Permian Resources (PR) 10-Q 5 Aug 19 2019 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2019	Jul. 29, 2019
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-37697
Entity Registrant Name	CENTENNIAL RESOURCE DEVELOPMENT, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-5381253
Entity Address, Address Line One	1001 Seventeenth Street,
Entity Address, Address Line Two	Suite 1800,
Entity Address, City or Town	Denver,
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	720
Local Phone Number	499-1400
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	CDEV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Smaller Reporting Company	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001658566
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		264,436,351
Class C
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		12,003,183

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 28,444	$ 18,157
Accounts receivable, net	121,546	100,623
Derivative instruments	174	1,632
Prepaid and other current assets	9,848	9,777
Total current assets	160,012	130,189
Oil and natural gas properties, successful efforts method
Unproved properties	1,574,668	1,680,065
Proved properties	3,435,804	2,895,280
Accumulated depreciation, depletion and amortization	(698,526)	(496,900)
Total oil and natural gas properties, net	4,311,946	4,078,445
Other property and equipment, net	11,580	8,837
Total property and equipment, net	4,323,526	4,087,282
Noncurrent assets
Operating lease right-of-use assets	23,161
Other noncurrent assets	28,628	42,550
TOTAL ASSETS	4,535,327	4,260,021
Current liabilities
Accounts payable and accrued expenses	267,437	240,575
Derivative instruments	14,347	6,051
Operating lease liabilities	18,875
Other current liabilities	924	1,090
Total current liabilities	301,583	247,716
Noncurrent liabilities
Long-term debt, net	881,353	691,630
Asset retirement obligations	14,113	13,895
Deferred income taxes	65,832	62,167
Operating lease liabilities	5,203
Other long-term liabilities	0	744
Total liabilities	1,268,084	1,016,152
Commitments and contingencies (Note 10)
Shareholders’ equity
Additional paid-in capital	2,846,520	2,833,611
Retained earnings	276,303	266,538
Total shareholders’ equity	3,122,851	3,100,177
Noncontrolling interest	144,392	143,692
Total equity	3,267,243	3,243,869
TOTAL LIABILITIES AND EQUITY	4,535,327	4,260,021
Preferred Stock Series A
Shareholders’ equity
Preferred stock, $0.0001 par value, 1,000,000 shares authorized:	0	0
Class A
Shareholders’ equity
Common stock, $0.0001 par value, 620,000,000 shares authorized:	27	27
Convertible Class C
Shareholders’ equity
Common stock, $0.0001 par value, 620,000,000 shares authorized:	$ 1	$ 1

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
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
Class A
Common stock, shares issued (shares)	266,254,971	265,859,273
Common stock, shares outstanding (shares)	264,431,567	264,323,328
Convertible Class C
Common stock, shares issued (shares)	12,003,183	12,003,183
Common stock, shares outstanding (shares)	12,003,183	12,003,183

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Operating revenues
Oil and gas sales	$ 244,239	$ 217,763	$ 458,808	$ 433,661
Operating expenses
Lease operating expenses	34,885	19,182	64,747	35,458
Severance and ad valorem taxes	17,186	14,208	33,306	28,381
Gathering, processing and transportation expenses	16,243	15,296	31,267	29,124
Depreciation, depletion and amortization	112,114	74,946	208,672	140,956
Impairment and abandonment expense	4,418	1,784	35,682	1,784
Exploration expense	3,861	1,867	6,377	5,314
General and administrative expenses	18,435	13,809	36,553	28,106
Total operating expenses	207,142	141,092	416,604	269,123
Net gain (loss) on sale of long-lived assets	9	(141)	7	(126)
Income from operations	37,106	76,530	42,211	164,412
Other income (expense)
Interest expense	(14,437)	(5,791)	(24,597)	(11,604)
Net gain (loss) on derivative instruments	2,128	16,697	(3,743)	24,540
Other income (expense)	133	(14)	259	(17)
Total other income (expense)	(12,176)	10,892	(28,081)	12,919
Income before income taxes	24,930	87,422	14,130	177,331
Income tax expense	(5,928)	(19,940)	(3,665)	(39,077)
Net income	19,002	67,482	10,465	138,254
Less: Net income attributable to noncontrolling interest	1,125	3,941	700	8,623
Net income attributable to Class A Common Stock	$ 17,877	$ 63,541	$ 9,765	$ 129,631
Income per share of Class A Common Stock:
Basic (USD per share)	$ 0.07	$ 0.24	$ 0.04	$ 0.49
Diluted (USD per share)	$ 0.07	$ 0.24	$ 0.04	$ 0.49

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income	$ 10,465	$ 138,254
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	208,672	140,956
Stock-based compensation expense	13,241	8,988
Impairment and abandonment expense	35,682	1,784
Exploratory dry hole costs	0	395
Deferred tax expense	3,665	39,077
Net (gain) loss on sale of long-lived assets	(7)	126
Non-cash portion of derivative (gain) loss	9,754	(19,016)
Amortization of debt issuance costs and discount	1,287	806
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(22,751)	(16,687)
(Increase) decrease in prepaid and other assets	(154)	294
Increase (decrease) in accounts payable and other liabilities	20,340	28,925
Net cash provided by operating activities	280,194	323,902
Cash flows from investing activities:
Acquisition of oil and natural gas properties	(42,264)	(107,193)
Drilling and development capital expenditures	(437,912)	(469,004)
Purchases of other property and equipment	(4,263)	(3,264)
Proceeds from sales of oil and natural gas properties	25,919	146,090
Net cash used in investing activities	(458,520)	(433,371)
Cash flows from financing activities:
Proceeds from borrowings under revolving credit facility	155,000	115,000
Repayment of borrowings under revolving credit facility	(455,000)	(85,000)
Proceeds from issuance of 2027 Senior Notes	496,175	0
Debt issuance costs	(7,200)	(4,044)
Proceeds from stock options exercised	0	575
Restricted stock used for tax withholdings	(332)	(257)
Net cash provided by financing activities	188,643	26,274
Net increase (decrease) in cash, cash equivalents and restricted cash	10,317	(83,195)
Cash, cash equivalents and restricted cash, beginning of period	21,422	125,915
Cash, cash equivalents and restricted cash, end of period	31,739	42,720
Supplemental cash flow information
Cash paid for interest	15,799	1,157
Operating cash flows from operating leases	11,487
Investing cash flows from operating leases	9,906
Supplemental non-cash activity
Accrued capital expenditures included in accounts payable and accrued expenses	128,807	97,711
Asset retirement obligations incurred, including revisions to estimates	714	659
Right-of-use assets obtained in exchange for operating lease liabilities	35,267
Total cash, cash equivalents and restricted cash	$ 21,422	$ 125,915

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Class A	Class C	Series A Preferred Stock	Common StockClass A	Common StockClass C	Preferred StockSeries A Preferred Stock	Additional Paid-In Capital	Retained Earnings	Total Shareholder's Equity	Non-controlling Interest
Common shares outstanding at beginning of period (in shares) at Dec. 31, 2017					261,338,000	15,661,000
Balance at beginning of period at Dec. 31, 2017	$ 3,003,972				$ 26	$ 2	$ 0	$ 2,767,558	$ 66,639	$ 2,834,225	$ 169,747
Preferred shares outstanding at beginning of period (in shares) at Dec. 31, 2017							0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock issued (in shares)					199,000
Restricted stock forfeited (in shares)					(26,000)
Restricted stock used for tax withholding (in shares)					(10,000)
Restricted stock used for tax withholding	(192)							(192)		(192)
Option exercises (in shares)					10,000
Option exercises	164							164		164
Stock-based compensation	4,333							4,333		4,333
Conversion of common shares from Class C to Class A, net of tax (in shares)					3,347,000	(3,347,000)
Conversion of common shares from Class C to Class A, net of tax	6,669				$ 1	$ (1)		42,188		42,188	(35,519)
Net income (loss)	70,772								66,090	66,090	4,682
Common shares outstanding at end of period (in shares) at Mar. 31, 2018					264,858,000	12,314,000
Balance at end of period at Mar. 31, 2018	3,085,718				$ 27	$ 1	$ 0	2,814,051	132,729	2,946,808	138,910
Preferred shares outstanding at end of period (in shares) at Mar. 31, 2018							0
Common shares outstanding at beginning of period (in shares) at Dec. 31, 2017					261,338,000	15,661,000
Balance at beginning of period at Dec. 31, 2017	3,003,972				$ 26	$ 2	$ 0	2,767,558	66,639	2,834,225	169,747
Preferred shares outstanding at beginning of period (in shares) at Dec. 31, 2017							0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	138,254
Common shares outstanding at end of period (in shares) at Jun. 30, 2018					264,888,000	12,314,000
Balance at end of period at Jun. 30, 2018	3,158,201				$ 27	$ 1	$ 0	2,819,052	196,270	3,015,350	142,851
Preferred shares outstanding at end of period (in shares) at Jun. 30, 2018							0
Common shares outstanding at beginning of period (in shares) at Mar. 31, 2018					264,858,000	12,314,000
Balance at beginning of period at Mar. 31, 2018	3,085,718				$ 27	$ 1	$ 0	2,814,051	132,729	2,946,808	138,910
Preferred shares outstanding at beginning of period (in shares) at Mar. 31, 2018							0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock issued (in shares)					23,000
Restricted stock forfeited (in shares)					(17,000)
Restricted stock used for tax withholding (in shares)					(4,000)
Restricted stock used for tax withholding	(65)							(65)		(65)
Option exercises (in shares)					28,000
Option exercises	411							411		411
Stock-based compensation	4,655							4,655		4,655
Net income (loss)	67,482								63,541	63,541	3,941
Common shares outstanding at end of period (in shares) at Jun. 30, 2018					264,888,000	12,314,000
Balance at end of period at Jun. 30, 2018	3,158,201				$ 27	$ 1	$ 0	2,819,052	196,270	3,015,350	142,851
Preferred shares outstanding at end of period (in shares) at Jun. 30, 2018							0
Common shares outstanding at beginning of period (in shares) at Dec. 31, 2018		264,323,328	12,003,183		265,859,000	12,003,000
Balance at beginning of period at Dec. 31, 2018	3,243,869				$ 27	$ 1	$ 0	2,833,611	266,538	3,100,177	143,692
Preferred shares outstanding at beginning of period (in shares) at Dec. 31, 2018				1			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock issued (in shares)					436,000
Restricted stock used for tax withholding (in shares)					(24,000)
Restricted stock used for tax withholding	(291)							(291)		(291)
Stock-based compensation	6,483							6,483		6,483
Net income (loss)	(8,537)								(8,112)	(8,112)	(425)
Common shares outstanding at end of period (in shares) at Mar. 31, 2019					266,271,000	12,003,000
Balance at end of period at Mar. 31, 2019	3,241,524				$ 27	$ 1	$ 0	2,839,803	258,426	3,098,257	143,267
Preferred shares outstanding at end of period (in shares) at Mar. 31, 2019							0
Common shares outstanding at beginning of period (in shares) at Dec. 31, 2018		264,323,328	12,003,183		265,859,000	12,003,000
Balance at beginning of period at Dec. 31, 2018	$ 3,243,869				$ 27	$ 1	$ 0	2,833,611	266,538	3,100,177	143,692
Preferred shares outstanding at beginning of period (in shares) at Dec. 31, 2018				1			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Option exercises (in shares)	0
Net income (loss)	$ 10,465
Common shares outstanding at end of period (in shares) at Jun. 30, 2019		264,431,567	12,003,183		266,255,000	12,003,000
Balance at end of period at Jun. 30, 2019	3,267,243				$ 27	$ 1	$ 0	2,846,520	276,303	3,122,851	144,392
Preferred shares outstanding at end of period (in shares) at Jun. 30, 2019				1			0
Common shares outstanding at beginning of period (in shares) at Mar. 31, 2019					266,271,000	12,003,000
Balance at beginning of period at Mar. 31, 2019	3,241,524				$ 27	$ 1	$ 0	2,839,803	258,426	3,098,257	143,267
Preferred shares outstanding at beginning of period (in shares) at Mar. 31, 2019							0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock issued (in shares)					4,000
Restricted stock forfeited (in shares)					(16,000)
Restricted stock used for tax withholding (in shares)					(4,000)
Restricted stock used for tax withholding	(41)							(41)		(41)
Stock-based compensation	6,758							6,758		6,758
Net income (loss)	19,002								17,877	17,877	1,125
Common shares outstanding at end of period (in shares) at Jun. 30, 2019		264,431,567	12,003,183		266,255,000	12,003,000
Balance at end of period at Jun. 30, 2019	$ 3,267,243				$ 27	$ 1	$ 0	$ 2,846,520	$ 276,303	$ 3,122,851	$ 144,392
Preferred shares outstanding at end of period (in shares) at Jun. 30, 2019				1			0

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1—Basis of Presentation Description of Business Centennial Resource Development, Inc. is an independent oil and natural gas company focused on the development of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin. All of the Company’s assets are concentrated exclusively in the Delaware Basin, a sub-basin of the Permian Basin, and its properties consist of large, contiguous acreage blocks primarily in Reeves County in West Texas and Lea County in New Mexico. 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 subsidiary, Centennial Resource Production, LLC (“CRP”). Principles of Consolidation and Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, certain disclosures normally included in an Annual Report on Form 10-K have been omitted. The consolidated financial statements and related notes included in this Quarterly Report should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2018 (the “2018 Annual Report”). Except as disclosed herein, there have been no material changes to the information disclosed in the notes to the consolidated financial statements included in the Company’s 2018 Annual Report. In the opinion of management, all normal, recurring adjustments and accruals considered necessary to present fairly, in all material respects, the Company’s interim financial results have been included. Operating results for the periods presented are not necessarily indicative of expected results for the full year. 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. Noncontrolling interest represents third-party ownership in CRP, and is presented as a component of equity. As of June 30, 2019 and December 31, 2018 , the noncontrolling interest ownership of CRP was 4.3% . 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 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) accrued revenues and related receivables; (vii) accrued liabilities; (viii) valuation of derivatives; and (ix) deferred income taxes. Income Taxes 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 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 state jurisdictions, permanent and temporary differences and the likelihood of recovering deferred tax assets generated. The accounting estimates used to compute the provision for income taxes may change as new events occur, more historical trend data becomes available, additional information becomes known or as the tax environment changes. Recently Issued Accounting Standards In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement , which updates the disclosure requirements for fair value measurements in Accounting Standard Codification (“ASC”) Topic 820, Fair Value Measurement (“ASC Topic 820”). Certain disclosure requirements under ASC Topic 820 were removed, modified or added in order to improve the effectiveness of the fair value note included in the financial statements. This update will be effective for financial statements issued for fiscal years beginning after December 31, 2019, including interim periods within those fiscal years. An entity is permitted to early adopt any removed or modified disclosures and delay adoption of the additional disclosures until the effective date. The Company is currently assessing the impact of this update on the Company's consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases , which created ASC Topic 842, Leases (“ASC Topic 842”), superseding current lease requirements under ASC Topic 840, Leases . Subsequently in 2018, the FASB issued various ASUs which provide a practical expedient for the evaluation of existing land easement agreements, optionality in the adoption transition method, and additional implementation guidance. ASC Topic 842 and its related amendments apply to any entity that enters into a lease, with some specified scope exemptions. Under ASC Topic 842, a lessee should recognize in its consolidated balance sheet 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 lessor accounting, changes were made to align key aspects with revenue recognition guidance. ASC Topic 842 was effective for public entities for fiscal years, beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The standard permits retrospective application using either of the following methodologies: (i) application of the new standard at the earliest presented period or (ii) application of the new standard at the adoption date with a cumulative-effect adjustment recognized to retained earnings. The Company has adopted this guidance as of January 1, 2019, the effective date, and elected to recognize a cumulative-effect adjustment at the time of adoption. The Company has elected the following practical expedients that allows an entity to carry forward historical accounting treatment relating to (i) lease identification and classification for existing leases upon adoption and (ii) existing land easements. The adoption of ASC 842 resulted in the recognition of Operating lease right-of-use assets an d Operating lease liabilities in the Company’s Consolidated Balance Sheets for existing operating leases including drilling rig contracts, office rental agreements, and other wellhead equipment. This adoption did not have a significant impact on the Company’s Consolidated Statements of Operations or Consolidated Statements of Cash Flows. Refer to Note 12—Leases for additional information.

Accounts Receivable, Accounts P

Accounts Receivable, Accounts Payable and Accrued Expenses	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts Receivable, Accounts Payable and Accrued Expenses	Note 2—Accounts Receivable, Accounts Payable and Accrued Expenses Accounts receivable are comprised of the following: (in thousands) June 30, 2019 December 31, 2018 Accrued oil and gas sales receivable, net $ 68,737 $ 66,997 Joint interest billings, net 52,686 31,658 Other 123 1,968 Accounts receivable, net $ 121,546 $ 100,623 Accounts payable and accrued expenses are comprised of the following: (in thousands) June 30, 2019 December 31, 2018 Accounts payable $ 54,656 $ 55,984 Accrued capital expenditures 90,917 75,791 Revenues payable 80,671 63,399 Accrued interest 20,813 11,129 Accrued employee compensation and benefits 6,840 9,757 Accrued expenses and other 13,540 24,515 Accounts payable and accrued expenses $ 267,437 $ 240,575

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Long-Term Debt	Note 3—Long-Term Debt The following table provides information about the Company’s long-term debt as of the dates indicated: (in thousands) June 30, 2019 December 31, 2018 Credit Facility due 2023 $ — $ 300,000 5.375% Senior Notes due 2026 400,000 400,000 6.875% Senior Notes due 2027 500,000 — Unamortized debt discount (3,735 ) — Unamortized debt issuance costs on Senior Notes (14,912 ) (8,370 ) Senior Notes, net 881,353 391,630 Total long-term debt, net $ 881,353 $ 691,630 Credit Agreement On May 4, 2018 , CRP, the Company’s consolidated subsidiary, entered into an amended and restated credit agreement with a syndicate of banks that as of June 30, 2019 , had a borrowing base of $1.2 billion and elected commitments of $800.0 million . The credit agreement provides for a five -year secured revolving credit facility, maturing on May 4, 2023 . As of June 30, 2019 , the Company had no borrowings outstanding and $799.2 million in available borrowing capacity, which was net of $0.8 million in letters of credit outstanding. The amount available to be borrowed under the Company’s credit agreement is equal to the lesser of (i) the borrowing base, (ii) aggregate elected commitments, or (iii) $1.5 billion . The borrowing base is redetermined semi-annually in the spring and fall by the lenders in their sole discretion. It also allows for two optional borrowing base redeterminations on January 1 and July 1. The borrowing base depends on, among other things, the quantities of CRP’s proved oil and natural gas reserves, estimated cash flows from these reserves, and the Company’s commodity hedge positions. Upon a redetermination of the borrowing base, if actual borrowings exceed the revised borrowing capacity, CRP could be required to immediately repay a portion of its debt outstanding under the credit agreement. Borrowings under CRP’s revolving credit facility are guaranteed by certain of its subsidiaries. Borrowings under CRP’s revolving credit facility may be base rate loans or LIBOR loans. Interest is payable quarterly for base rate loans and at the end of the applicable interest period for LIBOR loans. LIBOR loans bear interest at LIBOR (adjusted for statutory reserve requirements) plus an applicable margin, which ranged from 125 to 225 basis points as of June 30, 2019 , depending on the percentage of the borrowing base utilized. Base rate loans bear interest at a rate per annum equal to the greatest of: (i) the agent bank’s prime rate; (ii) the federal funds effective rate plus 50 basis points; and (iii) the adjusted LIBOR rate for a one-month interest period plus 100 basis points, plus an applicable margin, which ranged from 25 to 125 basis points as of June 30, 2019 , depending on the percentage of the borrowing base utilized. CRP also pays a commitment fee on unused amounts under its facility of a range of 37.5 to 50 basis points. The applicable margins for the LIBOR loans and base rate loans referenced above reflect interest rate reductions that became effective on April 26, 2019 and are applicable as long as CRP’s total leverage ratio (as described below) is less than or equal to 3.0 to 1.0 . If CRP’s total leverage ratio exceeds 3.0 to 1.0 in the future, the original applicable margins under the credit agreement would revert to the range from 150 to 250 basis points for LIBOR loans and 50 to 150 basis points for base rate loans, in each case depending on the percentage of the borrowing base utilized. CRP’s credit agreement contains restrictive covenants that limit its ability to, among other things: (i) incur additional indebtedness; (ii) make investments and loans; (iii) enter into mergers; (iv) make or declare dividends; (v) enter into commodity hedges exceeding a specified percentage of the Company’s expected production; (vi) enter into interest rate hedges exceeding a specified percentage of its outstanding indebtedness; (vii) incur liens; (viii) sell assets; and (ix) 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 derivative assets and certain restricted cash) to its consolidated current liabilities (excluding the current portion of long-term debt under the credit agreement and non-cash derivative liabilities), of not less than 1.0 to 1.0 ; and (ii) 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 June 30, 2019 and through the filing of this Quarterly Report. Senior Unsecured Notes On March 15, 2019 , CRP issued $500.0 million of 6.875% senior notes due 2027 (the “2027 Senior Notes”) in a 144A private placement at a price equal to 99.235% of par that resulted in net proceeds to CRP of $489.0 million , after deducting the original issuance discount of $3.8 million and debt issuance costs of $7.2 million . Interest is payable on the 2027 Senior Notes semi-annually in arrears on each April 1 and October 1 , commencing October 1, 2019 . On November 30, 2017 , CRP issued at par $400.0 million of 5.375% senior notes due 2026 (the “2026 Senior Notes” and collectively with the 2027 Senior Notes, the “Senior Notes”) in a 144A private placement that resulted in net proceeds to CRP of $391.0 million , after deducting $9.0 million in debt issuance costs. Interest is payable on the 2026 Senior Notes semi-annually in arrears on each January 15 and July 15 , which commenced on July 15, 2018 . The Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by each of CRP’s current subsidiaries that guarantee CRP’s revolving credit facility. The Senior Notes are not guaranteed by the Company, nor is the Company subject to the terms of the indentures governing the Senior Notes. At any time prior to January 15, 2021 (for the 2026 Senior Notes) and April 1, 2022 (for the 2027 Senior Notes), the “Optional Redemption Dates,” CRP may, on any one or more occasions, redeem up to 35% of the aggregate principal amount of either series of Senior Notes with an amount of cash not greater than the net cash proceeds of certain equity offerings at a redemption price equal to 105.375% (for the 2026 Senior Notes) and 106.875% (for the 2027 Senior Notes) of the principal amount of the Senior Notes of the applicable series redeemed, plus any accrued and unpaid interest to the date of redemption; provided that at least 65% of the aggregate principal amount of such series of Senior Notes issued under the indenture governing such series remains outstanding immediately after such redemption, and the redemption occurs within 180 days of the closing date of such equity offering. At any time prior to Optional Redemption Dates, CRP may, on any one or more occasions, redeem all or a part of the Senior Notes at a redemption price equal to 100% of the principal amount of the Senior Notes redeemed, plus a “make-whole” premium, and any accrued and unpaid interest as of the date of redemption. On and after the Optional Redemption Dates, CRP may redeem the Senior Notes, in whole or in part, at redemption prices expressed as percentages of principal amount plus accrued and unpaid interest to the redemption date. If CRP experiences certain defined changes of control (and, in some cases, followed by a ratings decline), each holder of the Senior Notes may require CRP to repurchase all or a portion of its Senior Notes for cash at a price equal to 101% of the aggregate principal amount of such Senior Notes, plus any accrued but unpaid interest to the date of repurchase. The indentures governing the Senior Notes contains covenants that, among other things and subject to certain exceptions and qualifications, limit CRP’s ability and the ability of CRP’s restricted subsidiaries to: (i) incur or guarantee additional indebtedness or issue certain types of preferred stock; (ii) pay dividends on capital stock or redeem, repurchase or retire capital stock or subordinated indebtedness; (iii) transfer or sell assets; (iv) make investments; (v) create certain liens; (vi) enter into agreements that restrict dividends or other payments from their subsidiaries to them; (vii) consolidate, merge or transfer all or substantially all of their assets; (viii) engage in transactions with affiliates; and (ix) create unrestricted subsidiaries. CRP was in compliance with these covenants as of June 30, 2019 and through the filing of this Quarterly Report. Upon an Event of Default (as defined in the indentures governing the Senior Notes), the trustee or the holders of at least 25% of the aggregate principal amount of then outstanding Senior Notes may declare the Senior Notes immediately due and payable. In addition, a default resulting from certain events of bankruptcy or insolvency with respect to CRP, any restricted subsidiary of CRP that is a significant subsidiary, or any group of restricted subsidiaries that, taken together, would constitute a significant subsidiary, will automatically cause all outstanding Senior Notes to become due and payable.

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Jun. 30, 2019
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Note 4—Asset Retirement Obligations The following table summarizes the changes in the Company’s asset retirement obligations (“ARO”) associated with our working interests in oil and gas properties for the six months ended June 30, 2019 : (in thousands) Asset retirement obligations as of January 1, 2019 $ 13,895 Liabilities acquired 80 Liabilities incurred 714 Liabilities divested and settled (1,014 ) Accretion expense 438 Asset retirement obligations as of June 30, 2019 $ 14,113 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 plug and abandonment 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 gas property balance. Changes in the liability due to the passage of time are recognized as an increase in the carrying amount of the liability and as accretion expense.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Note 5—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 June 30, 2019 , the Company had 8,907,729 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 both General and administrative expenses and Exploration expense in the Consolidated Statements of Operations. The expense amounts in the table below may not be representative of future expense amounts to be recognized as the value of future awards may vary from historical award amounts. The Company accounts for forfeitures of awards granted under the LTIP as they occur in determining compensation expense. The following table summarizes stock-based compensation expense recognized for the periods presented: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Restricted stock awards $ 3,408 $ 1,989 $ 6,590 $ 3,764 Stock option awards 2,625 2,310 5,209 4,516 Performance stock units 725 356 1,442 708 Total stock-based compensation expense $ 6,758 $ 4,655 $ 13,241 $ 8,988 Restricted Stock The following table provides information about restricted stock activity during the six months ended June 30, 2019 : Awards Weighted Average Grant Date Fair Value Unvested balance as of December 31, 2018 1,535,945 $ 17.88 Granted 440,143 12.48 Vested (137,031 ) 18.57 Forfeited (15,652 ) 16.97 Unvested balance as of June 30, 2019 1,823,405 16.53 The Company grants service-based restricted stock awards to executive officers and employees, which vest ratably over a three -year service period, and to directors, which vest over a one -year service period. Compensation cost for the service-based restricted stock awards is based on the market price of the Company’s Class A common stock on the grant date, and such costs are recognized ratably over the applicable vesting period. The weighted average grant-date fair value for restricted stock awards granted was $12.48 and $18.87 per share for the six months ended June 30, 2019 and 2018 , respectively. The total fair value of restricted stock awards that vested during the six months ended June 30, 2019 and 2018 was $1.5 million and $1.4 million , respectively. Unrecognized compensation cost related to restricted shares that were unvested as of June 30, 2019 was $20.8 million , which the Company expects to recognize over a weighted average period of 1.9 years. Stock Options Stock options that have been granted under the LTIP expire ten years from the grant date and vest ratably over a three -year service period. The exercise price for an option granted under the LTIP is the closing price of the Company’s Class A Common Stock as reported on the NASDAQ on the date of grant. Compensation cost for stock options is based on the grant-date fair value of the award which is then recognized ratably over the vesting period of three years . The Company estimates the fair value using the Black-Scholes option-pricing model. Expected volatilities are based on the weighted average asset volatility of the Company and identified set of comparable companies. Expected term is based on the simplified method and is estimated as the mid-point between 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 six months ended June 30, 2019 and 2018 : For the Six Months Ended June 30, 2019 2018 Weighted average grant-date fair value per share $ 4.77 $ 7.82 Expected term (in years) 6 6 Expected stock volatility 46 % 41 % Dividend yield — % — % Risk-free interest rate 2.4 % 2.5 % The following table provides information about stock option awards outstanding during the six months ended June 30, 2019 : Options Weighted Average Exercise Price Weighted Average Remaining Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2018 4,559,334 $ 16.55 Granted 244,000 10.23 Exercised — — Forfeited (33,835 ) 15.79 Expired (3,666 ) 18.23 Outstanding as of June 30, 2019 4,765,833 16.23 7.8 $ — Exercisable as of June 30, 2019 2,625,457 16.13 7.5 $ — The total fair value of stock options that vested during the six months ended June 30, 2019 and 2018 was $4.1 million and $3.7 million , respectively. The intrinsic value of stock options exercised was approximately $0.2 million for the six months ended June 30, 2018 and there were no stock options exercised for the six months ended June 30, 2019 . As of June 30, 2019 , there was $8.7 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 1.4 years . Performance Stock Units During the six months ended June 30, 2019 and 2018 , there was no significant performance stock units activity. As of June 30, 2019 , there was $4.4 million of unrecognized compensation cost related to performance stock units that were unvested, which the Company expects to recognize on a pro-rata basis over a weighted average period of 1.7

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 6—Derivative Instruments The Company is exposed to certain risks relating to its ongoing business operations and may use derivative instruments to manage its exposure to commodity price risk from time to time. 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 may periodically use 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 may opportunistically use commodity derivative instruments known as fixed price swaps to realize a known price for a specific volume of production as well as basis swaps to hedge the difference between the index price and a local index price. All transactions are settled in cash with one party paying the other for the resulting difference in price multiplied by the contract volume. The following table summarizes the approximate volumes and average contract prices of swap contracts the Company had in place as of June 30, 2019 : Period Volume (Bbls) Volume (Bbls/d) Weighted Average Differential ($/Bbl) (1) Crude oil basis swaps July 2019 - September 2019 1,380,000 15,000 $ (9.03 ) October 2019 - December 2019 920,000 10,000 (4.24 ) (1) These oil basis swap transactions are settled based on the difference between the arithmetic average of ARGUS MIDLAND WTI and ARGUS WTI CUSHING indices, during each applicable settlement period. Period Volume (MMBtu) Volume (MMBtu/d) Weighted Average Fixed Price ($/MMBtu) (1) Natural Gas Swaps - Henry Hub July 2019 - December 2019 5,520,000 30,000 $ 2.78 Natural Gas Swaps - West Texas WAHA July 2019 - December 2019 2,760,000 15,000 1.61 Period Volume (MMBtu) Volume (MMBtu/d) Weighted Average Differential ($/MMBtu) (2) Natural gas basis swaps July 2019 - December 2019 6,440,000 35,000 $ (1.31 ) (1) These natural gas swap contracts are settled based on either i) the NYMEX Henry Hub price or ii) the Inside FERC West Texas WAHA price of natural gas, as applicable, as of the specified settlement date. (2) These natural gas basis swap contracts are settled based on the difference between the Inside FERC’s West Texas WAHA price and the NYMEX price of natural gas during each applicable settlement 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 Consolidated Statements of Operations. All derivative instruments are recorded at fair value in the Consolidated Balance Sheets, other than derivative instruments that meet the “normal purchase normal sale” exclusion, and any fair value gains and losses are recognized in current period earnings. The following table presents the impact of our derivative instruments in our Consolidated Statements of Operations for the periods presented: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Net gain (loss) on derivative instruments $ 2,128 $ 16,697 $ (3,743 ) $ 24,540 Offsetting of Derivative Assets and Liabilities. The Company’s commodity derivatives are included in the accompanying 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 table below summarizes the fair value amounts and the classification in the Consolidated Balance Sheets of the Company’s derivative contracts outstanding at the respective balance dates, as well as the gross recognized derivative assets, liabilities and offset amounts: Balance Sheet Classification Gross Fair Value Asset/Liability Amounts Gross Amounts Offset (1) Net Recognized Fair Value Assets/Liabilities (in thousands) June 30, 2019 Derivative Assets Commodity contracts Current assets - Derivative instruments $ 5,146 $ (4,972 ) $ 174 Derivative Liabilities Commodity contracts Current liabilities - Derivative instruments 19,319 (4,972 ) 14,347 December 31, 2018 Derivative Assets Commodity contracts Current assets - Derivative instruments $ 7,708 $ (6,076 ) $ 1,632 Derivative Liabilities Commodity contracts Current liabilities - Derivative instruments 12,127 (6,076 ) 6,051 (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 under CRP’s credit facility as referenced above.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 7—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 presents, for each applicable level within the fair value hierarchy, our net derivative assets and liabilities, including both current and noncurrent portions, measured at fair value on a recurring basis: (in thousands) Level 1 Level 2 Level 3 June 30, 2019 Total assets $ — $ 174 $ — Total liabilities — 14,347 — December 31, 2018 Total assets $ — $ 1,632 $ — Total liabilities — 6,051 — 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. Refer to Note 6—Derivative Instruments for details of the gross and net derivatives assets, liabilities and offset amounts presented in the Consolidated Balance Sheets. 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. 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 4—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 their fair values because of the short-term maturities and/or liquid nature of these assets and liabilities. The Company’s Senior Notes and borrowings under its credit agreement are recorded at cost. The following table summarizes the fair values and carrying values of these instruments as of June 30, 2019 and December 31, 2018 : June 30, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair value Credit facility due 2023 (1) $ — $ — $ 300,000 $ 300,000 5.375% Senior Notes due 2026 (2) 392,119 382,000 391,630 372,000 6.875% Senior Notes due 2027 (2) 489,234 505,000 — — (1) 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. (2)

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Note 8—Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income available to Class A Common Stock by the weighted average shares of Class A Common Stock outstanding during each period. Diluted EPS is calculated by dividing adjusted net income available to Class A Common Stock by the weighted average shares of diluted Class A Common Stock 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. When a loss from continuing operations exists, all dilutive securities and potentially dilutive securities are anti-dilutive and are therefore excluded from the computation of diluted earnings per share. 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: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands, except per share data) 2019 2018 2019 2018 Net income attributable to Class A Common Stock $ 17,877 $ 63,541 $ 9,765 $ 129,631 Add: Income from conversion of Class C Common Stock 735 — 442 — Adjusted net income attributable to Class A Common Stock $ 18,612 $ 63,541 $ 10,207 $ 129,631 Basic net earnings per share of Class A Common Stock $ 0.07 $ 0.24 $ 0.04 $ 0.49 Diluted net earnings per share of Class A Common Stock $ 0.07 $ 0.24 $ 0.04 $ 0.49 Basic weighted average shares of Class A Common Stock outstanding 264,378 263,757 264,397 262,547 Add: Dilutive effect of potential common shares 14 3,249 15 3,554 Add: Dilutive effects of conversion of Class C Common Stock 12,003 — 12,003 — Diluted weighted average shares of Class A Common Stock outstanding 276,395 267,006 276,415 266,101 For the three and six months ended June 30, 2019 and 2018 , the following shares were excluded from the diluted earnings per share calculation as their impacts were anti-dilutive: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Out-of-the-money stock options 4,667 643 4,612 407 Warrants 8,000 — 8,000 — Restricted stock 1,758 — 1,629 — Weighted average shares of Class C Common Stock — 12,314 — 13,497 Performance stock units — 155 — 77

Transactions with Related Parti

Transactions with Related Parties	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 9—Transactions with Related Parties Riverstone and its affiliates, beneficially own more than 10% equity interest in the Company and are therefore considered related parties. The Company has a marketing agreement with Lucid Energy Delaware, LLC (“Lucid”), an affiliate of Riverstone. The Company believes that the terms of the marketing agreement with Lucid are no less favorable to either party than those held with unaffiliated parties. For the three and six months ended June 30, 2019 , the Company recognized revenues net of processing fees from this marketing agreement amounting to $0.8 million and $1.0 million , respectively, and $0.2 million and $0.3 million for the three and six months ended June 30, 2018 , respectively. These revenues are recognized within Oil and gas sales and the associated processing fees are recognized within Gathering, processing and transportation expenses in the Consolidated Statements of Operations. Included in Accounts Receivable, net was $0.9 million and $0.7 million in receivables due from Lucid as of June 30, 2019 and December 31, 2018

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10—Commitments and Contingencies Commitments The Company routinely enters into or extends operating agreements, office and equipment leases, drilling and completion rig contracts, among others, in the ordinary course of business. There has been no material, non-routine changes in commitments during the six months ended June 30, 2019 . Please refer to Note 14—Commitments and Contingencies included in Part II, Item 8 in the Company’s 2018 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 a contingent liability to be recognized as of the date of these consolidated financial statements.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenues	Note 11—Revenues Revenue from Contracts with Customers Crude oil, natural gas and NGL sales are recognized at the point that control of the product is transferred to the customer and collectability is reasonably assured. Virtually all of the Company’s contract pricing provisions are tied to a market index, with certain adjustments based on, among other factors, transportation costs to an active spot market and quality differentials. As a result, the Company’s realized price of oil, natural gas, and NGLs fluctuates to remain competitive with other available oil, natural gas, and NGLs supplies both globally (in the case of crude oil) and locally. Oil and gas revenues presented within the Consolidated Statements of Operations relate to the sale of oil, natural gas and NGLs as shown below: For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Operating revenues (in thousands): Oil sales $ 214,305 $ 174,156 $ 389,859 $ 348,997 Natural gas sales 8,088 13,721 20,585 32,301 NGL sales 21,846 29,886 48,364 52,363 Oil and gas sales $ 244,239 $ 217,763 $ 458,808 $ 433,661 Oil sales The Company’s crude oil sales contracts are generally structured whereby oil is delivered to the purchaser at a contractually agreed-upon delivery point at which the purchaser takes title of the product. This delivery point is usually at the wellhead or at the inlet of a transportation pipeline. Revenue is recognized when control transfers to the purchaser at the delivery point based on the net price received from the purchaser. Any downstream transportation costs incurred by crude purchasers are reflected as a net reduction to oil sales revenues. Natural gas and NGL sales Under certain natural gas processing contracts, liquids rich natural gas is delivered to a midstream processing entity at the inlet of the gas plant processing system. The midstream processing entity gathers and processes the natural gas and remits proceeds to Centennial for the resulting sales of NGLs and residue gas. For these contracts, the Company evaluates when control is transferred and revenue should be recognized. Where the Company has concluded that control transfers at the tailgate of the processing facility, fees incurred prior to transfer of control are presented as gathering, processing and transportation expenses (“GP&T”) within the Consolidated Statements of Operations, rather than as a net reduction to natural gas and NGL sales. In the Company’s other natural gas processing agreements, it has the election to take its residue gas “in-kind” at the tailgate of the midstream processing plant and then subsequently market the product. For these contracts, the Company recognizes revenue when control transfers to purchasers at delivery points downstream of the processing plant. The gathering, processing and compression fees are presented as GP&T, and any transportation and fractionation costs incurred subsequent to the point of transfer of control are reflected as a net reduction to natural gas and NGL sales revenues presented in the table above. Performance obligations For all commodity products, the Company records revenue in the month production is delivered to the purchaser. Settlement statements for certain natural gas and NGL sales may not be received for 30 to 90 days after the date production volumes are delivered and for crude oil, generally within 30 days after delivery has occurred. However, payment is unconditional once the performance obligations have been satisfied. At this time, the volume and price can be reasonably estimated and amounts due from customers are accrued in Accounts Receivable, net in the Consolidated Balance Sheets. As of June 30, 2019 and December 31, 2018 , such receivable balances were $68.7 million and $67.0 million , respectively. The Company records any differences between its estimates and the actual amounts received for product sales in the month that payment is received from the purchaser. Historically, any identified differences between revenue estimates and actual revenue received have not been significant. For both the six months ended June 30, 2019 and 2018 , revenue recognized in the reporting period related to performance obligations satisfied in prior reporting periods were not material. Transaction price allocated to remaining performance obligations

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	Note 12—Leases At contract inception, the Company determines whether or not an arrangement contains a lease. However, in connection with the implementation of ASC 842, this assessment was made as of the adoption date. Upon determination of a lease, a lease right-of-use (ROU) asset and related liability are recorded based on the present value of the future lease payments over the lease term. ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make future lease payments arising from the lease. Currently, the Company has operating leases for drilling rig contracts, office rental agreements, and other wellhead equipment. As of June 30, 2019 , these leases have remaining lease terms ranging from one month to three years , some of which include options to extend the lease term for up to five years , and some of which include options to early terminate. These options are considered in determining the lease term and are included in the present value of future payments that are recorded for leases when the Company is reasonably certain to exercise the option. Leases with an initial term of one year or less are not recorded in the Consolidated Balance Sheets. Additionally, none of the Company’s lease agreements contain any material residual value guarantees or material restrictive covenants. The present value of future lease payments is determined at the lease commencement date based upon the Company’s incremental borrowing rate. The incremental borrowing rate is calculated using a risk-free interest rate adjusted for the Company’s specific risk. The table below summarizes our discount rate and remaining lease term as of the period presented. As of June 30, 2019 Weighted-average discount rate 4.45 % Weighted-average remaining lease term (years) 1.26 The Company’s drilling rig contracts, office rental agreements, and wellhead equipment contain both lease and non-lease components, which are combined and accounted for as a single lease component. Variable lease payments are recognized in the period in which they are incurred. Expenses related to short-term leases are recognized on a straight-line basis over the lease term. The following table presents the components of the Company’s lease expenses for the periods presented. (in thousands) For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 Lease costs (1) Operating lease cost $ 10,806 $ 21,393 Variable lease cost 703 1,504 Short-term lease cost 16,684 28,908 Total Lease Cost $ 28,193 $ 51,805 (1) The majority of the Company’s operating leases relate to the operations or completion of the Company’s wells. Therefore, the lease costs presented in the above table represent the total gross costs the Company incurs, which are not comparable to the Company’s net costs recorded to the Consolidated Statements of Operations, Consolidated Statements of Cash Flows or capitalized in the Consolidated Balance Sheets, as amounts therein are reflected net of amounts billed to working interest partners. Maturities of the Company’s long-term operating lease liabilities by fiscal year as of June 30, 2019 are as follows: (in thousands) Total 2019 (1)(2) $ 12,948 2020 8,713 2021 2,855 2022 425 Total lease payments 24,941 Less: imputed interest (863 ) Present value of lease liabilities (3) $ 24,078 (1) Excludes payments made during the six months ended June 30, 2019 . (2) Includes drilling rigs as of June 30, 2019 with an initial term greater than one year. (3) Of the total present value of lease liabilities, $18.9 million was recorded to current Operating lease liabilities and $5.2 million was recorded in noncurrent Operating lease liabilities in the Consolidated Balance Sheets as of June 30, 2019 . The following is a schedule of the Company’s future contractual payments for operating leases under the scope of ASC 840 that had initial contractual terms greater than one year as of December 31, 2018 : (in thousands) Drilling Rigs Office Leases 2019 $ 43,036 $ 3,057 2020 4,124 2,830 2021 — 2,761 2022 — 404 Total lease payments $ 47,160 $ 9,052

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, certain disclosures normally included in an Annual Report on Form 10-K have been omitted. The consolidated financial statements and related notes included in this Quarterly Report should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2018 (the “2018 Annual Report”). Except as disclosed herein, there have been no material changes to the information disclosed in the notes to the consolidated financial statements included in the Company’s 2018 Annual Report. In the opinion of management, all normal, recurring adjustments and accruals considered necessary to present fairly, in all material respects, the Company’s interim financial results have been included. Operating results for the periods presented are not necessarily indicative of expected results for the full year.
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. Noncontrolling interest represents third-party ownership in CRP, and is presented as a component of equity.
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 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) accrued revenues and related receivables; (vii) accrued liabilities; (viii) valuation of derivatives; and (ix) deferred income taxes.
Income Taxes	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 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 state jurisdictions, permanent and temporary differences and the likelihood of recovering deferred tax assets generated. The accounting estimates used to compute the provision for income taxes may change as new events occur, more historical trend data becomes available, additional information becomes known or as the tax environment changes.
Recently Issued Accounting Standards	In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement , which updates the disclosure requirements for fair value measurements in Accounting Standard Codification (“ASC”) Topic 820, Fair Value Measurement (“ASC Topic 820”). Certain disclosure requirements under ASC Topic 820 were removed, modified or added in order to improve the effectiveness of the fair value note included in the financial statements. This update will be effective for financial statements issued for fiscal years beginning after December 31, 2019, including interim periods within those fiscal years. An entity is permitted to early adopt any removed or modified disclosures and delay adoption of the additional disclosures until the effective date. The Company is currently assessing the impact of this update on the Company's consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases , which created ASC Topic 842, Leases (“ASC Topic 842”), superseding current lease requirements under ASC Topic 840, Leases . Subsequently in 2018, the FASB issued various ASUs which provide a practical expedient for the evaluation of existing land easement agreements, optionality in the adoption transition method, and additional implementation guidance. ASC Topic 842 and its related amendments apply to any entity that enters into a lease, with some specified scope exemptions. Under ASC Topic 842, a lessee should recognize in its consolidated balance sheet 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 lessor accounting, changes were made to align key aspects with revenue recognition guidance. ASC Topic 842 was effective for public entities for fiscal years, beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The standard permits retrospective application using either of the following methodologies: (i) application of the new standard at the earliest presented period or (ii) application of the new standard at the adoption date with a cumulative-effect adjustment recognized to retained earnings. The Company has adopted this guidance as of January 1, 2019, the effective date, and elected to recognize a cumulative-effect adjustment at the time of adoption. The Company has elected the following practical expedients that allows an entity to carry forward historical accounting treatment relating to (i) lease identification and classification for existing leases upon adoption and (ii) existing land easements. The adoption of ASC 842 resulted in the recognition of Operating lease right-of-use assets an d Operating lease liabilities in the Company’s Consolidated Balance Sheets for existing operating leases including drilling rig contracts, office rental agreements, and other wellhead equipment. This adoption did not have a significant impact on the Company’s Consolidated Statements of Operations or Consolidated Statements of Cash Flows. Refer to Note 12—Leases for additional information.

Accounts Receivable, Accounts_2

Accounts Receivable, Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accounts Receivable	Accounts receivable are comprised of the following: (in thousands) June 30, 2019 December 31, 2018 Accrued oil and gas sales receivable, net $ 68,737 $ 66,997 Joint interest billings, net 52,686 31,658 Other 123 1,968 Accounts receivable, net $ 121,546 $ 100,623
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses are comprised of the following: (in thousands) June 30, 2019 December 31, 2018 Accounts payable $ 54,656 $ 55,984 Accrued capital expenditures 90,917 75,791 Revenues payable 80,671 63,399 Accrued interest 20,813 11,129 Accrued employee compensation and benefits 6,840 9,757 Accrued expenses and other 13,540 24,515 Accounts payable and accrued expenses $ 267,437 $ 240,575

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The following table provides information about the Company’s long-term debt as of the dates indicated: (in thousands) June 30, 2019 December 31, 2018 Credit Facility due 2023 $ — $ 300,000 5.375% Senior Notes due 2026 400,000 400,000 6.875% Senior Notes due 2027 500,000 — Unamortized debt discount (3,735 ) — Unamortized debt issuance costs on Senior Notes (14,912 ) (8,370 ) Senior Notes, net 881,353 391,630 Total long-term debt, net $ 881,353 $ 691,630

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Jun. 30, 2019
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Asset Retirement Obligations	The following table summarizes the changes in the Company’s asset retirement obligations (“ARO”) associated with our working interests in oil and gas properties for the six months ended June 30, 2019 : (in thousands) Asset retirement obligations as of January 1, 2019 $ 13,895 Liabilities acquired 80 Liabilities incurred 714 Liabilities divested and settled (1,014 ) Accretion expense 438 Asset retirement obligations as of June 30, 2019 $ 14,113

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Stock-based Compensation Expense	The following table summarizes stock-based compensation expense recognized for the periods presented: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Restricted stock awards $ 3,408 $ 1,989 $ 6,590 $ 3,764 Stock option awards 2,625 2,310 5,209 4,516 Performance stock units 725 356 1,442 708 Total stock-based compensation expense $ 6,758 $ 4,655 $ 13,241 $ 8,988
Schedule of Restricted Stock Activity	The following table provides information about restricted stock activity during the six months ended June 30, 2019 : Awards Weighted Average Grant Date Fair Value Unvested balance as of December 31, 2018 1,535,945 $ 17.88 Granted 440,143 12.48 Vested (137,031 ) 18.57 Forfeited (15,652 ) 16.97 Unvested balance as of June 30, 2019 1,823,405 16.53
Summary of Stock 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 six months ended June 30, 2019 and 2018 : For the Six Months Ended June 30, 2019 2018 Weighted average grant-date fair value per share $ 4.77 $ 7.82 Expected term (in years) 6 6 Expected stock volatility 46 % 41 % Dividend yield — % — % Risk-free interest rate 2.4 % 2.5 %
Summary of Stock Option Activity	The following table provides information about stock option awards outstanding during the six months ended June 30, 2019 : Options Weighted Average Exercise Price Weighted Average Remaining Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2018 4,559,334 $ 16.55 Granted 244,000 10.23 Exercised — — Forfeited (33,835 ) 15.79 Expired (3,666 ) 18.23 Outstanding as of June 30, 2019 4,765,833 16.23 7.8 $ — Exercisable as of June 30, 2019 2,625,457 16.13 7.5 $ —

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 : Period Volume (Bbls) Volume (Bbls/d) Weighted Average Differential ($/Bbl) (1) Crude oil basis swaps July 2019 - September 2019 1,380,000 15,000 $ (9.03 ) October 2019 - December 2019 920,000 10,000 (4.24 ) (1) These oil basis swap transactions are settled based on the difference between the arithmetic average of ARGUS MIDLAND WTI and ARGUS WTI CUSHING indices, during each applicable settlement period. Period Volume (MMBtu) Volume (MMBtu/d) Weighted Average Fixed Price ($/MMBtu) (1) Natural Gas Swaps - Henry Hub July 2019 - December 2019 5,520,000 30,000 $ 2.78 Natural Gas Swaps - West Texas WAHA July 2019 - December 2019 2,760,000 15,000 1.61 Period Volume (MMBtu) Volume (MMBtu/d) Weighted Average Differential ($/MMBtu) (2) Natural gas basis swaps July 2019 - December 2019 6,440,000 35,000 $ (1.31 ) (1) These natural gas swap contracts are settled based on either i) the NYMEX Henry Hub price or ii) the Inside FERC West Texas WAHA price of natural gas, as applicable, as of the specified settlement date. (2) These natural gas basis swap contracts are settled based on the difference between the Inside FERC’s West Texas WAHA price and the NYMEX price of natural gas during each applicable settlement period.
Schedule of Gains and Losses from Derivative Instruments	The following table presents the impact of our derivative instruments in our Consolidated Statements of Operations for the periods presented: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Net gain (loss) on derivative instruments $ 2,128 $ 16,697 $ (3,743 ) $ 24,540
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The table below summarizes the fair value amounts and the classification in the Consolidated Balance Sheets of the Company’s derivative contracts outstanding at the respective balance dates, as well as the gross recognized derivative assets, liabilities and offset amounts: Balance Sheet Classification Gross Fair Value Asset/Liability Amounts Gross Amounts Offset (1) Net Recognized Fair Value Assets/Liabilities (in thousands) June 30, 2019 Derivative Assets Commodity contracts Current assets - Derivative instruments $ 5,146 $ (4,972 ) $ 174 Derivative Liabilities Commodity contracts Current liabilities - Derivative instruments 19,319 (4,972 ) 14,347 December 31, 2018 Derivative Assets Commodity contracts Current assets - Derivative instruments $ 7,708 $ (6,076 ) $ 1,632 Derivative Liabilities Commodity contracts Current liabilities - Derivative instruments 12,127 (6,076 ) 6,051 (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)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurement of Financial Instruments	The following table presents, for each applicable level within the fair value hierarchy, our net derivative assets and liabilities, including both current and noncurrent portions, measured at fair value on a recurring basis: (in thousands) Level 1 Level 2 Level 3 June 30, 2019 Total assets $ — $ 174 $ — Total liabilities — 14,347 — December 31, 2018 Total assets $ — $ 1,632 $ — Total liabilities — 6,051 — The Company’s Senior Notes and borrowings under its credit agreement are recorded at cost. The following table summarizes the fair values and carrying values of these instruments as of June 30, 2019 and December 31, 2018 : June 30, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair value Credit facility due 2023 (1) $ — $ — $ 300,000 $ 300,000 5.375% Senior Notes due 2026 (2) 392,119 382,000 391,630 372,000 6.875% Senior Notes due 2027 (2) 489,234 505,000 — — (1) 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. (2)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
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: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands, except per share data) 2019 2018 2019 2018 Net income attributable to Class A Common Stock $ 17,877 $ 63,541 $ 9,765 $ 129,631 Add: Income from conversion of Class C Common Stock 735 — 442 — Adjusted net income attributable to Class A Common Stock $ 18,612 $ 63,541 $ 10,207 $ 129,631 Basic net earnings per share of Class A Common Stock $ 0.07 $ 0.24 $ 0.04 $ 0.49 Diluted net earnings per share of Class A Common Stock $ 0.07 $ 0.24 $ 0.04 $ 0.49 Basic weighted average shares of Class A Common Stock outstanding 264,378 263,757 264,397 262,547 Add: Dilutive effect of potential common shares 14 3,249 15 3,554 Add: Dilutive effects of conversion of Class C Common Stock 12,003 — 12,003 — Diluted weighted average shares of Class A Common Stock outstanding 276,395 267,006 276,415 266,101
Schedule of Shares Excluded from Diluted Earnings Per Share Calculation	For the three and six months ended June 30, 2019 and 2018 , the following shares were excluded from the diluted earnings per share calculation as their impacts were anti-dilutive: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Out-of-the-money stock options 4,667 643 4,612 407 Warrants 8,000 — 8,000 — Restricted stock 1,758 — 1,629 — Weighted average shares of Class C Common Stock — 12,314 — 13,497 Performance stock units — 155 — 77

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Summary of Oil and Gas Revenues	Oil and gas revenues presented within the Consolidated Statements of Operations relate to the sale of oil, natural gas and NGLs as shown below: For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Operating revenues (in thousands): Oil sales $ 214,305 $ 174,156 $ 389,859 $ 348,997 Natural gas sales 8,088 13,721 20,585 32,301 NGL sales 21,846 29,886 48,364 52,363 Oil and gas sales $ 244,239 $ 217,763 $ 458,808 $ 433,661

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Schedule of Discount Rate and Remaining Lease Term, Components of Lease Expenses, and Other Information	The table below summarizes our discount rate and remaining lease term as of the period presented. As of June 30, 2019 Weighted-average discount rate 4.45 % Weighted-average remaining lease term (years) 1.26 (in thousands) For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 Lease costs (1) Operating lease cost $ 10,806 $ 21,393 Variable lease cost 703 1,504 Short-term lease cost 16,684 28,908 Total Lease Cost $ 28,193 $ 51,805 (1) The majority of the Company’s operating leases relate to the operations or completion of the Company’s wells. Therefore, the lease costs presented in the above table represent the total gross costs the Company incurs, which are not comparable to the Company’s net costs recorded to the Consolidated Statements of Operations, Consolidated Statements of Cash Flows or capitalized in the Consolidated Balance Sheets, as amounts therein are reflected net of amounts billed to working interest partners.
Schedule of Maturities of Operating Lease Liabilities	Maturities of the Company’s long-term operating lease liabilities by fiscal year as of June 30, 2019 are as follows: (in thousands) Total 2019 (1)(2) $ 12,948 2020 8,713 2021 2,855 2022 425 Total lease payments 24,941 Less: imputed interest (863 ) Present value of lease liabilities (3) $ 24,078 (1) Excludes payments made during the six months ended June 30, 2019 . (2) Includes drilling rigs as of June 30, 2019 with an initial term greater than one year. (3) Of the total present value of lease liabilities, $18.9 million was recorded to current Operating lease liabilities and $5.2 million was recorded in noncurrent Operating lease liabilities in the Consolidated Balance Sheets as of June 30, 2019 .
Schedule of Future Contractual Payments For Leases Under ASC 840	The following is a schedule of the Company’s future contractual payments for operating leases under the scope of ASC 840 that had initial contractual terms greater than one year as of December 31, 2018 : (in thousands) Drilling Rigs Office Leases 2019 $ 43,036 $ 3,057 2020 4,124 2,830 2021 — 2,761 2022 — 404 Total lease payments $ 47,160 $ 9,052

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details)	Jun. 30, 2019	Dec. 31, 2018
Centennial Contributors | Centennial Resource Production, LLC
Noncontrolling Interest [Line Items]
Ownership interest of non-controlling interest	4.30%	4.30%

Accounts Receivable, Accounts_3

Accounts Receivable, Accounts Payable and Accrued Expenses - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued oil and gas sales receivable, net	$ 68,737	$ 66,997
Joint interest billings, net	52,686	31,658
Other	123	1,968
Accounts receivable, net	$ 121,546	$ 100,623

Accounts Receivable, Accounts_4

Accounts Receivable, Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable	$ 54,656	$ 55,984
Accrued capital expenditures	90,917	75,791
Revenues payable	80,671	63,399
Accrued interest	20,813	11,129
Accrued employee compensation and benefits	6,840	9,757
Accrued expenses and other	13,540	24,515
Accounts payable and accrued expenses	$ 267,437	$ 240,575

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 15, 2019	Dec. 31, 2018	Nov. 30, 2017
Debt Instrument [Line Items]
Total long-term debt, net	$ 881,353		$ 691,630
Senior Notes
Debt Instrument [Line Items]
Unamortized debt discount	(3,735)		0
Unamortized debt issuance costs on Senior Notes	(14,912)		(8,370)
Total long-term debt, net	881,353		391,630
Senior Notes | Senior Notes Due 2026
Debt Instrument [Line Items]
Gross amount of long-term debt	$ 400,000		400,000
Interest rate, stated percentage	5.375%			5.375%
Senior Notes | Senior Notes Due 2027
Debt Instrument [Line Items]
Gross amount of long-term debt	$ 500,000		0
Unamortized debt discount		$ (3,800)
Interest rate, stated percentage	6.875%	6.875%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Gross amount of long-term debt	$ 0		$ 300,000

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details)	Apr. 26, 2019	Apr. 25, 2019	Mar. 15, 2019USD ($)	May 04, 2018	Nov. 30, 2017USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)redetermination	Dec. 31, 2018USD ($)
Senior Notes
Debt Instrument [Line Items]
Debt discount						$ 3,735,000	$ 3,735,000	$ 0
Percentage of principal amount, eligible to be redeemed							35.00%
Redemption price percentage							100.00%
Percentage of principal amount, redeemable							65.00%
Percentage of principal amount, event of default							25.00%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Borrowing base						1,200,000,000	$ 1,200,000,000
Elected commitments						800,000,000	800,000,000
Line of credit, term				5 years
Borrowings, outstanding amount						0	0
Remaining borrowing capacity, net of current borrowings outstanding						799,200,000	799,200,000
Maximum borrowing base						1,500,000,000	$ 1,500,000,000
Number of optional borrowing base redeterminations | redetermination							2
Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Letters of credit outstanding						$ 800,000	$ 800,000
Minimum | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Commitment fee percentage on unused amounts						0.375%
Debt instrument, covenant, minimum current ratio							1
Maximum | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Commitment fee percentage on unused amounts						0.50%
Debt instrument, covenant, maximum leverage ratio	3						4
Senior Notes Due 2027 | Senior Notes
Debt Instrument [Line Items]
Long-term debt			$ 500,000,000
Interest rate, stated percentage			6.875%			6.875%	6.875%
Private placement price as percentage of par			99.235%
Proceeds from borrowings, net of issuance costs			$ 489,000,000
Debt discount			3,800,000
Debt issuance costs			$ 7,200,000
Redemption price percentage			106.875%
Senior Notes Due 2026 | Senior Notes
Debt Instrument [Line Items]
Long-term debt					$ 400,000,000
Interest rate, stated percentage					5.375%	5.375%	5.375%
Proceeds from borrowings, net of issuance costs					$ 391,000,000
Debt issuance costs					$ 9,000,000
Redemption price percentage					105.375%
Percentage of principal amount, change in control					101.00%
Adjusted For Statutory Reserve Requirements - London Interbank Offered Rate (LIBOR) | Minimum | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%				1.25%
Adjusted For Statutory Reserve Requirements - London Interbank Offered Rate (LIBOR) | Maximum | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%				2.25%
Federal Funds Effective Swap Rate | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate						0.50%
One-Month London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate						1.00%
London Interbank Offered Rate (LIBOR) | Minimum | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%				0.25%
London Interbank Offered Rate (LIBOR) | Maximum | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%				1.25%

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations as of January 1, 2019	$ 13,895
Liabilities acquired	80
Liabilities incurred	714
Liabilities divested and settled	(1,014)
Accretion expense	438
Asset retirement obligations as of June 30, 2019	$ 14,113

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Oct. 07, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised	$ 0
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value (in dollars per share)	$ 12.48	$ 18.87
Fair value of vested restricted stock awards	$ 1,500,000	$ 1,400,000
Unrecognized compensation costs	$ 20,800,000
Unrecognized compensation costs, period for recognition	1 year 10 months 24 days
Stock option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, period for recognition	1 year 4 months 24 days
Fair value of stock options vested	$ 4,100,000	3,700,000
Intrinsic value of options exercised	0	$ 200,000
Unrecognized compensation costs for stock options	8,700,000
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 4,400,000
Unrecognized compensation costs, period for recognition	1 year 8 months 12 days
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)	8,907,729
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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total equity based compensation expense	$ 6,758	$ 4,655	$ 13,241	$ 8,988
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total equity based compensation expense	3,408	1,989	6,590	3,764
Stock option awards
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total equity based compensation expense	2,625	2,310	5,209	4,516
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total equity based compensation expense	$ 725	$ 356	$ 1,442	$ 708

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock (Details) - Restricted stock awards - $ / shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Awards
Unvested balance, beginning of period (in shares)	1,535,945
Granted (in shares)	440,143
Vested (in shares)	(137,031)
Forfeited (in shares)	(15,652)
Unvested balance, end of period (in shares)	1,823,405
Weighted Average Grant Date Fair Value
Beginning of period (in dollars per share)	$ 17.88
Granted (in dollars per share)	12.48	$ 18.87
Vested (in dollars per share)	18.57
Forfeited (in dollar per share)	16.97
End of period (in dollars per share)	$ 16.53

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions Used For Stock Options (Details) - Stock option awards - $ / shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value per share (in dollars per share)	$ 4.77	$ 7.82
Expected term (in years)	6 years	6 years
Expected stock volatility	46.00%	41.00%
Dividend yield	0.00%	0.00%
Risk-free interest rate	2.40%	2.50%

Stock-Based Compensation - Opti

Stock-Based Compensation - Option Activity (Details)	6 Months Ended
	Jun. 30, 2019USD ($)$ / sharesshares
Options
Outstanding, beginning of period (in shares) | shares	4,559,334
Granted (in shares) | shares	244,000
Exercised (in shares) | shares	0
Forfeited (in shares) | shares	(33,835)
Expired (in shares) | shares	(3,666)
Outstanding, end of period (in shares) | shares	4,765,833
Exercisable (in shares) | shares	2,625,457
Weighted Average Exercise Price
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 16.55
Granted (in dollars per share) | $ / shares	10.23
Exercised (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	15.79
Expired (in dollars per share) | $ / shares	18.23
Outstanding, end of period (in dollars per share) | $ / shares	16.23
Exercisable (in dollars per share) | $ / shares	$ 16.13
Outstanding, weighted average remaining term	7 years 9 months 18 days
Exercisable, weighted average remaining term	7 years 6 months
Outstanding, aggregate intrinsic value | $	$ 0
Exercisable, aggregate intrinsic value | $	$ 0

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Derivative Instruments (Details) - Not Designated as Hedging Instrument bbl / d in Thousands, bbl in Thousands, MMBTU in Thousands	6 Months Ended
	Jun. 30, 2019MMBTUbbl / d$ / MMBTU$ / bblbbl
Crude Oil Basis Swap - Period One
Derivative [Line Items]
Volume (Bbls) | bbl	1,380
Volume (Bbls/d) | bbl / d	15
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	(9.03)
Crude Oil Basis Swap - Period Two
Derivative [Line Items]
Volume (Bbls) | bbl	920
Volume (Bbls/d) | bbl / d	10
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	(4.24)
Natural Gas Swaps - Henry Hub - Period One
Derivative [Line Items]
Volume (MMBtu)	5,520
Volume (MMBtu/d)	30
Weighted Average Fixed Price ($/MMBtu) | $ / MMBTU	2.78
Natural Gas Swaps - West Texas WAHA - Period One
Derivative [Line Items]
Volume (MMBtu)	2,760
Volume (MMBtu/d)	15
Weighted Average Fixed Price ($/MMBtu) | $ / MMBTU	1.61
Natural Gas Basis Swap - Period One
Derivative [Line Items]
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	(1.31)
Volume (MMBtu)	6,440
Volume (MMBtu/d)	35

Derivative Instruments - Gains

Derivative Instruments - Gains and Losses from Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net gain (loss) on derivative instruments	$ 2,128	$ 16,697	$ (3,743)	$ 24,540

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Derivative Instruments Balance Sheet Classification (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets - Derivative instruments
Derivative Assets
Gross Fair Value Asset/Liability Amounts	$ 5,146	$ 7,708
Gross Amounts Offset	(4,972)	(6,076)
Net Recognized Fair Value Assets/Liabilities	174	1,632
Current liabilities - Derivative instruments
Derivative Liabilities
Gross Fair Value Asset/Liability Amounts	19,319	12,127
Gross Amounts Offset	(4,972)	(6,076)
Net Recognized Fair Value Assets/Liabilities	$ 14,347	$ 6,051

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Derivative Assets and Liabilities (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 0	$ 0
Derivative liabilities	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	174	1,632
Derivative liabilities	14,347	6,051
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	$ 0	$ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Fair Value of Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 15, 2019	Dec. 31, 2018	Nov. 30, 2017
Senior Notes Due 2026 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt instrument	$ 382,000		$ 372,000
Interest rate, stated percentage	5.375%			5.375%
Senior Notes Due 2027 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt instrument	$ 505,000		0
Interest rate, stated percentage	6.875%	6.875%
Carrying Value | Senior Notes Due 2026 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt instrument	$ 392,119		391,630
Carrying Value | Senior Notes Due 2027 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt instrument	489,234		0
Revolving Credit Facility | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt instrument	0		300,000
Revolving Credit Facility | Carrying Value | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt instrument	$ 0		$ 300,000

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Net income attributable to Class A Common Stock	$ 17,877	$ 63,541	$ 9,765	$ 129,631
Add: Income from conversion of Class C Common Stock	735	0	442	0
Adjusted net income attributable to Class A Common Stock	$ 18,612	$ 63,541	$ 10,207	$ 129,631
Basic net earnings per share of Class A Common Stock (USD per share)	$ 0.07	$ 0.24	$ 0.04	$ 0.49
Diluted net earnings per share of Class A Common Stock (USD per share)	$ 0.07	$ 0.24	$ 0.04	$ 0.49
Basic weighted average shares of Class A Common Stock outstanding (in shares)	264,378	263,757	264,397	262,547
Add: Dilutive effect of potential common shares (in shares)	14	3,249	15	3,554
Add: Dilutive effects of conversion of Class C Common Stock (in shares)	12,003	0	12,003	0
Diluted weighted average shares of Class A Common Stock outstanding (in shares)	276,395	267,006	276,415	266,101

Earnings Per Share - Summary of

Earnings Per Share - Summary of Shares Excluded From Diluted Earnings Per Share Calculation (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Out-of-the-money stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	4,667	643	4,612	407
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	8,000	0	8,000	0
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	1,758	0	1,629	0
Weighted average shares of Class C Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	0	12,314	0	13,497
Performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	0	155	0	77

Transactions with Related Par_2

Transactions with Related Parties - Additional Information (Details) - Lucid Energy Delaware, LLC - Affiliated Entity - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Revenue from related parties	$ 0.8	$ 0.2	$ 1	$ 0.3
Receivables from related parties	$ 0.9		$ 0.9		$ 0.7

Revenues - Schedule of Disaggre

Revenues - Schedule of Disaggregated Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 244,239	$ 217,763	$ 458,808	$ 433,661
Oil sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	214,305	174,156	389,859	348,997
Natural gas sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	8,088	13,721	20,585	32,301
NGL sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 21,846	$ 29,886	$ 48,364	$ 52,363

Revenues - Additional Informati

Revenues - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Accrued oil and gas sales receivable, net	$ 68.7	$ 67
Natural Gas and NGL sales | Minimum
Disaggregation of Revenue [Line Items]
Performance obligations billing cycle	30 days
Natural Gas and NGL sales | Maximum
Disaggregation of Revenue [Line Items]
Performance obligations billing cycle	90 days
Oil sales
Disaggregation of Revenue [Line Items]
Performance obligations billing cycle	30 days

Leases - Additional Information

Leases - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 month
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	3 years
Renewal term (up to)	5 years

Leases - Schedule of Lease Expe

Leases - Schedule of Lease Expenses and Other Information (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)
Leases [Abstract]
Weighted-average discount rate	4.45%	4.45%
Weighted-average remaining lease term (years)	1 year 3 months 3 days	1 year 3 months 3 days
Lease costs
Operating lease cost	$ 10,806	$ 21,393
Variable lease cost	703	1,504
Short-term lease cost	16,684	28,908
Total Lease Cost	$ 28,193	$ 51,805

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Operating Lease Liabilities, Payments Due After Adoption of 842 [Abstract]
2019	$ 12,948
2020	8,713
2021	2,855
2022	425
Total	24,941
Less: Imputed Interest	(863)
Present value of lease liabilities	24,078
Operating lease liability, current	18,875
Operating lease liability, noncurrent	$ 5,203
Drilling Rigs
Operating Leases, Future Contractual Payments Before Adoption of 842
2019		$ 43,036
2020		4,124
2021		0
2022		0
Total lease payments		47,160
Office Leases
Operating Leases, Future Contractual Payments Before Adoption of 842
2019		3,057
2020		2,830
2021		2,761
2022		404
Total lease payments		$ 9,052

Uncategorized Items - cdev06302

Label	Element	Value	[1]
Restricted Cash	us-gaap_RestrictedCash	$ 0
Restricted Cash	us-gaap_RestrictedCash	$ 3,295,000
[1]	Included in Prepaid and other current assets line item on the Consolidated Balance Sheets