Permian Resources (PR) 10-Q 7 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 31, 2017
Document And Entity Information [Line Items]
Entity Registrant Name	Centennial Resource Development, Inc.
Entity Central Index Key	1,658,566
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock Class A
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		256,731,091
Common Stock Class C
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		19,155,921

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 2,581	$ 134,083
Accounts receivable, net	50,207	14,734
Derivative instruments	383	431
Prepaid and other current assets	6,104	2,078
Total current assets	59,275	151,326
Oil and natural gas properties, successful efforts method
Unproved properties	2,008,902	1,905,661
Proved properties	1,306,873	605,853
Accumulated depreciation, depletion and amortization	(115,343)	(14,436)
Total oil and natural gas properties, net	3,200,432	2,497,078
Other property and equipment, net	3,897	2,193
Total property and equipment, net	3,204,329	2,499,271
Noncurrent assets
Derivative instruments	242	0
Other noncurrent assets	10,766	1,045
Total assets	3,274,612	2,651,642
Current liabilities
Accounts payable and accrued expenses	136,495	86,100
Derivative instruments	450	5,361
Total current liabilities	136,945	91,461
Noncurrent liabilities
Revolving credit facility	165,000	0
Asset retirement obligations	9,328	7,226
Deferred tax liability	17,302	0
Derivative instruments	0	20
Total liabilities	328,575	98,707
Common stock, $0.0001 par value, 620,000,000 shares authorized:
Additional paid-in capital	2,704,298	2,364,049
Retained earnings (accumulated deficit)	36,103	(8,929)
Total shareholders’ equity	2,740,429	2,355,142
Noncontrolling interest	205,608	197,793
Total equity	2,946,037	2,552,935
Total liabilities and shareholders’ equity	3,274,612	2,651,642
Preferred Stock Series A
Preferred stock, $0.0001 par value, 1,000,000 shares authorized:
Preferred stock	0	0
Series B Preferred Stock
Preferred stock, $0.0001 par value, 1,000,000 shares authorized:
Preferred stock	0	0
Common Stock Class A
Common stock, $0.0001 par value, 620,000,000 shares authorized:
Common stock	26	20
Common Stock Class C
Common stock, $0.0001 par value, 620,000,000 shares authorized:
Common stock	$ 2	$ 2

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Preferred stock, par value (USD per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (shares)	1,000,000	1,000,000
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (shares)	620,000,000	620,000,000
Series A Preferred Stock
Preferred stock, shares issued (shares)	1	1
Preferred stock, shares outstanding (shares)	1	1
Series B Preferred Stock
Preferred stock, shares issued (shares)	0	104,400
Preferred stock, shares outstanding (shares)	0	104,400
Common Stock Class A
Common stock, shares issued (shares)	257,760,091	201,091,646
Common stock, shares outstanding (shares)	256,670,839	200,835,049
Common Stock Class C
Common stock, shares issued (shares)	19,155,921	19,155,921
Common stock, shares outstanding (shares)	19,155,921	19,155,921

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net revenues
Oil sales	$ 87,286		$ 204,702
Natural gas sales	12,852		33,226
NGL sales	11,473		25,844
Total net revenues	111,611		263,772
Operating expenses
Lease operating expenses	11,373		26,924
Severance and ad valorem taxes	6,448		14,358
Gathering, processing and transportation expenses	9,925		22,572
Depreciation, depletion and amortization	42,387		102,847
Impairment and abandonment expenses	0		(29)
Exploration expense	1,622		4,092
General and administrative expenses	13,311		36,017
Total operating expenses	85,066		206,781
Total operating income (loss)	26,545		56,991
Other income (expense)
Gain (loss) on sale of oil and natural gas properties	(141)		7,216
Interest expense	(1,015)		(2,132)
Net gain (loss) on derivative instruments	(896)		5,392
Other income	0		0
Other income (expense)	(2,052)		10,476
Income (loss) before income taxes	24,493		67,467
Income tax (expense) benefit	(8,233)		(17,302)
Net income (loss)	16,260		50,165
Less: Net income attributable to noncontrolling interest	1,813		5,133
Net income (loss) attributable to common shareholders	$ 14,447		$ 45,032
Income per share:
Basic (USD per share)	$ 0.06		$ 0.20
Diluted (USD per share)	$ 0.06		$ 0.19
Predecessor
Net revenues
Oil sales		$ 23,388		$ 56,975
Natural gas sales		2,629		5,717
NGL sales		1,304		3,097
Total net revenues		27,321		65,789
Operating expenses
Lease operating expenses		3,656		10,295
Severance and ad valorem taxes		1,432		3,523
Gathering, processing and transportation expenses		1,787		4,375
Depreciation, depletion and amortization		18,454		60,939
Impairment and abandonment expenses		1,649		2,546
Exploration expense		402		920
General and administrative expenses		4,848		9,735
Total operating expenses		32,228		92,333
Total operating income (loss)		(4,907)		(26,544)
Other income (expense)
Gain (loss) on sale of oil and natural gas properties		15		11
Interest expense		(1,983)		(5,422)
Net gain (loss) on derivative instruments		1,741		(4,184)
Other income		0		6
Other income (expense)		(227)		(9,589)
Income (loss) before income taxes		(5,134)		(36,133)
Income tax (expense) benefit		0		406
Net income (loss)		(5,134)		(35,727)
Less: Net income attributable to noncontrolling interest		0		0
Net income (loss) attributable to common shareholders		$ (5,134)		$ (35,727)

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income (loss)	$ 50,165
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	102,847
Stock-based compensation expense	9,420
Impairment and abandonment expenses	(29)
Deferred tax expense (benefit)	17,302
(Gain) loss on sale of oil and natural gas properties	(7,216)
Non-cash portion of derivative (gain) loss	(5,126)
Amortization of debt issuance costs	348
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(28,172)
Increase in prepaid and other assets	(12,890)
Increase in accounts payable and other liabilities	10,501
Net cash provided by operating activities	137,150
Cash flows from investing activities:
Acquisition of oil and natural gas properties	(419,471)
Drilling and development capital expenditures	(354,515)
Purchases of other property and equipment	(3,482)
Proceeds from sales of oil and natural gas properties	10,714
Net cash used in investing activities	(766,754)
Cash flows from financing activities:
Issuance of Class A common shares	340,750
Underwriters discount and offering costs	(7,233)
Proceeds from revolving credit facility	190,000
Repayment of revolving credit facility	(25,000)
Financing obligation	0
Debt issuance costs	(415)
Net cash provided by financing activities	498,102
Net decrease in cash and cash equivalents	(131,502)
Cash and cash equivalents, beginning of period	134,083
Cash and cash equivalents, end of period	2,581
Supplemental cash flow information
Cash paid for interest	1,915
Supplemental non-cash activity
Accrued capital expenditures included in accounts payable and accrued expenses	102,152
Asset retirement obligations incurred, including changes in estimate	$ 1,016
Predecessor
Cash flows from operating activities:
Net income (loss)		$ (35,727)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization		60,939
Stock-based compensation expense		0
Impairment and abandonment expenses		2,546
Deferred tax expense (benefit)		(406)
(Gain) loss on sale of oil and natural gas properties		(11)
Non-cash portion of derivative (gain) loss		20,807
Amortization of debt issuance costs		363
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable		3,021
Increase in prepaid and other assets		(165)
Increase in accounts payable and other liabilities		144
Net cash provided by operating activities		51,511
Cash flows from investing activities:
Acquisition of oil and natural gas properties		(55,566)
Drilling and development capital expenditures		(45,203)
Purchases of other property and equipment		(206)
Proceeds from sales of oil and natural gas properties		0
Net cash used in investing activities		(100,975)
Cash flows from financing activities:
Issuance of Class A common shares		0
Underwriters discount and offering costs		0
Proceeds from revolving credit facility		55,000
Repayment of revolving credit facility		(5,000)
Financing obligation		(1,894)
Debt issuance costs		0
Net cash provided by financing activities		48,106
Net decrease in cash and cash equivalents		(1,358)
Cash and cash equivalents, beginning of period		1,768
Cash and cash equivalents, end of period		410
Supplemental cash flow information
Cash paid for interest		4,993
Supplemental non-cash activity
Accrued capital expenditures included in accounts payable and accrued expenses		16,339
Asset retirement obligations incurred, including changes in estimate		$ 206

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Shareholders’ Equity (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($) $ in Thousands	Total	Common Stock Class A	Common Stock Class C	Series A Preferred Stock	Series B Preferred Stock	Common StockCommon Stock Class A	Common StockCommon Stock Class C	Preferred StockSeries A Preferred Stock	Preferred StockSeries B Preferred Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Total Shareholders’ Equity	Noncontrolling Interest
Common shares outstanding at beginning of period (in shares) at Dec. 31, 2016		200,835,049	19,155,921			201,092,000	19,156,000
Balance at beginning of period at Dec. 31, 2016	$ 2,552,935					$ 20	$ 2	$ 0	$ 0	$ 2,364,049	$ (8,929)	$ 2,355,142	$ 197,793
Preferred shares outstanding at beginning of period (in shares) at Dec. 31, 2016				1	104,400			0	104,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Warrants exercised (in shares)						6,236,000
Warrants exercised						$ 1				(1)
Restricted stock issued (in shares)	841,443					841,443
Restricted stock forfeited (in shares)	(8,788)					(8,788)
Conversion of class b preferred to class a common (in shares)						26,100,000			(104,000)
Conversion of class b preferred to class a common						$ 3				(3)
Sale of unregistered class a common shares (in shares)						23,500,000
Sale of unregistered class a common shares	$ 340,750					$ 2				340,748		340,750
Underwriters discount and offering costs	(7,233)									(7,233)		(7,233)
Stock-based compensation	9,420									9,420		9,420
Change in equity due to issuance of shares by Centennial Resource Production, LLC										(2,682)		(2,682)	2,682
Net income (loss)	50,165										45,032	45,032	5,133
Common shares outstanding at end of period (in shares) at Sep. 30, 2017		256,670,839	19,155,921			257,760,000
Balance at end of period at Sep. 30, 2017	$ 2,946,037					$ 26	$ 2	$ 0	$ 0	$ 2,704,298	$ 36,103	$ 2,740,429	$ 205,608
Preferred shares outstanding at end of period (in shares) at Sep. 30, 2017				1	0			0	0

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 1—Basis of Presentation and Summary of Significant Accounting Policies Description of Business Centennial Resource Development, Inc. (the “Company” or “Centennial”) was originally incorporated in Delaware on November 4, 2015 as a special purpose acquisition company under the name Silver Run Acquisition Corporation for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination involving the Company and one or more businesses. On February 29, 2016, the Company consummated its initial public offering of Units each consisting of one share of Class A Common Stock and one-third of one Public Warrant. On October 11, 2016, the Company consummated the acquisition of approximately 89% of the outstanding membership interests in Centennial Resource Production, LLC, a Delaware limited liability company (“CRP” and such acquisition, the “Business Combination”). In connection with the closing of the Business Combination, the Company changed its name from "Silver Run Acquisition Corporation" to "Centennial Resource Development, Inc." CRP was formed in August 2012 by an affiliate of NGP Energy Capital Management, a family of energy-focused private equity investment funds, in connection with the acquisition of all of the oil and natural gas properties and certain other assets of Celero, which was formed in 2006 to focus on the development and acquisition of oil and natural gas properties located primarily in the Permian Basin of West Texas. Until the closing of the Business Combination, CRP operated as a privately-held independent oil and natural gas company. Unless otherwise specified or the context otherwise requires, all references in these notes to “Centennial” or the “Company” are to Centennial Resource Development, Inc. and its consolidated subsidiaries. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and the rules and regulations of the SEC. Accordingly, certain disclosures required by U.S. GAAP and normally included in an Annual Report on Form 10-K have been omitted. Although management believes that our disclosures in these interim financial statements are adequate, they should be read in conjunction with our 2016 Annual Report. In the opinion of management, all normal, recurring adjustments and accruals considered necessary for a fair presentation of interim financial information, in all material respects, have been included. Operating results for the periods presented are not necessarily indicative of expected results for the full year. Certain prior period amounts have been reclassified to conform to the current presentation on the accompanying condensed consolidated financial statements. The Company has evaluated subsequent events through the date of this filing. As a result of the Business Combination, the Company is the acquirer for accounting purposes, and CRP is the acquiree and accounting Predecessor. The Company’s financial statement presentation distinguishes a “Predecessor” for CRP for periods prior to the Business Combination. The Company is the “Successor” for periods after the Business Combination, which includes consolidation of CRP subsequent to the Business Combination on October 11, 2016. The Business Combination was accounted for as a business combination using the acquisition method of accounting, and the Successor financial statements reflect a new basis of accounting that is based on the fair value of CRP’s net assets acquired. As a result of the application of the acquisition method of accounting as of the Business Combination, the financial statements for the Predecessor period and for the Successor period are presented on a different basis of accounting. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its majority owned subsidiary CRP, and CRP’s wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the Company’s consolidated financial statements requires the Company’s management to make various assumptions, judgments and estimates to determine the reported amounts of assets, liabilities, revenues and expenses, and in the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events and, accordingly, actual results could differ from amounts previously established. The more significant areas requiring the use of assumptions, judgments and estimates include: (i) oil and natural gas reserves; (ii) cash flow estimates used in impairment tests of long-lived assets; (iii) depreciation, depletion and amortization; (iv) asset retirement obligations; (v) determining fair value and allocating purchase price in connection with business combinations and asset acquisitions; (vi) valuation of derivative instruments; (vii) accrued revenue and related receivables; and (viii) accrued liabilities. Recently Issued Accounting Standards In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . This update affects all reporting entities and the objective of the guidance is to assist with evaluation of whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The mandatory effective date for this update is for financial statements issued for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The amendments should be applied prospectively on or after the effective date and disclosures are not required at transition. Early adoption is permitted for transactions for which the acquisition date occurs before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. The Company early adopted ASU 2017-01 in the second quarter of 2017. Refer to Note 2—Property Acquisitions for details of the GMT Acquisition. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments . This update applies to all entities that are required to present a statement of cash flows. This update provides guidance on eight specific cash flow issues: debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions and separately identifiable cash flows and application of the predominance principle. This update will be effective for financial statements issued for fiscal years beginning after December 31, 2017, including interim periods within those fiscal years with early adoption permitted. This update should be applied using the retrospective transition method. Adoption of this standard will only affect the presentation of the Company’s statements of cash flows and will not have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation . This update applies to all entities that issue equity-based payment awards to their employees. Under this update, there were several areas that were simplified including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years with early adoption permitted. The Company elected to early adopt this guidance in October 2016 in conjunction with the issuance of its equity awards. In February 2016, the FASB issued ASU 2016-02, Leases . This update applies to any entity that enters into a lease, with some specified scope exemptions. Under this update, a lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. While there were no major changes to the lessor accounting, changes were made to align key aspects with the revenue recognition guidance. This update will be effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. Entities will be required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Although the Company is still in the process of evaluating the effect of adopting ASU 2016-02, the adoption is expected to result in the recognition of assets and liabilities on its consolidated balance sheet for current operating leases. As of December 31, 2016, the Company had approximately $17.0 million of contractual obligations related to its non-cancelable leases, and it will evaluate those contracts as well as other existing arrangements to determine if they qualify for lease accounting under ASU 2016-02. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition , and most industry-specific guidance. The FASB subsequently issued various ASUs which deferred the effective date of ASU 2014-09 and provided additional implementation guidance. ASU 2014-09 and its amendments provides companies with a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The core principle of the model is to recognize revenue when control of the goods or services transfers to the customer, as opposed to recognizing revenue when the risks and rewards transfer to the customer under the existing revenue guidance. In addition, new qualitative and quantitative disclosure requirements aim to enable financial statement users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 and its amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The standards permit retrospective application using either of the following methodologies: (i) restatement of each prior reporting period presented or (ii) recognition of a cumulative-effect adjustment as of the date of initial application. The Company does not expect net income or cash flows to be materially impacted by the new standard, however, the Company is currently analyzing whether changes to total revenues and total expenses will be necessary to properly reflect revenue for certain pipeline gathering, transportation and gas processing agreements. The Company continues to evaluate the expected disclosure requirements, changes to relevant business practices, accounting policies and control activities as a result of the adoption of the ASU and has not yet developed estimates of the quantitative impact to the Company's consolidated financial statements. The Company has selected the modified retrospective method and will adopt this guidance on the effective date of January 1, 2018.

Property Acquisitions

Property Acquisitions	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Property Acquisitions	Note 2—Property Acquisitions 2017 Acquisition On June 8, 2017, the Company completed the GMT Acquisition and acquired interests in 36 producing horizontal wells plus undeveloped acreage on approximately 11,850 net acres ( 14,770 gross acres) in Lea County, New Mexico for an unadjusted purchase price of $350.0 million . The Company operates approximately 79% of, and has an approximate 85% average working interest in, this acreage. The acquired acres are located in the Northern Delaware Basin with drilling locations in the Avalon Shale, 2nd Bone Spring Sand, 3rd Bone Spring Sand and Wolfcamp A formations. The GMT Acquisition was recorded as an asset acquisition under ASU 2017-01. Accordingly, the GMT purchase consideration has been allocated to the GMT oil and natural gas properties based on their relative fair values measured as of the acquisition date. After settlement statement adjustments of $0.9 million , the Company paid a net purchase price of $349.1 million . On a relative fair value basis, $296.2 million was allocated to unproved properties and $53.2 million to proved properties with the remaining purchase price allocated amongst other assets and liabilities. Transaction costs as they relate to the GMT Acquisition mainly consist of advisory, legal and accounting fees and are capitalized as incurred, and the Company has incurred $0.5 million in transaction costs related to this acquisition as of September 30, 2017 . 2016 Acquisition On December 28, 2016, the Company acquired interests in 31 producing horizontal wells plus undeveloped acreage on approximately 35,500 net acres ( 43,500 gross acres) in Reeves County, Texas for an unadjusted purchase price of $855.0 million , which consisted of cash consideration paid by the Company and a $32.3 million payable at December 31, 2016 that was settled in 2017 when title issues relating to the purchased acreage were satisfied. The Company operates approximately 90% of, and has an approximate 90% working interest in, this acreage. The Wolfcamp A and Wolfcamp B are producing horizons on this acreage, and the Company believes that this acreage may be prospective for the Wolfcamp C, Avalon and Bone Spring shale formations. The Silverback Acquisition was recorded using the acquisition method of accounting for business combinations. The allocation of the purchase price is based upon management’s estimates and assumptions related to the fair value of assets acquired and liabilities assumed on the acquisition date using currently available information. Transaction costs relating to this purchase were expensed as incurred. The initial accounting for the Silverback Acquisition is preliminary, and adjustments to provisional amounts (such as certain accrued liabilities) or recognition of additional assets acquired or liabilities assumed, may occur as additional information is obtained about facts and circumstances that existed as of the acquisition date. Since the acquisition date, the Company has recorded adjustments to provisional amounts totaling $0.3 million . These adjustments did not have a material impact on the Company’s previously reported consolidated financial statements, and therefore the Company has not retrospectively adjusted those financial statements. The table below summarizes the allocation of the $867.8 million adjusted purchase price, based on the acquisition date fair value of the assets acquired and the liabilities assumed as of September 30, 2017 : (in thousands) Silverback Acquisition Purchase price $ 867,772 Allocation of purchase price: Unproved properties 753,763 Proved properties 116,700 Other property and equipment 56 Liabilities (2,747 ) Total $ 867,772 The pro forma effects of the Silverback Acquisition were insignificant to the Company’s 2016 results of operations.

Accounts Receivable, Accounts P

Accounts Receivable, Accounts Payable and Accrued Expenses	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts Receivable, Accounts Payable and Accrued Expenses	Note 3—Accounts Receivable, Accounts Payable and Accrued Expenses Accounts receivable are comprised of the following: (in thousands) September 30, 2017 December 31, 2016 Accrued oil and gas sales receivable $ 32,294 $ 11,596 Joint interest billings 16,989 2,942 Hedge settlements 126 194 Other 798 2 Accounts receivable, net $ 50,207 $ 14,734 Accounts payable and accrued expenses are comprised of the following: (in thousands) September 30, 2017 December 31, 2016 Accounts payable $ 35,132 $ 11,210 Accrued capital expenditures 71,808 24,038 Revenues payable 16,534 3,815 Payable to Silverback — 32,293 Accrued underwriting fees — 7,719 Other 13,021 7,025 Accounts payable and accrued expenses $ 136,495 $ 86,100

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Long-Term Debt	Note 4—Long-Term Debt Credit Agreement CRP, the Company’s consolidated subsidiary, has a credit agreement with a syndicate of banks that as of September 30, 2017 , had a borrowing base of $350.0 million , which has been committed by lenders and is available for borrowing. A portion of the revolving credit facility in an aggregate amount not to exceed $15.0 million may be used to issue letters of credit for the account of CRP or other designated subsidiaries of the Company. As of September 30, 2017 , the Company had $184.1 million in available borrowing capacity, which was net of $165.0 million in borrowings and $0.9 million in letters of credit outstanding. The amount available to be borrowed under CRP's revolving credit facility is subject to a borrowing base that is redetermined semi-annually each April 1 and October 1 by the lenders in their sole discretion. CRP's credit agreement also allows for two optional borrowing base redeterminations on January 1 and July 1. The borrowing base depends on, among other things, the volumes of CRP’s proved oil and natural gas reserves, estimated cash flows from these reserves and its commodity hedge positions. The borrowing base will automatically be decreased by an amount equal to 25% of the aggregate notional amount of permitted issued senior unsecured notes unless such decrease is waived by the lenders. Upon a redetermination of the borrowing base, if borrowings in excess of the revised borrowing capacity are outstanding, CRP could be required to immediately repay a portion of its debt outstanding under the credit agreement. In connection with the October 2017 semi-annual redetermination, on November 2, 2017 , the Company entered into the fifth amendment to the restated credit agreement to increase the borrowing base from $350.0 million to $575.0 million . Interest and commitment fees are accrued based on a borrowing base utilization grid set forth in the credit agreement and are discussed in “ Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources” later in this report. Commitment fees are accrued on the unused portion of the aggregate lender commitment amount and are included in interest expense in the consolidated statements of operations. The credit facility provides for interest only payments until October 15, 2019, when the credit agreement expires and all outstanding borrowings are due. The following table shows five succeeding fiscal years of scheduled maturities for the Company’s long-term debt as of September 30, 2017 (in thousands): 2017 2018 2019 2020 2021 Long-term debt — — 165,000 — — CRP’s credit agreement contains restrictive covenants that limit its ability to, among other things: incur additional indebtedness; make investments and loans; enter into mergers; make or declare dividends; enter into commodity hedges exceeding a specified percentage of our expected production; enter into interest rate hedges exceeding a specified percentage of our outstanding indebtedness; incur liens; sell assets; and engage in transactions with affiliates. CRP’s credit agreement also requires it to maintain compliance with the following financial ratios: (i) a current ratio, which is the ratio of CRP’s consolidated current assets (including unused commitments under its revolving credit facility and excluding non-cash assets under FASB’s ASC Topic 815, Derivatives and Hedging (“ASC 815”) , and certain restricted cash) to its consolidated current liabilities (excluding the current portion of long-term debt under our credit agreement and non-cash liabilities under ASC 815), of not less than 1.0 to 1.0; and (2) a leverage ratio, which is the ratio of Total Funded Debt (as defined in CRP’s credit agreement) to consolidated EBITDAX (as defined in CRP’s credit agreement) for the rolling four fiscal quarter period ending on such day, of not greater than 4.0 to 1.0. CRP was in compliance with the covenants and the financial ratios described above as of September 30, 2017 and through the filing of this report.

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Sep. 30, 2017
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Note 5—Asset Retirement Obligations The following table summarizes the changes in the Company’s asset retirement obligations (“ARO”) for the nine months ended September 30, 2017 (in thousands): Asset retirement obligations at January 1, 2017 $ 7,226 Additional liabilities incurred 1,813 Liabilities settled (65 ) Accretion expense 376 Revision to estimated cash flows (22 ) Asset retirement obligations at September 30, 2017 $ 9,328 ARO reflect the present value of the estimated future costs associated with the plugging and abandonment of oil and natural gas wells, removal of equipment and facilities from leased acreage and land restoration in accordance with applicable local, state and federal laws. Inherent in the fair value calculation of ARO are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit adjusted discount rates and timing of settlement. To the extent future revisions to these assumptions impact the value of the existing ARO liability, a corresponding offsetting adjustment is made to the oil and natural gas property balance.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Note 6—Stock-Based Compensation Long Term Incentive Plan On October 7, 2016, the stockholders of the Company approved the Centennial Resource Development, Inc. 2016 Long Term Incentive Plan (the “LTIP”). An aggregate of 16,500,000 shares of Class A Common Stock were authorized for issuance under the LTIP, and as of September 30, 2017 , the Company had 11,199,857 shares of Class A Common Stock available for future grants. The LTIP provides for grants of stock options (including incentive stock options and nonqualified stock options), stock appreciation rights, restricted stock, dividend equivalents, restricted stock units and other stock or cash based awards. Stock-based compensation expense is recognized within General and administrative expenses and Exploration expense on the consolidated statements of operations as shown below. Historical amounts may not be representative of future amounts as the value of future awards may vary from historical amounts. Upon adoption of ASU 2016-09 in October 2016, the Company elected to account for forfeitures of awards granted under these plans as they occur in determining compensation expense. (in thousands) For the Three Months Ended September 30, 2017 For the Nine Months Ended September 30, 2017 Restricted stock awards $ 1,490 $ 3,364 Stock option awards 2,104 5,825 Performance stock units 231 231 Total stock-based compensation expense $ 3,825 $ 9,420 Restricted Stock The following table provides information about restricted stock awards outstanding during the nine months ended September 30, 2017 : Awards Weighted Average Grant-Date Fair Value Outstanding as of December 31, 2016 256,597 $ 20.03 Vested — $ — Granted 841,443 $ 17.21 Forfeited (8,788 ) $ 18.81 Outstanding as of September 30, 2017 1,089,252 $ 17.86 The Company grants service-based restricted stock awards to executive officers and employees, which generally vest ratably over a three -year service period, and to directors, which generally vest over a one -year service period. Compensation cost for the service-based restricted stock awards is based upon the grant-date market value of the award. Such costs are recognized ratably over the applicable vesting period. Unrecognized compensation cost related to unvested restricted shares at September 30, 2017 was $15.7 million , which the Company expects to recognize over a weighted average period of 2.5 years. Stock Options Stock options that have been granted under the LTIP expire ten years from the grant date and have service-based vesting schedules of three years. The exercise price for an option under the LTIP is the closing price of the Company’s Class A Common Stock as reported by NASDAQ on the date of grant. Compensation cost related to stock options is based on the grant-date fair value of the award, recognized ratably over the applicable vesting period. The Company estimates the fair value using the Black-Scholes option-pricing model. Expected volatilities are based on the re-levered asset volatility implied by a set of comparable companies. Expected term is based on the simplified method, and is estimated as the average of the weighted average vesting term and the time to expiration as of the grant date. The Company uses U.S. Treasury bond rates in effect at the grant date for its risk-free interest rates. The following table summarizes the assumptions and related information used to determine the grant-date fair value of stock options awarded during the nine months ended September 30, 2017 : Nine Months Ended September 30, 2017 Weighted average grant-date fair value per share $ 7.15 Expected term (in years) 6 Expected stock volatility 38.1 % Dividend yield — % Risk-free interest rate 2.0 % The following table provides information about stock option awards outstanding during the nine months ended September 30, 2017 : Options Weighted Average Exercise Price Weighted Average Remaining Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2016 2,735,500 $ 14.67 Exercised — $ — Granted 1,550,000 $ 17.96 Forfeited (268,000 ) $ 14.53 Outstanding as of September 30, 2017 4,017,500 $ 15.95 9.2 $ 8,450 Exercisable as of September 30, 2017 — $ — — $ — As of September 30, 2017 , there was $18.9 million of unrecognized compensation cost related to unvested stock options, which the Company expects to recognize on a pro rata basis over a weighted average period of 2.2 years. Performance Stock Units The Company grants to executive officers performance stock units that are subject to market-based vesting criteria as well as a three -year service period. Vesting at the end of the three-year service period is subject to the condition that our stock price increases by a greater percentage, or decreases by a lesser percentage, than the average percentage increase or decrease, respectively, of the stock prices of a peer group of companies. The market-based conditions must be met in order for the stock awards to vest, and it is, therefore, possible that no shares could vest. However, the Company recognizes compensation expense for the performance stock units subject to market conditions regardless of whether it becomes probable that these conditions will be achieved or not and compensation expense is not reversed if vesting does not actually occur. The grant-date fair value was estimated using a Monte Carlo valuation model. The Monte Carlo valuation model is based on random projections of stock price paths and must be repeated numerous times to achieve a probabilistic assessment. Expected volatility was calculated based on the historical volatility of our common stock, and the risk-free interest rate is based on U.S. Treasury yield curve rates with maturities consistent with the three-year vesting period. The following table summarizes the key assumptions and related information used to determine the grant-date fair value of performance stock units awarded during the nine months ended September 30, 2017 : Nine Months Ended September 30, 2017 Number of simulations 1,000,000 Expected stock volatility 41.6 % Dividend yield — % Risk-free interest rate 1.5 % The following table provides information about performance stock units outstanding during the nine months ended September 30, 2017 : Awards Weighted Average Grant-Date Fair Value Outstanding as of December 31, 2016 — $ — Vested — $ — Granted 193,391 $ 21.53 Forfeited — $ — Outstanding as of September 30, 2017 193,391 $ 21.53 As of September 30, 2017 , there was $3.9 million of unrecognized compensation cost related to unvested performance stock units, which the Company expects to recognize on a pro rata basis over a weighted average period of 2.75 years.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 7—Derivative Instruments The Company is exposed to certain risks relating to its ongoing business operations and uses derivative instruments to manage its exposure to commodity price risk. Commodity Derivative Contracts Historically, prices received for crude oil and natural gas production have been volatile because of supply and demand factors, worldwide political factors, general economic conditions and seasonal weather patterns. The Company periodically uses derivative instruments, such as swaps, costless collars and basis swaps, to mitigate its exposure to declines in commodity prices and to the corresponding negative impacts such declines can have on its cash flow from operations, returns on capital and other financial results. While the use of these instruments limits the downside risk of adverse price changes, their use may also limit future revenues from favorable price changes. The Company does not enter into derivative contracts for speculative or trading purposes. Commodity Swap Contracts. The Company opportunistically uses commodity derivative instruments known as fixed price swaps to realize a known price for a specific volume of production. All transactions are settled in cash with one party paying the other for the net difference in the agreed upon published third-party index price (“index price”) and the swap fixed price, multiplied by the contract volume. The Company also utilizes basis swaps contracts to hedge the difference between the index price and a local index price. The following table summarizes the approximate volumes and average contract prices of swap contracts the Company had in place as of September 30, 2017 : Period Volume (Bbl) Weighted Average Fixed Price/Differential ($/Bbl) (1) Crude oil swaps October 2017 - December 2017 170,200 $ 50.41 January 2018 - December 2018 36,500 $ 55.95 Crude oil basis swaps October 2017 - November 2017 21,350 $ (0.20 ) (1) The oil swap contracts are settled based on the month’s average daily NYMEX price of West Texas Intermediate Light Sweet Crude. The oil basis swap contracts are settled based on the difference between the arithmetic average of WTI MIDLAND ARGUS and WTI ARGUS during the relevant calculation period. Period Volume (MMBtu) Weighted Average Fixed Price/Differential ($/MMBtu) (1) Natural gas swaps October 2017 - December 2017 368,000 $ 2.94 Natural gas basis swaps January 2018 - December 2018 1,825,000 $ (0.43 ) January 2019 - December 2019 1,825,000 $ (0.43 ) (1) The natural gas swap contracts are settled based on the month’s average daily NYMEX price of Henry Hub Natural Gas. The natural gas basis swap contracts are settled based on the difference between Inside FERC’s West Texas WAHA price of natural gas and the NYMEX price of Natural Gas during the relevant calculation period. Derivative Instrument Reporting. The Company’s oil and natural gas derivative instruments have not been designated as hedges for accounting purposes; therefore, all gains and losses are recognized in the Company’s condensed consolidated statements of operations. All derivative instruments are recorded at fair value in the condensed consolidated balance sheets, other than derivative instruments that meet the “normal purchase normal sale” exclusion, and any gains and losses are recognized in current period earnings. The following table presents gains and losses for derivative instruments not designated as hedges for accounting purposes for the periods presented: Successor Predecessor Successor Predecessor (in thousands) For the Three Months Ended September 30, 2017 For the Three Months Ended September 30, 2016 For the Nine Months Ended September 30, 2017 For the Nine Months Ended September 30, 2016 Net gain (loss) on derivative instruments $ (896 ) $ 1,741 $ 5,392 $ (4,184 ) Offsetting of Derivative Assets and Liabilities. The Company’s commodity derivatives are measured at fair value and are included in the accompanying condensed consolidated balance sheets as derivative assets and liabilities. The Company nets its financial derivative instrument fair value amounts executed with the same counterparty pursuant to ISDA master netting agreements, which provide for net settlement over the term of the contract and in the event of default or termination of the contract. The following tables summarize the location and fair value amounts of all the Company’s derivative instruments in the consolidated balance sheets, as well as the gross recognized derivative assets, liabilities and amounts offset in the condensed consolidated balance sheets: September 30, 2017 (in thousands) Balance Sheet Classification Gross Asset/Liability Amounts Gross Amounts Offset (1) Net Recognized Fair Value Assets/Liabilities Derivative Assets Derivative instruments Current assets $ 562 $ (179 ) $ 383 Derivative instruments Noncurrent assets 246 (4 ) 242 Total derivative assets $ 808 $ (183 ) $ 625 Derivative Liabilities Derivative instruments Current liabilities $ 629 $ (179 ) $ 450 Derivative instruments Noncurrent Liabilities $ 4 $ (4 ) $ — Total derivative liabilities $ 633 $ (183 ) $ 450 (1) The Company has agreements in place with all of its counterparties that allow for the financial right of offset for derivative assets and derivative liabilities at settlement or in the event of a default under the agreements or contract termination. December 31, 2016 (in thousands) Balance Sheet Classification Gross Asset/Liability Amounts Gross Amounts Offset (1) Net Recognized Fair Value Assets/Liabilities Derivative Assets Derivative instruments Current assets $ 739 $ (308 ) $ 431 Total derivative assets $ 739 $ (308 ) $ 431 Derivative Liabilities Derivative instruments Current liabilities $ 5,669 $ (308 ) $ 5,361 Derivative instruments Noncurrent Liabilities 20 — 20 Total derivative liabilities $ 5,689 $ (308 ) $ 5,381 (1) The Company has agreements in place with all of its counterparties that allow for the financial right of offset for derivative assets and derivative liabilities at settlement or in the event of a default under the agreements or contract termination. Contingent Features in Financial Derivative Instruments. None of the Company’s derivative instruments contain credit-risk-related contingent features. Counterparties to the Company’s financial derivative contracts are high credit-quality financial institutions that are lenders under CRP’s credit agreement. The Company uses only credit agreement participants to hedge with, since these institutions are secured equally with the holders of any CRP bank debt, which eliminates the potential need to post collateral when Centennial is in a derivative liability position. As a result, the Company is not required to post letters of credit or corporate guarantees for its derivative counterparties in order to secure contract performance obligations. In addition, the Company is exposed to credit risk associated with its derivative contracts from non-performance by its counterparties. The Company mitigates its exposure to any single counterparty by contracting with a number of financial institutions, each of which has a high credit rating and is a member of CRP’s credit facility as referenced above.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 8—Fair Value Measurements Recurring Fair Value Measurements The Company follows FASB ASC Topic 820, Fair Value Measurement and Disclosure, which 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: Quoted Prices in Active Markets for Identical Assets – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Significant Other Observable Inputs – inputs to the valuation methodology include quoted prices for similar assets and liabilities in 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: Significant Unobservable Inputs – inputs to the valuation methodology are unobservable and significant to the fair value measurement. The following table is a listing of the Company’s netted asset or liability positions that have been measured at fair value and where they have been classified within the fair value hierarchy as of September 30, 2017 and December 31, 2016 : (in thousands) Level 1 Level 2 Level 3 Commodity derivative asset (liability) September 30, 2017 $ — $ 175 $ — December 31, 2016 — (4,950 ) — Both financial and non-financial assets and liabilities are categorized within the above fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgement and considers factors specific to the asset or liability. The following is a description of the valuation methodologies used by the Company as well as the general classification of such instruments pursuant to the above fair value hierarchy. There were no transfers between any of the fair value levels during any period presented. Derivatives The Company uses Level 2 inputs to measure the fair value of oil and natural gas commodity derivatives. The Company uses industry-standard models that consider various assumptions including current market and contractual prices for the underlying instruments, implied market volatility, time value, nonperformance risk, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument and can be supported by observable data. The Company utilizes its counterparties’ valuations to assess the reasonableness of its own valuations. Nonrecurring Fair Value Measurements The fair value measurements of assets acquired and liabilities assumed are measured on a nonrecurring basis on the acquisition date using an income valuation technique based on inputs that are not observable in the market and therefore represent Level 3 inputs. Significant inputs to the valuation of acquired oil and natural gas properties include estimates of: (i) reserves; (ii) production rates; (iii) future operating and development costs; (iv) future commodity prices, including price differentials; (v) future cash flows; and (vi) a market participant-based weighted average cost of capital rate. These inputs require significant judgments and estimates by the Company’s management at the time of the valuation. Refer to Note 2—Property Acquisitions for additional information on the fair value of assets acquired during 2016 and 2017 . The initial measurement of ARO at fair value is calculated using discounted cash flow techniques and is based on internal estimates of future retirement costs associated with property, plant and equipment. Significant Level 3 inputs used in the calculation of ARO include plugging costs and reserve lives. Refer to Note 5—Asset Retirement Obligations for additional information on the Company’s ARO. Other Financial Instruments The carrying amounts of the Company’s cash, cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate fair value because of the short-term maturities and/or liquid nature of these assets and liabilities. The carrying values of the amounts outstanding under CRP’s credit agreement approximate fair value because its variable interest rates are tied to current market rates and the applicable credit spreads represent current market rates for the credit risk profile of the Company.

Shareholders' Equity and Noncon

Shareholders' Equity and Noncontrolling Interest	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Shareholders' Equity and Noncontrolling Interest	Note 9—Shareholders' Equity and Noncontrolling Interest Shareholders’ Equity Class A Common Stock On May 25, 2017, the Company’s stockholders approved the issuance of 26,100,000 shares of Class A Common Stock upon the conversion of 104,400 shares of Series B Preferred Stock that were held by affiliates of Riverstone, and there was no cash proceeds received by the Company in connection with this issuance. The 104,400 shares of Series B Preferred Stock were originally sold to affiliates of Riverstone in a private placement, whereby the proceeds from such issuance were used to fund a portion of the cash consideration for the December 2016 Silverback Acquisition. On May 4, 2017, the Company entered into subscription agreements with certain investors pursuant to which such investors agreed to purchase, in the aggregate, 23,500,000 shares of Class A Common Stock at a purchase price of $14.50 per share, for gross proceeds of approximately $340.8 million . The closing under the subscription agreements occurred concurrently with the closing of the GMT Acquisition on June 8, 2017, and the proceeds were used to fund a majority of the purchase price of that acquisition. Warrants The Company’s Public Warrants were originally issued in connection with the IPO of Silver Run Acquisition Corporation. On March 1, 2017, the Company delivered a notice of redemption to all holders of its Public Warrants announcing its intention to redeem any Public Warrants that remained unexercised and outstanding after March 31, 2017 for $0.01 per Public Warrant. As of September 30, 2017 , all of the Company’s Public Warrants have been either exercised for shares of Class A Common Stock or redeemed for $0.01 per Public Warrant. As a result of all such Warrants exercised, the Company issued in aggregate 6,235,790 shares of Class A common stock to holders of Public Warrants. As of September 30, 2017 , 8,000,000 Private Placement Warrants remained outstanding. Private Placement Warrants are non-redeemable so long as they are held by the Company’s Sponsor or its permitted transferees. Each whole Private Placement Warrant is exercisable for one whole share of Class A Common Stock at a price of $11.50 per share. The warrants became exercisable on March 1, 2017 and will expire five years after the completion of the Business Combination or earlier upon redemption or liquidation. Noncontrolling Interest The noncontrolling interest in CRP is represented by 19.2 million shares of Class C Common Stock that were issued to the Centennial Contributors in connection with the Business Combination, and such shares continue to be held by holders other than the Company. As of September 30, 2017 , the Company’s noncontrolling interest was 6.9% , which declined from 7.6% as of March 31, 2017, due to the issuance of 23.5 million shares of Class A Common Stock on June 8, 2017. The Company has consolidated the financial position and results of operations of CRP and reflected that portion retained by the other holders as a noncontrolling interest. Refer to the consolidated statement of shareholders’ equity for a summary of the activity attributable to the noncontrolling interest during the period.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Note 10—Income Taxes CRP is treated as a partnership for U.S. federal and most applicable state and local income tax purposes, and the Company consolidates the financial results of CRP. As a partnership, CRP is not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by CRP is passed through to and included in the taxable income or loss of its members, including the Company, on a pro rata basis. The Company is subject to U.S. federal income taxes, in addition to state and local income taxes, with respect to its allocable share of any taxable income or loss of CRP, as well as any stand-alone income or loss generated by the Company. Income tax expense during interim periods is based on applying an estimated annual effective income tax rate to the Company’s year-to-date income, plus any significant unusual or infrequently occurring items which are recorded in the interim period. The provision for income taxes for the three and nine months ended September 30, 2017 and 2016 differs from the amount that would be provided by applying the statutory U.S. federal income tax rate of 35% to pre-tax income primarily because of state income taxes and estimated permanent differences. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in various jurisdictions, permanent and temporary differences and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, more experience is obtained, additional information becomes known or as the tax environment changes.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Note 11—Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income available to common shareholders by the weighted average shares outstanding during each period. Dilutive EPS is calculated by dividing adjusted net income available to common shareholders by the weighted average number of diluted common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted EPS calculation consists of (i) unvested restricted stock and performance stock units, outstanding stock options and warrants using the treasury stock method, and (ii) the Company’s Class C common stock using the “if-converted” method, which is net of tax. Shares of the Company’s unvested restricted stock and performance stock units are eligible to receive dividends; however, dividend rights will be forfeited if the award does not vest. Accordingly, these shares are not considered participating securities. Shares of the Company’s Class C Common Stock and warrants do not share in earnings or losses and are therefore not participating securities as well. In addition, the Company’s shares of Series B Preferred Stock were converted into shares of Class A Common Stock on May 25, 2017 as a result of shareholder vote. As such, the Company no longer has any participating securities and therefore does not utilize the two-class method. The following table reflects the allocation of net income to common shareholders and EPS computations for the periods indicated based on a weighted average number of common stock outstanding for the period: (in thousands, except per share data) For the Three Months Ended September 30, 2017 For the Nine Months Ended September 30, 2017 Net income attributable to common shareholders $ 14,447 $ 45,032 Add: Income from conversion of Class C Common Stock 1,193 3,196 Adjusted net income attributable to common shareholders 15,640 48,228 Basic net earnings per share $ 0.06 $ 0.20 Diluted net earnings per share $ 0.06 $ 0.19 Basic weighted average shares outstanding 223,622 227,557 Add: Dilutive effects of equity awards 2,598 4,481 Add: Dilutive effects of conversion 19,156 19,156 Diluted weighted average shares outstanding 245,376 251,194 For the three months ended September 30, 2017, the diluted earnings per share calculation excludes 1.5 million stock options that were out-of-the-money, as there effect was anti-dilutive, and for the nine months ended September 30, 2017, the diluted earnings per share calculation excludes 1.0 million stock options that were out-of-the-money, as there effect was anti-dilutive.

Transactions With Related Parti

Transactions With Related Parties	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 12—Transactions with Related Parties Customer and Supplier Relationships Riverstone Affiliated Companies. Riverstone and its affiliates, including our Sponsor, beneficially own more than 10% of our equity interest and are therefore considered related parties. From time to time, the Company obtains services related to its drilling and completion activities from affiliates of Riverstone. In particular, the Company has paid the following amounts to the following affiliates of Riverstone for such services: (i) approximately $30.4 million and $70.6 million during the three and nine months ended September 30, 2017 , respectively, to Liberty Oilfield Services, LLC; and (ii) approximately $1.7 million and $4.0 million during the three and nine months ended September 30, 2017 , respectively, to Permian Tank and Manufacturing, Inc. Other Affiliated Companies. Mark G. Papa, our President, Chief Executive Officer and Chairman of the Board, serves as a director and Chairman of the Board of Oil States International, Inc., an energy services company publicly traded on the New York Stock Exchange (“Oil States”). From time to time, the Company obtains services related to drilling and completion activities from Oil States. During the three and nine months ended September 30, 2017 , the Company paid approximately $2.4 million and $6.4 million , respectively, to Oil States. At September 30, 2017 , included in Accounts payable and accrued expenses on the consolidated balance sheets was $1.5 million due to Oil States. NGP Affiliated Companies. Beginning December 28, 2016, NGP and entities affiliated with NGP were no longer considered related parties of the Company, and any expenses incurred on or after December 28, 2016 with NGP or its affiliates are no longer classified as related party expenses. However, expenses incurred before December 28, 2016 with NGP or its affiliates were classified as related party expenses as NGP beneficially owned more than 10% of our equity interest. Such transactions are detailed below. In May 2016, the Company acquired undeveloped acreage in Reeves County, Texas and an interest in an uncompleted horizontal wellbore for approximately $9.8 million from Caird DB, LLC, an affiliate of NGP. In addition, the Company paid approximately $3.3 million during the nine months ended September 30, 2016 (Predecessor) , to RockPile Energy Services, LLC (“Rockpile”). On July 3, 2017, Rockpile was acquired by an unrelated third party and is no longer an affiliate of NGP.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13—Commitments and Contingencies Commitments In June 2017, the Company entered into a transportation service agreement whereby it is required to deliver 40,000 MMBtu per day for a term of one year, and this delivery commitment is tied to the Company’s natural gas production in Reeves and Ward counties, Texas. The Company routinely enters or extends operating agreements, office and equipment leases, drilling and completion rig contracts, among others, in the ordinary course of business. Other than the above, there have been no material, non-routine changes in commitments during the nine months ended September 30, 2017 . Please refer to Note 13 — Commitment and Contingencies included in Part II, Item 8. in our 2016 Annual Report. Contingencies The Company may at times be subject to various commercial or regulatory claims, litigation or other legal proceedings that arise in the ordinary course of business. While the outcome of these lawsuits and claims cannot be predicted with certainty, management believes it is remote that the impact of such matters that are reasonably possible to occur will have a material adverse effect on the Company’s financial position, results of operations or cash flows. Management is unaware of any pending litigation brought against the Company requiring the reserve of a contingent liability as of the date of these condensed consolidated financial statements.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Note 14—Subsequent Events Credit Facility Amendment In connection with the October 2017 semi-annual redetermination, on November 2, 2017 , the Company entered into the fifth amendment to the restated credit agreement to increase the borrowing base from $350.0 million to $575.0 million .

Basis of Presentation and Sum21

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and the rules and regulations of the SEC. Accordingly, certain disclosures required by U.S. GAAP and normally included in an Annual Report on Form 10-K have been omitted. Although management believes that our disclosures in these interim financial statements are adequate, they should be read in conjunction with our 2016 Annual Report. In the opinion of management, all normal, recurring adjustments and accruals considered necessary for a fair presentation of interim financial information, in all material respects, have been included. Operating results for the periods presented are not necessarily indicative of expected results for the full year. Certain prior period amounts have been reclassified to conform to the current presentation on the accompanying condensed consolidated financial statements. The Company has evaluated subsequent events through the date of this filing. As a result of the Business Combination, the Company is the acquirer for accounting purposes, and CRP is the acquiree and accounting Predecessor. The Company’s financial statement presentation distinguishes a “Predecessor” for CRP for periods prior to the Business Combination. The Company is the “Successor” for periods after the Business Combination, which includes consolidation of CRP subsequent to the Business Combination on October 11, 2016. The Business Combination was accounted for as a business combination using the acquisition method of accounting, and the Successor financial statements reflect a new basis of accounting that is based on the fair value of CRP’s net assets acquired. As a result of the application of the acquisition method of accounting as of the Business Combination, the financial statements for the Predecessor period and for the Successor period are presented on a different basis of accounting.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its majority owned subsidiary CRP, and CRP’s wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the Company’s consolidated financial statements requires the Company’s management to make various assumptions, judgments and estimates to determine the reported amounts of assets, liabilities, revenues and expenses, and in the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events and, accordingly, actual results could differ from amounts previously established. The more significant areas requiring the use of assumptions, judgments and estimates include: (i) oil and natural gas reserves; (ii) cash flow estimates used in impairment tests of long-lived assets; (iii) depreciation, depletion and amortization; (iv) asset retirement obligations; (v) determining fair value and allocating purchase price in connection with business combinations and asset acquisitions; (vi) valuation of derivative instruments; (vii) accrued revenue and related receivables; and (viii) accrued liabilities.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . This update affects all reporting entities and the objective of the guidance is to assist with evaluation of whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The mandatory effective date for this update is for financial statements issued for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The amendments should be applied prospectively on or after the effective date and disclosures are not required at transition. Early adoption is permitted for transactions for which the acquisition date occurs before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. The Company early adopted ASU 2017-01 in the second quarter of 2017. Refer to Note 2—Property Acquisitions for details of the GMT Acquisition. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments . This update applies to all entities that are required to present a statement of cash flows. This update provides guidance on eight specific cash flow issues: debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions and separately identifiable cash flows and application of the predominance principle. This update will be effective for financial statements issued for fiscal years beginning after December 31, 2017, including interim periods within those fiscal years with early adoption permitted. This update should be applied using the retrospective transition method. Adoption of this standard will only affect the presentation of the Company’s statements of cash flows and will not have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation . This update applies to all entities that issue equity-based payment awards to their employees. Under this update, there were several areas that were simplified including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years with early adoption permitted. The Company elected to early adopt this guidance in October 2016 in conjunction with the issuance of its equity awards. In February 2016, the FASB issued ASU 2016-02, Leases . This update applies to any entity that enters into a lease, with some specified scope exemptions. Under this update, a lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. While there were no major changes to the lessor accounting, changes were made to align key aspects with the revenue recognition guidance. This update will be effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. Entities will be required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Although the Company is still in the process of evaluating the effect of adopting ASU 2016-02, the adoption is expected to result in the recognition of assets and liabilities on its consolidated balance sheet for current operating leases. As of December 31, 2016, the Company had approximately $17.0 million of contractual obligations related to its non-cancelable leases, and it will evaluate those contracts as well as other existing arrangements to determine if they qualify for lease accounting under ASU 2016-02. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition , and most industry-specific guidance. The FASB subsequently issued various ASUs which deferred the effective date of ASU 2014-09 and provided additional implementation guidance. ASU 2014-09 and its amendments provides companies with a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The core principle of the model is to recognize revenue when control of the goods or services transfers to the customer, as opposed to recognizing revenue when the risks and rewards transfer to the customer under the existing revenue guidance. In addition, new qualitative and quantitative disclosure requirements aim to enable financial statement users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 and its amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The standards permit retrospective application using either of the following methodologies: (i) restatement of each prior reporting period presented or (ii) recognition of a cumulative-effect adjustment as of the date of initial application. The Company does not expect net income or cash flows to be materially impacted by the new standard, however, the Company is currently analyzing whether changes to total revenues and total expenses will be necessary to properly reflect revenue for certain pipeline gathering, transportation and gas processing agreements. The Company continues to evaluate the expected disclosure requirements, changes to relevant business practices, accounting policies and control activities as a result of the adoption of the ASU and has not yet developed estimates of the quantitative impact to the Company's consolidated financial statements. The Company has selected the modified retrospective method and will adopt this guidance on the effective date of January 1, 2018.

Property Acquisitions (Tables)

Property Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Schedule of Purchase Price Allocation	The table below summarizes the allocation of the $867.8 million adjusted purchase price, based on the acquisition date fair value of the assets acquired and the liabilities assumed as of September 30, 2017 : (in thousands) Silverback Acquisition Purchase price $ 867,772 Allocation of purchase price: Unproved properties 753,763 Proved properties 116,700 Other property and equipment 56 Liabilities (2,747 ) Total $ 867,772

Accounts Receivable, Accounts23

Accounts Receivable, Accounts Payable and Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accounts Receivable	Accounts receivable are comprised of the following: (in thousands) September 30, 2017 December 31, 2016 Accrued oil and gas sales receivable $ 32,294 $ 11,596 Joint interest billings 16,989 2,942 Hedge settlements 126 194 Other 798 2 Accounts receivable, net $ 50,207 $ 14,734
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued expenses are comprised of the following: (in thousands) September 30, 2017 December 31, 2016 Accounts payable $ 35,132 $ 11,210 Accrued capital expenditures 71,808 24,038 Revenues payable 16,534 3,815 Payable to Silverback — 32,293 Accrued underwriting fees — 7,719 Other 13,021 7,025 Accounts payable and accrued expenses $ 136,495 $ 86,100

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Summary of Schedule Long Term Debt Maturities	The following table shows five succeeding fiscal years of scheduled maturities for the Company’s long-term debt as of September 30, 2017 (in thousands): 2017 2018 2019 2020 2021 Long-term debt — — 165,000 — —

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 2017
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Asset Retirement Obligations	The following table summarizes the changes in the Company’s asset retirement obligations (“ARO”) for the nine months ended September 30, 2017 (in thousands): Asset retirement obligations at January 1, 2017 $ 7,226 Additional liabilities incurred 1,813 Liabilities settled (65 ) Accretion expense 376 Revision to estimated cash flows (22 ) Asset retirement obligations at September 30, 2017 $ 9,328

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Compensation Expense	Upon adoption of ASU 2016-09 in October 2016, the Company elected to account for forfeitures of awards granted under these plans as they occur in determining compensation expense. (in thousands) For the Three Months Ended September 30, 2017 For the Nine Months Ended September 30, 2017 Restricted stock awards $ 1,490 $ 3,364 Stock option awards 2,104 5,825 Performance stock units 231 231 Total stock-based compensation expense $ 3,825 $ 9,420
Nonvested Restricted Stock Shares Activity	The following table provides information about restricted stock awards outstanding during the nine months ended September 30, 2017 : Awards Weighted Average Grant-Date Fair Value Outstanding as of December 31, 2016 256,597 $ 20.03 Vested — $ — Granted 841,443 $ 17.21 Forfeited (8,788 ) $ 18.81 Outstanding as of September 30, 2017 1,089,252 $ 17.86
Summary of Option Valuation Inputs	The following table summarizes the assumptions and related information used to determine the grant-date fair value of stock options awarded during the nine months ended September 30, 2017 : Nine Months Ended September 30, 2017 Weighted average grant-date fair value per share $ 7.15 Expected term (in years) 6 Expected stock volatility 38.1 % Dividend yield — % Risk-free interest rate 2.0 %
Summary of Stock Option Activity	The following table provides information about stock option awards outstanding during the nine months ended September 30, 2017 : Options Weighted Average Exercise Price Weighted Average Remaining Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2016 2,735,500 $ 14.67 Exercised — $ — Granted 1,550,000 $ 17.96 Forfeited (268,000 ) $ 14.53 Outstanding as of September 30, 2017 4,017,500 $ 15.95 9.2 $ 8,450 Exercisable as of September 30, 2017 — $ — — $ —
Summary of Fair Value Inputs For Performance Stock Units	The following table summarizes the key assumptions and related information used to determine the grant-date fair value of performance stock units awarded during the nine months ended September 30, 2017 : Nine Months Ended September 30, 2017 Number of simulations 1,000,000 Expected stock volatility 41.6 % Dividend yield — % Risk-free interest rate 1.5 %
Performance Stock Units Outstanding Activity	The following table provides information about performance stock units outstanding during the nine months ended September 30, 2017 : Awards Weighted Average Grant-Date Fair Value Outstanding as of December 31, 2016 — $ — Vested — $ — Granted 193,391 $ 21.53 Forfeited — $ — Outstanding as of September 30, 2017 193,391 $ 21.53

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table summarizes the approximate volumes and average contract prices of swap contracts the Company had in place as of September 30, 2017 : Period Volume (Bbl) Weighted Average Fixed Price/Differential ($/Bbl) (1) Crude oil swaps October 2017 - December 2017 170,200 $ 50.41 January 2018 - December 2018 36,500 $ 55.95 Crude oil basis swaps October 2017 - November 2017 21,350 $ (0.20 ) (1) The oil swap contracts are settled based on the month’s average daily NYMEX price of West Texas Intermediate Light Sweet Crude. The oil basis swap contracts are settled based on the difference between the arithmetic average of WTI MIDLAND ARGUS and WTI ARGUS during the relevant calculation period. Period Volume (MMBtu) Weighted Average Fixed Price/Differential ($/MMBtu) (1) Natural gas swaps October 2017 - December 2017 368,000 $ 2.94 Natural gas basis swaps January 2018 - December 2018 1,825,000 $ (0.43 ) January 2019 - December 2019 1,825,000 $ (0.43 ) (1) The natural gas swap contracts are settled based on the month’s average daily NYMEX price of Henry Hub Natural Gas. The natural gas basis swap contracts are settled based on the difference between Inside FERC’s West Texas WAHA price of natural gas and the NYMEX price of Natural Gas during the relevant calculation period.
Derivative Instruments, Gain (Loss)	The following table presents gains and losses for derivative instruments not designated as hedges for accounting purposes for the periods presented: Successor Predecessor Successor Predecessor (in thousands) For the Three Months Ended September 30, 2017 For the Three Months Ended September 30, 2016 For the Nine Months Ended September 30, 2017 For the Nine Months Ended September 30, 2016 Net gain (loss) on derivative instruments $ (896 ) $ 1,741 $ 5,392 $ (4,184 )
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following tables summarize the location and fair value amounts of all the Company’s derivative instruments in the consolidated balance sheets, as well as the gross recognized derivative assets, liabilities and amounts offset in the condensed consolidated balance sheets: September 30, 2017 (in thousands) Balance Sheet Classification Gross Asset/Liability Amounts Gross Amounts Offset (1) Net Recognized Fair Value Assets/Liabilities Derivative Assets Derivative instruments Current assets $ 562 $ (179 ) $ 383 Derivative instruments Noncurrent assets 246 (4 ) 242 Total derivative assets $ 808 $ (183 ) $ 625 Derivative Liabilities Derivative instruments Current liabilities $ 629 $ (179 ) $ 450 Derivative instruments Noncurrent Liabilities $ 4 $ (4 ) $ — Total derivative liabilities $ 633 $ (183 ) $ 450 (1) The Company has agreements in place with all of its counterparties that allow for the financial right of offset for derivative assets and derivative liabilities at settlement or in the event of a default under the agreements or contract termination. December 31, 2016 (in thousands) Balance Sheet Classification Gross Asset/Liability Amounts Gross Amounts Offset (1) Net Recognized Fair Value Assets/Liabilities Derivative Assets Derivative instruments Current assets $ 739 $ (308 ) $ 431 Total derivative assets $ 739 $ (308 ) $ 431 Derivative Liabilities Derivative instruments Current liabilities $ 5,669 $ (308 ) $ 5,361 Derivative instruments Noncurrent Liabilities 20 — 20 Total derivative liabilities $ 5,689 $ (308 ) $ 5,381 (1) The Company has agreements in place with all of its counterparties that allow for the financial right of offset for derivative assets and derivative liabilities at settlement or in the event of a default under the agreements or contract termination.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring Basis	The following table is a listing of the Company’s netted asset or liability positions that have been measured at fair value and where they have been classified within the fair value hierarchy as of September 30, 2017 and December 31, 2016 : (in thousands) Level 1 Level 2 Level 3 Commodity derivative asset (liability) September 30, 2017 $ — $ 175 $ — December 31, 2016 — (4,950 ) —

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reflects the allocation of net income to common shareholders and EPS computations for the periods indicated based on a weighted average number of common stock outstanding for the period: (in thousands, except per share data) For the Three Months Ended September 30, 2017 For the Nine Months Ended September 30, 2017 Net income attributable to common shareholders $ 14,447 $ 45,032 Add: Income from conversion of Class C Common Stock 1,193 3,196 Adjusted net income attributable to common shareholders 15,640 48,228 Basic net earnings per share $ 0.06 $ 0.20 Diluted net earnings per share $ 0.06 $ 0.19 Basic weighted average shares outstanding 223,622 227,557 Add: Dilutive effects of equity awards 2,598 4,481 Add: Dilutive effects of conversion 19,156 19,156 Diluted weighted average shares outstanding 245,376 251,194

Basis of Presentation and Sum30

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	Feb. 29, 2016	Dec. 31, 2016	Oct. 11, 2016
Entity Information [Line Items]
Contractual obligation		$ 17
Predecessor | Common Stock Class A | IPO
Entity Information [Line Items]
Shares issued in transaction (in shares)	1
Centennial Resource Production, LLC
Entity Information [Line Items]
Ownership interest acquired			89.00%
Warrants to Purchase Class A Common Stock, IPO | Predecessor | IPO
Entity Information [Line Items]
Public warrants issued per IPO Unit	0.3333

Property Acquisitions - Additio

Property Acquisitions - Additional Information (Details) $ in Thousands	Jun. 08, 2017USD ($)aWells	Dec. 31, 2016USD ($)aWells	Mar. 31, 2017USD ($)	Sep. 30, 2017USD ($)
Business Acquisition [Line Items]
Acquisition of oil and natural gas properties				$ (419,471)
Unproved properties acquired		$ 1,905,661		2,008,902
Proved properties		605,853		1,306,873
Payable to Silverback		$ 32,293		0
Undeveloped Acreage and Oil and Gas Producing Properties From Silverback Exploration, LLC
Business Acquisition [Line Items]
Number of horizontal wells acquired (in wells) | Wells		31
Gas and oil area, area offset by existing acreage (in acres) | a		35,500
Gas and oil area, gross offset existing acreage (in acres) | a		43,500
Gas and oil area, operated by company, percent		90.00%
Gas and oil area, working interest, percent		90.00%
Consideration transferred		$ 855,000	$ 867,772
Payable to Silverback		$ 32,300
Adjustments to provisional amount				$ 300
Northern Delaware Basin
Business Acquisition [Line Items]
Number of horizontal wells acquired (in wells) | Wells	36
Gas and oil area, area offset by existing acreage (in acres) | a	11,850
Gas and oil area, gross offset existing acreage (in acres) | a	14,770
Acquisition of oil and natural gas properties	$ (349,100)
Gas and oil area, operated by company, percent	79.00%
Gas and oil area, working interest, percent	85.00%
Proved properties	$ 53,200
Capitalized transaction costs	500
Northern Delaware Basin | Scenario, Previously Reported
Business Acquisition [Line Items]
Acquisition of oil and natural gas properties	(350,000)
Northern Delaware Basin | Restatement Adjustment
Business Acquisition [Line Items]
Acquisition of oil and natural gas properties	900
Unproved properties acquired	$ 296,200

Property Acquisitions - Schedul

Property Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - Undeveloped Acreage and Oil and Gas Producing Properties From Silverback Exploration, LLC - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Dec. 31, 2016	Mar. 31, 2017
Business Acquisition [Line Items]
Purchase price	$ 855,000	$ 867,772
Unproved properties		753,763
Proved properties		116,700
Other property and equipment		56
Liabilities		$ (2,747)

Accounts Receivable, Accounts33

Accounts Receivable, Accounts Payable and Accrued Expenses - Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued oil and gas sales receivable	$ 32,294	$ 11,596
Joint interest billings	16,989	2,942
Hedge settlements	126	194
Other	798	2
Accounts receivable, net	$ 50,207	$ 14,734

Accounts Receivable, Accounts34

Accounts Receivable, Accounts Payable and Accrued Expenses - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable	$ 35,132	$ 11,210
Accrued capital expenditures	71,808	24,038
Revenues payable	16,534	3,815
Payable to Silverback	0	32,293
Accrued underwriting fees	0	7,719
Other	13,021	7,025
Accounts payable and accrued expenses	$ 136,495	$ 86,100

Long-Term Debt (Details)

Long-Term Debt (Details) - Line of Credit - USD ($)	9 Months Ended
	Sep. 30, 2017	Nov. 02, 2017
Revolving Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity	$ 350,000,000
Remaining borrowing capacity	184,100,000
Outstanding line of credit	$ 165,000,000
Automatic decrease in borrowing base	25.00%
Covenant compliance, minimum required current ratio	100.00%
Covenant compliance, maximum allowable leverage ratio	400.00%
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 15,000,000
Letters of credit outstanding	$ 900,000
Subsequent Event | Revolving Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity		$ 575,000,000

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-term Debt Maturities (Details) $ in Thousands	Sep. 30, 2017USD ($)
Debt Disclosure [Abstract]
2,017	$ 0
2,018	0
2,019	165,000
2,020	0
2,021	$ 0

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations at January 1, 2017	$ 7,226
Additional liabilities incurred	1,813
Liabilities settled	(65)
Accretion expense	376
Revision to estimated cash flows	(22)
Asset retirement obligations at September 30, 2017	$ 9,328

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Oct. 07, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 18.9
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 15.7
Unrecognized compensation costs, period for recognition	2 years 5 months 16 days
Stock option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, period for recognition	2 years 2 months 12 days
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 3.9
Unrecognized compensation costs, period for recognition	2 years 9 months
Requisite service period	3 years
2016 Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		16,500,000
Number of shares available for grant (in shares)	11,199,857
2016 Long Term Incentive Plan | Stock option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Option expiration period	10 years
Officer and employees | Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Director | Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year

Stock-Based Compensation - Comp

Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total equity based compensation expense	$ 3,825	$ 9,420
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total equity based compensation expense	1,490	3,364
Stock option awards
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total equity based compensation expense	2,104	5,825
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total equity based compensation expense	$ 231	$ 231

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock (Details)	9 Months Ended
	Sep. 30, 2017$ / sharesshares
Awards
Granted (in shares) | shares	841,443
Forfeited (in shares) | shares	(8,788)
Restricted stock awards
Awards
Outstanding, beginning of period (in shares) | shares	256,597
Vested (in shares) | shares	0
Outstanding, end of period (in shares) | shares	1,089,252
Weighted Average Grant-Date Fair Value
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 20.03
Vested (in dollars per share) | $ / shares	0
Granted (in dollars per share) | $ / shares	17.21
Forfeited (in dollar per share) | $ / shares	18.81
Outstanding, end of period (in dollars per share) | $ / shares	$ 17.86

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions Used For Stock Options (Details) - Stock option awards	9 Months Ended
	Sep. 30, 2017$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value per share (in dollars per share)	$ 7.15
Expected term (in years)	6 years
Expected stock volatility	38.10%
Dividend yield	0.00%
Risk-free interest rate	2.00%

Stock-Based Compensation - Opti

Stock-Based Compensation - Option Activity (Details) - Stock option awards $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)$ / sharesshares
Options
Outstanding, beginning of period (in shares) | shares	2,735,500
Exercised (in shares) | shares	0
Granted (in shares) | shares	1,550,000
Forfeited (in shares) | shares	(268,000)
Outstanding, end of period (in shares) | shares	4,017,500
Exercisable (in shares) | shares	0
Weighted Average Exercise Price
Outstanding, beginning of period (In dollars per share) | $ / shares	$ 14.67
Exercised (in dollars per share) | $ / shares	0
Granted (in dollars per share) | $ / shares	17.96
Forfeited (in dollars per share) | $ / shares	14.53
Outstanding, end of period (In dollars per share) | $ / shares	15.95
Exercisable (in dollars per share) | $ / shares	$ 0
Outstanding, weighted average remaining term	9 years 2 months 12 days
Exercisable, weighted average remaining term	0 years
Outstanding, aggregate intrinsic value | $	$ 8,450
Exercisable, aggregate intrinsic value | $	$ 0

Stock-Based Compensation - As43

Stock-Based Compensation - Assumptions Used For Performance Shares (Details) - Performance stock units	9 Months Ended
	Sep. 30, 2017simulation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of simulations	1,000,000
Expected stock volatility	41.60%
Dividend yield	0.00%
Risk-free interest rate	1.50%

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance Stock Units Outstanding Activity (Details) - Performance stock units	9 Months Ended
	Sep. 30, 2017$ / sharesshares
Awards
Outstanding, beginning of period (in shares) | shares	0
Vested (in shares) | shares	0
Granted (in shares) | shares	193,391
Forfeited (in shares) | shares	0
Outstanding, end of period (in shares) | shares	193,391
Weighted Average Grant-Date Fair Value
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 0
Vested (in dollars per share) | $ / shares	0
Granted (in dollars per share) | $ / shares	21.53
Forfeited (in dollar per share) | $ / shares	0
Outstanding, end of period (in dollars per share) | $ / shares	$ 21.53

Derivative Instruments (Details

Derivative Instruments (Details) - Not Designated as Hedging Instrument	9 Months Ended
	Sep. 30, 2017MMBTU$ / bbl$ / MMBTUbbl
Crude Oil Swap - Oil Remainder of Current Year
Derivative [Line Items]
Volume (Bbl) | bbl	170,200
Weighted Average Fixed Price ($/Bbl or $/MMBtu) | $ / bbl	(50.41)
Crude Oil Swap - Oil Next Year
Derivative [Line Items]
Volume (Bbl) | bbl	36,500
Weighted Average Fixed Price ($/Bbl or $/MMBtu) | $ / bbl	(55.95)
Crude Oil Basis Swap - Oil Remainder of Current Year
Derivative [Line Items]
Volume (Bbl) | bbl	21,350
Weighted Average Fixed Price ($/Bbl or $/MMBtu) | $ / bbl	(0.20)
Natural Gas Swap - Remainder of Current Year
Derivative [Line Items]
Volume (MMBtu) | MMBTU	368,000
Weighted Average Fixed Price ($/Bbl or $/MMBtu) | $ / MMBTU	(2.94)
Natural Gas Swap - Next Year
Derivative [Line Items]
Volume (MMBtu) | MMBTU	1,825,000
Weighted Average Fixed Price ($/Bbl or $/MMBtu) | $ / MMBTU	(0.43)
Natural Gas Swap - Year Three
Derivative [Line Items]
Volume (MMBtu) | MMBTU	1,825,000
Weighted Average Fixed Price ($/Bbl or $/MMBtu) | $ / MMBTU	(0.43)

Derivative Instruments - Gain (

Derivative Instruments - Gain (Loss) On Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) on derivative instruments	$ (896)		$ 5,392
Predecessor
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) on derivative instruments		$ 1,741		$ (4,184)

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Derivative Instruments Balance Sheet Classification (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Derivative Assets
Gross Asset/Liability Amounts	$ 808	$ 739
Netting Adjustments	(183)	(308)
Net Recognized Fair Value Assets/Liabilities	625	431
Derivative Liabilities
Gross Asset/Liability Amounts	633	5,689
Netting Adjustments	(183)	(308)
Net Recognized Fair Value Assets/Liabilities	450	5,381
Current assets
Derivative Assets
Gross Asset/Liability Amounts	562	739
Netting Adjustments	(179)	(308)
Net Recognized Fair Value Assets/Liabilities	383	431
Noncurrent assets
Derivative Assets
Gross Asset/Liability Amounts	246
Netting Adjustments	(4)
Net Recognized Fair Value Assets/Liabilities	242
Current liabilities
Derivative Liabilities
Gross Asset/Liability Amounts	629	5,669
Netting Adjustments	(179)	(308)
Net Recognized Fair Value Assets/Liabilities	450	5,361
Noncurrent Liabilities
Derivative Liabilities
Gross Asset/Liability Amounts	4	20
Netting Adjustments	(4)	0
Net Recognized Fair Value Assets/Liabilities	$ 0	$ 20

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset (liability), net	$ 0	$ 0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset (liability), net	175	(4,950)
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset (liability), net	$ 0	$ 0

Shareholders' Equity and Nonc49

Shareholders' Equity and Noncontrolling Interest - Class A Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions	May 25, 2017	May 04, 2017
Subscription Agreements | Common Stock Class A
Class of Stock [Line Items]
Shares issued in transaction (in shares)		23,500,000
Sale of stock price per share (in usd per share)		$ 14.50
Gross proceeds		$ 340.8
Conversion of Class B Preferred Stock to Class A Common Stock | Common Stock Class A
Class of Stock [Line Items]
Conversion of class b preferred to class a common (in shares)	26,100,000
Conversion of Class B Preferred Stock to Class A Common Stock | Preferred Class B
Class of Stock [Line Items]
Conversion of class b preferred to class a common (in shares)	104,400

Shareholders' Equity and Nonc50

Shareholders' Equity and Noncontrolling Interest - Warrants (Details) - $ / shares	9 Months Ended
	Sep. 30, 2017	Mar. 01, 2017
Public Warrants
Class of Warrant or Right [Line Items]
Warrant exercise price (in dollars per share)		$ 0.01
Public Warrants | Common Stock Class A
Class of Warrant or Right [Line Items]
Warrants exercised (in shares)	6,235,790
Warrants To Purchase Class A Common Stock, Private Placement
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	8,000,000
Private Placement Warrants
Class of Warrant or Right [Line Items]
Warrant exercise price (in dollars per share)		$ 11.50

Shareholders' Equity and Nonc51

Shareholders' Equity and Noncontrolling Interest - Noncontrolling Interest (Details) - shares	May 04, 2017	Sep. 30, 2017	Mar. 31, 2017	Dec. 31, 2016
Noncontrolling Interest [Line Items]
Ownership interest of non-controlling interest		6.90%	7.60%
Common Stock Class C
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (shares)		19,155,921		19,155,921
Common Stock Class A
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (shares)		256,670,839		200,835,049
Subscription Agreements | Common Stock Class A
Noncontrolling Interest [Line Items]
Shares issued in transaction (in shares)	23,500,000

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Effective income tax rate	35.00%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017
Earnings Per Share [Abstract]
Net income attributable to common shareholders	$ 14,447	$ 45,032
Add: Income from conversion of Class C Common Stock	1,193	3,196
Adjusted net income attributable to common shareholders	$ 15,640	$ 48,228
Basic net income per share (USD per share)	$ 0.06	$ 0.20
Diluted net income per share (USD per share)	$ 0.06	$ 0.19
Basic weighted average share outstanding (in shares)	223,622	227,557
Add: Dilutive effects of stock options and RSUs (in shares)	2,598	4,481
Add: Dilutive effects of conversion (in shares)	19,156	19,156
Diluted weighted average shares outstanding (in shares)	245,376	251,194
Anti-diluted shares excluded from computation of earnings per share	1,500	1,000

Transactions With Related Par54

Transactions With Related Parties (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	May 31, 2016	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016
Related Party Transaction [Line Items]
Acquisition of oil and natural gas properties			$ 419,471
Liberty Oilfield Services, LLC | Affiliated Entity
Related Party Transaction [Line Items]
Expenses to related party		$ 30,400	70,600
Permian Tank And Manufacturing, Inc | Affiliated Entity
Related Party Transaction [Line Items]
Expenses to related party		1,700	4,000
Oil States Energy Services, LLC | Affiliated Entity
Related Party Transaction [Line Items]
Expenses to related party		2,400	6,400
Accounts payable, related party		$ 1,500	$ 1,500
Predecessor
Related Party Transaction [Line Items]
Acquisition of oil and natural gas properties				$ 55,566
Predecessor | Caird DB, LLC | Affiliated Entity
Related Party Transaction [Line Items]
Acquisition of oil and natural gas properties	$ 9,800
Predecessor | RockPile Energy Services, LLC | Affiliated Entity | Drilling and Completion Activities
Related Party Transaction [Line Items]
Expenses to related party				$ 3,300

Commitments and Contingencies A

Commitments and Contingencies Additional Information (Details) - Transportation Service Agreement	1 Months Ended
	Jun. 30, 2017MMBTU
Supply Commitment [Line Items]
Energy commitment per day (in MMbtus)	40,000
Supply commitment term	1 year

Subsequent Events (Details)

Subsequent Events (Details) - Revolving Credit Facility - Line of Credit - USD ($) $ in Millions	Nov. 02, 2017	Sep. 30, 2017
Subsequent Event [Line Items]
Current borrowing capacity		$ 350
Subsequent Event
Subsequent Event [Line Items]
Current borrowing capacity	$ 575