Permian Resources (PR) 10-Q 3 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-37697
Entity Registrant Name	CENTENNIAL RESOURCE DEVELOPMENT, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-5381253
Entity Address, Address Line One	1001 Seventeenth Street
Entity Address, Address Line Two	Suite 1800
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	720
Local Phone Number	499-1400
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	CDEV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Smaller Reporting Company	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		278,309,116
Entity Central Index Key	0001658566
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 7,214	$ 10,223
Accounts receivable, net	64,095	101,912
Prepaid and other current assets	6,319	7,994
Total current assets	77,628	120,129
Oil and natural gas properties, successful efforts method
Unproved properties	1,328,022	1,470,903
Proved properties	4,270,397	3,962,175
Accumulated depreciation, depletion and amortization	(1,715,604)	(931,737)
Total oil and natural gas properties, net	3,882,815	4,501,341
Other property and equipment, net	13,765	14,612
Total property and equipment, net	3,896,580	4,515,953
Noncurrent assets
Operating lease right-of-use assets	4,801	11,841
Other noncurrent assets	41,877	40,365
TOTAL ASSETS	4,020,886	4,688,288
Current liabilities
Accounts payable and accrued expenses	122,360	244,309
Derivative instruments	31,740	325
Operating lease liabilities	3,591	9,232
Other current liabilities	170	600
Total current liabilities	157,861	254,466
Noncurrent liabilities
Long-term debt, net	1,106,043	1,057,389
Asset retirement obligations	18,067	16,874
Deferred income taxes	2,589	85,504
Operating lease liabilities	1,783	3,354
Total liabilities	1,286,343	1,417,587
Commitments and contingencies (Note 11)
Shareholders’ equity
Additional paid-in capital	2,994,832	2,975,756
Retained earnings (accumulated deficit)	(260,317)	282,336
Total shareholders’ equity	2,734,543	3,258,120
Noncontrolling interest	0	12,581
Total equity	2,734,543	3,270,701
TOTAL LIABILITIES AND EQUITY	4,020,886	4,688,288
Preferred Stock Series A
Shareholders’ equity
Preferred stock, $0.0001 par value, 1,000,000 shares authorized:	0	0
Class A
Shareholders’ equity
Common stock, $0.0001 par value, 620,000,000 shares authorized:	28	28
Convertible Class C
Shareholders’ equity
Common stock, $0.0001 par value, 620,000,000 shares authorized:	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Preferred stock, par value (USD per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (shares)	1,000,000	1,000,000
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (shares)	620,000,000	620,000,000
Series A Preferred Stock
Preferred stock, shares issued (shares)	1	1	1	1
Preferred stock, shares outstanding (shares)	1	1	1	1
Class A
Common stock, shares issued (shares)	282,209,347	280,650,341
Common stock, shares outstanding (shares)	277,283,494	275,811,346
Convertible Class C
Common stock, shares issued (shares)	0	1,034,119
Common stock, shares outstanding (shares)	0	1,034,119

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating revenues
Oil and gas sales	$ 90,509	$ 244,239	$ 283,278	$ 458,808
Operating expenses
Lease operating expenses	25,839	34,885	58,478	64,747
Severance and ad valorem taxes	5,696	17,186	22,269	33,306
Gathering, processing and transportation expenses	17,284	16,243	34,223	31,267
Depreciation, depletion and amortization	93,020	112,114	194,278	208,672
Impairment and abandonment expense	19,425	4,418	630,725	35,682
Exploration expense	4,051	3,861	8,060	6,377
General and administrative expenses	17,994	18,435	36,864	36,553
Total operating expenses	183,309	207,142	984,897	416,604
Gain (Loss) on Disposition of Property Plant Equipment	(2)	9	243	7
Income (loss) from operations	(92,802)	37,106	(701,376)	42,211
Other income (expense)
Interest expense	(17,371)	(14,437)	(33,792)	(24,597)
Gain on exchange of debt	143,443	0	143,443	0
Net gain (loss) on derivative instruments	(29,857)	2,128	(38,362)	(3,743)
Other income (expense)	1	133	(52)	259
Total other income (expense)	96,216	(12,176)	71,237	(28,081)
Income (loss) before income taxes	3,414	24,930	(630,139)	14,130
Income tax (expense) benefit	1,916	(5,928)	85,124	(3,665)
Net income (loss)	5,330	19,002	(545,015)	10,465
Less: Net (income) loss attributable to noncontrolling interest	0	(1,125)	(2,362)	700
Net income (loss) attributable to Class A Common Stock	$ 5,330	$ 17,877	$ (542,653)	$ 9,765
Income (loss) per share of Class A Common Stock:
Basic (USD per share)	$ 0.02	$ 0.07	$ (1.96)	$ 0.04
Diluted (USD per share)	$ 0.02	$ 0.07	$ (1.96)	$ 0.04

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income (loss)	$ 5,330	$ (545,015)	$ 10,465
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	93,020	194,278	208,672
Stock-based compensation expense		11,136	13,241
Impairment and abandonment expense	19,425	630,725	35,682
Deferred tax expense (benefit)		(85,124)	3,665
Net (gain) loss on sale of long-lived assets		(243)	(7)
Non-cash portion of derivative (gain) loss		31,415	9,754
Amortization of debt issuance costs and discount		2,334	1,287
Gain on exchange of debt	(143,443)	(143,443)	0
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable		36,065	(22,751)
(Increase) decrease in prepaid and other assets		41	(154)
Increase (decrease) in accounts payable and other liabilities		(47,666)	20,340
Net cash provided by operating activities		84,503	280,194
Cash flows from investing activities:
Acquisition of oil and natural gas properties		(6,113)	(42,264)
Drilling and development capital expenditures		(271,389)	(437,912)
Purchases of other property and equipment		(811)	(4,263)
Proceeds from sales of oil and natural gas properties		1,263	25,919
Net cash used in investing activities		(277,050)	(458,520)
Cash flows from financing activities:
Proceeds from borrowings under revolving credit facility		385,000	155,000
Repayment of borrowings under revolving credit facility		(190,000)	(455,000)
Proceeds from issuance of senior notes	0		496,175
Debt exchange and debt issuance costs		(5,141)	(7,200)
Restricted stock used for tax withholdings		(301)	(332)
Net cash provided by financing activities		189,558	188,643
Net increase (decrease) in cash, cash equivalents and restricted cash		(2,989)	10,317
Cash, cash equivalents and restricted cash, beginning of period		15,543	21,422
Cash, cash equivalents and restricted cash, end of period	12,554	12,554	31,739
Supplemental cash flow information
Cash paid for interest		36,618	15,799
Cash used in operating activities		4,252	11,487
Cash used in investing activities		2,019	9,906
Supplemental non-cash activity
Accrued capital expenditures included in accounts payable and accrued expenses		22,474	128,807
Asset retirement obligations incurred, including revisions to estimates		542	714
Right-of-use assets recognized (derecognized) with offsetting operating lease liabilities		(3,454)	35,267
Aggregate principal amount of Senior Secured Notes issued in the debt exchange		106,030	0
Total cash, cash equivalents and restricted cash	12,554	12,554	31,739
Senior Notes Due 2026 | Senior Notes
Supplemental non-cash activity
Senior Notes extinguished in the debt exchange	(110,600)	(108,632)	0
Senior Notes Due 2027 | Senior Notes
Supplemental non-cash activity
Senior Notes extinguished in the debt exchange	$ (143,700)	$ (140,840)	$ 0

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Class A	Class C	Series A Preferred Stock	Common StockClass A	Common StockClass C	Preferred StockSeries A Preferred Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Total Shareholders’ Equity	Non-controlling Interest	Conversion of Class C Common Stock to Class A Common Stock	Conversion of Class C Common Stock to Class A Common StockCommon StockClass A	Conversion of Class C Common Stock to Class A Common StockCommon StockClass C	Conversion of Class C Common Stock to Class A Common StockAdditional Paid-In Capital	Conversion of Class C Common Stock to Class A Common StockTotal Shareholders’ Equity	Conversion of Class C Common Stock to Class A Common StockNon-controlling Interest
Common shares outstanding at beginning of period (in shares) at Dec. 31, 2018					265,859,000	12,003,000
Balance at beginning of period at Dec. 31, 2018	$ 3,243,869				$ 27	$ 1	$ 0	$ 2,833,611	$ 266,538	$ 3,100,177	$ 143,692
Preferred shares outstanding at beginning of period (in shares) at Dec. 31, 2018				1			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock issued (in shares)					436,000
Stock Issued During Period, Value, Restricted Stock Award, Gross					$ 0			0
Restricted stock forfeited (in shares)					0
Restricted Stock Award, Forfeitures	0				$ 0			0
Restricted stock used for tax withholding (in shares)					(24,000)
Restricted stock used for tax withholding	(291)				$ 0			(291)		(291)
Stock-based compensation	6,483							6,483		6,483
Net income (loss)	(8,537)								(8,112)	(8,112)	(425)
Common shares outstanding at end of period (in shares) at Mar. 31, 2019					266,271,000	12,003,000
Balance at end of period at Mar. 31, 2019	3,241,524				$ 27	$ 1	$ 0	2,839,803	258,426	3,098,257	143,267
Preferred shares outstanding at end of period (in shares) at Mar. 31, 2019				1			0
Common shares outstanding at beginning of period (in shares) at Dec. 31, 2018					265,859,000	12,003,000
Balance at beginning of period at Dec. 31, 2018	3,243,869				$ 27	$ 1	$ 0	2,833,611	266,538	3,100,177	143,692
Preferred shares outstanding at beginning of period (in shares) at Dec. 31, 2018				1			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	10,465
Common shares outstanding at end of period (in shares) at Jun. 30, 2019					266,255,000	12,003,000
Balance at end of period at Jun. 30, 2019	3,267,243				$ 27	$ 1	$ 0	2,846,520	276,303	3,122,851	144,392
Preferred shares outstanding at end of period (in shares) at Jun. 30, 2019							0
Common shares outstanding at beginning of period (in shares) at Mar. 31, 2019					266,271,000	12,003,000
Balance at beginning of period at Mar. 31, 2019	3,241,524				$ 27	$ 1	$ 0	2,839,803	258,426	3,098,257	143,267
Preferred shares outstanding at beginning of period (in shares) at Mar. 31, 2019				1			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock issued (in shares)					4,000
Stock Issued During Period, Value, Restricted Stock Award, Gross					$ 0			0
Restricted stock forfeited (in shares)					(16,000)
Restricted Stock Award, Forfeitures	0				$ 0			0
Restricted stock used for tax withholding (in shares)					(4,000)
Restricted stock used for tax withholding	(41)				$ 0			(41)		(41)
Stock-based compensation	6,758							6,758		6,758
Net income (loss)	19,002								17,877	17,877	1,125
Common shares outstanding at end of period (in shares) at Jun. 30, 2019					266,255,000	12,003,000
Balance at end of period at Jun. 30, 2019	3,267,243				$ 27	$ 1	$ 0	2,846,520	276,303	3,122,851	144,392
Preferred shares outstanding at end of period (in shares) at Jun. 30, 2019							0
Common shares outstanding at beginning of period (in shares) at Dec. 31, 2019		275,811,346	1,034,119		280,650,000	1,034,000
Balance at beginning of period at Dec. 31, 2019	3,270,701				$ 28	$ 0	$ 0	2,975,756	282,336	3,258,120	12,581
Preferred shares outstanding at beginning of period (in shares) at Dec. 31, 2019				1			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock issued (in shares)					1,305,000
Stock Issued During Period, Value, Restricted Stock Award, Gross					$ 0			0
Restricted stock forfeited (in shares)					(406,000)
Restricted Stock Award, Forfeitures	0				$ 0			0
Restricted stock used for tax withholding (in shares)					(78,000)
Restricted stock used for tax withholding	(208)				$ 0			(208)		(208)
Stock Issued During Period, Shares, Employee Stock Purchase Plans					59,000
Stock Issued During Period, Value, Employee Stock Purchase Plan	230				$ 0			230		230
Stock-based compensation	6,409							6,409		6,409
Net income (loss)	(550,345)								(547,983)	(547,983)	(2,362)
Common shares outstanding at end of period (in shares) at Mar. 31, 2020					281,530,000	1,034,000
Balance at end of period at Mar. 31, 2020	2,726,787				$ 28	$ 0	$ 0	2,982,187	(265,647)	2,716,568	10,219
Preferred shares outstanding at end of period (in shares) at Mar. 31, 2020							0
Common shares outstanding at beginning of period (in shares) at Dec. 31, 2019		275,811,346	1,034,119		280,650,000	1,034,000
Balance at beginning of period at Dec. 31, 2019	$ 3,270,701				$ 28	$ 0	$ 0	2,975,756	282,336	3,258,120	12,581
Preferred shares outstanding at beginning of period (in shares) at Dec. 31, 2019				1			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Option exercises (in shares)	0
Net income (loss)	$ (545,015)
Common shares outstanding at end of period (in shares) at Jun. 30, 2020		277,283,494	0		282,209,000	0
Balance at end of period at Jun. 30, 2020	2,734,543				$ 28	$ 0	$ 0	2,994,832	(260,317)	2,734,543	0
Preferred shares outstanding at end of period (in shares) at Jun. 30, 2020				1			0
Common shares outstanding at beginning of period (in shares) at Mar. 31, 2020					281,530,000	1,034,000
Balance at beginning of period at Mar. 31, 2020	2,726,787				$ 28	$ 0	$ 0	2,982,187	(265,647)	2,716,568	10,219
Preferred shares outstanding at beginning of period (in shares) at Mar. 31, 2020							0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock issued (in shares)					80,000
Stock Issued During Period, Value, Restricted Stock Award, Gross					$ 0			0
Restricted stock forfeited (in shares)					(352,000)
Restricted Stock Award, Forfeitures					$ 0			0
Restricted stock used for tax withholding (in shares)					(83,000)
Restricted stock used for tax withholding	(93)				$ 0			(93)		(93)
Stock-based compensation	4,727							4,727		4,727
Conversion of common shares from Class C to Class A, net of tax (in shares)													1,034,000	(1,034,000)
Stock Issued During Period, Value, Conversion of Convertible Securities					$ 0	$ 0						$ (2,208)			$ 8,011	$ 8,011	$ (10,219)
Net income (loss)	5,330								5,330	5,330	0
Common shares outstanding at end of period (in shares) at Jun. 30, 2020		277,283,494	0		282,209,000	0
Balance at end of period at Jun. 30, 2020	$ 2,734,543				$ 28	$ 0	$ 0	$ 2,994,832	$ (260,317)	$ 2,734,543	$ 0
Preferred shares outstanding at end of period (in shares) at Jun. 30, 2020				1			0

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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 accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, certain disclosures normally included in an Annual Report on Form 10-K have been omitted. The consolidated financial statements and related notes included in this Quarterly Report should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2019 (the “ 2019 Annual Report”). Except as disclosed herein, there have been no material changes to the information disclosed in the notes to the consolidated financial statements included in the Company’s 2019 Annual Report. In the opinion of management, all normal, recurring adjustments and accruals considered necessary to present fairly, in all material respects, the Company’s interim financial results have been included. Operating results for the periods presented are not necessarily indicative of expected results for the full year. The consolidated financial statements include the accounts of the Company and its subsidiary CRP, and CRP’s wholly-owned subsidiaries. Noncontrolling interest represents third-party ownership in CRP and is presented as a component of equity. As of December 31, 2019, the noncontrolling interest ownership of CRP was 0.4% . On April 2, 2020, the legacy owners of CRP converted all of their remaining 1,034,119 CRP Common Units (and corresponding shares of Class C Common Stock) into Class A Common Stock (the “Conversion”), which eliminated the noncontrolling interest ownership in CRP. As a result, CRP was a wholly-owned subsidiary of Centennial Resource Development, Inc. for the three month period ended June 30, 2020 . No cash proceeds were received by the Company in connection with the Conversion, and deferred tax expense of $2.2 million was recorded in equity with an offsetting deferred tax liability for the same amount, upon conversion. Use of Estimates The preparation of the Company’s consolidated financial statements requires the Company’s management to make various assumptions, judgments and estimates to determine the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events, and accordingly, actual results could differ from amounts previously established. The more significant areas requiring the use of assumptions, judgments and estimates include: (i) oil and natural gas reserves; (ii) cash flow estimates used in impairment tests for 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. Income Taxes Historically, CRP has been treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, CRP was not subject to U.S. federal and certain state and local income taxes, and any taxable income or loss generated by CRP was passed through to and included in the taxable income or loss of its members, including Centennial Resource Development, Inc., on a pro rata basis. Following the Conversion, CRP is no longer a partnership for tax purposes. As a result, the deferred tax assets and liabilities previously recorded within the partnership, and previously reported by the Company as a net deferred tax balance related to its investment in the CRP partnership, are now directly included within the Company’s deferred tax assets and liabilities. Further, the Company is now subject to U.S. federal and applicable state and local income taxes for its entire consolidated taxable income or loss. Income tax expense recognized during interim periods is based on applying an estimated annual effective income tax rate to the Company’s year-to-date income, plus any significant unusual or infrequently occurring items which are recorded in the interim period. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in various state jurisdictions, permanent and temporary differences and the likelihood of recovering deferred tax assets generated. The accounting estimates used to compute the provision for income taxes may change as new events occur, additional information becomes known or as the tax environment changes. During the first half of 2020, the Company determined that it is more-likely-than-not that a portion of its deferred tax assets will not be realized. Accordingly, a valuation allowance against its deferred tax assets in the amount of $49.7 million was recognized as of June 30, 2020 , which caused the Company’s provision for income taxes for the three and six months ended June 30, 2020 to differ from the amounts that would be provided by applying the statutory U.S. federal income tax rate of 21% to pre-tax book loss. Risks and Uncertainties

Property Acquisitions and dispo

Property Acquisitions and dispositions	6 Months Ended
	Jun. 30, 2020
Property Dispositions [Abstract]
Property Divestiture	Note 2—Property Divestiture On February 24, 2020, the Company entered into a purchase and sale agreement (the “Agreement”) to sell certain of its water disposal assets. On May 15, 2020, the Agreement was terminated after the purchaser failed to close the transaction as set forth in the Agreement. The purchaser deposited $10.0 million of cash in an escrow account (the “Deposit”) which, in the event of termination, was to be distributed to the Company or the purchaser in accordance with the remedy provisions of the Agreement. Centennial believes it has a right to receive the Deposit, pursuant to the terms of the Agreement. However, the purchaser a dvised the Company that it disputes this position, and as a result, the distribution of the Deposit is under ongoing litigation between the Company and the purchaser.

Accounts Receivable, Accounts P

Accounts Receivable, Accounts Payable and Accrued Expenses	6 Months Ended
	Jun. 30, 2020
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) June 30, 2020 December 31, 2019 Accrued oil and gas sales receivable, net $ 41,525 $ 76,578 Joint interest billings, net 22,451 25,136 Other 119 198 Accounts receivable, net $ 64,095 $ 101,912 Accounts payable and accrued expenses are comprised of the following: (in thousands) June 30, 2020 December 31, 2019 Accounts payable $ 8,754 $ 21,484 Accrued capital expenditures 18,765 83,002 Revenues payable 42,633 82,539 Accrued interest 15,466 19,405 Accrued derivative settlements payable 11,569 — Accrued employee compensation and benefits 6,167 12,979 Accrued expenses and other 19,006 24,900 Accounts payable and accrued expenses $ 122,360 $ 244,309

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2020
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) June 30, 2020 December 31, 2019 Credit Facility due 2023 $ 370,000 $ 175,000 8.00% Senior Secured Notes due 2025 127,073 — 5.375% Senior Notes due 2026 289,448 400,000 6.875% Senior Notes due 2027 356,351 500,000 Unamortized debt issuance costs on Senior Notes (13,646 ) (14,061 ) Unamortized debt discount (23,183 ) (3,550 ) Senior Notes, net 736,043 882,389 Total long-term debt, net $ 1,106,043 $ 1,057,389 Credit Agreement CRP, the Company’s consolidated subsidiary, has a credit agreement with a syndicate of banks that provides for a five-year secured revolving credit facility, maturing on May 4, 2023 (the “Credit Agreement”). On May 1, 2020 , CRP, as borrower, and the Company, as parent guarantor, entered into the second and third amendments to the Credit Agreement (the “2020 Amendments”), which, among other things, established a new borrowing base and level of elected commitments of $700.0 million . The 2020 Amendments that the lenders approved also permitted the issuance of the Senior Secured Notes in connection with the Debt Exchange (defined below), and they implemented an availability blocker equal to 25% of the newly issued amount of Senior Secured Notes. As of June 30, 2020 , the Company had $370.0 million in borrowings outstanding and $290.0 million in available borrowing capacity, which was net of $8.2 million in letters of credit outstanding and the availability blocker of $31.8 million . The amount available to be borrowed under CRP’s Credit Agreement is equal to the lesser of (i) the borrowing base less the availability blocker, (ii) aggregate elected commitments, which was set at $700.0 million pursuant to the 2020 Amendments, 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. Borrowings under the Credit Agreement are guaranteed by certain of CRP’s subsidiaries and the Company. Borrowings under the Credit Agreement 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 and subject to 1% floor) plus an applicable margin, which ranged from 200 to 300 basis points as of June 30, 2020 , 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 from 100 to 200 basis points as of June 30, 2020 , 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. 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 any current portion of long-term debt due under the credit agreement and non-cash derivative liabilities), of not less than 1.0 to 1.0 ; (ii) a first lien leverage ratio, as defined within the Credit Agreement as the ratio of first lien debt to EBITDAX for the rolling four fiscal quarter period, which may not exceed 2.75 to 1.00 beginning with the quarter ending June 30, 2020 and extending through the quarter ending December 31, 2021, after which the maximum ratio shall decrease to 2.50 to 1.00 for each of the quarters ending in 2022; and (iii) a leverage ratio, as also defined in the Credit Agreement as the ratio of total funded debt to consolidated EBITDAX for the rolling four fiscal quarter period. Pursuant to the 2020 Amendments, the leverage ratio is suspended until March 31, 2022, at which time, the ratio may not exceed 5.00 to 1.00 , with such maximum ratio declining at a rate of 0.25 for each succeeding quarter until March 31, 2023 when the ratio is set at not greater than 4.0 to 1.0 . CRP was in compliance with the covenants and the financial ratios described above as of June 30, 2020 and through the filing of this Quarterly Report. Senior Unsecured Note Debt Exchange On May 22, 2020 , CRP completed its private exchange of debt pursuant to which a $254.2 million aggregate principal amount of Senior Unsecured Notes (defined below) was validly tendered and exchanged by certain eligible bondholders for consideration consisting of $127.1 million aggregate principal amount (the “Debt Exchange”) of newly issued 8.00% second lien senior secured notes due 2025 (the “Senior Secured Notes”). Whether a debt exchange should be accounted for pursuant to Financial Accounting Standards Board’s Accounting Standard Codification (“ASC”) Topic 470-60, Troubled Debt Restructurings by Debtors , or pursuant to ASC Topic 470-50, Modifications and Extinguishments, requires judgments to be made with respect to whether or not an entity is experiencing financial difficulty. As it was determined that Centennial was not experiencing financial difficulty and could obtain funds at market rates it could afford (i.e. non-investment grade but nontroubled debtor rates), the Company’s Debt Exchange was accounted for as an extinguishment of debt in accordance with ASC 470-50 . As a result, a gain on the exchange of debt of $143.4 million was recognized in the Consolidated Statement of Operations, which consisted of the carrying values of the Senior Unsecured Notes exchanged less the aggregate principal amount of new Senior Secured Notes issued, net of their associated debt discount of $21.0 million (which was based on the notes’ estimated fair value on the exchange date). Senior Secured Notes In connection with the Debt Exchange, on May 22, 2020, the Company issued $127.1 million aggregate principal amount of Senior Secured Notes. The Senior Secured Notes were recorded at their fair value on the date of issuance equal to 83.44% of par (a debt discount of $21.0 million ) and net of their associated debt issuance costs of $4.2 million . The Senior Secured Notes bear interest at an annual rate of 8.00% and are due on June 1, 2025 . Interest is payable semi-annually in arrears on each June 1 and December 1, commencing on December 1, 2020 . The Senior Secured Notes are guaranteed, subject to certain exceptions, by the Company and each of CRP’s subsidiaries and are secured on a second-priority basis (subject in priority only to certain exceptions) by substantially all of the assets of CRP and the Company, including deposit accounts and substantially all proved reserves and undeveloped acreage. The Company has the option to redeem all (but not less than all) of the Senior Secured Notes, at any time prior to May 22, 2021 on a single occasion, at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest to the date of redemption, if such redemption is made entirely with proceeds from equity offerings or the issuance of unsecured indebtedness. At any time prior to June 1, 2022 , the Company has the option to redeem the Senior Secured Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Senior Secured Notes redeemed plus accrued and unpaid interest and a “make-whole” premium. The Senior Secured Notes are redeemable at the Company’s option, in whole or in part, at any time on or after June 1, 2022 , at specified redemption prices, together with accrued and unpaid interest. In addition, at any time prior to June 1, 2022 , the Company may redeem up to 35% of the aggregate principal amount of each of the Senior Secured Notes, including any permitted additional Senior Secured Notes, with an amount of cash not greater than the net proceeds of certain equity offerings at a redemption price equal to 108% of the principal amount of such Senior Secured Notes, plus any accrued and unpaid interest to, but excluding, the redemption date. 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 . In May 2020 in connection with the Debt Exchange, $143.7 million aggregate principal amount of the 2027 Senior Notes was exchanged for Senior Secured Notes. As of June 30, 2020, the remaining aggregate principal amount of 2027 Senior Notes outstanding was $356.4 million . 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 Unsecured Notes”) in a 144A private placement that resulted in net proceeds to CRP of $391.0 million , after deducting $9.0 million in debt issuance costs. Interest is payable on the 2026 Senior Notes semi-annually in arrears on each January 15 and July 15 , which commenced on July 15, 2018 . In May 2020 in connection with the Debt Exchange, $110.6 million aggregate principal amount of the 2026 Senior Notes was exchanged for Senior Secured Notes. As of June 30, 2020, the remaining aggregate principal amount of 2026 Senior Notes outstanding was $289.4 million . The Senior Unsecured Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company and each of CRP’s current subsidiaries that guarantee CRP’s revolving credit facility. 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 Unsecured 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 Unsecured Notes of the applicable series redeemed, plus any accrued and unpaid interest to the date of redemption; provided that at least 65% of the aggregate principal amount of each such series of Senior Unsecured 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 the Optional Redemption Dates, CRP may, on any one or more occasions, redeem all or a part of the Senior Unsecured Notes at a redemption price equal to 100% of the principal amount of the Senior Unsecured 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 Unsecured Notes, in whole or in part, at redemption prices expressed as percentages of principal amount plus accrued and unpaid interest to the redemption date. Senior Notes The following section discusses the general terms of the indentures applicable to the Company’s Senior Unsecured Notes and the Senior Secured Notes (collectively, the “Senior Notes”). 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 June 30, 2020 and through the filing of this Quarterly Report. Upon an Event of Default (as defined in the indentures governing the Senior Notes), the trustee or the holders of at least 25% of the aggregate principal amount of then outstanding Senior Notes may declare the Senior Notes immediately due and payable. In addition, a default resulting from certain events of bankruptcy or insolvency with respect to CRP, any restricted subsidiary of CRP that is a significant subsidiary, or any group of restricted subsidiaries that, taken together, would constitute a significant subsidiary, will automatically cause all outstanding Senior Notes to become due and payable. If CRP experiences certain defined changes of control (and, in some cases, followed by a ratings decline), each holder of the Senior Notes may require CRP to repurchase all or a portion of its Senior Notes for cash at a price equal to 101% of the aggregate principal amount of such Senior Notes, plus any accrued but unpaid interest to the date of repurchase.

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Jun. 30, 2020
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Note 5—Asset Retirement Obligations The following table summarizes changes in the Company’s asset retirement obligations (“ARO”) associated with its working interests in oil and gas properties for the six months ended June 30, 2020 : (in thousands) Asset retirement obligations, beginning of period $ 16,874 Liabilities incurred and acquired 630 Liabilities divested and settled (34 ) Accretion expense 538 Revisions to estimated cash flows 59 Asset retirement obligations, end of period $ 18,067 ARO reflect the present value of the estimated future costs associated with the plugging and abandonment of oil and natural gas wells, removal of equipment and facilities from leased acreage and land restoration in accordance with applicable local, state and federal laws. Inherent in the fair value calculation of ARO are numerous assumptions and judgments including the ultimate plug and abandonment settlement amounts, inflation factors, credit adjusted discount rates and timing of settlement. To the extent future revisions to these assumptions impact the value of the existing ARO liability, a corresponding offsetting adjustment is made to the oil and gas property balance. Changes in the liability due to the passage of time are recognized as an increase in the carrying amount of the liability and as accretion expense.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [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”), which authorized an aggregate of 16,500,000 shares of Class A Common Stock for issuance. On April 29, 2020, the stockholders of the Company approved the amended and restated LTIP, which, among other things, increased the number of shares of Class A Common Stock authorized for issuance by 8,250,000 shares. As of June 30, 2020 , the Company had 14,763,345 shares of Class A Common Stock available for future grants. The LTIP provides for grants of restricted stock, stock options (including incentive stock options and nonqualified stock options), restricted stock units, stock appreciation rights and other stock or cash-based awards. During the three months ended June 30, 2020 , as a result of the decline in crude oil and natural gas prices, ongoing uncertainty regarding the oil supply-demand macro environment and the related suspension of the Company’s drilling and completion activities, the Company implemented a reduction to its workforce. In connection with this reduction, the Compensation Committee of the Company’s Board of Directors approved an accelerated partial vesting of certain unvested stock options and restricted stock awards held by 32 of the terminated employees. The acceleration changed the terms of the vesting conditions and are therefore treated as modifications in accordance with ASC Topic 718, Compensation-Stock Compensation . The modification resulted in a decrease to total stock-based compensation expense of $2.5 million associated with the decrease in the fair value of the modified awards compared to the original awards’ fair value. The shares and options that were accelerated are included within the vested line item in the below tables. 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: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Restricted stock awards $ 3,387 $ 3,408 $ 7,741 $ 6,590 Stock option awards 291 2,625 1,275 5,209 Performance stock units 1,003 725 2,006 1,442 Other stock-based compensation expense (1) 46 — 114 — Total stock-based compensation expense $ 4,727 $ 6,758 $ 11,136 $ 13,241 (1) Includes expenses related to the Company’s Employee 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. As of June 30, 2020 , the Company had 1,940,801 shares of Class A Common Stock available for future issuance. Restricted Stock The following table provides information about restricted stock activity during the six months ended June 30, 2020 : Awards Weighted Average Grant-Date Fair Value Unvested balance as of December 31, 2019 4,838,996 $ 8.51 Granted 1,385,235 2.53 Vested (540,402 ) 8.52 Forfeited (757,975 ) 5.81 Unvested balance as of June 30, 2020 4,925,854 6.90 The Company grants service-based restricted stock awards to executive officers and employees, which vest ratably over a three -year service period, and to directors, which vest over a one -year service period. Compensation cost for the service-based restricted stock awards is based on the closing 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 during the period was $2.53 and $12.48 per share for the six months ended June 30, 2020 and 2019 , respectively. The total fair value of restricted stock awards that vested during the six months ended June 30, 2020 and 2019 was $4.6 million and $1.5 million , respectively, and includes awards with vesting terms that were accelerated as discussed above. Unrecognized compensation cost related to restricted shares that were unvested as of June 30, 2020 was $21.7 million , which the Company expects to recognize over a weighted average period of 1.9 years. Stock Options Stock options that have been granted under the LTIP expire ten years from the grant date and vest ratably over a three -year service period. The exercise price for an option granted under the LTIP is the closing market price of the Company’s Class A Common Stock on the grant date. Compensation cost for stock options is based on the grant-date fair value of the award which is then recognized ratably over the vesting period of three years . The Company estimates the fair value using the Black-Scholes option-pricing model. Expected volatilities are based on the weighted average asset volatility of the Company and 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 bond rates in effect at the grant date for its risk-free interest rates. The following table summarizes the assumptions and related information used to determine the grant-date fair value of stock option awards for the periods presented: Six Months Ended June 30, 2020 2019 Weighted average grant-date fair value per share $ 1.16 $ 4.77 Expected term (in years) 6 6 Expected stock volatility 86 % 46 % Dividend yield — % — % Risk-free interest rate 1.0 % 2.4 % The following table provides information about stock option awards outstanding during the six months ended June 30, 2020 : Options Weighted Average Exercise Price Weighted Average Remaining Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2019 4,764,167 $ 15.99 Granted 124,000 2.13 Exercised — — Forfeited (94,409 ) 13.99 Expired (2,086,164 ) 16.34 Outstanding as of June 30, 2020 2,707,594 15.15 6.4 $ 40 Exercisable as of June 30, 2020 2,136,070 15.95 5.9 $ — The total fair value of stock options that vested during the six months ended June 30, 2020 and 2019 was $4.2 million and $4.1 million , respectively, and includes awards with vesting terms that were accelerated as discussed above. There were no stock options exercised during either the six months ended June 30, 2020 or 2019 . As of June 30, 2020 , there was $1.8 million of unrecognized compensation cost related to unvested stock options, which the Company expects to recognize on a pro-rata basis over a weighted-average period of 1.4 years . Performance Stock Units During the six months ended June 30, 2020 and 2019 , there was no significant performance stock units activity. As of June 30, 2020 , there was $3.7 million of unrecognized compensation cost related to performance stock units that were unvested, which the Company expects to recognize on a pro-rata basis over a weighted average period of 1.6

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2020
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 flows 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 use commodity derivative instruments known as fixed price swaps to realize a known price for a specific volume of production as well as basis swaps to hedge the difference between the index price and a local index price. All transactions are settled in cash with one party paying the other for the resulting difference in price multiplied by the contract volume. The following table summarizes the approximate volumes and average contract prices of swap contracts the Company had in place as of June 30, 2020 : Period Volume (Bbls) Volume Weighted Average Fixed Price ($/Bbl) (1) Crude oil swaps July 2020 - September 2020 2,300,000 25,000 $ 26.83 October 2020 - December 2020 1,196,000 13,000 38.89 Period Volume (Bbls) Volume (Bbls/d) Weighted Average Differential ($/Bbl) (2) Crude oil basis swaps July 2020 - September 2020 1,472,000 16,000 $ 0.52 October 2020 - December 2020 874,000 9,500 0.61 (1) These crude oil swap transactions are settled based on the NYMEX WTI price on each trading day within the specified monthly settlement period. (2) These oil basis swap transactions are settled based on the difference between the arithmetic average of ARGUS MIDLAND WTI and ARGUS WTI CUSHING indices, during each applicable settlement period. Period Volume (MMBtu) Volume (MMBtu/d) Weighted Average Fixed Price ($/MMBtu) (1) Natural gas swaps July 2020 - September 2020 2,760,000 30,000 $ 2.03 October 2020 - December 2020 2,150,000 23,370 2.40 January 2021 - March 2021 1,800,000 20,000 2.68 Period Volume (MMBtu) Volume (MMBtu/d) Weighted Average Differential ($/MMBtu) (2) Natural gas basis swaps July 2020 - September 2020 2,760,000 30,000 $ (1.62 ) October 2020 - December 2020 930,000 10,109 (1.62 ) (1) These natural gas swap contracts are settled based on the NYMEX Henry Hub price on each trading day within the specified monthly settlement period. (2) These natural gas basis swap contracts are settled based on the difference between the Inside FERC’s West Texas WAHA price and the NYMEX price of natural gas, during each applicable settlement period. Derivative Instrument Reporting. The Company’s oil and natural gas derivative instruments have not been designated as hedges for accounting purposes. Therefore, all gains and losses are recognized in the Company’s Consolidated Statements of Operations. All derivative instruments are recorded at fair value in the Consolidated Balance Sheets, other than derivative instruments that meet the “normal purchase normal sale” exclusion, and any fair value gains and losses are recognized in current period earnings. The following table presents the impact of the Company’s derivative instruments in its Consolidated Statements of Operations for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Net gain (loss) on derivative instruments $ (29,857 ) $ 2,128 $ (38,362 ) $ (3,743 ) 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 summarizes the fair value amounts and the classification in the Consolidated Balance Sheets of the Company’s derivative contracts outstanding at the respective balance dates, as well as the gross recognized derivative assets, liabilities and offset amounts: Balance Sheet Classification Gross Fair Value Asset/Liability Amounts Gross Amounts Offset (1) Net Recognized Fair Value Assets/Liabilities (in thousands) June 30, 2020 Derivative Assets Commodity contracts Current assets - Derivative instruments $ 2,861 $ (2,861 ) $ — Derivative Liabilities Commodity contracts Current liabilities - Derivative instruments 34,601 (2,861 ) 31,740 December 31, 2019 Derivative Liabilities Commodity contracts Current liabilities - Derivative instruments $ 325 $ — $ 325 (1) The Company has agreements in place with all of its counterparties that allow for the financial right of offset for 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 under CRP’s credit facility as referenced above.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 8—Fair Value Measurements Recurring Fair Value Measurements The Company follows 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 June 30, 2020 Total assets $ — $ — $ — Total liabilities — 31,740 — December 31, 2019 Total assets $ — $ — $ — Total liabilities — 325 — 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 judgment 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 derivatives assets, liabilities and offset amounts presented in the Consolidated Balance Sheets. Nonrecurring Fair Value Measurements The Company applies the provisions of the fair value measurement standard on a nonrecurring basis to its non-financial assets and liabilities, including proved oil and gas properties. These assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. Impairment of Oil and Natural Gas Properties. The Company reviews its proved oil and natural gas properties for impairment whenever events and circumstances indicate that the fair value of these assets may be below their carrying value. The significant decrease in the forward price curves for crude oil and natural gas in March of 2020 resulted in a triggering event which required the Company to reassess its proved oil and natural gas properties for impairment as of March 31, 2020. An impairment loss is indicated if the sum of the expected undiscounted future net cash flows from oil and gas properties is less than the carrying amount of the assets. In this circumstance, the Company then recognizes impairment expense for the amount by which the carrying amount of proved properties exceeds their estimated fair value. The Company reviews its oil and natural gas properties on a field-by-field basis. The Company calculates the estimated fair values of its oil and natural gas properties using an income approach that is based on inputs that are not observable in the market and therefore represent Level 3 inputs. Significant inputs to the expected future net cash flows used for the impairment review and the related fair value measurement of oil and natural gas proved properties include estimates of: (i) reserves; (ii) future production decline rates; (iii) future operating and development costs; (iv) future commodity prices, including price differentials; and (v) a market participant-based weighted average cost of capital rate. These inputs require significant judgments and estimates by the Company’s management. The impairment test performed by the Company indicated that a proved property impairment had occurred with respect to certain of its oil and gas fields, and therefore a non-cash impairment charge to reduce the carrying value of the impaired property to its fair value was recorded. Proved oil and natural gas properties with a previous carrying value of $771.4 million were partially written down to their fair value of $179.6 million , resulting in a non-cash impairment charge of $591.8 million being recorded in the first quarter of 2020. All of the Company’s proved oil and gas properties were included in the impairment assessment performed as of March 31, 2020. Two of the Company’s fields were subject to an impairment write-down as quantified above, but the remaining five fields were not impaired due to their undiscounted cash flows exceeding their carrying values by 30% to over 100% . There were no triggering event identified as of June 30, 2020 or 2019 and therefore the Company did not recognize any impairment write-downs with respect to its proved property for the three months ended June 30, 2020 and for the three and six months ended June 30, 2019 . Impairment expense for proved properties is presented as part of Impairment and Abandonment Expense in the Consolidated Statements of Operations. Asset Retirement Obligations. 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 the estimated future costs to plug and abandon oil and gas properties and reserve lives. Refer to Note 5—Asset Retirement Obligations for additional information on the Company’s ARO. Senior Secured Notes . The Company’s Senior Secured Notes were measured and recorded at their fair value on the date of issuance equal to 83.44% of par. The fair value was determined utilizing the Black-Derman-Toy binomial lattice model, which is a one-factor binomial lattice model that determines the future evolution of the relevant yields. For each node on the lattice, it is determined whether it is preferable to redeem, or not, based on the yields. The model utilizes bot h a yield curve and a yield volatility as of the valuation date, both of which are estimated based on yields of comparable debt instruments and are inputs that are not observable for the Senior Secured Notes for the term of the debt instrument (a Level 3 classification in the fair value hierarchy). The fair value was measured by the model using the following inputs: (i) the treasury yield curve as of the valuation date, (ii) 12% credit spread, (iii) 45% yield volatility, and (iv) a corporate credit rating of B. The Company has not elected the fair value option, which would require remeasurement at fair value each period, to account for this debt instrument. 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 accounted for at cost, and the cost basis of the Company’s Senior Secured Notes issued in the Debt Exchange was measured based on their fair value on the date of the exchange, as discussed above. The following table summarizes the carrying values, principal amounts and fair values of these instruments as of the dates indicated: June 30, 2020 December 31, 2019 Carrying Value Principal Amount Fair Value Carrying Value Principal Amount Fair value Credit facility due 2023 (1) $ 370,000 $ 370,000 $ 370,000 $ 175,000 $ 175,000 $ 175,000 8.00% Senior Secured Notes due 2025 (2) 102,109 127,073 108,012 — — — 5.375% Senior Notes due 2026 (2) 284,485 289,448 144,724 392,623 400,000 394,480 6.875% Senior Notes due 2027 (2) 349,449 356,351 178,176 489,766 500,000 520,000 (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)

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Note 9—Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income available to Class A Common Stock by the weighted average shares of Class A Common Stock outstanding during each period. Diluted EPS is calculated by dividing adjusted net income available to Class A Common Stock by the weighted average shares of diluted Class A Common Stock outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted EPS calculation consists of (i) unvested restricted stock and performance stock units, outstanding stock options, withholding amounts from employee stock purchase plan and warrants using the treasury stock method, and (ii) the Company’s Class C Common Stock outstanding prior to the Conversion using the “if-converted” method, which is net of tax. The following table reflects the allocation of net income to common shareholders and EPS computations for the periods indicated based on a weighted average number of common shares outstanding for the period: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2020 2019 2020 2019 Net income (loss) attributable to Class A Common Stock $ 5,330 $ 17,877 $ (542,653 ) $ 9,765 Add: Income from conversion of Class C Common Stock — 735 — 442 Adjusted net income (loss) attributable to Class A Common Stock $ 5,330 $ 18,612 $ (542,653 ) $ 10,207 Basic weighted average shares of Class A Common Stock outstanding 277,133 264,378 276,543 264,397 Add: Dilutive effects of potential common stock 75 14 — 15 Add: Dilutive effects of conversion of Class C Common Stock — 12,003 — 12,003 Diluted weighted average shares of Class A Common Stock outstanding 277,208 276,395 276,543 276,415 Basic net earnings (loss) per share of Class A Common Stock $ 0.02 $ 0.07 $ (1.96 ) $ 0.04 Diluted net earnings (loss) per share of Class A Common Stock $ 0.02 $ 0.07 $ (1.96 ) $ 0.04 The Company recognized a net loss during the six months ended June 30, 2020 . As a result, all potential common shares were anti-dilutive and were excluded from the calculation of diluted net earnings per share. The following table presents shares excluded from the diluted earnings per share calculation for the periods presented as their impact was anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Out-of-the-money stock options 4,696 4,667 4,756 4,612 Restricted stock 5,066 1,758 5,125 1,629 Employee Stock Purchase Plan — — 139 — Weighted average shares of Class C Common Stock 11 — 523 — Warrants 8,000 8,000 8,000 8,000

Transactions with Related Parti

Transactions with Related Parties	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 10—Transactions with Related Parties Riverstone and its affiliates (“Riverstone”) beneficially own a more than 10% equity interest in the Company and are therefore considered related parties. The Company has a marketing agreement with Lucid Energy Delaware, LLC (“Lucid”), an affiliate of Riverstone. The Company believes that the terms of the marketing agreement with Lucid are no less favorable to either party than those held with unaffiliated parties. The following table summarizes the revenues recognized and the associated processing fees incurred from this marketing agreement as presented in the Consolidated Statements of Operations for the periods indicated as well as the related net receivables outstanding as of the balance sheet dates: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Oil and gas sales $ 574 $ 1,189 $ 1,662 $ 1,796 Gathering, processing and transportation expenses 1,109 609 2,062 926 (in thousands) June 30, 2020 December 31, 2019 Receivable from (payable to) Lucid (1) $ (367 ) $ 91 (1) Represents amounts due from or payable to Lucid and are presented net of unpaid processing fees as of the indicated period end date. Senior Secured Notes During 2020, Riverstone acquired an aggregate of $100.7 million and $111.9 million of the Company’s 2026 Senior Notes and 2027 Senior Notes, respectively, in open market purchases. Subsequently, on May 22, 2020, Riverstone participated in the Company’s Debt Exchange, discussed in Note 4—Long-Term Debt , and exchanged all of its Senior Unsecured Notes for $106.3 million of the Company’s Senior Secured Notes. Riverstone’s participation in the Debt Exchange represented $106.3 million (or 74%

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11—Commitments and Contingencies Commitments The Company routinely enters into, extends or amends operating agreements in the ordinary course of business. During the six months ended June 30, 2020 , the Company amended one of its firm crude oil sales agreements, which moved the start date of its physical delivery commitments of 30,000 Bbls/d from 2020 to January 1, 2021, and affirmed May 31, 2025 as the end of the initial term of the agreement. There has been no other material, non-routine changes in commitments during the six months ended June 30, 2020 . Please refer to Note 13—Commitments and Contingencies included in Part II, Item 8 in the Company’s 2019 Annual Report. Contingencies The Company may at times be subject to various commercial or regulatory claims, litigation or other legal proceedings that arise in the ordinary course of business. While the outcome of these lawsuits and claims cannot be predicted with certainty, management believes it is remote that the impact of such matters that are reasonably possible to occur will have a material adverse effect on the Company’s financial position, results of operations, or cash flows. Management is unaware of any pending litigation brought against the Company requiring a contingent liability to be recognized as of the date of these consolidated financial statements.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenues	Note 12—Revenues Revenue from Contracts with Customers Crude oil, natural gas and NGL sales are recognized at the point that control of the product is transferred to the customer and collectability is reasonably assured. Virtually all of the Company’s contract pricing provisions are tied to a market index, with certain adjustments based on, among other factors, transportation costs to an active spot market and quality differentials. As a result, the Company’s realized prices of oil, natural gas, and NGLs fluctuate 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: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Operating revenues (in thousands): Oil sales $ 73,100 $ 214,305 $ 243,605 $ 389,859 Natural gas sales 8,787 8,088 17,145 20,585 NGL sales 8,622 21,846 22,528 48,364 Oil and gas sales $ 90,509 $ 244,239 $ 283,278 $ 458,808 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 such time, the volumes delivered and sales prices can be reasonably estimated and amounts due from customers are accrued in Accounts receivable, net in the Consolidated Balance Sheets. As of June 30, 2020 and December 31, 2019 , such receivable balances were $41.5 million and $76.6 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 six months ended June 30, 2020 and 2019 , 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 For the Company’s product sales that have a contract term greater than one year, the Company has utilized the practical expedient in ASC Topic 606, Revenue from contracts with Customers,

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases	Note 13—Leases At contract inception, the Company determines whether or not an arrangement contains a lease. However, in connection with the implementation of ASC Topic 842, Leases (“ASC 842”), this assessment was made as of the adoption date of ASC 842. 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. The Company has operating leases for drilling rig contracts, office rental agreements, and other wellhead equipment. As of June 30, 2020 , 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 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 weighted-average discount rate and weighted-average remaining lease term as of the period presented. As of June 30, 2020 Weighted-average discount rate 4.76 % Weighted-average remaining lease term (years) 1.45 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 various components of the Company’s lease expenses for the periods presented. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Lease costs (1) Operating lease cost $ 1,595 $ 10,806 $ 6,271 $ 21,393 Variable lease cost 3,669 703 5,021 1,504 Short-term lease cost (2) 12,217 16,684 31,827 28,908 Total lease cost $ 17,481 $ 28,193 $ 43,119 $ 51,805 (1) The majority of the Company’s operating leases relate to the operations, drilling 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 the Company’s working interest partners. (2) Includes drilling rig lease costs of $4.6 million and $15.8 million for the three and six months ended June 30, 2020 , which may not necessarily be recurring in these amounts in the near-term based on the Company’s reduction in its drilling plan. Maturities of the Company’s long-term operating lease liabilities by fiscal year as of June 30, 2020 are as follows: (in thousands) Total (2) 2020 (1) $ 2,211 2021 3,178 2022 425 Total lease payments 5,814 Less: imputed interest (440 ) Present value of lease liabilities (3) $ 5,374 (1) Excludes payments made during the six months ended June 30, 2020 . (2) Total lease payments exclude variable lease payments which can be charged under the terms of the lease agreements. (3) Of the total present value of lease liabilities, $3.6 million was recorded to current Operating lease liabilities and $1.8 million was recorded in noncurrent Operating lease liabilities in the Consolidated Balance Sheets as of June 30, 2020 .

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 14—Subsequent Events In July 2020, the Company redeemed its one outstanding share of Series A Preferred Stock, par value $0.0001 per share (the “Series A Preferred Stock”), held by NGP X US Holdings, L.P. (“NGP”), a former indirect equity owner of CRP. The Series A Preferred Stock became redeemable by the Company as NGP ceased to own at least 5,000,000

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, certain disclosures normally included in an Annual Report on Form 10-K have been omitted. The consolidated financial statements and related notes included in this Quarterly Report should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2019 (the “ 2019 Annual Report”). Except as disclosed herein, there have been no material changes to the information disclosed in the notes to the consolidated financial statements included in the Company’s 2019 Annual Report. In the opinion of management, all normal, recurring adjustments and accruals considered necessary to present fairly, in all material respects, the Company’s interim financial results have been included. Operating results for the periods presented are not necessarily indicative of expected results for the full year.
Principles of Consolidation	The consolidated financial statements include the accounts of the Company and its subsidiary CRP, and CRP’s wholly-owned subsidiaries. Noncontrolling interest represents third-party ownership in CRP and is presented as a component of equity. As of December 31, 2019, the noncontrolling interest ownership of CRP was 0.4% . On April 2, 2020, the legacy owners of CRP converted all of their remaining 1,034,119 CRP Common Units (and corresponding shares of Class C Common Stock) into Class A Common Stock (the “Conversion”), which eliminated the noncontrolling interest ownership in CRP. As a result, CRP was a wholly-owned subsidiary of Centennial Resource Development, Inc. for the three month period ended June 30, 2020 . No cash proceeds were received by the Company in connection with the Conversion, and deferred tax expense of $2.2 million was recorded in equity with an offsetting deferred tax liability for the same amount, upon conversion.
Use of Estimates	The preparation of the Company’s consolidated financial statements requires the Company’s management to make various assumptions, judgments and estimates to determine the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events, and accordingly, actual results could differ from amounts previously established. The more significant areas requiring the use of assumptions, judgments and estimates include: (i) oil and natural gas reserves; (ii) cash flow estimates used in impairment tests for 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.
Income Taxes	Historically, CRP has been treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, CRP was not subject to U.S. federal and certain state and local income taxes, and any taxable income or loss generated by CRP was passed through to and included in the taxable income or loss of its members, including Centennial Resource Development, Inc., on a pro rata basis. Following the Conversion, CRP is no longer a partnership for tax purposes. As a result, the deferred tax assets and liabilities previously recorded within the partnership, and previously reported by the Company as a net deferred tax balance related to its investment in the CRP partnership, are now directly included within the Company’s deferred tax assets and liabilities. Further, the Company is now subject to U.S. federal and applicable state and local income taxes for its entire consolidated taxable income or loss. Income tax expense recognized during interim periods is based on applying an estimated annual effective income tax rate to the Company’s year-to-date income, plus any significant unusual or infrequently occurring items which are recorded in the interim period. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in various state jurisdictions, permanent and temporary differences and the likelihood of recovering deferred tax assets generated. The accounting estimates used to compute the provision for income taxes may change as new events occur, additional information becomes known or as the tax environment changes. During the first half of 2020, the Company determined that it is more-likely-than-not that a portion of its deferred tax assets will not be realized. Accordingly, a valuation allowance against its deferred tax assets in the amount of $49.7 million was recognized as of June 30, 2020 , which caused the Company’s provision for income taxes for the three and six months ended June 30, 2020 to differ from the amounts that would be provided by applying the statutory U.S. federal income tax rate of 21% to pre-tax book loss.
Risks and Uncertainties [Policy Text Block]	The prices received for oil, natural gas and NGL production heavily influence the Company’s revenue, profitability, liquidity, access to capital, future rate of growth and carrying value of its properties. Oil, natural gas and NGLs are commodities, and their prices have been volatile in response to recent changes in global and domestic supply, the global COVID-19 pandemic and demand, and market uncertainty. The Company generally funds its operations and capital expenditures with its cash flows from operations, borrowings under CRP’s credit agreement, and offerings of debt and equity securities. The Company expects to be able to fund its operations, planned capital expenditures and working capital requirements during the next 12 months and the foreseeable future. However, continued volatility of oil and gas prices could have an adverse effect on the Company’s future business, financial condition, results of operations, operating cash flows, liquidity, production levels and quantities of oil and gas reserves that may be economically produced, which could in turn impact the Company’s ability to comply with the financial covenants under its borrowing agreements and could also limit the amount of borrowings available to fund the Company’s capital expenditures and potential acquisitions. Additionally, if forward prices decline, the Company could incur additional impairments of its oil and gas assets.

Accounts Receivable, Accounts_2

Accounts Receivable, Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accounts Receivable	Accounts receivable are comprised of the following: (in thousands) June 30, 2020 December 31, 2019 Accrued oil and gas sales receivable, net $ 41,525 $ 76,578 Joint interest billings, net 22,451 25,136 Other 119 198 Accounts receivable, net $ 64,095 $ 101,912
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses are comprised of the following: (in thousands) June 30, 2020 December 31, 2019 Accounts payable $ 8,754 $ 21,484 Accrued capital expenditures 18,765 83,002 Revenues payable 42,633 82,539 Accrued interest 15,466 19,405 Accrued derivative settlements payable 11,569 — Accrued employee compensation and benefits 6,167 12,979 Accrued expenses and other 19,006 24,900 Accounts payable and accrued expenses $ 122,360 $ 244,309

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The following table provides information about the Company’s long-term debt as of the dates indicated: (in thousands) June 30, 2020 December 31, 2019 Credit Facility due 2023 $ 370,000 $ 175,000 8.00% Senior Secured Notes due 2025 127,073 — 5.375% Senior Notes due 2026 289,448 400,000 6.875% Senior Notes due 2027 356,351 500,000 Unamortized debt issuance costs on Senior Notes (13,646 ) (14,061 ) Unamortized debt discount (23,183 ) (3,550 ) Senior Notes, net 736,043 882,389 Total long-term debt, net $ 1,106,043 $ 1,057,389

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Jun. 30, 2020
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Asset Retirement Obligations	The following table summarizes changes in the Company’s asset retirement obligations (“ARO”) associated with its working interests in oil and gas properties for the six months ended June 30, 2020 : (in thousands) Asset retirement obligations, beginning of period $ 16,874 Liabilities incurred and acquired 630 Liabilities divested and settled (34 ) Accretion expense 538 Revisions to estimated cash flows 59 Asset retirement obligations, end of period $ 18,067

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense	The following table summarizes stock-based compensation expense recognized for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Restricted stock awards $ 3,387 $ 3,408 $ 7,741 $ 6,590 Stock option awards 291 2,625 1,275 5,209 Performance stock units 1,003 725 2,006 1,442 Other stock-based compensation expense (1) 46 — 114 — Total stock-based compensation expense $ 4,727 $ 6,758 $ 11,136 $ 13,241 (1) Includes expenses related to the Company’s Employee 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. As of June 30, 2020 , the Company had 1,940,801 shares of Class A Common Stock available for future issuance.
Schedule of Restricted Stock Activity	The following table provides information about restricted stock activity during the six months ended June 30, 2020 : Awards Weighted Average Grant-Date Fair Value Unvested balance as of December 31, 2019 4,838,996 $ 8.51 Granted 1,385,235 2.53 Vested (540,402 ) 8.52 Forfeited (757,975 ) 5.81 Unvested balance as of June 30, 2020 4,925,854 6.90
Summary of Stock Option Valuation Inputs	The following table summarizes the assumptions and related information used to determine the grant-date fair value of stock option awards for the periods presented: Six Months Ended June 30, 2020 2019 Weighted average grant-date fair value per share $ 1.16 $ 4.77 Expected term (in years) 6 6 Expected stock volatility 86 % 46 % Dividend yield — % — % Risk-free interest rate 1.0 % 2.4 %
Summary of Stock Option Activity	The following table provides information about stock option awards outstanding during the six months ended June 30, 2020 : Options Weighted Average Exercise Price Weighted Average Remaining Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2019 4,764,167 $ 15.99 Granted 124,000 2.13 Exercised — — Forfeited (94,409 ) 13.99 Expired (2,086,164 ) 16.34 Outstanding as of June 30, 2020 2,707,594 15.15 6.4 $ 40 Exercisable as of June 30, 2020 2,136,070 15.95 5.9 $ —

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table summarizes the approximate volumes and average contract prices of swap contracts the Company had in place as of June 30, 2020 : Period Volume (Bbls) Volume Weighted Average Fixed Price ($/Bbl) (1) Crude oil swaps July 2020 - September 2020 2,300,000 25,000 $ 26.83 October 2020 - December 2020 1,196,000 13,000 38.89 Period Volume (Bbls) Volume (Bbls/d) Weighted Average Differential ($/Bbl) (2) Crude oil basis swaps July 2020 - September 2020 1,472,000 16,000 $ 0.52 October 2020 - December 2020 874,000 9,500 0.61 (1) These crude oil swap transactions are settled based on the NYMEX WTI price on each trading day within the specified monthly settlement period. (2) These oil basis swap transactions are settled based on the difference between the arithmetic average of ARGUS MIDLAND WTI and ARGUS WTI CUSHING indices, during each applicable settlement period. Period Volume (MMBtu) Volume (MMBtu/d) Weighted Average Fixed Price ($/MMBtu) (1) Natural gas swaps July 2020 - September 2020 2,760,000 30,000 $ 2.03 October 2020 - December 2020 2,150,000 23,370 2.40 January 2021 - March 2021 1,800,000 20,000 2.68 Period Volume (MMBtu) Volume (MMBtu/d) Weighted Average Differential ($/MMBtu) (2) Natural gas basis swaps July 2020 - September 2020 2,760,000 30,000 $ (1.62 ) October 2020 - December 2020 930,000 10,109 (1.62 ) (1) These natural gas swap contracts are settled based on the NYMEX Henry Hub price on each trading day within the specified monthly settlement period. (2) These natural gas basis swap contracts are settled based on the difference between the Inside FERC’s West Texas WAHA price and the NYMEX price of natural gas, during each applicable settlement period.
Schedule of Gains and Losses from Derivative Instruments	The following table presents the impact of the Company’s derivative instruments in its Consolidated Statements of Operations for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Net gain (loss) on derivative instruments $ (29,857 ) $ 2,128 $ (38,362 ) $ (3,743 )
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The tables below summarizes the fair value amounts and the classification in the Consolidated Balance Sheets of the Company’s derivative contracts outstanding at the respective balance dates, as well as the gross recognized derivative assets, liabilities and offset amounts: Balance Sheet Classification Gross Fair Value Asset/Liability Amounts Gross Amounts Offset (1) Net Recognized Fair Value Assets/Liabilities (in thousands) June 30, 2020 Derivative Assets Commodity contracts Current assets - Derivative instruments $ 2,861 $ (2,861 ) $ — Derivative Liabilities Commodity contracts Current liabilities - Derivative instruments 34,601 (2,861 ) 31,740 December 31, 2019 Derivative Liabilities Commodity contracts Current liabilities - Derivative instruments $ 325 $ — $ 325 (1) The Company has agreements in place with all of its counterparties that allow for the financial right of offset for 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)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurement of Financial Instruments	The Company’s Senior Notes and borrowings under its credit agreement are accounted for at cost, and the cost basis of the Company’s Senior Secured Notes issued in the Debt Exchange was measured based on their fair value on the date of the exchange, as discussed above. The following table summarizes the carrying values, principal amounts and fair values of these instruments as of the dates indicated: June 30, 2020 December 31, 2019 Carrying Value Principal Amount Fair Value Carrying Value Principal Amount Fair value Credit facility due 2023 (1) $ 370,000 $ 370,000 $ 370,000 $ 175,000 $ 175,000 $ 175,000 8.00% Senior Secured Notes due 2025 (2) 102,109 127,073 108,012 — — — 5.375% Senior Notes due 2026 (2) 284,485 289,448 144,724 392,623 400,000 394,480 6.875% Senior Notes due 2027 (2) 349,449 356,351 178,176 489,766 500,000 520,000 (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 carrying values include associated unamortized debt issuance costs and any debt discounts as reflected in the Consolidated Balance Sheets. The fair values are determined using quoted market prices for these debt securities, a Level 1 classification in the fair value hierarchy, and are based on the aggregate principal amount of the Senior Notes outstanding. 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 June 30, 2020 Total assets $ — $ — $ — Total liabilities — 31,740 — December 31, 2019 Total assets $ — $ — $ — Total liabilities — 325 —

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Schedule of Earnings Per Share, Basic and Diluted	The following table reflects the allocation of net income to common shareholders and EPS computations for the periods indicated based on a weighted average number of common shares outstanding for the period: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2020 2019 2020 2019 Net income (loss) attributable to Class A Common Stock $ 5,330 $ 17,877 $ (542,653 ) $ 9,765 Add: Income from conversion of Class C Common Stock — 735 — 442 Adjusted net income (loss) attributable to Class A Common Stock $ 5,330 $ 18,612 $ (542,653 ) $ 10,207 Basic weighted average shares of Class A Common Stock outstanding 277,133 264,378 276,543 264,397 Add: Dilutive effects of potential common stock 75 14 — 15 Add: Dilutive effects of conversion of Class C Common Stock — 12,003 — 12,003 Diluted weighted average shares of Class A Common Stock outstanding 277,208 276,395 276,543 276,415 Basic net earnings (loss) per share of Class A Common Stock $ 0.02 $ 0.07 $ (1.96 ) $ 0.04 Diluted net earnings (loss) per share of Class A Common Stock $ 0.02 $ 0.07 $ (1.96 ) $ 0.04
Schedule of Shares Excluded from Diluted Earnings Per Share Calculation	he following table presents shares excluded from the diluted earnings per share calculation for the periods presented as their impact was anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Out-of-the-money stock options 4,696 4,667 4,756 4,612 Restricted stock 5,066 1,758 5,125 1,629 Employee Stock Purchase Plan — — 139 — Weighted average shares of Class C Common Stock 11 — 523 — Warrants 8,000 8,000 8,000 8,000

Transactions with Related Par_2

Transactions with Related Parties (Tables)	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Schedule of Revenues Recognized and Processing Fees Incurred with Related Parties	The following table summarizes the revenues recognized and the associated processing fees incurred from this marketing agreement as presented in the Consolidated Statements of Operations for the periods indicated as well as the related net receivables outstanding as of the balance sheet dates: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Oil and gas sales $ 574 $ 1,189 $ 1,662 $ 1,796 Gathering, processing and transportation expenses 1,109 609 2,062 926 (in thousands) June 30, 2020 December 31, 2019 Receivable from (payable to) Lucid (1) $ (367 ) $ 91 (1) Represents amounts due from or payable to Lucid and are presented net of unpaid processing fees as of the indicated period end date.

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Summary of Oil and Gas Revenues	Oil and gas revenues presented within the Consolidated Statements of Operations relate to the sale of oil, natural gas and NGLs as shown below: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Operating revenues (in thousands): Oil sales $ 73,100 $ 214,305 $ 243,605 $ 389,859 Natural gas sales 8,787 8,088 17,145 20,585 NGL sales 8,622 21,846 22,528 48,364 Oil and gas sales $ 90,509 $ 244,239 $ 283,278 $ 458,808

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Schedule of Discount Rate and Remaining Lease Term, Components of Lease Expenses, and Other Information	The table below summarizes the Company’s weighted-average discount rate and weighted-average remaining lease term as of the period presented. As of June 30, 2020 Weighted-average discount rate 4.76 % Weighted-average remaining lease term (years) 1.45 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Lease costs (1) Operating lease cost $ 1,595 $ 10,806 $ 6,271 $ 21,393 Variable lease cost 3,669 703 5,021 1,504 Short-term lease cost (2) 12,217 16,684 31,827 28,908 Total lease cost $ 17,481 $ 28,193 $ 43,119 $ 51,805 (1) The majority of the Company’s operating leases relate to the operations, drilling 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 the Company’s working interest partners. (2) Includes drilling rig lease costs of $4.6 million and $15.8 million for the three and six months ended June 30, 2020 , which may not necessarily be recurring in these amounts in the near-term based on the Company’s reduction in its drilling plan.
Schedule of Maturities of Operating Lease Liabilities	Maturities of the Company’s long-term operating lease liabilities by fiscal year as of June 30, 2020 are as follows: (in thousands) Total (2) 2020 (1) $ 2,211 2021 3,178 2022 425 Total lease payments 5,814 Less: imputed interest (440 ) Present value of lease liabilities (3) $ 5,374 (1) Excludes payments made during the six months ended June 30, 2020 . (2) Total lease payments exclude variable lease payments which can be charged under the terms of the lease agreements. (3) Of the total present value of lease liabilities, $3.6 million was recorded to current Operating lease liabilities and $1.8 million was recorded in noncurrent Operating lease liabilities in the Consolidated Balance Sheets as of June 30, 2020 .

Basis of Presentation Additiona

Basis of Presentation Additional Information (Details) - USD ($) $ in Millions	Apr. 02, 2020	Dec. 31, 2019
Centennial Resource Production, LLC
Noncontrolling Interest [Line Items]
Ownership interest of non-controlling interest		0.40%
Class A
Noncontrolling Interest [Line Items]
Sale of Stock, Consideration Received on Transaction	$ 0
Conversion of Class C Common Stock to Class A Common Stock | Class A
Noncontrolling Interest [Line Items]
Conversion of common shares from Class C to Class A, net of tax (in shares)	1,034,119
Tax loss recorded in equity as a result of conversion of shares	$ 2.2

Basis of Presentation Income Ta

Basis of Presentation Income Taxes (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Income Tax Disclosure [Abstract]
Valuation allowance	$ 49.7
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%

Property Divestiture (Details)

Property Divestiture (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Property Dispositions [Abstract]
Proceeds from sales of oil and natural gas properties	$ 1,263	$ 25,919
Escrow Deposit	$ 10,000

Accounts Receivable, Accounts_3

Accounts Receivable, Accounts Payable and Accrued Expenses - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued oil and gas sales receivable, net	$ 41,525	$ 76,578
Joint interest billings, net	22,451	25,136
Other	119	198
Accounts receivable, net	$ 64,095	$ 101,912

Accounts Receivable, Accounts_4

Accounts Receivable, Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable	$ 8,754	$ 21,484
Accrued capital expenditures	18,765	83,002
Revenues payable	42,633	82,539
Accrued interest	15,466	19,405
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	11,569	0
Accrued employee compensation and benefits	6,167	12,979
Accrued expenses and other	19,006	24,900
Accounts payable and accrued expenses	$ 122,360	$ 244,309

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($)	May 22, 2020	Mar. 15, 2019	Nov. 30, 2017	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Document Period End Date						Jun. 30, 2020
Total long-term debt, net				$ 1,106,043,000		$ 1,106,043,000		$ 1,057,389,000
Gain on exchange of debt				143,443,000	$ 0	143,443,000	$ 0
Senior Notes
Debt Instrument [Line Items]
Unamortized debt issuance costs on Senior Notes				(13,646,000)		(13,646,000)		(14,061,000)
Unamortized debt discount				(23,183,000)		(23,183,000)		(3,550,000)
Total long-term debt, net				736,043,000		736,043,000		882,389,000
Senior Notes | Senior Secured Note Due 2025 [Member]
Debt Instrument [Line Items]
Percentage of principal amount, change in control	101.00%
Debt Instrument, Face Amount	$ 127,100,000			$ 127,073,000		$ 127,073,000		$ 0
Unamortized debt discount	$ (21,000,000)
Interest rate, stated percentage	8.00%			8.00%		8.00%		8.00%
Senior Notes | Senior Notes Due 2026
Debt Instrument [Line Items]
Percentage of principal amount, change in control			101.00%
Debt Instrument, Face Amount			$ 400,000,000	$ 289,448,000		$ 289,448,000		$ 400,000,000
Interest rate, stated percentage			5.375%	5.375%		5.375%		5.375%
Senior Notes | Senior Notes Due 2027
Debt Instrument [Line Items]
Percentage of principal amount, change in control		101.00%
Debt Instrument, Face Amount		$ 500,000,000		$ 356,351,000		$ 356,351,000		$ 500,000,000
Unamortized debt discount		$ (3,800,000)
Interest rate, stated percentage		6.875%		6.875%		6.875%		6.875%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 370,000,000		$ 370,000,000		$ 175,000,000
Debt Instrument, Face Amount				$ 370,000,000		$ 370,000,000		$ 175,000,000

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details)	May 22, 2020USD ($)	May 01, 2020USD ($)redetermination	Mar. 15, 2019USD ($)	May 04, 2018	Nov. 30, 2017USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2019USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2021	Jun. 01, 2022	Mar. 31, 2022
Debt Instrument [Line Items]
Document Period End Date							Jun. 30, 2020
Senior Notes
Debt Instrument [Line Items]
Debt discount						$ 23,183,000	$ 23,183,000				$ 3,550,000	$ 23,183,000
Debt Conversion, Original Debt, Amount	$ 254,200,000
Percentage of principal amount, eligible to be redeemed							35.00%
Redemption price percentage							100.00%
Percentage of principal amount, redeemable							65.00%
Percentage of principal amount, event of default							25.00%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Borrowing base		$ 700,000,000
Minimum Availability Condition (aggregate principal percent)		25.00%
Line of credit, term				5 years
Borrowings, outstanding amount						370,000,000	$ 370,000,000					370,000,000
Remaining borrowing capacity, net of current borrowings outstanding						290,000,000	290,000,000					290,000,000
Minimum Availability Condition						31,800,000	31,800,000					31,800,000
Maximum borrowing base		$ 1,500,000,000									1,500,000,000
Number of optional borrowing base redeterminations | redetermination		2
Debt Instrument, Face Amount						370,000,000	370,000,000				$ 175,000,000	370,000,000
Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Letters of credit outstanding						$ 8,200,000	$ 8,200,000					8,200,000
Minimum | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage						0.375%					0.375%
Debt instrument, covenant, minimum current ratio							1
Maximum | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage						0.50%					0.50%
Senior Secured Note Due 2025 [Member] | Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 127,100,000					$ 127,073,000	$ 127,073,000				$ 0	$ 127,073,000
Interest rate, stated percentage	8.00%					8.00%	8.00%				8.00%	8.00%
Private placement price as percentage of par	83.44%
Debt discount	$ 21,000,000
Debt issuance costs	$ 4,200,000
Percentage of principal amount, change in control	101.00%
Senior Notes Due 2027 | Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 500,000,000			$ 356,351,000	$ 356,351,000				$ 500,000,000	$ 356,351,000
Interest rate, stated percentage			6.875%			6.875%	6.875%				6.875%	6.875%
Private placement price as percentage of par			99.235%
Proceeds from borrowings, net of issuance costs			$ 489,000,000
Debt discount			3,800,000
Debt issuance costs			$ 7,200,000
Debt Conversion, Original Debt, Amount						$ 143,700,000	$ 140,840,000	$ 0
Redemption price percentage			106.875%
Percentage of principal amount, change in control			101.00%
Senior Notes Due 2026 | Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount					$ 400,000,000	$ 289,448,000	$ 289,448,000				$ 400,000,000	$ 289,448,000
Interest rate, stated percentage					5.375%	5.375%	5.375%				5.375%	5.375%
Proceeds from borrowings, net of issuance costs					$ 391,000,000
Debt issuance costs					$ 9,000,000
Debt Conversion, Original Debt, Amount						$ 110,600,000	$ 108,632,000	$ 0
Redemption price percentage					105.375%
Percentage of principal amount, change in control					101.00%
Adjusted For Statutory Reserve Requirements - London Interbank Offered Rate (LIBOR) | Minimum | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate												2.00%
Adjusted For Statutory Reserve Requirements - London Interbank Offered Rate (LIBOR) | Maximum | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate												3.00%
Federal Funds Effective Swap Rate | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate						0.50%					0.50%
One-Month London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate						1.00%					1.00%
London Interbank Offered Rate (LIBOR) | Minimum | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate												1.00%
London Interbank Offered Rate (LIBOR) | Maximum | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate												2.00%
Forecast [Member] | Senior Notes
Debt Instrument [Line Items]
Percentage of principal amount, eligible to be redeemed														35.00%
Forecast [Member] | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Debt Instrument, Covenant Compliance, Leverage Ratio Declining Rate									0.25
Forecast [Member] | Maximum | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Debt Instrument, Covenant Compliance, First Lien Leverage Ratio										2.50			2.75
Debt instrument, covenant, maximum leverage ratio									4						5
Forecast [Member] | Senior Secured Note Due 2025 [Member] | Senior Notes
Debt Instrument [Line Items]
Redemption price percentage														108.00%

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations, beginning of period	$ 16,874
Liabilities incurred and acquired	630
Liabilities divested and settled	(34)
Accretion expense	538
Asset Retirement Obligation, Revision of Estimate	(59)
Asset retirement obligations, end of period	$ 18,067

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	Apr. 29, 2020	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	May 01, 2019	Oct. 07, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Plan modification, incremental cost		$ 2,500,000
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value (in dollars per share)			$ 2.53	$ 12.48
Fair value of vested restricted stock awards			$ 4,600,000	$ 1,500,000
Unrecognized compensation costs		21,700,000	$ 21,700,000
Unrecognized compensation costs, period for recognition			1 year 10 months 24 days
Stock option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, period for recognition			1 year 4 months 24 days
Fair value of stock options vested			$ 4,200,000	4,100,000
Intrinsic value of options exercised			0	$ 0
Unrecognized compensation costs for stock options		1,800,000	$ 1,800,000
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Unrecognized compensation costs		$ 3,700,000	$ 3,700,000
Unrecognized compensation costs, period for recognition			1 year 7 months 6 days
2016 Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)						16,500,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	8,250,000
Number of shares available for grant (in shares)		14,763,345	14,763,345
2016 Long Term Incentive Plan | Stock option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Option expiration period			10 years
2019 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)					2,000,000
Number of shares available for grant (in shares)		1,940,801	1,940,801
Officer and employees | Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Director | Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year

Stock-Based Compensation - Comp

Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity based compensation expense	$ 4,727	$ 6,758	$ 11,136	$ 13,241
Restricted stock awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity based compensation expense	3,387	3,408	7,741	6,590
Stock option awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity based compensation expense	291	2,625	1,275	5,209
Performance stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity based compensation expense	1,003	725	2,006	1,442
Employee Stock [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity based compensation expense	$ 46	$ 0	$ 114	$ 0

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock (Details) - Restricted stock awards - $ / shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Awards
Unvested balance, beginning of period (in shares)	4,838,996
Granted (in shares)	1,385,235
Vested (in shares)	(540,402)
Forfeited (in shares)	(757,975)
Unvested balance, end of period (in shares)	4,925,854
Weighted Average Grant-Date Fair Value
Beginning of period (in dollars per share)	$ 8.51
Granted (in dollars per share)	2.53	$ 12.48
Vested (in dollars per share)	8.52
Forfeited (in dollar per share)	5.81
End of period (in dollars per share)	$ 6.90

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions Used For Stock Options (Details) - Stock option awards - $ / shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value per share (in dollars per share)	$ 1.16	$ 4.77
Expected term (in years)	6 years	6 years
Expected stock volatility	86.00%	46.00%
Dividend yield	0.00%	0.00%
Risk-free interest rate	1.00%	2.40%

Stock-Based Compensation - Opti

Stock-Based Compensation - Option Activity (Details)	6 Months Ended
	Jun. 30, 2020USD ($)$ / sharesshares
Options
Outstanding, beginning of period (in shares) | shares	4,764,167
Granted (in shares) | shares	124,000
Exercised (in shares) | shares	0
Forfeited (in shares) | shares	(94,409)
Expired (in shares) | shares	(2,086,164)
Outstanding, end of period (in shares) | shares	2,707,594
Weighted Average Exercise Price
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 15.99
Granted (in dollars per share) | $ / shares	2.13
Exercised (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	13.99
Expired (in dollars per share) | $ / shares	16.34
Outstanding, end of period (in dollars per share) | $ / shares	$ 15.15
Exercisable (in shares) | shares	2,136,070
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares	$ 15.95
Outstanding, weighted average remaining term	6 years 4 months 24 days
Exercisable, weighted average remaining term	5 years 10 months 24 days
Outstanding, aggregate intrinsic value | $	$ 40,000
Exercisable, aggregate intrinsic value | $	$ 0

Stock-Based Compensation - As_2

Stock-Based Compensation - Assumptions For Performance Stock Units (Details)	6 Months Ended
	Jun. 30, 2020
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Derivative Instruments (Details) - Not Designated as Hedging Instrument bbl in Thousands	6 Months Ended
	Jun. 30, 2020MMBTUbbl / d$ / MMBTU$ / bblbbl
Crude Oil Swap - Period One [Member]
Derivative [Line Items]
Volume (Bbls) | bbl	2,300
Volume (Bbls/d) | bbl / d	25,000
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	(26.83)
Crude Oil Swap - Period Two [Domain]
Derivative [Line Items]
Volume (Bbls) | bbl	1,196
Volume (Bbls/d) | bbl / d	13,000
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	(38.89)
Crude Oil Basis Swap - Period One
Derivative [Line Items]
Volume (Bbls) | bbl	1,472
Volume (Bbls/d) | bbl / d	16,000
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	(0.52)
Crude Oil Basis Swap - Period Two [Member]
Derivative [Line Items]
Volume (Bbls) | bbl	874
Volume (Bbls/d) | bbl / d	9,500
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	(0.61)
Natural Gas Swaps - Henry Hub - Period One
Derivative [Line Items]
Volume (MMBtu)	2,760,000
Volume (MMBtu/d)	30,000
Weighted Average Fixed Price ($/MMBtu) | $ / MMBTU	2.03
Natural Gas Swaps - Henry Hub - Period Two [Member]
Derivative [Line Items]
Volume (MMBtu)	2,150,000
Volume (MMBtu/d)	23,370
Weighted Average Fixed Price ($/MMBtu) | $ / MMBTU	2.40
Natural Gas Swaps - Henry Hub - Period Three [Member]
Derivative [Line Items]
Volume (MMBtu)	1,800,000
Volume (MMBtu/d)	20,000
Weighted Average Fixed Price ($/MMBtu) | $ / MMBTU	2.68
Natural Gas Basis Swap - Period One
Derivative [Line Items]
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	(1.62)
Volume (MMBtu)	2,760,000
Volume (MMBtu/d)	30,000
Natural Gas Basis Swap - Period Two [Member]
Derivative [Line Items]
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	(1.62)
Volume (MMBtu)	930,000
Volume (MMBtu/d)	10,109

Derivative Instruments - Gains

Derivative Instruments - Gains and Losses from Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net gain (loss) on derivative instruments	$ (29,857)	$ 2,128	$ (38,362)	$ (3,743)

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Derivative Instruments Balance Sheet Classification (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets - Derivative instruments
Derivative Assets
Gross Fair Value Asset/Liability Amounts	$ 2,861
Gross Amounts Offset	(2,861)
Net Recognized Fair Value Assets/Liabilities	0
Current liabilities - Derivative instruments
Derivative Liabilities
Gross Fair Value Asset/Liability Amounts	34,601	$ 325
Gross Amounts Offset	(2,861)	0
Net Recognized Fair Value Assets/Liabilities	$ 31,740	$ 325

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Derivative Assets and Liabilities (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 0	$ 0
Derivative Liability	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0
Derivative Liability	31,740	325
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0
Derivative Liability	$ 0	$ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Fair Value of Liabilities (Details) - USD ($)	Jun. 30, 2020	May 22, 2020	Dec. 31, 2019	Mar. 15, 2019	Nov. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net	$ 1,106,043,000		$ 1,057,389,000
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net	736,043,000		882,389,000
Senior Secured Note Due 2025 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt instrument	108,012,000		0
Debt Instrument, Face Amount	$ 127,073,000	$ 127,100,000	$ 0
Interest rate, stated percentage	8.00%	8.00%	8.00%
Senior Notes Due 2026 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt instrument	$ 144,724,000		$ 394,480,000
Debt Instrument, Face Amount	$ 289,448,000		$ 400,000,000		$ 400,000,000
Interest rate, stated percentage	5.375%		5.375%		5.375%
Senior Notes Due 2027 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt instrument	$ 178,176,000		$ 520,000,000
Debt Instrument, Face Amount	$ 356,351,000		$ 500,000,000	$ 500,000,000
Interest rate, stated percentage	6.875%		6.875%	6.875%
Carrying Value | Senior Secured Note Due 2025 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net	$ 102,109,000		$ 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	284,485,000		392,623,000
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	349,449,000		489,766,000
Revolving Credit Facility | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Gross	370,000,000		175,000,000
Fair value of debt instrument	370,000,000		175,000,000
Debt Instrument, Face Amount	370,000,000		175,000,000
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	$ 370,000,000		$ 175,000,000

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Millions	May 22, 2020	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Measurement Input, Credit Spread	12.00%
Fair Value Measurement Input, Yield Volatility	45.00%
Fair Value, Nonrecurring [Member] | Proved Property [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, Plant, and Equipment, Fair Value Disclosure		$ 179.6	$ 179.6	$ 771.4
Asset Impairment Charges			$ 591.8
Minimum | Proved Property [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of Undiscounted cash flows exceeding carrying values			30.00%
Maximum | Proved Property [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of Undiscounted cash flows exceeding carrying values		100.00%
Senior Notes | Senior Secured Note Due 2025 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Private placement price as percentage of par	83.44%

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net income (loss) attributable to Class A Common Stock	$ 5,330	$ 17,877	$ (542,653)	$ 9,765
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities	0	735	0	442
Net Income (Loss) Available to Common Stockholders, Diluted	$ 5,330	$ 18,612	$ (542,653)	$ 10,207
Basic net earnings per share of Class A Common Stock (USD per share)	$ 0.02	$ 0.07	$ (1.96)	$ 0.04
Diluted net earnings per share of Class A Common Stock (USD per share)	$ 0.02	$ 0.07	$ (1.96)	$ 0.04
Basic weighted average shares of Class A Common Stock outstanding (in shares)	277,133	264,378	276,543	264,397
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants	75	14	0	15
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Common Stock	0	12,003	0	12,003
Diluted weighted average shares of Class A Common Stock outstanding (in shares)	277,208	276,395	276,543	276,415

Earnings Per Share - Summary of

Earnings Per Share - Summary of Shares Excluded From Diluted Earnings Per Share Calculation (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
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)	4,696	4,667	4,756	4,612
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	8,000	8,000	8,000	8,000
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)	5,066	1,758	5,125	1,629
Weighted average shares of Class C Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	11	0	523	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)	0	0	139	0

Transactions with Related Par_3

Transactions with Related Parties - Schedule of Revenues Recognized and Processing Fees Incurred with Related Parties (Details) - USD ($) $ in Thousands	May 22, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Lucid Energy Delaware, LLC | Affiliated Entity
Related Party Transaction [Line Items]
Oil and gas sales		$ 574	$ 1,189	$ 1,662	$ 1,796
Gathering, processing and transportation expenses		1,109	$ 609	2,062	$ 926
Receivable from (payable to) Lucid(1)		(367)		$ (367)		$ 91
Senior Notes
Related Party Transaction [Line Items]
Debt Conversion, Original Debt, Amount	$ 254,200
Senior Notes | Senior Secured Note Due 2025 [Member] | Debt Exchange Transaction [Member] | Affiliated Entity
Related Party Transaction [Line Items]
Debt Conversion, Original Debt, Amount		$ 106,300

Transactions with Related Par_4

Transactions with Related Parties Senior Secured Notes (Details) - USD ($) $ in Thousands	May 22, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Related Party Transaction [Line Items]
Gain on exchange of debt		$ 143,443	$ 0	$ 143,443	$ 0
Senior Notes
Related Party Transaction [Line Items]
Debt Conversion, Original Debt, Amount	$ 254,200
Senior Notes | Senior Notes Due 2026
Related Party Transaction [Line Items]
Debt Conversion, Original Debt, Amount		110,600		108,632	0
Senior Notes | Senior Notes Due 2026 | Affiliated Entity | Debt Exchange Transaction [Member]
Related Party Transaction [Line Items]
Debt Conversion, Original Debt, Amount		100,700
Senior Notes | Senior Notes Due 2027
Related Party Transaction [Line Items]
Debt Conversion, Original Debt, Amount		143,700		$ 140,840	$ 0
Senior Notes | Senior Notes Due 2027 | Affiliated Entity | Debt Exchange Transaction [Member]
Related Party Transaction [Line Items]
Debt Conversion, Original Debt, Amount		111,900
Senior Notes | Senior Secured Note Due 2025 [Member] | Affiliated Entity | Debt Exchange Transaction [Member]
Related Party Transaction [Line Items]
Debt Conversion, Original Debt, Amount		106,300
Gain on exchange of debt		$ 106,300
Extinguishment of Debt, Amount		74.00%

Commitments and Contingencies C

Commitments and Contingencies Commitments and Contingencies (Details)	6 Months Ended
	Jun. 30, 2020bbl / d
Permian Basin Agreement [Member]
Supply Commitment [Line Items]
Supply Commitment, Barrels Required To Be Committed Per Day	30,000

Revenues - Schedule of Disaggre

Revenues - Schedule of Disaggregated Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 90,509	$ 244,239	$ 283,278	$ 458,808
Oil sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	73,100	214,305	243,605	389,859
Natural gas sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	8,787	8,088	17,145	20,585
NGL sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 8,622	$ 21,846	$ 22,528	$ 48,364

Revenues - Additional Informati

Revenues - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Accrued oil and gas sales receivable, net	$ 41.5	$ 76.6
Natural Gas and NGL sales | Minimum
Disaggregation of Revenue [Line Items]
Performance obligations billing cycle	30 days
Natural Gas and NGL sales | Maximum
Disaggregation of Revenue [Line Items]
Performance obligations billing cycle	90 days
Oil sales
Disaggregation of Revenue [Line Items]
Performance obligations billing cycle	30 days

Leases - Additional Information

Leases - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	2 months
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	2 years
Renewal term (up to)	5 years

Leases - Schedule of Lease Expe

Leases - Schedule of Lease Expenses and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Lessee, Lease, Description [Line Items]
Weighted-average discount rate	4.76%		4.76%
Weighted-average remaining lease term (years)	1 year 5 months 12 days		1 year 5 months 12 days
Lease costs
Operating lease cost	$ 1,595	$ 10,806	$ 6,271	$ 21,393
Variable lease cost	3,669	703	5,021	1,504
Short-term lease cost(2)	12,217	16,684	31,827	28,908
Total lease cost	17,481	$ 28,193	43,119	$ 51,805
Drill Rig Lease Costs
Lease costs
Short-term lease cost(2)	$ 4,600		$ 15,800

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Operating Lease Liabilities, Payments Due After Adoption of 842 [Abstract]
2020	$ 2,211
2021	3,178
2022	425
Total	5,814
Less: Imputed Interest	(440)
Present value of lease liabilities	5,374
Operating lease liability, current	3,591	$ 9,232
Operating lease liability, noncurrent	$ 1,783	$ 3,354

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Jul. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Preferred stock, par value (USD per share)		$ 0.0001	$ 0.0001
Subsequent Event [Member]
Subsequent Event [Line Items]
Preferred stock, par value (USD per share)	$ 0.0001
Subsequent Event [Member] | Class A | NGP X US Holdings, L.P. [Member]
Subsequent Event [Line Items]
Common stock, shares issued (shares)	5,000,000

Uncategorized Items - cdev06302

Label	Element	Value	[1]
Restricted Cash	us-gaap_RestrictedCash	$ 5,340,000
Restricted Cash	us-gaap_RestrictedCash	$ 3,295,000
[1]	Included in Prepaid and other current assets and Other noncurrent assets line items in the Consolidated Balance Sheets.