Concho Resources (CXO) 10-Q 5 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 02, 2016
Document Documentand Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		131,550,680

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 466,821	$ 228,550
Accounts receivable, net of allowance for doubtful accounts:
Oil and natural gas	191,698	203,972
Joint operations and other	168,545	190,608
Derivative instruments	527,769	652,498
Prepaid costs and other	33,734	38,922
Total current assets	1,388,567	1,314,550
Property and equipment:
Oil and natural gas properties, successful efforts method	16,217,487	15,846,307
Accumulated depletion and depreciation	(6,830,070)	(5,047,810)
Total oil and natural gas properties, net	9,387,417	10,798,497
Other property and equipment, net	182,473	178,450
Total property and equipment, net	9,569,890	10,976,947
Deferred loan costs, net	14,416	15,585
Intangible asset - operating rights, net	25,328	25,693
Inventory	19,311	19,118
Noncurrent derivative instruments	114,072	167,038
Other assets	154,937	122,945
Total assets	11,286,521	12,641,876
Accounts payable:
Trade	20,751	13,200
Related parties	0	0
Revenue payable	123,338	169,787
Accrued and prepaid drilling costs	267,235	228,523
Other current liabilities	193,624	184,910
Total current liabilities	604,948	596,420
Long-term debt	3,332,854	3,332,188
Deferred income taxes	1,046,796	1,630,373
Noncurrent derivative instruments	393	0
Asset retirement obligations and other long-term liabilities	$ 142,758	$ 140,344
Commitments and contingencies (Note 10)
Stockholders' equity:
Common stock, $0.001 par value; 300,000,000 authorized; 131,973,782 and 129,444,042 shares issued at March 31, 2016 and December 31, 2015, respectively	$ 132	$ 129
Additional paid-in capital	4,874,546	4,628,390
Retained earnings	1,325,161	2,345,641
Treasury stock, at cost; 409,076 and 306,061 shares at March 31, 2016 and December 31, 2015, respectively	(41,067)	(31,609)
Total stockholders' equity	6,158,772	6,942,551
Total liabilities and stockholders' equity	$ 11,286,521	$ 12,641,876

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
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	131,973,782	129,444,042
Treasury shares	409,076	306,061

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating revenues:
Oil sales	$ 242,154	$ 349,584
Natural gas sales	41,410	63,938
Total operating revenues	283,564	413,522
Operating costs and expenses:
Oil and natural gas production	114,957	125,535
Exploration and abandonments	22,860	5,755
Depreciation, depletion and amortization	310,082	267,205
Accretion of discount on asset retirement obligations	1,712	1,994
Impairments of long-lived assets	1,524,645	0
General and administrative (including non-cash stock-based compensation of $16,022 and $15,495 for the three months ended March 31, 2016 and 2015, respectively)	53,795	58,801
Gain on derivatives	(79,842)	(115,340)
(Gain) loss on disposition of assets, net	(111,066)	39
Total operating costs and expenses	1,837,143	343,989
Income (loss) from operations	(1,553,579)	69,533
Other income (expense):
Interest expense	(54,138)	(53,569)
Other, net	(6,535)	(4,302)
Total other expense	(60,673)	(57,871)
Income (loss) before income taxes	(1,614,252)	11,662
Income tax (expense) benefit	593,772	(4,150)
Net income (loss)	$ (1,020,480)	$ 7,512
Earnings per share:
Basic net income (loss)	$ (7.95)	$ 0.07
Diluted net income (loss)	$ (7.95)	$ 0.06

Consolidated Statements of Ope5

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Non-cash stock-based compensation	$ 16,022	$ 15,495

Consolidated Statement of Stock

Consolidated Statement of Stockholders Equity - 3 months ended Mar. 31, 2016 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid In Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]
BALANCE at Dec. 31, 2015	$ 6,942,551	$ 129	$ 4,628,390	$ 2,345,641	$ (31,609)
BALANCE, Shares at Dec. 31, 2015		129,444			306
Net loss	$ (1,020,480)	$ 0	0	(1,020,480)	$ 0
Common stock issued in business combination (Shares)	2,214	2,214			0
Common stock issued in business combination	$ 230,828	$ 2	230,826	0	$ 0
Stock options exercised	11	$ 1	10	0	$ 0
Options exercised		1			0
Grants of stock awards, shares		336			0
Cancellation of restricted stock, shares		(21)			0
Stock-based compensation	16,022	$ 0	16,022	0	$ 0
Tax deficiency related to stock-based compensation	(702)	0	(702)	0	0
Purchase of treasury stock	(9,458)	$ 0	0	0	$ (9,458)
Purchase of treasury stock, shares		0			103
BALANCE at Mar. 31, 2016	$ 6,158,772	$ 132	$ 4,874,546	$ 1,325,161	$ (41,067)
BALANCE, Shares at Mar. 31, 2016		131,974			409

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (1,020,480)	$ 7,512
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	310,082	267,205
Accretion of discount on asset retirement obligations	1,712	1,994
Impairments of long-lived assets	1,524,645	0
Exploration and abandonments, including dry holes	20,652	2,700
Non-cash stock-based compensation expense	16,022	15,495
Deferred income taxes	(583,577)	(11,031)
(Gain) loss on disposition of assets, net	(111,066)	39
Gain on derivatives	(79,842)	(115,340)
Other non-cash items	5,282	2,612
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable	68,701	35,731
Prepaid costs and other	(4,764)	649
Inventory	(219)	3
Accounts payable	7,536	3,119
Revenue payable	(44,335)	(77,105)
Other current liabilities	1,926	(7,334)
Net cash provided by operating activities	112,275	126,249
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures on oil and natural gas properties	(379,799)	(790,773)
Additions to property, equipment and other assets	(8,999)	(8,147)
Proceeds from the disposition of assets	292,013	0
Contributions to equity method investments	(25,000)	(20,000)
Net settlements received from derivatives	257,930	167,156
Net cash provided by (used in) investing activities	136,145	(651,764)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of debt	0	739,000
Payments of debt	0	(878,500)
Exercise of stock options	11	57
Excess tax benefit (deficiency) from stock-based compensation	(702)	464
Net proceeds from issuance of common stock	0	741,184
Purchase of treasury stock	(9,458)	(3,151)
Decrease in bank overdrafts	0	(73,539)
Net cash provided by (used in) financing activities	(10,149)	525,515
Net increase in cash and cash equivalents	238,271	0
Cash and cash equivalents at beginning of period	228,550	21
Cash and cash equivalents at end of period	466,821	21
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Issuance of common stock for a business combination	$ 230,828	$ 0

Organization and nature of oper

Organization and nature of operations	3 Months Ended
	Mar. 31, 2016
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 , exploration and production of oil and natural gas properties primarily loc ated in the Permian Basin of Southeast New Mexico and West Texas.

Summary of significant accounti

Summary of significant accounting policies	3 Months Ended
	Mar. 31, 2016
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. Reclassifications. Certain prior period amounts have been reclassified to conform to the 2016 presentation. These reclassifications had no im pact on net income (loss), total stockholders’ equity or cash flows. Use of estimates in the preparation of financial statements. Preparation of financial statements in conformity with generally accepted accounting principles in the United States of Ameri ca 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 and the reported amounts of revenues and expens es 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 numerous 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 uncertaint ies including, among others, estimates of future recoverable reserves , commodity price outlooks and prevailing market rates of other sources of income and costs . Other significant estimates inclu de, but are not limited to, asset retirement obligations, fai r value of deriva tive financial instruments, fair value of business combinations , fair value of nonmonetary exchanges, 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 Company’s independent registered public accounting firm, except that the consolidated balance sheet at December 31, 2015 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 accompa nying 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 resul ts 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 c onjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . Cash equivalents. The Company considers all cash on hand, depository accounts held by banks, money market accounts and investments with an original maturity of three months or less to be cash equivalents. At March 31, 2016 , the Company had approximately $145.8 million of restricted cash in an account held by a trustee in connection with a tax-free exchange transaction. During April 2016 , the cash amount was transferred to the Company. The Company’s cash and cash equivalents are held in fi nancial institutions in amounts that exceed the insurance limits of the Federal Deposit Insurance Corporation. However, management believes that the Company’s counterparty risks are minimal based on the reputation and history of the institutions selected. Equity method investments. The Company owns a 50 percent member ship 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 membership 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 expects the option to become exercisable during the third quarter of 2016 . The Company accounts for its investment in ACC under the equity method of accounting for investment s in unconsolidated affiliates. The Company’s net investment in ACC was approximately $ 122.9 million and $ 98.9 million at March 31, 2016 and December 31, 2015 , respectively, and is included in other assets in the Company’s consolidated balance sheet. The equity loss for the three months ended March 31, 2016 and 2015 wa s approximately $ 1.0 million and $ 0.8 million, respectively, and is included in other expense in the Company’s consolidated statement of operations. During the three months ended March 31, 2015 , the Company recorded $ 0.6 million of capitalized interest on its investment in ACC. ACC commenced partial operations in late 2015 . The Company expects the system to be fully operational during 2016 . During 2015, the Company purchased a 25 percent membership i nterest in an entity, which is constructing a crude oil gathering and transportation system in the southern Delaware Basin. The system is expected to be completed and operational during 2016. The Company accounts for its investment under the equity method of accounting for investments in unconsolidated affiliates. The Company’s net investment was approximately $ 18.9 million and $ 20.8 million at March 31, 2016 and December 31, 2015 , respectively, and is included in other assets in the Company’s consolidated balance sheet. The equity loss for the three months ended March 31, 2016 was approximately $ 1.9 million. Revenue recognition. Oil and natural gas revenu es 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 Comp any’s actual proceeds from the oil and natural gas sold to purchasers. General and administrative expense . The Company receives fees for the operation of jointly-owned oil and natural gas properties and records such reimbursements as reductions of genera l and administrative expense. Such fees totaled approximately $ 6.5 million and $ 6.4 million for the three months ended March 31, 2016 and 2015 , respectively . Recent accounting pronouncements. In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which outlines 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 provides 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 receive in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” which deferred the effective date of ASU 2014-09 by one year. That new standard is now effective for annual reporting periods beginning after December 15, 2017. An entity can apply ASU 2014-09 using either a full retrospective method, meaning the s tandard 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 statements. The Company is evaluati ng the impact that this new guidance will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which supersedes current lease guidance. The new lease standard requires all leases with a te rm greater than one year to be recognized on the balance sheet while maintaining substantially similar classifications for finance and operating leases. Lease expense recognition on the income statement will be effectively unchanged. This guidance is effec tive for reporting periods beginning after December 15, 2018 and early adoption is permitted. The Company is evaluating the impact that this new guidance will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, “ Compensation–Stock Compensations (Topic 718): Improvements to Employee Share-based Payment Accounting,” which changes the accounting and presentation for share-based payment arrangements in the following areas: ( i ) r ecognition in the statement of operation s of exces s tax benefits and deficiencies; (ii) cash flow presentation of exces s tax benefits and deficiencies; (iii) minimum statutory withholding thresholds and the classification on the cash flow statement of the withheld amounts; and (iv) an accounting policy election to recognize forfeitures as they occur. This guidance is effective for reporting periods beginning after December 15, 2016 and early adoption is permitted. The Company is evaluating the impact that this new guidance will have on its consol idated financial statements.

Exploratory well costs

Exploratory well costs	3 Months Ended
	Mar. 31, 2016
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 three months ended March 31, 2016 : Three Months Ended (in thousands) March 31, 2016 Beginning capitalized exploratory well costs $ 116,198 Additions to exploratory well costs pending the determination of proved reserves 84,895 Reclassifications due to determination of proved reserves (45,436) Disposition of wells (17,339) Ending capitalized exploratory well costs $ 138,318 The following table provides an aging at March 31, 2016 and December 31, 2015 of capitalized exploratory well costs based on the date drilling was completed: March 31, December 31, (dollars in thousands) 2016 2015 Capitalized exploratory well costs that have been capitalized for a period of one year or less $ 125,542 $ 98,764 Capitalized exploratory well costs that have been capitalized for a period greater than one year 12,776 17,434 Total capitalized exploratory well costs $ 138,318 $ 116,198 Number of projects with exploratory well costs that have been capitalized for a period greater than one year 8 8 Delaware Basin project . At March 31, 2016 , the Company had approximately $ 1.4 million of suspended well costs greater than one year recorded for a wel l that was initially drilled to monitor nearby wells and is also being used to determine the productivity potential of additional zones. At March 31, 201 6 , the Company also had approximately $ 6.0 million of suspended well costs greater than one year recorded for a well spud in late 2014 that test ed multiple zones . Currently, the Company is ev aluating results in the area to determine the most suitable lateral zone in which to complete. Both wells completed drilling in 2014. Projects operated by others. At March 31, 2016 , the Company had approximately $ 5.0 million of suspended well costs greater than one year recorded for five wells that are operated by others and waiting on completion. Two of these wells, with suspended well costs totaling approximately $3. 5 million, completed drilling in 2012 and are expe cted to be completed in 2016. The remaining three wells completed drilling in 2014 and are waiting on completion. Texas Permian project . At March 31, 2016 , the Company had approximately $ 0 . 3 million of suspended well costs recorded for a well that was initially drilled to monitor nearby pad wells . These costs became greater than one year old during the three months ended March 31, 2016.

Acquisitions and divestitures

Acquisitions and divestitures	3 Months Ended
	Mar. 31, 2016
Acquisitions and Divestitures [Abstract]
Acquisitions and divestitures	Note 4 . Acquisitions and divestitures Asset acquisition. In March 2016, the Company completed an acquisition of 80 percent of a third-party seller’s interest in certain oil and natural gas properties and related assets in the southern Delaware Basin. As consideration for the acquisition, the Company issue d to the seller approximately 2.2 million shares of common stock with an approximate valu e of $230.8 million , $ 146.2 million in cash and $40.0 million to carry a portion of the seller’s future development costs in these properties. Asset divestiture. In February 2016, the Company sold certain assets in the northern Delaware Basin for estimat ed proceeds of approximately $ 294.1 million , subject to customary post-closing adjustments, and recognized a pre-tax gain of approximately $111.1 million.

Asset retirement obligations

Asset retirement obligations	3 Months Ended
	Mar. 31, 2016
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations	Note 5 . 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 three months ended March 31, 2016 : Three Months Ended (in thousands) March 31, 2016 Asset retirement obligations, beginning of period $ 119,945 Liabilities incurred from new wells 460 Liabilities assumed in acquisitions 902 Accretion expense 1,712 Disposition of wells (507) Liabilities settled upon plugging and abandoning wells (464) Asset retirement obligations, end of period $ 122,048

Incentive plans

Incentive plans	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Incentive plans	Note 6 . 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 three months ended March 31, 2016 is presented below: Restricted Stock Performance Stock Options Units Outstanding at December 31, 2015 1,199,647 42,901 315,755 Awards granted (a) 155,706 - 161,361 Options exercised - (824) - Awards cancelled / forfeited (20,884) - (2,909) Lapse of restrictions (124,629) - - Outstanding at March 31, 2016 1,209,840 42,077 474,207 (a) Weighted average grant date fair value per share $ 91.19 $ - $ 114.81 The Company used the following assumptions to estimate the fair value of performance unit awards granted during the three months ended March 31, 2016 : Three Months Ended March 31, 2016 Risk-free interest rate 1.31% Range of volatilities 31.6% - 59.0% 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 March 31, 2016 : (in thousands) Remaining 2016 $ 44,810 2017 37,003 2018 14,541 2019 1,102 2020 14 Total $ 97,470

Disclosures about fair value me

Disclosures about fair value measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Disclosures about fair value measurements	Note 7 . 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. The 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 inputs 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 are 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-ex change 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 : Prices or valuation 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 cons ider 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 March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 Carrying Fair Carrying Fair (in thousands) Value Value Value Value Assets: Derivative instruments $ 641,841 $ 641,841 $ 819,536 $ 819,536 Liabilities: Derivative instruments $ 393 $ 393 $ - $ - $600 million 7.0% senior notes due 2021 (a) $ 592,729 $ 606,000 $ 592,414 $ 595,500 $600 million 6.5% senior notes due 2022 (a) $ 591,834 $ 606,000 $ 591,549 $ 579,000 $600 million 5.5% senior notes due 2022 (a) $ 593,117 $ 589,500 $ 592,899 $ 553,500 $1,550 million 5.5% senior notes due 2023 (a) $ 1,555,174 $ 1,542,875 $ 1,555,326 $ 1,453,005 (a) The carrying value includes associated deferred loan costs and any premium. 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. 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 March 31, 2016 and December 31, 2015 . The Company nets the fair value of derivative instruments by counterparty in the Company’s consolidated balance sheets. March 31, 2016 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 $ - $ 551,755 $ - $ 551,755 $ (23,986) $ 527,769 Noncurrent: Commodity derivatives - 121,559 - 121,559 (7,487) 114,072 Liabilities: Current: Commodity derivatives - (23,986) - (23,986) 23,986 - Noncurrent: Commodity derivatives - (7,880) - (7,880) 7,487 (393) Net derivative instruments $ - $ 641,448 $ - $ 641,448 $ - $ 641,448 December 31, 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 $ - $ 684,029 $ - $ 684,029 $ (31,531) $ 652,498 Noncurrent: Commodity derivatives - 175,267 - 175,267 (8,229) 167,038 Liabilities: Current: Commodity derivatives - (31,531) - (31,531) 31,531 - Noncurrent: Commodity derivatives - (8,229) - (8,229) 8,229 - Net derivative instruments $ - $ 819,536 $ - $ 819,536 $ - $ 819,536 Concentrations of credit risk. At March 31, 2016 , the Company’s primary concentrations of credit risk 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 8 for additional information regarding the Company ’ s derivative activities and counterparties . 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 periodically reviews its long-lived assets to be held and used, including proved oil and natural gas properties and its integrated assets, 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. The Company reviews its oil and natural gas properties by depletion base or by individual well for those wells no t constituting part of a depletion base. 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. If the estimated undiscounted future net cash flows are less than the car rying amount of the Company’s assets, it 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 calculates the expected undiscounted future net cash flows of its lo ng-lived assets and its integrated assets using management’s assumptions and expectations of ( i ) commodity prices, which are based on the New York Mercantile Exchange (“NYMEX”) strip, (ii) pricing adjustments for differentials, (iii) production costs, (iv) capital expenditures, (v) production volumes, (vi) proved reserves and risk-adjusted probable and possible reserves, and (vii) other sources of income and expenses from integrated assets. The Company calculates the estimated fair values of its long-lived assets and their integrated assets using a discounted future cash flow model. Fair value assumptions associated with the calculation of discounted future net cash flows include ( i ) market estimates of commodity prices, (ii) pricing adjustments for differe ntials, (iii) production costs, (iv) capital expenditures, (v) production volumes, (vi) estimated proved reserves and risk-adjusted probable and possible reserves, (vii) prevailing market rates of income and expenses from integrated assets and (viii) disco unt rate. The expected future net cash flows were discounted using an annual rate of 10 percent to determine fair value . These are classified as Level 3 fair value assumptions. As a result of the carrying amount of certain of the Company’s long-lived asse ts being less than their expected undiscounted future net cash flows, the Company recognized a non-cash charge against earnings for the amount by which the carrying amount exceeded the estimated fair value of the assets. The following table reports the car rying amount, estimated fair value and impairment expense of long-lived assets for the indicated period : Estimated Carrying Fair Value Impairment (in thousands) Amount (Level 3) Expense March 2016 $ 3,437,612 $ 1,912,967 $ 1,524,645 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 futu re cash flows are ( i ) commodity 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 , (iv) results of f uture drilling activities and (v) c hanges in income and expenses from integrated assets. B ased on the factors above as of March 31, 2016 , the Company determined that undiscounted fu ture cash flows attributable to a certain depletion group indicated that the carrying amount was expected t o be recovered; however, it may be at risk for impairment if management’s estimates o f future cash flows further decline.

Derivative financial instrument

Derivative financial instruments	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative financial instruments	Note 8 . 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 gain reported in earnings related to the commodity derivative i nstruments for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, (in thousands) 2016 2015 Gain on derivatives: Oil derivatives $ 71,140 $ 110,280 Natural gas derivatives 8,702 5,060 Total $ 79,842 $ 115,340 The following table represents the Company’s net cash receipts from derivatives for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, (in thousands) 2016 2015 Net cash receipts from derivatives: Oil derivatives $ 251,127 $ 160,186 Natural gas derivatives 6,803 6,970 Total $ 257,930 $ 167,156 Commodity derivative contracts at March 31, 2016 . The following table sets forth the Company’s outstanding derivative contracts at March 31, 2016 . When aggregating multiple contracts, the weighted average contract price is disclosed. All of the Company’s derivative contracts at March 31, 2016 are expected to settle by December 31 , 2017. First Second Third Fourth Quarter Quarter Quarter Quarter Total Oil Swaps: (a) 2016: Volume (Bbl) 5,985,000 5,460,000 5,054,000 16,499,000 Price per Bbl $ 73.38 $ 74.21 $ 59.38 $ 69.37 2017: Volume (Bbl) 4,594,000 4,358,000 3,825,000 3,825,000 16,602,000 Price per Bbl $ 60.61 $ 60.97 $ 51.97 $ 51.97 $ 56.72 Oil Basis Swaps: (b) 2016: Volume (Bbl) 5,914,000 5,520,000 5,060,000 16,494,000 Price per Bbl $ (1.46) $ (1.46) $ (1.48) $ (1.47) 2017: Volume (Bbl) 4,140,000 4,064,000 3,036,000 3,036,000 14,276,000 Price per Bbl $ (1.24) $ (1.27) $ (0.43) $ (0.43) $ (0.90) Natural Gas Swaps: (c) 2016: Volume (MMBtu) 7,280,000 7,360,000 7,360,000 22,000,000 Price per MMBtu $ 3.02 $ 3.02 $ 3.02 $ 3.02 (a) The index prices for the oil price swaps are based on the 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. 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 March 31, 2016 , the Company had a net asset position of $ 641.4 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 $106.7 million , $100.2 million, $59.1 million and $56.0 million with Barclays Bank PLC, J.P. Mo rgan Chase Bank, Wells Fargo Bank, N.A. and Societe Generale , respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	Note 9 . Debt The Company’s debt consisted of the following at March 31, 2016 and December 31, 2015 : March 31, December 31, (in thousands) 2016 2015 Credit facility $ - $ - 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 24,362 25,073 Deferred loan costs, net (41,508) (42,885) Less: current portion - - Total long-term debt $ 3,332,854 $ 3,332,188 Credit facility. The Company’s credit facility , as amended and restated, has a maturity date of May 9, 2019 . In April 2016, the Company completed its annua l borrowing base review where it maintained its $2.5 billion in commitments from its bank group until the Company’s next scheduled borrowing base redetermination in May 2017. The Company’s current borrowing base is $2.8 billion, which is a reduction from its previous borrowing base of $3.25 billion. Senior notes. Interest on the Company’s senior notes is paid in arrea rs 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 March 31, 2016 , 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 March 31, 2016 were as follows: (in thousands) Remaining 2016 $ - 2017 - 2018 - 2019 - 2020 - 2021 600,000 Thereafter 2,750,000 Total $ 3,350,000 Interest expense. The following amounts have been incurred and charged to interest expense for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, (in thousands) 2016 2015 Cash payments for interest $ 42,490 $ 46,007 Amortization of original issue premium (711) (673) Amortization of deferred loan origination costs 2,546 2,463 Accretion expense 486 - Net changes in accruals 9,579 6,982 Interest costs incurred 54,390 54,779 Less: capitalized interest (252) (1,210) Total interest expense $ 54,138 $ 53,569

Commitments and contingencies

Commitments and contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Note 10 . 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 $ 8.4 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 i nterest 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 interpretati ons 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, allowable costs under joint interest arrangements and other matters. At March 31, 2016 and December 31, 2015 , the Company had $ 13.4 million accrued for estimated exposure. Although the Company believe s that it 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 March 31, 2016 : (in thousands) Remaining 2016 $ 39,165 2017 24,191 2018 64,105 2019 17,635 2020 11,038 2021 7,297 Thereafter 37,514 Total $ 200,945 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 March 31, 2016 and 2015 were approximately $ 2.0 million and $ 1.9 million, respectively . Future minimum lease commitments under non-c ancellable operating leases at March 31, 2016 were as follows: (in thousands) Remaining 2016 $ 6,211 2017 8,313 2018 7,530 2019 6,059 2020 4,780 2021 4,097 Thereafter 994 Total $ 37,984

Income taxes

Income taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income taxes	Note 11 . Income taxes The effective income tax rate s w ere 36.8 percent and 35.6 percent for the three months ended March 31, 2016 and 2015 , respectively . Total income tax expense (benefit) for the three months ended March 31, 2016 and 2015 differed from amounts computed by applying the United States federal statutory tax rates to pre-tax income (loss) due primarily to state taxes and the impact of permanent differences between book and taxable income.

Related party transactions

Related party transactions	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related party transactions	Note 12 . Related party transactions The following table summarize s amounts paid to and received from related parties and reported in the Company’s consolidated statements of operations for the periods presented: Three Months Ended March 31, (in thousands) 2016 2015 Amounts paid to a partnership in which a director has an ownership interest (a) $ 1,145 $ 1,694 Amounts paid to a director and certain officers of the Company (b) $ 160 $ 523 Amounts received from certain officers of the Company (c) $ 16 $ 15 (a) Amounts include royalties on certain properties 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 lease bonuses to an affiliated entity of an officer. (c) Amounts include payments to the Company as a result of activity on oil and na tural gas properties in which certain officers (or affiliated entities) have an interest.

Net income per share

Net income per share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]
Net income per share	Note 13 . 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 net income (loss) from operations and income (loss) attributable to common stockholders to the basic and diluted earnings used to determine the Company’s net income (loss) per share amounts for the three months ended March 31, 2016 and 2015 , respectively, under the two-class method: Three Months Ended March 31, (in thousands, except per share amounts) 2016 2015 Net income (loss) as reported $ (1,020,480) $ 7,512 Participating basic earnings (a) - (74) Basic income (loss) attributable to common stockholders (1,020,480) 7,438 Reallocation of participating earnings - - Diluted income (loss) attributable to common stockholders $ (1,020,480) $ 7,438 Net income (loss) per common share: Basic $ (7.95) $ 0.07 Diluted $ (7.95) $ 0.06 (a) Unvested restricted stock awards represent participating securities because they participate in nonforfeitable dividends or distributions with the common equity holders of the Company. Participating earnings represent the distributed earnings of the Company attributable to the participating securities. Unvested restricted stock awards do not participate in undistributed net losses as they are not contractually obligated to do so. The following table is a reconciliation of the basic weighted average common shares outstanding to diluted weighted average common shares outstanding for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, (in thousands) 2016 2015 Weighted average common shares outstanding: Basic 128,396 114,047 Dilutive common stock options - 25 Dilutive performance units - 411 Diluted 128,396 114,483 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 depending on the Company’s performance at the end of the performance period.

Subsidiary guarantors

Subsidiary guarantors	3 Months Ended
	Mar. 31, 2016
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 not 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 dissolution 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 written 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 9 for a summary of the Company’s senior notes. In accordance with practices accepted by the United States Securities and Exchange Commission (“SEC”), the Company has prepared condensed consolidating financial statements in order to quantify the assets, results of operations and cash flows of such subsidiaries as subsidiary guarantors. The following condensed consolidating balance s heets at March 31, 2016 and December 31, 2015 , condensed c o ns olidating statements of o perations for the three months ended March 31, 2016 and 2015 and condensed consolidating statements of cash flows for the three months ended March 31, 2016 and 2015 , present financial information fo r Conch o 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 incom e taxes are recorded on Concho Resources Inc., as the subsidiaries are flow-through entities for income tax purp oses. The subsidiary guarantors are not restricted from making distributions to the Company. Condensed Consolidating Balance Sheet March 31, 2016 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total ASSETS Accounts receivable - related parties $ 8,741,696 $ 927,203 $ (9,668,899) $ - Other current assets 607,022 781,545 - 1,388,567 Oil and natural gas properties, net - 9,387,417 - 9,387,417 Property and equipment, net - 182,473 - 182,473 Investment in subsidiaries 2,058,208 - (2,058,208) - Other long-term assets 138,625 189,439 - 328,064 Total assets $ 11,545,551 $ 11,468,077 $ (11,727,107) $ 11,286,521 LIABILITIES AND EQUITY Accounts payable - related parties $ 927,203 $ 8,741,696 $ (9,668,899) $ - Other current liabilities 79,533 525,415 - 604,948 Long-term debt 3,332,854 - - 3,332,854 Other long-term liabilities 1,047,189 142,758 - 1,189,947 Equity 6,158,772 2,058,208 (2,058,208) 6,158,772 Total liabilities and equity $ 11,545,551 $ 11,468,077 $ (11,727,107) $ 11,286,521 Condensed Consolidating Balance Sheet December 31, 2015 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total ASSETS Accounts receivable - related parties $ 8,502,099 $ 1,162,297 $ (9,664,396) $ - Other current assets 753,716 560,834 - 1,314,550 Oil and natural gas properties, net - 10,798,497 - 10,798,497 Property and equipment, net - 178,450 - 178,450 Investment in subsidiaries 3,698,485 - (3,698,485) - Other long-term assets 182,623 167,756 - 350,379 Total assets $ 13,136,923 $ 12,867,834 $ (13,362,881) $ 12,641,876 LIABILITIES AND EQUITY Accounts payable - related parties $ 1,162,297 $ 8,502,099 $ (9,664,396) $ - Other current liabilities 69,514 526,906 - 596,420 Long-term debt 3,332,188 - - 3,332,188 Other long-term liabilities 1,630,373 140,344 - 1,770,717 Equity 6,942,551 3,698,485 (3,698,485) 6,942,551 Total liabilities and equity $ 13,136,923 $ 12,867,834 $ (13,362,881) $ 12,641,876 Condensed Consolidating Statement of Operations Three Months Ended March 31, 2016 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total Total operating revenues $ - $ 283,564 $ - $ 283,564 Total operating costs and expenses 79,316 (1,916,459) - (1,837,143) Income (loss) from operations 79,316 (1,632,895) - (1,553,579) Interest expense (53,291) (847) - (54,138) Other, net (1,640,277) (6,535) 1,640,277 (6,535) Loss before income taxes (1,614,252) (1,640,277) 1,640,277 (1,614,252) Income tax benefit 593,772 - - 593,772 Net loss $ (1,020,480) $ (1,640,277) $ 1,640,277 $ (1,020,480) Condensed Consolidating Statement of Operations Three Months Ended March 31, 2015 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total Total operating revenues $ - $ 413,522 $ - $ 413,522 Total operating costs and expenses 114,604 (458,593) - (343,989) Income (loss) from operations 114,604 (45,071) - 69,533 Interest expense (53,569) - - (53,569) Other, net (49,373) (4,302) 49,373 (4,302) Income (loss) before income taxes 11,662 (49,373) 49,373 11,662 Income tax expense (4,150) - - (4,150) Net income (loss) $ 7,512 $ (49,373) $ 49,373 $ 7,512 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total Net cash flows provided by (used in) operating activities $ (247,781) $ 360,056 $ - $ 112,275 Net cash flows provided by (used in) investing activities 257,930 (121,785) - 136,145 Net cash flows used in financing activities (10,149) - - (10,149) Net increase in cash and cash equivalents - 238,271 - 238,271 Cash and cash equivalents at beginning of period - 228,550 - 228,550 Cash and cash equivalents at end of period $ - $ 466,821 $ - $ 466,821 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2015 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total Net cash flows provided by (used in) operating activities $ (766,210) $ 892,459 $ - $ 126,249 Net cash flows provided by (used in) investing activities 167,156 (818,920) - (651,764) Net cash flows provided by (used in) financing activities 599,054 (73,539) - 525,515 Net increase (decrease) in cash and cash equivalents - - - - Cash and cash equivalents at beginning of period - 21 - 21 Cash and cash equivalents at end of period $ - $ 21 $ - $ 21

Subsequent events

Subsequent events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent events	Note 15 . Subsequent event New commodity derivative contracts. After March 31, 2016 , the Com pany entered into the following oil price swaps and natural gas price swaps to hedge additional am ounts of the Company’s estimated future production: First Second Third Fourth Quarter Quarter Quarter Quarter Total Oil Swaps: (a) 2017: Volume (Bbl) 684,000 545,000 767,000 512,000 2,508,000 Price per Bbl $ 46.14 $ 46.38 $ 46.36 $ 46.48 $ 46.33 2018: Volume (Bbl) 1,635,000 1,635,000 1,635,000 1,635,000 6,540,000 Price per Bbl $ 48.42 $ 48.42 $ 48.42 $ 48.42 $ 48.42 Natural Gas Swaps: (b) 2017: Volume (MMBtu) 3,150,000 3,185,000 2,760,000 2,760,000 11,855,000 Price per MMBtu $ 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.00 (a) The index prices for the oil price swaps are based on the NYMEX – WTI monthly average futures price. (b) 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	3 Months Ended
	Mar. 31, 2016
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Supplementary information	Note 16 . Supplementary information Capitalized costs March 31, December 31, (in thousands) 2016 2015 Oil and natural gas properties: Proved $ 15,240,182 $ 14,940,259 Unproved 977,305 906,048 Less: accumulated depletion (6,830,070) (5,047,810) Net capitalized costs for oil and natural gas properties $ 9,387,417 $ 10,798,497 Costs incurred for oil and natural gas producing activities Three Months Ended March 31, (in thousands) 2016 2015 Property acquisition costs: Proved $ 252,352 $ - Unproved 138,640 16,013 Exploration 170,572 429,169 Development 83,104 301,744 Total costs incurred for oil and natural gas properties $ 644,668 $ 746,926 The table below provides the amount of asset retirement obligations included in the costs incurred table shown above: Three Months Ended March 31, (in thousands) 2016 2015 Exploration costs $ 231 $ 618 Development costs 229 935 Total asset retirement obligations $ 460 $ 1,553

Summary of significant accoun24

Summary of significant accounting policies (Policies)	3 Months Ended
	Mar. 31, 2016
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.
Reclassification	Reclassifications. Certain prior period amounts have been reclassified to conform to the 2016 presentation. These reclassifications had no im pact on net income (loss), total stockholders’ equity or cash flows.
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 accounting principles in the United States of Ameri ca 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 and the reported amounts of revenues and expens es 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 numerous 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 uncertaint ies including, among others, estimates of future recoverable reserves , commodity price outlooks and prevailing market rates of other sources of income and costs . Other significant estimates inclu de, but are not limited to, asset retirement obligations, fai r value of deriva tive financial instruments, fair value of business combinations , fair value of nonmonetary exchanges, fair value of stock-based compensation and income taxes .
Interim financial statements	Interim financial statements. The accompanying consolidated financial statements of the Company have not been audited by the Company’s independent registered public accounting firm, except that the consolidated balance sheet at December 31, 2015 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 accompa nying 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 resul ts 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 c onjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 .
Cash equivalents	Cash equivalents. The Company considers all cash on hand, depository accounts held by banks, money market accounts and investments with an original maturity of three months or less to be cash equivalents. At March 31, 2016 , the Company had approximately $145.8 million of restricted cash in an account held by a trustee in connection with a tax-free exchange transaction. During April 2016 , the cash amount was transferred to the Company. The Company’s cash and cash equivalents are held in fi nancial institutions in amounts that exceed the insurance limits of the Federal Deposit Insurance Corporation. However, management believes that the Company’s counterparty risks are minimal based on the reputation and history of the institutions selected.
Equity method investments	Equity method investments. The Company owns a 50 percent member ship 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 membership 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 expects the option to become exercisable during the third quarter of 2016 . The Company accounts for its investment in ACC under the equity method of accounting for investment s in unconsolidated affiliates. The Company’s net investment in ACC was approximately $ 122.9 million and $ 98.9 million at March 31, 2016 and December 31, 2015 , respectively, and is included in other assets in the Company’s consolidated balance sheet. The equity loss for the three months ended March 31, 2016 and 2015 wa s approximately $ 1.0 million and $ 0.8 million, respectively, and is included in other expense in the Company’s consolidated statement of operations. During the three months ended March 31, 2015 , the Company recorded $ 0.6 million of capitalized interest on its investment in ACC. ACC commenced partial operations in late 2015 . The Company expects the system to be fully operational during 2016 . During 2015, the Company purchased a 25 percent membership i nterest in an entity, which is constructing a crude oil gathering and transportation system in the southern Delaware Basin. The system is expected to be completed and operational during 2016. The Company accounts for its investment under the equity method of accounting for investments in unconsolidated affiliates. The Company’s net investment was approximately $ 18.9 million and $ 20.8 million at March 31, 2016 and December 31, 2015 , respectively, and is included in other assets in the Company’s consolidated balance sheet. The equity loss for the three months ended March 31, 2016 was approximately $ 1.9 million.
Revenue recognition	Revenue recognition. Oil and natural gas revenu es 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 Comp any’s actual proceeds from the oil and natural gas sold to purchasers.
General and administrative expense	General and administrative expense . The Company receives fees for the operation of jointly-owned oil and natural gas properties and records such reimbursements as reductions of genera l and administrative expense. Such fees totaled approximately $ 6.5 million and $ 6.4 million for the three months ended March 31, 2016 and 2015 , respectively .
Recent accounting pronouncements	Recent accounting pronouncements. In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which outlines 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 provides 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 receive in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” which deferred the effective date of ASU 2014-09 by one year. That new standard is now effective for annual reporting periods beginning after December 15, 2017. An entity can apply ASU 2014-09 using either a full retrospective method, meaning the s tandard 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 statements. The Company is evaluati ng the impact that this new guidance will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which supersedes current lease guidance. The new lease standard requires all leases with a te rm greater than one year to be recognized on the balance sheet while maintaining substantially similar classifications for finance and operating leases. Lease expense recognition on the income statement will be effectively unchanged. This guidance is effec tive for reporting periods beginning after December 15, 2018 and early adoption is permitted. The Company is evaluating the impact that this new guidance will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, “ Compensation–Stock Compensations (Topic 718): Improvements to Employee Share-based Payment Accounting,” which changes the accounting and presentation for share-based payment arrangements in the following areas: ( i ) r ecognition in the statement of operation s of exces s tax benefits and deficiencies; (ii) cash flow presentation of exces s tax benefits and deficiencies; (iii) minimum statutory withholding thresholds and the classification on the cash flow statement of the withheld amounts; and (iv) an accounting policy election to recognize forfeitures as they occur. This guidance is effective for reporting periods beginning after December 15, 2016 and early adoption is permitted. The Company is evaluating the impact that this new guidance will have on its consol idated financial statements.

Exploratory well costs (Tables)

Exploratory well costs (Tables)	3 Months Ended
	Mar. 31, 2016
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 three months ended March 31, 2016 : Three Months Ended (in thousands) March 31, 2016 Beginning capitalized exploratory well costs $ 116,198 Additions to exploratory well costs pending the determination of proved reserves 84,895 Reclassifications due to determination of proved reserves (45,436) Disposition of wells (17,339) Ending capitalized exploratory well costs $ 138,318
Aging of capitalized exploratory well costs based on the date drilling was completed	The following table provides an aging at March 31, 2016 and December 31, 2015 of capitalized exploratory well costs based on the date drilling was completed: March 31, December 31, (dollars in thousands) 2016 2015 Capitalized exploratory well costs that have been capitalized for a period of one year or less $ 125,542 $ 98,764 Capitalized exploratory well costs that have been capitalized for a period greater than one year 12,776 17,434 Total capitalized exploratory well costs $ 138,318 $ 116,198 Number of projects with exploratory well costs that have been capitalized for a period greater than one year 8 8

Asset retirement obligations (T

Asset retirement obligations (Tables)	3 Months Ended
	Mar. 31, 2016
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations	The followi ng table summarizes the Company ’ s asset retirement obligation activity during the three months ended March 31, 2016 : Three Months Ended (in thousands) March 31, 2016 Asset retirement obligations, beginning of period $ 119,945 Liabilities incurred from new wells 460 Liabilities assumed in acquisitions 902 Accretion expense 1,712 Disposition of wells (507) Liabilities settled upon plugging and abandoning wells (464) Asset retirement obligations, end of period $ 122,048

Incentive plans (Tables)

Incentive plans (Tables)	3 Months Ended
	Mar. 31, 2016
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 three months ended March 31, 2016 is presented below: Restricted Stock Performance Stock Options Units Outstanding at December 31, 2015 1,199,647 42,901 315,755 Awards granted (a) 155,706 - 161,361 Options exercised - (824) - Awards cancelled / forfeited (20,884) - (2,909) Lapse of restrictions (124,629) - - Outstanding at March 31, 2016 1,209,840 42,077 474,207 (a) Weighted average grant date fair value per share $ 91.19 $ - $ 114.81
Summarizes the assumptions to estimate the fair value of performance units granted	The Company used the following assumptions to estimate the fair value of performance unit awards granted during the three months ended March 31, 2016 : Three Months Ended March 31, 2016 Risk-free interest rate 1.31% Range of volatilities 31.6% - 59.0%
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 March 31, 2016 : (in thousands) Remaining 2016 $ 44,810 2017 37,003 2018 14,541 2019 1,102 2020 14 Total $ 97,470

Disclosures about fair value 28

Disclosures about fair value measurements (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 Carrying Fair Carrying Fair (in thousands) Value Value Value Value Assets: Derivative instruments $ 641,841 $ 641,841 $ 819,536 $ 819,536 Liabilities: Derivative instruments $ 393 $ 393 $ - $ - $600 million 7.0% senior notes due 2021 (a) $ 592,729 $ 606,000 $ 592,414 $ 595,500 $600 million 6.5% senior notes due 2022 (a) $ 591,834 $ 606,000 $ 591,549 $ 579,000 $600 million 5.5% senior notes due 2022 (a) $ 593,117 $ 589,500 $ 592,899 $ 553,500 $1,550 million 5.5% senior notes due 2023 (a) $ 1,555,174 $ 1,542,875 $ 1,555,326 $ 1,453,005 (a) The carrying value includes associated deferred loan costs and any premium.
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 March 31, 2016 and December 31, 2015 . The Company nets the fair value of derivative instruments by counterparty in the Company’s consolidated balance sheets. March 31, 2016 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 $ - $ 551,755 $ - $ 551,755 $ (23,986) $ 527,769 Noncurrent: Commodity derivatives - 121,559 - 121,559 (7,487) 114,072 Liabilities: Current: Commodity derivatives - (23,986) - (23,986) 23,986 - Noncurrent: Commodity derivatives - (7,880) - (7,880) 7,487 (393) Net derivative instruments $ - $ 641,448 $ - $ 641,448 $ - $ 641,448 December 31, 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 $ - $ 684,029 $ - $ 684,029 $ (31,531) $ 652,498 Noncurrent: Commodity derivatives - 175,267 - 175,267 (8,229) 167,038 Liabilities: Current: Commodity derivatives - (31,531) - (31,531) 31,531 - Noncurrent: Commodity derivatives - (8,229) - (8,229) 8,229 - Net derivative instruments $ - $ 819,536 $ - $ 819,536 $ - $ 819,536
Carrying amounts, estimated fair values and impairment expense of long-lived assets	The following table reports the car rying amount, estimated fair value and impairment expense of long-lived assets for the indicated period : Estimated Carrying Fair Value Impairment (in thousands) Amount (Level 3) Expense March 2016 $ 3,437,612 $ 1,912,967 $ 1,524,645

Derivative financial instrume29

Derivative financial instruments (Tables)	3 Months Ended
	Mar. 31, 2016
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 gain reported in earnings related to the commodity derivative i nstruments for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, (in thousands) 2016 2015 Gain on derivatives: Oil derivatives $ 71,140 $ 110,280 Natural gas derivatives 8,702 5,060 Total $ 79,842 $ 115,340 The following table represents the Company’s net cash receipts from derivatives for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, (in thousands) 2016 2015 Net cash receipts from derivatives: Oil derivatives $ 251,127 $ 160,186 Natural gas derivatives 6,803 6,970 Total $ 257,930 $ 167,156
Company's outstanding derivative contracts	The following table sets forth the Company’s outstanding derivative contracts at March 31, 2016 . When aggregating multiple contracts, the weighted average contract price is disclosed. All of the Company’s derivative contracts at March 31, 2016 are expected to settle by December 31 , 2017. First Second Third Fourth Quarter Quarter Quarter Quarter Total Oil Swaps: (a) 2016: Volume (Bbl) 5,985,000 5,460,000 5,054,000 16,499,000 Price per Bbl $ 73.38 $ 74.21 $ 59.38 $ 69.37 2017: Volume (Bbl) 4,594,000 4,358,000 3,825,000 3,825,000 16,602,000 Price per Bbl $ 60.61 $ 60.97 $ 51.97 $ 51.97 $ 56.72 Oil Basis Swaps: (b) 2016: Volume (Bbl) 5,914,000 5,520,000 5,060,000 16,494,000 Price per Bbl $ (1.46) $ (1.46) $ (1.48) $ (1.47) 2017: Volume (Bbl) 4,140,000 4,064,000 3,036,000 3,036,000 14,276,000 Price per Bbl $ (1.24) $ (1.27) $ (0.43) $ (0.43) $ (0.90) Natural Gas Swaps: (c) 2016: Volume (MMBtu) 7,280,000 7,360,000 7,360,000 22,000,000 Price per MMBtu $ 3.02 $ 3.02 $ 3.02 $ 3.02 (a) The index prices for the oil price swaps are based on the 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.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Company's debt	The Company’s debt consisted of the following at March 31, 2016 and December 31, 2015 : March 31, December 31, (in thousands) 2016 2015 Credit facility $ - $ - 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 24,362 25,073 Deferred loan costs, net (41,508) (42,885) Less: current portion - - Total long-term debt $ 3,332,854 $ 3,332,188
Principal maturities of debt	Principal maturities of long -term debt outstanding at March 31, 2016 were as follows: (in thousands) Remaining 2016 $ - 2017 - 2018 - 2019 - 2020 - 2021 600,000 Thereafter 2,750,000 Total $ 3,350,000
Interest expense	The following amounts have been incurred and charged to interest expense for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, (in thousands) 2016 2015 Cash payments for interest $ 42,490 $ 46,007 Amortization of original issue premium (711) (673) Amortization of deferred loan origination costs 2,546 2,463 Accretion expense 486 - Net changes in accruals 9,579 6,982 Interest costs incurred 54,390 54,779 Less: capitalized interest (252) (1,210) Total interest expense $ 54,138 $ 53,569

Commitments and contingencies (

Commitments and contingencies (Tables)	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Summary of the Company's future commitments	The following table s ummarizes the Company’s commitments at March 31, 2016 : (in thousands) Remaining 2016 $ 39,165 2017 24,191 2018 64,105 2019 17,635 2020 11,038 2021 7,297 Thereafter 37,514 Total $ 200,945
Future minimum lease commitments under non-cancellable operating leases	Future minimum lease commitments under non-c ancellable operating leases at March 31, 2016 were as follows: (in thousands) Remaining 2016 $ 6,211 2017 8,313 2018 7,530 2019 6,059 2020 4,780 2021 4,097 Thereafter 994 Total $ 37,984

Related party transactions (Tab

Related party transactions (Tables)	3 Months Ended
	Mar. 31, 2016
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 amounts paid to and received from related parties and reported in the Company’s consolidated statements of operations for the periods presented: Three Months Ended March 31, (in thousands) 2016 2015 Amounts paid to a partnership in which a director has an ownership interest (a) $ 1,145 $ 1,694 Amounts paid to a director and certain officers of the Company (b) $ 160 $ 523 Amounts received from certain officers of the Company (c) $ 16 $ 15 (a) Amounts include royalties on certain properties 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 lease bonuses to an affiliated entity of an officer. (c) Amounts include payments to the Company as a result of activity on oil and na tural gas properties in which certain officers (or affiliated entities) have an interest.

Net income per share (Tables)

Net income per share (Tables)	3 Months Ended
	Mar. 31, 2016
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 net income (loss) from operations and income (loss) attributable to common stockholders to the basic and diluted earnings used to determine the Company’s net income (loss) per share amounts for the three months ended March 31, 2016 and 2015 , respectively, under the two-class method: Three Months Ended March 31, (in thousands, except per share amounts) 2016 2015 Net income (loss) as reported $ (1,020,480) $ 7,512 Participating basic earnings (a) - (74) Basic income (loss) attributable to common stockholders (1,020,480) 7,438 Reallocation of participating earnings - - Diluted income (loss) attributable to common stockholders $ (1,020,480) $ 7,438 Net income (loss) per common share: Basic $ (7.95) $ 0.07 Diluted $ (7.95) $ 0.06 (a) Unvested restricted stock awards represent participating securities because they participate in nonforfeitable dividends or distributions with the common equity holders of the Company. Participating earnings represent the distributed earnings of the Company attributable to the participating securities. Unvested restricted stock awards do not participate in undistributed net losses as they are not contractually obligated to do so.
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 months ended March 31, 2016 and 2015 : Three Months Ended March 31, (in thousands) 2016 2015 Weighted average common shares outstanding: Basic 128,396 114,047 Dilutive common stock options - 25 Dilutive performance units - 411 Diluted 128,396 114,483

Subsidiary guarantors (Tables)

Subsidiary guarantors (Tables)	3 Months Ended
	Mar. 31, 2016
Guarantees [Abstract]
Condensed Consolidating Balance Sheet	The following condensed consolidating balance s heets at March 31, 2016 and December 31, 2015 , condensed c o ns olidating statements of o perations for the three months ended March 31, 2016 and 2015 and condensed consolidating statements of cash flows for the three months ended March 31, 2016 and 2015 , present financial information fo r Conch o 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 incom e taxes are recorded on Concho Resources Inc., as the subsidiaries are flow-through entities for income tax purp oses. The subsidiary guarantors are not restricted from making distributions to the Company. Condensed Consolidating Balance Sheet March 31, 2016 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total ASSETS Accounts receivable - related parties $ 8,741,696 $ 927,203 $ (9,668,899) $ - Other current assets 607,022 781,545 - 1,388,567 Oil and natural gas properties, net - 9,387,417 - 9,387,417 Property and equipment, net - 182,473 - 182,473 Investment in subsidiaries 2,058,208 - (2,058,208) - Other long-term assets 138,625 189,439 - 328,064 Total assets $ 11,545,551 $ 11,468,077 $ (11,727,107) $ 11,286,521 LIABILITIES AND EQUITY Accounts payable - related parties $ 927,203 $ 8,741,696 $ (9,668,899) $ - Other current liabilities 79,533 525,415 - 604,948 Long-term debt 3,332,854 - - 3,332,854 Other long-term liabilities 1,047,189 142,758 - 1,189,947 Equity 6,158,772 2,058,208 (2,058,208) 6,158,772 Total liabilities and equity $ 11,545,551 $ 11,468,077 $ (11,727,107) $ 11,286,521 Condensed Consolidating Balance Sheet December 31, 2015 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total ASSETS Accounts receivable - related parties $ 8,502,099 $ 1,162,297 $ (9,664,396) $ - Other current assets 753,716 560,834 - 1,314,550 Oil and natural gas properties, net - 10,798,497 - 10,798,497 Property and equipment, net - 178,450 - 178,450 Investment in subsidiaries 3,698,485 - (3,698,485) - Other long-term assets 182,623 167,756 - 350,379 Total assets $ 13,136,923 $ 12,867,834 $ (13,362,881) $ 12,641,876 LIABILITIES AND EQUITY Accounts payable - related parties $ 1,162,297 $ 8,502,099 $ (9,664,396) $ - Other current liabilities 69,514 526,906 - 596,420 Long-term debt 3,332,188 - - 3,332,188 Other long-term liabilities 1,630,373 140,344 - 1,770,717 Equity 6,942,551 3,698,485 (3,698,485) 6,942,551 Total liabilities and equity $ 13,136,923 $ 12,867,834 $ (13,362,881) $ 12,641,876
Condensed Consolidating Statement of Operations	The following condensed consolidating balance s heets at March 31, 2016 and December 31, 2015 , condensed c o ns olidating statements of o perations for the three months ended March 31, 2016 and 2015 and condensed consolidating statements of cash flows for the three months ended March 31, 2016 and 2015 , present financial information fo r Conch o 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 incom e taxes are recorded on Concho Resources Inc., as the subsidiaries are flow-through entities for income tax purp oses. The subsidiary guarantors are not restricted from making distributions to the Company. Condensed Consolidating Statement of Operations Three Months Ended March 31, 2016 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total Total operating revenues $ - $ 283,564 $ - $ 283,564 Total operating costs and expenses 79,316 (1,916,459) - (1,837,143) Income (loss) from operations 79,316 (1,632,895) - (1,553,579) Interest expense (53,291) (847) - (54,138) Other, net (1,640,277) (6,535) 1,640,277 (6,535) Loss before income taxes (1,614,252) (1,640,277) 1,640,277 (1,614,252) Income tax benefit 593,772 - - 593,772 Net loss $ (1,020,480) $ (1,640,277) $ 1,640,277 $ (1,020,480) Condensed Consolidating Statement of Operations Three Months Ended March 31, 2015 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total Total operating revenues $ - $ 413,522 $ - $ 413,522 Total operating costs and expenses 114,604 (458,593) - (343,989) Income (loss) from operations 114,604 (45,071) - 69,533 Interest expense (53,569) - - (53,569) Other, net (49,373) (4,302) 49,373 (4,302) Income (loss) before income taxes 11,662 (49,373) 49,373 11,662 Income tax expense (4,150) - - (4,150) Net income (loss) $ 7,512 $ (49,373) $ 49,373 $ 7,512
Condensed Consolidating Statement of Cash Flows	The following condensed consolidating balance s heets at March 31, 2016 and December 31, 2015 , condensed c o ns olidating statements of o perations for the three months ended March 31, 2016 and 2015 and condensed consolidating statements of cash flows for the three months ended March 31, 2016 and 2015 , present financial information fo r Conch o 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 incom e taxes are recorded on Concho Resources Inc., as the subsidiaries are flow-through entities for income tax purp oses. The subsidiary guarantors are not restricted from making distributions to the Company. Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total Net cash flows provided by (used in) operating activities $ (247,781) $ 360,056 $ - $ 112,275 Net cash flows provided by (used in) investing activities 257,930 (121,785) - 136,145 Net cash flows used in financing activities (10,149) - - (10,149) Net increase in cash and cash equivalents - 238,271 - 238,271 Cash and cash equivalents at beginning of period - 228,550 - 228,550 Cash and cash equivalents at end of period $ - $ 466,821 $ - $ 466,821 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2015 Parent Subsidiary Consolidating (in thousands) Issuer Guarantors Entries Total Net cash flows provided by (used in) operating activities $ (766,210) $ 892,459 $ - $ 126,249 Net cash flows provided by (used in) investing activities 167,156 (818,920) - (651,764) Net cash flows provided by (used in) financing activities 599,054 (73,539) - 525,515 Net increase (decrease) in cash and cash equivalents - - - - Cash and cash equivalents at beginning of period - 21 - 21 Cash and cash equivalents at end of period $ - $ 21 $ - $ 21

Subsequent events (Tables)

Subsequent events (Tables)	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
New commodity derivative contracts	After March 31, 2016 , the Com pany entered into the following oil price swaps and natural gas price swaps to hedge additional am ounts of the Company’s estimated future production: First Second Third Fourth Quarter Quarter Quarter Quarter Total Oil Swaps: (a) 2017: Volume (Bbl) 684,000 545,000 767,000 512,000 2,508,000 Price per Bbl $ 46.14 $ 46.38 $ 46.36 $ 46.48 $ 46.33 2018: Volume (Bbl) 1,635,000 1,635,000 1,635,000 1,635,000 6,540,000 Price per Bbl $ 48.42 $ 48.42 $ 48.42 $ 48.42 $ 48.42 Natural Gas Swaps: (b) 2017: Volume (MMBtu) 3,150,000 3,185,000 2,760,000 2,760,000 11,855,000 Price per MMBtu $ 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.00 (a) The index prices for the oil price swaps are based on the NYMEX – WTI monthly average futures price. (b) 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)	3 Months Ended
	Mar. 31, 2016
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Capitalized costs	Capitalized costs March 31, December 31, (in thousands) 2016 2015 Oil and natural gas properties: Proved $ 15,240,182 $ 14,940,259 Unproved 977,305 906,048 Less: accumulated depletion (6,830,070) (5,047,810) Net capitalized costs for oil and natural gas properties $ 9,387,417 $ 10,798,497
costs incurred for oil and natural gas producing activities	Costs incurred for oil and natural gas producing activities Three Months Ended March 31, (in thousands) 2016 2015 Property acquisition costs: Proved $ 252,352 $ - Unproved 138,640 16,013 Exploration 170,572 429,169 Development 83,104 301,744 Total costs incurred for oil and natural gas properties $ 644,668 $ 746,926 The table below provides the amount of asset retirement obligations included in the costs incurred table shown above: Three Months Ended March 31, (in thousands) 2016 2015 Exploration costs $ 231 $ 618 Development costs 229 935 Total asset retirement obligations $ 460 $ 1,553

Summary Of Significant Accoun37

Summary Of Significant Accounting Policies (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Disclosure Summary Of Significant Accounting Policies Narrative [Abstract]
Fees related to operation of jointly owned oil and natural gas properties	$ 6.5	$ 6.4
Restricted cash	145.8
Alpha Crude Connector [Member]
Equity Method Investments [Line Items]
Total equity method investment	$ 122.9		$ 98.9
Equity method investment ownership percentage	50.00%
Income (loss) from equity method investments	$ (1)	(0.8)
Interest costs capitalized on equity method investment		$ 0.6
Other [Member]
Equity Method Investments [Line Items]
Total equity method investment	$ 18.9		$ 20.8
Equity method investment ownership percentage	25.00%
Income (loss) from equity method investments	$ (1.9)

Exploratory Well Costs (Capital

Exploratory Well Costs (Capitalized Exploratory Well Activity) (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Disclosure Exploratory Well Costs Capitalized Exploratory Well Activity [Abstract]
Beginning capitalized exploratory well costs	$ 116,198
Additions to exploratory well costs pending the determination of proved reserves	84,895
Reclassifications due to determination of proved reserves	(45,436)
Disposition of wells	(17,339)
Ending capitalized exploratory well costs	$ 138,318

Exploratory Well Costs (Aging O

Exploratory Well Costs (Aging Of Capitalized Exploratory Well Costs Based On The Date Of Drilling) (Detail) $ in Thousands	Mar. 31, 2016USD ($)Number	Dec. 31, 2015USD ($)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	$ 125,542	$ 98,764
Capitalized exploratory well costs that have been capitalized for a period greater than one year	12,776	17,434
Total capitalized exploratory well costs	$ 138,318	$ 116,198
Projects that have Exploratory Well Costs that have been Capitalized for Period Greater than One Year, Number of Projects | Number	8	8

Exploratory Well Costs (Narrati

Exploratory Well Costs (Narrative) (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Oil And Gas In Process Activities [Line Items]
Capitalized Exploratory Well Costs That Have Been Capitalized For Period Greater Than One Year	$ 12,776	$ 17,434
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	1,400
Texas Permian Area [Member]
Oil And Gas In Process Activities [Line Items]
Capitalized Exploratory Well Costs That Have Been Capitalized For Period Greater Than One Year	300
Delaware Basin Area - Other Project [Member]
Oil And Gas In Process Activities [Line Items]
Capitalized Exploratory Well Costs That Have Been Capitalized For Period Greater Than One Year	6,000
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	5,000
OBO Projects - Projects Drilled in 2012 [Member]
Oil And Gas In Process Activities [Line Items]
Capitalized Exploratory Well Costs That Have Been Capitalized For Period Greater Than One Year	$ 3,500

Acquisitions And Divestitures (

Acquisitions And Divestitures (Narrative) (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Disclosure Acquisitions And Divestitures Narrative [Abstract]
Common stock issued in business combination (Shares)	2,214
Common stock issued in business combination	$ 230,828	$ 0
Cash consideration paid for acquisition	146,200
Future Carry Amount	$ 40,000
Disposal Date	Feb. 26, 2016
Net proceeds from asset divestiture	$ 294,100
Pre-tax gain on asset divestiture	$ 111,100
Acquisition Date	Mar. 21, 2016

Asset Retirement Obligations (S

Asset Retirement Obligations (Schedule Of Asset Retirement Obligation Transactions) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Disclosure Asset Retirement Obligations Schedule Of Asset Retirement Obligation Transactions [Abstract]
Asset retirement obligations, beginning of period	$ 119,945
Liabilities incurred from new wells	460
Liabilities assumed in acquisitions	902
Accretion expense	1,712	$ 1,994
Disposition of wells	(507)
Liabilities settled upon plugging and abandoning wells	(464)
Asset retirement obligations, end of period	$ 122,048

Incentive Plans (Summary of Sto

Incentive Plans (Summary of Stock-Based Award Activity) (Detail) - $ / shares		3 Months Ended
		Mar. 31, 2016	Dec. 31, 2015
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding		1,209,840	1,199,647
Awards granted	[1]	155,706
Awards cancelled / forfeited		(20,884)
Lapse of restrictions		(124,629)
Weighted average grant date fair value per share		$ 91.19
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding		42,077	42,901
Options exercised		(824)
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding		474,207	315,755
Awards granted	[2]	161,361
Awards cancelled / forfeited		(2,909)
Lapse of restrictions		0
Weighted average grant date fair value per share		$ 114.81
[1]	Weighted average grant date fair value per share is $91.19
[2]	Weighted average grant date fair value per share is $114.81

Incentive Plans (Summary Of Ass

Incentive Plans (Summary Of Assumptions To Estimate Fair Value of Performance Unit Awards) (Detail)	3 Months Ended
	Mar. 31, 2016
Disclosure Incentive Plans Schedule Of Performance Unit Awards Fair Value Assumptions [Abstract]
Risk-free interest rate	1.31%
Volatility assumption - minimum	31.60%
Volatility assumption - maximum	59.00%

Incentive Plans (Summary For Fu

Incentive Plans (Summary For Future Stock-Based Compensation Expense) (Detail) $ in Thousands	Mar. 31, 2016USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Remaining 2,016	$ 44,810
2,017	37,003
2,018	14,541
2,019	1,102
2,020	14
Total	$ 97,470

Disclosures About Fair Value 46

Disclosures About Fair Value Measurements (Carrying Amounts And Fair Values Of The Company's Financial Instruments) (Detail) - USD ($)		Mar. 31, 2016	Dec. 31, 2015
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative instruments, Assets		$ 641,841,000	$ 819,536,000
Derivative instruments, Liabilities		393,000	0
Credit facility		0	0
Seven Point Zero Percent Unsecured Senior Notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unsecured senior notes		606,000,000	595,500,000
Six Point Five Percent Unsecured Senior Notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unsecured senior notes		606,000,000	579,000,000
Five Point Five Percent Unsecured Senior Notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unsecured senior notes		589,500,000	553,500,000
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		1,542,874,760	1,453,005,000
Carrying Reported Amount Fair Value Disclosure [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative instruments, Assets		641,841,000	819,536,000
Derivative instruments, Liabilities		393,000	0
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	[1]	592,729,000	592,414,000
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	[1]	591,834,000	591,549,000
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	[1]	593,117,000	592,899,000
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]	$ 1,555,174,000	$ 1,555,326,000
[1]	The carrying value includes associated deferred loan costs and any premium.

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	Mar. 31, 2016	Dec. 31, 2015
Fair Value Of Derivatives Disclosure Information [Line Items]
Current derivative contracts, assets	$ 527,769	$ 652,498
Noncurrent derivative contracts, assets	114,072	167,038
Noncurrent derivative contracts, liabilities	(393)	0
Net financial assets (liabilities)	641,448	819,536
Estimate Of Fair Value Fair Value Disclosure [Member]
Fair Value Of Derivatives Disclosure Information [Line Items]
Current derivative contracts, assets	551,755	684,029
Noncurrent derivative contracts, assets	121,559	175,267
Current derivative contracts, liabilities	(23,986)	(31,531)
Noncurrent derivative contracts, liabilities	(7,880)	(8,229)
Net financial assets (liabilities)	641,448	819,536
Gross Amounts Offset in Consolidated Balance Sheet [Member]
Fair Value Of Derivatives Disclosure Information [Line Items]
Current derivative contracts, assets	(23,986)	(31,531)
Noncurrent derivative contracts, assets	(7,487)	(8,229)
Current derivative contracts, liabilities	23,986	31,531
Noncurrent derivative contracts, liabilities	7,487	8,229
Net financial assets (liabilities)	0	0
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	551,755	684,029
Noncurrent derivative contracts, assets	121,559	175,267
Current derivative contracts, liabilities	(23,986)	(31,531)
Noncurrent derivative contracts, liabilities	(7,880)	(8,229)
Net financial assets (liabilities)	641,448	819,536
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

Disclosures About Fair Value 48

Disclosures About Fair Value Measurements (Carrying Amounts, Estimated Fair Values And Impairment Expense Of Long-Lived Assets For Continuing And Discontinued Operations) (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Disclosure Disclosures About Fair Value Of Financial Instruments Carrying Amounts Estimated Fair Values And Impairment Expense Of Long Lived Assets For Continuing And Discontinued Operations [Abstract]
Carrying Amount	$ 3,437,612
Estimated Fair Value (Level 3)	1,912,967
Impairment Expense	$ 1,524,645

Derivative Financial Instrume49

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
	Mar. 31, 2016	Mar. 31, 2015
Derivative Financial Instruments Gains And Losses Reported In Earnings Related To Commodity Derivative Instruments [Line Items]
Net settlements received from derivatives	$ 257,930	$ 167,156
Mark-to-market gain (loss)	79,842	115,340
Oil Commodity Derivative [Member]
Derivative Financial Instruments Gains And Losses Reported In Earnings Related To Commodity Derivative Instruments [Line Items]
Net settlements received from derivatives	251,127	160,186
Mark-to-market gain (loss)	71,140	110,280
Natural Gas Commodity Derivative [Member]
Derivative Financial Instruments Gains And Losses Reported In Earnings Related To Commodity Derivative Instruments [Line Items]
Net settlements received from derivatives	6,803	6,970
Mark-to-market gain (loss)	$ 8,702	$ 5,060

Derivative Financial Instrume50

Derivative Financial Instruments (Outstanding Commodity Derivative Contracts) (Detail)		3 Months Ended							12 Months Ended
		Dec. 31, 2017bbl$ / bbl	Sep. 30, 2017bbl$ / bbl	Jun. 30, 2017bbl$ / bbl	Mar. 31, 2017bbl$ / bbl	Dec. 31, 2016MMBTUbbl$ / bbl$ / MMBTU	Sep. 30, 2016MMBTUbbl$ / bbl$ / MMBTU	Jun. 30, 2016MMBTUbbl$ / bbl$ / MMBTU	Dec. 31, 2017bbl$ / bbl	Dec. 31, 2016MMBTUbbl$ / bbl$ / MMBTU
Oil Swaps [Member]
Derivative [Line Items]
Volume (Bbl/MMBtu) - Current Year | bbl	[1]					5,054,000	5,460,000	5,985,000		16,499,000
Price per Bbl/MMBtu - Current Year | $ / bbl	[1]					59.38	74.21	73.38		69.37
Volume (Bbl/MMBtu) - Year One | bbl	[1]	3,825,000	3,825,000	4,358,000	4,594,000				16,602,000
Price per Bbl/MMBtu - Year One | $ / bbl	[1]	51.97	51.97	60.97	60.61				56.72
Oil Basis Swaps [Member]
Derivative [Line Items]
Volume (Bbl/MMBtu) - Current Year | bbl	[2]					5,060,000	5,520,000	5,914,000		16,494,000
Price per Bbl/MMBtu - Current Year | $ / bbl	[2]					(1.48)	(1.46)	(1.46)		(1.47)
Volume (Bbl/MMBtu) - Year One | bbl	[2]	3,036,000	3,036,000	4,064,000	4,140,000				14,276,000
Price per Bbl/MMBtu - Year One | $ / bbl	[2]	(0.43)	(0.43)	(1.27)	(1.24)				(0.9)
Natural Gas Swap [Member]
Derivative [Line Items]
Volume (Bbl/MMBtu) - Current Year | MMBTU	[3]					7,360,000	7,360,000	7,280,000		22,000,000
Price per Bbl/MMBtu - Current Year | $ / MMBTU	[3]					3.02	3.02	3.02		3.02
[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.

Derivative Counterparties (Deta

Derivative Counterparties (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Derivative Counterparties Fair Value [Line Items]
Net financial assets (liabilities)	$ 641,448	$ 819,536
JP Morgan Chase Bank [Member]
Derivative Counterparties Fair Value [Line Items]
Credit Risk Derivative Assets At Fair Value	100,200
Wells Fargo Bank NA [Member]
Derivative Counterparties Fair Value [Line Items]
Credit Risk Derivative Assets At Fair Value	59,100
Barclays Bank PLC [Member]
Derivative Counterparties Fair Value [Line Items]
Credit Risk Derivative Assets At Fair Value	106,700
Societe Generale [Member]
Derivative Counterparties Fair Value [Line Items]
Credit Risk Derivative Assets At Fair Value	$ 56,000

Debt (Summary Of Long-Term Debt

Debt (Summary Of Long-Term Debt) (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Credit facility	$ 0	$ 0
Unamortized original issue premium	24,362	25,073
Deferred loan costs, net	(41,508)	(42,885)
Less: current portion	0	0
Total long-term debt	3,332,854	3,332,188
7.0% unsecured senior notes due 2021
Debt Instrument [Line Items]
Unsecured senior notes	600,000	600,000
6.5% unsecured 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) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Debt Disclosure [Line Items]
Line of credit maturity date	May 9, 2019
Aggregate lender commitments	$ 2,500
Aggregate maximum borrowing base	2,800
Previous aggregate maximum borrowing base	$ 3,250

Debt (Principal Maturities Of D

Debt (Principal Maturities Of Debt) (Detail) $ in Thousands	Mar. 31, 2016USD ($)
Disclosure Debt Principal Maturities Of Debt [Abstract]
Remaining 2,016	$ 0
2,017	0
2,018	0
2,019	0
2,020	0
2,021	600,000
Thereafter	2,750,000
Total	$ 3,350,000

Debt (Summary Of Interest Expen

Debt (Summary Of Interest Expense) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Disclosure Debt Summary Of Interest Expense [Abstract]
Cash payments for interest	$ (42,490)	$ (46,007)
Amortization of original issue premium	(711)	(673)
Amortization of deferred loan origination costs	2,546	2,463
Accretion expense	486	0
Net changes in accruals	9,579	6,982
Interest costs incurred	54,390	54,779
Less: capitalized interest	(252)	(1,210)
Total interest expense	$ 54,138	$ 53,569

Commitments And Contingencies56

Commitments And Contingencies (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Commitments [Line Items]
Annual officers' salaries	$ 8.4
Operating leases, lease payments	2	$ 1.9
Accrued Exposure	$ 13.4		$ 13.4

Commitments And Contingencies57

Commitments And Contingencies (Future Commitments) (Detail) $ in Thousands	Mar. 31, 2016USD ($)
Disclosure Commitments And Contingencies Future Commitments [Abstract]
Remaining 2,016	$ 39,165
2,017	24,191
2,018	64,105
2,019	17,635
2,020	11,038
2,021	7,297
Thereafter	37,514
Total	$ 200,945

Commitments And Contingencies58

Commitments And Contingencies (Future Minimum Lease Commitments Under Non-Cancellable Operating Leases) (Detail) $ in Thousands	Mar. 31, 2016USD ($)
Disclosure Commitments And Contingencies Future Minimum Lease Commitments Under Non Cancellable Operating Leases [Abstract]
Remaining 2,016	$ 6,211
2,017	8,313
2,018	7,530
2,019	6,059
2,020	4,780
2,021	4,097
Thereafter	994
Total	$ 37,984

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Detail)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Disclosure Income Taxes Narrative [Abstract]
Effective tax rate	36.80%	37.90%

Related Party Transactions (Sch

Related Party Transactions (Schedule Of Related Party Transactions) (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Related Party Transaction [Line Items]
Ownership interest in partnership		3.50%
Partnership (Director Ownership Interest) [Member]
Related Party Transaction [Line Items]
Amounts paid	[1]	$ 1,145	$ 1,694
Director and Certain Officers [Member]
Related Party Transaction [Line Items]
Amounts paid	[2]	160	523
Amounts received	[3]	$ 16	$ 15
[1]	Amounts include royalties on certain properties 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 lease bonuses to an affiliated entity of an officer.
[3]	Amounts include payments to the Company as a result of activity on oil and natural gas properties in which certain officers (or affiliated entities) have an interest.

Net Income Per Share (Narrative

Net Income Per Share (Narrative) (Detail)	3 Months Ended
	Mar. 31, 2016
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
		Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss)		$ (1,020,480)	$ 7,512
Participating basic earnings	[1]	0	(74)
Basic net income (loss) attributable to common stockholders		(1,020,480)	7,438
Reallocation of participating earnings		0	0
Diluted net income (loss) attributable to common stockholders		$ (1,020,480)	$ 7,438
Basic net income (loss)		$ (7.95)	$ 0.07
Diluted net income (loss)		$ (7.95)	$ 0.06
[1]	Unvested restricted stock awards represent participating securities because they participate in nonforfeitable dividends or distributions with the common equity holders of the Company. Participating earnings represent the distributed earnings of the Company attributable to the participating securities. Unvested restricted stock awards do not participate in undistributed net losses as they are not contractually obligated to do so.

Net Income Per Share (Reconci63

Net Income Per Share (Reconciliation Of The Weighted Average Common Shares Outstanding) (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Reconciliation Of Basic Weighted Average Common Shares Outstanding To Diluted Weighted Average Common Shares Outstanding [Line Items]
Basic	128,396	114,047
Diluted	128,396	114,483
Stock Options [Member]
Reconciliation Of Basic Weighted Average Common Shares Outstanding To Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive shares	0	25
Performance Shares [Member]
Reconciliation Of Basic Weighted Average Common Shares Outstanding To Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive shares	0	411

Subsidiary Guarantors (Condense

Subsidiary Guarantors (Condensed Consolidating Balance Sheet) (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Accounts receivable - related parties	$ 0	$ 0
Other current assets	1,388,567	1,314,550
Oil and natural gas properties, net	9,387,417	10,798,497
Property and equipment, net	182,473	178,450
Investment in subsidiaries	0	0
Other long-term assets	328,064	350,379
Total assets	11,286,521	12,641,876
LIABILITIES AND EQUITY
Accounts payable - related parties	0	0
Other current liabilities	604,948	596,420
Long-term debt	3,332,854	3,332,188
Other long-term liabilities	1,189,947	1,770,717
Equity	6,158,772	6,942,551
Total liabilities and stockholders' equity	11,286,521	12,641,876
Consolidation Eliminations [Member]
ASSETS
Accounts receivable - related parties	(9,668,899)	(9,664,396)
Other current assets	0	0
Oil and natural gas properties, net	0	0
Property and equipment, net	0	0
Investment in subsidiaries	(2,058,208)	(3,698,485)
Other long-term assets	0	0
Total assets	(11,727,107)	(13,362,881)
LIABILITIES AND EQUITY
Accounts payable - related parties	(9,668,899)	(9,664,396)
Other current liabilities	0	0
Long-term debt	0	0
Other long-term liabilities	0	0
Equity	(2,058,208)	(3,698,485)
Total liabilities and stockholders' equity	(11,727,107)	(13,362,881)
Parent Company [Member]
ASSETS
Accounts receivable - related parties	8,741,696	8,502,099
Other current assets	607,022	753,716
Oil and natural gas properties, net	0	0
Property and equipment, net	0	0
Investment in subsidiaries	2,058,208	3,698,485
Other long-term assets	138,625	182,623
Total assets	11,545,551	13,136,923
LIABILITIES AND EQUITY
Accounts payable - related parties	927,203	1,162,297
Other current liabilities	79,533	69,514
Long-term debt	3,332,854	3,332,188
Other long-term liabilities	1,047,189	1,630,373
Equity	6,158,772	6,942,551
Total liabilities and stockholders' equity	11,545,551	13,136,923
Guarantor Subsidiaries [Member]
ASSETS
Accounts receivable - related parties	927,203	1,162,297
Other current assets	781,545	560,834
Oil and natural gas properties, net	9,387,417	10,798,497
Property and equipment, net	182,473	178,450
Investment in subsidiaries	0	0
Other long-term assets	189,439	167,756
Total assets	11,468,077	12,867,834
LIABILITIES AND EQUITY
Accounts payable - related parties	8,741,696	8,502,099
Other current liabilities	525,415	526,906
Long-term debt	0	0
Other long-term liabilities	142,758	140,344
Equity	2,058,208	3,698,485
Total liabilities and stockholders' equity	$ 11,468,077	$ 12,867,834

Subsidiary Guarantors (Conden65

Subsidiary Guarantors (Condensed Consolidating Statement Of Operations) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed Financial Statements Captions [Line Items]
Total operating revenues	$ 283,564	$ 413,522
Total operating costs and expenses	(1,837,143)	(343,989)
Income (loss) from operations	(1,553,579)	69,533
Interest expense	(54,138)	(53,569)
Other, net	(6,535)	(4,302)
Income (loss) before income taxes	(1,614,252)	11,662
Income tax (expense) benefit	593,772	(4,150)
Net income (loss)	(1,020,480)	7,512
Consolidation Eliminations [Member]
Condensed Financial Statements Captions [Line Items]
Total operating revenues	0	0
Total operating costs and expenses	0	0
Income (loss) from operations	0	0
Interest expense	0	0
Other, net	1,640,277	49,373
Income (loss) before income taxes	1,640,277	49,373
Income tax (expense) benefit	0	0
Net income (loss)	1,640,277	49,373
Parent Company [Member]
Condensed Financial Statements Captions [Line Items]
Total operating revenues	0	0
Total operating costs and expenses	79,316	114,604
Income (loss) from operations	79,316	114,604
Interest expense	(53,291)	(53,569)
Other, net	(1,640,277)	(49,373)
Income (loss) before income taxes	(1,614,252)	11,662
Income tax (expense) benefit	593,772	(4,150)
Net income (loss)	(1,020,480)	7,512
Guarantor Subsidiaries [Member]
Condensed Financial Statements Captions [Line Items]
Total operating revenues	283,564	413,522
Total operating costs and expenses	(1,916,459)	(458,593)
Income (loss) from operations	(1,632,895)	(45,071)
Interest expense	(847)	0
Other, net	(6,535)	(4,302)
Income (loss) before income taxes	(1,640,277)	(49,373)
Income tax (expense) benefit	0	0
Net income (loss)	$ (1,640,277)	$ (49,373)

Subsidiary Guarantors (Conden66

Subsidiary Guarantors (Condensed Consolidating Statement Of Cash Flows) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed Financial Statements Captions [Line Items]
Net cash flows provided by (used in) operating activities	$ 112,275	$ 126,249
Net cash flows provided by (used in) investing activities	136,145	(651,764)
Net cash flows provided by (used in) financing activities	(10,149)	525,515
Net increase (decrease) in cash and cash equivalents	238,271	0
Cash and cash equivalents at beginning of period	228,550	21
Cash and cash equivalents at end of period	466,821	21
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 (decrease) 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
Parent Company [Member]
Condensed Financial Statements Captions [Line Items]
Net cash flows provided by (used in) operating activities	(247,781)	(766,210)
Net cash flows provided by (used in) investing activities	257,930	167,156
Net cash flows provided by (used in) financing activities	(10,149)	599,054
Net increase (decrease) 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	360,056	892,459
Net cash flows provided by (used in) investing activities	(121,785)	(818,920)
Net cash flows provided by (used in) financing activities	0	(73,539)
Net increase (decrease) in cash and cash equivalents	238,271	0
Cash and cash equivalents at beginning of period	228,550	21
Cash and cash equivalents at end of period	$ 466,821	$ 21

Subsequent Events (New Commodit

Subsequent Events (New Commodity Derivative Contracts) (Detail)		3 Months Ended											12 Months Ended
		Dec. 31, 2018bbl$ / bbl	Sep. 30, 2018bbl$ / bbl	Jun. 30, 2018bbl$ / bbl	Mar. 31, 2018bbl$ / bbl	Dec. 31, 2017MMBTUbbl$ / bbl$ / MMBTU	Sep. 30, 2017MMBTUbbl$ / bbl$ / MMBTU	Jun. 30, 2017MMBTUbbl$ / bbl$ / MMBTU	Mar. 31, 2017MMBTUbbl$ / bbl$ / MMBTU	Dec. 31, 2016MMBTUbbl$ / bbl$ / MMBTU	Sep. 30, 2016MMBTUbbl$ / bbl$ / MMBTU	Jun. 30, 2016MMBTUbbl$ / bbl$ / MMBTU	Dec. 31, 2018bbl$ / bbl	Dec. 31, 2017MMBTUbbl$ / bbl$ / MMBTU	Dec. 31, 2016MMBTUbbl$ / bbl$ / MMBTU
Oil Swaps [Member]
Subsequent Event [Line Items]
Volume (Bbl/MMBtu) - Current Year | bbl	[1]									5,054,000	5,460,000	5,985,000			16,499,000
Price per Bbl/MMBtu - Current Year | $ / bbl	[1]									59.38	74.21	73.38			69.37
Volume (Bbl/MMBtu) - Year One | bbl	[1]					3,825,000	3,825,000	4,358,000	4,594,000					16,602,000
Price per Bbl/MMBtu - Year One | $ / bbl	[1]					51.97	51.97	60.97	60.61					56.72
Oil Basis Swaps [Member]
Subsequent Event [Line Items]
Volume (Bbl/MMBtu) - Current Year | bbl	[2]									5,060,000	5,520,000	5,914,000			16,494,000
Price per Bbl/MMBtu - Current Year | $ / bbl	[2]									(1.48)	(1.46)	(1.46)			(1.47)
Volume (Bbl/MMBtu) - Year One | bbl	[2]					3,036,000	3,036,000	4,064,000	4,140,000					14,276,000
Price per Bbl/MMBtu - Year One | $ / bbl	[2]					(0.43)	(0.43)	(1.27)	(1.24)					(0.9)
Natural Gas Swap [Member]
Subsequent Event [Line Items]
Volume (Bbl/MMBtu) - Current Year | MMBTU	[3]									7,360,000	7,360,000	7,280,000			22,000,000
Price per Bbl/MMBtu - Current Year | $ / MMBTU	[3]									3.02	3.02	3.02			3.02
Subsequent Event [Member] | Scenario Forecast [Member] | Oil Swaps [Member]
Subsequent Event [Line Items]
Volume (Bbl/MMBtu) - Year One | bbl	[1]					512,000	767,000	545,000	684,000					2,508,000
Price per Bbl/MMBtu - Year One | $ / bbl	[1]					46.48	46.36	46.38	46.14					46.33
Volume (Bbl/MMBtu) - Year Two | bbl	[1]	1,635,000	1,635,000	1,635,000	1,635,000								6,540,000
Price per Bbl/MMBtu - Year Two | $ / bbl	[1]	48.42	48.42	48.42	48.42								48.42
Subsequent Event [Member] | Scenario Forecast [Member] | Natural Gas Swap [Member]
Subsequent Event [Line Items]
Volume (Bbl/MMBtu) - Year One | MMBTU	[3]					2,760,000	2,760,000	3,185,000	3,150,000					11,855,000
Price per Bbl/MMBtu - Year One | $ / MMBTU	[3]					3	3	3	3					3
[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	Mar. 31, 2016	Dec. 31, 2015
Disclosure Supplementary Information Capitalized Costs [Abstract]
Proved	$ 15,240,182	$ 14,940,259
Unproved	977,305	906,048
Accumulated depletion and depreciation	(6,830,070)	(5,047,810)
Net capitalized costs for oil and natural gas properties	$ 9,387,417	$ 10,798,497

Supplementary Information (Cost

Supplementary Information (Costs Incurred For Oil And Natural Gas Producing Activities) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Disclosure Supplementary Information Costs Incurred For Oil And Natural Gas Producing Activities [Abstract]
Proved	$ 252,352	$ 0
Unproved	138,640	16,013
Exploration	170,572	429,169
Development	83,104	301,744
Total costs incurred for oil and natural gas properties	$ 644,668	$ 746,926

Supplementary Information (Asse

Supplementary Information (Asset Retirement Obligations For Oil and Natural Gas Producing Activities) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Disclosure Supplementary Information Asset Retirement Obligations For Oil And Natural Gas Producing Activities [Abstract]
Exploration costs	$ 231	$ 618
Development costs	229	935
Total	$ 460	$ 1,553