RSP Permian (RSPP) 10-Q 2 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	9 Months Ended
	Sep. 30, 2015	Oct. 31, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	RSP Permian, Inc.
Entity Central Index Key	1,588,216
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		100,809,309

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 57,254	$ 56,292
Accounts receivable	63,130	40,436
Derivative instruments	25,602	76,990
Prepaid income taxes	3,912	0
Other assets	24	24
Total current assets	149,922	173,742
PROPERTY, PLANT AND EQUIPMENT
Oil and natural gas properties, successful efforts method	2,875,958	2,240,803
Accumulated depletion	(288,201)	(171,046)
Total oil and natural gas properties, net	2,587,757	2,069,757
Other property and equipment, net	37,437	24,861
Total property, plant and equipment	2,625,194	2,094,618
OTHER LONG-TERM ASSETS
Derivative instruments	1,147	0
Restricted cash	152	152
Other long-term assets	37,390	21,435
Total long-term assets	38,689	21,587
TOTAL ASSETS	2,813,805	2,289,947
CURRENT LIABILITIES
Accounts payable	11,423	35,728
Accrued expenses	56,943	57,977
Interest payable	23,446	9,227
Deferred taxes	7,515	25,789
Derivative instruments	1,946	1,320
Total current liabilities	101,273	130,041
LONG-TERM LIABILITIES
Asset retirement obligations	6,474	4,873
Derivative instruments	662	0
Long-term debt	698,600	500,000
Deferred taxes	348,017	329,262
Total long-term liabilities	1,053,753	834,135
Total liabilities	1,155,026	964,176
STOCKHOLDERS' EQUITY
Common stock, $.01 par value; 300,000,000 shares authorized, 92,069,888 shares issued and outstanding at September 30, 2015; 77,903,834 shares issued and outstanding at December 31, 2014	921	779
Additional paid-in capital	1,652,862	1,322,494
Retained earnings	4,996	2,498
Total stockholders' equity	1,658,779	1,325,771
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 2,813,805	$ 2,289,947

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	92,069,888	77,903,834
Common stock, shares outstanding (in shares)	92,069,888	77,903,834

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
REVENUES
Oil sales	$ 74,746	$ 64,119	$ 195,968	$ 181,725
Natural gas sales	3,283	2,297	7,544	7,620
NGL sales	2,615	4,229	6,972	13,121
Total revenues	80,644	70,645	210,484	202,466
OPERATING EXPENSES
Lease operating expenses	14,274	7,140	41,578	23,482
Production and ad valorem taxes	4,674	5,137	14,273	14,977
Depreciation, depletion and amortization	43,031	18,991	114,152	57,086
Asset retirement obligation accretion	84	38	252	104
Impairment of unproved properties	4,238	0	4,238	0
Exploration expenses	218	967	2,285	2,955
General and administrative expenses	6,678	5,214	19,913	27,468
Total operating expenses	73,197	37,487	196,691	126,072
Loss (gain) on sale of assets	4	(2)	4	(2)
OPERATING INCOME	7,443	33,160	13,789	76,396
OTHER INCOME (EXPENSE)
Other income, net	66	23	227	31
Gain on derivative instruments	18,098	22,059	17,467	1,948
Interest expense	(11,680)	(2,241)	(30,363)	(4,513)
Total other income (expense)	6,484	19,841	(12,669)	(2,534)
INCOME BEFORE TAXES	13,927	53,001	1,120	73,862
INCOME TAX (EXPENSE) BENEFIT	(4,953)	(20,704)	1,378	(160,866)
NET INCOME	$ 8,974	$ 32,297	$ 2,498	$ (87,004)
Income per common share:
Basic (in dollars per share)	$ 0.10	$ 0.43	$ 0.03	$ (1.24)
Diluted (in dollars per share)	$ 0.10	$ 0.43	$ 0.03	$ (1.24)
Weighted average shares outstanding:
Basic (in shares)	87,245	74,896	82,841	70,100
Diluted (in shares)	87,245	74,896	82,841	70,100

Consolidated Statement of Chang

Consolidated Statement of Changes In Stockholders' Equity - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings
Beginning balance at Dec. 31, 2014	$ 1,325,771	$ 779	$ 1,322,494	$ 2,498
Beginning balance (in shares) at Dec. 31, 2014	77,903,834	77,904,000
Stockholders' Equity/Members' Equity [Roll Forward]
Common stock issued in public offerings net of offering costs	$ 325,358	$ 138	325,220
Common stock issued in public offerings net of offering costs (in shares)		13,800,000
Repurchase and retirement of common stock	(1,822)	$ (1)	(1,821)
Repurchase and retirement of common stock in shares)		(67,000)
Equity-based compensation	6,974	$ 5	6,969
Equity-based compensation (in shares)		433,000
Net income	2,498			2,498
Ending balance at Sep. 30, 2015	$ 1,658,779	$ 921	$ 1,652,862	$ 4,996
Ending balance (in shares) at Sep. 30, 2015	92,069,888	92,070,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 2,498	$ (87,004)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	114,152	57,086
Accretion of asset retirement obligations	252	104
Impairment of unproved properties	4,238	0
Equity based compensation	6,974	15,599
Amortization of loan fees	1,604	728
Deferred income taxes	(3,431)	155,815
Equity in loss of investment	74	0
Loss (gain) on sale of assets	4	(2)
Gain on derivative instruments	(17,467)	(1,948)
Net cash receipts (payments) on settled derivatives	67,844	(3,469)
Changes in operating assets and liabilities:
Accounts receivable and accounts receivable from related parties	(21,542)	(5,584)
Other assets	(17,015)	8,145
Accounts payable	(24,304)	17,304
Accrued expenses	(1,034)	(126)
Interest payable	14,218	633
Net cash provided by operating activities	127,065	157,281
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of assets	212	2
Additional investment in unconsolidated subsidiary	(2,703)	0
Additions to other property and equipment	(13,664)	(3,823)
Additions to oil and natural gas properties	(634,169)	(652,145)
Net cash used in investing activities	(650,324)	(655,966)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of common stock	325,358	280,828
Distributions	0	(1,663)
Payment of deferred loan costs	2,185	(14,087)
Borrowings under long-term debt	65,000	440,512
Payments on long-term debt	(65,000)	(568,667)
Issuance of senior unsecured notes	198,500	500,000
Repurchase and retirement of common stock	(1,822)	0
Net cash provided by financing activities	524,221	636,923
NET CHANGE IN CASH	962	138,238
CASH AT BEGINNING OF PERIOD	56,292	13,234
CASH AT END OF PERIOD	57,254	151,472
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest	19,189	3,147
Cash paid for taxes	2,700	1,800
NON-CASH ACTIVITIES
Asset retirement obligation acquired	652	1,672
Common stock issued for oil and gas properties	(6,376)	19,359
Common stock issued for oil and gas properties	0	677,402
Deferred tax liabilities recorded for oil and gas property acquisitions	0	195,777
Elimination of NPI payable	$ 0	$ 36,931

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	NATURE OF OPERATIONS AND BASIS OF PRESENTATION Organization and Description of the Business RSP Permian, Inc. ("RSP Inc." or the "Company") was formed on September 30, 2013, pursuant to the laws of the state of Delaware to be a holding company for RSP Permian, L.L.C., a Delaware limited liability company (“RSP LLC”). RSP LLC was formed on October 18, 2010, by its management team and affiliates of Natural Gas Partners, a family of energy-focused private equity investment funds (“NGP”). The Company is engaged in the acquisition, exploration, development and production of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin of West Texas. The Company priced its initial public offering ("IPO") and began trading on the New York Stock Exchange under the ticker RSPP in January 2014. Additional background on the Company, its IPO and subsequent public stock offerings, along with details of the ownership of the Company, are available in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 and other documents filed with the Securities and Exchange Commission ("SEC") at http://www.sec.gov. Basis of Presentation These financial statements have been prepared by the Company pursuant to the rules and regulations of the SEC. They reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for interim periods, on a basis consistent with the annual audited financial statements. All such adjustments are of a normal recurring nature. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been omitted pursuant to such rules and regulations, although the Company believes the disclosures are adequate to make the information presented not misleading. The financial statements in this Quarterly Report on Form 10–Q should be read together with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014, which contains a summary of the Company's significant accounting policies and disclosures. Recent Developments On August 7, 2015, RSP Inc. completed an underwritten public offering of 8.05 million shares, including the exercise of the underwriter's option to purchase additional shares, raising $178.6 million in net proceeds. On August 10, 2015, RSP Inc. issued an additional $200.0 million of 6.625% senior unsecured notes due 2022, at 99.25% of the principal amount in a private placement. In the third quarter of 2015, in separate transactions with multiple sellers, the Company acquired undeveloped acreage and oil and gas producing properties located in Martin and Glasscock counties for an aggregate purchase price of $274 million , subject to certain purchase price adjustments. Subsequent to the initial closing, certain non-operated working interest owners in these properties elected to sell us their interests for an additional $39 million . Additional details of these acquisitions are included in Note 3. Subsequent Events On October 7, 2015, the Company signed a letter of intent to acquire undeveloped acreage and oil and gas producing properties from Wolfberry Partners Resources LLC ("WPR"). These properties are located in the core of the Midland Basin and have an approximate aggregate purchase price of approximately $137 million , subject to certain purchase price adjustments, with an expected closing date in the fourth quarter of 2015. On October 13, 2015, RSP Inc. completed an underwritten public offering of 8.74 million shares, including the exercise of the underwriter's option to purchase additional shares, raising $218.1 million in net proceeds. The majority of WPR is owned both directly, and indirectly, by Ted Collins, Jr. and Michael W. Wallace, who are also members of our board of directors and two of our three largest shareholders. A portion of the proceeds from the October 13, 2015 public offering is expected to used to fund the potential WPR acquisition. There can be no assurances that an agreement for the potential WPR acquisition will be reached on the terms described herein or that the potential acquisition will close in the fourth quarter of 2015 or at all. Additional details of this acquisition are included in Note 3.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the financial statements and accompanying notes. Although management believes these estimates are reasonable, actual results could differ from these estimates. Changes in estimates are recorded prospectively. Significant assumptions are required in the valuation of proved oil and natural gas reserves that may affect the amount at which oil and natural gas properties are recorded. Estimation of asset retirement obligations (“AROs”) and valuations of derivative instruments also require significant assumptions. It is possible that these estimates could be revised at future dates and these revisions could be material. Depletion of oil and natural gas properties are 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 uncertainties including, among others, estimates of future recoverable reserves and commodity price estimates. Accounts Receivable As of September 30, 2015 As of December 31, 2014 (In thousands) Sale of oil, natural gas and natural gas liquids $ 29,403 $ 24,059 Joint interest owners 26,598 10,400 Derivatives - settled, but uncollected 7,129 5,977 Total accounts receivable $ 63,130 $ 40,436 Accounts receivable, which are primarily from the sale of oil, natural gas and natural gas liquids (“NGLs”), are accrued based on estimates of the volumetric sales and prices the Company believes it will receive. In addition, settled but uncollected derivative contracts, and receivables related to joint interest billings are included in accounts receivable. The Company routinely reviews outstanding balances, assesses the financial strength of its customers and records a reserve for amounts not expected to be fully recovered. The need for an allowance is determined based upon reviews of individual accounts, historical losses, existing economic conditions and other pertinent factors and management's expectations are that all material receivables at period-end will be collected. Bad debt expense was zero for the three and nine months ended September 30, 2015 and 2014, respectively. Oil and Natural Gas Properties The Company uses the successful efforts method of accounting for its oil and natural gas exploration and production activities. Costs incurred by the Company related to the acquisition of oil and natural gas properties and the cost of drilling development wells and successful exploratory wells are capitalized, while the costs of unsuccessful exploratory wells are expensed when determined to be unsuccessful. The Company may capitalize interest on expenditures for significant exploration and development projects that last more than six months while activities are in progress to bring the assets to their intended use . The Company has not capitalized any interest as projects generally lasted less than six months . Costs incurred to maintain wells and related equipment, lease and well operating costs and other exploration costs are expensed as incurred. Gains and losses arising from the sale of properties are generally included in operating income. Unproved properties are assessed for possible impairment quarterly when industry conditions dictate an impairment may be possible. Capitalized acquisition costs attributable to proved oil and natural gas properties and leasehold costs are depleted on a field level, based on proved reserves, using the unit-of-production method. Capitalized exploration well costs and development costs, including AROs, are depleted on a field level, based on proved developed reserves. For the three months ended September 30, 2015 and 2014, depletion expense for oil and natural gas producing property was $42.7 million and $18.8 million , respectively. For the nine months ended September 30, 2015 and 2014, depletion expense for oil and natural gas producing property was $113.3 million and $56.7 million . Depletion expense is included in depreciation, depletion and amortization in the accompanying consolidated statements of operations. The Company’s oil and natural gas properties as of September 30, 2015 and December 31, 2014 consisted of the following: September 30, 2015 December 31, 2014 (In thousands) Proved oil and natural gas properties $ 2,071,428 $ 1,585,125 Unproved oil and natural gas properties 804,530 655,678 Total oil and natural gas properties 2,875,958 2,240,803 Less: Accumulated depletion (288,201 ) (171,046 ) Total oil and natural gas properties, net $ 2,587,757 $ 2,069,757 In some circumstances, it may be uncertain whether proved commercial reserves have been found when drilling has been completed. Such exploratory well drilling costs may continue to be capitalized if the anticipated reserve quantity is sufficient to justify its completion as a producing well and sufficient progress in assessing the reserves and the economic and operating viability of the project is being made. As of September 30, 2015 and December 31, 2014, there were no costs capitalized in connection with exploratory wells in progress. Capitalized costs are evaluated for impairment whenever events or changes in circumstances indicate that an asset’s carrying amount may not be recoverable. To determine if a field is impaired, the Company compares the carrying value of the field to the undiscounted future net cash flows by applying estimates of future oil and natural gas prices to the estimated future production of oil and natural gas reserves over the economic life of the property and deducting future costs. Future net cash flows are based upon reservoir engineers’ estimates of proved reserves. For a property determined to be impaired, an impairment loss equal to the difference between the property’s carrying value and its estimated fair value is recognized. Fair value, on a field basis, is estimated to be the present value of the aforementioned expected future net cash flows. Unproved properties are assessed at least annually to determine whether they have been impaired and more frequently when industry conditions dictate an impairment may be possible. An impairment allowance is provided on an unproved property when the Company determines that the property will not be developed. Each part of this calculation is subject to a large degree of judgment, including the determination of the depletable units’ estimated reserves, future net cash flows and fair value. No impairment of proved property was recorded for the three or nine months ended September 30, 2015 or 2014. Impairment expense for unproved property was $4.2 million for the three and nine months ended September 30, 2015, while no expense was recorded in the applicable 2014 periods. Asset Retirement Obligation The Company records AROs related to the retirement of long-lived assets at the time a legal obligation is incurred and the liability can be reasonably estimated. AROs are recorded as long-term liabilities with a corresponding increase in the carrying amount of the related long-lived asset. Subsequently, the asset retirement cost included in the carrying amount of the related asset is allocated to expense through depletion of the asset. Changes in the liability due to passage of time are generally recognized as an increase in the carrying amount of the liability and as corresponding accretion expense. The Company estimates a fair value of the obligation on each well in which it owns an interest by identifying costs associated with the future down-hole plugging, dismantlement and removal of production equipment and facilities, and the restoration and reclamation of the surface acreage to a condition similar to that existing before oil and natural gas extraction began. In general, the amount of ARO and the costs capitalized will be equal to the estimated future cost to satisfy the abandonment obligation using current prices that are escalated by an assumed inflation factor up to the estimated settlement date which is then discounted back to the date that the abandonment obligation was incurred using an estimated credit adjusted rate. If the estimated ARO changes, an adjustment is recorded to both the ARO and the long-lived asset. Revisions to estimated AROs can result from changes in retirement cost estimates, revisions to estimated inflation rates and changes in the estimated timing of abandonment. After recording these amounts, the ARO is accreted to its future estimated value using the same assumed credit adjusted rate and the associated capitalized costs are depreciated on a unit-of-production basis. The ARO consisted of the following for the period indicated: Nine Months Ended September 30, 2015 (In thousands) Asset retirement obligation at beginning of period $ 4,873 Liabilities incurred or assumed 1,349 Accretion expense 252 Asset retirement obligation at end of period $ 6,474 Income Taxes RSP LLC was organized as a limited liability company and treated as a flow-through entity for federal income tax purposes. As such, taxable income and any related tax credits were passed through to its members and are included in their tax returns even though such net taxable income or tax credits may not have actually been distributed. Accordingly, provision for federal and state corporate income taxes has been made only for the operations of RSP Inc. beginning on January 23, 2014 in the accompanying consolidated financial statements. Deferred income taxes are provided to reflect the future tax consequences or benefits of differences between the tax basis of assets and liabilities and their reported amounts in the financial statements using enacted tax rates. Upon the corporate reorganization in connection with the IPO, the Company established a $132 million deferred income tax liability, which was recognized as tax expense from continuing operations in the first quarter of 2014. This $132 million deferred income tax liability, related to our change in tax status, was subsequently adjusted to $95 million during the fourth quarter of 2014. The primary upward adjustments in the effective tax rate for 2014 shown above the U.S. statutory rate are the adjustment for the corporate reorganization noted above along with non-deductible incentive unit compensation. Our effective tax rate for the nine months ended September 30, 2015 includes an adjustment to reduce the Texas margins tax from 1.0% to 0.75% in the second quarter of 2015, which resulted in a tax benefit of $1.6 million . The following is an analysis of the Company’s consolidated income tax expense: Three Months Ended September 30, Nine Months Ended September 30 2015 2014 2015 2014 (In thousands) (In thousands) Current $ (518 ) $ (3,375 ) $ 1,859 $ (5,051 ) Deferred (4,435 ) (17,329 ) (481 ) (155,815 ) Income Tax (Expense) Benefit $ (4,953 ) $ (20,704 ) $ 1,378 $ (160,866 ) Deferred taxes are determined based on the estimated future tax effects of differences between the financial statement and tax basis of assets and liabilities, given the provisions of enacted tax laws. Tax positions are evaluated for recognition using a more-likely-than-not threshold, and those tax positions requiring recognition are measured as the largest amount of tax benefit that is greater than fifty percent likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. The Company’s policy is to record interest and penalties relating to uncertain tax positions in income tax expense. At September 30, 2015, the Company did not have any accrued liability for uncertain tax positions and does not anticipate recognition of any significant liabilities for uncertain tax positions during the next 12 months. The Company’s U.S. federal income tax returns for 2011 and beyond, and its Texas franchise tax returns for 2010 and beyond, remain subject to examination by the taxing authorities. No other jurisdiction’s returns are significant to the Company’s financial position. New Accounting Pronouncements In September 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments," which requires the acquirer in a business combination recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Public entities are required to apply ASU 2015-16 for annual and interim reporting periods beginning after December 15, 2015. The Company is evaluating the impact that this new guidance will have on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs." which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the debt obligation, similar to debt discounts. An entity is required to apply ASU 2015-03 for annual and interim reporting periods beginning after December 15, 2015. The Company is evaluating the impact that this new guidance will have on its consolidated financial statements. In January 2015, the FASB issued ASU 2015-01, "Income Statement - Extraordinary and Unusual Items (Subtopic 225-20)," which eliminates the concept of extraordinary items in US GAAP. An entity is required to apply ASU 2015-01 for annual and interim reporting periods beginning after December 15, 2015. An entity may apply ASU 2015-01 prospectively or retrospectively for all periods presented in the financial statements. The Company does not expect the impact of its pending adoption of this guidance will have a material effect on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which provides a comprehensive revenue recognition standard for contracts with customers that supersedes current revenue recognition guidance including industry specific guidance. An entity is required to apply ASU 2014-09 for annual and interim reporting periods beginning after December 15, 2016. An entity can apply ASU 2014-09 using either a full retrospective method, meaning the standard is applied to all of the periods presented, or a modified retrospective method, meaning the cumulative effect of initially applying the standard is recognized in the most current period presented in the financial statements. The Company does not expect the impact of its pending adoption of this guidance will have a material effect on its consolidated financial statements.

Acquisitions of Oil and Natural

Acquisitions of Oil and Natural Gas Property Interests	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Acquisitions of Oil and Natural Gas Property Interests	ACQUISITIONS OF OIL AND NATURAL GAS PROPERTY INTERESTS Glass Ranch Acquisition In the third quarter of 2015, in separate transactions with multiple sellers, t he Company acquired undeveloped acreage and oil and gas producing properties located in Martin and Glasscock counties for an aggregate purchase price of approximately $274 million , subject to certain purchase price adjustments. Subsequent to the initial closing, certain non-operated working interest owners in these properties elected to sell us their interests for an additional $39 million . Approximately $60.8 million was recorded as proved oil and natural gas properties. The aggregate acquisitions include 6,548 net acres in our core focus area with an average royalty burden of approximately 23% , with production of approximately 1,680 Boe/d and 191 net horizontal drilling locations as of the effective date. A portion of the acquisitions were initially funded through cash on hand and $50 million drawn on the Company’s revolving credit facility, with the remaining amounts funded with proceeds from both an underwritten public offering of RSP Inc. common stock in August 2015 and the issuance of senior unsecured notes in August 2015. WPR Acquisition On October 7, 2015, the Company signed a letter of intent to acquire undeveloped acreage and oil and gas producing properties for an aggregate purchase price of approximately $137 million , subject to certain purchase price adjustments, from WPR, an entity partly owned by affiliates of the Company. The potential acquisition includes 4,100 largely contiguous net acres, in the core of the Midland Basin with production of approximately 1,900 Boe/d and 86 net horizontal drilling locations as of the effective date. The expected closing date is in the fourth quarter of 2015 and is anticipated to be funded with proceeds from an underwritten public offering of RSP Inc. common stock that was completed in October 2015. The majority of WPR is owned both directly, and indirectly, by Ted Collins, Jr. and Michael W. Wallace, who are also members of our board of directors and two of our three largest shareholders.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	DERIVATIVE INSTRUMENTS Commodity Derivative Instruments The Company uses derivative instruments to manage its exposure to cash-flow variability from commodity-price risk inherent in its crude oil and natural gas production. These include over-the-counter (“OTC”) swaps, collars, and collars with short puts. The derivative instruments are recorded at fair value on the consolidated balance sheets and any gains and losses are recognized in current period earnings. Each swap transaction has an established fixed price. When the settlement price is above the fixed price, the Company pays its counterparty an amount equal to the difference between the settlement price and the fixed price multiplied by the hedged contract volume. When the settlement price is below the fixed price, the counterparty pays the Company an amount equal to the difference between the settlement price and the fixed price multiplied by the hedged contract volume. Each collar transaction has an established price floor and ceiling, and certain collar transactions also include a short put as well. When the settlement price is below the price floor established by these collars, the Company receives an amount from its counterparty equal to the difference between the settlement price and the price floor multiplied by the hedged contract volume. When the settlement price is above the price ceiling established by these collars, the Company pays its counterparty an amount equal to the difference between the settlement price and the price ceiling multiplied by the hedged contract volume. When the settlement price is below the short put price, the Company pays its counterparty an amount equal to the difference between the settlement price and the short put price. The following table summarizes all open positions as of September 30, 2015 : Contracts Expiring in 2015 Crude Oil Swaps: Notional volume (Bbl) 30,000 Weighted average price ($/Bbl)(1) $ 92.60 Crude Oil Collars: Notional volume (Bbl) 498,000 Weighted average ceiling price ($/Bbl)(1) $ 94.28 Weighted average floor price ($/Bbl)(1) $ 85.57 Contracts Expiring in 2016 Crude Oil Collars: Notional volume (Bbl) 555,000 Weighted average ceiling price ($/Bbl)(1) $ 74.08 Weighted average floor price ($/Bbl)(1) $ 55.00 Weighted average short put price ($/Bbl)(1) $ 45.00 _______________________________________ (1) The crude oil derivative contracts are settled based on the month’s average daily NYMEX price of West Texas Intermediate Light Sweet Crude. Derivative Fair Values and Gains (Losses) The following table presents the fair value of derivative instruments. The Company’s derivatives are presented as separate line items in its consolidated balance sheets as current and noncurrent derivative instrument assets and liabilities. The fair value amounts are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under the terms of the Company’s master netting arrangements. See Note 4 for further discussion related to the fair value of the Company's derivatives. Assets Liabilities September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 (In thousands) Derivative Instruments: Current amounts Commodity contracts $ 25,602 $ 76,990 $ (1,946 ) $ (1,320 ) Noncurrent amounts Commodity contracts 1,147 — (662 ) — Total derivative instruments $ 26,749 $ 76,990 $ (2,608 ) $ (1,320 ) Gains and losses on derivatives are reported in the consolidated statements of operations. The following represents the Company’s reported losses on derivative instruments for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) (In thousands) Gain on derivative instruments: Commodity derivative instruments $ 18,098 $ 22,059 $ 17,467 $ 1,948 Total $ 18,098 $ 22,059 $ 17,467 $ 1,948 Offsetting of Derivative Assets and Liabilities The following table presents the Company’s gross and net derivative assets and liabilities. Gross Amount Presented on Balance Sheet Netting Adjustments(a) Net Amount (In thousands) September 30, 2015 Derivative instrument assets with right of offset or master netting agreements $ 26,749 $ (2,608 ) $ 24,141 Derivative instrument liabilities with right of offset or master netting agreements $ (2,608 ) $ 2,608 $ — December 31, 2014 Derivative instrument assets with right of offset or master netting agreements $ 76,990 $ (1,320 ) $ 75,670 Derivative instrument liabilities with right of offset or master netting agreements $ (1,320 ) $ 1,320 $ — _______________________________________ (a) With all of the Company’s financial trading counterparties, the Company has agreements in place that allow for the financial right of offset for derivative assets and derivative liabilities at settlement or in the event of a default under the agreements. Credit-Risk Related Contingent Features in Derivatives None of the Company’s derivative instruments contain credit-risk related contingent features. No amounts of collateral were posted by the Company related to net positions as of September 30, 2015 and December 31, 2014.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS The book values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value due to the short-term nature of these instruments. The book value of the Company’s credit facilities approximate fair value as the interest rates are variable. The book value of the Company's senior notes approximates the fair value as the current trading value of the notes was slightly above par value. If we recorded the notes at fair value they would be Level 1 in our fair value hierarchy as they are traded in an active market with quoted prices for identical instruments. The fair value of derivative financial instruments is determined utilizing industry standard models using assumptions and inputs which are substantially observable in active markets throughout the full term of the instruments. These include market price curves, contract terms and prices, credit risk adjustments, implied market volatility and discount factors. The Company has categorized its assets and liabilities measured at fair value, based on the priority of inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Assets and liabilities recorded at fair value on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: • Level 1—Assets and liabilities recorded at fair value for which values are based on unadjusted quoted prices for identical assets or liabilities in an active market that management has the ability to access. Active markets are considered 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—Assets and liabilities recorded at fair value for which values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Substantially all of these inputs are observable in the marketplace throughout the full term of the price risk management instrument and can be derived from observable data or supported by observable levels at which transactions are executed in the marketplace. • Level 3—Assets and liabilities recorded at fair value for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Unobservable inputs that are not corroborated by market data. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. Valuation techniques that maximize the use of observable inputs are favored. Assets and liabilities are classified in their entirety based on the lowest priority level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities within the levels of the fair value hierarchy. Fair Value Measurement on a Recurring Basis The following table presents, by level within the fair value hierarchy, the Company’s assets and liabilities that are measured at fair value on a recurring basis. Level 1 Level 2 Level 3 Total fair value (In thousands) As of September 30, 2015: Commodity derivative instruments $ — $ 24,141 $ — $ 24,141 Total $ — $ 24,141 $ — $ 24,141 Level 1 Level 2 Level 3 Total fair value (In thousands) As of December 31, 2014: Commodity derivative instruments $ — $ 75,670 $ — $ 75,670 Total $ — $ 75,670 $ — $ 75,670 Significant Level 2 assumptions used to measure the fair value of the commodity derivative instruments include current market and contractual commodity prices, implied volatility factors, appropriate risk adjusted discount rates, as well as other relevant data. Reclassifications of fair value between Level 1, Level 2 and Level 3 of the fair value hierarchy, if applicable, are made at the end of each quarter. There were no transfers between Level 1, Level 2 or Level 3 during the three or nine months ended September 30, 2015 and the year ended December 31, 2014. Nonfinancial Assets and Liabilities Assets and liabilities acquired in business combinations are recorded at their fair value on the date of acquisition. Significant Level 3 assumptions associated with the calculation of future cash flows used in the analysis of fair value of the oil and natural gas property acquired include the Company’s estimate of future commodity prices, production costs, development expenditures, production, risk-adjusted discount rates and other relevant data. Additionally, fair value is used to determine the inception value of the Company’s AROs. The inputs used to determine such fair value are primarily based upon costs incurred historically for similar work, as well as estimates from independent third parties for costs that would be incurred to restore leased property to the contractually stipulated condition. Additions to the Company’s AROs represent a nonrecurring Level 3 measurement. The Company reviews its proved oil and natural gas properties for impairment purposes by comparing the expected undiscounted future cash flows at a producing field level to the unamortized capitalized cost of the asset. Significant assumptions associated with the calculation of future cash flows used in the impairment analysis include the estimate of future commodity prices, production costs, development expenditures, production, risk-adjusted discount rates and other relevant data. As such, the fair value of oil and natural gas properties used in estimating impairment represents a nonrecurring Level 3 measurement.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Long-Term Debt	LONG-TERM DEBT Long-term debt consists of the following: September 30, 2015 December 31, 2014 (In millions) 6.625% Senior notes $ 698.6 $ 500.0 Total long-term debt $ 698.6 $ 500.0 Credit Agreement On August 24, 2015, the Company amended the revolving credit facility to increase the borrowing base to $600 million along with other updates. The Company's revolving credit facility requires it to maintain the following three financial ratios: • a working capital ratio, which is the ratio of consolidated current assets (includes unused commitments under its revolving credit facility and excludes restricted cash and derivative assets) to consolidated current liabilities (excluding the current portion of long-term debt under the credit facility and derivative liabilities), of not less than 1.0 to 1.0; • a leverage ratio, which is the ratio of the sum of all of the Company’s debt to the consolidated EBITDAX (as defined in the credit agreement) for the four fiscal quarters then ended, of not greater than 4.5 to 1.0, • a senior secured leverage ratio, which is the ratio of the sum of all the Company's debt that is (i) secured and (ii) not subordinated to obligations under the revolving credit facility to the consolidated EBITDAX (as defined in the credit agreement) for the four fiscal quarters then ended, of not greater than 3.5 to 1.0. The Company's revolving credit facility contains restrictive covenants that may limit its ability to, among other things, incur additional indebtedness, make loans to others, make investments, enter into mergers, make or declare dividends, enter into commodity hedges exceeding a specified percentage or its expected production, enter into interest rate hedges exceeding a specified percentage of its outstanding indebtedness, incur liens, sell assets or engage in certain other transactions without the prior consent of the lenders. The Company was in compliance with such covenants and ratios as of September 30, 2015. Principal amounts borrowed are payable on the maturity date, and interest is payable quarterly for base rate loans and at the end of the applicable interest period for Eurodollar loans. The Company has a choice of borrowing in Eurodollars or at the alternate base rate. Eurodollar loans bear interest at a rate per annum equal to an adjusted LIBOR rate (equal to the quotient of: (i) the LIBOR Rate divided by (ii) a percentage equal to 100% minus the maximum rate on such date at which the Administrative Agent is required to maintain reserves on “Eurocurrency Liabilities” as defined in and pursuant to Regulation D of the Board of Governors of the Federal Reserve System) plus an applicable margin ranging from 100 to 200 basis points , depending on the percentage of its borrowing base utilized. Alternate base rate loans bear interest at a rate per annum equal to the greatest of: (i) the agent bank’s referenced rate; (ii) the federal funds effective rate plus 100 basis points ; and (iii) the adjusted LIBOR rate plus 100 basis points , plus an applicable margin ranging from 0 to 100 basis points , depending on the percentage of its borrowing base utilized, plus a facility fee of 0.50% charged on the borrowing base amount. At September 30, 2015, the prime borrowing rate of interest under the Company’s revolving credit facility was 3.25% . RSP LLC may repay any amounts borrowed prior to the maturity date without any premium or penalty other than customary LIBOR breakage costs. As of September 30, 2015, the revolving credit facility has a margin of 1.00% to 2.00% plus LIBOR, plus a facility fee of 0.50% charged on the borrowing base amount. The amount available to be borrowed under the revolving credit facility is subject to a borrowing base that is re-determined semiannually each May and November and depends on the volumes of proved oil and natural gas reserves and estimated cash flows from these reserves and commodity hedge positions. The borrowing base under the Company’s amended and restated credit agreement is $600 million as of September 30, 2015, with lender commitments of $1 billion . The maturity date of the Company's revolving credit facility is August 29, 2019. Senior Notes Due 2022 On September 26, 2014, the Company issued $500.0 million of 6.625% senior unsecured notes at par through a private placement. On August 10, 2015, the Company issued an additional $200.0 million of these notes at 99.25% of the principal amount through a private placement. The notes will mature on October 1, 2022. The notes are senior unsecured obligations that rank equally with all of our future senior indebtedness, are effectively subordinated to all our existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness, including borrowings under RSP LLC's revolving credit facility, and will rank senior to any future subordinated indebtedness of the Company. Interest on these notes is payable semi-annually on April 1 and October 1 and commenced on April 1, 2015. On or after October 1, 2017, the Company may redeem some or all of the notes, with certain restrictions, at a redemption price, plus accrued and unpaid interest, of 104.969% of principal, declining in twelve-month intervals to 100% in 2020 and thereafter. In addition, prior to October 1, 2017, the Company may redeem up to 35% of the principal amount of the notes with the net proceeds of qualified offerings of our equity at a redemption price of 106.625% of the principal amount of the notes, plus accrued and unpaid interest. The Company incurred approximately $11.3 million of debt issuance costs related to the 2014 note issuance and $2.2 million related to the 2015 note issuance, which is included in “Other long-term assets” on the Company's consolidated balance sheets and will be amortized to interest expense, net, over the life of the notes using the effective interest method. In the event of certain changes in control of the Company, each holder of notes will have the right to require us to repurchase all or any part of the notes at a purchase price in cash equal to 101% of the principal amount, plus accrued and unpaid interest to the date of purchase. RSP LLC, our 100% owned and only subsidiary, has fully and unconditionally guaranteed the notes. RSP Inc. does not have independent assets or operations. The terms of the notes include, among other restrictions, limitations on our ability to repurchase shares, incur debt, create liens, make investments, transfer or sell assets, enter into transactions with affiliates and consolidate, merge or transfer all or substantially all of our assets. In June 2015, the Company exchanged these notes for registered notes with the same terms. The Company was in compliance with the provisions of the indenture governing the senior unsecured notes as of September 30, 2015.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Legal Matters In the ordinary course of business, the Company may at times be subject to claims and legal actions. Management believes it is remote that the impact of such matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. Environmental Matters The Company is subject to various federal, state and local laws and regulations relating to the protection of the environment. These laws, which are often changing, regulate the discharge of materials into the environment and may require the Company to remove or mitigate the environmental effects of the disposal or release of petroleum or chemical substances at various sites. Environmental expenditures are expensed as incurred. The Company has established procedures for the ongoing evaluation of its operations to identify potential environmental exposures and to comply with regulatory policies and procedures. The Company accounts for environmental contingencies in accordance with the accounting guidance related to accounting for contingencies. Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations, which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded when environmental assessments and/or clean-ups are probable and the costs can be reasonably estimated. Such liabilities are generally undiscounted unless the timing of cash payments is fixed and readily determinable. At both September 30, 2015 and December 31, 2014, the Company had no environmental matters requiring specific disclosure or requiring the recognition of a liability. Contractual Obligations The Company had no material changes in its contractual commitments and obligations from amounts listed under "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Capital Requirements and Sources of Liquidity - Contractual Obligations" in our Annual Report on Form 10-K for the year ended December 31, 2014.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity-Based Compensation	EQUITY-BASED COMPENSATION Equity-based compensation expense, which was recorded in General and administrative expenses, was $2.4 million and $1.9 million for the three months ended September 30, 2015 and 2014, respectively. This same expense was $7.0 million and $15.6 million for the nine months ended September 30, 2015 and 2014, respectively. Equity-based compensation expense in the 2014 period includes expense related to incentive units. Expenses related to incentive units are described in more detail below. Incentive unit expense, which was also recorded in General and administrative expenses, was $0.2 million and $11.7 million for the three months and nine months ended September 30, 2014, respectively. Restricted Stock Awards In connection with the IPO, the Company adopted the RSP Permian, Inc. 2014 Long Term Incentive Plan (the “LTIP”) for the employees, consultants and directors of the Company and its affiliates who perform services for the Company. Equity-based compensation expense for awards under the LTIP was $1.6 million and $1.3 million for the three months ended September 30, 2015 and 2014, respectively. This same expense was $4.8 million and $3.5 million for the nine months ended September 30, 2015 and 2014, respectively. The Company views restricted stock awards with graded vesting as single awards with an expected life equal to the average expected life and amortize the awards on a straight-line basis over the life of the awards. The compensation expense for these awards was determined based on the market price of the Company’s common stock at the date of grant applied to the total number of shares that were anticipated to fully vest. As of September 30, 2015, the Company had unrecognized compensation expense of $9.5 million related to restricted stock awards which is expected to be recognized over a weighted average period of 1.8 years . The following table represents restricted stock award activity for the nine months ended September 30: Nine Months Ended September 30, 2015 2014 Shares Weighted Average Fair Value Shares Weighted Average Fair Value Restricted shares outstanding, beginning of period 477,767 $ 23.71 — $ — Restricted shares granted 278,723 27.18 482,252 23.68 Restricted shares canceled (4,289 ) 26.07 (4,950 ) 24.96 Restricted shares vested (248,348 ) 22.96 — — Restricted shares outstanding, end of period 503,853 $ 25.98 477,302 $ 23.67 Performance-Based Restricted Stock Awards In September 2014, performance-based restricted stock awards were granted containing predetermined market conditions with a cliff vesting period of 2.75 years . We granted 134,400 of these shares at a 100% of target payout while the conditions of the grants allow for a payout ranging between no payout and 200% of target. In March 2015, an additional grant of performance-based restricted stock awards were granted containing predetermined market conditions with a cliff vesting period of 2.83 years . We granted 159,932 of these shares at a 100% of target payout while the conditions of the grants allow for a payout ranging between no payout and 200% of target. Equity-based compensation for these awards was $0.8 million and $0.3 million for the three months ended September 30, 2015 and 2014, respectively. This same expense was $2.2 million and $0.5 million for the nine months ended September 30, 2015 and 2014, respectively. The compensation expense for the market conditions is based on a per share value using a Monte-Carlo simulation. The unrecognized compensation expense related to these shares is approximately $ 6.3 million as of September 30, 2015 and is expected to be recognized over the next 1.87 years . The payout level is calculated based on actual total shareholder return performance achieved during the performance period compared to a defined peer group of comparable public companies. The following table represents performance-based restricted stock award activity for the nine months ended September 30: Nine Months Ended September 30, 2015 2014 Shares Weighted Average Fair Value Shares Weighted Average Fair Value Restricted shares outstanding, beginning of period 134,400 $ 28.14 — $ — Restricted shares granted 159,932 31.74 134,400 28.14 Restricted shares outstanding, end of period 294,332 $ 31.41 134,400 $ 28.14 Incentive Units Pursuant to the LLC Agreement of RSP LLC, certain incentive units were available to be issued to the Company’s management and employees. After successful completion of the IPO, the performance conditions associated with certain incentive units were deemed probable of reaching payout. For the three and nine months ended September 30, 2014, the Company recognized non-cash compensation expense of $0.2 million and $11.7 million , respectively, related to these incentive units. In December 2014, the incentive unit plan was concluded and all awards remaining under the incentive unit plans were allocated according to performance criteria established at the adoption of the plan. These incentive units determined the stock allocation of shares held by RSP Permian Holdco, between management and NGP and had no dilutive impact, or cash impact, to shareholders of RSP Permian, Inc. In periods subsequent to 2014, there will be no additional expense recognized related to these incentive units.

Earnings Per Share & Pro Forma

Earnings Per Share & Pro Forma Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share & Pro Forma Earnings Per Share	EARNINGS PER SHARE & PRO FORMA EARNINGS PER SHARE Earnings per Share The Company’s basic earnings per share amounts have been computed using the two-class method based on the weighted-average number of shares of common stock outstanding for the period. Because the Company recognized a net loss for the nine months ended September 30, 2014, unvested restricted share awards were not recognized in dilutive earnings per share calculations as they would be antidilutive. A reconciliation of the components of basic and diluted earnings per common share is presented in the table below: Three Months Ended September 30, 2015 2014 (In thousands) Numerator: Net income available to stockholders $ 8,974 $ 32,297 Basic net income allocable to participating securities (1) 54 194 Income available to stockholders $ 8,920 $ 32,103 Denominator: Weighted average number of common shares outstanding - basic 87,245 74,896 Effect of dilutive securities: Restricted stock — — Weighted average number of common shares outstanding - diluted 87,245 74,896 Net income per share: Basic $ 0.10 $ 0.43 Diluted $ 0.10 $ 0.43 _______________________________________ (1) Restricted share awards that contain non-forfeitable rights to dividends are participating securities and, therefore, are included in computing earnings using the two-class method. Participating securities, however, do not participate in undistributed net losses. Nine Months Ended September 30, 2015 2014 (In thousands) Numerator: Net income (loss) available to stockholders $ 2,498 $ (87,004 ) Basic net income (loss) allocable to participating securities (1) 15 — Income (loss) available to stockholders $ 2,483 $ (87,004 ) Denominator: Weighted average number of common shares outstanding - basic 82,841 70,100 Effect of dilutive securities: Restricted stock — — Weighted average number of common shares outstanding - diluted 82,841 70,100 Net income (loss) per share: Basic $ 0.03 $ (1.24 ) Diluted $ 0.03 $ (1.24 ) _______________________________________ (1) Restricted share awards that contain non-forfeitable rights to dividends are participating securities and, therefore, are included in computing earnings using the two-class method. Participating securities, however, do not participate in undistributed net losses. Pro Forma Earnings per Share The Company computed a pro forma income tax provision as if the Company was subject to income taxes since January 1, 2014. The pro forma tax provision has been calculated at a rate based upon a federal corporate level tax rate and a state tax rate, net of federal benefit, and excludes the non-recurring tax adjustment related to the corporate reorganization of the Company on January 23, 2014, as further described in Note 2 under “Income Taxes.” The Company’s pro forma basic earnings per share amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period, as if the common shares issued in the IPO were outstanding since January 1, 2014. A reconciliation of the components of pro forma basic and diluted earnings per common share is presented in the table below: Nine Months Ended September 30, 2014 Numerator: Income before taxes, as reported $ 73,862 Pro forma provision for income taxes 26,590 Pro forma net income available to stockholders 47,272 Basic net income allocable to participating securities 271 Pro forma net income available to stockholders $ 47,001 Denominator: Weighted average number of common shares outstanding - basic 73,299 Effect of dilutive securities: Restricted stock — Weighted average number of common shares outstanding - diluted 73,299 Net income per share: Basic $ 0.64 Diluted $ 0.64

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These financial statements have been prepared by the Company pursuant to the rules and regulations of the SEC. They reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for interim periods, on a basis consistent with the annual audited financial statements. All such adjustments are of a normal recurring nature. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been omitted pursuant to such rules and regulations, although the Company believes the disclosures are adequate to make the information presented not misleading. The financial statements in this Quarterly Report on Form 10–Q should be read together with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014, which contains a summary of the Company's significant accounting policies and disclosures.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the financial statements and accompanying notes. Although management believes these estimates are reasonable, actual results could differ from these estimates. Changes in estimates are recorded prospectively. Significant assumptions are required in the valuation of proved oil and natural gas reserves that may affect the amount at which oil and natural gas properties are recorded. Estimation of asset retirement obligations (“AROs”) and valuations of derivative instruments also require significant assumptions. It is possible that these estimates could be revised at future dates and these revisions could be material. Depletion of oil and natural gas properties are 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 uncertainties including, among others, estimates of future recoverable reserves and commodity price estimates.
Accounts Receivable	Accounts receivable, which are primarily from the sale of oil, natural gas and natural gas liquids (“NGLs”), are accrued based on estimates of the volumetric sales and prices the Company believes it will receive. In addition, settled but uncollected derivative contracts, and receivables related to joint interest billings are included in accounts receivable. The Company routinely reviews outstanding balances, assesses the financial strength of its customers and records a reserve for amounts not expected to be fully recovered. The need for an allowance is determined based upon reviews of individual accounts, historical losses, existing economic conditions and other pertinent factors and management's expectations are that all material receivables at period-end will be collected. Bad debt expense was zero for the three and nine months ended September 30, 2015 and 2014, respectively.
Oil and Natural Gas Properties	In some circumstances, it may be uncertain whether proved commercial reserves have been found when drilling has been completed. Such exploratory well drilling costs may continue to be capitalized if the anticipated reserve quantity is sufficient to justify its completion as a producing well and sufficient progress in assessing the reserves and the economic and operating viability of the project is being made. As of September 30, 2015 and December 31, 2014, there were no costs capitalized in connection with exploratory wells in progress. Capitalized costs are evaluated for impairment whenever events or changes in circumstances indicate that an asset’s carrying amount may not be recoverable. To determine if a field is impaired, the Company compares the carrying value of the field to the undiscounted future net cash flows by applying estimates of future oil and natural gas prices to the estimated future production of oil and natural gas reserves over the economic life of the property and deducting future costs. Future net cash flows are based upon reservoir engineers’ estimates of proved reserves. For a property determined to be impaired, an impairment loss equal to the difference between the property’s carrying value and its estimated fair value is recognized. Fair value, on a field basis, is estimated to be the present value of the aforementioned expected future net cash flows. Unproved properties are assessed at least annually to determine whether they have been impaired and more frequently when industry conditions dictate an impairment may be possible. An impairment allowance is provided on an unproved property when the Company determines that the property will not be developed. Each part of this calculation is subject to a large degree of judgment, including the determination of the depletable units’ estimated reserves, future net cash flows and fair value. Oil and Natural Gas Properties The Company uses the successful efforts method of accounting for its oil and natural gas exploration and production activities. Costs incurred by the Company related to the acquisition of oil and natural gas properties and the cost of drilling development wells and successful exploratory wells are capitalized, while the costs of unsuccessful exploratory wells are expensed when determined to be unsuccessful. The Company may capitalize interest on expenditures for significant exploration and development projects that last more than six months while activities are in progress to bring the assets to their intended use . The Company has not capitalized any interest as projects generally lasted less than six months . Costs incurred to maintain wells and related equipment, lease and well operating costs and other exploration costs are expensed as incurred. Gains and losses arising from the sale of properties are generally included in operating income. Unproved properties are assessed for possible impairment quarterly when industry conditions dictate an impairment may be possible. Capitalized acquisition costs attributable to proved oil and natural gas properties and leasehold costs are depleted on a field level, based on proved reserves, using the unit-of-production method. Capitalized exploration well costs and development costs, including AROs, are depleted on a field level, based on proved developed reserves.
Asset Retirement Obligation	Asset Retirement Obligation The Company records AROs related to the retirement of long-lived assets at the time a legal obligation is incurred and the liability can be reasonably estimated. AROs are recorded as long-term liabilities with a corresponding increase in the carrying amount of the related long-lived asset. Subsequently, the asset retirement cost included in the carrying amount of the related asset is allocated to expense through depletion of the asset. Changes in the liability due to passage of time are generally recognized as an increase in the carrying amount of the liability and as corresponding accretion expense. The Company estimates a fair value of the obligation on each well in which it owns an interest by identifying costs associated with the future down-hole plugging, dismantlement and removal of production equipment and facilities, and the restoration and reclamation of the surface acreage to a condition similar to that existing before oil and natural gas extraction began. In general, the amount of ARO and the costs capitalized will be equal to the estimated future cost to satisfy the abandonment obligation using current prices that are escalated by an assumed inflation factor up to the estimated settlement date which is then discounted back to the date that the abandonment obligation was incurred using an estimated credit adjusted rate. If the estimated ARO changes, an adjustment is recorded to both the ARO and the long-lived asset. Revisions to estimated AROs can result from changes in retirement cost estimates, revisions to estimated inflation rates and changes in the estimated timing of abandonment. After recording these amounts, the ARO is accreted to its future estimated value using the same assumed credit adjusted rate and the associated capitalized costs are depreciated on a unit-of-production basis.
Income Taxes	Deferred taxes are determined based on the estimated future tax effects of differences between the financial statement and tax basis of assets and liabilities, given the provisions of enacted tax laws. Tax positions are evaluated for recognition using a more-likely-than-not threshold, and those tax positions requiring recognition are measured as the largest amount of tax benefit that is greater than fifty percent likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. The Company’s policy is to record interest and penalties relating to uncertain tax positions in income tax expense. At September 30, 2015, the Company did not have any accrued liability for uncertain tax positions and does not anticipate recognition of any significant liabilities for uncertain tax positions during the next 12 months. The Company’s U.S. federal income tax returns for 2011 and beyond, and its Texas franchise tax returns for 2010 and beyond, remain subject to examination by the taxing authorities. No other jurisdiction’s returns are significant to the Company’s financial position. RSP LLC was organized as a limited liability company and treated as a flow-through entity for federal income tax purposes. As such, taxable income and any related tax credits were passed through to its members and are included in their tax returns even though such net taxable income or tax credits may not have actually been distributed. Accordingly, provision for federal and state corporate income taxes has been made only for the operations of RSP Inc. beginning on January 23, 2014 in the accompanying consolidated financial statements. Deferred income taxes are provided to reflect the future tax consequences or benefits of differences between the tax basis of assets and liabilities and their reported amounts in the financial statements using enacted tax rates.
New Accounting Pronouncements	New Accounting Pronouncements In September 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments," which requires the acquirer in a business combination recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Public entities are required to apply ASU 2015-16 for annual and interim reporting periods beginning after December 15, 2015. The Company is evaluating the impact that this new guidance will have on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs." which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the debt obligation, similar to debt discounts. An entity is required to apply ASU 2015-03 for annual and interim reporting periods beginning after December 15, 2015. The Company is evaluating the impact that this new guidance will have on its consolidated financial statements. In January 2015, the FASB issued ASU 2015-01, "Income Statement - Extraordinary and Unusual Items (Subtopic 225-20)," which eliminates the concept of extraordinary items in US GAAP. An entity is required to apply ASU 2015-01 for annual and interim reporting periods beginning after December 15, 2015. An entity may apply ASU 2015-01 prospectively or retrospectively for all periods presented in the financial statements. The Company does not expect the impact of its pending adoption of this guidance will have a material effect on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which provides a comprehensive revenue recognition standard for contracts with customers that supersedes current revenue recognition guidance including industry specific guidance. An entity is required to apply ASU 2014-09 for annual and interim reporting periods beginning after December 15, 2016. An entity can apply ASU 2014-09 using either a full retrospective method, meaning the standard is applied to all of the periods presented, or a modified retrospective method, meaning the cumulative effect of initially applying the standard is recognized in the most current period presented in the financial statements. The Company does not expect the impact of its pending adoption of this guidance will have a material effect on its consolidated financial statements.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Schedule of Accounts Receivable	Accounts Receivable As of September 30, 2015 As of December 31, 2014 (In thousands) Sale of oil, natural gas and natural gas liquids $ 29,403 $ 24,059 Joint interest owners 26,598 10,400 Derivatives - settled, but uncollected 7,129 5,977 Total accounts receivable $ 63,130 $ 40,436
Schedule of Oil and Natural Gas Properties	The Company’s oil and natural gas properties as of September 30, 2015 and December 31, 2014 consisted of the following: September 30, 2015 December 31, 2014 (In thousands) Proved oil and natural gas properties $ 2,071,428 $ 1,585,125 Unproved oil and natural gas properties 804,530 655,678 Total oil and natural gas properties 2,875,958 2,240,803 Less: Accumulated depletion (288,201 ) (171,046 ) Total oil and natural gas properties, net $ 2,587,757 $ 2,069,757
Schedule of Changes in Asset Retirement Obligation	The ARO consisted of the following for the period indicated: Nine Months Ended September 30, 2015 (In thousands) Asset retirement obligation at beginning of period $ 4,873 Liabilities incurred or assumed 1,349 Accretion expense 252 Asset retirement obligation at end of period $ 6,474
Schedule of Income Tax Expense	The following is an analysis of the Company’s consolidated income tax expense: Three Months Ended September 30, Nine Months Ended September 30 2015 2014 2015 2014 (In thousands) (In thousands) Current $ (518 ) $ (3,375 ) $ 1,859 $ (5,051 ) Deferred (4,435 ) (17,329 ) (481 ) (155,815 ) Income Tax (Expense) Benefit $ (4,953 ) $ (20,704 ) $ 1,378 $ (160,866 )

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	The following table summarizes all open positions as of September 30, 2015 : Contracts Expiring in 2015 Crude Oil Swaps: Notional volume (Bbl) 30,000 Weighted average price ($/Bbl)(1) $ 92.60 Crude Oil Collars: Notional volume (Bbl) 498,000 Weighted average ceiling price ($/Bbl)(1) $ 94.28 Weighted average floor price ($/Bbl)(1) $ 85.57 Contracts Expiring in 2016 Crude Oil Collars: Notional volume (Bbl) 555,000 Weighted average ceiling price ($/Bbl)(1) $ 74.08 Weighted average floor price ($/Bbl)(1) $ 55.00 Weighted average short put price ($/Bbl)(1) $ 45.00 _______________________________________ (1) The crude oil derivative contracts are settled based on the month’s average daily NYMEX price of West Texas Intermediate Light Sweet Crude.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value, Gross Basis	The following table presents the fair value of derivative instruments. The Company’s derivatives are presented as separate line items in its consolidated balance sheets as current and noncurrent derivative instrument assets and liabilities. The fair value amounts are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under the terms of the Company’s master netting arrangements. See Note 4 for further discussion related to the fair value of the Company's derivatives. Assets Liabilities September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 (In thousands) Derivative Instruments: Current amounts Commodity contracts $ 25,602 $ 76,990 $ (1,946 ) $ (1,320 ) Noncurrent amounts Commodity contracts 1,147 — (662 ) — Total derivative instruments $ 26,749 $ 76,990 $ (2,608 ) $ (1,320 )
Derivative Instruments, Gains (Losses)	The following represents the Company’s reported losses on derivative instruments for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) (In thousands) Gain on derivative instruments: Commodity derivative instruments $ 18,098 $ 22,059 $ 17,467 $ 1,948 Total $ 18,098 $ 22,059 $ 17,467 $ 1,948
Gross and Net Derivative Assets	The following table presents the Company’s gross and net derivative assets and liabilities. Gross Amount Presented on Balance Sheet Netting Adjustments(a) Net Amount (In thousands) September 30, 2015 Derivative instrument assets with right of offset or master netting agreements $ 26,749 $ (2,608 ) $ 24,141 Derivative instrument liabilities with right of offset or master netting agreements $ (2,608 ) $ 2,608 $ — December 31, 2014 Derivative instrument assets with right of offset or master netting agreements $ 76,990 $ (1,320 ) $ 75,670 Derivative instrument liabilities with right of offset or master netting agreements $ (1,320 ) $ 1,320 $ — _______________________________________ (a) With all of the Company’s financial trading counterparties, the Company has agreements in place that allow for the financial right of offset for derivative assets and derivative liabilities at settlement or in the event of a default under the agreements.
Gross and Net Derivative Liabilities	The following table presents the Company’s gross and net derivative assets and liabilities. Gross Amount Presented on Balance Sheet Netting Adjustments(a) Net Amount (In thousands) September 30, 2015 Derivative instrument assets with right of offset or master netting agreements $ 26,749 $ (2,608 ) $ 24,141 Derivative instrument liabilities with right of offset or master netting agreements $ (2,608 ) $ 2,608 $ — December 31, 2014 Derivative instrument assets with right of offset or master netting agreements $ 76,990 $ (1,320 ) $ 75,670 Derivative instrument liabilities with right of offset or master netting agreements $ (1,320 ) $ 1,320 $ — _______________________________________ (a) With all of the Company’s financial trading counterparties, the Company has agreements in place that allow for the financial right of offset for derivative assets and derivative liabilities at settlement or in the event of a default under the agreements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents, by level within the fair value hierarchy, the Company’s assets and liabilities that are measured at fair value on a recurring basis. Level 1 Level 2 Level 3 Total fair value (In thousands) As of September 30, 2015: Commodity derivative instruments $ — $ 24,141 $ — $ 24,141 Total $ — $ 24,141 $ — $ 24,141 Level 1 Level 2 Level 3 Total fair value (In thousands) As of December 31, 2014: Commodity derivative instruments $ — $ 75,670 $ — $ 75,670 Total $ — $ 75,670 $ — $ 75,670

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consists of the following: September 30, 2015 December 31, 2014 (In millions) 6.625% Senior notes $ 698.6 $ 500.0 Total long-term debt $ 698.6 $ 500.0

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Restricted Stock Award Activity	The following table represents restricted stock award activity for the nine months ended September 30: Nine Months Ended September 30, 2015 2014 Shares Weighted Average Fair Value Shares Weighted Average Fair Value Restricted shares outstanding, beginning of period 477,767 $ 23.71 — $ — Restricted shares granted 278,723 27.18 482,252 23.68 Restricted shares canceled (4,289 ) 26.07 (4,950 ) 24.96 Restricted shares vested (248,348 ) 22.96 — — Restricted shares outstanding, end of period 503,853 $ 25.98 477,302 $ 23.67
Schedule of Performance-Based Restricted Stock Award Activity	The following table represents performance-based restricted stock award activity for the nine months ended September 30: Nine Months Ended September 30, 2015 2014 Shares Weighted Average Fair Value Shares Weighted Average Fair Value Restricted shares outstanding, beginning of period 134,400 $ 28.14 — $ — Restricted shares granted 159,932 31.74 134,400 28.14 Restricted shares outstanding, end of period 294,332 $ 31.41 134,400 $ 28.14

Earnings Per Share & Pro Form22

Earnings Per Share & Pro Forma Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	A reconciliation of the components of basic and diluted earnings per common share is presented in the table below: Three Months Ended September 30, 2015 2014 (In thousands) Numerator: Net income available to stockholders $ 8,974 $ 32,297 Basic net income allocable to participating securities (1) 54 194 Income available to stockholders $ 8,920 $ 32,103 Denominator: Weighted average number of common shares outstanding - basic 87,245 74,896 Effect of dilutive securities: Restricted stock — — Weighted average number of common shares outstanding - diluted 87,245 74,896 Net income per share: Basic $ 0.10 $ 0.43 Diluted $ 0.10 $ 0.43 _______________________________________ (1) Restricted share awards that contain non-forfeitable rights to dividends are participating securities and, therefore, are included in computing earnings using the two-class method. Participating securities, however, do not participate in undistributed net losses. Nine Months Ended September 30, 2015 2014 (In thousands) Numerator: Net income (loss) available to stockholders $ 2,498 $ (87,004 ) Basic net income (loss) allocable to participating securities (1) 15 — Income (loss) available to stockholders $ 2,483 $ (87,004 ) Denominator: Weighted average number of common shares outstanding - basic 82,841 70,100 Effect of dilutive securities: Restricted stock — — Weighted average number of common shares outstanding - diluted 82,841 70,100 Net income (loss) per share: Basic $ 0.03 $ (1.24 ) Diluted $ 0.03 $ (1.24 ) _______________________________________ (1) Restricted share awards that contain non-forfeitable rights to dividends are participating securities and, therefore, are included in computing earnings using the two-class method. Participating securities, however, do not participate in undistributed net losses.
Schedule of Pro Forma Earnings Per Share, Basic and Diluted	A reconciliation of the components of pro forma basic and diluted earnings per common share is presented in the table below: Nine Months Ended September 30, 2014 Numerator: Income before taxes, as reported $ 73,862 Pro forma provision for income taxes 26,590 Pro forma net income available to stockholders 47,272 Basic net income allocable to participating securities 271 Pro forma net income available to stockholders $ 47,001 Denominator: Weighted average number of common shares outstanding - basic 73,299 Effect of dilutive securities: Restricted stock — Weighted average number of common shares outstanding - diluted 73,299 Net income per share: Basic $ 0.64 Diluted $ 0.64

Nature of Operations and Basi23

Nature of Operations and Basis of Presentation (Details) shares in Thousands	Oct. 13, 2015USD ($)shareholdershares	Oct. 07, 2015USD ($)shareholder	Aug. 07, 2015USD ($)shares	Nov. 03, 2015USD ($)	Sep. 30, 2015USD ($)	Aug. 10, 2015USD ($)	Dec. 31, 2014	Sep. 26, 2014USD ($)
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares) | shares			8,050
Proceeds from stock issuance			$ 178,600,000
Stated interest rate					6.625%		6.625%
Oil and Gas Properties, Martin and Glasscock Counties [Member]
Subsidiary, Sale of Stock [Line Items]
Aggregate purchase price					$ 274,000,000
Subsequent Event [Member]
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares) | shares	8,740
Proceeds from stock issuance	$ 218,100,000
Number of largest shareholders referenced | shareholder	3
Subsequent Event [Member] | Directors [Member]
Subsidiary, Sale of Stock [Line Items]
Number of largest shareholders referenced | shareholder	2	2
Subsequent Event [Member] | Oil and Gas Properties, Martin and Glasscock Counties [Member]
Subsidiary, Sale of Stock [Line Items]
Aggregate purchase price				$ 39,000,000
Subsequent Event [Member] | Oil and Gas Properties from Wolfberry Partners Resources LLC [Member]
Subsidiary, Sale of Stock [Line Items]
Aggregate purchase price		$ 137,000,000
Number of largest shareholders referenced | shareholder		3
Senior Unsecured Notes [Member] | 6.625% Notes due 2022 [Member]
Subsidiary, Sale of Stock [Line Items]
Debt issued, face amount						$ 200,000,000		$ 500,000,000
Stated interest rate						6.625%		6.625%
Percentage of principal amount issued						99.25%

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Accounts Receivable) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Accounting Policies [Abstract]
Sale of oil, natural gas and natural gas liquids	$ 29,403,000		$ 29,403,000		$ 24,059,000
Joint interest owners	26,598,000		26,598,000		10,400,000
Derivatives - settled, but uncollected	7,129,000		7,129,000		5,977,000
Total accounts receivable	63,130,000		63,130,000		$ 40,436,000
Bad debt expense	$ 0	$ 0	$ 0	$ 0

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Oil and Natural Gas) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Accounting Policies [Abstract]
Minimum project term to capitalize interest			6 months
Depletion expense	$ 42,700,000	$ 18,800,000	$ 113,300,000	$ 56,700,000
Costs capitalized in connection with exploratory wells in progress	0		0		$ 0
Impairment of proved oil and gas properties	0	0	0	0
Impairment of unproved oil and gas properties	4,200,000	$ 0	4,200,000	$ 0
Oil and Natural Gas Properties [Abstract]
Proved oil and natural gas properties	2,071,428,000		2,071,428,000		1,585,125,000
Unproved oil and natural gas properties	804,530,000		804,530,000		655,678,000
Total oil and natural gas properties	2,875,958,000		2,875,958,000		2,240,803,000
Less: Accumulated depletion	(288,201,000)		(288,201,000)		(171,046,000)
Total oil and natural gas properties, net	$ 2,587,757,000		$ 2,587,757,000		$ 2,069,757,000

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Asset Retirement Obligation) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligation at beginning of period			$ 4,873
Liabilities incurred or assumed			1,349
Accretion expense	$ 84	$ 38	252	$ 104
Asset retirement obligation at end of period	$ 6,474		$ 6,474

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2015	Dec. 31, 2014	Jan. 23, 2014
Accounting Policies [Abstract]
Provision for deferred income taxes							$ 95,000	$ 132,000
Income Tax Expense (Benefit) [Abstract]
Current	$ (518)		$ (3,375)	$ 1,859	$ (5,051)
Deferred	(4,435)		(17,329)	(481)	(155,815)
Income Tax (Expense) Benefit	$ (4,953)	$ 1,600	$ (20,704)	$ 1,378	$ (160,866)
Texas state margin tax rate		0.75%				1.00%

Acquisitions of Oil and Natur28

Acquisitions of Oil and Natural Gas Property Interests (Details) $ in Millions	Oct. 13, 2015shareholder	Oct. 07, 2015USD ($)aBoedrilling_locationshareholder	Nov. 03, 2015USD ($)	Sep. 30, 2015USD ($)aBoedrilling_location
Subsequent Event [Member]
Business Acquisition [Line Items]
Number of largest shareholders referenced | shareholder	3
Subsequent Event [Member] | Directors [Member]
Business Acquisition [Line Items]
Number of largest shareholders referenced | shareholder	2	2
Oil and Gas Properties, Martin and Glasscock Counties [Member]
Business Acquisition [Line Items]
Aggregate purchase price				$ 274
Costs to acquire proved oil and natural gas properties				$ 60.8
Number of acres | a				6,548
Average royalty burden				23.00%
Approximate barrels per day | Boe				1,680
Number of drilling locations | drilling_location				191
Portion of acquisition funded with cash on hand				$ 50
Oil and Gas Properties, Martin and Glasscock Counties [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Aggregate purchase price			$ 39
Oil and Gas Properties from Wolfberry Partners Resources LLC [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Aggregate purchase price		$ 137
Number of acres | a		4,100
Approximate barrels per day | Boe		1,900
Number of drilling locations | drilling_location		86
Number of largest shareholders referenced | shareholder		3

Derivative Instruments (Outstan

Derivative Instruments (Outstanding Positions) (Details) - Crude Oil [Member] bbl in Thousands	9 Months Ended
	Sep. 30, 2015$ / bblbbl
Swaps Maturing in Current Fiscal Year [Member]
Derivative [Line Items]
Notional volume (Bbl) | bbl	30
Weighted average price (in dollars per Bbl)	92.60
Collars Maturing in Current Fiscal Year [Member]
Derivative [Line Items]
Notional volume (Bbl) | bbl	498
Weighted average ceiling price (in dollars per Bbl)	94.28
Weighted average floor price (in dollars per Bbl)	85.57
Collars Maturing in Next Fiscal Year [Member]
Derivative [Line Items]
Notional volume (Bbl) | bbl	555
Weighted average ceiling price (in dollars per Bbl)	74.08
Weighted average floor price (in dollars per Bbl)	55
Weighted average short put price (in dollars per Bbl)	45

Derivative Instruments (Gross A

Derivative Instruments (Gross Assets and Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative assets	$ 26,749	$ 76,990
Derivative liabilities	(2,608)	(1,320)
Commodity contracts [Member] | Current amounts, Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	25,602	76,990
Commodity contracts [Member] | Current amounts, Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(1,946)	(1,320)
Commodity contracts [Member] | Noncurrent amounts, Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	1,147	0
Commodity contracts [Member] | Noncurrent amounts, Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ (662)	$ 0

Derivative Instruments (Gain Lo

Derivative Instruments (Gain Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	$ 18,098	$ 22,059	$ 17,467	$ 1,948
Commodity derivative instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	$ 18,098	$ 22,059	$ 17,467	$ 1,948

Derivative Instruments (Offsett

Derivative Instruments (Offsetting Assets and Liabilities) (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Offsetting of Derivative Assets and Liabilities [Abstract]
Derivative asset, Gross Amount Presented on Balance Sheet	$ 26,749,000	$ 76,990,000
Derivative asset, Netting Adjustments	(2,608,000)	(1,320,000)
Derivative asset, Net Amount	24,141,000	75,670,000
Derivative liability, Gross Amount Presented on Balance Sheet	(2,608,000)	(1,320,000)
Derivative liability, Netting Adjustments	2,608,000	1,320,000
Derivative liability, Net Amount	0	0
Credit-Risk Related Contingent Features in Derivatives [Abstract]
Collateral posted for derivative instruments with credit-risk related contingent features	$ 0	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 26,749	$ 76,990
Recurring basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	24,141	75,670
Recurring basis [Member] | Commodity derivative instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	24,141	75,670
Recurring basis [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Recurring basis [Member] | Level 1 [Member] | Commodity derivative instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Recurring basis [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	24,141	75,670
Recurring basis [Member] | Level 2 [Member] | Commodity derivative instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	24,141	75,670
Recurring basis [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Recurring basis [Member] | Level 3 [Member] | Commodity derivative instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 0	$ 0

Long-Term Debt (Details)

Long-Term Debt (Details)	Sep. 26, 2014USD ($)	Sep. 30, 2015USD ($)financial_ratio	Sep. 30, 2014USD ($)	Aug. 24, 2015USD ($)	Aug. 10, 2015USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
6.625% Senior notes		$ 698,600,000				$ 500,000,000
Stated interest rate		6.625%				6.625%
Total long-term debt		$ 698,600,000				$ 500,000,000
Subsidiary [Member]
Debt Instrument [Line Items]
Ownership percentage of subsidiary		100.00%
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Debt issuance costs		$ 2,200,000	$ 11,300,000
Senior Unsecured Notes [Member] | After October 1, 2017 [Member]
Debt Instrument [Line Items]
Percentage of original principal amount of debt at which debt can be redeemed	104.969%
Senior Unsecured Notes [Member] | January 1, 2020 [Member]
Debt Instrument [Line Items]
Percentage of original principal amount of debt at which debt can be redeemed	100.00%
Senior Unsecured Notes [Member] | Before October 1, 2017 [Member]
Debt Instrument [Line Items]
Percentage of original principal amount of debt at which debt can be redeemed	106.625%
Percentage of principal amount of debt that may be redeemed, maximum	35.00%
Senior Unsecured Notes [Member] | Event of change in control [Member]
Debt Instrument [Line Items]
Percentage of original principal amount of debt at which debt can be redeemed		101.00%
Senior Unsecured Notes [Member] | 6.625% Notes due 2022 [Member]
Debt Instrument [Line Items]
Stated interest rate	6.625%				6.625%
Debt issued, face amount	$ 500,000,000				$ 200,000,000
Percentage of principal amount issued					99.25%
Revolving credit facility [Member]
Debt Instrument [Line Items]
Credit agreement, maximum borrowing capacity		$ 600,000,000		$ 600,000,000
Number of financial ratios | financial_ratio		3
Working capital ratio, required		1
Leverage ratio, required		4.5
Senior secured leverage ratio		3.5
Variable interest rate at period end		3.25%
Credit agreement, maximum borrowing capacity, lender commitments		$ 1,000,000,000
Revolving credit facility [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Variable rate basis, base percentage prior to adjustments		100.00%
Revolving credit facility [Member] | Eurodollar [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Revolving credit facility [Member] | Eurodollar [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%
Revolving credit facility [Member] | Federal Funds Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Revolving credit facility [Member] | Adjusted LIBOR rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Facility fee (percent)		0.50%
Revolving credit facility [Member] | Adjusted LIBOR rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Interest rate terms, percentage of borrowing base utilized margin		0.00%
Revolving credit facility [Member] | Adjusted LIBOR rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%
Interest rate terms, percentage of borrowing base utilized margin		1.00%

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Mar. 31, 2015	Jun. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Restricted stock awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			$ 1.6	$ 1.3	$ 4.8	$ 3.5
Unrecognized compensation expense			$ 9.5		$ 9.5
Unrecognized compensation expense, weighted average recognition period					1 year 10 months
Shares (in shares)
Restricted shares outstanding, beginning of period					477,767	0
Restricted shares granted					278,723	482,252
Restricted shares canceled					(4,289)	(4,950)
Restricted shares vested					(248,348)	0
Restricted shares outstanding, end of period			503,853	477,302	503,853	477,302
Weighted Average Fair Value (in dollars per share)
Restricted shares outstanding, beginning of period					$ 23.71	$ 0
Restricted shares granted					27.18	23.68
Restricted shares canceled					26.07	24.96
Restricted shares vested					22.96	0
Restricted shares outstanding, end of period			$ 25.98	$ 23.67	$ 25.98	$ 23.67
Performance-based restricted stock awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			$ 0.8	$ 0.3	$ 2.2	$ 0.5
Award vesting period	2 years 9 months 29 days	2 years 9 months
Unrecognized compensation expense			$ 6.3		$ 6.3
Unrecognized compensation expense, weighted average recognition period					1 year 10 months 15 days
Stock awards granted during the period (in shares)	159,932	134,400
Target payout percentage	100.00%	100.00%
Shares (in shares)
Restricted shares outstanding, beginning of period					134,400	0
Restricted shares granted					159,932	134,400
Restricted shares outstanding, end of period			294,332	134,400	294,332	134,400
Weighted Average Fair Value (in dollars per share)
Restricted shares outstanding, beginning of period					$ 28.14	$ 0
Restricted shares granted					31.74	28.14
Restricted shares outstanding, end of period			$ 31.41	$ 28.14	$ 31.41	$ 28.14
Performance-based restricted stock awards [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target payout percentage	0.00%	0.00%
Performance-based restricted stock awards [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target payout percentage	200.00%	200.00%
Incentive units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			$ 0	$ 0.2	$ 0	$ 11.7
General and administrative expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			$ 2.4	$ 1.9	$ 7	$ 15.6

Earnings Per Share & Pro Form36

Earnings Per Share & Pro Forma Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator:
Net income (loss) available to stockholders	$ 8,974	$ 32,297	$ 2,498	$ (87,004)
Basic net income (loss) allocable to participating securities	54	194	15	0
Income (loss) available to stockholders	$ 8,920	$ 32,103	$ 2,483	$ (87,004)
Denominator:
Weighted average number of common shares outstanding - basic (in shares)	87,245	74,896	82,841	70,100
Effect of dilutive securities:
Restricted stock (in shares)	0	0	0	0
Weighted average number of common shares outstanding - diluted (in shares)	87,245	74,896	82,841	70,100
Net income per share:
Basic (in dollars per share)	$ 0.10	$ 0.43	$ 0.03	$ (1.24)
Diluted (in dollars per share)	$ 0.10	$ 0.43	$ 0.03	$ (1.24)

Earnings Per Share & Pro Form37

Earnings Per Share & Pro Forma Earnings Per Share (Pro Forma) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator:
Income before taxes, as reported	$ 13,927	$ 53,001	$ 1,120	$ 73,862
Pro forma provision for income taxes				26,590
Pro forma net income available to stockholders				47,272
Basic net income allocable to participating securities				271
Pro forma net income available to stockholders				$ 47,001
Denominator:
Weighted average number of common shares outstanding - basic (in shares)				73,299
Effect of dilutive securities:
Restricted stock (in shares)				0
Weighted average number of common shares outstanding - diluted (in shares)				73,299
Net income (loss) per share:
Basic (in dollars per share)				$ 0.64
Diluted (in dollars per share)				$ 0.64