses	(669,456)	(616,641)	(1,013,406)	(1,075,368)
Income (loss) from continuing operations	(132,031)	88,061	(62,459)	290,293
Interest expense	(53,482)	(55,388)	(107,051)	(111,523)
Loss on extinguishment of debt	0	(4,316)	0	(4,316)
Other, net	(5,678)	(9,529)	(10,019)	(8,988)
Income (loss) before income taxes	(191,191)	18,828	(179,529)	165,466
Income tax (expense) benefit	70,708	(7,059)	66,558	(62,390)
Net income (loss)	(120,483)	11,769	(112,971)	103,076
Parent Company [Member]
Condensed Financial Statements Captions [Line Items]
Total operating revenues	0	0	0	0
Total operating costs and expenses	148,039	165,326	33,435	201,479
Income (loss) from continuing operations	(148,039)	(165,326)	(33,435)	(201,479)
Interest expense	(53,482)	(55,388)	(107,051)	(111,523)
Loss on extinguishment of debt		(4,316)		(4,316)
Other, net	10,330	243,858	(39,043)	482,784
Income (loss) before income taxes	(191,191)	18,828	(179,529)	165,466
Income tax (expense) benefit	70,708	(7,059)	66,558	(62,390)
Net income (loss)	(120,483)	11,769	(112,971)	103,076
Guarantor Subsidiaries [Member]
Condensed Financial Statements Captions [Line Items]
Total operating revenues	537,425	704,702	950,947	1,365,661
Total operating costs and expenses	521,417	451,315	979,971	873,889
Income (loss) from continuing operations	16,008	253,387	(29,024)	491,772
Interest expense	0	0	0	0
Loss on extinguishment of debt		0		0
Other, net	(5,678)	(9,530)	(10,019)	(8,989)
Income (loss) before income taxes	10,330	243,857	(39,043)	482,783
Income tax (expense) benefit	0	0	0	0
Net income (loss)	10,330	243,857	(39,043)	482,783
Consolidation Eliminations [Member]
Condensed Financial Statements Captions [Line Items]
Total operating revenues	0	0	0	0
Total operating costs and expenses	0	0	0	0
Income (loss) from continuing operations	0	0	0	0
Interest expense	0	0	0	0
Loss on extinguishment of debt		0		0
Other, net	(10,330)	(243,857)	39,043	(482,783)
Income (loss) before income taxes	(10,330)	(243,857)	39,043	(482,783)
Income tax (expense) benefit	0	0	0	0
Net income (loss)	$ (10,330)	$ (243,857)	$ 39,043	$ (482,783)

Subsidiary Guarantors (Conden66

Subsidiary Guarantors (Condensed Consolidating Statement Of Cash Flows) (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Condensed Financial Statements Captions [Line Items]
Net cash flows provided by (used in) operating activities	$ 488,934	$ 854,728
Net cash flows provided by (used in) investing activities	(1,284,189)	(1,125,003)
Net cash flows provided by (used in) financing activities	795,514	635,742
Net increase in cash and cash equivalents	259	365,467
Cash and cash equivalents at beginning of period	21	21
Cash and cash equivalents at end of period	280	365,488
Parent Company [Member]
Condensed Financial Statements Captions [Line Items]
Net cash flows provided by (used in) operating activities	(1,085,293)	(631,569)
Net cash flows provided by (used in) investing activities	279,408	(40,891)
Net cash flows provided by (used in) financing activities	805,885	672,460
Net increase in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Guarantor Subsidiaries [Member]
Condensed Financial Statements Captions [Line Items]
Net cash flows provided by (used in) operating activities	1,574,227	1,486,297
Net cash flows provided by (used in) investing activities	(1,563,597)	(1,084,112)
Net cash flows provided by (used in) financing activities	(10,371)	(36,718)
Net increase in cash and cash equivalents	259	365,467
Cash and cash equivalents at beginning of period	21	21
Cash and cash equivalents at end of period	280	365,488
Consolidation Eliminations [Member]
Condensed Financial Statements Captions [Line Items]
Net cash flows provided by (used in) operating activities	0	0
Net cash flows provided by (used in) investing activities	0	0
Net cash flows provided by (used in) financing activities	0	0
Net increase in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	$ 0	$ 0

Subsequent Events (New Commodit

Subsequent Events (New Commodity Derivative Contracts) (Detail) - Subsequent Event [Member]		3 Months Ended				12 Months Ended
		Dec. 31, 2015bblMMBTU$ / bbl$ / MMBTU	Sep. 30, 2015bblMMBTU$ / bbl$ / MMBTU	Jun. 30, 2015bblMMBTU$ / bbl$ / MMBTU	Mar. 31, 2015bblMMBTU$ / bbl$ / MMBTU	Dec. 31, 2015bblMMBTU$ / bbl$ / MMBTU
Oil Swaps [Member]
Subsequent Event [Line Items]
Volume (Bbl/MMBtu) - Current Year \| bbl	[1]	675,000	450,000			1,125,000
Price per Bbl/MMBtu - Current Year	[1]	49.12	49.12			49.12
Volume (Bbl/MMBtu) - Year One \| bbl	[1]	750,000	750,000	750,000	950,000	3,200,000
Price per Bbl/MMBtu - Year One	[1]	53.62	53.62	53.62	53.43	53.56
Volume (Bbl/MMBtu) - Year Two \| bbl	[1]	0	0	360,000	360,000	720,000
Price per Bbl/MMBtu - Year Two	[1]	0	0	56.63	56.63	56.63
Oil Basis Swaps [Member]
Subsequent Event [Line Items]
Volume (Bbl/MMBtu) - Current Year \| bbl	[2]	460,000	305,000			765,000
Price per Bbl/MMBtu - Current Year	[2]	0.22	0.22			0.22
Volume (Bbl/MMBtu) - Year One \| bbl	[2]	0	184,000	0	0	184,000
Price per Bbl/MMBtu - Year One	[2]	0	(0.7)	0	0	(0.7)
Volume (Bbl/MMBtu) - Year Two \| bbl	[2]	0	0	728,000	720,000	1,448,000
Price per Bbl/MMBtu - Year Two	[2]	0	0	(0.96)	(0.96)	(0.96)
Natural Gas Swap [Member]
Subsequent Event [Line Items]
Volume (Bbl/MMBtu) - Year One \| MMBTU	[3]	920,000	920,000	910,000	910,000	3,660,000
Price per Bbl/MMBtu - Year One \| $ / MMBTU	[3]	3.14	3.14	3.14	3.14	3.14

[1]	The index prices for the oil price swaps are based on the New York Mercantile Exchange (“NYMEX”) – West Texas Intermediate (“WTI”) monthly average futures price.
[2]	The basis differential price is between Midland – WTI and Cushing – WTI.
[3]	The index prices for the natural gas price swaps are based on the NYMEX – Henry Hub last trading day futures price.

Supplementary Information (Capi

Supplementary Information (Capitalized Costs) (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Disclosure Supplementary Information Capitalized Costs [Abstract]
Proved	$ 14,232,112	$ 12,795,970
Unproved	951,201	1,071,861
Accumulated depletion and depreciation	(4,353,015)	(3,790,953)
Net capitalized costs for oil and natural gas properties	$ 10,830,298	$ 10,076,878

Supplementary Information (Cost

Supplementary Information (Costs Incurred For Oil And Natural Gas Producing Activities) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Disclosure Supplementary Information Costs Incurred For Oil And Natural Gas Producing Activities [Abstract]
Proved	$ 2,243	$ 2,137	$ 2,243	$ 22,627
Unproved	18,037	11,382	34,050	36,070
Exploration	343,051	342,424	772,220	666,921
Development	221,410	193,163	523,154	404,842
Total costs incurred for oil and natural gas properties	$ 584,741	$ 549,106	$ 1,331,667	$ 1,130,460