Permian Resources (PR) 10-Q 10 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 10, 2016
Entity Registrant Name	Centennial Resource Development, Inc.
Entity Central Index Key	1,658,566
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Class A common stock
Entity Common Stock, Shares Outstanding		164,349,079
Class B common stock
Entity Common Stock, Shares Outstanding		0
Class C common stock
Entity Common Stock, Shares Outstanding		19,155,921

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash	$ 137,583	$ 105,500
Prepaid expenses	165,394
Receivable from Centennial	197,145
Total current assets	500,122	105,500
Investment held in Trust Account	500,549,802
Deferred offering costs		370,691
Total assets	501,049,924	476,191
Current liabilities:
Accrued expenses	2,000	280,116
Payable to affiliate		23,075
Sponsor note	300,000	150,000
Total current liabilities	302,000	453,191
Deferred underwriting compensation	17,500,000
Total liabilities	17,802,000	453,191
Class A common stock subject to possible redemption; 47,824,792 and 0 shares at September 30, 2016 and December 31, 2015, respectively (at redemption value of approximately $10.00 per share)	478,247,920
Stockholders' equity
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
Additional paid-in capital	5,460,091	23,706
Retained earnings (accumulated deficit)	(461,555)	(2,000)
Total stockholders' equity	5,000,004	23,000
Total liabilities and stockholders' equity	501,049,924	476,191
Class A common stock
Stockholders' equity
Common stock	218
Class B common stock
Stockholders' equity
Common stock	$ 1,250	$ 1,294

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parentheticals)	Sep. 30, 2016$ / sharesshares
Preferred stock, par value | $ / shares	$ 0.0001
Preferred stock, shares authorized	1,000,000
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0
Class A common stock
Shares subject to redemption	47,824,792
Redemption value per share | $ / shares	$ 10
Common stock, par value | $ / shares	$ 0.0001
Common stock, shares authorized	200,000,000
Common stock, shares issued	2,175,208
Common stock, shares outstanding	2,175,208
Class B common stock
Common stock, par value | $ / shares	$ 0.0001
Common stock, shares authorized	20,000,000
Common stock, shares issued	12,500,000
Common stock, shares outstanding	12,500,000

CONDENSED STATEMENT OF OPERATIO

CONDENSED STATEMENT OF OPERATIONS - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016
CONDENSED STATEMENT OF OPERATIONS
Revenue	$ 0	$ 0
General and administrative expenses	777,055	1,009,347
Loss from operations	(777,055)	(1,009,347)
Other income - investment income on Trust Account	252,978	549,792
Net income	$ (524,077)	$ (459,555)
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Weighted Average Number of Shares Outstanding, Basic and Diluted	14,674,632	14,328,142
Net income per common share - basic and diluted	$ (0.04)	$ (0.03)

CONDENSED STATEMENT OF CHANGES

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - 9 months ended Sep. 30, 2016 - USD ($)	Common stockClass A common stock	Common stockClass B common stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit).	Class A common stock	Class B common stock	Total
Balance at Dec. 31, 2015		$ 1,294	$ 23,706	$ (2,000)			$ 23,000
Balance (in shares) at Dec. 31, 2015		12,937,500			0	12,937,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Sale of stock	$ 5,000		499,995,000				500,000,000
Sale of stock (in shares)	50,000,000
Forfeiture of Class B Common Stock by Sponsor on April 8, 2016		$ (44)	44
Forfeiture of Class B Common Stock by Sponsor on April 8, 2016 (in shares)		(437,500)
Underwriters' discount and offering expenses			(28,315,521)				(28,315,521)
Shares subject to possible redemption	$ (4,782)		(478,243,138)				(478,247,920)
Shares subject to possible redemption (in shares)	(47,824,792)
Sale of 8,000,000 Private Placement Warrants at $1.50 per warrant on February 29, 2016			12,000,000				12,000,000
Net income				(459,555)			(459,555)
Balance at Sep. 30, 2016	$ 218	$ 1,250	$ 5,460,091	$ (461,555)			$ 5,000,004
Balance (in shares) at Sep. 30, 2016	2,175,208	12,500,000			2,175,208	12,500,000

CONDENSED STATEMENT OF CHANGES6

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) - Private Placement Warrants - Sponsor, Related Party - $ / shares	Feb. 29, 2016	Sep. 30, 2016
Warrants issued	8,000,000	8,000,000
Warrant price	$ 1.50	$ 1.50

CONDENSED STATEMENT OF CASH FLO

CONDENSED STATEMENT OF CASH FLOWS	3 Months Ended	9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2016USD ($)
Cash flows from operating activities:
Net income	$ (524,077)	$ (459,555)
Adjustments to reconcile net income to net cash used in operating activities:
Increase in prepaid expenses		(165,394)
Trust income retained in Trust Account	(252,978)	(549,792)
Net cash used in operating activities		(1,174,741)
Cash flows from investing activities:
Cash deposited into trust account		(500,000,010)
Net cash used in investing activities		(500,000,010)
Cash flows from financing activities:
Proceeds from Public Offering		500,000,000
Proceeds from sale of Private Placement Warrants		12,000,000
Payment of underwriting discounts		(10,000,000)
Payment of offering costs		(746,021)
Proceeds from Sponsor note		450,000
Payment of Sponsor note		(300,000)
Receivable from Centennial		(197,145)
Net cash provided by financing activities		501,206,834
Net increase in cash		32,083
Cash at beginning of period		105,500
Cash at end of period	137,583	137,583
Supplemental disclosure of non-cash financing activities:
Deferred Underwriting Commission	$ 17,500,000	$ 17,500,000

Description of Organization and

Description of Organization and Business Operations	9 Months Ended
	Sep. 30, 2016
Description of Organization and Business Operations
Description of Organization and Business Operations	SILVER RUN ACQUISITION CORPORATION NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) 1. Description of Organization and Business Operations Organization and General Rockstream Corp. (the “ Company ”) was incorporated in Delaware on November 4, 2015. On November 11, 2015, the Company changed its name from Rockstream Corp. to Silver Run Acquisition Corporation. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “ Initial Business Combination ”). The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “ Securities Act ”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “ JOBS Act ”). The Company’s sponsor is Silver Run Sponsor, LLC; a Delaware limited liability company (the “ Sponsor ”). At September 30, 2016, the Company had not engaged in any significant operations. All activity for the three and nine months ended September 30, 2016 relates to the Company’s formation, the initial public offering (“ Public Offering ” as described below) and efforts directed towards locating and consummating a suitable Initial Business Combination. The Company did not generate any operating revenues prior to September 30, 2016. The Company did generate non-operating income in the form of interest income on investment held in trust account. The Company has selected December 31st as its fiscal year end. On October 11, 2016, subsequent to the end of the quarterly period to which this Quarterly Report on Form 10-Q relates, the Company completed its Initial Business Combination by acquiring approximately 89% of the outstanding membership interests in Centennial Resource Production, LLC, a Delaware limited liability company (“ CRP ”). In connection with the completion of the Initial Business Combination, on October 11, 2016, the Company changed its name from Silver Run Acquisition Corporation to Centennial Resource Development, Inc. See Note 9. Unless otherwise specified herein, the information set forth in these notes to the Company’s condensed financial statements describes the Company and its operations as of and for the periods ended September 30, 2016 and does not reflect the completion of the Initial Business Combination. For further information, refer to the pro forma condensed consolidated combined financial information in the Company’s Proxy Statement filed with the Securities and Exchange Commission on September 23, 2016. Financing On February 23, 2016, the registration statement for the Public Offering was declared effective by the Securities and Exchange Commission (the “ SEC ”). On February 29, 2016 (the “ IPO Closing Date ”), the Company consummated the Public Offering of $500,000,000 in Units (as defined in Note 3), and the sale of $12,000,000 in warrants (the “ Private Placement Warrants ”) to the Sponsor (the “ IPO Private Placement ”). On the IPO Closing Date, the Company placed $500,000,000 of proceeds (including the Deferred Discount (as defined in Note 3)) from the Public Offering and the IPO Private Placement into a trust account at J.P. Morgan Chase Bank, N.A. (the “ Trust Account ”). The Company intends to finance the Initial Business Combination from proceeds held in the Trust Account. At the IPO Closing Date, the Company held $12,000,000 of proceeds from the Public Offering and the IPO Private Placement outside the Trust Account. Of these amounts, $10,000,000 was used to pay underwriting discounts in the Public Offering and $300,000 was used to repay a note payable to the Sponsor (see Note 4), with the balance reserved to pay accrued offering and formation costs, business, legal and accounting due diligence expenses on prospective acquisitions and continuing general and administrative expenses. Trust Account The proceeds held in the Trust Account are invested in money market funds that meet certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended and that invest only in direct U.S. government obligations. The Company’s amended and restated certificate of incorporation (the “Charter”) provides that, other than the withdrawal of interest to pay taxes, if any, none of the funds held in the Trust Account will be released until the earlier of: (i) the completion of the Initial Business Combination; (ii) the redemption of any shares of the Company’s Class A common stock, par value $0.0001 per share (the “ Class A Common Stock ”) included in the Units (the “ Public Shares ”) sold in the Public Offering that have been properly tendered in connection with a stockholder vote to amend the Charter to modify the substance or timing of its obligation to redeem 100% of such Public Shares if it does not complete the Initial Business Combination within 24 months from the closing of the Public Offering; and (iii) the redemption of 100% of the Public Shares if the Company is unable to complete an Initial Business Combination within 24 months from the closing of the Public Offering (subject to the requirements of law). The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public stockholders. Initial Business Combination The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Public Offering, although substantially all of the net proceeds of the Public Offering are intended to be generally applied toward consummating an Initial Business Combination. The Initial Business Combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time of the agreement to enter into the Initial Business Combination. Furthermore, there is no assurance that the Company will be able to successfully effect an Initial Business Combination. The Company, after signing a definitive agreement for an Initial Business Combination, will either (i) seek stockholder approval of the Initial Business Combination at a meeting called for such purpose in connection with which public stockholders may seek to redeem their Public Shares, regardless of whether they vote for or against the Initial Business Combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the Initial Business Combination, including interest but less taxes payable, or (ii) provide stockholders with the opportunity to sell their Public Shares to the Company by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount in cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the Initial Business Combination, including interest but less taxes payable. The decision as to whether the Company will seek stockholder approval of the Initial Business Combination or will allow stockholders to sell their Public Shares in a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require the Company to seek stockholder approval, unless a vote is required by law or under NASDAQ rules. If the Company seeks stockholder approval, it will complete its Initial Business Combination only if a majority of the outstanding shares of common stock voted are voted in favor of the Initial Business Combination. However, in no event will the Company redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001. In such case, the Company would not proceed with the redemption of its Public Shares and the related Initial Business Combination, and instead may search for an alternate Initial Business Combination. If the Company holds a stockholder vote or there is a tender offer for Public Shares in connection with an Initial Business Combination, a public stockholder will have the right to redeem its Public Shares for an amount in cash equal to its pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the Initial Business Combination, including interest but less taxes payable. As a result, such shares of Class A Common Stock are recorded at redemption amount and classified as temporary equity upon the completion of the Public Offering, in accordance with the Financial Accounting Standards Board (‘‘ FASB ’’) Accounting Standards Codification (‘‘ ASC ’’) 480, ‘‘Distinguishing Liabilities from Equity.’’ Pursuant to the Company’s Charter, if the Company is unable to complete the Initial Business Combination within 24 months from the closing of the Public Offering, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter subject to lawfully available funds therefor, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest income but less taxes payable (less up to $100,000 of interest income to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The Sponsor and the Company’s officers and directors have entered into a letter agreement with the Company, pursuant to which they have agreed to waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares (as defined in Note 4) held by them if the Company fails to complete the Initial Business Combination within 24 months of the closing of the Public Offering. However, if the Sponsor or any of the Company’s directors, officers or affiliates acquires Public Shares, they will be entitled to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete the Initial Business Combination within the prescribed time period. In the event of a liquidation, dissolution or winding up of the Company after an Initial Business Combination, the Company’s stockholders are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of stock, if any, having preference over the common stock. The Company’s stockholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the common stock, except that the Company will provide its public stockholders with the opportunity to redeem their Public Shares for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, upon the completion of the Initial Business Combination and the other circumstances described above, subject to the limitations described herein.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies.	2. Summary of Significant Accounting Policies Basis of Presentation The Company’s unaudited condensed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“ U.S. GAAP ”) and the rules and regulations of the SEC for interim financial information and the instructions to Form 10-Q. Accordingly, the financial statements do not include all of the information and footnotes required by U.S. GAAP. In the opinion of management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included. The Company has evaluated subsequent events after September 30, 2016. Operating results for the three and nine months ended September 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 or any other period. The accompanying unaudited condensed interim financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s prospectus filed with the SEC on February 25, 2016, as well as the Company’s Form 8-K filed with the SEC on March 4, 2016. Emerging Growth Company Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Net Loss Per Common Share Net loss per common share is computed by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding during the period, plus, to the extent dilutive, the incremental number of shares of common stock to settle warrants, as calculated using the treasury stock method. At September 30, 2016, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into common stock and then share in the earnings of the Company under the treasury stock method. As a result, diluted loss per common share is the same as basic loss per common share for the periods. The Company did not utilize the two class method to compute earnings per share as holders of Class A common stock and Class B common stock share equally in the losses of the Company. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. Marketable Securities held in Trust Account The amounts held in the Trust Account represent proceeds from the Public Offering and the IPO Private Placement of $500,000,000 which were invested in a money market instrument that invests in United States Treasury Securities with original maturities of six months or less and are classified as restricted assets because such amounts can only be used by the Company in connection with the consummation of an Initial Business Combination. As of September 30, 2016, marketable securities held in the Trust Account had a fair value of $500,549,802. At September 30, 2016, there was $549,792 of interest income held in the Trust Account available to be released to the Company to pay taxes. Redeemable Common Stock As discussed in Note 1, all of the 50,000,000 Public Shares contain a redemption feature which allows for the redemption of Class A Common Stock under the Company's liquidation or tender offer/stockholder approval provisions. In accordance with FASB ASC 480, redemption provisions not solely within the control of the Company require the security to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of FASB ASC 480. Although the Company has not specified a maximum redemption threshold, its Charter provides that in no event will the Company redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001. The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value of the security to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable shares of Class A Common Stock shall be affected by charges against additional paid in capital. Accordingly, at September 30, 2016, 47,824,792 of the 50,000,000 shares of Class A Common Stock included in the Units were classified outside of permanent equity at their redemption value. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet. Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Offering Costs The Company complies with the requirements of FASB ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A — “Expenses of Offering.” Offering costs of $28,315,521, consisting primarily of underwriting discounts of $27,500,000 (including $17,500,000 of which is deferred and subsequently paid on October 11, 2016), and $815,521 of professional, filing, regulatory and other costs, were charged to additional paid-in capital. Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of September 30, 2016. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at September 30, 2016. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. Related Parties The Company follows subtopic ASC 850-10 for the identification of related parties and disclosure of related party transactions. Pursuant to Section 850-10-20, the related parties include: (a) affiliates of the Company (“Affiliate” means, with respect to any specified person, any other person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such person, as such terms are used in and construed under Rule 405 under the Securities Act); (b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825-10-15, to be accounted for by the equity method by the investing entity; (c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; (d) principal owners of the Company; (e) management of the Company; (f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. Subsequent Events The Company evaluates subsequent events and transactions that occur after the balance sheet date for potential recognition or disclosure. Any material events that occur between the balance sheet date and the date that the financial statements were issued are disclosed as subsequent events, while the financial statements are adjusted to reflect any conditions that existed at the balance sheet date. Recent Accounting Pronouncements The Company’s management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Public Offering

Public Offering	9 Months Ended
	Sep. 30, 2016
Public Offering
Public Offering	3. Public Offering On the IPO Closing Date, the Company sold 50,000,000 units (the “ Units ”) at a price of $10.00 per Unit, including 5,000,000 Units issued pursuant to the partial exercise by the underwriters of their over-allotment option, generating gross proceeds to the Company of $500,000,000. Each Unit consists of one share of Class A Common Stock and one-third of one warrant (each whole warrant, a “ Warrant ” and, collectively, the “ Warrants ”). Each whole Warrant entitles the holder thereof to purchase one whole share of Class A Common Stock at a price of $11.50 per share. No fractional shares will be issued upon separation of the Units and only whole Warrants will trade. Each Warrant will become exercisable on the later of 30 days after the completion of the Initial Business Combination or 12 months from the closing of the Public Offering and will expire five years after the completion of the Initial Business Combination or earlier upon redemption or liquidation. Once the Warrants become exercisable, the Company may redeem the outstanding Warrants in whole and not in part at a price of $0.01 per Warrant upon a minimum of 30 days’ prior written notice of redemption, if and only if the last sale price of the Class A Common Stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sent the notice of redemption to the Warrant holders. The Company paid an upfront underwriting discount of 2.0% ($10,000,000) of the per Unit offering price to the underwriters at the closing of the Public Offering, with an additional fee (the “ Deferred Discount ”) of 3.5% ($17,500,000) of the gross offering proceeds payable upon the Company’s completion of an Initial Business Combination. The Deferred Discount will become payable to the underwriters from the amounts held in the Trust Account solely in the event the Company completes an Initial Business Combination.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2016
Related Party Transactions
Related Party Transactions	4. Related Party Transactions Founder Shares On November 6, 2015, the Sponsor purchased 11,500,000 shares (the “ Founder Shares ”) of Class B common stock, par value $0.0001 per share (the “ Class B Common Stock ”), for an aggregate purchase price of $25,000, or approximately $0.002 per share. In February 2016, the Sponsor transferred 40,000 Founder Shares to each of the Company’s independent directors (together with the Sponsor, the “ Initial Stockholders ”) at their original purchase price. On February 24, 2016, the Company effected a stock dividend of approximately 0.125 shares for each outstanding share of Class B Common Stock, resulting in the Initial Stockholders holding an aggregate of 12,937,500 Founder Shares. On April 8, 2016, following the expiration of the underwriters’ remaining over-allotment option in connection with the Public Offering, the Sponsor forfeited 437,500 Founder Shares, so that the remaining 12,500,000 Founder Shares held by the Initial Stockholders would represent 20.0% of the issued and outstanding shares of common stock. As used herein, unless the context otherwise requires, “Founder Shares” shall be deemed to include the shares of Class A Common Stock issuable upon conversion thereof. The Founder Shares are identical to the Class A Common Stock included in the Units sold in the Public Offering except that the Founder Shares automatically convert into shares of Class A Common Stock at the time of the Initial Business Combination and are subject to certain transfer restrictions, as described in more detail below. Holders of Founder Shares may also elect to convert their shares of Class B Common Stock into an equal number of shares of Class A Common Stock, subject to adjustment, at any time. The Company’s Initial Stockholders have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion of the Initial Business Combination or (B) subsequent to the Initial Business Combination, (x) if the last sale price of the Class A Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30 trading day period commencing at least 150 days after the Initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. Private Placement Warrants The Sponsor purchased an aggregate of 8,000,000 Private Placement Warrants at a price of $1.50 per whole warrant ($12,000,000 in the aggregate) in a private placement that occurred simultaneously with the closing of the Public Offering. Each whole Private Placement Warrant is exercisable for one whole share of Class A Common Stock at a price of $11.50 per share. A portion of the purchase price of the Private Placement Warrants was added to the proceeds from the Public Offering held in the Trust Account such that at the closing of the Public Offering $500,000,000 was placed in the Trust Account. If the Initial Business Combination is not completed within 24 months from the closing of the Public Offering, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless. The Private Placement Warrants are non-redeemable and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Private Placement Warrants until 30 days after the completion of the Initial Business Combination. Registration Rights The holders of Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of working capital loans, if any, are entitled to registration rights (in the case of the Founder Shares, only after conversion of such shares to shares of Class A Common Stock) as stated in the registration rights agreement signed on the date of the prospectus for the Public Offering. These holders are entitled to certain demand and “piggyback” registration rights. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period for the securities to be registered. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Related Party Loans On November 6, 2015, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Public Offering pursuant to a promissory note (the “ 2015 Note ”). This loan was non-interest bearing and payable on the earlier of March 31, 2016 or the completion of the Public Offering. On November 10, 2015, the Company borrowed $150,000 under the 2015 Note. In February 2016, the Company borrowed the remaining $150,000 under the 2015 Note. On February 29, 2016, the full $300,000 balance of the 2015 Note was repaid to the Sponsor. On August 2, 2016, the Company issued a promissory note to the Sponsor (the “2016 Note”). The Company borrowed $300,000 under the 2016 Note, and repaid the full $300,000 balance on October 11, 2016. See Note 9. Administrative Support Agreement On February 23, 2016, the Company entered into an administrative support agreement pursuant to which it agreed to pay an affiliate of the Sponsor a total of $10,000 per month for office space, utilities and secretarial and administrative support. Upon completion of the Initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. The Company paid the affiliate of the Sponsor $30,000 and $70,000 for such services for the three and nine months ended September 30, 2016, respectively.

Investment Held in Trust Accoun

Investment Held in Trust Account	9 Months Ended
	Sep. 30, 2016
Investment Held in Trust Account
Investment Held in Trust Account	5. Investment Held in Trust Account On the IPO Closing Date, gross proceeds of $500,000,000 and $12,000,000 from the Public Offering and the IPO Private Placement, respectively, less underwriting discounts of $10,000,000 and $2,000,000 designated to fund the Company’s accrued formation and offering costs (including the note payable to the Sponsor), business, legal and accounting due diligence expenses on prospective acquisitions, and continuing general and administrative expenses, were placed in the Trust Account. As of September 30, 2016, marketable securities held in the Trust Account had a fair value of $500,549,802 which was invested in a money market instrument that invests in United States Treasury Securities with original maturities of six months or less.

Deferred Underwriting Commissio

Deferred Underwriting Commission	9 Months Ended
	Sep. 30, 2016
Deferred Underwriting Commission.
Deferred Underwriting Commission	6. Deferred Underwriting Commission The Company is committed to pay the Deferred Discount of 3.5% of the gross proceeds of the Public Offering, or $17,500,000, to the underwriters upon the Company’s completion of an Initial Business Combination. The underwriters are not entitled to receive any of the interest earned on Trust Account funds that would be used to pay the Deferred Discount, and no Deferred Discount is payable to the underwriters if an Initial Business Combination is not completed within 24 months after the Public Offering.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity
Stockholders' Equity	7. Stockholders’ Equity Common Stock The authorized common stock of the Company includes up to 200,000,000 shares of Class A Common Stock and 20,000,000 shares of Class B Common Stock. If the Company enters into an Initial Business Combination, it may (depending on the terms of such an Initial Business Combination) be required to increase the number of shares of Class A Common Stock which the Company is authorized to issue at the same time as the Company’s stockholders vote on the Initial Business Combination to the extent the Company seeks stockholder approval in connection with the Initial Business Combination. Holders of the Company’s common stock are entitled to one vote for each share of common stock. At September 30, 2016, there were 50,000,000 shares of Class A Common Stock, of which 47,824,792 were classified outside of permanent equity, and 12,500,000 shares of Class B Common Stock issued and outstanding. Preferred Stock The Company is authorized to issue 1,000,000 shares of preferred stock with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. At September 30, 2016, there were no shares of preferred stock issued or outstanding.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2016
Fair Value Measurements
Fair Value Measurements	8. Fair Value Measurements The following table presents information about the Company’s assets that are measured on a recurring basis as of September 30, 2016 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable, such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and includes situations where there is little, if any, market activity for the asset or liability. Quoted Prices in Significant Other Significant Other Active Markets Observable Unobservable Description September 30, 2016 (Level 1) Inputs (Level 2) Inputs (Level 3) Investments held in Trust Account $ $ $ — $ —

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
Subsequent Events.
Subsequent Events	9. Subsequent Events Business Combination On October 11, 2016 (the “ Closing Date ”), the Company consummated the previously announced acquisition of approximately 89% of the outstanding membership interests in CRP pursuant to (i) that certain Contribution Agreement, dated as of July 6, 2016 (as amended by Amendment No. 1 to Contribution Agreement, dated as of July 29, 2016, the “ Contribution Agreement ”), by and among Centennial Resource Development, LLC (“ CRD ”), NGP Centennial Follow-On LLC, (“ NGP Follow-On ”), and Celero Energy Company, LP, (together with CRD and NGP Follow-On, the “ Centennial Contributors ”), CRP and New Centennial, LLC, a Delaware limited liability company (“ New Centennial ”), (ii) that certain Assignment Agreement, dated as of October 7, 2016, between New Centennial and the Company and (iii) that certain Joinder Agreement, dated as of October 7, 2016, by the Company. We refer to the acquisition and the other transactions contemplated by the Contribution Agreement as the “ Transactions .” The consummation of the Transactions constituted a “Business Combination” under the Charter. In connection with the consummation of the Transactions (the “ Closing ”), (i) the Company contributed $1,485,999,739.31 to CRP, representing the net cash proceeds received by the Company pursuant to the Private Placements (as hereinafter defined), plus the amount of funds from the Trust Account and minus the Deferred Discount, (ii) CRP paid the Centennial Contributors $1,186,744,348 in aggregate cash consideration and (iii) the Centennial Contributors retained 20,000,000 common membership interests in CRP (the “ CRP Common Units ”), representing approximately 11% of the outstanding membership interests in CRP. Private Placements In connection with the Transactions, on the Closing Date and pursuant to certain subscription agreements dated as of July 21, 2016, the Company completed the issuance and sale of (i) 81,005,000 shares of Class A Common Stock to Riverstone Centennial Holdings, L.P., a Delaware limited partnership (the “ Riverstone private investor ”), in a private placement and (ii) 20,000,000 shares of Class A Common Stock to certain other investors in a private placement (together, the “ Private Placements ”) for approximately $1.01 billion in aggregate proceeds, which were used to fund a portion of the cash consideration in the Transactions. Promissory Note On August 2, 2016, the Company issued a promissory note to the Sponsor. The promissory note permitted borrowings by the Company from time to time from the Sponsor in an aggregate principal amount of up to $300,000. The Company borrowed $300,000 under the promissory note, and repaid the full $300,000 balance on the Closing Date. Second Amended and Restated Charter On the Closing Date, the Charter was amended and restated (as amended and restated, the “Second Amended and Restated Charter”) to, among other things: (i) create a new class of capital stock, the Class C Common Stock, par value $0.0001 per share (the “Class C Common Stock”), that was issued to the Centennial Contributors at the Closing; (ii) increase in the number of authorized shares of the Company’s Class A Common Stock from 200,000,000 shares to 600,000,000 shares; and (iii) eliminate certain provisions relating to an Initial Business Combination that are no longer applicable to the Company following the Closing. Series A Preferred Stock In connection with the Transactions, the Company issued one share of Series A Preferred Stock, par value $0.0001 per share (the “ Series A Preferred Stock ”), to CRD. CRD, as the holder of the Series A Preferred Stock, is not entitled to any dividends from the Company, is entitled to preferred distributions in liquidation in the amount of $0.0001 per share of Series A Preferred Stock and has a limited voting right as described below. The Series A Preferred Stock is redeemable by the Company (a) at such time as CRD and its affiliates cease to own, in the aggregate, at least 5,000,000 CRP Common Units and/or shares of Class A Common Stock (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and other similar transactions), (b) at any time at CRD’s option or (c) upon a breach by CRD of the transfer restrictions relating to the Series A Preferred Stock. In addition, for so long as the Series A Preferred Stock remains outstanding, CRD is entitled to nominate one director for election to the Company’s board of directors in connection with any vote of its stockholders for the election of directors, and the vote of CRD is the only vote required to elect such nominee to our board. Amended and Restated Limited Liability Company Agreement of CRP At the Closing, the Company and the Centennial Contributors entered into CRP’s fifth amended and restated limited liability company agreement (the “ A&R LLC Agreement ”). Under the A&R LLC Agreement, the Company became a member and the sole manager of CRP. As the sole manager, the Company is able to control all of the day-to-day business affairs and decision making of CRP without the approval of any other member, unless otherwise stated in the A&R LLC Agreement. Pursuant to the terms of the A&R LLC Agreement, the Company cannot, under any circumstances, be removed as the sole member of CRP except by its election. Under the A&R LLC Agreement, the Centennial Contributors generally have the right to cause CRP to redeem all or a portion of their CRP Common Units in exchange for shares of the Company’s Class A Common Stock or, at CRP’s option, an equivalent amount of cash. The Company may, however, at its option, effect a direct exchange of cash or Class A Common Stock for such CRP Common Units in lieu of such a redemption by CRP. Upon the future redemption or exchange of CRP Common Units held by a Centennial Contributor, a corresponding number of shares of Class C Common Stock held by such Centennial Contributor will be cancelled. Amended and Restated Registration Rights Agreement In connection with the Closing, on the Closing Date, the Company entered into an amended and restated registration rights agreement (the “Registration Rights Agreement”) with the Sponsor, certain of the Company’s former and current directors, the Riverstone private investor and the Centennial Contributors, pursuant to which such parties are entitled to certain registration rights relating to (i) shares of Class A Common Stock issued to the Sponsor and such former and current directors upon the conversion of their Founder Shares at the Closing, (ii) Private Placement Warrants owned by the Sponsor and warrants that may be issued upon conversion of working capital loans (and any shares of Class A Common Stock issuable upon the exercise of such warrants), (iii) shares of Class A Common Stock issuable upon the future redemption or exchange of CRP Common Units owned by the Centennial Contributors and their permitted transferees and (iv) shares of Class A Common Stock owned by the Riverstone private investor and its permitted transferees. Credit Agreement Amendment On the Closing Date, CRP entered into that certain Second Amendment to Amended and Restated Credit Agreement (the “Second Amendment”), which amends the Amended and Restated Credit Agreement, dated as of October 15, 2014, among CRP, each of the lenders from time to time party thereto and JPMorgan Chase Bank, N.A. as administrative agent (the “Credit Agreement”). The Second Amendment, among other things, (i) permitted the Transactions, (ii) reflects the repayment in full of all term loans under the Credit Agreement at Closing, (iii) increases the borrowing base under the Credit Agreement from $140,000,000 to $200,000,000 to accommodate an increased borrowing base, (iv) increases the interest rate to LIBOR plus 2.25% - 3.25% and (v) requires CRP to have sufficient liquidity and satisfy a maximum leverage ratio in order to make dividends. 2016 Long Term Incentive Plan In connection with the Transactions, the Company’s board of directors adopted and its stockholders approved the Centennial Resource Development, Inc. 2016 Long Term Incentive Plan (the “ LTIP ”), under which the Company may grant cash and equity-based incentive awards to eligible service providers in order to attract, retain and motivate the persons who make important contributions to the Company.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Summary of Significant Accounting Policies
Basis of Presentation and Emerging Growth Company	Basis of Presentation The Company’s unaudited condensed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“ U.S. GAAP ”) and the rules and regulations of the SEC for interim financial information and the instructions to Form 10-Q. Accordingly, the financial statements do not include all of the information and footnotes required by U.S. GAAP. In the opinion of management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included. The Company has evaluated subsequent events after September 30, 2016. Operating results for the three and nine months ended September 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 or any other period. The accompanying unaudited condensed interim financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s prospectus filed with the SEC on February 25, 2016, as well as the Company’s Form 8-K filed with the SEC on March 4, 2016. Emerging Growth Company Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Net Loss Per Common Share	Net Loss Per Common Share Net loss per common share is computed by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding during the period, plus, to the extent dilutive, the incremental number of shares of common stock to settle warrants, as calculated using the treasury stock method. At September 30, 2016, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into common stock and then share in the earnings of the Company under the treasury stock method. As a result, diluted loss per common share is the same as basic loss per common share for the periods. The Company did not utilize the two class method to compute earnings per share as holders of Class A common stock and Class B common stock share equally in the losses of the Company.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
Marketable Securities held in Trust Account	Marketable Securities held in Trust Account The amounts held in the Trust Account represent proceeds from the Public Offering and the IPO Private Placement of $500,000,000 which were invested in a money market instrument that invests in United States Treasury Securities with original maturities of six months or less and are classified as restricted assets because such amounts can only be used by the Company in connection with the consummation of an Initial Business Combination
Redeemable Common Stock	Redeemable Common Stock As discussed in Note 1, all of the 50,000,000 Public Shares contain a redemption feature which allows for the redemption of Class A Common Stock under the Company's liquidation or tender offer/stockholder approval provisions. In accordance with FASB ASC 480, redemption provisions not solely within the control of the Company require the security to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of FASB ASC 480. Although the Company has not specified a maximum redemption threshold, its Charter provides that in no event will the Company redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001. The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value of the security to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable shares of Class A Common Stock shall be affected by charges against additional paid in capital.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts
Financial Instruments	Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates
Offering Costs	Offering Costs The Company complies with the requirements of FASB ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A — “Expenses of Offering.
Income Taxes	Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of September 30, 2016. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at September 30, 2016. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.
Related Parties	Related Parties The Company follows subtopic ASC 850-10 for the identification of related parties and disclosure of related party transactions. Pursuant to Section 850-10-20, the related parties include: (a) affiliates of the Company (“Affiliate” means, with respect to any specified person, any other person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such person, as such terms are used in and construed under Rule 405 under the Securities Act); (b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825-10-15, to be accounted for by the equity method by the investing entity; (c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; (d) principal owners of the Company; (e) management of the Company; (f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.
Subsequent Events	Subsequent Events The Company evaluates subsequent events and transactions that occur after the balance sheet date for potential recognition or disclosure. Any material events that occur between the balance sheet date and the date that the financial statements were issued are disclosed as subsequent events, while the financial statements are adjusted to reflect any conditions that existed at the balance sheet date.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company’s management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Measurements
Schedule of company's assets that are measured on a recurring basis	Quoted Prices in Significant Other Significant Other Active Markets Observable Unobservable Description September 30, 2016 (Level 1) Inputs (Level 2) Inputs (Level 3) Investments held in Trust Account $ $ $ — $ —

Description of Organization a19

Description of Organization and Business Operations (Details)	Feb. 29, 2016USD ($)$ / shares	Sep. 30, 2016USD ($)item$ / shares	Dec. 31, 2015$ / shares
Gross proceeds	$ 500,000,000	$ 500,000,000
Sale of private placement warrants		12,000,000
Payments to Acquire Investments		500,000,010
Proceeds from Public Offering and Private Placement held outside the Trust Account	12,000,000
Underwriting discounts	10,000,000	10,000,000
Repayment of note payable to Sponsor	300,000	$ 300,000
Trust Account
Period to complete Initial Business Combination		24 months
IPO
Payments to Acquire Investments	500,000,000
Private Placement Warrants
Sale of private placement warrants	$ 12,000,000
Trust Account
Period to complete Initial Business Combination	24 months
Class A Units
Gross proceeds	$ 500,000,000
Class A common stock
Trust Account
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Uncompleted business combination, obligation to redeem (as a percent)	100.00%
Period to complete Initial Business Combination	24 months
Initial Business Combination
Minimum number of target businesses for Initial Business Combination | item		1
Initial Business Combination, fair value minimum percent of assets held in trust		80.00%
Initial Business Combination, redemption period prior to consummation		2 days
Redemption limitation, minimum net tangible assets		$ 5,000,001
Uncompleted business combination, wind-up period		10 days
Portion of interest income allowed to pay dissolution expenses		$ 100,000

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Details)	9 Months Ended
	Sep. 30, 2016shares
Net Income Per Common Share Policy
No dilutive securities	0

Summary of Significant Accoun21

Summary of Significant Accounting Policies - Marketable securities (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2016USD ($)
Marketable Securities held in Trust Account Policy
Fair value of money market instruments held in trust	$ 500,549,802	$ 500,549,802
Interest income held in Trust Account	252,978	549,792
US Treasury Securities | Assets Held In Trust
Marketable Securities held in Trust Account Policy
Proceeds from Public Offering and Private Placement invested in Trust		500,000,000
Fair value of money market instruments held in trust	$ 500,549,802	500,549,802
Interest income held in Trust Account		$ 549,792

Summary of Significant Accoun22

Summary of Significant Accounting Policies - Redeemable common stock - (Details) - USD ($)	Feb. 29, 2016	Sep. 30, 2016	Dec. 31, 2015
Offering Costs Policy
Offering costs	$ 28,315,521	$ 28,315,521
Underwriting discounts	27,500,000
Deferred offering cost	17,500,000	$ 17,500,000
Professional, filing, regulatory and other costs	$ 815,521
Class A common stock
Redeemable Common Stock Policy
Temporary equity outstanding		47,824,792	0
Redemption limitation, minimum net tangible assets		$ 5,000,001
Class A common stock | Common stock
Redeemable Common Stock Policy
Shares issued with redemption feature		50,000,000

Summary of Significant Accoun23

Summary of Significant Accounting Policies - Income taxes - (Details)	Sep. 30, 2016USD ($)
Income Taxes Policy
No unrecognized tax benefits	$ 0
No interest and penalties accrued	$ 0

Public Offering (Details)

Public Offering (Details)	Feb. 29, 2016USD ($)item$ / sharesshares	Sep. 30, 2016USD ($)
Gross proceeds	$ 500,000,000	$ 500,000,000
Payment Of Underwriting Discounts	10,000,000	$ 10,000,000
Percentage of Deferred Discount To Underwriters		3.50%
Deferred Underwriting Commission	$ 17,500,000	$ 17,500,000
Warrants
Period after which warrants become exercisable after completion of initial business combination	30 days
Period form the closing of public offering warrants become exercisable	12 months
Expiration period after completion of initial business combination	5 years
Redemption Price per warrant | $ / shares	$ 0.01
Minimum period of prior written notice of redemption of warrants	30 days
Class A Units
Gross proceeds	$ 500,000,000
Number of fractional shares issued upon separation of the Units | shares	0
Class A Units | Warrants
Number of warrant per unit | shares	0.333
Number of shares issuable for each warrant | shares	1
Public Offering
Percentage of underwriting discount	2.00%
Payment Of Underwriting Discounts	$ 10,000,000
Percentage of Deferred Discount To Underwriters	3.50%
Deferred Underwriting Commission	$ 17,500,000
Public Offering | Class A Units
Units issued | shares	50,000,000
Price per unit | $ / shares	$ 10
Over-Allotment Option | Class A Units
Units issued | shares	5,000,000
Class A common stock | Warrants
Price per share | $ / shares	$ 11.50
Minimum price per share required for redemption of warrants | $ / shares	$ 18
Warrants redemption covenant, threshold trading days | item	20
Warrants redemption covenant, threshold consecutive trading days	30 days
Class A common stock | Class A Units
Number of share of common stock per unit | item	1

Related Party Transactions (Det

Related Party Transactions (Details)	Apr. 08, 2016shares	Feb. 29, 2016USD ($)$ / sharesshares	Feb. 24, 2016shares	Feb. 23, 2016USD ($)	Nov. 10, 2015USD ($)	Nov. 06, 2015USD ($)$ / sharesshares	Feb. 29, 2016USD ($)$ / sharesshares	Sep. 30, 2016USD ($)$ / shares	Sep. 30, 2016USD ($)item$ / sharesshares	Dec. 31, 2015$ / shares
Private Placement Warrants
Proceeds from sale of Private Placement Warrants									$ 12,000,000
Proceeds from Issuance Initial Public Offering		$ 500,000,000							$ 500,000,000
Redemption Covenant Initial Business Combination Period									24 months
Related Party Loans
Note amount borrowed									$ 450,000
Repayment of note		300,000							$ 300,000
Private Placement Warrants
Private Placement Warrants
Proceeds from sale of Private Placement Warrants		$ 12,000,000
Number of shares each warrant is exercisable for | shares		1					1
Price per share | $ / shares		$ 11.50					$ 11.50
Redemption Covenant Initial Business Combination Period		24 months
Class B common stock
Founder Shares
Common stock, par value | $ / shares						$ 0.0001		$ 0.0001	$ 0.0001	$ 0.0001
Stock dividend per share | shares			0.125
Class A common stock
Founder Shares
Common stock, par value | $ / shares		$ 0.0001					$ 0.0001	0.0001	$ 0.0001	$ 0.0001
Private Placement Warrants
Redemption Covenant Initial Business Combination Period		24 months
Class A common stock | Common stock
Founder Shares
Shares issued with redemption feature | shares									50,000,000
Initial Stockholders
Founder Shares
Holding period of founder shares									1 year
Initial Stockholders | Common stock
Founder Shares
Percentage of shares held by related party | shares	20
Initial Stockholders | Class B common stock
Founder Shares
Shares owned by related party | shares	12,500,000		12,937,500
Initial Stockholders | Class A common stock
Founder Shares
Threshold stock price to be transferred | $ / shares								$ 12	$ 12
Threshold trading days to allow transfer of founder shares | item									20
Threshold consecutive trading days to allow transfer of founder shares									30 days
Minimum period after initial business combination to allow transfer of founders shares									150 days
Sponsor, Related Party
Related Party Loans
Maximum borrowing capacity						$ 300,000
Note amount borrowed					$ 150,000		$ 150,000
Repayment of note		$ 300,000
Sponsor, Related Party | Private Placement Warrants
Private Placement Warrants
Warrants issued | shares		8,000,000							8,000,000
Warrant price | $ / shares		$ 1.50							$ 1.50
Proceeds from sale of Private Placement Warrants		$ 12,000,000
Holding period of private placement warrants		30 days
Sponsor, Related Party | Class B common stock
Founder Shares
Shares issued with redemption feature | shares						11,500,000
Proceeds from issuance of common stock						$ 25,000
Share Price | $ / shares						$ 0.002
Shares forfeited by related party | shares	437,500
Directors | Sponsor
Founder Shares
Founder shares transferred | shares							40,000
Affiliate of Sponsor | Administrative Support Agreement
Administrative Support Agreement
Monthly service fees				$ 10,000
Related Party Transaction, Amounts of Transaction								$ 30,000	$ 70,000

Investment Held in Trust Acco26

Investment Held in Trust Account (Details) - USD ($)	Feb. 29, 2016	Sep. 30, 2016
Schedule of Available-for-sale Securities [Line Items]
Proceeds from Public Offering	$ 500,000,000	$ 500,000,000
Payment of underwriting discounts	$ 10,000,000	10,000,000
Amount withheld from offering proceeds to fund future expenses		2,000,000
Fair value of money market instruments held in trust		500,549,802
US Treasury Securities | Assets Held In Trust
Schedule of Available-for-sale Securities [Line Items]
Proceeds from Public Offering		500,000,000
Proceeds from issuance of private placement warrants		12,000,000
Fair value of money market instruments held in trust		$ 500,549,802

Deferred Underwriting Commiss27

Deferred Underwriting Commission (Details) - USD ($)	9 Months Ended
	Sep. 30, 2016	Feb. 29, 2016
Deferred Underwriting Commission.
Percentage of deferred discount	3.50%
Deferred Underwriting Commission	$ 17,500,000	$ 17,500,000
Amount of deferred discount payable if business combination is not completed	$ 0
Redemption Covenant Initial Business Combination Period	24 months

Stockholders' Equity (Details)

Stockholders' Equity (Details)	Apr. 08, 2016shares	Sep. 30, 2016itemshares	Feb. 24, 2016shares	Dec. 31, 2015shares
Number of votes | item		1
Preferred stock, shares authorized		1,000,000		1,000,000
Preferred stock, shares issued		0		0
Preferred stock, shares outstanding		0		0
Common stock | Initial Stockholders
Percentage of shares held by related party	20
Class A common stock
Common stock, shares authorized		200,000,000		200,000,000
Total equity		50,000,000
Shares subject to redemption		47,824,792		0
Common stock, shares issued		2,175,208		0
Common stock, shares outstanding		2,175,208		0
Class A common stock | Common stock
Common stock, shares issued		2,175,208
Class B common stock
Common stock, shares authorized		20,000,000		20,000,000
Common stock, shares issued		12,500,000		12,937,500
Common stock, shares outstanding		12,500,000		12,937,500
Class B common stock | Initial Stockholders
Shares owned by related party	12,500,000		12,937,500
Class B common stock | Sponsor, Related Party
Shares forfeited by related party	437,500
Class B common stock | Common stock
Common stock, shares issued		12,500,000		12,937,500

Fair Value Measurements (Detail

Fair Value Measurements (Details)	Sep. 30, 2016USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments held in Trust Account	$ 500,549,802
US Treasury Securities | Assets Held In Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments held in Trust Account	500,549,802
Recurring | US Treasury Securities | Assets Held In Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments held in Trust Account	500,549,802
Recurring | Level 1 | US Treasury Securities | Assets Held In Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments held in Trust Account	$ 500,549,802

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Oct. 11, 2016	Aug. 02, 2016	Jul. 21, 2016	Sep. 30, 2016	Oct. 10, 2016	Jul. 07, 2016	Feb. 29, 2016	Dec. 31, 2015
Business Combination
Preferred stock, par value				$ 0.0001				$ 0.0001
Preferred stock, share issued				0				0
Sponsor
Business Combination
Notes payable maximum borrowing capacity		$ 300,000
Promissory note		300,000
Notes repaid		$ 300,000
Class A common stock
Business Combination
Common stock, par value				$ 0.0001			$ 0.0001	$ 0.0001
Common Stock, Shares Authorized				200,000,000				200,000,000
Class A common stock | Private placement
Business Combination
Number of shares sold			20,000,000
Aggregate proceeds			$ 1,010,000,000
Class A common stock | Riverstone private investor | Private placement
Business Combination
Number of shares sold			81,005,000
Class A common stock | CRD
Business Combination
Number of shares held						5,000,000
Series A Preferred Stock | CRD
Business Combination
Preferred stock, par value						$ 0.0001
Preferred stock, share issued						1
Preferred distributions in liquidation						$ 0.0001
Subsequent Event | Class A common stock
Business Combination
Common Stock, Shares Authorized					200,000,000
Number of units transferred provided cash election is not made	600,000,000
Subsequent Event | Class C common stock | Centennial Contributors
Business Combination
Common stock, par value	$ 0.0001
Subsequent Event | CRP
Business Combination
Ownership interest acquired	89.00%
Cash contributed, net of of cash proceeds received	$ 1,485,999,739.31
Subsequent Event | CRP | Centennial Contributors
Business Combination
Ownership interest acquired	11.00%
CRP
Business Combination
Maximum borrowing capacity				$ 140,000,000
Description of variable rate basis	LIBOR			LIBOR
Interest rate				2.25%
CRP | Subsequent Event
Business Combination
Maximum borrowing capacity	$ 200,000,000
Interest rate	3.25%
CRP | Subsequent Event | Centennial Contributors
Business Combination
Cash contributed	$ 1,186,744,348
Membership units retained	20,000,000