RSP Permian (RSPP) 10-Q 8 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Jun. 30, 2016	Aug. 05, 2016
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	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		101,642,584

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 32,855	$ 142,741
Accounts receivable	34,593	36,323
Derivative instruments	5,378	8,452
Other assets	35	24
Total current assets	72,861	187,540
PROPERTY, PLANT AND EQUIPMENT
Oil and natural gas properties, successful efforts method	3,249,109	3,076,051
Accumulated depletion	(451,586)	(357,524)
Total oil and natural gas properties, net	2,797,523	2,718,527
Other property and equipment, net	38,328	40,103
Total property, plant and equipment	2,835,851	2,758,630
OTHER LONG-TERM ASSETS
Restricted cash	152	152
Other long-term assets	15,492	21,111
Total other long-term assets	15,644	21,263
TOTAL ASSETS	2,924,356	2,967,433
CURRENT LIABILITIES
Accounts payable	11,487	15,569
Accounts payable, related party	0	6,459
Accrued expenses	37,277	39,231
Interest payable	12,022	12,149
Derivative instruments	7,131	3,994
Total current liabilities	67,917	77,402
LONG-TERM LIABILITIES
Asset retirement obligations	8,962	7,063
Long-term debt	687,305	686,512
Deferred taxes	324,137	337,872
Total long-term liabilities	1,020,404	1,031,447
Total liabilities	1,088,321	1,108,849
STOCKHOLDERS' EQUITY
Common stock, $.01 par value; 300,000,000 shares authorized, 101,644,885 shares issued and outstanding at June 30, 2016; 100,807,286 shares issued and outstanding at December 31, 2015	1,016	1,008
Additional paid-in capital	1,877,993	1,873,332
Accumulated deficit	(42,974)	(15,756)
Total stockholders' equity	1,836,035	1,858,584
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 2,924,356	$ 2,967,433

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
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)	101,644,885	100,807,286
Common stock, shares outstanding (in shares)	101,644,885	100,807,286

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
REVENUES
Oil sales	$ 74,799	$ 73,917	$ 126,490	$ 121,222
Natural gas sales	2,537	2,028	4,940	4,261
NGL sales	4,149	2,520	5,871	4,356
Total revenues	81,485	78,465	137,301	129,839
OPERATING EXPENSES
Lease operating expenses	14,094	14,693	27,185	27,304
Production and ad valorem taxes	4,960	5,402	9,113	9,599
Depreciation, depletion and amortization	47,296	39,620	91,855	71,121
Asset retirement obligation accretion	123	84	236	168
Impairment of unproved properties	3,177	0	3,350	0
Exploration expenses	405	889	469	2,067
General and administrative expenses	9,135	6,865	17,140	13,236
Total operating expenses	79,190	67,553	149,348	123,495
OPERATING INCOME (LOSS)	2,295	10,912	(12,047)	6,344
OTHER INCOME (EXPENSE)
Other income, net	104	(37)	277	161
Net loss on derivative instruments	(3,684)	(12,962)	(3,288)	(631)
Interest expense	(12,954)	(9,367)	(25,895)	(18,683)
Total other income (expense)	(16,534)	(22,366)	(28,906)	(19,153)
LOSS BEFORE TAXES	(14,239)	(11,454)	(40,953)	(12,809)
INCOME TAX BENEFIT	4,438	6,001	13,735	6,331
NET LOSS	$ (9,801)	$ (5,453)	$ (27,218)	$ (6,478)
Loss per common share:
Basic (in dollars per share)	$ (0.10)	$ (0.07)	$ (0.27)	$ (0.08)
Diluted (in dollars per share)	$ (0.10)	$ (0.07)	$ (0.27)	$ (0.08)
Weighted average shares outstanding:
Basic (in shares)	100,189	83,088	100,125	80,639
Diluted (in shares)	100,189	83,088	100,125	80,639

Consolidated Statement of Chang

Consolidated Statement of Changes In Stockholders' Equity - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance at Dec. 31, 2015	$ 1,858,584	$ 1,008	$ 1,873,332	$ (15,756)
Beginning balance (in shares) at Dec. 31, 2015	100,807,286	100,807,000
Stockholders' Equity/Members' Equity [Roll Forward]
Repurchase and retirement of common stock	$ (2,608)	$ (1)	(2,607)
Repurchase and retirement of common stock (in shares)		(95,000)
Equity-based compensation	7,277	$ 9	7,268
Equity-based compensation (in shares)		933,000
Net loss	(27,218)			(27,218)
Ending balance at Jun. 30, 2016	$ 1,836,035	$ 1,016	$ 1,877,993	$ (42,974)
Ending balance (in shares) at Jun. 30, 2016	101,644,885	101,645,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (27,218)	$ (6,478)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization	91,855	71,121
Asset retirement obligation accretion	236	168
Impairment of unproved properties	3,350	0
Equity-based compensation	7,277	4,543
Amortization of loan fees	1,301	978
Deferred income taxes	(13,735)	(3,954)
Other	115	74
Net loss on derivative instruments	3,288	631
Net cash receipts from settled derivatives	11,240	48,286
Changes in operating assets and liabilities:
Accounts receivable	(6,596)	(26,256)
Other assets	5,920	(60)
Accounts payable and accounts payable to related parties	(10,541)	(12,782)
Accrued expenses	(916)	15,923
Interest payable	(127)	(575)
Net cash provided by operating activities	65,449	91,619
CASH FLOWS FROM INVESTING ACTIVITIES
Development of oil and natural gas properties	(127,066)	(226,457)
Acquisitions of oil and natural gas properties	(43,489)	(15,618)
Additions to other property and equipment	(1,372)	(5,369)
Investment in unconsolidated subsidiary	(800)	(1,675)
Net cash used in investing activities	(172,727)	(249,119)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of common stock	0	147,048
Borrowings under long-term debt	0	15,000
Payments on long-term debt	0	(15,000)
Repurchase and retirement of common stock	(2,608)	(1,785)
Net cash (used in) provided by financing activities	(2,608)	145,263
NET CHANGE IN CASH	(109,886)	(12,237)
CASH AT BEGINNING OF PERIOD	142,741	56,292
CASH AT END OF PERIOD	32,855	44,055
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest	24,704	18,279
Cash paid for taxes	2,000	2,700
NON-CASH ACTIVITIES
Asset retirement obligation acquired	232	0
Change in accrued capital expenditures	$ (1,038)	$ 13,661

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	6 Months Ended
	Jun. 30, 2016
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, 2015 and other documents filed with the Securities and Exchange Commission ("SEC"). Basis of Presentation These consolidated 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. The consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries. 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, 2015, which contains a complete summary of the Company's significant accounting policies and disclosures. Subsequent Events The Company has evaluated events that occurred subsequent to June 30, 2016 in preparing its consolidated financial statements. There were no material subsequent events requiring additional disclosure in these consolidated financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 As of December 31, 2015 (In thousands) Sale of oil, natural gas and natural gas liquids $ 32,005 $ 22,166 Joint interest owners 2,342 5,596 Derivatives - settled, but uncollected 246 8,561 Total accounts receivable $ 34,593 $ 36,323 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. Management's expectations are that all material receivables at period-end will be collected. Bad debt expense was zero for each of the six months ended June 30, 2016 and 2015, 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. 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 June 30, 2016 and 2015, depletion expense for oil and natural gas producing property was $46.9 million and $39.3 million , respectively. For the six months ended June 30, 2016 and 2015, depletion expense for oil and natural gas producing property was $91.1 million and $70.3 million , respectively. 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 June 30, 2016 and December 31, 2015 consisted of the following: June 30, 2016 December 31, 2015 (In thousands) Proved oil and natural gas properties $ 2,365,562 $ 2,197,056 Unproved oil and natural gas properties 883,547 878,995 Total oil and natural gas properties 3,249,109 3,076,051 Less: Accumulated depletion (451,586 ) (357,524 ) Total oil and natural gas properties, net $ 2,797,523 $ 2,718,527 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 June 30, 2016 and December 31, 2015, 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 our 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. 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 six months ended June 30, 2016 or 2015. The calculation of expected future net cash flows in impairment evaluations are mainly based on estimates of future oil and natural gas prices, proved reserves and risk-adjusted probable reserve quantities, and estimates of future production and capital costs associated with our proved and risk-adjusted reserves. The Company's estimates for future oil and natural gas prices used in the impairment evaluations are based on observable prices for the next three years, and then held constant for the remaining lives of the properties. It is reasonably possible that oil and natural gas prices used in future impairment evaluations may decline, which would result in the need to further impair the carrying value of the Company's properties. Unproved property costs and related leasehold expirations are assessed quarterly for potential impairment and when industry conditions dictate an impairment may be possible. For the six months ended June 30, 2016, impairment expense of unproved property was $3.4 million , which primarily related to management's expectation that certain leasehold interests would expire and not be renewed, along with certain leasehold interests that may expire or be sold in the future. No impairment of unproved property was recorded for the six months ended June 30, 2015. 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: Six Months Ended June 30, 2016 (In thousands) Asset retirement obligation at beginning of period $ 7,063 Liabilities incurred or assumed 1,691 Liabilities settled (28 ) Accretion expense 236 Asset retirement obligation at end of period $ 8,962 Income Taxes The following is an analysis of the Company’s consolidated income tax benefit for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) (In thousands) Current $ — $ (3,561 ) $ — $ (2,377 ) Deferred (4,438 ) (2,440 ) (13,735 ) (3,954 ) Income Tax Benefit $ (4,438 ) $ (6,001 ) $ (13,735 ) $ (6,331 ) 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 June 30, 2016, 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 March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update ("ASU") 2016-09, “Compensation - Stock Compensation Topic 718: Improvements to Employee Share-Based Payment Accounting," which simplifies several aspects of the accounting for share-based payment award transactions. These simplifications include the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Public entities are required to apply ASU 2016-09 for annual and interim reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact of its pending adoption of this guidance on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)," which requires all lease transactions (with terms in excess of 12 months) to be recognized on the balance sheet as lease assets and lease liabilities. Public entities are required to apply ASU 2016-02 for annual and interim reporting periods beginning after December 15, 2018 with early adoption permitted. The Company is currently evaluating the impact of its pending adoption of this guidance on its consolidated financial statements. In September 2015, the FASB issued 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 adoption of this guidance in the first quarter of 2016 did not have a material effect on the Company's 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. The Company adopted this guidance in the first quarter of 2016. Accordingly, debt issuance costs in the amount of $12.1 million which were formerly classified as long-term assets at December 31, 2015 have been reclassified as a deduction from the carrying amount of our senior notes in the consolidated balance sheet. 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 adoption of this guidance in the first quarter of 2016 did not have a material effect on the Company's consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern,” which requires a company’s management to evaluate whether there are conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the financial statements are issued (or available to be issued when applicable). An entity is required to apply ASU 2014-15 for annual and interim reporting periods beginning after December 15, 2016 with early adoption permitted. The Company is currently evaluating the impact of its pending adoption of this guidance 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 is currently evaluating the impact of its pending adoption of this guidance on its consolidated financial statements.

Acquisitions of Oil and Natural

Acquisitions of Oil and Natural Gas Property Interests	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Acquisitions of Oil and Natural Gas Property Interests	ACQUISITIONS OF OIL AND NATURAL GAS PROPERTY INTERESTS Recent Acquisitions In the first six months of 2016, the Company closed on acquisitions of mostly undeveloped acreage for an aggregate total of approximately $43.5 million . The acquisitions included additional working interests in properties where we owned existing interests as well as other properties in our core areas, some of which we took over operations. These acquisitions were funded with cash on hand. WPR Acquisition In the fourth quarter of 2015, the Company acquired undeveloped acreage and oil and gas producing properties for an aggregate purchase price of approximately $137 million , subject to certain purchase price adjustments, from Wolfberry Partners Resources LLC ("WPR"), an entity partly owned by affiliates of the Company. Approximately $41.0 million was recorded as proved oil and gas properties. The acquisition included 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. Glass Ranch Acquisition In the third quarter of 2015, the Company acquired undeveloped acreage and oil and gas producing properties located in Martin and Glasscock counties for an aggregate purchase price of approximately $313 million , subject to certain purchase price adjustments. 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.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2016
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 collar contracts and deferred premium put options. 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 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. Each deferred premium put option has an established floor price. When the settlement price is below the floor price, the Company receives the difference between the floor price and the settlement price multiplied by the hedged contract volume less the cost of the premium for the option. When the settlement price is at or above the floor price, the Company receives no proceeds and pays the cost of the premium for the option. In either case, whether the settlement price is below or above the floor price, the Company pays the premium for the option at the expiration of the option. The following table summarizes all open positions as of June 30, 2016 : Contracts expiring quarter ending: September 30, 2016 December 31, 2016 Total Crude Oil Collars: Notional volume (Bbl) 120,000 120,000 240,000 Weighted average ceiling price ($/Bbl)(1) $ 74.41 $ 74.41 $ 74.41 Weighted average floor price ($/Bbl)(1) $ 55.00 $ 55.00 $ 55.00 Weighted average short put price ($/Bbl)(1) $ 45.00 $ 45.00 $ 45.00 Deferred Premium Puts: Notional volume (Bbl) 1,410,000 1,125,000 2,535,000 Weighted average floor price ($/Bbl)(1) $ 45.00 $ 45.00 $ 45.00 Weighted average deferred premium ($/Bbl) $ (2.59 ) $ (2.74 ) $ (2.65 ) ___________________________ (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 5 for further discussion related to the fair value of the Company's derivatives. Assets Liabilities June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 (In thousands) Derivative Instruments: Current amounts Commodity contracts $ 5,378 $ 8,452 $ (7,131 ) $ (3,994 ) Total derivative instruments $ 5,378 $ 8,452 $ (7,131 ) $ (3,994 ) Gains and losses on derivatives are reported in the consolidated statements of operations. The following represents the Company’s reported gains on derivative instruments for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) (In thousands) Loss on derivative instruments: Commodity derivative instruments $ (3,684 ) $ (12,962 ) $ (3,288 ) $ (631 ) Total $ (3,684 ) $ (12,962 ) $ (3,288 ) $ (631 ) 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) June 30, 2016 Derivative instrument assets with right of offset or master netting agreements $ 5,378 $ (5,378 ) $ — Derivative instrument liabilities with right of offset or master netting agreements $ (7,131 ) $ 5,378 $ (1,753 ) December 31, 2015 Derivative instrument assets with right of offset or master netting agreements $ 8,452 $ (3,994 ) $ 4,458 Derivative instrument liabilities with right of offset or master netting agreements $ (3,994 ) $ 3,994 $ — _______________________________________ (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 June 30, 2016 and December 31, 2015.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
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 the Company 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 June 30, 2016: Commodity derivative instruments $ — $ (1,753 ) $ — $ (1,753 ) Total $ — $ (1,753 ) $ — $ (1,753 ) Level 1 Level 2 Level 3 Total fair value (In thousands) As of December 31, 2015: Commodity derivative instruments $ — $ 4,458 $ — $ 4,458 Total $ — $ 4,458 $ — $ 4,458 Significant Level 2 assumptions used to measure the fair value of the commodity derivative instruments include 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 six months ended June 30, 2015 and the year ended December 31, 2015. 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	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Long-Term Debt	LONG-TERM DEBT Long-term debt consists of the following: June 30, 2016 December 31, 2015 (In millions) 6.625% Senior Notes $ 700.0 $ 700.0 Less: Discount $ (1.3 ) $ (1.4 ) Less: Debt issuance costs $ (11.4 ) $ (12.1 ) Total long-term debt $ 687.3 $ 686.5 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; and • 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 June 30, 2016. 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 June 30, 2016, the prime borrowing rate of interest under the Company’s revolving credit facility was 3.50% . 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 June 30, 2016, 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. As of June 30, 2016, we had no borrowings and $0.6 million of letters of credit outstanding under our revolving credit facility and $599.4 million of borrowing capacity. 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 June 30, 2016, 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. 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 $2.4 million related to the 2015 note issuance, which are a reduction to “Long-term debt” 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 $500.0 million of these notes for registered notes with the same terms. In March 2016, the Company exchanged an additional $200.0 million of 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 June 30, 2016.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 and December 31, 2015, 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, 2015.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2016
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 $4.2 million and $2.4 million for the three months ended June 30, 2016 and 2015, respectively. This equity-based compensation expense was $7.3 million and $4.5 million for the six months ended June 30, 2016 and 2015, 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 $2.2 million and $1.6 million for the three months ended June 30, 2016 and 2015, respectively. This same expense was $4.1 million and $3.2 million for the six months ended June 30, 2016 and 2015, respectively. In the second quarter of 2016, the vesting for certain shares was accelerated and resulted in $0.3 million of additional equity-based compensation expense. 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 June 30, 2016, the Company had unrecognized compensation expense of $12.2 million related to restricted stock awards which is expected to be recognized over a weighted average period of 2.1 years . The following table represents restricted stock award activity for the six months ended June 30: 2016 2015 Shares Weighted Average Fair Value Shares Weighted Average Fair Value Restricted shares outstanding, beginning of period 499,529 $ 25.99 477,767 $ 23.71 Restricted shares granted 440,773 19.69 277,510 27.19 Restricted shares canceled (13,551 ) 21.61 (4,289 ) 26.07 Restricted shares vested (258,738 ) 25.20 (243,274 ) 22.84 Restricted shares outstanding, end of period 668,013 $ 22.23 507,714 $ 26.01 Performance-Based Restricted Stock Awards In June 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. In February 2016, an additional grant of performance-based restricted stock awards were granted containing predetermined market conditions with a cliff vesting period of 2.92 years . We granted 484,650 of these shares at a 100% of target payout while the conditions of the grants allow for a payout ranging from no payout and 100% of target payout. Equity-based compensation for these awards was $2.0 million and $0.8 million for the three months ended June 30, 2016 and 2015, respectively. This equity-based compensation expense was $3.2 million and $1.3 million for the six months ended June 30, 2016 and 2015, respectively. In the second quarter of 2016, the vesting for certain shares was accelerated and resulted in $0.4 million of additional equity-based compensation expense. The compensation expense for these performance based awards is based on a per share value using a Monte-Carlo simulation. 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 unrecognized compensation expense related to these shares is approximately $ 9.2 million as of June 30, 2016 and is expected to be recognized over the next 1.97 years . The following table represents performance-based restricted stock award activity for the six months ended June 30: 2016 2015 Shares Weighted Average Fair Value Shares Weighted Average Fair Value Restricted shares outstanding, beginning of period 294,332 $ 31.41 134,400 $ 28.14 Restricted shares granted 484,650 13.53 159,932 31.74 Restricted shares vested (31,108 ) $ 31.39 — $ — Restricted shares outstanding, end of period 747,874 $ 19.82 294,332 $ 31.41

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
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 each period presented below, all unvested restricted share awards were not recognized in diluted 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 June 30, 2016 2015 (In thousands) Numerator: Net loss available to stockholders $ (9,801 ) $ (5,453 ) Basic net loss allocable to participating securities (1) — — Loss available to stockholders $ (9,801 ) $ (5,453 ) Denominator: Weighted average number of common shares outstanding - basic 100,189 83,088 Effect of dilutive securities: Restricted stock — — Weighted average number of common shares outstanding - diluted 100,189 83,088 Net loss per share: Basic $ (0.10 ) $ (0.07 ) Diluted $ (0.10 ) $ (0.07 ) _______________________________________ (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. Six Months Ended June 30, 2016 2015 (In thousands) Numerator: Net loss available to stockholders $ (27,218 ) $ (6,478 ) Basic net loss allocable to participating securities (1) — — Loss available to stockholders $ (27,218 ) $ (6,478 ) Denominator: Weighted average number of common shares outstanding - basic 100,125 80,639 Effect of dilutive securities: Restricted stock — — Weighted average number of common shares outstanding - diluted 100,125 80,639 Net loss per share: Basic $ (0.27 ) $ (0.08 ) Diluted $ (0.27 ) $ (0.08 ) _______________________________________ (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.

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These consolidated 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. The consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries. 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, 2015, which contains a complete summary of the Company's significant accounting policies and disclosures.
Subsequent Events	Subsequent Events The Company has evaluated events that occurred subsequent to June 30, 2016 in preparing its consolidated financial statements. There were no material subsequent events requiring additional disclosure in these consolidated financial statements.
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. Management's expectations are that all material receivables at period-end will be collected.
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 June 30, 2016 and December 31, 2015, 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 our 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. 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 six months ended June 30, 2016 or 2015. The calculation of expected future net cash flows in impairment evaluations are mainly based on estimates of future oil and natural gas prices, proved reserves and risk-adjusted probable reserve quantities, and estimates of future production and capital costs associated with our proved and risk-adjusted reserves. The Company's estimates for future oil and natural gas prices used in the impairment evaluations are based on observable prices for the next three years, and then held constant for the remaining lives of the properties. It is reasonably possible that oil and natural gas prices used in future impairment evaluations may decline, which would result in the need to further impair the carrying value of the Company's properties. Unproved property costs and related leasehold expirations are assessed quarterly for potential impairment and when industry conditions dictate an impairment may be possible. For the six months ended June 30, 2016, impairment expense of unproved property was $3.4 million , which primarily related to management's expectation that certain leasehold interests would expire and not be renewed, along with certain leasehold interests that may expire or be sold in the future. No impairment of unproved property was recorded for the six months ended June 30, 2015. 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. 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 June 30, 2016, 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	New Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update ("ASU") 2016-09, “Compensation - Stock Compensation Topic 718: Improvements to Employee Share-Based Payment Accounting," which simplifies several aspects of the accounting for share-based payment award transactions. These simplifications include the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Public entities are required to apply ASU 2016-09 for annual and interim reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact of its pending adoption of this guidance on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)," which requires all lease transactions (with terms in excess of 12 months) to be recognized on the balance sheet as lease assets and lease liabilities. Public entities are required to apply ASU 2016-02 for annual and interim reporting periods beginning after December 15, 2018 with early adoption permitted. The Company is currently evaluating the impact of its pending adoption of this guidance on its consolidated financial statements. In September 2015, the FASB issued 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 adoption of this guidance in the first quarter of 2016 did not have a material effect on the Company's 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. The Company adopted this guidance in the first quarter of 2016. Accordingly, debt issuance costs in the amount of $12.1 million which were formerly classified as long-term assets at December 31, 2015 have been reclassified as a deduction from the carrying amount of our senior notes in the consolidated balance sheet. 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 adoption of this guidance in the first quarter of 2016 did not have a material effect on the Company's consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern,” which requires a company’s management to evaluate whether there are conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the financial statements are issued (or available to be issued when applicable). An entity is required to apply ASU 2014-15 for annual and interim reporting periods beginning after December 15, 2016 with early adoption permitted. The Company is currently evaluating the impact of its pending adoption of this guidance 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 is currently evaluating the impact of its pending adoption of this guidance on its consolidated financial statements.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Schedule of Accounts Receivable	As of June 30, 2016 As of December 31, 2015 (In thousands) Sale of oil, natural gas and natural gas liquids $ 32,005 $ 22,166 Joint interest owners 2,342 5,596 Derivatives - settled, but uncollected 246 8,561 Total accounts receivable $ 34,593 $ 36,323
Schedule of Oil and Natural Gas Properties	The Company’s oil and natural gas properties as of June 30, 2016 and December 31, 2015 consisted of the following: June 30, 2016 December 31, 2015 (In thousands) Proved oil and natural gas properties $ 2,365,562 $ 2,197,056 Unproved oil and natural gas properties 883,547 878,995 Total oil and natural gas properties 3,249,109 3,076,051 Less: Accumulated depletion (451,586 ) (357,524 ) Total oil and natural gas properties, net $ 2,797,523 $ 2,718,527
Schedule of Changes in Asset Retirement Obligation	The ARO consisted of the following for the period indicated: Six Months Ended June 30, 2016 (In thousands) Asset retirement obligation at beginning of period $ 7,063 Liabilities incurred or assumed 1,691 Liabilities settled (28 ) Accretion expense 236 Asset retirement obligation at end of period $ 8,962
Schedule of Income Tax Expense	The following is an analysis of the Company’s consolidated income tax benefit for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) (In thousands) Current $ — $ (3,561 ) $ — $ (2,377 ) Deferred (4,438 ) (2,440 ) (13,735 ) (3,954 ) Income Tax Benefit $ (4,438 ) $ (6,001 ) $ (13,735 ) $ (6,331 )

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	The following table summarizes all open positions as of June 30, 2016 : Contracts expiring quarter ending: September 30, 2016 December 31, 2016 Total Crude Oil Collars: Notional volume (Bbl) 120,000 120,000 240,000 Weighted average ceiling price ($/Bbl)(1) $ 74.41 $ 74.41 $ 74.41 Weighted average floor price ($/Bbl)(1) $ 55.00 $ 55.00 $ 55.00 Weighted average short put price ($/Bbl)(1) $ 45.00 $ 45.00 $ 45.00 Deferred Premium Puts: Notional volume (Bbl) 1,410,000 1,125,000 2,535,000 Weighted average floor price ($/Bbl)(1) $ 45.00 $ 45.00 $ 45.00 Weighted average deferred premium ($/Bbl) $ (2.59 ) $ (2.74 ) $ (2.65 ) ___________________________ (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 5 for further discussion related to the fair value of the Company's derivatives. Assets Liabilities June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 (In thousands) Derivative Instruments: Current amounts Commodity contracts $ 5,378 $ 8,452 $ (7,131 ) $ (3,994 ) Total derivative instruments $ 5,378 $ 8,452 $ (7,131 ) $ (3,994 )
Derivative Instruments, Gains (Losses)	The following represents the Company’s reported gains on derivative instruments for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) (In thousands) Loss on derivative instruments: Commodity derivative instruments $ (3,684 ) $ (12,962 ) $ (3,288 ) $ (631 ) Total $ (3,684 ) $ (12,962 ) $ (3,288 ) $ (631 )
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) June 30, 2016 Derivative instrument assets with right of offset or master netting agreements $ 5,378 $ (5,378 ) $ — Derivative instrument liabilities with right of offset or master netting agreements $ (7,131 ) $ 5,378 $ (1,753 ) December 31, 2015 Derivative instrument assets with right of offset or master netting agreements $ 8,452 $ (3,994 ) $ 4,458 Derivative instrument liabilities with right of offset or master netting agreements $ (3,994 ) $ 3,994 $ — _______________________________________ (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) June 30, 2016 Derivative instrument assets with right of offset or master netting agreements $ 5,378 $ (5,378 ) $ — Derivative instrument liabilities with right of offset or master netting agreements $ (7,131 ) $ 5,378 $ (1,753 ) December 31, 2015 Derivative instrument assets with right of offset or master netting agreements $ 8,452 $ (3,994 ) $ 4,458 Derivative instrument liabilities with right of offset or master netting agreements $ (3,994 ) $ 3,994 $ — _______________________________________ (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)	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016: Commodity derivative instruments $ — $ (1,753 ) $ — $ (1,753 ) Total $ — $ (1,753 ) $ — $ (1,753 ) Level 1 Level 2 Level 3 Total fair value (In thousands) As of December 31, 2015: Commodity derivative instruments $ — $ 4,458 $ — $ 4,458 Total $ — $ 4,458 $ — $ 4,458

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consists of the following: June 30, 2016 December 31, 2015 (In millions) 6.625% Senior Notes $ 700.0 $ 700.0 Less: Discount $ (1.3 ) $ (1.4 ) Less: Debt issuance costs $ (11.4 ) $ (12.1 ) Total long-term debt $ 687.3 $ 686.5

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
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 six months ended June 30: 2016 2015 Shares Weighted Average Fair Value Shares Weighted Average Fair Value Restricted shares outstanding, beginning of period 499,529 $ 25.99 477,767 $ 23.71 Restricted shares granted 440,773 19.69 277,510 27.19 Restricted shares canceled (13,551 ) 21.61 (4,289 ) 26.07 Restricted shares vested (258,738 ) 25.20 (243,274 ) 22.84 Restricted shares outstanding, end of period 668,013 $ 22.23 507,714 $ 26.01
Schedule of Performance-Based Restricted Stock Award Activity	The following table represents performance-based restricted stock award activity for the six months ended June 30: 2016 2015 Shares Weighted Average Fair Value Shares Weighted Average Fair Value Restricted shares outstanding, beginning of period 294,332 $ 31.41 134,400 $ 28.14 Restricted shares granted 484,650 13.53 159,932 31.74 Restricted shares vested (31,108 ) $ 31.39 — $ — Restricted shares outstanding, end of period 747,874 $ 19.82 294,332 $ 31.41

Earnings Per Share & Pro Forma

Earnings Per Share & Pro Forma Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 2015 (In thousands) Numerator: Net loss available to stockholders $ (9,801 ) $ (5,453 ) Basic net loss allocable to participating securities (1) — — Loss available to stockholders $ (9,801 ) $ (5,453 ) Denominator: Weighted average number of common shares outstanding - basic 100,189 83,088 Effect of dilutive securities: Restricted stock — — Weighted average number of common shares outstanding - diluted 100,189 83,088 Net loss per share: Basic $ (0.10 ) $ (0.07 ) Diluted $ (0.10 ) $ (0.07 ) _______________________________________ (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. Six Months Ended June 30, 2016 2015 (In thousands) Numerator: Net loss available to stockholders $ (27,218 ) $ (6,478 ) Basic net loss allocable to participating securities (1) — — Loss available to stockholders $ (27,218 ) $ (6,478 ) Denominator: Weighted average number of common shares outstanding - basic 100,125 80,639 Effect of dilutive securities: Restricted stock — — Weighted average number of common shares outstanding - diluted 100,125 80,639 Net loss per share: Basic $ (0.27 ) $ (0.08 ) Diluted $ (0.27 ) $ (0.08 ) _______________________________________ (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.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Accounts Receivable) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Sale of oil, natural gas and natural gas liquids	$ 32,005	$ 22,166
Joint interest owners	2,342	5,596
Derivatives - settled, but uncollected	246	8,561
Total accounts receivable	$ 34,593	$ 36,323

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Accounting Policies [Abstract]
Bad debt expense			$ 0	$ 0
Minimum project term to capitalize interest (in months)			6 months
Depletion expense	$ 46,900,000	$ 39,300,000	$ 91,100,000	70,300,000
Costs capitalized in connection with exploratory wells in progress	0		0		$ 0
Impairment of proved oil and gas properties			0
Impairment of unproved oil and gas properties			3,400,000	$ 0
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	$ 11,400,000		$ 11,400,000		12,100,000
Long-term Debt [Member] | Accounting Standards Update 2015-03 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs					12,100,000
Other Noncurrent Assets [Member] | Accounting Standards Update 2015-03 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs					$ (12,100,000)

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Oil and Natural Gas) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Oil and Natural Gas Properties [Abstract]
Proved oil and natural gas properties	$ 2,365,562	$ 2,197,056
Unproved oil and natural gas properties	883,547	878,995
Total oil and natural gas properties	3,249,109	3,076,051
Less: Accumulated depletion	(451,586)	(357,524)
Total oil and natural gas properties, net	$ 2,797,523	$ 2,718,527

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Asset Retirement Obligation) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligation at beginning of period			$ 7,063
Liabilities incurred or assumed			1,691
Liabilities settled			(28)
Accretion expense	$ 123	$ 84	236	$ 168
Asset retirement obligation at end of period	$ 8,962		$ 8,962

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Tax Expense (Benefit) [Abstract]
Current	$ 0	$ (3,561)	$ 0	$ (2,377)
Deferred	(4,438)	(2,440)	(13,735)	(3,954)
Income Tax Benefit	$ (4,438)	$ (6,001)	$ (13,735)	$ (6,331)

Acquisitions of Oil and Natur28

Acquisitions of Oil and Natural Gas Property Interests (Details) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2015USD ($)aBoedrilling_location	Sep. 30, 2015USD ($)	Jun. 30, 2016USD ($)
Oil and Gas Properties, Martin and Glasscock Counties [Member]
Business Acquisition [Line Items]
Aggregate purchase price		$ 313
Number of acres | a	6,548
Approximate barrels per day | Boe	1,680
Number of drilling locations | drilling_location	191
Average royalty burden	23.00%
Oil and Gas Properties from Wolfberry Partners Resources LLC [Member]
Business Acquisition [Line Items]
Aggregate purchase price	$ 137		$ 43.5
Costs to acquire proved oil and natural gas properties	$ 41
Number of acres | a	4,100
Approximate barrels per day | Boe	1,900
Number of drilling locations | drilling_location	86

Derivative Instruments (Outstan

Derivative Instruments (Outstanding Positions) (Details) - Crude Oil [Member] bbl in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016$ / bblbbl	Sep. 30, 2016$ / bblbbl	Jun. 30, 2016$ / bblbbl
Collars Maturing in Current Fiscal Year [Member]
Derivative [Line Items]
Notional volume (Bbl) | bbl			240
Weighted average ceiling price (in dollars per Bbl)			74.41
Weighted average floor price (in dollars per Bbl)			55
Weighted average short put price (in dollars per Bbl)			45
Puts Maturing in Current Fiscal Year [Member]
Derivative [Line Items]
Notional volume (Bbl) | bbl			2,535
Weighted average floor price (in dollars per Bbl)			45
Weighted average deferred premium (in dollars per Bbl)			(2.65)
Scenario, Forecast [Member] | Collars Maturing in Current Fiscal Year [Member]
Derivative [Line Items]
Notional volume (Bbl) | bbl	120	120
Weighted average ceiling price (in dollars per Bbl)	74.41	74.41
Weighted average floor price (in dollars per Bbl)	55	55
Weighted average short put price (in dollars per Bbl)	45	45
Scenario, Forecast [Member] | Puts Maturing in Current Fiscal Year [Member]
Derivative [Line Items]
Notional volume (Bbl) | bbl	1,125	1,410
Weighted average floor price (in dollars per Bbl)	45	45
Weighted average deferred premium (in dollars per Bbl)	(2.74)	(2.59)

Derivative Instruments (Gross A

Derivative Instruments (Gross Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative assets	$ 5,378	$ 8,452
Derivative liabilities	(7,131)	(3,994)
Commodity contracts [Member] | Current amounts, Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	5,378	8,452
Commodity contracts [Member] | Current amounts, Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ (7,131)	$ (3,994)

Derivative Instruments (Gain Lo

Derivative Instruments (Gain Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Loss on derivative instruments:	$ (3,684)	$ (12,962)	$ (3,288)	$ (631)
Commodity derivative instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Loss on derivative instruments:	$ (3,684)	$ (12,962)	$ (3,288)	$ (631)

Derivative Instruments (Offsett

Derivative Instruments (Offsetting Assets and Liabilities) (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Offsetting of Derivative Assets and Liabilities [Abstract]
Derivative asset, Gross Amount Presented on Balance Sheet	$ 5,378,000	$ 8,452,000
Derivative asset, Netting Adjustments	(5,378,000)	(3,994,000)
Derivative asset, Net Amount	0	4,458,000
Derivative liability, Gross Amount Presented on Balance Sheet	(7,131,000)	(3,994,000)
Derivative liability, Netting Adjustments	5,378,000	3,994,000
Derivative liability, Net Amount	(1,753,000)	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) - Recurring basis [Member] - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	$ (1,753)	$ 4,458
Commodity derivative instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	(1,753)	4,458
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	0	0
Level 1 [Member] | Commodity derivative instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	0	0
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	(1,753)	4,458
Level 2 [Member] | Commodity derivative instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	(1,753)	4,458
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	0	0
Level 3 [Member] | Commodity derivative instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	$ 0	$ 0

Long-Term Debt (Schedule of Lon

Long-Term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
6.625% Senior Notes	$ 700	$ 700
Less: Discount	(1.3)	(1.4)
Less: Debt issuance costs	(11.4)	(12.1)
Total long-term debt	$ 687.3	$ 686.5
Stated interest rate	6.625%	6.625%

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details)	1 Months Ended		6 Months Ended
	Mar. 31, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)financial_ratio	Dec. 31, 2015	Aug. 24, 2015USD ($)	Aug. 10, 2015USD ($)	Sep. 26, 2014USD ($)
Debt Instrument [Line Items]
Stated interest rate			6.625%	6.625%
Subsidiary [Member]
Debt Instrument [Line Items]
Ownership percentage of subsidiary			100.00%
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]
Debt issued, face amount						$ 200,000,000	$ 500,000,000
Stated interest rate							6.625%
Percentage of principal amount issued						99.25%
Debt issuance costs						$ 2,400,000	$ 11,300,000
Extinguishment of debt	$ 200,000,000	$ 500,000,000
Senior Unsecured Notes [Member] | Registered Senior Notes Due 2022 [Member]
Debt Instrument [Line Items]
Debt issued, face amount	$ 200,000,000	$ 500,000,000
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
Credit agreement, remaining borrowing capacity			$ 599,400,000
Variable interest rate at period end			3.50%
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			100.00%
Revolving credit facility [Member] | Eurodollar [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			200.00%
Revolving credit facility [Member] | Federal Funds Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			100.00%
Revolving credit facility [Member] | Adjusted LIBOR rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			100.00%
Facility fee			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			100.00%
Letter of Credit [Member]
Debt Instrument [Line Items]
Letters of credit outstanding			$ 600,000

Equity-Based Compensation (Narr

Equity-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended			3 Months Ended		6 Months Ended
	Feb. 29, 2016	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Restricted stock awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense				$ 2.2	$ 1.6	$ 4.1	$ 3.2
Accelerated compensation cost				0.3
Unrecognized compensation expense				12.2		$ 12.2
Unrecognized compensation expense, weighted average recognition period (in years)						2 years 1 month 6 days
Performance-based restricted stock awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense				2	0.8	$ 3.2	1.3
Accelerated compensation cost				0.4
Unrecognized compensation expense				9.2		$ 9.2
Unrecognized compensation expense, weighted average recognition period (in years)						1 year 11 months 20 days
Award vesting period (in years)	2 years 11 months 1 day	2 years 9 months 29 days	2 years 9 months
Stock awards granted during the period (in shares)	484,650	159,932	134,400
Target payout percentage	100.00%	100.00%	100.00%
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%	0.00%
Performance-based restricted stock awards [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target payout percentage	100.00%	200.00%	200.00%
General and administrative expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense				$ 4.2	$ 2.4	$ 7.3	$ 4.5

Equity-Based Compensation (Sche

Equity-Based Compensation (Schedule of Restricted Stock Award Activity) (Details) - Restricted stock awards [Member] - $ / shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Shares (in shares)
Restricted shares outstanding, beginning of period (in shares)	499,529	477,767
Restricted shares granted (in shares)	440,773	277,510
Restricted shares canceled (in shares)	(13,551)	(4,289)
Restricted shares vested (in shares)	(258,738)	(243,274)
Restricted shares outstanding, end of period (in shares)	668,013	507,714
Weighted Average Fair Value (in dollars per share)
Restricted shares outstanding, beginning of period (in dollars per share)	$ 25.99	$ 23.71
Restricted shares granted (in dollars per share)	19.69	27.19
Restricted shares canceled (in dollars per share)	21.61	26.07
Restricted shares vested (in dollars per share)	25.20	22.84
Restricted shares outstanding, end of period (in dollars per share)	$ 22.23	$ 26.01

Equity-Based Compensation (Sc38

Equity-Based Compensation (Schedule of Performance-Based Restricted Stock Award Activity) (Details) - Performance-based restricted stock awards [Member] - $ / shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Shares (in shares)
Restricted shares outstanding, beginning of period (in shares)	294,332	134,400
Restricted shares granted (in shares)	484,650	159,932
Restricted shares vested (in shares)	(31,108)	0
Restricted shares outstanding, end of period (in shares)	747,874	294,332
Weighted Average Fair Value (in dollars per share)
Restricted shares outstanding, beginning of period (in dollars per share)	$ 31.41	$ 28.14
Restricted shares granted (in dollars per share)	13.53	31.74
Restricted shares vested (in dollars per share)	31.39	0
Restricted shares outstanding, end of period (in dollars per share)	$ 19.82	$ 31.41

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Numerator:
Net loss available to stockholders	$ (9,801)	$ (5,453)	$ (27,218)	$ (6,478)
Basic net loss allocable to participating securities	0	0	0	0
Loss available to stockholders	$ (9,801)	$ (5,453)	$ (27,218)	$ (6,478)
Denominator:
Weighted average number of common shares outstanding - basic (in shares)	100,189	83,088	100,125	80,639
Effect of dilutive securities:
Restricted stock (in shares)	0	0	0	0
Weighted average number of common shares outstanding - diluted (in shares)	100,189	83,088	100,125	80,639
Net loss per share:
Basic (in dollars per share)	$ (0.10)	$ (0.07)	$ (0.27)	$ (0.08)
Diluted (in dollars per share)	$ (0.10)	$ (0.07)	$ (0.27)	$ (0.08)