Permian Resources (PR) 10-K 24 Feb 20 2019 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2019	Feb. 20, 2020	Jun. 28, 2019
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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 Public Float			$ 1,478,769,888
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for its 2020 Annual Meeting of Stockholders, which will be filed with the United States Securities and Exchange Commission within 120 days of December 31, 2019, are incorporated by reference into Part III of this Form 10-K for the year ended December 31, 2019.
Entity Central Index Key	0001658566
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		276,011,045
Class C
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1,034,119

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 10,223	$ 18,157
Accounts receivable, net	101,912	100,623
Derivative instruments	0	1,632
Prepaid and other current assets	7,994	9,777
Total current assets	120,129	130,189
Oil and natural gas properties, successful efforts method
Unproved properties	1,470,903	1,680,065
Proved properties	3,962,175	2,895,280
Accumulated depreciation, depletion and amortization	(931,737)	(496,900)
Total oil and natural gas properties, net	4,501,341	4,078,445
Other property and equipment, net	14,612	8,837
Total property and equipment, net	4,515,953	4,087,282
Operating Lease, Right-of-Use Asset	11,841	0
Noncurrent assets
Other noncurrent assets	40,365	42,550
TOTAL ASSETS	4,688,288	4,260,021
Current liabilities
Accounts payable and accrued expenses	244,309	240,575
Derivative instruments	325	6,051
Operating Lease, Liability, Current	9,232	0
Other current liabilities	600	1,090
Total current liabilities	254,466	247,716
Noncurrent liabilities
Long-term debt, net	1,057,389	691,630
Asset retirement obligations	16,874	13,895
Deferred income taxes	85,504	62,167
Operating Lease, Liability, Noncurrent	3,354	0
Other long-term liabilities	0	744
Total liabilities	1,417,587	1,016,152
Commitments and contingencies (Note 13)
Shareholders’ equity
Additional paid-in capital	2,975,756	2,833,611
Retained earnings	282,336	266,538
Total shareholders’ equity	3,258,120	3,100,177
Noncontrolling interest	12,581	143,692
Total equity	3,270,701	3,243,869
TOTAL LIABILITIES AND EQUITY	4,688,288	4,260,021
Series A Preferred Stock
Shareholders’ equity
Preferred stock	0	0
Common Class A
Shareholders’ equity
Common stock	28	27
Class C
Shareholders’ equity
Common stock	$ 0	$ 1

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	620,000,000	620,000,000
Series A Preferred Stock
Preferred stock, shares issued (in shares)	1	1
Preferred stock, shares outstanding (in shares)	1	1
Common Class A
Common stock, shares issued (in shares)	280,650,341	265,859,273
Common stock, shares outstanding (in shares)	275,811,346	264,323,328
Class C
Common stock, shares issued (in shares)	1,034,119	12,003,183
Common stock, shares outstanding (in shares)	1,034,119	12,003,183

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating revenues
Oil and gas sales	$ 944,330	$ 891,045	$ 429,902
Operating expenses
Oil And Gas Producing Activities, Lease Operating Expense	145,976	83,313	41,336
Production Tax Expense	63,200	56,523	23,173
Oil And Gas Producing Activities, Transportation Costs	72,834	57,624	34,259
Depreciation, depletion and amortization	444,243	326,462	161,628
Impairment and abandonment expense	47,245	11,136	(29)
Exploration expense	11,390	9,968	14,373
General and administrative expenses	79,156	63,304	49,882
Total operating expenses	864,044	608,330	324,622
Gain (Loss) on Disposition of Property Plant Equipment	(857)	475	8,796
Income from operations	79,429	283,190	114,076
Other income (expense)
Interest expense	(55,991)	(26,358)	(5,729)
Net gain (loss) on derivative instruments	(1,561)	15,336	5,138
Other income	334	8	0
Total other income (expense)	(57,218)	(11,014)	(591)
Income before income taxes	22,211	272,176	113,485
Income tax expense	(5,797)	(59,440)	(29,930)
Net income	16,414	212,736	83,555
Less: Net income attributable to noncontrolling interest	(616)	(12,837)	(7,987)
Net income attributable to Class A Common Stock	$ 15,798	$ 199,899	$ 75,568
Income per share of Class A Common Stock:
Basic (in dollars per share)	$ 0.06	$ 0.76	$ 0.32
Diluted (in dollars per share)	$ 0.06	$ 0.75	$ 0.32

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Lease, Payments	$ 16,774	$ 0	$ 0
Operating Lease, Payments, Use	20,905	0	0
Cash flows from operating activities:
Net income	16,414	212,736	83,555
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	444,243	326,462	161,628
Stock-based compensation expense	28,997	20,670	13,759
Impairment and abandonment expense	47,245	11,136	(29)
Exploratory dry hole costs	0	528	5,658
Deferred tax expense	5,797	59,440	29,930
Net (gain) loss on sale of long-lived assets	857	(475)	(8,796)
Non-cash portion of derivative (gain) loss	(4,094)	5,274	(5,805)
Amortization of debt issuance costs and discount	2,861	1,749	887
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(10,098)	(33,001)	(43,553)
(Increase) decrease in prepaid and other assets	(1,882)	(1,168)	(4,088)
Increase (decrease) in accounts payable and other liabilities	33,833	66,660	26,772
Net cash provided by operating activities	564,173	670,011	259,918
Cash flows from investing activities:
Acquisition of oil and natural gas properties	(103,709)	(212,513)	(435,547)
Drilling and development capital expenditures	(855,153)	(998,242)	(574,334)
Purchases of other property and equipment	(8,857)	(6,058)	(4,921)
Proceeds from sales of oil and natural gas properties	34,730	148,149	22,496
Net cash used in investing activities	(932,989)	(1,068,664)	(992,306)
Cash flows from financing activities:
Issuance of Class A common stock	0	0	340,750
Underwriting discount and offering costs	0	0	(7,291)
Proceeds from borrowings under revolving credit facility	595,000	475,000	275,000
Repayment of borrowings under revolving credit facility	(720,000)	(175,000)	(275,000)
Proceeds from issuance of Senior Notes	496,175	0	400,000
Proceeds from exercise of stock options	0	982	877
Restricted stock used for tax withholdings	(1,038)	(1,665)	(644)
Debt issuance costs	(7,200)	(5,157)	(9,472)
Net cash provided by financing activities	362,937	294,160	724,220
Net increase (decrease) in cash, cash equivalents and restricted cash	(5,879)	(104,493)	(8,168)
Cash, cash equivalents and restricted cash, beginning of period	21,422	125,915	134,083
Cash, cash equivalents and restricted cash, end of period	15,543	21,422	125,915
Supplemental cash flow information
Cash paid for interest	48,905	18,284	4,280
Supplemental non-cash activity
Accrued capital expenditures included in accounts payable and accrued expenses	97,090	119,492	126,480
Asset retirement obligations incurred, including revisions to estimates	2,262	1,451	4,044
Restricted Cash and Cash Equivalents [Abstract]
Total cash, cash equivalents and restricted cash	15,543	21,422	134,083
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 34,833	$ 0	$ 0

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Class A	Class C	Series A	Conversion of common shares from Class C to Class A	Conversion of common shares from Class C to Class AClass A	Common StockClass A	Common StockClass C	Common StockConvertible Common Stock [Member]	Common StockConversion of common shares from Class B to Class A at transactionClass A	Common StockConversion of common shares from Class C to Class AClass A	Common StockConversion of common shares from Class C to Class AClass C	Preferred StockSeries A	Preferred StockSeries B	Preferred StockConversion of common shares from Class B to Class A at transactionSeries B	Additional Paid-In Capital	Additional Paid-In CapitalClass A	Additional Paid-In CapitalConversion of common shares from Class B to Class A at transactionClass A	Additional Paid-In CapitalConversion of common shares from Class C to Class A	Retained Earnings (Accumulated Deficit)	Total Shareholder’s Equity	Total Shareholder’s EquityClass A	Total Shareholder’s EquityConversion of common shares from Class C to Class A	Non-controlling Interest	Non-controlling InterestConversion of common shares from Class C to Class A
Common shares outstanding at beginning of period (in shares) at Dec. 31, 2016							201,092,000	19,156,000
Preferred stock, beginning balance, shares (in shares) at Dec. 31, 2016													0	104,000
Balance, beginning of period at Dec. 31, 2016	$ 2,552,935						$ 20	$ 2					$ 0	$ 0		$ 2,364,049				$ (8,929)	$ 2,355,142			$ 197,793
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of common shares (in shares)										26,100,000	3,495,000	(3,495,000)			(104,000)
Conversion of common shares	0				$ 20,031		$ 0		$ 0	$ 3								$ (3)	$ 58,746				$ 58,746		$ (38,715)
Stock issued during period (in shares)							23,500,000
Stock issued during period	340,750						$ 2										$ 340,748					$ 340,750
Warrants exercised (in shares)		6,235,790					6,236,000
Warrants exercised	0						$ 1									(1)
Restricted stock issued (in shares)							902,000
Stock Issued During Period, Value, Restricted Stock Award, Gross							$ 0
Restricted stock forfeited (in shares)							(12,000)
Restricted Stock Award, Forfeitures							$ 0									0
Restricted stock used for tax withholding (in shares)							(33,000)
Restricted stock used for tax withholding	(644)															(644)					(644)
Option exercises (in shares)							58,000
Option exercises	877						$ 0									877					877
Underwriters’ discount and offering expense	(7,291)															(7,291)					(7,291)
Change in equity due to issuance of shares by Centennial Resource Production, LLC	0															(2,682)					(2,682)			2,682
Stock-based compensation	13,759															13,759					13,759
Net income (loss)	83,555																			75,568	75,568			7,987
Common shares outstanding at end of period (in shares) at Dec. 31, 2017							261,338,000	15,661,000
Preferred stock, ending balance, shares (in shares) at Dec. 31, 2017													0	0
Balance, end of period at Dec. 31, 2017	3,003,972						$ 26	$ 2					$ 0	$ 0		2,767,558				66,639	2,834,225			169,747
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of common shares (in shares)											3,658,000	(3,658,000)
Conversion of common shares					7,174		$ 1		(1)										46,066				46,066		(38,892)
Restricted stock issued (in shares)							1,030,000
Stock Issued During Period, Value, Restricted Stock Award, Gross							$ 0
Restricted stock forfeited (in shares)							(136,000)
Restricted Stock Award, Forfeitures							$ 0									0
Restricted stock used for tax withholding (in shares)							(91,000)
Restricted stock used for tax withholding	(1,665)															(1,665)					(1,665)
Option exercises (in shares)							60,000
Option exercises	982						$ 0									982					982
Stock-based compensation	20,670															20,670					20,670
Net income (loss)	212,736																			199,899	199,899			12,837
Common shares outstanding at end of period (in shares) at Dec. 31, 2018		264,323,328	12,003,183				265,859,000	12,003,000
Preferred stock, ending balance, shares (in shares) at Dec. 31, 2018				1									0	0
Balance, end of period at Dec. 31, 2018	3,243,869						$ 27	$ 1					$ 0	$ 0		2,833,611				266,538	3,100,177			143,692
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of common shares (in shares)						10,969,064					10,969,000	(10,969,000)
Conversion of common shares					$ (17,541)		$ 1		$ (1)										$ 114,186				$ 114,186		$ (131,727)
Restricted stock issued (in shares)							4,109,000
Stock Issued During Period, Value, Restricted Stock Award, Gross							$ 0
Restricted stock forfeited (in shares)							(116,000)
Restricted Stock Award, Forfeitures							$ 0									0
Restricted stock used for tax withholding (in shares)							(171,000)
Restricted stock used for tax withholding	(1,038)															(1,038)					(1,038)
Stock-based compensation	28,997															28,997					28,997
Net income (loss)	16,414																			15,798	15,798			616
Common shares outstanding at end of period (in shares) at Dec. 31, 2019		275,811,346	1,034,119				280,650,000	1,034,000
Preferred stock, ending balance, shares (in shares) at Dec. 31, 2019				1									0	0
Balance, end of period at Dec. 31, 2019	$ 3,270,701						$ 28	$ 0					$ 0	$ 0		$ 2,975,756				$ 282,336	$ 3,258,120			$ 12,581

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 1—Basis of Presentation and Summary of Significant Accounting Policies Description of Business Centennial Resource Development, Inc. 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. The Company’s assets are concentrated in the Delaware Basin, a sub-basin of the Permian Basin, and its properties consist of large, contiguous acreage blocks located in West Texas and 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 consolidated financial statements include the accounts of the Company and its majority owned subsidiary CRP, and CRP’s wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”). All intercompany balances and transactions have been eliminated in consolidation. Noncontrolling interests represent third-party ownership in CRP, and it is presented as a component of equity. See Note 9—Shareholders' Equity and Noncontrolling Interest for discussion on noncontrolling interest. Certain prior period amounts have been reclassified to conform to the current presentation in the accompanying consolidated financial statements. Such reclassifications had no impact on net income, cash flows or shareholders’ equity previously reported. 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 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) impairment expense of unproved properties; (iv) depreciation, depletion and amortization; (v) asset retirement obligations; (vi) determining fair value and allocating purchase price in connection with business combinations and asset acquisitions; (vii) accrued revenues and related receivables; (viii) accrued liabilities; (ix) valuation of derivatives; and (x) deferred income taxes. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid instruments with an original maturity of three months or less at the time of issuance to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value because of the short-term maturity of these investments. From time to time, the Company is required to maintain cash in separate accounts, the use of which is restricted by the terms of contracted arrangements. Such amounts are included in Prepaid and other current assets and Other noncurrent assets as of December 31, 2019 and December 31, 2018 in the Consolidated Balance Sheets. Accounts Receivable Accounts receivable consists mainly of receivables from oil and natural gas purchasers and from joint interest owners on properties the Company operates. For receivables from joint interest owners, the Company typically has the ability to withhold future revenue disbursements to recover non-payment of joint interest billings. Accordingly, the Company’s oil and natural gas receivables are generally collected, and the Company has minimal bad debts. Although diversified among many companies, collectability is dependent upon the financial wherewithal of each individual company and is influenced by the general economic conditions of the industry. Receivables are not collateralized, and the Company therefore establishes an allowance for doubtful accounts equal to the portions of its accounts receivable for which collectability is not reasonably assured. Th e Company had $0.1 million in allowance for doubtful accounts as of December 31, 2019 and none as of December 31, 2018 . Credit Risk and Other Concentrations Centennial is exposed to credit risk in the event of nonpayment by counterparties. The Company normally sells production to a relatively small number of customers, as is customary in its business. The table below presents percentages by purchaser that accounted for 10% or more of the Company’s total net revenues for each year as presented: Year Ended December 31, 2019 2018 2017 BP America 37 % 18 % 16 % ExxonMobil Oil Corporation 26 % — % — % Shell Trading (US) Company 11 % 19 % 33 % Eagleclaw Midstream Ventures, LLC 8 % 12 % 14 % During these periods, no other purchaser accounted for 10% or more of the Company’s net revenues. The loss of any of the Company’s major purchasers could materially and adversely affect its revenues in the short-term. However, based on the current demand for oil and natural gas and the availability of other purchasers, the Company believes that the loss of any major purchaser would not have a material adverse effect on its financial condition and results of operations because crude oil and natural gas are fungible products with well-established markets and numerous purchasers. By using derivative instruments to economically hedge exposures to changes in commodity prices, the Company also exposes itself to credit risk. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk. The Company minimizes the credit risk in derivative instruments by: (i) limiting its exposure to any single counterparty; and (ii) only entering into hedging arrangements with counterparties that are also participants in CRP’s credit agreement, all of which have investment-grade credit ratings. Oil and Natural Gas Properties The Company’s oil and natural gas producing activities are accounted for using the successful efforts method of accounting. Under the successful efforts method, the costs incurred to acquire, drill, and complete development wells are capitalized to proved properties. Exploration costs, including personnel and other internal costs, geological and geophysical expenses and delay rentals for oil and gas leases, are charged to expense as incurred. Costs of drilling exploratory wells, on the other hand, are initially capitalized but are charged to expense if the well is determined to be unsuccessful. Costs to operate, repair and maintain wells and field equipment are expensed as incurred. The Company capitalizes interest on expenditures made in connection with exploration and development projects that are not subject to current amortization. Interest is capitalized only for the period that activities are in process to bring the projects to their intended use. Capitalized interest cannot exceed interest expense for the period capitalized. The Company capitalized interest of $4.1 million , $2.9 million and $1.2 million during the years ended December 31, 2019 , 2018 and 2017 , respectively. Proved Properties. Costs incurred to obtain access to proved reserves and to provide facilities for extracting, treating, gathering and storing oil, natural gas and NGLs are capitalized. All costs incurred to drill and equip successful exploratory wells, development wells, development-type stratigraphic test wells, extension wells and service wells, are capitalized. Capitalized proved property acquisition and development costs are depleted using a units-of production method based on the remaining life of proved and proved developed reserves, respectively. Net carrying values of retired, sold or abandoned properties that constitute less than a complete unit of depreciable property are charged or credited, net of proceeds, to accumulated depreciation, depletion and amortization unless doing so significantly affects the unit-of-production amortization rate, in which case a gain or loss is recognized. Gains or losses from the disposal of complete units of depreciable property are recognized to the Consolidated Statements of Operations. The Company reviews its proved oil and natural gas properties for impairment whenever events and circumstances indicate that there could be a possible decline in the recoverability of the carrying amount of such property. The Company estimates the expected future cash flows of its oil and natural gas properties and compares these undiscounted cash flows to the carrying amount of the oil and natural gas properties to determine if the carrying amount is recoverable. If the carrying amount exceeds the estimated undiscounted future cash flows, the Company will write down the carrying amount of the oil and natural gas properties to fair value. The factors used to determine fair value include, but are not limited to, estimates of reserves, future commodity prices, future production estimates, estimated future capital and operating expenditures and discount rates, which are based on a weighted average cost of capital. There were no impairments of proved oil and natural gas properties for the years ended December 31, 2019 , 2018 and 2017 . Unproved Properties. Unproved properties consist of costs to acquire undeveloped leases as well as costs to acquire unproved reserves, and they are both capitalized as incurred. These consist of costs incurred in obtaining a mineral interest or a right in a property such as a lease, in addition to broker fees, recording fees and other similar costs related to acquiring properties. Leasehold costs are classified as unproved until proved reserves are discovered on or otherwise attributed to the property, at which time the related unproved property costs are transferred to proved oil and natural gas properties. The Company evaluates significant unproved properties for impairment based on remaining lease term, drilling results, reservoir performance, seismic interpretation or changes in future plans to develop acreage. Unproved properties that are not individually significant are aggregated by prospect or geographically, and the portion of such costs estimated to be nonproductive prior to lease expiration is amortized over the average holding period. The estimate of what could be nonproductive is based on the Company’s historical experience or other information, including current drilling plans and existing geological data. Impairment and amortization of unproved properties are included in Impairment and abandonment expense in the Consolidated Statements of Operations. Other Property and Equipment Other property and equipment includes office furniture and equipment, buildings, vehicles, computer hardware and software and is recorded at cost. These assets are depreciated using the straight-line method over their estimated useful lives which range from three to twenty years . Equipment upgrades and improvements are capitalized while expenditures for maintenance and repairs are expensed as incurred. When other property and equipment is sold or retired, the capitalized costs and related accumulated depreciation are removed from the accounts and a gain or loss is recorded in the Consolidated Statements of Operations as needed. Debt Issuance Costs and Discount Debt issuance costs related to the Company’s revolving credit facility are included in the line item Other Noncurrent Assets in the Consolidated Balance Sheets. These costs are amortized to interest expense on a straight-line basis over the borrowing term. Issuance costs incurred in connection with the Company’s Senior Notes offerings and any related issuance discount are deferred and charged to interest expense over the term of the agreement; however, these amounts are reflected as a reduction of the related obligation in the line item Long-term debt on the Consolidated Balance Sheets. Derivative Financial Instruments In order to mitigate its exposure to oil and natural gas price volatility, the Company may periodically use derivative instruments, such as swaps, costless collars, basis swaps, and other similar agreements. To the extent legal right of offset exists with a counterparty, the Company reports derivative assets and liabilities on a net basis. The Company records derivative instruments in its Consolidated Balance Sheets as either an asset or liability measured at fair value. The commodity derivative instruments are accounted for using mark-to-market accounting where all gains and losses are recognized in earnings during the period in which they are incurred. The Company’s derivatives have not been designated as hedges for accounting purposes. Asset Retirement Obligations The Company recognizes a liability for the estimated future costs associated with abandonment of its oil and natural gas properties. A liability for the fair value of an asset retirement obligation and corresponding increase to the carrying value of the related long-lived asset are recorded at the time a well is drilled or acquired. The fair value of the liability recognized is based on the present value of the estimated future cash outflows associated with its plug and abandonment obligations. The Company depletes the amount added to proved oil and natural gas property costs and recognizes expense in connection with the accretion of the discounted liability over the remaining estimated economic lives of the respective oil and natural gas properties. Revisions typically occur due to changes in estimated abandonment costs or well economic lives, or if federal or state regulators enact new requirements regarding the abandonment of wells. Revenue Recognition The Company derives revenue primarily from the sale of produced oil, natural gas, and NGLs. Revenue is recognized when a performance obligation is satisfied by transferring control of the produced oil, natural gas or NGLs to the customer. For all commodity products, the Company records revenue in the month production is delivered to the purchaser based on estimates of the amount of production delivered to the purchaser and the price the Company will receive. Payments are generally received between 30 and 90 days after the date of production. Variances between estimated sales and actual amounts received are insignificant and are recorded in the month payment is received. Refer to Note 14—Revenues for additional information. Income Taxes Income taxes are recognized based on earnings reported for tax return purposes and provisions recorded for deferred income taxes. Deferred income tax assets and liabilities are recognized based on temporary differences resulting from: (i) net operating loss carryforwards for income tax purposes, and (ii) differences between the amounts recorded to the consolidated financial statements and the tax basis of assets and liabilities, as measured using enacted statutory tax rates in effect at the end of a period. The effect of a change in tax rates or tax laws is recognized in income during the period such changes are enacted. A valuation allowance for deferred tax assets is established when it is more likely than not that some portion of the benefit from deferred tax assets will not be realized. Stock-Based Compensation The Company’s stock-based compensation consists of grants of restricted stock, stock options, and performance stock units to employees and directors, as well as an employee stock purchase plan which is available to eligible employees. The Company determines compensation expense related to all stock-based awards based on their estimated grant-date fair value, and such expense is recognized on a straight-line basis over the applicable service period of the award. See Note 6—Stock-Based Compensation for additional information regarding the Company’s stock-based compensation. Earnings (Loss) 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. Dilutive EPS is calculated by dividing adjusted net income available to Class A Common Stock by the weighted average number of diluted Class A Common Stock outstanding, which includes the effect of potentially dilutive securities. See Note 10—Earnings Per Share for additional information regarding the Company’s computation of EPS. Segment Reporting The Company operates in only one industry segment which is the exploration and production of oil and natural gas. All of its operations are conducted in one geographic area of the United States. All revenues are derived from customers located in the United States. Recently Issued or Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases , which created Accounting Standard Codification (“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 and elected to recognize a cumulative-effect adjustment at the time of adoption. The Company has elected the following practical expedients that allow an entity to carry forward historical accounting treatment relating to: (i) lease identification and classification for existing leases 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 its 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 15—Leases for additional information.

Property Acquisitions and Dives

Property Acquisitions and Divestitures	12 Months Ended
	Dec. 31, 2019
Business Combinations [Abstract]
Property Acquisitions and Divestitures	Note 2—Property Acquisitions and Divestitures 2018 Acquisitions On February 8, 2018 , the Company completed the acquisition of approximately 4,000 undeveloped net acres, as well as certain producing properties, in Lea County, New Mexico for an unadjusted purchase price of $94.7 million . The operated acreage position contains an approximate 92% average working interest and is largely contiguous to Centennial’s existing positions in the northern Delaware Basin. During the fourth quarter of 2018, the Company completed several acquisitions totaling approximately 2,900 net acres, which are located adjacent to the Company’s existing acreage in Lea County, New Mexico and Reeves County, Texas for an aggregate unadjusted purchase price of $87.9 million . This value encompasses certain producing properties included in the acquisitions. All acquisitions during 2018 were recorded as asset acquisitions under ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASC 2017-11”) . Accordingly, the purchase consideration for these assets has been allocated to the oil and natural gas properties based on their relative fair values measured as of the acquisition dates. After aggregate settlement statement adjustments of $0.3 million , the Company paid an aggregate purchase price of $182.3 million . On a relative fair value basis, $142.5 million was allocated to unproved properties and $39.8 million to proved properties. Transaction costs incurred and capitalized amounted to $0.2 million and mainly consisted of advisory and legal fees. 2018 Disposition On March 2, 2018 , the Company completed the sale of approximately 8,600 undeveloped net acres and 12 gross producing wells located in Reeves County, Texas for a total unadjusted sales price of $140.7 million . The divested acreage represents a largely non-operated position ( 32% average working interest) on the western portion of Centennial’s position in Reeves County. There was no gain or loss recognized as a result of this divestiture, which constituted a partial sale of oil and gas properties in accordance with ASC 932 , Extractive Activities - Oil and Gas . The Company used the net proceeds from the sale to fund the 2018 acquisitions discussed above. 2017 Acquisition On June 8, 2017, the Company completed the GMT Acquisition and acquired interests in 36 gross producing horizontal wells plus undeveloped acreage on approximately 11,850 net acres ( 14,770 gross acres) in Lea County, New Mexico for an unadjusted purchase price of $350.0 million . The Company operates approximately 79% of, and has an approximate 85% average working interest in, this acreage. The acquired acres are located in the Northern Delaware Basin with drilling locations in the Avalon Shale, 2nd Bone Spring Sand, 3rd Bone Spring Sand and Wolfcamp A formations. The GMT Acquisition was recorded as an asset acquisition under ASU 2017-01. Accordingly, the GMT purchase consideration has been allocated to the GMT oil and natural gas properties based on their relative fair values measured as of the acquisition date. After settlement statement adjustments of $0.1 million , the Company paid a net purchase price of $350.1 million . On a relative fair value basis, $296.9 million was allocated to unproved properties and $53.2 million to proved properties. Transaction costs as they relate to the GMT Acquisition mainly consist of advisory, legal and accounting fees and are capitalized as incurred, and the Company has incurred $0.5 million in transaction costs related to this acquisition.

Accounts Receivable, Accounts P

Accounts Receivable, Accounts Payable and Accrued Expenses	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts Receivable, Accounts Payable and Accrued Expenses	Note 3—Accounts Receivable, Accounts Payable and Accrued Expenses Accounts receivable are comprised of the following: (in thousands) December 31, 2019 December 31, 2018 Accrued oil and gas sales receivable, net $ 76,578 $ 66,997 Joint interest billings, net 25,136 31,658 Other 198 1,968 Accounts receivable, net $ 101,912 $ 100,623 Accounts payable and accrued expenses are comprised of the following: (in thousands) December 31, 2019 December 31, 2018 Accounts payable $ 21,484 $ 55,984 Accrued capital expenditures 83,002 75,791 Revenues payable 82,539 63,399 Accrued employee compensation and benefits 12,979 9,757 Accrued interest 19,405 11,129 Accrued expenses and other 24,900 24,515 Accounts payable and accrued expenses $ 244,309 $ 240,575

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Long-Term Debt	Note 4—Long-Term Debt The following table provides information about the Company’s long-term debt as of the dates indicated: (in thousands) December 31, 2019 December 31, 2018 Credit Facility due 2023 $ 175,000 $ 300,000 5.375% Senior Notes due 2026 400,000 400,000 6.875% Senior Notes due 2027 500,000 — Unamortized debt issuance costs on Senior Notes (14,061 ) (8,370 ) Unamortized debt discount (3,550 ) — Senior Notes, net 882,389 391,630 Total long-term debt, net $ 1,057,389 $ 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 December 31, 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 December 31, 2019 , the Company had $175.0 million in borrowings outstanding and $624.2 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 CRP’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. In connection with the credit facility’s fall 2019 semi-annual borrowing base redetermination, the borrowing base was reaffirmed at $1.2 billion and the amount of elected commitments remained at $800.0 million . 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 December 31, 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; or (iii) the adjusted LIBOR rate for a one-month interest period plus 100 basis points, plus an applicable margin, which ranged 25 to 125 basis points as of December 31, 2019 , depending on the percentage of the borrowing base utilized. CRP also pays a commitment fee of 37.5 to 50 basis points on unused amounts under its facility. 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 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. The weighted- average borrowing rate on the credit agreement, exclusive of unused commitment fees and the letter of credit noted above, was 3.7% and 3.8% per annum for the years ended December 31, 2019 and 2018 , respectively. 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 these covenants and the financial ratios described above as of December 31, 2019 and through the filing of this Annual 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 , which commenced on 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 an 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 indenture 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 accrued and unpaid interest to the date of redemption; provided that at least 65% of the aggregate principal amount of each such series of Senior Notes 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 certain 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 and unpaid interest to the date of repurchase. The indentures governing the Senior Notes contain 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 December 31, 2019 and through the filing of this Annual 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	12 Months Ended
	Dec. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Note 5—Asset Retirement Obligations The following table summarizes the changes in the Company’s asset retirement obligations (“ARO”) associated with its working interests in oil and gas properties for the periods presented: (in thousands) December 31, 2019 December 31, 2018 Asset retirement obligations, beginning of period $ 13,895 $ 12,161 Liabilities incurred 1,393 1,535 Liabilities acquired 1,167 165 Liabilities divested and settled (1,361 ) (673 ) Accretion expense 912 791 Revisions to estimated cash flows 868 (84 ) Asset retirement obligations, end of period $ 16,874 $ 13,895 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 natural 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	12 Months Ended
	Dec. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Note 6—Stock-Based Compensation 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 December 31, 2019 , the Company had 4,962,545 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 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: Year Ended December 31, (in thousands) 2019 2018 2017 Restricted stock awards $ 15,929 $ 9,185 $ 5,008 Stock option awards 9,562 9,433 8,160 Performance stock units 3,374 2,052 591 Other stock-based compensation expense (1) 132 — — Total stock-based compensation expense $ 28,997 $ 20,670 $ 13,759 (1) Includes expenses related to the Company’s Employees Stock Purchase Plan (the “ESPP”). In May 2019, an aggregate of 2,000,000 shares were authorized by stockholders for issuance under the ESPP, which became effective on July 1, 2019. Restricted Stock The following table provides a summary of the restricted stock activity during the year ended December 31, 2019 : Awards Weighted Average Grant-Date Fair Value Unvested balance as of December 31, 2018 1,535,945 $ 17.88 Granted 4,109,148 6.59 Vested (690,084 ) 17.46 Forfeited (116,013 ) 11.39 Unvested balance as of December 31, 2019 4,838,996 8.51 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 these 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 $6.59 , $18.11 and $17.33 per share for the years ended December 31, 2019 , 2018 and 2017 , respectively. The total fair value of restricted stock awards that vested for the years ended December 31, 2019 , 2018 and 2017 was $12.0 million , $6.6 million and $2.7 million , respectively. Unrecognized compensation cost related to restricted shares that were unvested as of December 31, 2019 was $32.0 million , which the Company expects to recognize over a weighted average period of 2.2 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 by 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 volatility of the Company and an 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 yield curve 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 for the periods presented: Years Ended December 31, 2019 2018 2017 Weighted average grant date fair value per share $ 4.32 $ 8.58 $ 7.15 Expected term (in years) 6 6 6 Expected stock volatility 47 % 42 % 38 % Dividend yield — — — Risk-free interest rate 2.2 % 2.7 % 2.0 % The following table provides information about stock option awards outstanding during the year ended December 31, 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 346,500 9.24 Exercised — — Forfeited (103,670 ) 17.76 Expired (37,997 ) 17.80 Outstanding as of December 31, 2019 4,764,167 15.99 7.3 $ 11 Exercisable as of December 31, 2019 3,530,630 16.00 7.0 $ — The total fair value of stock options that vested during the years ended December 31, 2019 , 2018 and 2017 was $10.2 million , $8.8 million and $4.9 million , respectively. The intrinsic value of stock options exercised was approximately $0.2 million for both the years ended December 31, 2018 and 2017. There were no stock options exercised during the year ended December 31, 2019 . As of December 31, 2019 , there was $4.1 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 1.6 years. Performance Stock Units The Company grants performance stock units to certain executive officers that are subject to market-based vesting criteria as well as a three -year service period. Vesting at the end of the three -year service period is subject to the condition that the Company’s stock price increases by a greater percentage, or decreases by a lesser percentage, than the average percentage increase or decrease, respectively, of the stock prices of a peer group of companies. The market-based conditions must be met in order for the stock awards to vest, and it is, therefore, possible that no shares could vest. However, the Company recognizes compensation expense for the performance stock units subject to market conditions regardless of whether it becomes probable that these conditions will be achieved or not, and compensation expense is not reversed if vesting does not actually occur. The grant-date fair value was estimated using a Monte Carlo valuation model. The Monte Carlo valuation model is based on random projections of stock price paths and must be repeated numerous times to achieve a probabilistic assessment. Expected volatility was calculated based on the historical volatility of the Company’s common stock, and the risk-free interest rate is based on U.S. Treasury yield curve rates with maturities consistent with the three -year vesting period. The following table summarizes the key assumptions and related information used to determine the grant-date fair value of performance stock units awarded during the periods presented: Year Ended December 31, 2019 2018 2017 Weighted average grant-date fair value per unit $ 6.68 $ 22.35 $ 21.53 Number of simulations 1,000,000 1,000,000 1,000,000 Expected stock volatility 52.3 % 40.2 % 41.6 % Dividend yield — % — % — % Risk-free interest rate 1.8 % 2.8 % 1.5 % The following table provides information about performance stock units outstanding during the year ended December 31, 2019 : Awards Weighted Average Grant Date Fair Value Unvested balance as of December 31, 2018 386,459 $ 21.94 Granted 486,213 6.68 Vested — — Forfeited — — Unvested balance as of December 31, 2019 872,672 13.44 As of December 31, 2019 , there was $5.7 million of unrecognized compensation cost related to unvested performance stock units, which the Company expects to recognize on a pro rata basis over a weighted average period of 1.9 years

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 7—Derivative Instruments The Company is exposed to certain risks relating to its ongoing business operations and 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 December 31, 2019 : Period Volume (Bbl) Volume (Bbls/d) Weighted Average Differential ($/Bbl) (1) Crude oil basis swaps January 2020 - March 2020 273,000 3,000 $ 0.67 April 2020 - June 2020 273,000 3,000 0.67 July 2020 - September 2020 276,000 3,000 0.67 October 2020 - December 2020 276,000 3,000 0.67 (1) These oil basis swap transactions are settled based on the difference between the arithmetic average of the ARGUS MIDLAND WTI and ARGUS WTI CUSHING indices, 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 the Company’s derivative instruments on its Consolidated Statements of Operations for the periods presented: Year Ended December 31, (in thousands) 2019 2018 2017 Net gain (loss) on derivative instruments $ (1,561 ) $ 15,336 $ 5,138 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 tables below summarize the fair value amounts and 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) December 31, 2019 Derivative Liabilities Commodity contracts Current liabilities - Derivative instruments $ 325 $ — $ 325 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 of derivative assets against derivative liabilities at settlement or in the event of a default under the agreements or contract termination. Contingent Features in Financial Derivative Instruments. None of the Company’s derivative instruments contain credit-risk-related contingent features. Counterparties to the Company’s financial derivative contracts are high credit-quality financial institutions that are lenders under CRP’s credit agreement. The Company uses only credit agreement participants to hedge with, since these institutions are secured equally with the holders of any CRP bank debt, which eliminates the potential need to post collateral when Centennial is in a derivative liability position. As a result, the Company is not required to post letters of credit or corporate guarantees for its derivative counterparties in order to secure contract performance obligations. In addition, the Company is exposed to credit risk associated with its derivative contracts from non-performance by its counterparties. The Company mitigates its exposure to any single counterparty by contracting with a number of financial institutions, each of which has a high credit rating and is a member of CRP’s credit facility as referenced above.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 8—Fair Value Measurements Recurring Fair Value Measurements The Company follows FASB ASC Topic 820, Fair Value Measurement and Disclosure, which establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows: • Level 1: Quoted Prices in Active Markets for Identical Assets – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Significant Other Observable Inputs – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3: Significant Unobservable Inputs – inputs to the valuation methodology are unobservable and significant to the fair value measurement. The following table presents, for each applicable level within the fair value hierarchy, the Company’s 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 December 31, 2019 Total assets $ — $ — $ — Total liabilities — 325 — 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 its 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 7—Derivative Instruments for details of the gross and net derivative assets, liabilities and offset amounts as 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 gas properties include estimates of: (i) reserves; (ii) production rates; (iii) future operating and development costs; (iv) future commodity prices, including price differentials; (v) future cash flows; and (vi) a market participant-based weighted average cost of capital rate. These inputs require significant judgments and estimates by the Company’s management at the time of the valuation. Refer to Note 2—Property Acquisitions and Divestitures for additional information on the fair value of assets acquired. The initial measurement of ARO at fair value is calculated using discounted cash flow techniques and is based on internal estimates of future retirement costs associated with property, plant and equipment. Significant Level 3 inputs used in the calculation of ARO include plugging costs and reserve lives. Refer to Note 5—Asset Retirement Obligations for additional information on the Company’s ARO. Other Financial Instruments The carrying amounts of the Company’s cash, cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate 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 December 31, 2019 and December 31, 2018 : December 31, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair value Credit facility due 2023 (1) $ 175,000 $ 175,000 $ 300,000 $ 300,000 5.375% Senior Notes due 2026 (2) 392,623 394,480 391,630 372,000 6.875% Senior Notes due 2027 (2) 489,766 520,000 (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)

Shareholders' Equity and Noncon

Shareholders' Equity and Noncontrolling Interest	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Shareholders' Equity and Noncontrolling Interest	Note 9—Shareholders' Equity and Noncontrolling Interest During 2019, the legacy owners of CRP (the “Centennial Contributors”) exchanged 10,969,064 of their CRP Common Units (and corresponding shares of Class C Common Stock) for Class A Common Stock. A tax loss of $17.5 million was recorded in equity as a result of the conversion of shares from the noncontrolling interest owner. No cash proceeds were received by the Company in connection with this exchange. On March 7, 2018 , Silver Run Sponsor, LLC (“Silver Run Sponsor”), the Riverstone Purchasers and the Centennial Contributors completed an underwritten public offering of 25,000,000 shares of Class A Common Stock. No cash proceeds were received by the Company in connection with this offering and 3,347,647 shares of CRP Common Units (and corresponding shares of Class C Common Units) were converted to shares of Class A Common Stock on a one -to-one basis. A tax benefit of $7.2 million was recorded in equity as a result of the conversion of shares from the noncontrolling interest owner. On November 9, 2017 , Silver Run Sponsor, the Riverstone Purchasers and Centennial Contributors completed an underwritten public offering of 25,000,000 shares of Class A Common Stock. No cash proceeds were received by the Company in connection with this offering and 3,494,583 shares of Class C Common Units were converted to shares of Class A Common Stock on a one -to-one basis. In addition, a tax benefit of $20.0 million was recorded in equity as a result of the conversion of shares from the noncontrolling interest owner. On May 25, 2017, the Company’s stockholders approved at a special meeting the issuance of 26,100,000 shares of Class A Common Stock upon the conversion of 104,400 shares of Series B Preferred Stock that were held by affiliates of Riverstone Investment Group LLC in a private placement. There were no cash proceeds received by the Company in connection with this issuance. On May 4, 2017, the Company entered into subscription agreements with certain investors pursuant to which such investors agreed to purchase, in the aggregate, 23,500,000 shares of Class A Common Stock at a purchase price of $14.50 per share, for gross proceeds of approximately $340.8 million . The closing under the subscription agreements occurred concurrently with the closing of the GMT Acquisition on June 8, 2017, and the proceeds were used to fund a majority of the purchase price of that acquisition. Class A Common Stock Holders of the Company's Class A Common Stock are entitled to one vote for each share held on all matters to be voted on by the Company's stockholders. Holders of the Class A Common Stock and holders of the Class C Common Stock vote together as a single class on all matters submitted to a vote of the Company's stockholders, except as required by law. Unless specified in the Charter (including any certificate of designation of preferred stock) or Bylaws, or as required by applicable provisions of the Delaware General Corporation Law or applicable stock exchange rules, the affirmative vote of a majority of the Company’s shares of common stock that are voted is required to approve any such matter voted on by the Company’s stockholders. There is no cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors (subject to the right of the holder of the Company’s Series A Preferred Stock to nominate and elect one director). Subject to the rights of the holders of any outstanding series of preferred stock, the Company’s stockholders are entitled to receive ratable dividends when and if declared by the board of directors out of funds legally available therefor. In the event of a liquidation, dissolution or winding up of the Company, the holders of the Class A Common Stock are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of stock having preference, if any, over the Class A Common Stock. The Company’s stockholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the Class A Common Stock. Class C Common Stock The Company had 1,034,119 shares of Class C Common Stock outstanding as of December 31, 2019 , which represent the remaining portion of the 20,000,000 shares of Class C Common Stock issued to the Centennial Contributors in connection with the Business Combination that have not been redeemed or exchanged as of such date. Holders of Class C Common Stock have the right to vote on all matters properly submitted to a vote of the stockholders and vote together as a single class with the holders of Class A Common Stock. In addition, the holders of Class C Common Stock, voting as a separate class, are entitled to approve any amendment, alteration or repeal of any provision of the Company’s Charter that would alter or change the powers, preferences or relative, participating, optional, other or special rights of the Class C Common Stock. Holders of Class C Common Stock are not entitled to any dividends from the Company and are not entitled to receive any of its assets in the event of any voluntary or involuntary liquidation, dissolution or winding up of its affairs. Shares of Class C Common Stock may be issued only to the Centennial Contributors, their respective successors and assigns, as well as any permitted transferees of the Centennial Contributors. A holder of Class C Common Stock may transfer shares of Class C Common Stock to any transferee (other than the Company) only if such holder also simultaneously transfers an equal number of such holder’s CRP Common Units to such transferee. Holders of Class C Common Stock generally have the right to cause CRP to redeem all or a portion of their CRP Common Units in exchange for shares of the Company’s Class A Common Stock or, at CRP’s option, an equivalent amount of cash. The Company may, however, at its option, effect a direct exchange of cash or Class A Common Stock for such CRP Common Units in lieu of such a redemption by CRP. Upon the future redemption or exchange of CRP Common Units held by a Centennial Contributor, a corresponding number of shares of Class C Common Stock will be canceled. Preferred Stock As of December 31, 2019 and 2018 , the Company had one share of Series A Preferred Stock outstanding which was issued to Centennial Resource Development, LLC (“CRD”) in connection with the Business Combination. NGP X US Holdings, L.P. (“NGP”), as the current holder of the Series A Preferred Stock, is not entitled to any dividends from the Company, but is entitled to preferred distributions in liquidation in the amount of $0.0001 per share of Series A Preferred Stock and has a limited voting right as described below. The Series A Preferred Stock is redeemable by the Company (i) at such time as NGP and its affiliates cease to own, in the aggregate, at least 5,000,000 CRP Common Units and/or shares of Class A Common Stock (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and other similar transactions), (ii) at any time at NGP’s option or (iii) upon a breach by NGP of the transfer restrictions relating to the Series A Preferred Stock. In addition, for so long as the Series A Preferred Stock remains outstanding, NGP will be entitled to nominate one director for election to the Company’s board of directors in connection with any vote of the Company’s stockholders for the election of directors, and the vote of NGP will be the only vote required to elect such nominee to the Company’s board of directors. NGP has declined to exercise its right to nominate and elect a director since May 2019, when the director previously nominated and elected by NGP resigned. Warrants The Company’s Public Warrants were originally issued in connection with the initial public offering of units of Silver Run Acquisition Corporation. On March 1, 2017, the Company delivered a notice of redemption to all holders of its Public Warrants announcing its intention to redeem any Public Warrants that remained unexercised and outstanding after March 31, 2017 for $0.01 per Public Warrant. All of the Company’s Public Warrants have been either exercised for shares of Class A Common Stock or redeemed for $0.01 per Public Warrant. As a result of all such Warrants exercised in 2017, the Company issued in aggregate 6,235,790 shares of Class A common stock to holders of Public Warrants. As of December 31, 2019 , 8,000,000 Private Placement Warrants remained outstanding. Private Placement Warrants are non-redeemable so long as they are held by Riverstone or its permitted transferees. Each whole Private Placement Warrant is exercisable for one whole share of Class A Common Stock at a price of $11.50 per share. The warrants became exercisable on March 1, 2017 and will expire five years after the completion of the Business Combination or earlier upon redemption or liquidation. Noncontrolling Interest The noncontrolling interest relates to CRP Common Units that were issued to the Centennial Contributors in connection with the Business Combination. At the date of the Business Combination, the noncontrolling interest held 10.9% of the ownership in CRP. The noncontrolling interest percentage is affected by various equity transactions such as CRP Common Unit and Class C Common Stock exchanges and Class A Common Stock activities. As of December 31, 2017, the noncontrolling interest ownership of CRP decreased to 5.7% . The decrease was the result of Class A Common Stock issuance in May and the exchange of CRP Common Units (and corresponding shares of Class C Common Stock) for Class A Common Stock in November as discussed in preceding sections above. As of December 31, 2019 and December 31, 2018 , the noncontrolling interest ownership of CRP decreased to 0.37% and 4.3% , respectively. The decreases were mainly the result of the exchange of CRP Common Units (and corresponding shares of Class C Common Stock) for Class A Common Stock. The Company has consolidated the financial position, results of operations and cash flows of CRP and reflected that portion retained by other holders of CRP Common Units as a noncontrolling interest. Refer to the Consolidated Statements of Shareholders’ Equity for a summary of the activity attributable to the noncontrolling interest during the periods.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Note 10—Earnings Per Share Basic 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. Dilutive EPS is calculated by dividing adjusted net income available to Class A Common Stock by the weighted average number 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, withholding amounts from employee stock purchase plan 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 therefore excluded from the computation of diluted earnings per share. The two-class method of computing earnings per share is required for entities that have participating securities. The two-class method is an earnings allocation formula that determines earnings per share for participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. Shares of the Company’s unvested restricted stock and performance stock units are eligible to receive dividends; however, dividend rights will be forfeited if the award does not vest. Accordingly, these shares are not considered participating securities. Shares of the Company’s Class C Common Stock and warrants do not share in earnings or losses and are therefore not participating securities. All of the Company’s shares of Series B Preferred Stock were converted into shares of Class A Common Stock on May 25, 2017 in accordance with their terms. As such, the Company no longer has any participating securities as of December 31, 2017 and thereafter. The following table reflects the allocation of net income to common stockholders and EPS computations for the periods indicated based on a weighted average number of common stock outstanding for the period: Year Ended December 31, (in thousands, except per share data) 2019 2018 2017 Net income attributable to Class A Common Stock $ 15,798 $ 199,899 $ 75,568 Add: Income from conversion of Class C Common Stock 328 — — Adjusted net income attributable to Class A Common Stock $ 16,126 $ 199,899 $ 75,568 Basic net earnings per share of Class A Common Stock $ 0.06 $ 0.76 $ 0.32 Diluted net earnings per share of Class A Common Stock $ 0.06 $ 0.75 $ 0.32 Basic weighted average shares of Class A Common Stock outstanding 267,700 263,341 235,447 Add: Dilutive effects of conversion of Class C Common Stock 8,869 — — Add: Dilutive effects of potential common stock 63 3,514 4,307 Diluted weighted average shares of Class A Common Stock outstanding 276,632 266,855 239,754 The following table presents shares were excluded from the diluted earnings per share calculation as their impacts were anti-dilutive for the periods presented: Year Ended December 31, (in thousands) 2019 2018 2017 Out-of-the-money stock options 4,706 818 819 Restricted stock 2,895 — — Performance stock units — 39 — Employee Stock Purchase Plan 22 — — Weighted average shares of Class C Common Stock — 12,791 18,629 Warrants 8,000 — —

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Tax Disclosure	Note 11—Income Taxes The Company is subject to U.S. federal, state and local income taxes with respect to its allocable share of any taxable income or loss of CRP, as well as any stand-alone income or loss generated by the Company. CRP is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, CRP is not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by CRP is passed through to and included in the taxable income or loss of its members, including the Company, on a pro rata basis. Income tax expenses and benefits included in the Consolidated Statements of Operations are detailed below: Year Ended December 31, (in thousands) 2019 2018 2017 Current taxes Federal $ — $ — $ — State — — — — — — Deferred taxes Federal (5,396 ) (56,365 ) (26,713 ) State (401 ) (3,075 ) (3,217 ) (5,797 ) (59,440 ) (29,930 ) Income tax benefit (expense) $ (5,797 ) $ (59,440 ) $ (29,930 ) A reconciliation of the statutory federal income tax expense, which is calculated at the federal statutory rate of 21% in 2019 and 2018 and 35% in 2017, to the income tax expense from continuing operations provided for the periods presented, is as follows: Year Ended December 31, (in thousands) 2019 2018 2017 Income tax expense at the federal statutory rate $ (4,646 ) $ (57,157 ) $ (39,720 ) State income tax expense - net of federal income tax benefits (401 ) (3,075 ) (2,788 ) Change in Federal tax rate (net of state benefit) — — 4,425 Noncontrolling interest in partnership 129 2,696 2,795 Equity based compensation (780 ) (1,825 ) 241 Nondeductible expenses (99 ) (79 ) (31 ) Change in valuation allowance — — 5,148 Income tax benefit (expense) $ (5,797 ) $ (59,440 ) $ (29,930 ) The change in the Federal tax rate was due to the passage of Public Law No. 115-97, commonly referred to as the Jobs Act, which was enacted on December 22, 2017. The passage of this legislation resulted in the Company generating a deferred tax benefit primarily due to the reduction in the U.S. statutory rate from 35% to 21% . The tax effects of temporary differences that give rise to significant positions of the deferred income tax assets and liabilities are presented below: (in thousands) December 31, 2019 December 31, 2018 Deferred tax assets: Net operating loss carryforwards $ 88,043 $ 87,196 Capitalized intangible drilling cost 100,307 29,159 Interest expense 18,722 6,023 Equity-based compensation 8,284 3,366 Other assets 295 282 Total deferred tax assets 215,651 126,026 Deferred tax liabilities: Investment in CRP (301,155 ) (188,193 ) Net deferred tax asset (liability) $ (85,504 ) $ (62,167 ) In connection with the conversion of shares from a noncontrolling interest owner, a tax loss was recorded in equity of $17.5 million in 2019 and a tax benefit was recorded in equity of $7.2 million and $20.0 million , respectively, for 2018 and 2017. As of December 31, 2019 , the Company had approximately $417.4 million and $78.2 million of U.S. federal and state net operating loss carryovers, respectively, which expire variously from 2035 to 2038. The Company periodically assesses whether it is more-likely-than-not that it will generate sufficient taxable income to realize its deferred income tax assets, including interest limitations and net operating loss carry forwards. In making this determination, the Company considers all available positive and negative evidence and makes certain assumptions. The Company considers, among other things, its deferred tax liabilities, the overall business environment, its historical earnings and losses, current industry trends, and its outlook for future years. Based on when the Company expects existing taxable differences to be realized, management determined that sufficient positive evidence exists as of December 31, 2019 to conclude that it is more-likely-than-not that the remaining deferred tax assets will be realized prior to their expiration. The calculation of the Company’s tax liabilities involves uncertainties in the application of complex tax laws and regulations. The Company gives financial statement recognition to those tax positions that it believes are more-likely-than-not to be sustained upon the examination by the Internal Revenue Service or other governmental agency. As of December 31, 2019 and 2018 , the Company did not have any accrued liability for uncertain tax positions and does not anticipate recognition of any significant liabilities for uncertain tax positions during the next 12 months. Interest and penalties related to uncertain tax positions are reported in income tax expense. The Company is subject to the following material taxing jurisdictions: U.S., Colorado, New Mexico, and Texas. As of December 31, 2019 , the Company has no current tax years under audit. The Company remains subject to examination for federal income taxes and state income taxes for tax years 2016 through 2019.

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 12—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 obtains services related to its drilling and completion activities as well as gas marketing and processing from affiliates of Riverstone from time to time. The Company believes that the terms of these arrangements are no less favorable to either party than those held with unaffiliated parties. The following table summarizes the costs incurred and revenues recognized from such arrangements as presented in the Consolidated Statements of Operations for the periods indicated, as well as the related net receivables or payables outstanding as of the balance sheet dates: Year Ended December 31, (in thousands) 2019 2018 2017 Lucid Energy Delaware, LLC (“Lucid”) Oil and gas sales $ 3,559 $ 3,946 $ — Gathering, processing and transportation expenses 2,642 792 — Liberty Oilfield Services, LLC Cost of goods/services provided (1) $ — $ — $ 72,551 (1) The costs incurred for such drilling and completion activities are either included in natural gas properties in the Consolidated Balance Sheet or as lease operating expense in the Consolidated Statements of Operations. (in thousands) December 31, 2019 December 31, 2018 Accounts receivable, net (1) $ 91 $ 325 (1)

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13—Commitments and Contingencies Contractual Obligations The following table is a schedule of the Company’s future minimum payments with commitments that have initial or remaining non-cancelable contractual terms in excess of one year as of December 31, 2019 : (in thousands) 2020 2021 2022 2023 2024 Thereafter Total Water disposal agreements $ 2,237 $ 100 $ — $ — $ — $ — $ 2,337 Purchase obligations 9,302 3,360 — — — — 12,662 Transportation agreements 13,393 9,061 1,773 — — — 24,227 Total $ 24,932 $ 12,521 $ 1,773 $ — $ — $ — $ 39,226 Water Disposal Agreement The Company has entered into agreements for the transportation and disposal of produced water from a portion of its operated wells. Under the terms of these agreements, Centennial is obligated to provide a minimum volume of produced water or else pay for any deficiencies at the prices stipulated in the contract. The obligations reported above represent the minimum financial commitment pursuant to the terms of the contracts as of December 31, 2019 . Actual expenditures under these contracts may exceed the minimum commitments presented above. The Company recognized water disposal costs of $2.6 million , $2.2 million and $2.4 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, related to its water disposal agreements. Purchase Obligations The Company has purchase agreements to buy frac sand, which is used in its well fracture stimulation process. Under the terms of these agreements, Centennial is obligated to purchase a minimum volume of frac sand at a fixed sales price. The obligations included in the table above represent the minimum financial commitments pursuant to the terms of the contracts as of December 31, 2019 . Actual expenditures under these contracts may exceed the minimum commitments presented above. Pursuant to the terms of one of the frac sand purchase agreements, the Company paid $13.2 million during the year ended December 31, 2017 as a pre-payment for advanced purchases of frac sand of which $5.2 million , $4.6 million and $1.6 million were capitalized as incurred in 2019 , 2018 and 2017 , respectively. Additionally, the Company paid $24.8 million and $9.7 million for the years ended December 31, 2019 and 2018 , respectively, under these contracts, which was capitalized as incurred during the periods. Transportation and Gathering Agreements The Company has various natural gas transportation and gathering agreements whereby it is required to deliver specified quantities over the contractual term as summarized below or else pay any volume deficiencies. These delivery commitments are tied to the Company’s natural gas production; however, the Company is not required to deliver oil or gas specifically produced from any of the Company’s properties under these agreements. The obligations reported above represent the gross minimum financial commitments pursuant to the terms of these agreements as of December 31, 2019 but exclude potential financial obligations related to an agreement that has variable pricing components as the future obligation cannot be determined. Actual expenditures under these contracts may exceed the minimum commitment amounts presented above. The Company paid transportation and gathering costs of $12.8 million , $3.7 million and $1.2 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, related to these agreements. The following table summarizes the natural gas volumes the Company is required to deliver by period under these agreements: Period Total Volume Commitments (MMBtu) (1) Daily Volume Commitments (MMBtu/d) (1) January 2020 - December 2020 114,111,400 311,800 January 2021 - December 2021 101,269,000 277,400 January 2022 - October 2022 19,700,000 64,800 Total 235,080,400 (1) The amounts reflected within this table are the total gross volumes the Company is required to deliver per the agreements. These volumetric quantities are therefore not comparable to the Company’s net production presented in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation as the amounts therein are reflected net of all royalties, overriding royalties and production due to others. Delivery Commitments In August 2018, the Company entered into two firm crude oil sales agreements with large integrated oil companies. Utilizing these companies’ transport capacity out of the Permian Basin, the agreements provide for firm gross sales ranging from approximately 30,000 to 105,000 Bbls/d in aggregate over six years beginning in 2019. These sales agreements only require the Company to physically deliver 30,000 Bbls/d of the aforementioned volumes of crude oil during the contractual years 2020 through 2024 , which if not met, would result in a financial obligation. Failure to deliver the remainder of the committed volumes of crude oil under these agreements could result in a reduction of future contractual volumes at the purchaser’s discretion in accordance with the terms of the agreements. The Company has firm gas sales agreements that provide for firm gross sales ranging from approximately 40,000 to 100,000 MMBtu/d in aggregate over four years beginning 2019. These sales agreements do not require the Company to physically deliver the aforementioned volumes of natural gas over the contractual terms of the agreements. However, if the firm commitments are not met and the purchaser incurs financial damages, the Company may be required to pay for differences between the contracted prices and current market prices for replacement volumes bought by the purchaser and the purchaser may also require the Company to provide additional financial guaranty in accordance with the terms of the agreements. The amounts discussed above represent the total gross volumes the Company is required to deliver per the agreements, which are not comparable to the Company’s net production presented in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation as amounts therein are reflected net of all royalties, overriding royalties and production due to others. The Company believes its current production and reserves are sufficient to fulfill the physical delivery commitments; however, the Company is not required to deliver oil or gas specifically produced from any of the Company’s properties under these agreements. Further, if the Company’s production is not sufficient to satisfy the firm delivery commitments, the Company believes it can purchase sufficient volumes in the market at index-related prices to satisfy its commitments. The aggregate amount of any such potential financial obligation under these contracts is not determinable since the amount and timing of any volumetric shortfalls, as well as the difference between the prevailing market price and contract price at such time, cannot be predicted with accuracy. Lease Commitments Refer to Note 15—Leases for details on the Company’s operating lease agreements. Contingencies The Company may at times be subject to various commercial or regulatory claims, litigation or other legal proceedings that arise in the ordinary course of business. While the outcome of these lawsuits and claims cannot be predicted with certainty, management believes it is remote that the impact of such matters that are reasonably possible to occur will have a material adverse effect on the Company’s financial position, results of operations or cash flows. Management is unaware of any pending litigation brought against the Company requiring the reserve of a contingent liability as of the date of these consolidated financial statements.

Revenues

Revenues	12 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenues	Note 14—Revenues Revenue from Contracts with Customers Crude oil, natural gas and NGL sales are recognized at the point 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: Year Ended December 31, 2019 2018 2017 Operating revenues (in thousands): Oil sales $ 810,655 $ 709,813 $ 336,931 Natural gas sales 44,556 62,325 48,868 NGL sales 89,119 118,907 44,103 Oil and gas sales $ 944,330 $ 891,045 $ 429,902 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 the Company’s 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 raw gas and then remits proceeds to Centennial for the resulting sales of NGLs, while the Company generally elects to take its residue gas product “in-kind” at the plant tailgate. 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. 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 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 i n the Consolidated Balance Sheets. As of December 31, 2019 and December 31, 2018 , such receivable balances were $76.6 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 the years ended December 31, 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	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Leases	Note 15—Leases Lease Commitments (ASC Topic 842) 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 December 31, 2019 , these leases have remaining lease terms ranging from two months to two 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 for each lease using a risk-free interest rate adjusted for the Company’s specific risk and the specific lease term. The table below summarizes the Company’s discount rate and remaining lease term as of the period presented. As of December 31, 2019 Weighted-average discount rate 4.56 % Weighted-average remaining lease term (years) 1.29 The Company’s drilling rig contracts, office rental agreements, and wellhead equipment agreements 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 and include operating expenses related to the office rental agreements and expenses incurred on the drilling rig contracts in excess of the contractual rate. 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 period presented. (in thousands) Year Ended December 31, 2019 Lease costs (1) Operating lease cost $ 37,679 Variable lease cost 3,566 Short-term lease cost 67,493 Total Lease Cost $ 108,738 (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 for the year ended December 31, 2019 are as follows: (in thousands) Total (2) 2020 $ 9,573 2021 3,033 2022 425 Total lease payments 13,031 Less: imputed interest (445 ) Present value of lease liabilities (1) $ 12,586 (1) Of the total present value of lease liabilities, $9.2 million was recorded to current Operating lease liabilities and $3.4 million was recorded in noncurrent Operating lease liabilities in the Consolidated Balance Sheets as of December 31, 2019 . (2) Total lease payments exclude variable lease payments which can be charged under the terms of the lease agreements. Lease Commitments (ASC Topic 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

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 16—Subsequent events On February 24, 2020, the Company entered into a purchase and sale agreement to sell its water disposal assets for a base sale price of approximately $ 150 million in cash at closing with up to an additional $ 75

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Credit Risk and Other Concentrations Centennial is exposed to credit risk in the event of nonpayment by counterparties. The Company normally sells production to a relatively small number of customers, as is customary in its business. The table below presents percentages by purchaser that accounted for 10% or more of the Company’s total net revenues for each year as presented: Year Ended December 31, 2019 2018 2017 BP America 37 % 18 % 16 % ExxonMobil Oil Corporation 26 % — % — % Shell Trading (US) Company 11 % 19 % 33 % Eagleclaw Midstream Ventures, LLC 8 % 12 % 14 % During these periods, no other purchaser accounted for 10% or more of the Company’s net revenues. The loss of any of the Company’s major purchasers could materially and adversely affect its revenues in the short-term. However, based on the current demand for oil and natural gas and the availability of other purchasers, the Company believes that the loss of any major purchaser would not have a material adverse effect on its financial condition and results of operations because crude oil and natural gas are fungible products with well-established markets and numerous purchasers. By using derivative instruments to economically hedge exposures to changes in commodity prices, the Company also exposes itself to credit risk. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk. The Company minimizes the credit risk in derivative instruments by: (i) limiting its exposure to any single counterparty; and (ii) only entering into hedging arrangements with counterparties that are also participants in CRP’s credit agreement, all of which have investment-grade credit ratings.
Principles of Consolidation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company and its majority owned subsidiary CRP, and CRP’s wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”). All intercompany balances and transactions have been eliminated in consolidation. Noncontrolling interests represent third-party ownership in CRP, and it is presented as a component of equity. See Note 9—Shareholders' Equity and Noncontrolling Interest for discussion on noncontrolling interest. Certain prior period amounts have been reclassified to conform to the current presentation in the accompanying consolidated financial statements. Such reclassifications had no impact on net income, cash flows or shareholders’ equity previously reported.
Basis of Presentation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company and its majority owned subsidiary CRP, and CRP’s wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”). All intercompany balances and transactions have been eliminated in consolidation. Noncontrolling interests represent third-party ownership in CRP, and it is presented as a component of equity. See Note 9—Shareholders' Equity and Noncontrolling Interest for discussion on noncontrolling interest. Certain prior period amounts have been reclassified to conform to the current presentation in the accompanying consolidated financial statements. Such reclassifications had no impact on net income, cash flows or shareholders’ equity previously reported.
Use of Estimates	Use of Estimates The preparation of the Company’s consolidated financial statements requires the Company’s management to make various assumptions, judgments and estimates to determine the reported amounts of assets, liabilities, revenues and expenses, and 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) impairment expense of unproved properties; (iv) depreciation, depletion and amortization; (v) asset retirement obligations; (vi) determining fair value and allocating purchase price in connection with business combinations and asset acquisitions; (vii) accrued revenues and related receivables; (viii) accrued liabilities; (ix) valuation of derivatives; and (x) deferred income taxes.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid instruments with an original maturity of three months or less at the time of issuance to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value because of the short-term maturity of these investments. From time to time, the Company is required to maintain cash in separate accounts, the use of which is restricted by the terms of contracted arrangements. Such amounts are included in Prepaid and other current assets and Other noncurrent assets as of December 31, 2019 and December 31, 2018 in the Consolidated Balance Sheets.
Accounts Receivable	Accounts Receivable Accounts receivable consists mainly of receivables from oil and natural gas purchasers and from joint interest owners on properties the Company operates. For receivables from joint interest owners, the Company typically has the ability to withhold future revenue disbursements to recover non-payment of joint interest billings. Accordingly, the Company’s oil and natural gas receivables are generally collected, and the Company has minimal bad debts. Although diversified among many companies, collectability is dependent upon the financial wherewithal of each individual company and is influenced by the general economic conditions of the industry. Receivables are not collateralized, and the Company therefore establishes an allowance for doubtful accounts equal to the portions of its accounts receivable for which collectability is not reasonably assured. Th e Company had $0.1 million in allowance for doubtful accounts as of December 31, 2019 and none as of December 31, 2018 .
Oil and Natural Gas Properties	Oil and Natural Gas Properties The Company’s oil and natural gas producing activities are accounted for using the successful efforts method of accounting. Under the successful efforts method, the costs incurred to acquire, drill, and complete development wells are capitalized to proved properties. Exploration costs, including personnel and other internal costs, geological and geophysical expenses and delay rentals for oil and gas leases, are charged to expense as incurred. Costs of drilling exploratory wells, on the other hand, are initially capitalized but are charged to expense if the well is determined to be unsuccessful. Costs to operate, repair and maintain wells and field equipment are expensed as incurred. The Company capitalizes interest on expenditures made in connection with exploration and development projects that are not subject to current amortization. Interest is capitalized only for the period that activities are in process to bring the projects to their intended use. Capitalized interest cannot exceed interest expense for the period capitalized. The Company capitalized interest of $4.1 million , $2.9 million and $1.2 million during the years ended December 31, 2019 , 2018 and 2017 , respectively. Proved Properties. Costs incurred to obtain access to proved reserves and to provide facilities for extracting, treating, gathering and storing oil, natural gas and NGLs are capitalized. All costs incurred to drill and equip successful exploratory wells, development wells, development-type stratigraphic test wells, extension wells and service wells, are capitalized. Capitalized proved property acquisition and development costs are depleted using a units-of production method based on the remaining life of proved and proved developed reserves, respectively. Net carrying values of retired, sold or abandoned properties that constitute less than a complete unit of depreciable property are charged or credited, net of proceeds, to accumulated depreciation, depletion and amortization unless doing so significantly affects the unit-of-production amortization rate, in which case a gain or loss is recognized. Gains or losses from the disposal of complete units of depreciable property are recognized to the Consolidated Statements of Operations. The Company reviews its proved oil and natural gas properties for impairment whenever events and circumstances indicate that there could be a possible decline in the recoverability of the carrying amount of such property. The Company estimates the expected future cash flows of its oil and natural gas properties and compares these undiscounted cash flows to the carrying amount of the oil and natural gas properties to determine if the carrying amount is recoverable. If the carrying amount exceeds the estimated undiscounted future cash flows, the Company will write down the carrying amount of the oil and natural gas properties to fair value. The factors used to determine fair value include, but are not limited to, estimates of reserves, future commodity prices, future production estimates, estimated future capital and operating expenditures and discount rates, which are based on a weighted average cost of capital. There were no impairments of proved oil and natural gas properties for the years ended December 31, 2019 , 2018 and 2017 . Unproved Properties. Unproved properties consist of costs to acquire undeveloped leases as well as costs to acquire unproved reserves, and they are both capitalized as incurred. These consist of costs incurred in obtaining a mineral interest or a right in a property such as a lease, in addition to broker fees, recording fees and other similar costs related to acquiring properties. Leasehold costs are classified as unproved until proved reserves are discovered on or otherwise attributed to the property, at which time the related unproved property costs are transferred to proved oil and natural gas properties. The Company evaluates significant unproved properties for impairment based on remaining lease term, drilling results, reservoir performance, seismic interpretation or changes in future plans to develop acreage. Unproved properties that are not individually significant are aggregated by prospect or geographically, and the portion of such costs estimated to be nonproductive prior to lease expiration is amortized over the average holding period. The estimate of what could be nonproductive is based on the Company’s historical experience or other information, including current drilling plans and existing geological data. Impairment and amortization of unproved properties are included in Impairment and abandonment expense in the Consolidated Statements of Operations.
Other Property and Equipment	Other Property and Equipment Other property and equipment includes office furniture and equipment, buildings, vehicles, computer hardware and software and is recorded at cost. These assets are depreciated using the straight-line method over their estimated useful lives which range from three to twenty years . Equipment upgrades and improvements are capitalized while expenditures for maintenance and repairs are expensed as incurred. When other property and equipment is sold or retired, the capitalized costs and related accumulated depreciation are removed from the accounts and a gain or loss is recorded in the Consolidated Statements of Operations as needed.
Debt Issuance Costs	Debt Issuance Costs and Discount Debt issuance costs related to the Company’s revolving credit facility are included in the line item Other Noncurrent Assets in the Consolidated Balance Sheets. These costs are amortized to interest expense on a straight-line basis over the borrowing term. Issuance costs incurred in connection with the Company’s Senior Notes offerings and any related issuance discount are deferred and charged to interest expense over the term of the agreement; however, these amounts are reflected as a reduction of the related obligation in the line item Long-term debt
Derivative Financial Instruments	Derivative Financial Instruments In order to mitigate its exposure to oil and natural gas price volatility, the Company may periodically use derivative instruments, such as swaps, costless collars, basis swaps, and other similar agreements. To the extent legal right of offset exists with a counterparty, the Company reports derivative assets and liabilities on a net basis. The Company records derivative instruments in its Consolidated Balance Sheets as either an asset or liability measured at fair value. The commodity derivative instruments are accounted for using mark-to-market accounting where all gains and losses are recognized in earnings during the period in which they are incurred. The Company’s derivatives have not been designated as hedges for accounting purposes.
Asset Retirement Obligations	Asset Retirement Obligations The Company recognizes a liability for the estimated future costs associated with abandonment of its oil and natural gas properties. A liability for the fair value of an asset retirement obligation and corresponding increase to the carrying value of the related long-lived asset are recorded at the time a well is drilled or acquired. The fair value of the liability recognized is based on the present value of the estimated future cash outflows associated with its plug and abandonment obligations. The Company depletes the amount added to proved oil and natural gas property costs and recognizes expense in connection with the accretion of the discounted liability over the remaining estimated economic lives of the respective oil and natural gas properties. Revisions typically occur due to changes in estimated abandonment costs or well economic lives, or if federal or state regulators enact new requirements regarding the abandonment of wells.
Revenue Recognition	Revenue Recognition The Company derives revenue primarily from the sale of produced oil, natural gas, and NGLs. Revenue is recognized when a performance obligation is satisfied by transferring control of the produced oil, natural gas or NGLs to the customer. For all commodity products, the Company records revenue in the month production is delivered to the purchaser based on estimates of the amount of production delivered to the purchaser and the price the Company will receive. Payments are generally received between 30 and 90 days after the date of production. Variances between estimated sales and actual amounts received are insignificant and are recorded in the month payment is received. Refer to Note 14—Revenues for additional information.
Income Taxes	Income Taxes Income taxes are recognized based on earnings reported for tax return purposes and provisions recorded for deferred income taxes. Deferred income tax assets and liabilities are recognized based on temporary differences resulting from: (i) net operating loss carryforwards for income tax purposes, and (ii) differences between the amounts recorded to the consolidated financial statements and the tax basis of assets and liabilities, as measured using enacted statutory tax rates in effect at the end of a period. The effect of a change in tax rates or tax laws is recognized in income during the period such changes are enacted. A valuation allowance for deferred tax assets is established when it is more likely than not that some portion of the benefit from deferred tax assets will not be realized.
Stock Based Compensation (Successor) and Incentive Unit Compensation (Predecessor)	Stock-Based Compensation The Company’s stock-based compensation consists of grants of restricted stock, stock options, and performance stock units to employees and directors, as well as an employee stock purchase plan which is available to eligible employees. The Company determines compensation expense related to all stock-based awards based on their estimated grant-date fair value, and such expense is recognized on a straight-line basis over the applicable service period of the award. See Note 6—Stock-Based Compensation for additional information regarding the Company’s stock-based compensation.
Earnings (Loss) Per Share	Earnings (Loss) 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. Dilutive EPS is calculated by dividing adjusted net income available to Class A Common Stock by the weighted average number of diluted Class A Common Stock outstanding, which includes the effect of potentially dilutive securities. See Note 10—Earnings Per Share for additional information regarding the Company’s computation of EPS.
Segment Reporting	Segment Reporting The Company operates in only one industry segment which is the exploration and production of oil and natural gas. All of its operations are conducted in one geographic area of the United States. All revenues are derived from customers located in the United States.
Recently Issued Accounting Standards	Recently Issued or Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases , which created Accounting Standard Codification (“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 and elected to recognize a cumulative-effect adjustment at the time of adoption. The Company has elected the following practical expedients that allow an entity to carry forward historical accounting treatment relating to: (i) lease identification and classification for existing leases 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 its 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 15—Leases for additional information.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Concentration Risk, Percentage of Sales	The table below presents percentages by purchaser that accounted for 10% or more of the Company’s total net revenues for each year as presented: Year Ended December 31, 2019 2018 2017 BP America 37 % 18 % 16 % ExxonMobil Oil Corporation 26 % — % — % Shell Trading (US) Company 11 % 19 % 33 % Eagleclaw Midstream Ventures, LLC 8 % 12 % 14 %

Accounts Receivable, Accounts_2

Accounts Receivable, Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	Accounts receivable are comprised of the following: (in thousands) December 31, 2019 December 31, 2018 Accrued oil and gas sales receivable, net $ 76,578 $ 66,997 Joint interest billings, net 25,136 31,658 Other 198 1,968 Accounts receivable, net $ 101,912 $ 100,623
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued expenses are comprised of the following: (in thousands) December 31, 2019 December 31, 2018 Accounts payable $ 21,484 $ 55,984 Accrued capital expenditures 83,002 75,791 Revenues payable 82,539 63,399 Accrued employee compensation and benefits 12,979 9,757 Accrued interest 19,405 11,129 Accrued expenses and other 24,900 24,515 Accounts payable and accrued expenses $ 244,309 $ 240,575

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 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) December 31, 2019 December 31, 2018 Credit Facility due 2023 $ 175,000 $ 300,000 5.375% Senior Notes due 2026 400,000 400,000 6.875% Senior Notes due 2027 500,000 — Unamortized debt issuance costs on Senior Notes (14,061 ) (8,370 ) Unamortized debt discount (3,550 ) — Senior Notes, net 882,389 391,630 Total long-term debt, net $ 1,057,389 $ 691,630

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	12 Months Ended
	Dec. 31, 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 its working interests in oil and gas properties for the periods presented: (in thousands) December 31, 2019 December 31, 2018 Asset retirement obligations, beginning of period $ 13,895 $ 12,161 Liabilities incurred 1,393 1,535 Liabilities acquired 1,167 165 Liabilities divested and settled (1,361 ) (673 ) Accretion expense 912 791 Revisions to estimated cash flows 868 (84 ) Asset retirement obligations, end of period $ 16,874 $ 13,895

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan	The following table summarizes stock-based compensation expense recognized for the periods presented: Year Ended December 31, (in thousands) 2019 2018 2017 Restricted stock awards $ 15,929 $ 9,185 $ 5,008 Stock option awards 9,562 9,433 8,160 Performance stock units 3,374 2,052 591 Other stock-based compensation expense (1) 132 — — Total stock-based compensation expense $ 28,997 $ 20,670 $ 13,759
Nonvested Restricted Stock Shares Activity	The following table provides a summary of the restricted stock activity during the year ended December 31, 2019 : Awards Weighted Average Grant-Date Fair Value Unvested balance as of December 31, 2018 1,535,945 $ 17.88 Granted 4,109,148 6.59 Vested (690,084 ) 17.46 Forfeited (116,013 ) 11.39 Unvested balance as of December 31, 2019 4,838,996 8.51
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The following table summarizes the assumptions and related information used to determine the grant-date fair value of stock options awarded for the periods presented: Years Ended December 31, 2019 2018 2017 Weighted average grant date fair value per share $ 4.32 $ 8.58 $ 7.15 Expected term (in years) 6 6 6 Expected stock volatility 47 % 42 % 38 % Dividend yield — — — Risk-free interest rate 2.2 % 2.7 % 2.0 %
Schedule of Share-based Compensation, Stock Options, Activity	The following table provides information about stock option awards outstanding during the year ended December 31, 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 346,500 9.24 Exercised — — Forfeited (103,670 ) 17.76 Expired (37,997 ) 17.80 Outstanding as of December 31, 2019 4,764,167 15.99 7.3 $ 11 Exercisable as of December 31, 2019 3,530,630 16.00 7.0 $ —
Schedule of Share-based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions	The following table summarizes the key assumptions and related information used to determine the grant-date fair value of performance stock units awarded during the periods presented: Year Ended December 31, 2019 2018 2017 Weighted average grant-date fair value per unit $ 6.68 $ 22.35 $ 21.53 Number of simulations 1,000,000 1,000,000 1,000,000 Expected stock volatility 52.3 % 40.2 % 41.6 % Dividend yield — % — % — % Risk-free interest rate 1.8 % 2.8 % 1.5 %
Share-based Compensation, Performance Shares Award Outstanding Activity	The following table provides information about performance stock units outstanding during the year ended December 31, 2019 : Awards Weighted Average Grant Date Fair Value Unvested balance as of December 31, 2018 386,459 $ 21.94 Granted 486,213 6.68 Vested — — Forfeited — — Unvested balance as of December 31, 2019 872,672 13.44

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2019 : Period Volume (Bbl) Volume (Bbls/d) Weighted Average Differential ($/Bbl) (1) Crude oil basis swaps January 2020 - March 2020 273,000 3,000 $ 0.67 April 2020 - June 2020 273,000 3,000 0.67 July 2020 - September 2020 276,000 3,000 0.67 October 2020 - December 2020 276,000 3,000 0.67 (1) These oil basis swap transactions are settled based on the difference between the arithmetic average of the ARGUS MIDLAND WTI and ARGUS WTI CUSHING indices, during each applicable settlement period.
Schedule of Impact of Derivative Instruments	The following table presents the impact of the Company’s derivative instruments on its Consolidated Statements of Operations for the periods presented: Year Ended December 31, (in thousands) 2019 2018 2017 Net gain (loss) on derivative instruments $ (1,561 ) $ 15,336 $ 5,138
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The tables below summarize the fair value amounts and 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) December 31, 2019 Derivative Liabilities Commodity contracts Current liabilities - Derivative instruments $ 325 $ — $ 325 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 of derivative assets against 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)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	The following table presents, for each applicable level within the fair value hierarchy, the Company’s 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 December 31, 2019 Total assets $ — $ — $ — Total liabilities — 325 — December 31, 2018 Total assets $ — $ 1,632 $ — Total liabilities — 6,051 —
Schedule of Fair Value Measurement of Financial Instruments	The following table summarizes the fair values and carrying values of these instruments as of December 31, 2019 and December 31, 2018 : December 31, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair value Credit facility due 2023 (1) $ 175,000 $ 175,000 $ 300,000 $ 300,000 5.375% Senior Notes due 2026 (2) 392,623 394,480 391,630 372,000 6.875% Senior Notes due 2027 (2) 489,766 520,000 (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) The Senior Notes’ carrying values include associated unamortized debt issuance costs and any discounts. The Senior Notes’ fair values were determined using quoted market prices for these debt securities, a Level 1 classification in the fair value hierarchy.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reflects the allocation of net income to common stockholders and EPS computations for the periods indicated based on a weighted average number of common stock outstanding for the period: Year Ended December 31, (in thousands, except per share data) 2019 2018 2017 Net income attributable to Class A Common Stock $ 15,798 $ 199,899 $ 75,568 Add: Income from conversion of Class C Common Stock 328 — — Adjusted net income attributable to Class A Common Stock $ 16,126 $ 199,899 $ 75,568 Basic net earnings per share of Class A Common Stock $ 0.06 $ 0.76 $ 0.32 Diluted net earnings per share of Class A Common Stock $ 0.06 $ 0.75 $ 0.32 Basic weighted average shares of Class A Common Stock outstanding 267,700 263,341 235,447 Add: Dilutive effects of conversion of Class C Common Stock 8,869 — — Add: Dilutive effects of potential common stock 63 3,514 4,307 Diluted weighted average shares of Class A Common Stock outstanding 276,632 266,855 239,754
Summary of Shares Excluded From Diluted Earnings Per Share Calculation	The following table presents shares were excluded from the diluted earnings per share calculation as their impacts were anti-dilutive for the periods presented: Year Ended December 31, (in thousands) 2019 2018 2017 Out-of-the-money stock options 4,706 818 819 Restricted stock 2,895 — — Performance stock units — 39 — Employee Stock Purchase Plan 22 — — Weighted average shares of Class C Common Stock — 12,791 18,629 Warrants 8,000 — —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Income tax expenses and benefits included in the Consolidated Statements of Operations are detailed below: Year Ended December 31, (in thousands) 2019 2018 2017 Current taxes Federal $ — $ — $ — State — — — — — — Deferred taxes Federal (5,396 ) (56,365 ) (26,713 ) State (401 ) (3,075 ) (3,217 ) (5,797 ) (59,440 ) (29,930 ) Income tax benefit (expense) $ (5,797 ) $ (59,440 ) $ (29,930 )
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the statutory federal income tax expense, which is calculated at the federal statutory rate of 21% in 2019 and 2018 and 35% in 2017, to the income tax expense from continuing operations provided for the periods presented, is as follows: Year Ended December 31, (in thousands) 2019 2018 2017 Income tax expense at the federal statutory rate $ (4,646 ) $ (57,157 ) $ (39,720 ) State income tax expense - net of federal income tax benefits (401 ) (3,075 ) (2,788 ) Change in Federal tax rate (net of state benefit) — — 4,425 Noncontrolling interest in partnership 129 2,696 2,795 Equity based compensation (780 ) (1,825 ) 241 Nondeductible expenses (99 ) (79 ) (31 ) Change in valuation allowance — — 5,148 Income tax benefit (expense) $ (5,797 ) $ (59,440 ) $ (29,930 )
Schedule of Deferred Tax Assets and Liabilities	The tax effects of temporary differences that give rise to significant positions of the deferred income tax assets and liabilities are presented below: (in thousands) December 31, 2019 December 31, 2018 Deferred tax assets: Net operating loss carryforwards $ 88,043 $ 87,196 Capitalized intangible drilling cost 100,307 29,159 Interest expense 18,722 6,023 Equity-based compensation 8,284 3,366 Other assets 295 282 Total deferred tax assets 215,651 126,026 Deferred tax liabilities: Investment in CRP (301,155 ) (188,193 ) Net deferred tax asset (liability) $ (85,504 ) $ (62,167 )

Transactions with Related Par_2

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Schedule of Costs Incurred and Payable with Related Parties	The following table summarizes the costs incurred and revenues recognized from such arrangements as presented in the Consolidated Statements of Operations for the periods indicated, as well as the related net receivables or payables outstanding as of the balance sheet dates: Year Ended December 31, (in thousands) 2019 2018 2017 Lucid Energy Delaware, LLC (“Lucid”) Oil and gas sales $ 3,559 $ 3,946 $ — Gathering, processing and transportation expenses 2,642 792 — Liberty Oilfield Services, LLC Cost of goods/services provided (1) $ — $ — $ 72,551 (1) The costs incurred for such drilling and completion activities are either included in natural gas properties in the Consolidated Balance Sheet or as lease operating expense in the Consolidated Statements of Operations. (in thousands) December 31, 2019 December 31, 2018 Accounts receivable, net (1) $ 91 $ 325 (1) The receivables relate to amounts due from Lucid and are presented net of unpaid processing fees incurred as of the indicated period end date.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	The following table is a schedule of the Company’s future minimum payments with commitments that have initial or remaining non-cancelable contractual terms in excess of one year as of December 31, 2019 : (in thousands) 2020 2021 2022 2023 2024 Thereafter Total Water disposal agreements $ 2,237 $ 100 $ — $ — $ — $ — $ 2,337 Purchase obligations 9,302 3,360 — — — — 12,662 Transportation agreements 13,393 9,061 1,773 — — — 24,227 Total $ 24,932 $ 12,521 $ 1,773 $ — $ — $ — $ 39,226 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
Oil and Gas Delivery Commitments and Contracts Disclosure [Table Text Block]	The following table summarizes the natural gas volumes the Company is required to deliver by period under these agreements: Period Total Volume Commitments (MMBtu) (1) Daily Volume Commitments (MMBtu/d) (1) January 2020 - December 2020 114,111,400 311,800 January 2021 - December 2021 101,269,000 277,400 January 2022 - October 2022 19,700,000 64,800 Total 235,080,400 (1) The amounts reflected within this table are the total gross volumes the Company is required to deliver per the agreements. These volumetric quantities are therefore not comparable to the Company’s net production presented in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation as the amounts therein are reflected net of all royalties, overriding royalties and production due to others.

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Summary of Disaggregated 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: Year Ended December 31, 2019 2018 2017 Operating revenues (in thousands): Oil sales $ 810,655 $ 709,813 $ 336,931 Natural gas sales 44,556 62,325 48,868 NGL sales 89,119 118,907 44,103 Oil and gas sales $ 944,330 $ 891,045 $ 429,902

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Schedule of Discount Rate and Remaining Lease Term, Components of Lease Expenses, and Other Information	The following table presents the components of the Company’s lease expenses for the period presented. (in thousands) Year Ended December 31, 2019 Lease costs (1) Operating lease cost $ 37,679 Variable lease cost 3,566 Short-term lease cost 67,493 Total Lease Cost $ 108,738 (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. As of December 31, 2019 Weighted-average discount rate 4.56 % Weighted-average remaining lease term (years) 1.29
Schedule of Maturities of Operating Lease Liabilities	Maturities of the Company’s long-term operating lease liabilities by for the year ended December 31, 2019 are as follows: (in thousands) Total (2) 2020 $ 9,573 2021 3,033 2022 425 Total lease payments 13,031 Less: imputed interest (445 ) Present value of lease liabilities (1) $ 12,586 (1) Of the total present value of lease liabilities, $9.2 million was recorded to current Operating lease liabilities and $3.4 million was recorded in noncurrent Operating lease liabilities in the Consolidated Balance Sheets as of December 31, 2019 . (2) Total lease payments exclude variable lease payments which can be charged under the terms of the lease agreements.
Schedule of Future Contractual Payments For Leases Under ASC 840	The following table is a schedule of the Company’s future minimum payments with commitments that have initial or remaining non-cancelable contractual terms in excess of one year as of December 31, 2019 : (in thousands) 2020 2021 2022 2023 2024 Thereafter Total Water disposal agreements $ 2,237 $ 100 $ — $ — $ — $ — $ 2,337 Purchase obligations 9,302 3,360 — — — — 12,662 Transportation agreements 13,393 9,061 1,773 — — — 24,227 Total $ 24,932 $ 12,521 $ 1,773 $ — $ — $ — $ 39,226 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 and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2019USD ($)segmentgeographic_area	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Nov. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Allowance for doubtful accounts	$ 100,000	$ 0
Capitalized interest	4,100,000	2,900,000	$ 1,200,000
Impairment of proved properties	0	0	0
Impairment and abandonment expense	$ 47,245,000	$ 11,136,000	$ (29,000)
Number of industry segments | segment	1
Number of geographic areas | geographic_area	1
Minimum
Organization, Consolidation and Presentation of Financial Statements [Line Items]
PP&E, useful life	3 years
Revenue collection period	30 days
Maximum
Organization, Consolidation and Presentation of Financial Statements [Line Items]
PP&E, useful life	20 years
Revenue collection period	90 days
Senior Notes | Senior Notes Due 2026
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Interest rate, stated percentage				5.375%

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Credit Risk and Other Concentrations (Details) - Customer Concentration Risk - Sales Revenue, Net	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
BP America
Concentration Risk [Line Items]
Concentration risk percent	37.00%	18.00%	16.00%
ExxonMobil Oil Corp [Member]
Concentration Risk [Line Items]
Concentration risk percent	26.00%	0.00%	0.00%
Shell Trading (US) Company
Concentration Risk [Line Items]
Concentration risk percent	11.00%	19.00%	33.00%
Eagleclaw Midstream Ventures, LLC
Concentration Risk [Line Items]
Concentration risk percent	8.00%	12.00%	14.00%

Property Acquisitions and Div_2

Property Acquisitions and Divestitures - Narrative (Details)	Mar. 02, 2018USD ($)aWells	Feb. 08, 2018USD ($)a	Jun. 08, 2017USD ($)aWells	Dec. 31, 2018USD ($)	Dec. 31, 2019USD ($)a	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Business Acquisition [Line Items]
Acquisition of oil and natural gas properties					$ 103,709,000	$ 212,513,000	$ 435,547,000
Allocated to unproved properties				$ 1,680,065,000	1,470,903,000	1,680,065,000
Allocated to proved properties				2,895,280,000	3,962,175,000	2,895,280,000
Proceeds from sale of undeveloped acres					$ 34,730,000	148,149,000	$ 22,496,000
Northern Delaware Basin
Business Acquisition [Line Items]
Undeveloped net acres acquired | a		4,000
Acquisition of oil and natural gas properties		$ 94,700,000	$ 350,100,000
Gas and oil area, average working interest percentage		92.00%
Settlement adjustments						300,000
Net purchase price of undeveloped acres						182,300,000
Allocated to unproved properties			296,900,000	142,500,000		142,500,000
Allocated to proved properties			53,200,000	39,800,000		39,800,000
Transaction costs			$ 500,000	200,000		$ 200,000
Number of horizontal wells acquired (in wells) | Wells			36
Gas and oil area, area offset by existing acreage (in acres) | a			11,850
Gas and oil area, gross offset existing acreage (in acres) | a			14,770
Gas and oil area, operated by company, percent			79.00%
Gas and oil area, working interest, percent			85.00%
Lea County, New Mexico and Reeves County
Business Acquisition [Line Items]
Undeveloped net acres acquired | a					2,900
Acquisition of oil and natural gas properties				$ 87,900,000
Reeves County
Business Acquisition [Line Items]
Undeveloped net acres acquired | a	8,600
Number wells sold (in wells) | Wells	12
Proceeds from sale of undeveloped acres	$ 140,700,000
Average working interest percentage	32.00%
Gain (loss) on sale of oil and gas properties	$ 0
Previously Reported [Member] | Northern Delaware Basin
Business Acquisition [Line Items]
Acquisition of oil and natural gas properties			$ 350,000,000
Restatement Adjustment [Member] | Northern Delaware Basin
Business Acquisition [Line Items]
Acquisition of oil and natural gas properties			$ 100,000

Accounts Receivable, Accounts_3

Accounts Receivable, Accounts Payable and Accrued Expenses - Schedule of Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued oil and gas sales receivable, net	$ 76,578	$ 66,997
Joint interest billings, net	25,136	31,658
Other	198	1,968
Accounts receivable, net	$ 101,912	$ 100,623

Accounts Receivable, Accounts_4

Accounts Receivable, Accounts Payable and Accrued Expenses - Schedule of Payables and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable	$ 21,484	$ 55,984
Accrued capital expenditures	83,002	75,791
Oil and Gas Sales Payable, Current	82,539	63,399
Accrued employee compensation and benefits	12,979	9,757
Accrued interest	19,405	11,129
Accrued expenses and other	24,900	24,515
Accounts payable and accrued expenses	$ 244,309	$ 240,575

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details)	Apr. 26, 2019	Apr. 25, 2019	Mar. 15, 2019USD ($)	May 04, 2018	Nov. 30, 2017USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Long-term debt, net						$ 1,057,389,000	$ 1,057,389,000	$ 691,630,000
Senior Notes
Debt Instrument [Line Items]
Debt issuance costs						(14,061,000)	(14,061,000)	(8,370,000)
Debt Instrument, Unamortized Discount						(3,550,000)	(3,550,000)	0
Long-term debt, net						882,389,000	882,389,000	391,630,000
Senior Notes | Senior Notes Due 2026
Debt Instrument [Line Items]
Long-term Debt, Gross						400,000,000	400,000,000	400,000,000
Long-term debt					$ 400,000,000
Interest rate, stated percentage					5.375%
Proceeds from borrowings					$ 391,000,000
Debt issuance costs					$ 9,000,000
Percentage of principal amount, eligible to be redeemed					35.00%
Percentage of principal amount, redeemable					65.00%
Percentage of principal amount, changes in control					101.00%
Percentage of principal amount, event of default					25.00%
Senior Notes | Senior Notes Due 2026 | Redemption Period One
Debt Instrument [Line Items]
Redemption price percentage					105.375%
Senior Notes | Senior Notes Due 2026 | Redemption Period Four
Debt Instrument [Line Items]
Redemption price percentage					100.00%
Senior Notes | Senior Notes Due 2027
Debt Instrument [Line Items]
Long-term Debt, Gross						500,000,000	500,000,000	0
Long-term debt			$ 500,000,000
Interest rate, stated percentage			6.875%
Debt Instrument, Issued Price, Percentage			99.235%
Proceeds from borrowings			$ 489,000,000
Debt issuance costs			$ 7,200,000
Percentage of principal amount, eligible to be redeemed			35.00%
Redemption price percentage			106.875%
Percentage of principal amount, redeemable			65.00%
Percentage of principal amount, changes in control			101.00%
Percentage of principal amount, event of default			25.00%
Debt Instrument, Unamortized Discount			$ (3,800,000)
Senior Notes | Senior Notes Due 2027 | Redemption Period Four
Debt Instrument [Line Items]
Redemption price percentage			100.00%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Long-term Debt, Gross						175,000,000	175,000,000	$ 300,000,000
Borrowing base amount						1,200,000,000	1,200,000,000
Remaining borrowing capacity						800,000,000	800,000,000
Line of credit, term				5 years
Available borrowing capacity						624,200,000	624,200,000
Amount available to issue letters of credit						$ 1,500,000,000	$ 1,500,000,000
Weighted-average borrowing rate							3.70%	3.80%
Revolving Credit Facility | Line of Credit | Minimum
Debt Instrument [Line Items]
Commitment fee percentage on unused amounts							0.375%	0.375%
Debt instrument, covenant, minimum current ratio							1
Revolving Credit Facility | Line of Credit | Maximum
Debt Instrument [Line Items]
Commitment fee percentage on unused amounts							0.50%	0.50%
Debt instrument, covenant, maximum leverage ratio	3						4
Revolving Credit Facility | Line of Credit | Adjusted For Statutory Reserve Requirements - LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%				1.25%
Revolving Credit Facility | Line of Credit | Adjusted For Statutory Reserve Requirements - LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%				2.25%
Revolving Credit Facility | Line of Credit | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate							0.50%	0.50%
Revolving Credit Facility | Line of Credit | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate							1.00%	1.00%
Revolving Credit Facility | Line of Credit | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%				0.25%
Revolving Credit Facility | Line of Credit | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%				1.25%
Letter of Credit [Member] | Line of Credit
Debt Instrument [Line Items]
Letters of credit outstanding						$ 800,000	$ 800,000

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations, beginning of period	$ 13,895	$ 12,161
Liabilities incurred	1,393	1,535
Liabilities acquired	1,167	165
Liabilities settled	(1,361)	(673)
Accretion expense	912	791
Revisions to estimated cash flows	868	(84)
Asset retirement obligations, end of period	$ 16,874	$ 13,895

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 07, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	May 01, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of stock options vested		$ 10.2	$ 8.8	$ 4.9
Intrinsic value of stock options exercised		$ 0	$ 0.2	$ 0.2
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)		$ 6.59	$ 18.11	$ 17.33
Fair value of vested restricted stock awards		$ 12	$ 6.6	$ 2.7
Unrecognized compensation costs		$ 32
Unrecognized compensation costs, period for recognition		2 years 2 months 12 days
Stock option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, period for recognition		1 year 7 months 6 days
Unrecognized compensation costs		$ 4.1
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation requisite service period		3 years
Granted (in dollars per share)		$ 6.68	$ 22.35	$ 21.53
Unrecognized compensation costs, period for recognition		1 year 10 months 24 days
Vesting period		3 years
Unrecognized compensation costs		$ 5.7
2019 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance under LTIP (in shares)					2,000,000
2016 Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants (in shares)		4,962,545
2016 Long Term Incentive Plan | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance under LTIP (in shares)	16,500,000
2016 Long Term Incentive Plan | Stock option awards | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option expiration period	10 years
Vesting period	3 years
Officer | Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation requisite service 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 - Sche

Stock-Based Compensation - Schedule of Total Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity based compensation expense	$ 28,997	$ 20,670	$ 13,759
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity based compensation expense	15,929	9,185	5,008
Stock option awards
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity based compensation expense	9,562	9,433	8,160
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity based compensation expense	3,374	2,052	591
Employee Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity based compensation expense	$ 132	$ 0	$ 0

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock (Details) - Restricted stock awards - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Awards
Outstanding, beginning of period (in shares)	1,535,945
Granted (in shares)	4,109,148
Vested (in shares)	(690,084)
Forfeited (in shares)	(116,013)
Outstanding, end of period (in shares)	4,838,996	1,535,945
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Granted (in dollars per share)	$ 6.59	$ 18.11	$ 17.33
Vested (in dollars per share)	17.46
Canceled (in dollar per share)	11.39
Outstanding, end of period (in dollars per share)	$ 8.51	$ 17.88

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions Used in Granting Stock Options (Details) - Stock option awards - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share)	$ 4.32	$ 8.58	$ 7.15
Expected term (in years)	6 years	6 years	6 years
Expected stock volatility	47.00%	42.00%	38.00%
Dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate	2.20%	2.70%	2.00%

Stock-Based Compensation - Opti

Stock-Based Compensation - Option Activity (Details) - Stock option awards $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)$ / sharesshares
Options
Outstanding, beginning of period (in shares) | shares	4,559,334
Granted (in shares) | shares	346,500
Exercised (in shares) | shares	0
Forfeited (in shares) | shares	(103,670)
Expired (in shares) | shares	(37,997)
Outstanding, end of period (in shares) | shares	4,764,167
Exercisable (in shares) | shares	3,530,630
Weighted Average Exercise Price
Outstanding, beginning of period (In dollars per share) | $ / shares	$ 16.55
Exercised (in dollars per share) | $ / shares	0
Granted (in dollars per share) | $ / shares	9.24
Forfeited (in dollars per share) | $ / shares	17.76
Expired (in dollars per share) | $ / shares	17.80
Outstanding, end of period (In dollars per share) | $ / shares	15.99
Exercisable (in dollars per share) | $ / shares	$ 16
Outstanding, weighted average remaining term (in years)	7 years 3 months 18 days
Exercisable, weighted average remaining term (in years)	7 years
Outstanding, aggregate intrinsic value | $	$ 11
Exercisable, aggregate intrinsic value | $	$ 0

Stock-Based Compensation - As_2

Stock-Based Compensation - Assumptions Used For Performance Shares (Details) - Performance Shares	12 Months Ended
	Dec. 31, 2019simulation$ / shares	Dec. 31, 2018simulation$ / shares	Dec. 31, 2017simulation$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of simulations | simulation	1,000,000	1,000,000	1,000,000
Expected stock volatility	52.30%	40.20%	41.60%
Dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate	1.80%	2.80%	1.50%
Weighted average grant-date fair value per unit (in dollars per share) | $ / shares	$ 6.68	$ 22.35	$ 21.53

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance Stock Units Outstanding Activity (Details) - Performance Shares - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Awards
Unvested beginning balance (in shares)	386,459
Granted (in shares)	486,213
Vested (in shares)	0
Forfeited (in shares)	0
Unvested ending balance (in shares)	872,672	386,459
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, beginning of period (in dollars per share)	$ 21.94
Granted (in dollars per share)	6.68	$ 22.35	$ 21.53
Vested (in dollars per share)	0
Forfeited	0
Outstanding, end of period (in dollars per share)	$ 13.44	$ 21.94

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Swap Contracts (Details) - Not Designated as Hedging Instrument bbl / d in Thousands, bbl in Thousands	12 Months Ended
	Dec. 31, 2019bbl / d$ / bblbbl
Crude Oil Basis Swaps - Period One
Derivative [Line Items]
Volume (Bbl) | bbl	273
Volume (Bbls/d) | bbl / d	3
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	0.67
Crude Oil Basis Swaps - Period Two
Derivative [Line Items]
Volume (Bbl) | bbl	273
Volume (Bbls/d) | bbl / d	3
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	0.67
Crude Oil Basis Swaps - Period Three
Derivative [Line Items]
Volume (Bbl) | bbl	276
Volume (Bbls/d) | bbl / d	3
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	0.67
Crude Oil Basis Swaps - Period Four
Derivative [Line Items]
Volume (Bbl) | bbl	276
Volume (Bbls/d) | bbl / d	3
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	0.67

Derivative Instruments - Gain (

Derivative Instruments - Gain (Loss) On Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) on derivative instruments	$ (1,561)	$ 15,336	$ 5,138

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Derivative Instruments Balance Sheet Classification (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets - Derivative instruments
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract]
Gross Fair Value Asset/Liability Amounts		$ 7,708
Gross Amounts Offset		(6,076)
Net Recognized Fair Value Assets/Liabilities		1,632
Current liabilities - Derivative instruments
Derivative Liability, Fair Value, Amount Not Offset Against Collateral [Abstract]
Gross Fair Value Asset/Liability Amounts	$ 325	12,127
Gross Amounts Offset	0	(6,076)
Net Recognized Fair Value Assets/Liabilities	$ 325	$ 6,051

Fair Value Measurements Schedul

Fair Value Measurements Schedule of Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Senior Notes | Senior Notes Due 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes	$ 394,480	$ 372,000
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	0	0
Derivative Asset	0	0
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	325	6,051
Derivative Asset	0	1,632
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	0	0
Derivative Asset	$ 0	$ 0

Fair Value Measurements Sched_2

Fair Value Measurements Schedule of Fair Value of Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net	$ 1,057,389	$ 691,630
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net	882,389	391,630
Senior Notes Due 2026 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes	394,480	372,000
Long-term Debt, Gross	400,000	400,000
Senior Notes Due 2027 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes	520,000
Long-term Debt, Gross	500,000	0
Carrying Value | Senior Notes Due 2026 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net	392,623	391,630
Carrying Value | Senior Notes Due 2027 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net	489,766
Revolving Credit Facility | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes	175,000	300,000
Long-term Debt, Gross	175,000	300,000
Revolving Credit Facility | Carrying Value | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Gross	$ 175,000	$ 300,000

Shareholders' Equity and Nonc_2

Shareholders' Equity and Noncontrolling Interest - Common and Preferred Stock (Details)	Mar. 07, 2018USD ($)shares	Nov. 09, 2017USD ($)shares	May 25, 2017USD ($)shares	May 04, 2017USD ($)$ / sharesshares	Oct. 11, 2016shares	Dec. 31, 2019USD ($)votedirector$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)
Common Class A
Class of Stock [Line Items]
Common stock, number of votes per share (in votes) | vote						1
Common stock, threshold for election of directors						50.00%
Common stock, shares outstanding (in shares)						275,811,346	264,323,328
Common Class A | Conversion of common shares from Class C to Class A
Class of Stock [Line Items]
Conversion of common shares (in shares)	3,347,647	3,494,583				10,969,064
Conversion of Convertible Securities, Income Tax Expense (Benefit) | $						$ 17,500,000	$ 7,200,000	$ 20,000,000
Common Class A | Conversion of Class B Preferred Stock to Class A Common Stock
Class of Stock [Line Items]
Conversion of common shares (in shares)			26,100,000
Common Class A | Public Offering
Class of Stock [Line Items]
Stock issued during period (in shares)	25,000,000	25,000,000
Proceeds from issuance of stock | $	$ 0	$ 0	$ 0			$ 0
Common Class A | Subscription Agreements
Class of Stock [Line Items]
Stock issued during period (in shares)				23,500,000
Proceeds from issuance of stock | $				$ 340,800,000
Purchase price (in dollars per share) | $ / shares				$ 14.50
Series B Preferred Stock | Conversion of Class B Preferred Stock to Class A Common Stock
Class of Stock [Line Items]
Conversion of common shares (in shares)			104,400
Class C
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)						1,034,119	12,003,183
Class C | Centennial Contributors
Class of Stock [Line Items]
Stock issued during period (in shares)					20,000,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, number of directed nominated and elected | director						1
Preferred stock, shares outstanding (in shares)						1	1
Series A Preferred Stock | Centennial Resource Development
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)						1	1
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares						$ 0.0001	$ 0.0001
Preferred stock, redemption terms, threshold for CRP common units and/or shares of Class A common shares						5,000,000	5,000,000

Shareholders' Equity and Nonc_3

Shareholders' Equity and Noncontrolling Interest - Warrants (Details) - $ / shares	Mar. 01, 2017	Dec. 31, 2017	Dec. 31, 2019
Class of Warrant or Right [Line Items]
Warrants, expiration period	5 years
Public Warrants
Class of Warrant or Right [Line Items]
Warrant exercise price (in dollars per share)	$ 0.01
Warrant, cashless exercise, average common stock price per share (in dollars per share)	$ 11.50
Warrants To Purchase Class A Common Stock, Private Placement
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)			8,000,000
Warrants To Purchase Class A Common Stock, Silver Run
Class of Warrant or Right [Line Items]
Warrants, number of class A shares per warrant (in shares)			1
Common Class A
Class of Warrant or Right [Line Items]
Warrants exercised (in shares)		6,235,790
Common Class A | Common Stock
Class of Warrant or Right [Line Items]
Warrants exercised (in shares)		6,236,000

Shareholders' Equity and Nonc_4

Shareholders' Equity and Noncontrolling Interest - Noncontrolling Interest (Details) - USD ($) $ in Millions	Mar. 07, 2018	Nov. 09, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Oct. 10, 2016
Noncontrolling Interest [Line Items]
Acquired noncontrolling interest percentage						10.90%
Centennial Resource Production, LLC
Noncontrolling Interest [Line Items]
Ownership interest of non-controlling interest			0.37%	4.30%	5.70%
Common Class A | Conversion of common shares from Class C to Class A
Noncontrolling Interest [Line Items]
Conversion of common shares (in shares)	3,347,647	3,494,583	10,969,064
Conversion of Convertible Securities, Income Tax Expense (Benefit)			$ 17.5	$ 7.2	$ 20

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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Class A Common Stock	$ 15,798	$ 199,899	$ 75,568
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities	328	0	0
Adjusted net income attributable to Class A Common Stock	$ 16,126	$ 199,899	$ 75,568
Basic net earnings (loss) per share of Class A Common Stock (in dollars per share)	$ 0.06	$ 0.76	$ 0.32
Diluted net earnings (loss) per share of Class A Common Stock (in dollars per share)	$ 0.06	$ 0.75	$ 0.32
Basic weighted average share outstanding of Class A Common Stock (in shares)	267,700	263,341	235,447
Add: Dilutive effects of conversion of Class C Common Stock (in shares)	8,869	0	0
Add: Dilutive effects of equity awards (in shares)	63	3,514	4,307
Diluted weighted average shares outstanding of Class A Common Stock (in shares)	276,632	266,855	239,754

Earnings Per Share - Summary of

Earnings Per Share - Summary of Shares Excluded From Diluted Earnings Per Share Calculation (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
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)	4,706	818	819
Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	2,895	0	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)	0	12,791	18,629
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	39	0
Employee Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	22	0	0
Warrant [Member]
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	0

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Expense and Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current taxes
Federal	$ 0	$ 0	$ 0
State	0	0	0
Current taxes	0	0	0
Deferred taxes
Federal	(5,396)	(56,365)	(26,713)
State	(401)	(3,075)	(3,217)
Deferred taxes	(5,797)	(59,440)	(29,930)
Income tax benefit (expense)	$ (5,797)	$ (59,440)	$ (29,930)

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax [Line Items]
Income tax expense at the federal statutory rate	$ (4,646)	$ (57,157)	$ (39,720)
State income tax expense - net of federal income tax benefits	(401)	(3,075)	(2,788)
Change in Federal tax rate (net of state benefit)	0	0	4,425
Noncontrolling interest in partnership	129	2,696	2,795
Equity based compensation	(780)	(1,825)	241
Nondeductible expenses	(99)	(79)	(31)
Change in valuation allowance	0	0	5,148
Income tax benefit (expense)	$ (5,797)	$ (59,440)	$ (29,930)

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Net operating loss carryforwards	$ 88,043	$ 87,196
Capitalized intangible drilling cost	100,307	29,159
Interest expense	18,722	6,023
Equity-based compensation	8,284	3,366
Other assets	295	282
Total deferred tax assets	215,651	126,026
Deferred tax liabilities:
Investment in CRP	(301,155)	(188,193)
Net deferred tax asset (liability)	$ (85,504)	$ (62,167)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Domestic Tax Authority
Income Tax [Line Items]
Operating loss carryforwards	$ 417.4
State
Income Tax [Line Items]
Operating loss carryforwards	78.2
Conversion of common shares from Class C to Class A | Common Class A
Income Tax [Line Items]
Conversion of Convertible Securities, Income Tax Expense (Benefit)	$ 17.5	$ 7.2	$ 20

Transactions with Related Par_3

Transactions with Related Parties - Schedule of Costs Incurred and Payables with Related Parties (Details) - Affiliated Entity - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Liberty Oilfield Services, LLC
Related Party Transaction [Line Items]
Related Party Costs	$ 0	$ 0	$ 72,551
Lucid Energy Delaware, LLC
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	91	325
Oil and gas sales	2,642	792	0
Revenues from oil and gas sales	$ 3,559	$ 3,946	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Future Minimum Lease Payments (Details)	Dec. 31, 2019USD ($)
Operating Leases and Other Contractual Commitments, Future Minimum Payments Due [Line Items]
2020	$ 24,932,000
2021	12,521,000
2022	1,773,000
2023	0
2024	0
Thereafter	0
Total	39,226,000
Water disposal agreements
Operating Leases and Other Contractual Commitments, Future Minimum Payments Due [Line Items]
2020	2,237,000
2021	100,000
2022	0
2023	0
2024	0
Thereafter	0
Total	2,337,000
Purchase obligations
Operating Leases and Other Contractual Commitments, Future Minimum Payments Due [Line Items]
2020	9,302,000
2021	3,360,000
2022	0
2023	0
2024	0
Thereafter	0
Total	12,662,000
Transportation agreements
Operating Leases and Other Contractual Commitments, Future Minimum Payments Due [Line Items]
2020	13,393,000
2021	9,061,000
2022	1,773,000
2023	0
2024	0
Thereafter	0
Total	$ 24,227,000

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) bbl / d in Thousands, $ in Thousands	Aug. 31, 2018bbl / d	Aug. 31, 2018	Dec. 31, 2019USD ($)MMBtu / dayMMBTU	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Other Commitments [Line Items]
Water disposal costs			$ 2,600	$ 2,200	$ 2,400
Oil And Gas Producing Activities, Transportation Costs			$ 72,834	57,624	34,259
Transportation and gathering agreement, requirement for delivery | MMBTU			235,080,400
Delivery commitment term			4 years
Minimum
Other Commitments [Line Items]
Delivery commitment, firm gross sales per day (in MMBTu) | MMBtu / day			40,000
Maximum
Other Commitments [Line Items]
Delivery commitment, firm gross sales per day (in MMBTu) | MMBtu / day			100,000
Transportation Service Agreement | Minimum
Other Commitments [Line Items]
Transportation and gathering agreement, term of agreement			1 year
Transportation and Gathering Agreement
Other Commitments [Line Items]
Oil And Gas Producing Activities, Transportation Costs			$ 12,800	3,700	1,200
Permian Basin Agreement
Other Commitments [Line Items]
Delivery commitment, firm gross sales per day (in barrels) | bbl / d	30
Delivery commitment term		6 years
Permian Basin Agreement | Minimum
Other Commitments [Line Items]
Delivery commitment, firm gross sales per day (in barrels) | bbl / d	30
Permian Basin Agreement | Maximum
Other Commitments [Line Items]
Delivery commitment, firm gross sales per day (in barrels) | bbl / d	105
Frac and Sand Supply Agreement
Other Commitments [Line Items]
Prepayment for purchase obligations			24,800	9,700	13,200
Capitalization costs			$ 5,200	$ 4,600	$ 1,600

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Volume Commitments (Details)	Dec. 31, 2019MMBTU
Total Volume Commitments (MMBtu)(1)
2019	114,111,400
Total	235,080,400
Daily Volume Commitments (MMBtu/d)(1)
2019	311,800
2020	101,269,000
2021	277,400
Oil And Gas Delivery Commitments And Contracts, Remaining Contractual Energy Volume, Year Three	19,700,000
2022	64,800

Revenues - Schedule of Disaggre

Revenues - Schedule of Disaggregated Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 944,330	$ 891,045	$ 429,902
Oil sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	810,655	709,813	336,931
Natural gas sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	44,556	62,325	48,868
NGL sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 89,119	$ 118,907	$ 44,103

Revenues - Performance Obligati

Revenues - Performance Obligation Payment Terms (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Oil and natural gas receivables	$ 76,578	$ 66,997
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)	12 Months Ended
	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Renewal term (up to)	5 years
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	2 months
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	2 years

Leases - Schedule of Lease Expe

Leases - Schedule of Lease Expenses and Other Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Leases [Abstract]
Weighted-average discount rate	4.56%
Weighted-average remaining lease term (years)	1 year 3 months 14 days
Lease costs
Operating lease cost	$ 37,679
Variable lease cost	3,566
Short-term lease cost	67,493
Total Lease Cost	$ 108,738

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Operating Lease Liabilities, Payments Due After Adoption of 842 [Abstract]
2020	$ 9,573
2021	3,033
2022	425
Total	13,031
Less: Imputed Interest	(445)
Present value of lease liabilities	12,586
Operating lease liability, current	9,232	$ 0
Operating lease liability, noncurrent	$ 3,354	0
Drilling Rigs
Operating Leases, Future Contractual Payments Before Adoption of 842
2019		43,036
2020		4,124
2021		0
2022		0
Total		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		$ 9,052

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events (Details) - USD ($) $ in Thousands	Feb. 24, 2020	Mar. 02, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Subsequent Event [Line Items]
Proceeds from sales of oil and natural gas properties			$ 34,730	$ 148,149	$ 22,496
Reeves County
Subsequent Event [Line Items]
Proceeds from sales of oil and natural gas properties		$ 140,700
Reeves County | Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from sales of oil and natural gas properties	$ 150,000
Deferred incentive payments	$ 75,000

Uncategorized Items - cdev12312

Label	Element	Value
Restricted Cash	us-gaap_RestrictedCash	$ 8,600,000
Restricted Cash	us-gaap_RestrictedCash	5,320,000
Restricted Cash	us-gaap_RestrictedCash	$ 3,265,000