Black Stone Minerals (BSM) 10-Q 10 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 06, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	BSM
Entity Registrant Name	Black Stone Minerals, L.P.
Entity Central Index Key	1,621,434
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Common Units
Document Information [Line Items]
Entity Partnership Units Outstanding		96,531,540
Subordinate Units
Document Information [Line Items]
Entity Partnership Units Outstanding		95,189,076
Preferred Units
Document Information [Line Items]
Entity Partnership Units Outstanding		52,691

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 5,013	$ 13,233
Accounts receivable	44,370	41,246
Commodity derivative assets	46,851	48,260
Prepaid expenses and other current assets	1,052	856
TOTAL CURRENT ASSETS	97,286	103,595
PROPERTY AND EQUIPMENT
Oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of $530,580 and $524,563 at March 31, 2016 and December 31, 2015, respectively	2,509,472	2,482,211
Accumulated depreciation, depletion, amortization, and impairment	(1,571,587)	(1,543,796)
Oil and natural gas properties, net	937,885	938,415
Other property and equipment, net of accumulated depreciation of $14,676 and $14,660 at March 31, 2016 and December 31, 2015, respectively	168	179
NET PROPERTY AND EQUIPMENT	938,053	938,594
DEFERRED CHARGES AND OTHER LONG-TERM ASSETS	10,504	19,247
TOTAL ASSETS	1,045,843	1,061,436
CURRENT LIABILITIES
Accounts payable	4,127	5,036
Accrued liabilities	48,789	58,003
TOTAL CURRENT LIABILITIES	52,916	63,039
LONG-TERM LIABILITIES
Credit facility	116,000	66,000
Accrued incentive compensation	3,849	7,902
Deferred revenue	3,054	3,257
Asset retirement obligations	10,972	10,585
TOTAL LIABILITIES	$ 186,791	$ 150,783
COMMITMENTS AND CONTINGENCIES (Note 7)
MEZZANINE EQUITY
Partners' equity - redeemable preferred units, 53 and 77 units outstanding at March 31, 2016 and December 31, 2015, respectively	$ 54,001	$ 79,162
EQUITY
Noncontrolling interests	1,113	1,144
TOTAL EQUITY	805,051	831,491
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY	1,045,843	1,061,436
Common Units
EQUITY
Partners' equity - units	561,860	574,648
Subordinate Units
EQUITY
Partners' equity - units	$ 242,078	$ 255,699

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Oil and natural gas properties, unproved property costs	$ 530,580	$ 524,563
Other property and equipment accumulated depreciation and amortization	$ 14,676	$ 14,660
Preferred Units
Partners' equity, preferred units, outstanding	52,691	77,216
Common Units
Partners' equity - units, outstanding	96,861,000	96,162,000
Subordinate Units
Partners' equity - units, outstanding	95,189,000	95,057,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
REVENUE
Oil and condensate sales	$ 27,248	$ 36,163
Natural gas and natural gas liquids sales	25,112	31,640
Gain on commodity derivative instruments	10,626	19,647
Lease bonus and other income	1,395	3,611
TOTAL REVENUE	64,381	91,061
OPERATING (INCOME) EXPENSE
Lease operating expense	4,889	6,133
Production costs and ad valorem taxes	7,062	8,256
Exploration expense	8	39
Depreciation, depletion and amortization	21,721	27,891
Impairment of oil and natural gas properties	6,096	13,467
General and administrative	17,401	14,818
Accretion of asset retirement obligations	274	271
Gain on sale of assets, net	(4,680)	(7)
TOTAL OPERATING EXPENSE	52,771	70,868
INCOME FROM OPERATIONS	11,610	20,193
OTHER INCOME (EXPENSE)
Interest and investment income	153	1
Interest expense	(1,048)	(2,945)
Other income	34	50
TOTAL OTHER EXPENSE	(861)	(2,894)
NET INCOME	10,749	17,299
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS SUBSEQUENT TO INITIAL PUBLIC OFFERING	(2)
DISTRIBUTIONS ON REDEEMABLE PREFERRED UNITS SUBSEQUENT TO INITIAL PUBLIC OFFERING	(1,804)
NET INCOME ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON AND SUBORDINATED UNITS SUBSEQUENT TO INITIAL PUBLIC OFFERING	8,943
ALLOCATION OF NET INCOME SUBSEQUENT TO INITIAL PUBLIC OFFERING ATTRIBUTABLE TO:
NET INCOME ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON AND SUBORDINATED UNITS SUBSEQUENT TO INITIAL PUBLIC OFFERING	8,943
Predecessor
OTHER INCOME (EXPENSE)
NET INCOME		$ (17,299)
Common Units
ALLOCATION OF NET INCOME SUBSEQUENT TO INITIAL PUBLIC OFFERING ATTRIBUTABLE TO:
Allocation of net income	$ 8,320
NET INCOME ATTRIBUTABLE TO LIMITED PARTNERS PER COMMON AND SUBORDINATED UNIT:
Per unit (basic)	$ 0.09
Weighted average units outstanding (basic)	96,484
Per unit (diluted)	$ 0.09
Weighted average units outstanding (diluted)	96,752
DISTRIBUTIONS DECLARED AND PAID SUBSEQUENT TO INITIAL PUBLIC OFFERING:
Per unit	$ 0.2625
Subordinate Units
ALLOCATION OF NET INCOME SUBSEQUENT TO INITIAL PUBLIC OFFERING ATTRIBUTABLE TO:
Allocation of net income	$ 623
NET INCOME ATTRIBUTABLE TO LIMITED PARTNERS PER COMMON AND SUBORDINATED UNIT:
Per unit (basic)	$ 0.01
Weighted average units outstanding (basic)	94,995
Per unit (diluted)	$ 0.01
Weighted average units outstanding (diluted)	94,995
DISTRIBUTIONS DECLARED AND PAID SUBSEQUENT TO INITIAL PUBLIC OFFERING:
Per unit	$ 0.18375

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($) shares in Thousands, $ in Thousands	Total	Noncontrolling Interest	Common Units	Subordinate Units	Partners Equity Common Units	Partners Equity Subordinated Units
Beginning balance at Dec. 31, 2015	$ 831,491	$ 1,144			$ 574,648	$ 255,699
Beginning balance, units at Dec. 31, 2015			96,162	95,057
Restricted units granted, net of forfeitures			754	(38)
Equity-based compensation	5,900				5,324	576
Conversion of redeemable preferred units	6,064				2,625	3,439
Conversion of redeemable preferred units, units			184	241
Repurchases of common and subordinated units	(4,201)				(3,393)	(808)
Repurchase of common and subordinated units, units			(239)	(71)
Distributions	(42,897)	(33)			(25,413)	(17,451)
Charges to partners' equity for accrued distribution equivalent rights	(251)				(251)
Net income	10,749	2			9,229	1,518
Distributions on redeemable preferred units	(1,804)				(909)	(895)
Ending balance at Mar. 31, 2016	$ 805,051	$ 1,113			$ 561,860	$ 242,078
Ending balance, units at Mar. 31, 2016			96,861	95,189

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 10,749	$ 17,299
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	21,721	27,891
Impairment of oil and natural gas properties	6,096	13,467
Accretion of asset retirement obligations	274	271
Amortization of deferred charges	197	241
Gain on commodity derivative instruments	(10,626)	(19,647)
Net cash received on settlement of commodity derivative instruments	20,581	17,450
Equity-based compensation	5,900	1,243
Gain on sale of assets, net	(4,680)	(7)
Changes in operating assets and liabilities:
Accounts receivable	(3,039)	23,298
Prepaid expenses and other current assets	(196)	(365)
Accounts payable and accrued liabilities	(20,814)	(6,620)
Deferred revenue	(203)	(104)
Settlement of asset retirement obligations	(54)	(58)
NET CASH PROVIDED BY OPERATING ACTIVITIES	25,906	74,359
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to oil and natural gas properties	(25,110)	(13,612)
Purchase of other property and equipment	(5)
Proceeds from the sale of oil and natural gas properties	33	406
Acquisitions of oil and natural gas properties	(10,000)
NET CASH USED IN INVESTING ACTIVITIES	(35,082)	(13,206)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments related to initial public offering costs		(1,620)
Borrowings under senior line of credit	61,000	34,000
Repayments of borrowings under senior line of credit	(11,000)	(39,000)
Distributions to noncontrolling interests	(33)	(52)
Repurchases of common and subordinated units	(4,201)	(523)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	956	(67,588)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(8,220)	(6,435)
CASH AND CASH EQUIVALENTS - beginning of the period	13,233	14,803
CASH AND CASH EQUIVALENTS - end of the period	5,013	8,368
SUPPLEMENTAL DISCLOSURE
Interest paid	829	2,664
Predecessor
CASH FLOWS FROM OPERATING ACTIVITIES
Net income		(17,299)
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to unitholders		(56,431)
Common and Subordinated Units
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to unitholders	(42,864)
Preferred Units
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to unitholders	$ (1,946)	$ (3,962)

Business and Basis of Presentat

Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Business and Basis of Presentation	NOTE 1—BUSINESS AND BASIS OF PRESENTATION Description of the business Black Stone Minerals Company, L.P., a Delaware limited partnership, and its subsidiaries (collectively referred to as “BSMC” or the “Predecessor”) own oil and natural gas mineral interests in the United States. In connection with the IPO, BSMC was merged into a wholly owned subsidiary of BSM, with BSMC as the surviving entity. Pursuant to the merger, the Class A and Class B common units representing limited partner interests of the Predecessor were converted into an aggregate of 72,574,715 common units and 95,057,312 subordinated units of BSM at a conversion ratio of 12.9465:1 for 0.4329 common units and 0.5671 subordinated units, and the preferred units of BSMC were converted into an aggregate of 117,963 preferred units of BSM at a conversion ratio of one to one. The merger is accounted for as a combination of entities under common control with assets and liabilities transferred at their carrying amounts in a manner similar to a pooling of interests. Unless otherwise stated or the context otherwise indicates, all references to the “Partnership” or similar expressions for time periods prior to the IPO refer to Black Stone Minerals Company, L.P. and its subsidiaries, the Predecessor, for accounting purposes. For time periods subsequent to the IPO, these terms refer to Black Stone Minerals, L.P. and its subsidiaries. In addition to mineral interests, which make up the vast majority of the asset base, the Partnership’s assets also include nonparticipating and overriding royalty interests. All of these interests are non-cost-bearing and are collectively referred to as “mineral and royalty interests.” As of March 31, 2016, the Partnership’s mineral and royalty interests were located in most of the major onshore oil and natural gas producing basins spread across 41 states and 61 onshore oil and natural gas producing basins of the continental United States. The Partnership also owns non-operated working interests in certain oil and natural gas properties. Basis of presentation Certain reclassifications have been made to the prior periods presented to conform to the current period financial statement presentation. The reclassifications have no effect on the consolidated financial position, results of operations, or cash flows of the Partnership. In the opinion of management, all material adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for the periods presented have been reflected. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results to be expected for the full year. The Partnership evaluates the significant terms of its investments to determine the method of accounting to be applied to each respective investment. Investments in which the Partnership has less than a 20% ownership interest and does not have control or exercise significant influence are accounted for under the cost method. The Partnership’s cost method investment is included in deferred charges and other long-term assets in the consolidated balance sheets. Investments in which the Partnership exercises control are consolidated, and the noncontrolling interests of such investments, which are not attributable directly or indirectly to the Partnership, are presented as a separate component of net income and equity in the accompanying consolidated financial statements. The consolidated financial statements include undivided interests in oil and natural gas property rights. The Partnership accounts for its share of oil and natural gas property rights by reporting its proportionate share of assets, liabilities, revenues, costs, and cash flows within the relevant lines on the accompanying consolidated balance sheets, statements of operations, and statements of cash flows. Segment reporting

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant accounting policies: New accounting pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued an accounting standards update on a comprehensive new revenue recognition standard that will supersede Accounting Standards Codification (“ASC”) 605, Revenue Recognition . The new accounting guidance creates a framework under which an entity will allocate the transaction price to separate performance obligations and recognize revenue when each performance obligation is satisfied. Under the new standard, entities will be required to use judgment and make estimates, including identifying performance obligations in a contract, estimating the amount of variable consideration to include in the transaction price, allocating the transaction price to each separate performance obligation, and determining when an entity satisfies its performance obligations. The standard allows for either “full retrospective” adoption, meaning the standard is applied to all of the periods presented with a cumulative catch-up as of the earliest period presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements with a cumulative catch-up as of the current period. In July 2015, the FASB decided to defer the original effective date by one year to be effective for annual reporting periods beginning after December 15, 2017 instead of December 15, 2016 for public entities. The Partnership is evaluating the impact that the new accounting guidance will have on its consolidated financial statements and related disclosures and has not yet determined the method by which it will adopt the standard. In February 2016, the FASB issued Accounting Standard Update (“ASU”) No. 2016-02, Leases (Topic 842) The Partnership is evaluating the impact that the new accounting guidance will have on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-06, Derivatives and Hedging (Topic 815): Contingent put and call options in debt instruments In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus agent considerations (reporting revenue gross versus net) The Partnership is evaluating the impact that the new accounting guidance will have on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to employee share-based payment accounting, The Partnership is evaluating the impact that the new accounting guidance will have on its consolidated financial statements and related disclosures.

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2016
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	NOTE 3—ASSET RETIREMENT OBLIGATIONS The asset retirement obligation (“ARO”) liability reflects the present value of estimated costs of dismantlement, removal, site reclamation, and similar activities associated with the Partnership’s working-interest oil and natural gas properties. The Partnership utilizes current retirement costs to estimate the expected cash outflows for retirement obligations. The Partnership estimates the ultimate productive life of its properties, a risk-adjusted discount rate, and an inflation factor in order to determine the current present value of this obligation. To the extent future revisions to these assumptions impact the present value of the existing ARO liability, a corresponding adjustment is made to the oil and natural gas property balance. The following table describes changes to the Partnership’s ARO liability during the period: For the three months ended March 31, 2016 (In thousands) Beginning asset retirement obligations $ 10,585 Liabilities incurred 167 Liabilities settled (54 ) Accretion expense 274 Ending asset retirement obligations $ 10,972

Derivatives and Financial Instr

Derivatives and Financial Instruments	3 Months Ended
	Mar. 31, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives and Financial Instruments	NOTE 4—DERIVATIVES AND FINANCIAL INSTRUMENTS The Partnership’s ongoing operations expose it to changes in the market price for oil and natural gas. To mitigate the inherent commodity price risk associated with its operations, the Partnership uses derivative instruments. From time to time, such instruments may include fixed-price-swap contracts, fixed price contracts, costless collars, and other contractual arrangements. The Partnership does not enter into derivative instruments for speculative purposes. As of March 31, 2016, the Partnership’s open derivative contracts only consisted of fixed-price-swap contracts. A fixed-price-swap contract between the Partnership and the counterparty specifies a fixed commodity price and a future settlement date. The Partnership will receive from, or pay to, the counterparty the difference between the fixed-swap price and the market price on the settlement date. We have not designated any of our contracts as fair value or cash flow hedges. Accordingly, the changes in fair value of the contracts are included in net income in the period of the change. All derivative instruments that have not yet been settled in cash are reflected as either derivative assets or liabilities in the Partnership’s accompanying consolidated balance sheets as of March 31, 2016 and December 31, 2015. See Note 5 – Fair Value Measurement for further discussion. The table below summarizes the fair value and classification of the Partnership’s derivative instruments: As of March 31, 2016 Classification Balance Sheet Location Gross Fair Value Effect of Counterparty Netting Net Carrying Value on Balance Sheet (In thousands) Assets: Current asset Commodity derivative assets $ 48,415 $ (1,564 ) $ 46,851 Long-term asset Deferred charges and other long-term assets 7,728 — 7,728 Total assets $ 56,143 $ (1,564 ) $ 54,579 Liabilities: Current liability Commodity $ 1,564 $ (1,564 ) $ — Long-term liability Commodity derivative liabilities — — — Total liabilities $ 1,564 $ (1,564 ) $ — As of December 31, 2015 Classification Balance Sheet Location Gross Fair Value Effect of Counterparty Netting Net Carrying Value on Balance Sheet (In thousands) Assets: Current asset Commodity derivative assets $ 48,260 $ — $ 48,260 Long-term asset Deferred charges and other long-term assets 16,274 — 16,274 Total assets $ 64,534 $ — $ 64,534 Liabilities: Current liability Commodity $ — $ — $ — Long-term liability Commodity derivative liabilities — — — Total liabilities $ — $ — $ — Changes in the fair values of the Partnership’s derivative instruments (both assets and liabilities) are presented on a net basis in the accompanying consolidated statements of operations. Changes in the fair value of the Partnership’s commodity derivative instruments (both assets and liabilities) are as follows: For the three months ended March 31, Derivatives not designated as hedging instruments 2016 2015 (In thousands) Beginning fair value of commodity derivative instruments $ 64,534 $ 37,471 Gain on oil derivative instruments 2,926 13,019 Gain on natural gas derivative instruments 7,700 6,628 Net cash received on settlements of oil derivative instruments (12,572 ) (11,509 ) Net cash received on settlements of natural gas derivative instruments (8,009 ) (5,941 ) Net change in fair value of commodity derivative instruments (9,955 ) 2,197 Ending fair value of commodity derivative instruments $ 54,579 $ 39,668 The Partnership had the following open derivative contracts for oil as of March 31, 2016: Volume Weighted Average Range (Per Bbl) Period and Type of Contract (Bbl) (Per Bbl) Low High Oil Swap Contracts: Q1 2016 193,000 $ 52.47 $ 29.07 $ 61.34 Q2 2016 536,000 53.57 31.25 61.96 Q3 2016 489,000 55.30 34.41 62.53 Q4 2016 448,000 56.92 36.31 63.07 FY 2017 703,000 58.50 52.73 63.65 The Partnership had the following open derivative contracts for natural gas as of March 31, 2016: Volume Weighted Average Range (Per MMBtu) Period and Type of Contract (MMBtu) (Per MMBtu) Low High Natural Gas Swap Contracts: Q2 2016 7,210,000 $ 2.94 $ 2.03 $ 3.14 Q3 2016 6,610,000 3.02 2.23 3.17 Q4 2016 5,950,000 3.17 2.29 3.41 FY 2017 9,650,000 3.33 3.14 3.52 The Partnership entered into the following derivative contracts for oil subsequent to March 31, 2016: Volume Weighted Average Range (Per Bbl) Period and Type of Contract (Bbl) (Per Bbl) Low High Oil Swap Contracts: Q2 2016 22,000 $ 44.31 $ 43.87 $ 44.68 Q3 2016 36,000 45.46 45.03 46.16 Q4 2016 30,000 46.36 45.87 47.09 The Partnership entered into the following derivative contracts for natural gas subsequent to March 31, 2016: Volume Weighted Average Range (Per MMBtu) Period and Type of Contract (MMBtu) (Per MMBtu) Low High Natural Gas Swap Contracts: Q2 2016 380,000 $ 2.12 $ 2.05 $ 2.18 Q3 2016 710,000 2.33 2.26 2.40 Q4 2016 620,000 2.63 2.41 2.90

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 5—FAIR VALUE MEASUREMENT Fair value is defined as the amount at which an asset (or liability) could be bought (or incurred) or sold (or settled) in an orderly transaction between market participants at the measurement date. Further, ASC 820 establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value, and includes certain disclosure requirements. Fair value estimates are based on either (i) actual market data or (ii) assumptions that other market participants would use in pricing an asset or liability, including estimates of risk. ASC 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows: Level 1 —Unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 —Quoted prices for similar assets or liabilities in non-active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 —Inputs that are unobservable and significant to the fair value measurement (including the Partnership’s own assumptions in determining fair value). A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. There were no transfers into, or out of, the three levels of the fair value hierarchy for the three months ended March 31, 2016 or the year ended December 31, 2015. Assets and Liabilities Measured at Fair Value on a Recurring Basis The Partnership estimated the fair value of derivative instruments using the market approach via a model that uses inputs that are observable in the market or can be derived from, or corroborated by, observable data. See Note 4 – Derivatives and Financial Instruments for further discussion. The following table presents information about the Partnership’s assets and liabilities measured at fair value on a recurring basis: Fair Value Measurements Using Effect of Counterparty Level 1 Level 2 Level 3 Netting Total (In thousands) As of March 31, 2016 Financial Assets Commodity derivative instruments $ — $ 56,143 $ — $ (1,564 ) $ 54,579 Financial Liabilities Commodity derivative instruments — 1,564 — (1,564 ) — As of December 31, 2015 Financial Assets Commodity derivative instruments $ — $ 64,534 $ — $ — $ 64,534 Financial Liabilities Commodity derivative instruments — — — — — Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Nonfinancial assets and liabilities measured at fair value on a non-recurring basis include certain nonfinancial assets and liabilities as may be acquired in a business combination and measurements of oil and natural gas property values for assessment of impairment. The determination of the fair values of proved and unproved properties acquired in business combinations are prepared by estimating discounted cash flow projections. The factors used to determine fair value include estimates of: economic reserves, future operating and development costs, future commodity prices, and a market-based weighted average cost of capital. The Partnership has designated these measurements as Level 3. Oil and natural gas properties are measured at fair value on a nonrecurring basis using the income approach when assessing for impairment. Proved and unproved oil and natural gas properties are reviewed for impairment when events and circumstances indicate a possible decline in the recoverability of the carrying value of those properties. The Partnership’s estimates of fair value have been determined at discrete points in time based on relevant market data. These estimates involve uncertainty and cannot be determined with precision. There were no significant changes in valuation techniques or related inputs as of March 31, 2016 or December 31, 2015. The following table presents information about the Partnership’s assets measured at fair value on a nonrecurring basis: Fair Value Measurements Using Net Book Level 1 Level 2 Level 3 Value 1 Impairment (In thousands) Three Months Ended March 31, 2016 Impaired oil and natural gas properties $ — $ — $ 2,499 $ 8,595 $ 6,096 Three Months Ended March 31, 2015 Impaired oil and natural gas properties $ — $ — $ 17,826 $ 31,293 $ 13,467 1 Amount represents net book value at the date of assessment. The Partnership evaluates impairment of producing properties whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Partnership compares the undiscounted projected future cash flows expected to the carrying amount to determine recoverability. When the carrying amount exceeds its estimated undiscounted future cash flows, the carrying amount is written down to its fair value, which is measured as the present value of the projected future cash flows of such properties. The factors used to determine fair value include estimates of proved reserves, future commodity prices, timing and amount of future production, future capital expenditures, and a risk-adjusted discount rate. The estimated carrying value of all debt as of March 31, 2016 and December 31, 2015 approximated the fair value due to variable market rates of interest. These fair values, which are Level 3 measurements, were estimated based on the Partnership’s incremental borrowing rates for similar types of borrowing arrangements, when quoted market prices were not available. The estimated fair values of the Partnership’s financial instruments are not necessarily indicative of the amounts that would be realized in a current market exchange. The carrying value of receivables and payables approximate fair value due to the short-term nature of the instruments.

Credit Facility

Credit Facility	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Credit Facility	NOTE 6—CREDIT FACILITY The Partnership maintains a senior secured revolving credit agreement (the “Senior Line of Credit”). The Senior Line of Credit has a maximum credit amount of $1.0 billion. On October 28, 2015, the Senior Line of Credit was amended to extend the term of the agreement from February 3, 2017 to February 4, 2019. The amount of the borrowing base is derived from the value of the Partnership’s oil and natural gas properties determined by the lender syndicate using pricing assumptions that often differ from the current market for future prices. The borrowing base was $550.0 million at March 31, 2016. The Partnership’s semi-annual borrowing base redetermination process resulted in a decrease of the borrowing base to $450.0 million, effective April 15, 2016. Drawings on the Senior Line of Credit are used for the acquisition of oil and natural gas properties and for other general business purposes. Borrowings under the Senior Line of Credit bear interest at LIBOR plus a margin between 1.50% and 2.50%, or the Prime rate plus a margin between 0.50% and 1.50%, with the margin depending on the borrowing base utilization percentage of the loan, as detailed in the table below. The prime rate is determined to be the higher of the financial institution’s prime rate or the federal funds effective rate plus 0.50% per annum. Borrowing Base Utilization Borrowing type <25% ≥25% <50% ≥ 50% <75% ≥75% <90% ≥90% Eurodollar Margin 1.50 % 1.75 % 2.00 % 2.25 % 2.50 % Base Rate Margin 0.50 % 0.75 % 1.00 % 1.25 % 1.50 % The weighted-average interest rate of the Senior Line of Credit was 2.12% and 1.92% as of March 31, 2016 and December 31, 2015, respectively. Accrued interest is payable at the end of each calendar quarter or at the end of each interest period, unless the interest period is longer than 90 days in which case interest is payable at the end of every 90-day period. In addition, a commitment fee is payable at the end of each calendar quarter based on either a rate of 0.375% if the borrowing base utilization percentage is less than 50%, or 0.500% per annum if the borrowing base utilization percentage is equal to or greater than 50%. The Senior Line of Credit is secured by substantially all of the Partnership’s producing oil and natural gas assets. The Senior Line of Credit contains various limitations on future borrowings, leases, hedging, and sales of assets. Additionally, the Senior Line of Credit requires the Partnership to maintain a current ratio of not less than 1.0:1.0 and a ratio of total debt to EBITDAX (Earnings before Interest, Taxes, Depreciation, Amortization, and Exploration) of not more than 3.5:1.0. As of March 31, 2016, the Partnership was in compliance with all financial covenants for the Senior Line of Credit. The aggregate principal balance outstanding was $116.0 million and $66.0 million at March 31, 2016 and December 31, 2015, respectively. The unused portion of the available borrowings under the Senior Line of Credit was $434.0 million and $484.0 million at March 31, 2016 and December 31, 2015, respectively. Given additional borrowings that have occurred since March 31, 2016, the unused portion of the available borrowings under the Senior Line of Credit was $323.0 million as of the borrowing base redetermination on April 15, 2016.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 7—COMMITMENTS AND CONTINGENCIES Environmental Matters The Partnership’s business includes activities that are subject to U.S. federal, state, and local environmental regulations with regard to air, land, and water quality and other environmental matters. The Partnership does not consider the potential remediation costs that could result from issues identified in any environmental site assessments to be significant to the consolidated financial statements and no provision for potential remediation costs has been made. Litigation From time to time, the Partnership is involved in legal actions and claims arising in the ordinary course of business. The Partnership believes existing claims as of March 31, 2016 will be resolved without material adverse effect on the Partnership’s financial condition or operations.

Incentive Compensation

Incentive Compensation	3 Months Ended
	Mar. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Incentive Compensation	NOTE 8—INCENTIVE COMPENSATION On January 12, 2016, each non-employee director on the Board of Directors of the Partnership’s general partner (the “Board”) was granted 12,368 fully vested common units for service during 2015. On February 19, 2016, the Compensation Committee of the Board approved a grant of awards to each of the Partnership’s executive officers and certain other employees. These awards consisted of restricted common units and restricted performance units (in the form of phantom units) with distribution equivalent rights. The grants included 717,654 restricted common units subject to limitations on transferability, customary forfeiture provisions, and service-based graded vesting requirements through January 7, 2019. The holders of restricted common unit awards have all of the rights of a common unitholder, including non-forfeitable distribution rights with respect to their restricted common units. The grant-date fair value of these awards, net of estimated forfeitures, is recognized ratably using the straight-line attribution method. The Compensation Committee of the Board also approved a grant of 717,654 restricted performance units that are subject to both performance-based and service-based vesting provisions. The number of common units issued to a recipient upon vesting of a restricted performance unit will be calculated based on performance against certain metrics that relate to the Partnership’s average performance over each calendar year during the performance period commencing January 1, 2016. The target number of common units subject to each restricted performance unit is one; however, based on the achievement of performance criteria, the number of common units that may be received in settlement of each restricted performance unit can range from zero to two times the target number. The restricted performance units are eligible to become earned at the end of the performance period on December 31, 2018. Compensation expense related to the restricted performance unit awards is determined by multiplying the number of common units underlying such awards that, based on the Partnership’s estimate, are likely to vest, by the grant-date fair value and recognized using the accelerated attribution method. Distribution equivalent rights for the restricted performance unit awards that are expected to vest are charged to partners’ capital. The Compensation Committee of the Board also approved the dollar-value targets for performance-based short-term incentive compensation for executive officers of the Partnership and certain other employees. The Partnership expects to ultimately settle the authorized awards at the end of the performance period in common units of the Partnership. The table below summarizes incentive compensation expense recorded in general and administrative expenses in the consolidated statements of operations for the three months ended March 31, 2016 and 2015, respectively. Three Months Ended March 31, Incentive compensation expense 2016 2015 (In thousands) Cash—long-term incentive plan $ 1,850 $ 3,451 Equity-based compensation—restricted common and subordinated units 2,743 1,282 Equity-based compensation—restricted performance units 2,613 — Board of Directors incentive plan 481 481 Total incentive compensation expense $ 7,687 $ 5,214

Redeemable Preferred Units

Redeemable Preferred Units	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Redeemable Preferred Units	NOTE 9—REDEEMABLE PREFERRED UNITS The Partnership had 52,691 and 77,216 preferred units outstanding with a carrying value of $54.0 million and $79.2 million as of March 31, 2016 and December 31, 2015, respectively. The aforementioned amounts included accrued distributions of $1.3 million and $1.9 million as of March 31, 2016 and December 31, 2015, respectively. The redeemable preferred units are classified as mezzanine equity on the consolidated balance sheets since redemption is outside the control of the Partnership. The preferred units are entitled to an annual distribution of 10% of the funded capital of the preferred units, payable on a quarterly basis in arrears. The preferred units are convertible into common and subordinated units at any time at the option of the preferred unitholders. The preferred units have an adjusted conversion price of $14.2683 and an adjusted conversion rate of 30.3431 common units and 39.7427 subordinated units per preferred unit, which reflects the reverse split described in Note 1 – Business and Basis of Presentation and the capital restructuring related to the IPO. The preferred unitholders can elect to have the Partnership redeem up to 25% per year of their initial balance of preferred units at face value, plus any accrued and unpaid distributions, as of December 31 of each year from 2014 to 2017. The Partnership shall have the right, at its sole option, to redeem an amount of preferred units equal to the units being redeemed by an owner of preferred units as of each December 31. Any amount of a given year’s 25% of preferred units not redeemed as of December 31 shall automatically convert to common and subordinated units in the following year. For the three months ended March 31, 2016, 18,461 preferred units were redeemed for $19.0 million, including accrued unpaid yield, and are included in accrued liabilities on the consolidated balance sheet. For the three months ended March 31, 2016, 6,064 preferred units totaling $6.1 million were converted into 184,006 common units and 240,986 subordinated units as a result of the mandatory conversion subsequent to December 31, 2015. For the year ended December 31, 2015, 39,240 preferred units totaling $39.2 million were converted into the equivalent of 1,190,664 common units and 1,559,502 subordinated units on an adjusted basis.

Earnings Per Unit

Earnings Per Unit	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Unit	NOTE 10—EARNINGS PER UNIT The Partnership applies the two-class method for purposes of calculating earnings per unit (“EPU”). The holders of the Partnership’s restricted common and subordinated units have all the rights of a unitholder, including non-forfeitable distribution rights. As participating securities, the restricted common and subordinated units are included in the calculation of basic earnings per unit. For the periods presented, the amount of earnings allocated to these participating units was not material. Net income (loss) attributable to the Partnership is allocated to the Partnership’s general partner and the common and subordinated unitholders in proportion to their pro rata ownership after giving effect to distributions, if any, declared during the period. The redeemable preferred units could be converted into 1.6 million common units and 2.1 million subordinated units as of March 31, 2016. At March 31, 2016, if the redeemable preferred units were converted to common and subordinated units, the effect would be anti-dilutive. Therefore, the redeemable preferred units are not included in the diluted EPU calculation. The Partnership’s restricted performance unit awards are contingently issuable units that are considered in the calculation of diluted EPU. The Partnership assesses the number of units that would be issuable, if any, under the terms of the arrangement if the end of the reporting period were the end of the contingency period. As of March 31, 2016, there were 271,090 units related to the Partnership’s restricted performance unit awards included in the calculation of diluted EPU. The following table sets forth the computation of basic and diluted earnings per common and subordinated unit: For the Three Months Ended March 31, 2016 2015 (In thousands, except per unit amounts) Net income $ 10,749 $ 17,299 Net income attributable to Predecessor — (17,299 ) Net income attributable to noncontrolling interests subsequent to initial public offering (2 ) — Distributions on redeemable preferred units subsequent to initial public offering (1,804 ) — Net income attributable to the general partner and common and subordinated units subsequent to initial public offering $ 8,943 $ — Allocation of net income subsequent to initial public offering attributable to: General partner interest $ — Common units 8,320 Subordinated units 623 $ 8,943 Net income attributable to common and subordinated units per unit: Per common unit (basic) $ 0.09 Weighted average common units outstanding (basic) 96,484 Per subordinated unit (basic) $ 0.01 Weighted average subordinated units outstanding (basic) 94,995 Per common unit (diluted) $ 0.09 Weighted average common units outstanding (diluted) 96,752 Per subordinated unit (diluted) $ 0.01 Weighted average subordinated units outstanding (diluted) 94,995

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	NOTE 11—SUBSEQUENT EVENTS On April 21, 2016, the Partnership entered into a purchase and sale agreement with Freeport-McMoRan Oil and Gas and certain of its affiliates to acquire a diverse oil and natural gas mineral asset package for $102.0 million subject to certain closing adjustments. Closing is expected to be completed during the second quarter of 2016. On April 25, 2016, the Compensation Committee of the Board approved a resolution to change the settlement feature of certain employee long-term incentive compensation plans from cash to equity. On May 9, 2016, the Partnership entered into a purchase and sale agreement to acquire an oil and natural gas mineral package for $35.0 million. Closing is expected to be completed during the second quarter of 2016. On May 9, 2016, the Board approved a distribution for the period January 1, 2016 to March 31, 2016 of $0.2625 per common unit and $0.18375 per subordinated unit. Distributions will be payable on May 26, 2016 to unitholders of record at the close of business on May 19, 2016.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
New Accounting Pronouncements	New accounting pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued an accounting standards update on a comprehensive new revenue recognition standard that will supersede Accounting Standards Codification (“ASC”) 605, Revenue Recognition . The new accounting guidance creates a framework under which an entity will allocate the transaction price to separate performance obligations and recognize revenue when each performance obligation is satisfied. Under the new standard, entities will be required to use judgment and make estimates, including identifying performance obligations in a contract, estimating the amount of variable consideration to include in the transaction price, allocating the transaction price to each separate performance obligation, and determining when an entity satisfies its performance obligations. The standard allows for either “full retrospective” adoption, meaning the standard is applied to all of the periods presented with a cumulative catch-up as of the earliest period presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements with a cumulative catch-up as of the current period. In July 2015, the FASB decided to defer the original effective date by one year to be effective for annual reporting periods beginning after December 15, 2017 instead of December 15, 2016 for public entities. The Partnership is evaluating the impact that the new accounting guidance will have on its consolidated financial statements and related disclosures and has not yet determined the method by which it will adopt the standard. In February 2016, the FASB issued Accounting Standard Update (“ASU”) No. 2016-02, Leases (Topic 842) The Partnership is evaluating the impact that the new accounting guidance will have on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-06, Derivatives and Hedging (Topic 815): Contingent put and call options in debt instruments In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus agent considerations (reporting revenue gross versus net) The Partnership is evaluating the impact that the new accounting guidance will have on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to employee share-based payment accounting, The Partnership is evaluating the impact that the new accounting guidance will have on its consolidated financial statements and related disclosures.

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2016
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Change in Asset Retirement Obligation Liability	The following table describes changes to the Partnership’s ARO liability during the period: For the three months ended March 31, 2016 (In thousands) Beginning asset retirement obligations $ 10,585 Liabilities incurred 167 Liabilities settled (54 ) Accretion expense 274 Ending asset retirement obligations $ 10,972

Derivatives and Financial Ins20

Derivatives and Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative [Line Items]
Summary of Fair Value and Classification of Derivative Instruments	The table below summarizes the fair value and classification of the Partnership’s derivative instruments: As of March 31, 2016 Classification Balance Sheet Location Gross Fair Value Effect of Counterparty Netting Net Carrying Value on Balance Sheet (In thousands) Assets: Current asset Commodity derivative assets $ 48,415 $ (1,564 ) $ 46,851 Long-term asset Deferred charges and other long-term assets 7,728 — 7,728 Total assets $ 56,143 $ (1,564 ) $ 54,579 Liabilities: Current liability Commodity $ 1,564 $ (1,564 ) $ — Long-term liability Commodity derivative liabilities — — — Total liabilities $ 1,564 $ (1,564 ) $ — As of December 31, 2015 Classification Balance Sheet Location Gross Fair Value Effect of Counterparty Netting Net Carrying Value on Balance Sheet (In thousands) Assets: Current asset Commodity derivative assets $ 48,260 $ — $ 48,260 Long-term asset Deferred charges and other long-term assets 16,274 — 16,274 Total assets $ 64,534 $ — $ 64,534 Liabilities: Current liability Commodity $ — $ — $ — Long-term liability Commodity derivative liabilities — — — Total liabilities $ — $ — $ —
Changes in Fair Value of Company's Commodity Derivative Instruments	Changes in the fair value of the Partnership’s commodity derivative instruments (both assets and liabilities) are as follows: For the three months ended March 31, Derivatives not designated as hedging instruments 2016 2015 (In thousands) Beginning fair value of commodity derivative instruments $ 64,534 $ 37,471 Gain on oil derivative instruments 2,926 13,019 Gain on natural gas derivative instruments 7,700 6,628 Net cash received on settlements of oil derivative instruments (12,572 ) (11,509 ) Net cash received on settlements of natural gas derivative instruments (8,009 ) (5,941 ) Net change in fair value of commodity derivative instruments (9,955 ) 2,197 Ending fair value of commodity derivative instruments $ 54,579 $ 39,668
Oil and Natural Gas
Derivative [Line Items]
Summary of Open Derivative Contracts	The Partnership had the following open derivative contracts for oil as of March 31, 2016: Volume Weighted Average Range (Per Bbl) Period and Type of Contract (Bbl) (Per Bbl) Low High Oil Swap Contracts: Q1 2016 193,000 $ 52.47 $ 29.07 $ 61.34 Q2 2016 536,000 53.57 31.25 61.96 Q3 2016 489,000 55.30 34.41 62.53 Q4 2016 448,000 56.92 36.31 63.07 FY 2017 703,000 58.50 52.73 63.65 The Partnership had the following open derivative contracts for natural gas as of March 31, 2016: Volume Weighted Average Range (Per MMBtu) Period and Type of Contract (MMBtu) (Per MMBtu) Low High Natural Gas Swap Contracts: Q2 2016 7,210,000 $ 2.94 $ 2.03 $ 3.14 Q3 2016 6,610,000 3.02 2.23 3.17 Q4 2016 5,950,000 3.17 2.29 3.41 FY 2017 9,650,000 3.33 3.14 3.52 The Partnership entered into the following derivative contracts for oil subsequent to March 31, 2016: Volume Weighted Average Range (Per Bbl) Period and Type of Contract (Bbl) (Per Bbl) Low High Oil Swap Contracts: Q2 2016 22,000 $ 44.31 $ 43.87 $ 44.68 Q3 2016 36,000 45.46 45.03 46.16 Q4 2016 30,000 46.36 45.87 47.09 The Partnership entered into the following derivative contracts for natural gas subsequent to March 31, 2016: Volume Weighted Average Range (Per MMBtu) Period and Type of Contract (MMBtu) (Per MMBtu) Low High Natural Gas Swap Contracts: Q2 2016 380,000 $ 2.12 $ 2.05 $ 2.18 Q3 2016 710,000 2.33 2.26 2.40 Q4 2016 620,000 2.63 2.41 2.90

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table presents information about the Partnership’s assets and liabilities measured at fair value on a recurring basis: Fair Value Measurements Using Effect of Counterparty Level 1 Level 2 Level 3 Netting Total (In thousands) As of March 31, 2016 Financial Assets Commodity derivative instruments $ — $ 56,143 $ — $ (1,564 ) $ 54,579 Financial Liabilities Commodity derivative instruments — 1,564 — (1,564 ) — As of December 31, 2015 Financial Assets Commodity derivative instruments $ — $ 64,534 $ — $ — $ 64,534 Financial Liabilities Commodity derivative instruments — — — — —
Schedule of Assets Measured at Fair Value on a Nonrecurring Basis	The following table presents information about the Partnership’s assets measured at fair value on a nonrecurring basis: Fair Value Measurements Using Net Book Level 1 Level 2 Level 3 Value 1 Impairment (In thousands) Three Months Ended March 31, 2016 Impaired oil and natural gas properties $ — $ — $ 2,499 $ 8,595 $ 6,096 Three Months Ended March 31, 2015 Impaired oil and natural gas properties $ — $ — $ 17,826 $ 31,293 $ 13,467

Credit Facility (Tables)

Credit Facility (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Borrowing Base Utilization	Borrowings under the Senior Line of Credit bear interest at LIBOR plus a margin between 1.50% and 2.50%, or the Prime rate plus a margin between 0.50% and 1.50%, with the margin depending on the borrowing base utilization percentage of the loan, as detailed in the table below. Borrowing Base Utilization Borrowing type <25% ≥25% <50% ≥ 50% <75% ≥75% <90% ≥90% Eurodollar Margin 1.50 % 1.75 % 2.00 % 2.25 % 2.50 % Base Rate Margin 0.50 % 0.75 % 1.00 % 1.25 % 1.50 %

Incentive Compensation (Tables)

Incentive Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Incentive Compensation Expense	The table below summarizes incentive compensation expense recorded in general and administrative expenses in the consolidated statements of operations for the three months ended March 31, 2016 and 2015, respectively. Three Months Ended March 31, Incentive compensation expense 2016 2015 (In thousands) Cash—long-term incentive plan $ 1,850 $ 3,451 Equity-based compensation—restricted common and subordinated units 2,743 1,282 Equity-based compensation—restricted performance units 2,613 — Board of Directors incentive plan 481 481 Total incentive compensation expense $ 7,687 $ 5,214

Earnings Per Unit (Tables)

Earnings Per Unit (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings per Common and Subordinated Unit	The following table sets forth the computation of basic and diluted earnings per common and subordinated unit: For the Three Months Ended March 31, 2016 2015 (In thousands, except per unit amounts) Net income $ 10,749 $ 17,299 Net income attributable to Predecessor — (17,299 ) Net income attributable to noncontrolling interests subsequent to initial public offering (2 ) — Distributions on redeemable preferred units subsequent to initial public offering (1,804 ) — Net income attributable to the general partner and common and subordinated units subsequent to initial public offering $ 8,943 $ — Allocation of net income subsequent to initial public offering attributable to: General partner interest $ — Common units 8,320 Subordinated units 623 $ 8,943 Net income attributable to common and subordinated units per unit: Per common unit (basic) $ 0.09 Weighted average common units outstanding (basic) 96,484 Per subordinated unit (basic) $ 0.01 Weighted average subordinated units outstanding (basic) 94,995 Per common unit (diluted) $ 0.09 Weighted average common units outstanding (diluted) 96,752 Per subordinated unit (diluted) $ 0.01 Weighted average subordinated units outstanding (diluted) 94,995

Business and Basis of Present25

Business and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Millions	May. 06, 2015USD ($)$ / sharesshares	Mar. 31, 2016StatesBasins
Limited Partners Capital Account [Line Items]
Cost basis, ownership percentage		20.00%
U.S.
Limited Partners Capital Account [Line Items]
Number of states major onshore oil and natural gas basins located | States		41
Number of onshore oil and natural gas producing basins | Basins		61
Common Units | Predecessor
Limited Partners Capital Account [Line Items]
Units exchanged in merger	72,574,715
Units conversion ratio as part of merger	12.9465
Units conversion ratio split up as part of merger	43.29%
Common Units | IPO | Limited Partner
Limited Partners Capital Account [Line Items]
Issuance of common units for initial public offering, net of offering costs, units	22,500,000
Price per common unit (in dollars per unit) | $ / shares	$ 19
Proceeds from sale of common units, net of offering expenses and underwriting discounts and commissions | $	$ 391.5
Subordinate Units | Predecessor
Limited Partners Capital Account [Line Items]
Units exchanged in merger	95,057,312
Units conversion ratio as part of merger	12.9465
Units conversion ratio split up as part of merger	56.71%
Preferred Units | Predecessor
Limited Partners Capital Account [Line Items]
Units exchanged in merger	117,963
Units conversion ratio as part of merger	1

Asset Retirement Obligations -

Asset Retirement Obligations - Schedule of Change in Asset Retirement Obligation Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Asset Retirement Obligation Disclosure [Abstract]
Beginning asset retirement obligations	$ 10,585
Liabilities incurred	167
Liabilities settled	(54)
Accretion expense	274	$ 271
Ending asset retirement obligations	$ 10,972

Derivatives and Financial Ins27

Derivatives and Financial Instruments - Summary of Fair Value and Classification of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Derivatives Fair Value [Line Items]
Gross Fair Value, Assets	$ 56,143	$ 64,534
Effect of Counterparty Netting, Assets	(1,564)
Net Carrying Value on Balance Sheet, Assets	54,579	64,534
Gross Fair Value, Liabilities	1,564
Effect of Counterparty Netting, Liabilities	(1,564)
Commodity Derivative Assets, Current
Derivatives Fair Value [Line Items]
Gross Fair Value, Assets	48,415	48,260
Effect of Counterparty Netting, Assets	(1,564)
Net Carrying Value on Balance Sheet, Assets	46,851	48,260
Deferred Charges and Other Long-term Assets
Derivatives Fair Value [Line Items]
Gross Fair Value, Assets	7,728	16,274
Net Carrying Value on Balance Sheet, Assets	7,728	$ 16,274
Commodity Derivative Liabilities, Current
Derivatives Fair Value [Line Items]
Gross Fair Value, Liabilities	1,564
Effect of Counterparty Netting, Liabilities	$ (1,564)

Derivatives and Financial Ins28

Derivatives and Financial Instruments - Changes in Fair Value of Company's Commodity Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative [Line Items]
Gain on commodity derivative instruments	$ 10,626	$ 19,647
Net cash received on settlements of derivative instruments	(20,581)	(17,450)
Not Designated as Hedging Instrument
Derivative [Line Items]
Beginning fair value of commodity derivative instruments	64,534	37,471
Net change in fair value of commodity derivative instruments	(9,955)	2,197
Ending fair value of commodity derivative instruments	54,579	39,668
Oil | Not Designated as Hedging Instrument
Derivative [Line Items]
Gain on commodity derivative instruments	2,926	13,019
Net cash received on settlements of derivative instruments	(12,572)	(11,509)
Natural Gas | Not Designated as Hedging Instrument
Derivative [Line Items]
Gain on commodity derivative instruments	7,700	6,628
Net cash received on settlements of derivative instruments	$ (8,009)	$ (5,941)

Derivatives and Financial Ins29

Derivatives and Financial Instruments - Summary of Open Derivative Contracts for Oil and Natural Gas (Details) - Not Designated as Hedging Instrument - Swap Contracts - Swap	May. 10, 2016MMBTU$ / bbl$ / MMBTUbbl	Mar. 31, 2016MMBTU$ / bbl$ / MMBTUbbl
Oil | Q1 2016
Derivative [Line Items]
Derivative Contract, Volume | bbl		193,000
Derivative Contract, Weighted Average Price		52.47
Derivative Contract, Price Range Low		29.07
Derivative Contract, Price Range High		61.34
Oil | Q2 2016
Derivative [Line Items]
Derivative Contract, Volume | bbl		536,000
Derivative Contract, Weighted Average Price		53.57
Derivative Contract, Price Range Low		31.25
Derivative Contract, Price Range High		61.96
Oil | Q2 2016 | Subsequent Event
Derivative [Line Items]
Derivative Contract, Volume | bbl	22,000
Derivative Contract, Weighted Average Price	44.31
Derivative Contract, Price Range Low	43.87
Derivative Contract, Price Range High	44.68
Oil | Q3 2016
Derivative [Line Items]
Derivative Contract, Volume | bbl		489,000
Derivative Contract, Weighted Average Price		55.30
Derivative Contract, Price Range Low		34.41
Derivative Contract, Price Range High		62.53
Oil | Q3 2016 | Subsequent Event
Derivative [Line Items]
Derivative Contract, Volume | bbl	36,000
Derivative Contract, Weighted Average Price	45.46
Derivative Contract, Price Range Low	45.03
Derivative Contract, Price Range High	46.16
Oil | Q4 2016
Derivative [Line Items]
Derivative Contract, Volume | bbl		448,000
Derivative Contract, Weighted Average Price		56.92
Derivative Contract, Price Range Low		36.31
Derivative Contract, Price Range High		63.07
Oil | Q4 2016 | Subsequent Event
Derivative [Line Items]
Derivative Contract, Volume | bbl	30,000
Derivative Contract, Weighted Average Price	46.36
Derivative Contract, Price Range Low	45.87
Derivative Contract, Price Range High	47.09
Oil | 2017
Derivative [Line Items]
Derivative Contract, Volume | bbl		703,000
Derivative Contract, Weighted Average Price		58.50
Derivative Contract, Price Range Low		52.73
Derivative Contract, Price Range High		63.65
Natural Gas | Q2 2016
Derivative [Line Items]
Derivative Contract, Volume | MMBTU		7,210,000
Derivative Contract, Weighted Average Price | $ / MMBTU		2.94
Derivative Contract, Price Range Low | $ / MMBTU		2.03
Derivative Contract, Price Range High | $ / MMBTU		3.14
Natural Gas | Q2 2016 | Subsequent Event
Derivative [Line Items]
Derivative Contract, Volume | MMBTU	380,000
Derivative Contract, Weighted Average Price | $ / MMBTU	2.12
Derivative Contract, Price Range Low | $ / MMBTU	2.05
Derivative Contract, Price Range High | $ / MMBTU	2.18
Natural Gas | Q3 2016
Derivative [Line Items]
Derivative Contract, Volume | MMBTU		6,610,000
Derivative Contract, Weighted Average Price | $ / MMBTU		3.02
Derivative Contract, Price Range Low | $ / MMBTU		2.23
Derivative Contract, Price Range High | $ / MMBTU		3.17
Natural Gas | Q3 2016 | Subsequent Event
Derivative [Line Items]
Derivative Contract, Volume | MMBTU	710,000
Derivative Contract, Weighted Average Price | $ / MMBTU	2.33
Derivative Contract, Price Range Low | $ / MMBTU	2.26
Derivative Contract, Price Range High | $ / MMBTU	2.40
Natural Gas | Q4 2016
Derivative [Line Items]
Derivative Contract, Volume | MMBTU		5,950,000
Derivative Contract, Weighted Average Price | $ / MMBTU		3.17
Derivative Contract, Price Range Low | $ / MMBTU		2.29
Derivative Contract, Price Range High | $ / MMBTU		3.41
Natural Gas | Q4 2016 | Subsequent Event
Derivative [Line Items]
Derivative Contract, Volume | MMBTU	620,000
Derivative Contract, Weighted Average Price | $ / MMBTU	2.63
Derivative Contract, Price Range Low | $ / MMBTU	2.41
Derivative Contract, Price Range High | $ / MMBTU	2.90
Natural Gas | 2017
Derivative [Line Items]
Derivative Contract, Volume | MMBTU		9,650,000
Derivative Contract, Weighted Average Price | $ / MMBTU		3.33
Derivative Contract, Price Range Low | $ / MMBTU		3.14
Derivative Contract, Price Range High | $ / MMBTU		3.52

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair value, assets transfer between the three fair value hierarchy levels	$ 0	$ 0
Fair value, liabilities transfer between the three fair value hierarchy levels	$ 0	$ 0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gross Fair Value, Assets	$ 56,143	$ 64,534
Effect of Counterparty Netting, Assets	(1,564)
Net Carrying Value on Balance Sheet, Assets	54,579	64,534
Gross Fair Value, Liabilities	1,564
Effect of Counterparty Netting, Liabilities	(1,564)
Commodity Derivative Instruments | Fair Value Measurements, Recurring Basis | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gross Fair Value, Assets	56,143	64,534
Effect of Counterparty Netting, Assets	(1,564)
Net Carrying Value on Balance Sheet, Assets	54,579	$ 64,534
Gross Fair Value, Liabilities	1,564
Effect of Counterparty Netting, Liabilities	$ (1,564)

Fair Value Measurements - Sch32

Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Impaired oil and natural gas properties, Impairment	$ 6,096	$ 13,467
Fair Value Measurements, Nonrecurring Basis
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Impaired oil and natural gas properties, Net Book Value	8,595	31,293
Impaired oil and natural gas properties, Impairment	6,096	13,467
Fair Value Measurements, Nonrecurring Basis | Level 3
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Impaired oil and natural gas properties, Fair Value Measurements	$ 2,499	$ 17,826

Credit Facility - Additional In

Credit Facility - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Apr. 15, 2016	Dec. 31, 2015
Line Of Credit Facility [Line Items]
Credit facility	$ 116,000,000		$ 66,000,000
Senior Line of Credit
Line Of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	1,000,000,000
Line of credit, borrowing base	$ 550,000,000
Line of credit amendment date	Oct. 28, 2015
Line of credit facility, earliest expiration date	Feb. 3, 2017
Line of credit facility, latest expiration date	Feb. 4, 2019
Line of credit, prime rate description	The prime rate is determined to be the higher of the financial institution’s prime rate or the federal funds effective rate plus 0.50% per annum
Line of credit, weighted average interest rate	2.12%		1.92%
Line of credit, accrued interest periodic payments	Accrued interest is payable at the end of each calendar quarter or at the end of each interest period, unless the interest period is longer than 90 days in which case interest is payable at the end of every 90-day period.
Line of credit facility, frequency of commitment fee payment	Commitment fee is payable at the end of each calendar
Credit facility	$ 116,000,000		$ 66,000,000
Line of credit, unused portion of current borrowing base	$ 434,000,000		$ 484,000,000
Senior Line of Credit | Federal funds effective rate
Line Of Credit Facility [Line Items]
Line of credit, interest rate	0.50%
Senior Line of Credit | Borrowing Base Utilization Percentage Less Than 50%
Line Of Credit Facility [Line Items]
Line of credit, commitment fee payable rate	0.375%
Senior Line of Credit | Borrowing Base Utilization Percentage Equal to or Greater Than 50%
Line Of Credit Facility [Line Items]
Line of credit, commitment fee payable rate	0.50%
Senior Line of Credit | Minimum
Line Of Credit Facility [Line Items]
Line of credit, current ratio	100.00%
Senior Line of Credit | Minimum | LIBOR Plus Margin Rate
Line Of Credit Facility [Line Items]
Line of credit, interest rate	1.50%
Senior Line of Credit | Minimum | Prime Rate Plus Margin Rate
Line Of Credit Facility [Line Items]
Line of credit, interest rate	0.50%
Senior Line of Credit | Maximum
Line Of Credit Facility [Line Items]
Line of credit, ratio of total debt to EBITDAX	350.00%
Senior Line of Credit | Maximum | LIBOR Plus Margin Rate
Line Of Credit Facility [Line Items]
Line of credit, interest rate	2.50%
Senior Line of Credit | Maximum | Prime Rate Plus Margin Rate
Line Of Credit Facility [Line Items]
Line of credit, interest rate	1.50%
Senior Line of Credit | Subsequent Event
Line Of Credit Facility [Line Items]
Line of credit, borrowing base		$ 450,000,000
Line of credit, unused portion of current borrowing base		$ 323,000,000

Credit Facility - Borrowing Bas

Credit Facility - Borrowing Base Utilization (Details)	3 Months Ended
	Mar. 31, 2016
Eurodollar Margin | Borrowing Base Utilization Less Than25 Percent
Line Of Credit Facility [Line Items]
Line of credit, interest rate	1.50%
Eurodollar Margin | Borrowing Base Utilization Percentage Greater Than Equal To25 Percent But Less Than50 Percent
Line Of Credit Facility [Line Items]
Line of credit, interest rate	1.75%
Eurodollar Margin | Borrowing Base Utilization Percentage Greater Than Equal To50 Percent But Less Than75 Percent
Line Of Credit Facility [Line Items]
Line of credit, interest rate	2.00%
Eurodollar Margin | Borrowing Base Utilization Percentage Greater Than Equal To75 Percent But Less Than90 Percent
Line Of Credit Facility [Line Items]
Line of credit, interest rate	2.25%
Eurodollar Margin | Borrowing Base Utilization Range Equal To Above90 Percent
Line Of Credit Facility [Line Items]
Line of credit, interest rate	2.50%
Base Rate Margin | Borrowing Base Utilization Less Than25 Percent
Line Of Credit Facility [Line Items]
Line of credit, interest rate	0.50%
Base Rate Margin | Borrowing Base Utilization Percentage Greater Than Equal To25 Percent But Less Than50 Percent
Line Of Credit Facility [Line Items]
Line of credit, interest rate	0.75%
Base Rate Margin | Borrowing Base Utilization Percentage Greater Than Equal To50 Percent But Less Than75 Percent
Line Of Credit Facility [Line Items]
Line of credit, interest rate	1.00%
Base Rate Margin | Borrowing Base Utilization Percentage Greater Than Equal To75 Percent But Less Than90 Percent
Line Of Credit Facility [Line Items]
Line of credit, interest rate	1.25%
Base Rate Margin | Borrowing Base Utilization Range Equal To Above90 Percent
Line Of Credit Facility [Line Items]
Line of credit, interest rate	1.50%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	Mar. 31, 2016USD ($)
Commitments And Contingencies Disclosure [Abstract]
Provision for remediation costs	$ 0

Incentive Compensation - Additi

Incentive Compensation - Additional Information (Details)	Feb. 19, 2016Timeshares	Jan. 12, 2016shares
Restricted Common Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant of stock units	717,654
Restricted Performance Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant of stock units	717,654
Target number of common units, Minimum | Time	0
Target number of common units, Maximum | Time	2
Common Units | Non-employee Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant of stock units, fully vested		12,368

Incentive Compensation - Summar

Incentive Compensation - Summary of Incentive Compensation Expense (Details) - General and administrative expenses - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cash—long-term incentive plan	$ 1,850	$ 3,451
Total incentive compensation expense	7,687	5,214
Restricted common and subordinated units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation	2,743	1,282
Restricted Performance Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation	2,613
Board of Directors | Common Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total incentive compensation expense	$ 481	$ 481

Redeemable Preferred Units - Ad

Redeemable Preferred Units - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Class Of Stock [Line Items]
Preferred units, outstanding value	$ 54,001	$ 79,162
Preferred Units
Class Of Stock [Line Items]
Partners' equity, preferred units, outstanding	52,691	77,216
Preferred units, outstanding value	$ 54,000	$ 79,200
Accrued distributions	$ 1,300	$ 1,900
Preferred units distribution rate	10.00%
Adjusted conversion price	$ 14.2683
Preferred units, redemption terms	The preferred unitholders can elect to have the Partnership redeem up to 25% per year of their initial balance of preferred units at face value, plus any accrued and unpaid distributions, as of December 31 of each year from 2014 to 2017. The Partnership shall have the right, at its sole option, to redeem an amount of preferred units equal to the units being redeemed by an owner of preferred units as of each December 31. Any amount of a given year’s 25% of preferred units not redeemed as of December 31 shall automatically convert to common and subordinated units in the following year.
Redemption percentage	25.00%
Preferred units redemption period start date	Dec. 31, 2014
Preferred units redemption period end date	Dec. 31, 2017
Preferred units redeemed, units	18,461
Preferred units redeemed, value	$ 19,000
Number of preferred units converted	6,064	39,240
Conversion of preferred units to common units	$ 6,100	$ 39,200
Common Units
Class Of Stock [Line Items]
Adjusted conversion rate	30.3431
Conversion of preferred units	184,006	1,190,664
Subordinate Units
Class Of Stock [Line Items]
Adjusted conversion rate	39.7427
Conversion of preferred units	240,986	1,559,502

Earnings Per Unit - Additional

Earnings Per Unit - Additional Information (Details)	3 Months Ended
	Mar. 31, 2016shares
Restricted Performance Units
Earnings Per Share Basic [Line Items]
Number of performance units award included in calculation of diluted EPU	271,090
Common Units
Earnings Per Share Basic [Line Items]
Units issuable upon conversion of preferred units excluded from the calculation of diluted EPU	1,600,000
Subordinate Units
Earnings Per Share Basic [Line Items]
Units issuable upon conversion of preferred units excluded from the calculation of diluted EPU	2,100,000

Earnings Per Unit - Computation

Earnings Per Unit - Computation of Basic and Diluted Earnings per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share Basic [Line Items]
Net income	$ 10,749	$ 17,299
Net income attributable to noncontrolling interests subsequent to initial public offering	(2)
Distributions on redeemable preferred units subsequent to initial public offering	(1,804)
NET INCOME ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON AND SUBORDINATED UNITS SUBSEQUENT TO INITIAL PUBLIC OFFERING	8,943
Allocation of net income subsequent to initial public offering attributable to:
NET INCOME ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON AND SUBORDINATED UNITS SUBSEQUENT TO INITIAL PUBLIC OFFERING	8,943
Common Units
Allocation of net income subsequent to initial public offering attributable to:
Allocation of net income	$ 8,320
Net income attributable to common and subordinated units per unit:
Per unit (basic)	$ 0.09
Weighted average units outstanding (basic)	96,484
Per unit (diluted)	$ 0.09
Weighted average units outstanding (diluted)	96,752
Subordinate Units
Allocation of net income subsequent to initial public offering attributable to:
Allocation of net income	$ 623
Net income attributable to common and subordinated units per unit:
Per unit (basic)	$ 0.01
Weighted average units outstanding (basic)	94,995
Per unit (diluted)	$ 0.01
Weighted average units outstanding (diluted)	94,995
Predecessor
Earnings Per Share Basic [Line Items]
Net income		$ (17,299)

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	May. 09, 2016	Apr. 21, 2016	Mar. 31, 2016
Subsequent Event [Line Items]
Acquisitions of oil and natural gas properties			$ 10,000
Subsequent Event
Subsequent Event [Line Items]
Distribution declaration date	May 9, 2016
Distribution date of record	May 19, 2016
Distribution date	May 26, 2016
Subsequent Event | Common Units
Subsequent Event [Line Items]
Quarterly cash distribution declared	$ 0.2625
Subsequent Event | Subordinate Units
Subsequent Event [Line Items]
Quarterly cash distribution declared	$ 0.18375
Freeport Mc Mo Ran | Subsequent Event
Subsequent Event [Line Items]
Acquisitions of oil and natural gas properties		$ 102,000
Oil and Gas Mineral Package | Subsequent Event
Subsequent Event [Line Items]
Acquisitions of oil and natural gas properties	$ 35,000
Purchase and sale agreement closing date	Jun. 30, 2016