RSP Permian (RSPP) 10-Q 2 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 02, 2017
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	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		158,590,154

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
CURRENT ASSETS
Cash and cash equivalents	$ 54,260	$ 690,776
Accounts receivable	75,921	73,671
Derivative instruments	15,896	11,815
Total current assets	146,077	776,262
PROPERTY, PLANT AND EQUIPMENT
Oil and natural gas properties, successful efforts method	6,086,776	4,645,781
Accumulated depletion	(614,706)	(554,419)
Total oil and natural gas properties, net	5,472,070	4,091,362
Other property and equipment, net	57,033	38,273
Total property, plant and equipment	5,529,103	4,129,635
OTHER LONG-TERM ASSETS
Derivative instruments	12,115	0
Restricted cash	152	152
Other long-term assets	38,427	90,378
Total other long-term assets	50,694	90,530
TOTAL ASSETS	5,725,874	4,996,427
CURRENT LIABILITIES
Accounts payable	14,054	14,074
Accrued expenses	51,832	53,192
Interest payable	29,935	12,142
Derivative instruments	17,348	28,861
Total current liabilities	113,169	108,269
LONG-TERM LIABILITIES
Other long term liabilities	18,820	15,916
Derivative instruments	8,871	0
Long-term debt	1,132,358	1,132,275
Deferred taxes	336,229	322,655
Total long-term liabilities	1,496,278	1,470,846
Total liabilities	1,609,447	1,579,115
STOCKHOLDERS’ EQUITY
Common stock, $.01 par value; 300,000,000 shares authorized, 158,589,157 shares issued and outstanding at March 31, 2017; 141,923,591 shares issued and outstanding at December 31, 2016	1,586	1,419
Additional paid-in capital	4,115,930	3,455,916
Accumulated deficit	(1,089)	(40,023)
Total stockholders’ equity	4,116,427	3,417,312
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 5,725,874	$ 4,996,427

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
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)	158,589,157	141,923,591
Common stock, shares outstanding (in shares)	158,589,157	141,923,591

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
REVENUES
Oil sales	$ 151,637	$ 51,690
Natural gas sales	7,378	2,403
NGL sales	10,916	1,722
Total revenues	169,931	55,815
OPERATING EXPENSES
Lease operating expenses	25,411	13,091
Production and ad valorem taxes	9,469	4,153
Depreciation, depletion and amortization	61,040	44,558
Asset retirement obligation accretion	153	113
Impairment of unproved properties	125	173
Exploration expenses	2,580	64
General and administrative expenses	11,712	8,005
Acquisition Costs	4,052	0
Total operating expenses	114,542	70,157
OPERATING INCOME (LOSS)	55,389	(14,342)
OTHER INCOME (EXPENSE)
Other income, net	720	173
Net gain on derivative instruments	17,121	396
Interest expense	(19,224)	(12,941)
Total other income (expense)	(1,383)	(12,372)
INCOME (LOSS) BEFORE TAXES	54,006	(26,714)
INCOME TAX BENEFIT (EXPENSE)	(15,072)	9,298
NET INCOME (LOSS)	$ 38,934	$ (17,416)
Income (loss) per common share:
Basic (in dollars per share)	$ 0.27	$ (0.17)
Diluted (in dollars per share)	$ 0.26	$ (0.17)
Weighted average shares outstanding:
Basic (in shares)	146,054	100,060
Diluted (in shares)	147,005	100,060

Consolidated Statement of Chang

Consolidated Statement of Changes In Stockholders' Equity (Unaudited) - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Members' Equity
Beginning balance (in shares) at Dec. 31, 2016	141,923,591	141,924,000
Beginning balance at Dec. 31, 2016	$ 3,417,312	$ 1,419	$ 3,455,916	$ (40,023)	$ 3,417,312
Stockholders' Equity/Members' Equity [Roll Forward]
Shares of common stock issued for acquisition (in shares)		16,020,000
Shares of common stock issued for acquisition		$ 160	663,694	0	663,854
Equity issuance costs			(80)		(80)
Repurchase and retirement of common stock (in shares)		(172,000)
Repurchase and retirement of common stock	(7,516)	$ (1)	(7,515)
Equity-based compensation (in shares)		819,000
Equity-based compensation	3,923	$ 8	3,915
Net income	$ 38,934			38,934
Ending balance (in shares) at Mar. 31, 2017	158,589,157	158,591,000
Ending balance at Mar. 31, 2017	$ 4,116,427	$ 1,586	$ 4,115,930	$ (1,089)	$ 4,116,427

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (loss)	$ 38,934,000	$ (17,416,000)
Adjustments to reconcile net gain (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	61,040,000	44,558,000
Asset retirement obligation accretion	153,000	113,000
Impairment of unproved properties	125,000	173,000
Equity-based compensation	3,923,000	3,094,000
Amortization of loan fees	1,019,000	652,000
Deferred income taxes	15,072,000	(9,298,000)
Other	(196,000)	(10,000)
Net loss (gain) on derivative instruments	(17,121,000)	(396,000)
Net cash (payments) receipts from settled derivatives	(2,576,000)	9,861,000
Changes in operating assets and liabilities:
Accounts receivable	(2,250,000)	(2,400,000)
Other assets	(9,131,000)	1,363,000
Accounts payable and accounts payable to related parties	(658,000)	(11,364,000)
Accrued expenses	816,000	(4,427,000)
Interest payable	17,793,000	11,530,000
Net cash provided by operating activities	106,943,000	26,033,000
CASH FLOWS FROM INVESTING ACTIVITIES
Development of oil and natural gas properties	(116,830,000)	(60,624,000)
Acquisitions of oil and natural gas properties	(598,941,000)	(31,545,000)
Acquisition of infrastructure	(18,828,000)	0
Other	(773,000)	(1,400,000)
Net cash used in investing activities	(735,372,000)	(93,569,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of deferred loan costs	(491,000)	0
Payments of equity issuance costs	(80,000)	0
Repurchase and retirement of common stock	(7,516,000)	(1,581,000)
Net cash used in financing activities	(8,087,000)	(1,581,000)
NET CHANGE IN CASH	(636,516,000)	(69,117,000)
CASH AT BEGINNING OF PERIOD	690,776,000	142,741,000
CASH AT END OF PERIOD	54,260,000	73,624,000
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest	412,000	758,000
Cash paid for taxes	0	2,000,000
NON-CASH ACTIVITIES
Asset retirement obligation acquired	822,000	227,000
Change in accrued capital expenditures	(2,175,000)	4,436,000
Common stock issued for oil and gas properties	663,854,000	0
Release of deposit held in escrow for oil and gas properties	$ 64,122,000	$ 0

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	3 Months Ended
	Mar. 31, 2017
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 (the “IPO”) and began trading on the New York Stock Exchange under the ticker RSPP in January 2014. Additional background on the Company, the 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, 2016 and other documents filed with the Securities and Exchange Commission (the “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 presentation 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, 2016 , 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 March 31, 2017 in preparing its consolidated financial statements. The Company determined there were no events that required disclosure or recognition in these financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
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 is determined using estimates of proved oil and natural gas reserves. There are numerous uncertainties inherent in the estimation of quantities of proved reserves and in the projection of future rates of production and the timing of development expenditures. Similarly, evaluations for impairment of proved and unproved oil and natural gas properties are subject to numerous uncertainties including, among others, estimates of future recoverable reserves and commodity price estimates. It is possible that these estimates could be revised at future dates and such revisions could be material. Accounts Receivable As of March 31, 2017 As of December 31, 2016 (In thousands) Sale of oil, natural gas and natural gas liquids $ 73,632 $ 54,422 Joint interest owners 2,289 16,681 Federal income tax receivable — 2,568 Total accounts receivable $ 75,921 $ 73,671 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, receivables related to joint interest billings and income tax receivables 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. Bad debt expense was zero for each of the three months ended March 31, 2017 and 2016 , 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 March 31, 2017 and 2016 , depletion expense for oil and natural gas producing property was $61.0 million and $44.6 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 March 31, 2017 and December 31, 2016 consisted of the following: March 31, 2017 December 31, 2016 (In thousands) Proved oil and natural gas properties $ 3,272,422 $ 2,811,853 Unproved oil and natural gas properties 2,814,354 1,833,928 Total oil and natural gas properties 6,086,776 4,645,781 Less: Accumulated depletion (614,706 ) (554,419 ) Total oil and natural gas properties, net $ 5,472,070 $ 4,091,362 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 March 31, 2017 and December 31, 2016 , 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 three months ended March 31, 2017 or 2016 . 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. If the prices used to assess our oil and natural gas properties for impairment were 15% lower than the prices we used for such analysis, holding all other variables constant, we would not have expected to record any material impairment to our proved oil and natural gas properties. However, it is reasonably possible that oil and natural gas prices used in future impairment evaluations may decline, which could result in the need to impair the carrying value of the Company’s proved 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 three months ended March 31, 2017 and 2016 , impairment expense of unproved property was $0.1 million and $0.2 million , respectively, 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. 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 liability 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 liability 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 liability consisted of the following for the period indicated: Three Months Ended March 31, 2017 (In thousands) Asset retirement obligation at beginning of period $ 10,659 Liabilities incurred or assumed 1,401 Liabilities settled (147 ) Accretion expense 153 Asset retirement obligation at end of period $ 12,066 Income Taxes The following is an analysis of the Company’s consolidated income tax benefit (expense) for the periods indicated: Three Months Ended March 31, 2017 2016 (In thousands) Current $ 1,498 $ — Deferred 13,574 (9,298 ) Income Tax Benefit (Expense) $ 15,072 $ (9,298 ) 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 March 31, 2017 , the Company had a long-term tax payable related to uncertain tax positions totaling $6.8 million . This amount is recorded in other long term liabilities on the consolidated balance sheet. The Company’s adoption of ASU 2016-09 in the first quarter of 2017 using the modified retrospective approach resulted in a decrease to deferred tax liability and a corresponding adjustment to accumulated deficit of $0.6 million as of December 31, 2016. Additional tax deductions in the first quarter of 2017 from stock compensation under the guidance of ASU 2016-09 resulted in a reduction to income tax expense of $4.0 million . The Company’s U.S. federal income tax returns for 2013 and beyond, and its Texas franchise tax returns for 2012 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 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, 2017. 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 has not yet selected a transition method and is currently evaluating the impact of its pending adoption of this guidance on its consolidated financial statements; however, it has not identified any revenue stream that would be materially impacted and does not expect the adoption of this standard to have a material impact on our 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; however, based on the Company’s current operating leases, the adoption of this standard is not expected to have a material impact on our consolidated financial statements. 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. The Company adopted this guidance in the first quarter of 2017 using the modified retrospective approach. Accordingly, deferred tax liability at December 31, 2016 was reduced by $0.6 million with a corresponding adjustment to accumulated deficit in the consolidated balance sheet.

Acquisitions of Oil and Natural

Acquisitions of Oil and Natural Gas Property Interests	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Acquisitions of Oil and Natural Gas Property Interests	ACQUISITIONS OF OIL AND NATURAL GAS PROPERTY INTERESTS Silver Hill Acquisitions On October 13, 2016, the Company entered into definitive agreements to acquire 100% of Silver Hill Energy Partners, LLC (“SHEP I”) and Silver Hill E&P II, LLC (“SHEP II”, and together with SHEP I, “Silver Hill”) for an aggregate purchase price of $1.25 billion of cash and 31.0 million shares of RSP Inc. common stock in aggregate. Silver Hill was comprised of two privately-held entities that collectively owned oil and gas producing properties and undeveloped acreage in Loving and Winkler counties in Texas and owned approximately 40,100 net acres. Silver Hill’s highly contiguous acreage position in the core of the Delaware Basin was complementary to the Company’s asset base and the acquisition creates substantial scale from a production and acreage standpoint. The SHEP I acquisition closed on November 28, 2016, with cash consideration of $604 million , including assumed debt obligations which were repaid, before purchase price adjustments, and approximately 15.0 million shares of RSP Inc. common stock. Substantially all of the value of the transaction was related to the value of the oil and gas assets acquired with minimal value ascribed to other assets. The SHEP II acquisition closed on March 1, 2017, with cash consideration of $646 million , before purchase price adjustments, and approximately 16.0 million shares of RSP Inc. common stock. A summary of the consideration transferred and the fair value of assets and liabilities acquired is as follows (in thousands, except shares): Value of the Company’s common stock issued in the SHEP II acquisition (1) $ 663,854 Cash paid to sellers in the SHEP II acquisition (including deposit) 641,577 Total consideration for the assets contributed in the SHEP II acquisition $ 1,305,431 Fair value of oil and natural gas properties (2) 1,308,177 Asset retirement obligation (822 ) Assumption of other liabilities (1,924 ) Total net assets acquired $ 1,305,431 (1) The Company issued 16,019,638 shares of common stock at $41.44 per share (closing price) on March 1, 2017. (2) Approximately 77% of the acquisition date fair value of oil and natural gas properties was recorded as unproved property. The acquisition of SHEP II was accounted for using the acquisition method of accounting with the Company as the acquirer. Under the acquisition method of accounting, the Company recorded all assets acquired and liabilities assumed at their respective acquisition date fair values at the closing date of the acquisition. The fair values of the assets acquired and liabilities assumed are based on a detailed analysis, using industry accepted methods of estimating the current fair value as described below. For the SHEP II acquisition, substantially all of the value of the transaction was related to the value of the oil and gas assets acquired with no value ascribed to the other assets. The Company used two valuation methods in its determination of fair value for the oil and gas properties; the discounted cash flow analysis and comparable transaction analysis. The significant assumptions included in the discounted cash flow analysis include commodity price assumptions, costs and capital outlay to develop the acquired properties, pricing differentials, reserve risking, and discount rates. NYMEX strip pricing at the SHEP II acquisition date of March 1, 2017, less applicable pricing differentials, was utilized in the discounted cash flow analysis. Risking levels in the discounted cash flow analysis are determined based on a variety of factors, such as existing well performance, offset production and analogue wells. Discount rates used in the discounted cash flow analysis were determined using the estimated weighted average cost of capital for the Company, discount rates published in third party publications, as well as industry knowledge and experience. The comparable transaction analysis was performed to establish a range of fair values for similarly-situated oil and gas properties that were recently bought or sold in arms-length, observable market transactions. The range of value observed from the Company’s analysis of recent market transactions and the fair value calculation via the discounted cash flow method was used for a basis to determine fair value of the assets. The Company’s fair value conclusion indicated that the discounted cash flow method valuation is substantially in the same range as the comparable transactions reviewed, when considering the comparable transactions on a median or average basis. Other current liabilities assumed in the SHEP II acquisition, which related to revenues held in suspense, were carried over at historical carrying values because the liabilities are short term in nature and their carrying values are estimated to represent the best estimate of fair value. Revenues and earnings of SHEP II recognized in 2017 subsequent to the acquisition date were $9.8 million and $3.6 million . The Company recognized $4.1 million of expenses related to the SHEP acquisitions in the first quarter of 2017 that are recorded in acquisition costs on the consolidated statement of operations. Pro Forma Results The Company’s summary pro forma results for the three months ended March 31, 2017 and 2016 were derived from the actual results of the Company adjusted to reflect the SHEP II acquisition, as if such transaction had occurred on January 1, 2016. The below information reflects pro forma adjustments for the issuance of common stock to the sellers of SHEP II along with common stock issued in the October 2016 public offering that funded the cash portion of the SHEP II acquisition. Additional pro forma adjustments, based on available information and certain assumptions that we believe are factually supportable, included (i) the depletion of SHEP II fair-valued proved oil and gas properties, and (ii) the estimated tax impacts of the pro forma adjustments. Pro forma earnings for the three months ended March 31, 2017 were adjusted to exclude $4.1 million of related acquisition costs incurred by the Company. The pro forma financial information included below does not give effect to certain acquisitions that were immaterial to our actual and pro forma results for the periods reflected below and does not make any adjustments for non-recurring expenses associated with the SHEP II acquisition, except for the acquisition costs described above. The unaudited pro forma financial information does not purport to be indicative of results of operations that would have occurred had the transaction occurred on the basis assumed above, nor is such information indicative of expected future results of operations. Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Actual Pro Forma Actual Pro Forma (In thousands) (In thousands) Revenues $ 169,931 $ 188,650 $ 55,815 $ 59,896 Net income (loss) $ 38,934 $ 47,137 $ (17,416 ) $ (17,946 ) Net income (loss) per share: Basic $ 0.27 $ 0.32 $ (0.17 ) $ (0.18 ) Diluted $ 0.26 $ 0.32 $ (0.17 ) $ (0.18 ) Other Acquisitions In the first three months of 2017, the Company closed on bolt-on acquisitions of mostly undeveloped acreage in the Midland Basin for an aggregate total purchase price of approximately $16.5 million . The acquisitions included additional working interests in properties where the Company owned existing interests as well as other properties in the Company’s core areas. These acquisitions were funded with cash on hand. On January 2, 2017 the Company closed on the acquisition of water infrastructure assets from Lone Wolf Resources and related entities in the amount of $18.8 million .

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2017
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 multiplied by the hedged contract volume. Cumulatively, when the settlement price is below the short put price, the Company would receive from its counterparty an amount equal to the difference of the price floor and the short put price multiplied by the hedged contract volume. 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. 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 multiplied by the hedged contract volume. Each swap transaction has an established fixed price. When the settlement price is above the fixed price, the Company pays its counterparty an amount equal to the difference between the settlement price and the fixed price multiplied by the hedged contract volume. When the settlement price is below the fixed price, the counterparty pays the Company an amount equal to the difference between the settlement price and the fixed price multiplied by the hedged contract volume. The following table summarizes all open positions as of March 31, 2017 : Contracts expiring in the period ending: June 30, 2017 September 30, 2017 December 31, 2017 2018 Total Crude Oil Three-Way Collars: Notional volume (Bbl) 3,160,000 3,160,000 Weighted average ceiling price ($/Bbl)(1) $ 65.06 $ 65.06 Weighted average floor price ($/Bbl)(1) $ 50.00 $ 50.00 Weighted average short put price ($/Bbl)(1) $ 40.00 $ 40.00 Crude Oil Costless Collars: Notional volume (Bbl) 1,137,500 1,150,000 1,150,000 3,437,500 Weighted average ceiling price ($/Bbl)(1) $ 60.05 $ 60.05 $ 60.05 $ 60.05 Weighted average floor price ($/Bbl)(1) $ 45.00 $ 45.00 $ 45.00 $ 45.00 Crude Oil Deferred Premium Puts: Notional volume (Bbl) 910,000 920,000 920,000 2,750,000 Weighted average floor price ($/Bbl)(1) $ 48.50 $ 48.50 $ 48.50 $ 48.50 Weighted average deferred premium ($/Bbl) (2) $ (4.00 ) $ (4.00 ) $ (4.00 ) $ (4.00 ) Mid-Cush Differential (Basis) Swaps: Notional volume (Bbl) 2,548,000 920,000 276,000 3,744,000 Weighted average swap price ($/Bbl)(4) $ (0.11 ) $ (0.38 ) $ (0.50 ) $ (0.20 ) Natural Gas Costless Collars: Notional volume (MMBtu) 2,366,000 2,422,000 2,545,000 7,333,000 Weighted average ceiling price ($/MMbtu)(3) $ 3.86 $ 3.86 $ 3.86 $ 3.86 Weighted average floor price ($/MMbtu)(3) $ 3.00 $ 3.00 $ 3.00 $ 3.00 ___________________________ (1) The crude oil derivative contracts are settled based on the month’s average daily NYMEX price of West Texas Intermediate Light Sweet Crude. (2) The deferred premium is not paid until the expiration date, aligning cash inflows and outflows with the settlement of the derivative contract. (3) The natural gas derivative contracts are settled based on the last trading day’s closing price for the front month contract relevant to each period. (4) The Mid-Cush swap contracts are settled based on the difference in the arithmetic average during the calculation period of WTI MIDLAND ARGUS and WTI ARGUS prices in the Argus Americas Crude publication for the relevant period. 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 based on the expected settlement dates of the instruments. 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 March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 (In thousands) Derivative Instruments: Current amounts Commodity contracts $ 15,896 $ 11,815 $ 17,348 $ 28,861 Noncurrent amounts Commodity contracts $ 12,115 $ — $ 8,871 Total derivative instruments $ 28,011 $ 11,815 $ 26,219 $ 28,861 Gains and losses on derivatives are reported in the consolidated statements of operations. The following represents the Company’s reported gains (losses) on derivative instruments for the periods presented: Three Months Ended March 31, 2017 2016 (In thousands) Gain (loss) on derivative instruments: Commodity derivative instruments $ 17,121 $ 396 Total $ 17,121 $ 396 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) March 31, 2017 Derivative instrument assets with right of offset or master netting agreements $ 28,011 $ (26,219 ) $ 1,792 Derivative instrument liabilities with right of offset or master netting agreements $ (26,219 ) $ 26,219 $ — December 31, 2016 Derivative instrument assets with right of offset or master netting agreements $ 11,815 $ (11,815 ) $ — Derivative instrument liabilities with right of offset or master netting agreements $ (28,861 ) $ 11,815 $ (17,046 ) _______________________________________ (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 March 31, 2017 and December 31, 2016 .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
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. At March 31, 2017, the fair value of the Company's 6.625% senior notes was $733.3 million and the fair value of the Company's 5.25% senior notes was $453.8 million . If the Company recorded the 6.625% senior 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. If the Company recorded the 5.25% senior notes at fair value they would be Level 2 in our fair value hierarchy as these notes have not been registered and do not trade in an active market. 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 and may 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 March 31, 2017: Commodity derivative instruments $ — $ 1,792 $ — $ 1,792 Total $ — $ 1,792 $ — $ 1,792 Level 1 Level 2 Level 3 Total fair value (In thousands) As of December 31, 2016: Commodity derivative instruments $ — $ (17,046 ) $ — $ (17,046 ) Total $ — $ (17,046 ) $ — $ (17,046 ) 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 among 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 among Level 1, Level 2 or Level 3 during the three months ended March 31, 2017 and the year ended December 31, 2016 . 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	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Long-Term Debt	LONG-TERM DEBT Long-term debt consists of the following: March 31, 2017 December 31, 2016 (In millions) Revolving credit facility $ — $ — 5.25% Senior Notes 450.0 450.0 6.625% Senior Notes 700.0 700.0 Less: Discount (1.1 ) (1.1 ) Less: Debt issuance costs (16.5 ) (16.6 ) Total long-term debt $ 1,132.4 $ 1,132.3 Credit Agreement The Company's revolving credit facility requires us to maintain the following two 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 4.25 to 1.0. For the fiscal quarters ending December 31, 2016, March 31, 2017 and June 30, 2017, the consolidated EBITDAX shall be deemed to equal (A) consolidated EBITDAX for the one fiscal quarterly period ended December 31, 2016 multiplied by 4, (B) consolidated EBITDAX for the two fiscal quarterly periods ended March 31, 2017 multiplied by 2 and (C) consolidated EBITDAX for the three fiscal quarterly periods ending June 30, 2017 multiplied by 4/3, respectively. The Company’s revolving credit facility also 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 March 31, 2017 . 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 at a Eurodollar rate or at the adjusted 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 200 to 300 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 50 basis points ; and (iii) the adjusted LIBOR rate plus 100 basis points , plus an applicable margin ranging from 100 to 200 basis points , depending on the percentage of our borrowing base utilized, plus a commitment fee ranging from 37.5 basis points to 50 basis points charged on the undrawn commitment amount. As of March 31, 2017, we had no borrowings and $0.6 million of letters of credit outstanding under our revolving credit facility and $899.4 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. As of March 31, 2017 , the borrowing base under the Company’s amended and restated credit agreement is $1.1 billion , with an elected commitment of $900 million , and lender commitments of $2.5 billion . The maturity date of the Company’s revolving credit facility is December 19, 2021. Senior Notes Due 2025 On December 27, 2016, the Company closed on the issuance of $450 million of 5.25% senior unsecured notes at par through a private placement. The notes will mature on January 15, 2025. The notes are senior unsecured obligations that rank equally with all of our future senior indebtedness, are as a result of being unsecured effectively subordinated in rights to our assets constituting collateral held by all our existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness, including indebtedness under our revolving credit facility, and will rank senior to any future subordinated indebtedness of the Company. Interest on these notes is payable semi-annually on January 15 and July 15, commencing on July 15, 2017. On or after January 15, 2020, the Company may redeem some or all of the notes, with certain restrictions, at a redemption price, plus accrued and unpaid interest, of 103.938% of principal, declining in twelve-month intervals to 100% in 2023 and thereafter. In addition, prior to January 15, 2020, on any one or more occasions, the Company may redeem all or part of the notes at a redemption price of 100% of the principal amount of the notes redeemed, plus an applicable make-whole premium along with accrued and unpaid interest. The Company incurred approximately $5.9 million of debt issuance costs related to the 2016 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 note holder 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. The notes are guaranteed on a senior unsecured basis by each of our consolidated subsidiaries. The subsidiary guarantees are full and unconditional and joint and several, and any subsidiaries of the Company other than the subsidiary guarantors are minor. 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. The Company was in compliance with the provisions of the indenture governing the senior unsecured notes as of March 31, 2017. 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 our 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 note holder 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. The notes are guaranteed on a senior unsecured basis by each of our consolidated subsidiaries. The subsidiary guarantees are full and unconditional and joint and several, and any subsidiaries of the Company other than the subsidiary guarantors are minor. 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 March 31, 2017 .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 , 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, 2016 .

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2017
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 $3.9 million and $3.1 million for the three months ended March 31, 2017 and 2016 , 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 $2.4 million and $1.9 million for the three months ended March 31, 2017 and 2016 , respectively. The Company views restricted stock awards with graded vesting as single awards with an expected life equal to the average expected life and amortize the awards on a straight-line basis over the life of the awards. The compensation expense for these awards was determined based on the market price of the Company’s common stock at the date of grant applied to the total number of shares that were anticipated to fully vest. As of March 31, 2017 , the Company had unrecognized compensation expense of $20.4 million related to restricted stock awards which is expected to be recognized over a weighted average period of two years. The following table represents restricted stock award activity for the three months ended March 31, 2017 and the twelve months ended December 31, 2016: 2017 2016 Shares Weighted Average Fair Value Shares Weighted Average Fair Value Restricted shares outstanding, beginning of period 656,895 $ 22.21 499,529 $ 25.99 Restricted shares granted 331,003 42.41 442,835 19.78 Restricted shares canceled — — (13,551 ) 21.61 Restricted shares vested (259,714 ) 23.12 (271,918 ) 25.22 Restricted shares outstanding, end of period 728,184 $ 31.06 656,895 $ 22.21 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. In February 2017, 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 380,174 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 $1.6 million and $1.2 million for the three months ended March 31, 2017 and 2016 , respectively. 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 $ 15.1 million as of March 31, 2017 and is expected to be recognized over the next two years. The following table represents performance-based restricted stock award activity for the three months ended March 31, 2017 and the twelve months ended December 31, 2016: 2017 2016 Shares Weighted Average Fair Value Shares Weighted Average Fair Value Restricted shares outstanding, beginning of period 747,874 $ 19.82 294,332 $ 31.41 Restricted shares granted 380,174 26.96 484,650 13.53 Restricted shares vested (119,400 ) $ 31.01 (31,108 ) $ 31.39 Restricted shares outstanding, end of period 1,008,648 $ 21.19 747,874 $ 19.82

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
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 the three months ended March 31, 2016, all unvested restricted share awards were excluded from diluted earnings per share calculations for this period 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 March 31, 2017 2016 (In thousands) Numerator: Net income (loss) available to stockholders $ 38,934 $ (17,416 ) Basic net income (loss) allocable to participating securities (1) 195 — Income (loss) available to stockholders $ 38,739 $ (17,416 ) Denominator: Weighted average number of common shares outstanding - basic 146,054 100,060 Effect of dilutive securities: Restricted stock 951 — Weighted average number of common shares outstanding - diluted 147,005 100,060 Net income (loss) per share: Basic $ 0.27 $ (0.17 ) Diluted $ 0.26 $ (0.17 ) _______________________________________ (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)	3 Months Ended
	Mar. 31, 2017
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 presentation 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, 2016 , 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 March 31, 2017 in preparing its consolidated financial statements. The Company determined there were no events that required disclosure or recognition in these 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 is determined using estimates of proved oil and natural gas reserves. There are numerous uncertainties inherent in the estimation of quantities of proved reserves and in the projection of future rates of production and the timing of development expenditures. Similarly, evaluations for impairment of proved and unproved oil and natural gas properties are subject to numerous uncertainties including, among others, estimates of future recoverable reserves and commodity price estimates. It is possible that these estimates could be revised at future dates and such revisions could be material.
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, receivables related to joint interest billings and income tax receivables 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.
Oil and Natural Gas Properties	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 March 31, 2017 and 2016 , depletion expense for oil and natural gas producing property was $61.0 million and $44.6 million , respectively. Depletion expense is included in depreciation, depletion and amortization in the accompanying consolidated statements of operations. 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 March 31, 2017 and December 31, 2016 , 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 three months ended March 31, 2017 or 2016 . 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. If the prices used to assess our oil and natural gas properties for impairment were 15% lower than the prices we used for such analysis, holding all other variables constant, we would not have expected to record any material impairment to our proved oil and natural gas properties. However, it is reasonably possible that oil and natural gas prices used in future impairment evaluations may decline, which could result in the need to impair the carrying value of the Company’s proved properties. Unproved property costs and related leasehold expirations are assessed quarterly for potential impairment and when industry conditions dictate an impairment may be possible.
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 liability 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 liability 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 March 31, 2017 , the Company had a long-term tax payable related to uncertain tax positions totaling $6.8 million . This amount is recorded in other long term liabilities on the consolidated balance sheet. The Company’s adoption of ASU 2016-09 in the first quarter of 2017 using the modified retrospective approach resulted in a decrease to deferred tax liability and a corresponding adjustment to accumulated deficit of $0.6 million as of December 31, 2016. Additional tax deductions in the first quarter of 2017 from stock compensation under the guidance of ASU 2016-09 resulted in a reduction to income tax expense of $4.0 million . The Company’s U.S. federal income tax returns for 2013 and beyond, and its Texas franchise tax returns for 2012 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 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, 2017. 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 has not yet selected a transition method and is currently evaluating the impact of its pending adoption of this guidance on its consolidated financial statements; however, it has not identified any revenue stream that would be materially impacted and does not expect the adoption of this standard to have a material impact on our 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; however, based on the Company’s current operating leases, the adoption of this standard is not expected to have a material impact on our consolidated financial statements. 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. The Company adopted this guidance in the first quarter of 2017 using the modified retrospective approach. Accordingly, deferred tax liability at December 31, 2016 was reduced by $0.6 million with a corresponding adjustment to accumulated deficit in the consolidated balance sheet.
Commodity 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 multiplied by the hedged contract volume. Cumulatively, when the settlement price is below the short put price, the Company would receive from its counterparty an amount equal to the difference of the price floor and the short put price multiplied by the hedged contract volume. 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. 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 multiplied by the hedged contract volume. Each swap transaction has an established fixed price. When the settlement price is above the fixed price, the Company pays its counterparty an amount equal to the difference between the settlement price and the fixed price multiplied by the hedged contract volume. When the settlement price is below the fixed price, the counterparty pays the Company an amount equal to the difference between the settlement price and the fixed price multiplied by the hedged contract volume.
Fair Value Measurement	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. At March 31, 2017, the fair value of the Company's 6.625% senior notes was $733.3 million and the fair value of the Company's 5.25% senior notes was $453.8 million . If the Company recorded the 6.625% senior 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. If the Company recorded the 5.25% senior notes at fair value they would be Level 2 in our fair value hierarchy as these notes have not been registered and do not trade in an active market. 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 and may 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 Transfer, Policy	Reclassifications of fair value among 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 among Level 1, Level 2 or Level 3 during the three months ended March 31, 2017 and the year ended December 31, 2016 . 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.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Schedule of Accounts Receivable	Accounts Receivable As of March 31, 2017 As of December 31, 2016 (In thousands) Sale of oil, natural gas and natural gas liquids $ 73,632 $ 54,422 Joint interest owners 2,289 16,681 Federal income tax receivable — 2,568 Total accounts receivable $ 75,921 $ 73,671
Schedule of Oil and Natural Gas Properties	The Company’s oil and natural gas properties as of March 31, 2017 and December 31, 2016 consisted of the following: March 31, 2017 December 31, 2016 (In thousands) Proved oil and natural gas properties $ 3,272,422 $ 2,811,853 Unproved oil and natural gas properties 2,814,354 1,833,928 Total oil and natural gas properties 6,086,776 4,645,781 Less: Accumulated depletion (614,706 ) (554,419 ) Total oil and natural gas properties, net $ 5,472,070 $ 4,091,362
Schedule of Changes in Asset Retirement Obligation	The ARO liability consisted of the following for the period indicated: Three Months Ended March 31, 2017 (In thousands) Asset retirement obligation at beginning of period $ 10,659 Liabilities incurred or assumed 1,401 Liabilities settled (147 ) Accretion expense 153 Asset retirement obligation at end of period $ 12,066
Schedule of Income Tax Expense	The following is an analysis of the Company’s consolidated income tax benefit (expense) for the periods indicated: Three Months Ended March 31, 2017 2016 (In thousands) Current $ 1,498 $ — Deferred 13,574 (9,298 ) Income Tax Benefit (Expense) $ 15,072 $ (9,298 )

Acquisitions of Oil and Natur18

Acquisitions of Oil and Natural Gas Property Interests (Tables)	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Summary of considerations transferred and fair value of assets and liabilities acquired	A summary of the consideration transferred and the fair value of assets and liabilities acquired is as follows (in thousands, except shares): Value of the Company’s common stock issued in the SHEP II acquisition (1) $ 663,854 Cash paid to sellers in the SHEP II acquisition (including deposit) 641,577 Total consideration for the assets contributed in the SHEP II acquisition $ 1,305,431 Fair value of oil and natural gas properties (2) 1,308,177 Asset retirement obligation (822 ) Assumption of other liabilities (1,924 ) Total net assets acquired $ 1,305,431 (1) The Company issued 16,019,638 shares of common stock at $41.44 per share (closing price) on March 1, 2017. (2) Approximately 77% of the acquisition date fair value of oil and natural gas properties was recorded as unproved property.
Summary of Pro Forma Results	The unaudited pro forma financial information does not purport to be indicative of results of operations that would have occurred had the transaction occurred on the basis assumed above, nor is such information indicative of expected future results of operations. Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Actual Pro Forma Actual Pro Forma (In thousands) (In thousands) Revenues $ 169,931 $ 188,650 $ 55,815 $ 59,896 Net income (loss) $ 38,934 $ 47,137 $ (17,416 ) $ (17,946 ) Net income (loss) per share: Basic $ 0.27 $ 0.32 $ (0.17 ) $ (0.18 ) Diluted $ 0.26 $ 0.32 $ (0.17 ) $ (0.18 )

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	The following table summarizes all open positions as of March 31, 2017 : Contracts expiring in the period ending: June 30, 2017 September 30, 2017 December 31, 2017 2018 Total Crude Oil Three-Way Collars: Notional volume (Bbl) 3,160,000 3,160,000 Weighted average ceiling price ($/Bbl)(1) $ 65.06 $ 65.06 Weighted average floor price ($/Bbl)(1) $ 50.00 $ 50.00 Weighted average short put price ($/Bbl)(1) $ 40.00 $ 40.00 Crude Oil Costless Collars: Notional volume (Bbl) 1,137,500 1,150,000 1,150,000 3,437,500 Weighted average ceiling price ($/Bbl)(1) $ 60.05 $ 60.05 $ 60.05 $ 60.05 Weighted average floor price ($/Bbl)(1) $ 45.00 $ 45.00 $ 45.00 $ 45.00 Crude Oil Deferred Premium Puts: Notional volume (Bbl) 910,000 920,000 920,000 2,750,000 Weighted average floor price ($/Bbl)(1) $ 48.50 $ 48.50 $ 48.50 $ 48.50 Weighted average deferred premium ($/Bbl) (2) $ (4.00 ) $ (4.00 ) $ (4.00 ) $ (4.00 ) Mid-Cush Differential (Basis) Swaps: Notional volume (Bbl) 2,548,000 920,000 276,000 3,744,000 Weighted average swap price ($/Bbl)(4) $ (0.11 ) $ (0.38 ) $ (0.50 ) $ (0.20 ) Natural Gas Costless Collars: Notional volume (MMBtu) 2,366,000 2,422,000 2,545,000 7,333,000 Weighted average ceiling price ($/MMbtu)(3) $ 3.86 $ 3.86 $ 3.86 $ 3.86 Weighted average floor price ($/MMbtu)(3) $ 3.00 $ 3.00 $ 3.00 $ 3.00 ___________________________ (1) The crude oil derivative contracts are settled based on the month’s average daily NYMEX price of West Texas Intermediate Light Sweet Crude. (2) The deferred premium is not paid until the expiration date, aligning cash inflows and outflows with the settlement of the derivative contract. (3) The natural gas derivative contracts are settled based on the last trading day’s closing price for the front month contract relevant to each period. (4) The Mid-Cush swap contracts are settled based on the difference in the arithmetic average during the calculation period of WTI MIDLAND ARGUS and WTI ARGUS prices in the Argus Americas Crude publication for the relevant period.
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 based on the expected settlement dates of the instruments. 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 March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 (In thousands) Derivative Instruments: Current amounts Commodity contracts $ 15,896 $ 11,815 $ 17,348 $ 28,861 Noncurrent amounts Commodity contracts $ 12,115 $ — $ 8,871 Total derivative instruments $ 28,011 $ 11,815 $ 26,219 $ 28,861
Derivative Instruments, Gains (Losses)	The following represents the Company’s reported gains (losses) on derivative instruments for the periods presented: Three Months Ended March 31, 2017 2016 (In thousands) Gain (loss) on derivative instruments: Commodity derivative instruments $ 17,121 $ 396 Total $ 17,121 $ 396
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) March 31, 2017 Derivative instrument assets with right of offset or master netting agreements $ 28,011 $ (26,219 ) $ 1,792 Derivative instrument liabilities with right of offset or master netting agreements $ (26,219 ) $ 26,219 $ — December 31, 2016 Derivative instrument assets with right of offset or master netting agreements $ 11,815 $ (11,815 ) $ — Derivative instrument liabilities with right of offset or master netting agreements $ (28,861 ) $ 11,815 $ (17,046 ) _______________________________________ (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) March 31, 2017 Derivative instrument assets with right of offset or master netting agreements $ 28,011 $ (26,219 ) $ 1,792 Derivative instrument liabilities with right of offset or master netting agreements $ (26,219 ) $ 26,219 $ — December 31, 2016 Derivative instrument assets with right of offset or master netting agreements $ 11,815 $ (11,815 ) $ — Derivative instrument liabilities with right of offset or master netting agreements $ (28,861 ) $ 11,815 $ (17,046 ) _______________________________________ (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)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017: Commodity derivative instruments $ — $ 1,792 $ — $ 1,792 Total $ — $ 1,792 $ — $ 1,792 Level 1 Level 2 Level 3 Total fair value (In thousands) As of December 31, 2016: Commodity derivative instruments $ — $ (17,046 ) $ — $ (17,046 ) Total $ — $ (17,046 ) $ — $ (17,046 )

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consists of the following: March 31, 2017 December 31, 2016 (In millions) Revolving credit facility $ — $ — 5.25% Senior Notes 450.0 450.0 6.625% Senior Notes 700.0 700.0 Less: Discount (1.1 ) (1.1 ) Less: Debt issuance costs (16.5 ) (16.6 ) Total long-term debt $ 1,132.4 $ 1,132.3

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
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 three months ended March 31, 2017 and the twelve months ended December 31, 2016: 2017 2016 Shares Weighted Average Fair Value Shares Weighted Average Fair Value Restricted shares outstanding, beginning of period 656,895 $ 22.21 499,529 $ 25.99 Restricted shares granted 331,003 42.41 442,835 19.78 Restricted shares canceled — — (13,551 ) 21.61 Restricted shares vested (259,714 ) 23.12 (271,918 ) 25.22 Restricted shares outstanding, end of period 728,184 $ 31.06 656,895 $ 22.21
Schedule of Performance-Based Restricted Stock Award Activity	The following table represents performance-based restricted stock award activity for the three months ended March 31, 2017 and the twelve months ended December 31, 2016: 2017 2016 Shares Weighted Average Fair Value Shares Weighted Average Fair Value Restricted shares outstanding, beginning of period 747,874 $ 19.82 294,332 $ 31.41 Restricted shares granted 380,174 26.96 484,650 13.53 Restricted shares vested (119,400 ) $ 31.01 (31,108 ) $ 31.39 Restricted shares outstanding, end of period 1,008,648 $ 21.19 747,874 $ 19.82

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 2016 (In thousands) Numerator: Net income (loss) available to stockholders $ 38,934 $ (17,416 ) Basic net income (loss) allocable to participating securities (1) 195 — Income (loss) available to stockholders $ 38,739 $ (17,416 ) Denominator: Weighted average number of common shares outstanding - basic 146,054 100,060 Effect of dilutive securities: Restricted stock 951 — Weighted average number of common shares outstanding - diluted 147,005 100,060 Net income (loss) per share: Basic $ 0.27 $ (0.17 ) Diluted $ 0.26 $ (0.17 ) _______________________________________ (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 Accoun24

Summary of Significant Accounting Policies (Accounts Receivable) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Sale of oil, natural gas and natural gas liquids	$ 73,632	$ 54,422
Joint interest owners	2,289	16,681
Federal income tax receivable	0	2,568
Total accounts receivable	$ 75,921	$ 73,671

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Bad debt expense	$ 0	$ 0
Minimum project term to capitalize interest	6 months
Depletion expense	$ 61,000,000	44,600,000
Costs capitalized in connection with exploratory wells in progress	0		$ 0
Impairment of proved oil and gas properties	0	0
Impairment of unproved oil and gas properties	100,000	$ 200,000
Accrued liability for uncertain tax positions	6,800,000
Reduction in deferred tax liabilities	(336,229,000)		(322,655,000)
Effective income tax rate reconciliation, share-based compensation, reduction in income tax expense, amount	4,000,000
Debt issuance costs	$ 16,500,000		16,600,000
Long-term Debt | Accounting Standards Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs				$ 12,100,000
New Accounting Pronouncement, Early Adoption, Effect | Accounting Standards Update 2016-09, Excess Tax Benefit Component
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reduction in deferred tax liabilities			600,000
Retained Earnings | New Accounting Pronouncement, Early Adoption, Effect | Accounting Standards Update 2016-09, Excess Tax Benefit Component
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New accounting pronouncement or change in accounting principle, effect of adoption, quantification			$ 600,000

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Oil and Natural Gas) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Accounting Policies [Abstract]
Bad debt expense	$ 0	$ 0
Oil and Natural Gas Properties [Abstract]
Proved oil and natural gas properties	3,272,422,000		$ 2,811,853,000
Unproved oil and natural gas properties	2,814,354,000		1,833,928,000
Total oil and natural gas properties	6,086,776,000		4,645,781,000
Less: Accumulated depletion	(614,706,000)		(554,419,000)
Total oil and natural gas properties, net	$ 5,472,070,000		$ 4,091,362,000

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Asset Retirement Obligation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligation at beginning of period	$ 10,659
Liabilities incurred or assumed	1,401
Liabilities settled	(147)
Accretion expense	153	$ 113
Asset retirement obligation at end of period	$ 12,066

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Expense (Benefit) [Abstract]
Current	$ (1,498)	$ 0
Deferred	(13,574)	9,298
Income Tax Benefit (Expense)	$ 15,072	$ (9,298)

Acquisitions of Oil and Natur29

Acquisitions of Oil and Natural Gas Property Interests (Details)	Mar. 01, 2017USD ($)$ / sharesshares	Jan. 02, 2017USD ($)	Nov. 28, 2016USD ($)shares	Oct. 13, 2016USD ($)aentityshares	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)
Business Acquisition [Line Items]
Consideration transferred, cash payments					$ 18,828,000	$ 0
Business Combination, Consideration Transferred [Abstract]
Consideration transferred, cash payments					18,828,000	0
Acquisition Costs					4,052,000	$ 0
Silver Hill
Business Acquisition [Line Items]
Percentage of voting interests acquired				100.00%
Consideration transferred, cash payments				$ 1,250,000,000
Consideration transferred, common stock issued (in shares) | shares				31,000,000
Business combination, number of entities held by acquired company | entity				2
Number of acres | a				40,100
Business Combination, Consideration Transferred [Abstract]
Consideration transferred, cash payments				$ 1,250,000,000
Acquisition Costs					4,100,000
Silver Hill Energy Partners, LLC
Business Acquisition [Line Items]
Consideration transferred, common stock issued (in shares) | shares			15,000,000
Payments to acquire businesses, before purchase price adjustments			$ 604,000,000
Silver Hill E&P II, LLC
Business Acquisition [Line Items]
Consideration transferred, cash payments	$ 641,577,000
Consideration transferred, common stock issued (in shares) | shares	16,019,638
Payments to acquire businesses, before purchase price adjustments	$ 646,000,000
Business Combination, Consideration Transferred [Abstract]
Business combination, consideration transferred, equity interests issued and issuable	663,854,000
Consideration transferred, cash payments	641,577,000
Aggregate purchase price	1,305,431,000
Fair value of oil and natural gas properties	1,308,177,000
Asset retirement obligation	(822,000)
Assumption of other liabilities	(1,924,000)
Total net assets acquired	$ 1,305,431,000
Business acquisition, share price | $ / shares	$ 41.44
Percentage of acreage acquired, unproved	77.00%
Business combination, pro forma information, revenue of acquiree since acquisition date, actual					9,800,000
Business combination, pro forma information, earnings or loss of acquiree since acquisition date, actual					3,600,000
Aggregate purchase price	$ 1,305,431,000
Bolt-on Acquisitions, Midland Basin
Business Combination, Consideration Transferred [Abstract]
Aggregate purchase price					16,500,000
Aggregate purchase price					$ 16,500,000
Lone Wolf Resources
Business Combination, Consideration Transferred [Abstract]
Aggregate purchase price		$ 18,800,000
Aggregate purchase price		$ 18,800,000

Derivative Instruments (Outstan

Derivative Instruments (Outstanding Positions) (Details) - Crude Oil - Forecast	3 Months Ended			12 Months Ended
	Dec. 31, 2017$ / bblbbl	Sep. 30, 2017$ / bblbbl	Jun. 30, 2017$ / bblbbl	Dec. 31, 2018$ / bblbbl	Dec. 31, 2017$ / bblbbl
Crude Oil Collars
Derivative [Line Items]
Notional volume (Bbl) | bbl				3,160,000
Weighted average ceiling price (in dollars per Bbl and MMBtu)				65.06
Weighted average floor price (in dollars per Bbl and MMBtu)				50
Weighted average short put price (in dollars per Bbl)				40
Crude Oil Costless Collars
Derivative [Line Items]
Notional volume (Bbl) | bbl	1,150,000	1,150,000	1,137,500		3,437,500
Weighted average ceiling price (in dollars per Bbl and MMBtu)	60.05	60.05	60.05		60.05
Weighted average floor price (in dollars per Bbl and MMBtu)	45	45	45		45
Put Option
Derivative [Line Items]
Notional volume (Bbl) | bbl	920,000	920,000	910,000		2,750,000
Weighted average floor price (in dollars per Bbl and MMBtu)	48.50	48.50	48.50		48.50
Weighted average deferred premium (in dollars per Bbl)	(4)	(4)	(4)		(4)
Mid-Cush Swaps Maturing in Current Fiscal Year
Derivative [Line Items]
Notional volume (Bbl) | bbl	276,000	920,000	2,548,000
Derivative, swap type, average variable price	(0.50)	(0.38)	(0.11)		(0.50)
Mid-Cush Differential Swap Basis
Derivative [Line Items]
Notional volume (Bbl) | bbl					3,744,000
Derivative, swap type, average variable price				(0.20)
Natural Gas Costless Collars
Derivative [Line Items]
Notional volume (Bbl) | bbl	2,545,000	2,422,000	2,366,000		7,333,000
Weighted average floor price (in dollars per Bbl and MMBtu)	3.86	3.86	3.86		3.86
Weighted average short put price (in dollars per Bbl)	3	3	3		3

Acquisitions of Oil and Natur31

Acquisitions of Oil and Natural Gas Property Interests - Proforma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Business Acquisition [Line Items]
Revenues	$ 169,931	$ 55,815
Net income (loss)	$ 38,934	$ (17,416)
Net income (loss), per share, basic (USD per share)	$ 0.0027	$ (0.0017)
Net income (loss), per share, diluted (USD per share)	$ 0.0026	$ (0.0017)
Pro Forma
Business Acquisition [Line Items]
Revenues	$ 188,650	$ 59,896
Net income (loss)	$ 47,137	$ (17,946)
Net income (loss), per share, basic (USD per share)	$ 0.0032	$ (0.0018)
Net income (loss), per share, diluted (USD per share)	$ 0.0032	$ (0.0018)

Derivative Instruments (Gross A

Derivative Instruments (Gross Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Derivative assets	$ 28,011	$ 11,815
Derivative liabilities	26,219	28,861
Commodity contracts | Current amounts, Assets
Derivatives, Fair Value [Line Items]
Derivative assets	15,896	11,815
Commodity contracts | Current amounts, Liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	17,348	28,861
Commodity contracts | Other Noncurrent Assets
Derivatives, Fair Value [Line Items]
Derivative assets	12,115	$ 0
Commodity contracts | Other Noncurrent Liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 8,871

Derivative Instruments (Gain Lo

Derivative Instruments (Gain Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Net gain on derivative instruments	$ 17,121	$ 396
Gain (loss) on derivative instruments:	17,121	396
Commodity derivative instruments
Derivative Instruments, Gain (Loss) [Line Items]
Net gain on derivative instruments	$ 17,121	$ 396

Derivative Instruments (Offsett

Derivative Instruments (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Offsetting of Derivative Assets and Liabilities [Abstract]
Derivative asset, Gross Amount Presented on Balance Sheet	$ 28,011	$ 11,815
Derivative asset, Netting Adjustments	(26,219)	(11,815)
Derivative asset, Net Amount	1,792	0
Derivative liability, Gross Amount Presented on Balance Sheet	(26,219)	(28,861)
Derivative liability, Netting Adjustments	26,219	11,815
Derivative liability, Net Amount	$ 0	$ (17,046)

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Collateral posted for derivative instruments with credit-risk related contingent features	$ 0	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Dec. 27, 2016
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	$ 1,792	$ (17,046)
Recurring basis | Commodity derivative instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	1,792	(17,046)
Recurring basis | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	0	0
Recurring basis | Level 1 | Commodity derivative instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	0	0
Recurring basis | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	1,792	(17,046)
Recurring basis | Level 2 | Commodity derivative instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	1,792	(17,046)
Recurring basis | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	0	0
Recurring basis | Level 3 | Commodity derivative instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	$ 0	$ 0
Senior Notes | 6.625% Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	6.625%
Senior Notes | 6.625% Senior Notes | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 733,300
Senior Notes | 5.25% Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	5.25%		5.25%
Senior Notes | 5.25% Senior Notes | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 453,800

Long-Term Debt (Schedule of Lon

Long-Term Debt (Schedule of Long-term Debt) (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016	Dec. 27, 2016	Sep. 26, 2014
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount	$ 1,100,000	$ 1,100,000
Less: Discount	(16,500,000)	(16,600,000)
Total long-term debt	1,132,400,000	1,132,300,000
Revolving credit facility | Line of Credit
Debt Instrument [Line Items]
Long term debt	0	0
5.25% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Long term debt	$ 450,000,000	450,000,000
Stated interest rate	5.25%		5.25%
6.625% Notes due 2022 | Senior Unsecured Notes
Debt Instrument [Line Items]
Long term debt	$ 700,000,000	$ 700,000,000
Stated interest rate	6.625%			6.625%

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details)	Dec. 27, 2016USD ($)	Mar. 31, 2016USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2017USD ($)financial_ratio	Sep. 30, 2016	Dec. 31, 2016USD ($)	Aug. 10, 2015USD ($)	Sep. 26, 2014USD ($)
5.25% Senior Notes
Debt Instrument [Line Items]
Percentage of original principal amount of debt at which debt can be redeemed	101.00%
Debt issuance costs	$ 5,900,000
Senior Notes | 5.25% Senior Notes
Debt Instrument [Line Items]
Long term debt				$ 450,000,000		$ 450,000,000
Debt issued, face amount	$ 450,000,000
Stated interest rate	5.25%			5.25%
Senior Notes | 5.25% Senior Notes | January 15, 2020
Debt Instrument [Line Items]
Percentage of original principal amount of debt at which debt can be redeemed	103.938%
Senior Notes | 5.25% Senior Notes | January 1, 2023
Debt Instrument [Line Items]
Percentage of original principal amount of debt at which debt can be redeemed	100.00%
Senior Notes | 5.25% Senior Notes | Prior To January 15, 2020
Debt Instrument [Line Items]
Percentage of original principal amount of debt at which debt can be redeemed						100.00%
Senior Unsecured Notes | After October 1, 2017
Debt Instrument [Line Items]
Percentage of original principal amount of debt at which debt can be redeemed				104.969%
Senior Unsecured Notes | January 1, 2020
Debt Instrument [Line Items]
Percentage of original principal amount of debt at which debt can be redeemed				100.00%
Senior Unsecured Notes | Before October 1, 2017
Debt Instrument [Line Items]
Percentage of original principal amount of debt at which debt can be redeemed				106.625%
Redemption price, percentage of principal amount redeemed				35.00%
Senior Unsecured Notes | Event of change in control
Debt Instrument [Line Items]
Percentage of original principal amount of debt at which debt can be redeemed					101.00%
Senior Unsecured Notes | 6.625% Notes due 2022
Debt Instrument [Line Items]
Long term debt				$ 700,000,000		$ 700,000,000
Debt issued, face amount							$ 200,000,000	$ 500,000,000
Stated interest rate				6.625%				6.625%
Debt issuance costs							$ 2,400,000	$ 11,300,000
Percentage of principal amount issued							99.25%
Extinguishment of debt		$ 200,000,000	$ 500,000,000
Senior Unsecured Notes | Registered Senior Notes Due 2022
Debt Instrument [Line Items]
Debt issued, face amount		$ 200,000,000	$ 500,000,000
Revolving credit facility
Debt Instrument [Line Items]
Number of financial ratios | financial_ratio				2
Working capital ratio, required				1
Leverage ratio, required				4.25
Credit agreement, remaining borrowing capacity				$ 899,400,000
Line of credit, maximum borrowing capacity				1,100,000,000
Line of credit facility, maximum borrowing capacity, elected commitment				900,000,000
Credit agreement, maximum borrowing capacity, lender commitments				2,500,000,000
Revolving credit facility | Line of Credit
Debt Instrument [Line Items]
Long term debt				$ 0		$ 0
Revolving credit facility | Eurodollar
Debt Instrument [Line Items]
Variable rate basis, base percentage prior to adjustments				100.00%
Revolving credit facility | Eurodollar | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				2.00%
Line of credit facility, unused capacity, commitment fee percentage				0.375%
Revolving credit facility | Eurodollar | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				3.00%
Line of credit facility, unused capacity, commitment fee percentage				0.50%
Revolving credit facility | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate				50.00%
Revolving credit facility | Adjusted LIBOR rate
Debt Instrument [Line Items]
Basis spread on variable rate				1.00%
Revolving credit facility | Adjusted LIBOR rate | Minimum
Debt Instrument [Line Items]
Interest rate terms, percentage of borrowing base utilized margin				1.00%
Revolving credit facility | Adjusted LIBOR rate | Maximum
Debt Instrument [Line Items]
Interest rate terms, percentage of borrowing base utilized margin				2.00%
Letter of Credit
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
	Feb. 28, 2017	Feb. 29, 2016	Mar. 31, 2015	Jun. 30, 2014	Mar. 31, 2017	Mar. 31, 2016
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense					$ 2.4	$ 1.9
Unrecognized compensation expense					$ 20.4
Unrecognized compensation expense, weighted average recognition period					2 years
Performance-based restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense					$ 1.6	1.2
Unrecognized compensation expense					$ 15.1
Unrecognized compensation expense, weighted average recognition period					2 years
Award vesting period	2 years 11 months 1 day	2 years 11 months 1 day	2 years 9 months 29 days	2 years 9 months
Stock awards granted during the period (in shares)	380,174	484,650	159,932	134,400
Target payout percentage	100.00%		100.00%	100.00%
Performance-based restricted stock awards | Minimum
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 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target payout percentage	100.00%		200.00%	200.00%
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense					$ 3.9	$ 3.1

Equity-Based Compensation (Sche

Equity-Based Compensation (Schedule of Restricted Stock Award Activity) (Details) - Restricted stock awards - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Shares (in shares)
Restricted shares outstanding, beginning of period (in shares)	656,895	499,529
Restricted shares granted (in shares)	331,003	442,835
Restricted shares canceled (in shares)	0	(13,551)
Restricted shares vested (in shares)	(259,714)	(271,918)
Restricted shares outstanding, end of period (in shares)	728,184	656,895
Weighted Average Fair Value (in dollars per share)
Restricted shares outstanding, beginning of period (in dollars per share)	$ 22.21	$ 25.99
Restricted shares granted (in dollars per share)	42.41	19.78
Restricted shares canceled (in dollars per share)	0	21.61
Restricted shares vested (in dollars per share)	23.12	25.22
Restricted shares outstanding, end of period (in dollars per share)	$ 31.06	$ 22.21

Equity-Based Compensation (Sc41

Equity-Based Compensation (Schedule of Performance-Based Restricted Stock Award Activity) (Details) - Performance-based restricted stock awards - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Shares (in shares)
Restricted shares outstanding, beginning of period (in shares)	747,874	294,332
Restricted shares granted (in shares)	380,174	484,650
Restricted shares vested (in shares)	(119,400)	(31,108)
Restricted shares outstanding, end of period (in shares)	1,008,648	747,874
Weighted Average Fair Value (in dollars per share)
Restricted shares outstanding, beginning of period (in dollars per share)	$ 19.82	$ 31.41
Restricted shares granted (in dollars per share)	26.96	13.53
Restricted shares vested (in dollars per share)	31.01	31.39
Restricted shares outstanding, end of period (in dollars per share)	$ 21.19	$ 19.82

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Numerator:
Net income (loss) available to stockholders	$ 38,934	$ (17,416)
Basic net income (loss) allocable to participating securities	195	0
Income (loss) available to stockholders	$ 38,739	$ (17,416)
Denominator:
Weighted average number of common shares outstanding - basic (in shares)	146,054	100,060
Effect of dilutive securities:
Restricted stock (in shares)	951	0
Weighted average number of common shares outstanding - diluted (in shares)	147,005	100,060
Net income (loss) per share:
Basic (in dollars per share)	$ 0.27	$ (0.17)
Diluted (in dollars per share)	$ 0.26	$ (0.17)