Permian Resources (PR) 10-K 24 Feb 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2020	Feb. 19, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-37697
Entity Registrant Name	CENTENNIAL RESOURCE DEVELOPMENT, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-5381253
Entity Address, Address Line One	1001 Seventeenth Street
Entity Address, Address Line Two	Suite 1800
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	720
Local Phone Number	499-1400
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	CDEV
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Smaller Reporting Company	true
Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 162,307,533
Entity Common Stock, Shares Outstanding		278,916,306
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for its 2021 Annual Meeting of Stockholders, which will be filed with the United States Securities and Exchange Commission within 120 days of December 31, 2020, are incorporated by reference into Part III of this Form 10-K for the year ended December 31, 2020.
Entity Central Index Key	0001658566
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 5,800	$ 10,223
Accounts receivable, net	54,557	101,912
Prepaid and other current assets	5,229	7,994
Total current assets	65,586	120,129
Oil and natural gas properties, successful efforts method
Unproved properties	1,209,205	1,470,903
Proved properties	4,395,473	3,962,175
Accumulated depreciation, depletion and amortization	(1,877,832)	(931,737)
Total oil and natural gas properties, net	3,726,846	4,501,341
Other property and equipment, net	12,650	14,612
Total property and equipment, net	3,739,496	4,515,953
Operating Lease, Right-of-Use Asset	3,176	11,841
Noncurrent assets
Other noncurrent assets	19,167	40,365
TOTAL ASSETS	3,827,425	4,688,288
Current liabilities
Accounts payable and accrued expenses	110,439	244,309
Operating Lease, Liability, Current	3,155	9,232
Other current liabilities	18,274	925
Total current liabilities	131,868	254,466
Noncurrent liabilities
Long-term debt, net	1,068,624	1,057,389
Asset retirement obligations	17,009	16,874
Deferred income taxes	2,589	85,504
Operating Lease, Liability, Noncurrent	422	3,354
Other noncurrent liabilities	2,952	0
Total liabilities	1,223,464	1,417,587
Commitments and contingencies (Note 13)
Shareholders’ equity
Additional paid-in capital	3,004,433	2,975,756
Retained earnings (accumulated deficit)	(400,501)	282,336
Total shareholders’ equity	2,603,961	3,258,120
Noncontrolling interest	0	12,581
Total equity	2,603,961	3,270,701
TOTAL LIABILITIES AND EQUITY	3,827,425	4,688,288
Series A Preferred Stock
Shareholders’ equity
Preferred stock	0	0
Common Class A
Shareholders’ equity
Common stock	29	28
Class C
Shareholders’ equity
Common stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	620,000,000	620,000,000
Series A Preferred Stock
Preferred stock, shares outstanding (in shares)	0	1
Common Class A
Common stock, shares issued (in shares)	290,645,623	280,650,341
Common stock, shares outstanding (in shares)	278,551,901	275,811,346
Class C
Common stock, shares issued (in shares)	0	1,034,119
Common stock, shares outstanding (in shares)	0	1,034,119

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating revenues
Oil and gas sales	$ 580,456	$ 944,330	$ 891,045
Operating expenses
Oil And Gas Producing Activities, Lease Operating Expense	109,282	145,976	83,313
Production Tax Expense	39,417	63,200	56,523
Oil And Gas Producing Activities, Transportation Costs	71,309	72,834	57,624
Depreciation, depletion and amortization	358,554	444,243	326,462
Impairment and abandonment expense	691,190	47,245	11,136
Exploration and other expenses	18,355	11,390	9,968
General and administrative expenses	72,867	79,156	63,304
Total operating expenses	1,360,974	864,044	608,330
Gain (Loss) on Disposition of Property Plant Equipment	398	(857)	475
Income (loss) from operations	(780,120)	79,429	283,190
Other income (expense)
Interest expense	(69,192)	(55,991)	(26,358)
Gain (Loss) on Extinguishment of Debt	143,443	0	0
Net gain (loss) on derivative instruments	(64,535)	(1,561)	15,336
Other income (expense)	81	334	8
Total other income (expense)	9,797	(57,218)	(11,014)
Income (loss) before income taxes	(770,323)	22,211	272,176
Income tax (expense) benefit	85,124	(5,797)	(59,440)
Net income (loss)	(685,199)	16,414	212,736
Less: Net (income) loss attributable to noncontrolling interest	2,362	(616)	(12,837)
Net income (loss) attributable to Class A Common Stock	$ (682,837)	$ 15,798	$ 199,899
Income (loss) per share of Class A Common Stock:
Basic (in dollars per share)	$ (2.46)	$ 0.06	$ 0.76
Diluted (in dollars per share)	$ (2.46)	$ 0.06	$ 0.75

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income (loss)	$ (685,199)	$ 16,414	$ 212,736
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	358,554	444,243	326,462
Stock-based compensation expense - equity awards	20,966	28,997	20,670
Impairment and abandonment expense	691,190	47,245	11,136
Exploratory dry hole costs	6,615	0	528
Deferred tax expense (benefit)	(85,124)	5,797	59,440
Net (gain) loss on sale of long-lived assets	(398)	857	(475)
Non-cash portion of derivative (gain) loss	17,884	(4,094)	5,274
Amortization of debt issuance costs and discount	5,923	2,861	1,749
Gain (Loss) on Extinguishment of Debt	(143,443)	0	0
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	44,572	(10,098)	(33,001)
(Increase) decrease in prepaid and other assets	(3,804)	(1,882)	(1,168)
Increase (decrease) in accounts payable and other liabilities	(56,360)	33,833	66,660
Net cash provided by operating activities	171,376	564,173	670,011
Cash flows from investing activities:
Acquisition of oil and natural gas properties	(8,464)	(103,709)	(212,513)
Drilling and development capital expenditures	(318,465)	(855,153)	(998,242)
Purchases of other property and equipment	(1,083)	(8,857)	(6,058)
Proceeds from sales of oil and natural gas properties	1,689	34,730	148,149
Net cash used in investing activities	(326,323)	(932,989)	(1,068,664)
Cash flows from financing activities:
Proceeds from borrowings under revolving credit facility	570,000	595,000	475,000
Repayment of borrowings under revolving credit facility	(415,000)	(720,000)	(175,000)
Proceeds from issuance of Senior Notes	0	496,175	0
Proceeds from exercise of stock options	0	0	982
Restricted stock used for tax withholdings	(607)	(1,038)	(1,665)
Debt issuance costs	(6,650)	(7,200)	(5,157)
Net cash provided by financing activities	147,743	362,937	294,160
Net increase (decrease) in cash, cash equivalents and restricted cash	(7,204)	(5,879)	(104,493)
Cash, cash equivalents and restricted cash, beginning of period	15,543	21,422	125,915
Cash, cash equivalents and restricted cash, end of period	8,339	15,543	21,422
Supplemental cash flow information
Cash paid for interest	69,675	48,905	18,284
Supplemental non-cash activity
Accrued capital expenditures included in accounts payable and accrued expenses	23,409	97,090	119,492
Asset retirement obligations incurred, including revisions to estimates	(563)	2,262	1,451
Debt Conversion, Converted Instrument, Amount	106,030	0	0
Restricted Cash and Cash Equivalents [Abstract]
Total cash, cash equivalents and restricted cash	8,339	21,422	125,915
Senior Notes Due 2026 | Senior Notes
Supplemental non-cash activity
Debt Conversion, Original Debt, Amount	(108,632)	0	0
Senior Notes Due 2027 | Senior Notes
Supplemental non-cash activity
Debt Conversion, Original Debt, Amount	$ (140,840)	$ 0	$ 0

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Class A	Class C	Conversion of common shares from Class C to Class A	Conversion of common shares from Class C to Class AClass A	Common StockClass A	Common StockClass C	Common StockConvertible Common Stock [Member]	Common StockConversion of common shares from Class C to Class AClass A	Common StockConversion of common shares from Class C to Class AClass C	Additional Paid-In Capital	Additional Paid-In CapitalConversion of common shares from Class C to Class A	Retained Earnings (Accumulated Deficit)	Total Shareholder’s Equity	Total Shareholder’s EquityConversion of common shares from Class C to Class A	Non-controlling Interest	Non-controlling InterestConversion of common shares from Class C to Class A
Common shares outstanding at beginning of period (in shares) at Dec. 31, 2017						261,338,000	15,661,000
Balance, beginning of period at Dec. 31, 2017	$ 3,003,972					$ 26	$ 2				$ 2,767,558		$ 66,639	$ 2,834,225		$ 169,747
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of common shares (in shares)									3,658,000	(3,658,000)
Conversion of common shares				$ 7,174		$ 1		$ (1)				$ 46,066			$ 46,066		$ (38,892)
Restricted stock issued (in shares)						1,030,000
Restricted stock forfeited (in shares)						(136,000)
Restricted stock used for tax withholding (in shares)						(91,000)
Option exercises	(1,665)										(1,665)			(1,665)
Option exercises (in shares)						60,000
Stock Issued During Period, Value, Stock Options Exercised	982					$ 0					982			982
Stock-based compensation	20,670										20,670			20,670
Net income (loss)	212,736												199,899	199,899		12,837
Common shares outstanding at end of period (in shares) at Dec. 31, 2018						265,859,000	12,003,000
Balance, end of period at Dec. 31, 2018	3,243,869					$ 27	$ 1				2,833,611		266,538	3,100,177		143,692
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of common shares (in shares)					10,969,064				10,969,000	(10,969,000)
Conversion of common shares				(17,541)		$ 1		(1)				114,186			114,186		(131,727)
Restricted stock issued (in shares)						4,109,000
Restricted stock forfeited (in shares)						(116,000)
Restricted stock used for tax withholding (in shares)						(171,000)
Option exercises	(1,038)										(1,038)			(1,038)
Stock-based compensation	28,997										28,997			28,997
Net income (loss)	16,414												15,798	15,798		616
Common shares outstanding at end of period (in shares) at Dec. 31, 2019		275,811,346	1,034,119			280,650,000	1,034,000
Balance, end of period at Dec. 31, 2019	3,270,701					$ 28	$ 0				2,975,756		282,336	3,258,120		12,581
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of common shares (in shares)									1,034,000	(1,034,000)
Conversion of common shares				$ (2,208)		$ 0		$ 0				$ 8,011			$ 8,011		$ (10,219)
Restricted stock issued (in shares)						10,246,000
Stock Issued During Period, Value, Restricted Stock Award, Gross						$ 1					(1)
Restricted stock forfeited (in shares)						(897,000)
Restricted stock used for tax withholding (in shares)						(550,000)
Option exercises	(607)										(607)			(607)
Stock Issued During Period, Value, Employee Stock Purchase Plan	308					$ 0					308			308
Stock Issued During Period, Shares, Employee Stock Ownership Plan						163,000
Stock-based compensation	20,966										20,966			20,966
Net income (loss)	(685,199)												(682,837)	(682,837)		(2,362)
Common shares outstanding at end of period (in shares) at Dec. 31, 2020		278,551,901	0			290,646,000	0
Balance, end of period at Dec. 31, 2020	$ 2,603,961					$ 29	$ 0				$ 3,004,433		$ (400,501)	$ 2,603,961		$ 0

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 1—Basis of Presentation and Summary of Significant Accounting Policies Description of Business Centennial Resource Development, Inc. is an independent oil and natural gas company focused on the development of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin. The Company’s assets are concentrated in the Delaware Basin, a sub-basin of the Permian Basin, and its properties consist of large, contiguous acreage blocks located in West Texas and New Mexico. Unless otherwise specified or the context otherwise requires, all references in these notes to “Centennial” or the “Company” are to Centennial Resource Development, Inc. and its consolidated subsidiary, Centennial Resource Production, LLC (“CRP”). Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiary CRP, and CRP’s wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”). All intercompany balances and transactions have been eliminated in consolidation. Noncontrolling interests represent third-party ownership in CRP and is presented as a component of equity. See Note 9—Shareholders' Equity and Noncontrolling Interest for discussion on noncontrolling interest. Certain prior period amounts have been reclassified to conform to the current presentation in the accompanying consolidated financial statements. Such reclassifications had no impact on net income, cash flows or shareholders’ equity previously reported. Use of Estimates The preparation of the Company’s consolidated financial statements requires the Company’s management to make various assumptions, judgments and estimates to determine the reported amounts of assets, liabilities, revenues and expenses, and 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. Additionally, the prices received for oil, natural gas and NGL production can heavily influence the Company’s assumptions, judgments and estimates and continued volatility of oil and gas prices could have a significant impact on the Company’s estimates. The more significant areas requiring the use of assumptions, judgments and estimates include: (i) oil and natural gas reserves; (ii) cash flow estimates used in impairment tests of long-lived assets; (iii) impairment expense of unproved properties; (iv) depreciation, depletion and amortization; (v) asset retirement obligations; (vi) determining fair value and allocating purchase price in connection with business combinations and asset acquisitions; (vii) accrued revenues and related receivables; (viii) accrued liabilities; (ix) derivative valuations; and (x) deferred income taxes. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid instruments with an original maturity of three months or less at the time of issuance to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value because of the short-term maturity of these investments. From time to time, the Company is required to maintain cash in separate accounts, the use of which is restricted by the terms of contracted arrangements. Such amounts are included in Prepaid and other current assets and Other noncurrent assets as of December 31, 2020 and December 31, 2019 in the consolidated balance sheets. Accounts Receivable Accounts receivable consists mainly of receivables from oil and natural gas purchasers and from joint interest owners on properties the Company operates. For receivables from joint interest owners, the Company typically has the ability to withhold future revenue disbursements to recover non-payment of joint interest billings. Accordingly, the Company’s oil and natural gas receivables are generally collected, and the Company has minimal bad debts. Although diversified among many companies, collectability is dependent upon the financial wherewithal of each individual company and is influenced by the general economic conditions of the industry. Receivables are not collateralized, and the Company therefore establishes an allowance for doubtful accounts equal to the portions of its accounts receivable for which collectability is not reasonably assured. Th e Company had $0.1 million in allowance for doubtful accounts as of December 31, 2020 and December 31, 2019. Credit Risk and Other Concentrations Centennial is exposed to credit risk in the event of nonpayment by counterparties. The Company normally sells production to a relatively small number of customers, as is customary in its business. The table below summarizes the purchasers that accounted for 10% or more of the Company’s total net revenues for the periods presented: Year Ended December 31, 2020 2019 2018 BP America 47 % 37 % 18 % Shell Trading (US) Company 20 % 11 % 19 % Eagleclaw Midstream Ventures, LLC 8 % 8 % 12 % ExxonMobil Oil Corporation 4 % 26 % — % During these periods, no other purchaser accounted for 10% or more of the Company’s net revenues. The loss of any of the Company’s major purchasers could materially and adversely affect its revenues in the short-term. However, based on the demand for oil and natural gas and the availability of other purchasers, the Company believes that the loss of any major purchaser would not have a material adverse effect on its financial condition and results of operations because crude oil and natural gas are fungible products with well-established markets and numerous purchasers. By using derivative instruments to economically hedge exposures to changes in commodity prices, the Company also exposes itself to credit risk. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk. The Company minimizes the credit risk in derivative instruments by: (i) limiting its exposure to any single counterparty; and (ii) only entering into hedging arrangements with counterparties that are also participants in CRP’s credit agreement, all of which have investment-grade credit ratings. Oil and Natural Gas Properties The Company’s oil and natural gas producing activities are accounted for using the successful efforts method of accounting. Under the successful efforts method, the costs incurred to acquire, drill, and complete development wells are capitalized to proved properties. Exploration costs, including personnel and other internal costs, geological and geophysical expenses and delay rentals for oil and gas leases, are charged to expense as incurred. Costs of drilling exploratory wells, on the other hand, are initially capitalized but are charged to expense if the well is determined to be unsuccessful. Costs to operate, repair and maintain wells and field equipment are expensed as incurred. The Company capitalizes interest on expenditures made in connection with exploration and development projects that are not subject to current amortization. Interest is capitalized only for the period that activities are in process to bring the projects to their intended use. Capitalized interest cannot exceed interest expense for the period capitalized. The Company capitalized interest of $2.1 million, $4.1 million and $2.9 million during the years ended December 31, 2020, 2019 and 2018, respectively. Proved Properties. Costs incurred to obtain access to proved reserves and to provide facilities for extracting, treating, gathering and storing oil, natural gas and NGLs are capitalized. All costs incurred to drill and equip successful exploratory wells, development wells, development-type stratigraphic test wells, extension wells and service wells, are capitalized. Capitalized proved property acquisition and development costs are depleted using a units-of production method based on the remaining life of proved and proved developed reserves, respectively. Net carrying values of retired, sold or abandoned properties that constitute less than a complete unit of depreciable property are charged or credited, net of proceeds, to accumulated depreciation, depletion and amortization unless doing so significantly affects the unit-of-production amortization rate, in which case a gain or loss is recognized. Gains or losses from the disposal of complete units of depreciable property are recognized to the consolidated statements of operations. The Company reviews its proved oil and natural gas properties for impairment whenever events and circumstances indicate that there could be a possible decline in the recoverability of the carrying amount of such property. The Company estimates the expected future cash flows of its oil and natural gas properties and compares these undiscounted cash flows to the carrying amount of the oil and natural gas properties to determine if the carrying amount is recoverable. If the carrying amount exceeds the estimated undiscounted future cash flows, the Company will write down the carrying amount of the oil and natural gas properties to fair value. The factors used to determine fair value include, but are not limited to, estimates of reserves, future commodity prices, future production estimates, estimated future capital and operating expenditures and discount rates, which are based on a weighted average cost of capital. For the year ended December 31, 2020, a non-cash impairment of $591.8 million for proved oil and natural gas properties was recorded as a result of depressed oil and natural gas commodity prices. There were no impairments of proved oil and natural gas properties for the years ended December 31, 2019 and 2018. Refer to Note 8—Fair Value Measurements for additional information on the 2020 impairment charge. Unproved Properties. Unproved properties consist of costs to acquire undeveloped leases as well as costs to acquire unproved reserves, and they are both capitalized as incurred. These consist of costs incurred in obtaining a mineral interest or a right in a property such as a lease, in addition to broker fees, recording fees and other similar costs related to acquiring properties. Leasehold costs are classified as unproved until proved reserves are discovered on or otherwise attributed to the property, at which time the related unproved property costs are transferred to proved oil and natural gas properties. The Company evaluates significant unproved properties for impairment based on remaining lease term, drilling results, reservoir performance, seismic interpretation or changes in future plans to develop acreage. Unproved properties that are not individually significant are aggregated by prospect or geographically, and the portion of such costs estimated to be nonproductive prior to lease expiration is amortized over the average holding period. The estimate of what could be nonproductive is based on the Company’s historical experience or other information, including current drilling plans and existing geological data. Impairment and amortization of unproved properties are included in Impairment and abandonment expense in the consolidated statements of operations. Other Property and Equipment Other property and equipment includes office furniture and equipment, buildings, vehicles, computer hardware and software and is recorded at cost. These assets are depreciated using the straight-line method over their estimated useful lives which range from three Debt Issuance Costs and Discount Debt issuance costs related to the Company’s revolving credit facility are included in the line item Other Noncurrent Assets in the consolidated balance sheets. These costs are amortized to interest expense on a straight-line basis over the borrowing term. Issuance costs incurred in connection with the Company’s Senior Notes offerings and any related issuance discount are deferred and charged to interest expense over the term of the agreement; however, these amounts are reflected as a reduction of the related obligation in the line item Long-term debt on the consolidated balance sheets. Derivative Financial Instruments In order to mitigate its exposure to oil and natural gas price volatility, the Company may periodically use derivative instruments, such as swaps, costless collars, basis swaps, and other similar agreements. To the extent legal right of offset exists with a counterparty, the Company reports derivative assets and liabilities on a net basis. The Company records derivative instruments in its consolidated balance sheets as either an asset or liability measured at fair value. The commodity derivative instruments are accounted for using mark-to-market accounting where all gains and losses are recognized in earnings during the period in which they are incurred. The Company’s derivatives have not been designated as hedges for accounting purposes. Asset Retirement Obligations The Company recognizes a liability for the estimated future costs associated with abandonment of its oil and natural gas properties. A liability for the fair value of an asset retirement obligation and corresponding increase to the carrying value of the related long-lived asset are recorded at the time a well is drilled or acquired. The fair value of the liability recognized is based on the present value of the estimated future cash outflows associated with its plug and abandonment obligations. The Company depletes the amount added to proved oil and natural gas property costs and recognizes expense in connection with the accretion of the discounted liability over the remaining estimated economic lives of the respective oil and natural gas properties. Revisions typically occur due to changes in estimated abandonment costs or well economic lives, or if federal or state regulators enact new requirements regarding the abandonment of wells. Revenue Recognition The Company derives revenue primarily from the sale of produced oil, natural gas, and NGLs. Revenue is recognized when a performance obligation is satisfied by transferring control of the produced oil, natural gas or NGLs to the customer. For all commodity products, the Company records revenue in the month production is delivered to the purchaser based on estimates of the amount of production delivered to the purchaser and the price the Company will receive. Payments are generally received between 30 and 90 days after the date of production. Variances between estimated sales and actual amounts received are insignificant and are recorded in the month payment is received. Refer to Note 14—Revenues for additional information. Income Taxes Income taxes are recognized based on earnings reported for tax return purposes and provisions recorded for deferred income taxes. Deferred income tax assets and liabilities are recognized based on temporary differences resulting from: (i) net operating loss carryforwards for income tax purposes, and (ii) differences between the amounts recorded to the consolidated financial statements and the tax basis of assets and liabilities, as measured using enacted statutory tax rates in effect at the end of a period. The effect of a change in tax rates or tax laws is recognized in income during the period such changes are enacted. A valuation allowance for deferred tax assets is established when it is more likely than not that some portion of the benefit from deferred tax assets will not be realized. Stock-Based Compensation The Company’s stock-based compensation consists of equity grants of restricted stock, stock options, and performance stock units to employees and directors, an employee stock purchase plan which is available to eligible employees, and grants of restricted stock units and performance stock units that are settled in cash. The Company determines compensation expense related to all equity-based awards based on their estimated grant-date fair value, and such expense is recognized on a straight-line basis over the applicable service period of the award. For cash settled awards, compensation expense is estimated based on the fair value of the awards as of the balance sheet date, and such expense is recognized ratably over the period in which the award is expected to be paid. See Note 6—Stock-Based Compensation for additional information regarding the Company’s stock-based compensation. Earnings (Loss) Per Share Basic earnings per share (“EPS”) is calculated by dividing net income available to Class A Common Stock by the weighted average shares of Class A Common Stock outstanding during each period. Dilutive EPS is calculated by dividing adjusted net income available to Class A Common Stock by the weighted average number of diluted Class A Common Stock outstanding, which includes the effect of potentially dilutive securities. See Note 10—Earnings Per Share for additional information regarding the Company’s computation of EPS. Segment Reporting The Company operates in only one industry segment which is the exploration and production of oil and natural gas. All of its operations are conducted in one geographic area of the United States. All revenues are derived from customers located in the United States.

Property Acquisitions and Dives

Property Acquisitions and Divestitures	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Property Acquisitions and Divestitures	Note 2—Property Acquisitions and Divestitures 2020 Dispositions 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 of the Agreement, 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 advised 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. 2018 Acquisitions On February 8, 2018, the Company completed the acquisition of approximately 4,000 undeveloped net acres, as well as certain minor producing properties, in Lea County, New Mexico for an unadjusted purchase price of $94.7 million. The operated acreage position contains an approximate 92% average working interest and is largely contiguous to Centennial’s existing positions in the northern Delaware Basin. During the fourth quarter of 2018, the Company completed several acquisitions totaling approximately 2,900 net acres, which are located adjacent to the Company’s existing acreage in Lea County, New Mexico and Reeves County, Texas, for an aggregate unadjusted purchase price of $87.9 million. This purchase price encompasses certain minor producing properties that were also included in the acquisitions. All acquisitions during 2018 were recorded as asset acquisitions under Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . Accordingly, the purchase consideration for these assets has been allocated to the proved and unproved oil and gas properties based on their relative fair values measured as of the acquisition dates. After settlement statement adjustments of $0.3 million, the Company paid an aggregate purchase price of $182.3 million. On a relative fair value basis, $142.5 million was allocated to unproved properties and $39.8 million to proved properties. Transaction costs incurred and capitalized amounted to $0.2 million and mainly consisted of advisory and legal fees. 2018 Disposition On March 2, 2018, the Company completed the sale of approximately 8,600 undeveloped net acres and 12 gross producing wells located in Reeves County, Texas for a total unadjusted sales price of $140.7 million. The divested acreage represents a largely non-operated position (32% average working interest) on the western portion of Centennial’s position in Reeves County. There was no gain or loss recognized as a result of this divestiture, which constituted a partial sale of oil and gas properties in accordance with Accounting Standard Codification (“ASC”) 932 , Extractive Activities - Oil and Gas

Accounts Receivable, Accounts P

Accounts Receivable, Accounts Payable and Accrued Expenses	12 Months Ended
	Dec. 31, 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) December 31, 2020 December 31, 2019 Accrued oil and gas sales receivable, net $ 41,670 $ 76,578 Joint interest billings, net 12,770 25,136 Other 117 198 Accounts receivable, net $ 54,557 $ 101,912 Accounts payable and accrued expenses are comprised of the following: (in thousands) December 31, 2020 December 31, 2019 Accounts payable $ 5,052 $ 21,484 Accrued capital expenditures 21,471 83,002 Revenues payable 42,115 82,539 Accrued employee compensation and benefits 11,516 12,979 Accrued interest 15,138 19,405 Accrued derivative settlements payable 3,488 — Accrued expenses and other 11,659 24,900 Accounts payable and accrued expenses $ 110,439 $ 244,309

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 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) December 31, 2020 December 31, 2019 Credit Facility due 2023 $ 330,000 $ 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 (12,790) (14,061) Unamortized debt discount (21,458) (3,550) Senior Notes, net 738,624 882,389 Total long-term debt, net $ 1,068,624 $ 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 “Q2 2020 Amendments”), which, among other things, established a new borrowing base and level of elected commitments of $700.0 million. The Q2 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 December 31, 2020, the Company had $330.0 million in borrowings outstanding and $333.9 million in available borrowing capacity, which was net of $4.3 million in letters of credit outstanding and the availability blocker of $31.8 million. The amount available to be borrowed under the 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 Q2 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. In connection with the Credit Agreement’s fall 2020 semi-annual borrowing base redetermination, the borrowing base and amount of elected commitments was reaffirmed at $700.0 million. 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 December 31, 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 100 to 200 basis points as of December 31, 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 an add back of unused commitments under the 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 Q2 2020 Amendments, the leverage ratio is suspended until March 31, 2022, at which time, the ratio may not exceed 5.0 to 1.0, 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 applicable financial ratios described above as of December 31, 2020 and through the filing of this Annual Report. Senior Unsecured Notes 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 (“ASC 470-50”), 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 the new Senior Secured Notes issued, net of their associated debt discount of $21.0 million (which was based on the Senior Secured 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 unsecured 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 December 31, 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 unsecured notes due 2026 (the “2026 Senior Notes” and collectively with the 2027 Senior Notes, the “Senior Unsecured Notes”) in an 144A private placement that resulted in net proceeds to CRP of $391.0 million, after deducting $9.0 million in debt issuance costs. Interest is payable on the 2026 Senior Notes semi-annually in arrears on each January 15 and July 15, which commenced on July 15, 2018. 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 December 31, 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 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 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 December 31, 2020 and through the filing of this Annual Report. Upon an Event of Default (as defined in the indentures governing the Senior Notes), the trustee or the holders of at least 25% of the aggregate principal amount of then outstanding Senior Notes may declare the Senior Notes immediately due and payable. In addition, a default resulting from certain events of bankruptcy or insolvency with respect to CRP, any restricted subsidiary of CRP that is a significant subsidiary, or any group of restricted subsidiaries that, taken together, would constitute a significant subsidiary, will automatically cause all outstanding Senior Notes to become due and payable. If CRP experiences certain defined changes of control (and in certain cases followed by a ratings decline), each holder of the Senior Notes may require CRP to repurchase all or a portion of its Senior Notes for cash at a price equal to 101% of the aggregate principal amount of such Senior Notes, plus any accrued and unpaid interest to the date of repurchase.

Asset Retirement Obligations

Asset Retirement Obligations	12 Months Ended
	Dec. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Note 5—Asset Retirement Obligations The following table summarizes the period-to-period changes in the Company’s asset retirement obligations (“ARO”) that are associated with its oil and gas properties for the periods presented: (in thousands) December 31, 2020 December 31, 2019 Asset retirement obligations, beginning of period $ 16,874 $ 13,895 Liabilities incurred 589 1,393 Liabilities on acquired properties 147 1,167 Liabilities divested and settled (578) (1,361) Accretion expense 1,128 912 Revision to estimated cash flows (1,151) 868 Asset retirement obligations, end of period $ 17,009 $ 16,874 ARO reflect the present value of the estimated future costs associated with the plugging and abandonment of oil and 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 present value calculation of ARO are numerous estimates and assumptions, including plug and abandonment settlement amounts, inflation factors, credit adjusted discount rates and the timing of ultimate ARO settlement. To the extent future revisions to these assumptions impact the value of the existing ARO liabilities, 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 with an offsetting charge to accretion expense, which is included within depreciation, depletion and amortization.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 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 Common Stock for issuance to employees and directors. In April 29, 2020, the stockholders of the Company approved the amended and restated LTIP which, among other things, increased the number of shares of Common Stock authorized for issuance by 8,250,000 shares. As of December 31, 2020, the Company had 6,579,226 shares of 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. 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 temporary suspension of the Company’s drilling and completion activities during 2020, the Company implemented a reduction to its workforce in the second quarter of 2020. In connection with this workforce 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 37 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 (“ASC 718”). The modification resulted in a decrease to total stock-based compensation expense of $2.7 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 and other expenses in the consolidated statements of operations. The Company accounts for forfeitures of its stock-based compensation awards as they occur, when determining compensation expense. The following table summarizes stock-based compensation expense recognized for the periods presented: Year Ended December 31, (in thousands) 2020 2019 2018 Equity Awards Restricted stock awards $ 15,355 $ 15,929 $ 9,185 Stock option awards 1,980 9,562 9,433 Performance stock units 3,312 3,374 2,052 Other stock-based compensation expense (1) 319 132 — Total stock-based compensation expense - equity awards 20,966 28,997 20,670 Liability Awards Restricted stock units 1,788 — — Performance stock units 1,814 — — Total stock-based compensation - liability awards 3,602 — — Total stock-based compensation expense $ 24,568 $ 28,997 $ 20,670 (1) Includes expenses related to the Company’s Employees Stock Purchase Plan (the “ESPP”). In May 2019, an aggregate of 2,000,000 shares were authorized by stockholders for issuance under the ESPP, which became effective on July 1, 2019. As of December 31, 2020, the Company had 1,837,381 shares of Common Stock available for future issuance. Equity Awards The Company has restricted stock awards, stock options and performance stock units (“PSUs”) outstanding that were granted under the LTIP as discussed below. Each award has service-based and, in the case of the PSUs, market-based vesting requirements and are expected to be settled in shares of the Company’s Common Stock upon vesting. As a result, these awards are classified as equity-based awards in accordance with ASC 718. Restricted Stock The following table provides a summary of the restricted stock activity during the year ended December 31, 2020: Awards Wtd. Avg. Grant-Date Fair Value Unvested balance as of December 31, 2019 4,838,996 $ 8.51 Granted 10,245,500 1.12 Vested (2,093,937) 8.31 Forfeited (896,836) 5.85 Unvested balance as of December 31, 2020 12,093,723 2.33 The Company grants service-based restricted stock awards to executive officers and employees, which vest ratably over a three-year service period, and to directors, which vest over a one-year service period. Compensation cost for these service-based restricted stock awards is based on the closing market price of the Company’s Common Stock on the grant date, and such costs are recognized ratably over the applicable vesting period. The weighted average grant-date fair value for restricted stock awards granted was $1.12, $6.59 and $18.11 per share for the years ended December 31, 2020, 2019 and 2018, respectively. The total fair value of restricted stock awards that vested for the years ended December 31, 2020, 2019 and 2018 was $17.4 million, $12.0 million and $6.6 million, respectively. Unrecognized compensation cost related to restricted shares that were unvested as of December 31, 2020 was $21.0 million, which the Company expects to recognize over a weighted average period of 1.9 years. Stock Options Stock options that have been granted under the LTIP expire ten years from the grant date and vest ratably over a three-year service period. The exercise price for an option granted under the LTIP is the closing price of the Company’s 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 grant-date fair value using the Black-Scholes option-pricing model. Expected volatilities are based on the weighted average historical volatilities 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 options awarded for the periods presented: Years Ended December 31, 2020 2019 2018 Weighted average grant-date fair value per share $ 1.16 $ 4.32 $ 8.58 Expected term (in years) 6 6 6 Expected stock volatility 86 % 47 % 42 % Dividend yield — — — Risk-free interest rate 1.0 % 2.2 % 2.7 % The following table provides information about stock option awards outstanding during the year ended December 31, 2020: Options Wtd. Avg. Exercise Price Wtd. Avg. Remaining Term Aggregate Intrinsic Value Outstanding as of December 31, 2019 4,764,167 $ 15.99 Granted 124,000 2.13 Exercised (366) 0.25 $ — Forfeited (130,424) 13.12 Expired (2,394,043) 16.34 Outstanding as of December 31, 2020 2,363,334 15.07 6.5 $ 78 Exercisable as of December 31, 2020 2,011,809 15.98 6.2 $ — The total fair value of stock options that vested during the years ended December 31, 2020, 2019 and 2018 was $5.7 million, $10.2 million and $8.8 million, respectively. The intrinsic value of the stock options exercised during the year ended December 31, 2020 was minimal, there were no stock options exercised during the year ended December 31, 2019, and the intrinsic value of stock options exercised during the year ended December 31, 2018 was approximately $0.2 million. As of December 31, 2020, there was $0.9 million of unrecognized compensation cost related to unvested stock options, which the Company expects to recognize on a pro-rata basis over a weighted-average period of 1.1 years. Performance Stock Units The Company grants performance stock units to certain executive officers that are subject to market-based vesting criteria as well as a three-year service period. Vesting at the end of the three-year service period is subject to the condition that the Company’s stock price increases by a greater percentage, or decreases by a lesser percentage, than the average percentage increase or decrease, respectively, of the stock prices of a peer group of companies. The market-based conditions must be met in order for these stock awards to vest, and it is therefore possible that no shares could ultimately vest. However, the Company recognizes compensation expense for these performance stock units subject to market conditions regardless of whether such conditions are met or not, and compensation expense is not reversed if vesting does not actually occur. The grant-date fair value was estimated using a Monte Carlo valuation model. The Monte Carlo valuation model is based on random projections of stock price paths and must be repeated numerous times to achieve a probabilistic assessment. Expected volatility was calculated based on the historical volatility of the Company’s common stock as well as the peer companies that are specified in the award agreement, and the risk-free interest rate is based on U.S. Treasury yield curve rates with maturities consistent with the three-year vesting period. The following table summarizes the key assumptions and related information used to determine the grant-date fair value of performance stock units awarded during the periods presented: 2019 2018 Weighted average grant-date fair value per unit $ 6.68 $ 22.35 Number of simulations 1,000,000 1,000,000 Expected stock volatility 52.3 % 40.2 % Dividend yield — % — % Risk-free interest rate 1.8 % 2.8 % The following table provides information about performance stock units outstanding during the year ended December 31, 2020: Awards Wtd. Avg. Grant Date Fair Value Unvested balance as of December 31, 2019 872,672 $ 13.44 Granted — — Vested — — Cancelled (193,391) 21.53 Forfeited — — Unvested balance as of December 31, 2020 679,281 11.13 As of December 31, 2020, there was $2.4 million of unrecognized compensation cost related to unvested performance stock units, which the Company expects to recognize on a pro rata basis over a weighted average period of 1.2 years Liability Awards The Company has restricted stock units and performance stock units that were granted under the LTIP, which will be settled in cash by the Company and are therefore classified as liability awards in accordance with ASC 718. Compensation cost for the liability awards is based on the fair value of the units as of each balance sheet date as further discussed below, and such costs are recognized ratably over the service periods of the awards. As the fair value of liability awards is required to be re-measured at each period end, stock compensation expense amounts recognized in future periods for these awards will vary. The estimated future cash payments of these awards are presented as liabilities within Other current liabilities and Other long-term liabilities in the consolidated balances sheets. Restricted Stock Units During the year ended December 31, 2020, the Company granted 5.5 million restricted stock units to certain officers and employees that will be settled in cash. The restricted stock units vest annually in one-third increments over a three-year service period, with the first portion vesting on September 1, 2021. After one year from the grant date, however, the restricted stock units can vest immediately on an accelerated basis if they meet certain market-based vesting criteria (equal to the maximum return percentage discussed below for at least 20 out of any 30 consecutive trading days). Additionally, the restricted stock units include maximum and minimum return amounts equal to 400% and 25%, respectively, of the closing market price of the Company’s common stock on the grant date. As of December 31, 2020, there was $5.5 million of unrecognized compensation cost, which represents the unvested portion of the fair value of the restricted stock units at December 31, 2020 and which will be recognized over a weighted average period of 1.8 years. Performance Stock Units During the year ended December 31, 2020, the Company granted 5.5 million performance stock units to certain executive officers that will be settled in cash that are subject to market-based vesting criteria as well as a three-year service condition. Vesting at the end of the three-year service period is subject to the condition that the Company’s stock price increases by a greater percentage, or decreases by a lessor percentage, than the average percentage increase or decrease, respectively, of the stock price of a peer group of companies. The market-based conditions must be met in order for the awards to vest, and it is therefore possible that no units could ultimately vest and cumulative stock compensation expense recognized for these awards would then be reduced to zero. As of December 31, 2020, there was $10.6 million of unrecognized compensation cost, which represents the unvested portion of the fair value of the performance stock units at December 31, 2020, and which will be recognized over a weighted average period of 2.5 years. Liability Awards Fair Value The fair value of the restricted stock units and performance stock units was estimated using a Monte Carlo valuation model as of the balance sheet date. The Monte Carlo valuation model is based on random projections of stock price paths and must be repeated numerous times to achieve a probabilistic assessment. Expected volatility was calculated based on the historical volatility of the Company’s common stock as well as the historical volatility of certain peer companies that are named in the award agreement for the performance stock units. The risk-free rate is based on U.S. Treasury yield curve rates with maturities consistent with the remaining vesting or performance period. The following table summarizes the key assumptions and related information used to determine the fair value of the liability awards as of December 31, 2020: Restricted stock units Performance stock units Number of simulations 10,000,000 10,000,000 Expected stock volatility 123.2 % 126.9 % Dividend yield — % — % Risk-free interest rate 0.2 % 0.1 % Shares outstanding 5,442,681 5,464,433

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 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 flow from operations, returns on capital and other financial results. While the use of these instruments limits the downside risk of adverse price changes, their use may also limit future revenues from favorable price changes. The Company does not enter into derivative contracts for speculative or trading purposes. Commodity Swap and Collar Contracts. The Company may use commodity derivative instruments known as fixed price swaps to realize a known price for a specific volume of production, basis swaps to hedge the difference between the index price and a local index price, or costless collars to establish fixed price floors and ceilings. 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 derivative contracts the Company had in place as of December 31, 2020: Period Volume (Bbls) Volume (Bbls/d) Wtd. Avg. Crude Price ($/Bbl) (1) Crude oil swaps NYMEX WTI January 2021 - March 2021 990,000 11,000 $41.48 April 2021 - June 2021 1,183,000 13,000 43.18 July 2021 - September 2021 736,000 8,000 45.87 October 2021 - December 2021 644,000 7,000 45.59 ICE Brent January 2021 - March 2021 270,000 3,000 $46.85 April 2021 - June 2021 182,000 2,000 48.01 July 2021 - September 2021 184,000 2,000 48.25 October 2021 - December 2021 184,000 2,000 48.50 Period Volume (Bbls) Volume (Bbls/d) Wtd. Avg. Collar Price Ranges ($/Bbl) (2) Crude oil collars January 2021 - March 2021 315,000 3,500 $ 40.00 - $ 48.14 April 2021 - June 2021 136,500 1,500 40.00 - 48.57 July 2021 - September 2021 92,000 1,000 42.00 - 50.10 October 2021 - December 2021 92,000 1,000 42.00 - 50.10 Period Volume (Bbls) Volume (Bbls/d) Wtd. Avg. Differential ($/Bbl) (3) Crude oil basis differential swaps January 2021 - March 2021 990,000 11,000 $0.01 April 2021 - June 2021 1,183,000 13,000 0.11 July 2021 - September 2021 736,000 8,000 0.26 October 2021 - December 2021 644,000 7,000 0.26 (1) These crude oil swap transactions are settled based on the NYMEX WTI or ICE Brent oil price on each trading day within the specified monthly settlement period versus the contractual swap price for the volumes stipulated. (2) These crude oil collars are settled based on the NYMEX WTI price on each trading day within the specified monthly settlement period versus the contractual floor and ceiling prices for the volumes stipulated. (3) These oil basis swap transactions are settled based on the difference between the arithmetic average of ARGUS MIDLAND WTI and ARGUS WTI CUSHING indices, during each applicable monthly settlement period. Period Volume (MMBtu) Volume (MMBtu/d) Wtd. Avg. Gas Price ($/MMBtu) (1) Natural gas swaps January 2021 - March 2021 5,400,000 60,000 $2.91 April 2021 - June 2021 3,640,000 40,000 2.89 July 2021 - September 2021 3,680,000 40,000 2.89 October 2021 - December 2021 3,680,000 40,000 2.95 January 2022 - March 2022 1,800,000 20,000 3.00 Period Volume (MMBtu) Volume (MMBtu/d) Wtd. Avg. Collar Price Ranges ($/MMBtu) (2) Natural gas collars January 2021 - March 2021 1,800,000 20,000 $ 2.90 - $ 3.64 Period Volume (MMBtu) Volume (MMBtu/d) Wtd. Avg. Differential ($/MMBtu) (3) Natural gas basis differential swaps January 2021 - March 2021 1,800,000 20,000 $(0.30) April 2021 - June 2021 3,640,000 40,000 (0.30) July 2021 - September 2021 3,680,000 40,000 (0.30) October 2021 - December 2021 3,680,000 40,000 (0.28) January 2022 - March 2022 1,800,000 20,000 (0.26) (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 versus the contractual swap price for the volumes stipulated. (2) These natural gas collars are settled based on the NYMEX Henry Hub price on each trading day within the specified monthly settlement period versus the contractual floor and ceiling prices for the volumes stipulated. (3) 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 monthly settlement period. Derivative Instrument Reporting. The Company’s oil and natural gas derivative instruments have not been designated as hedges for accounting purposes. Therefore, all gains and losses are recognized in the Company’s consolidated statements of operations. All derivative instruments are recorded at fair value in the consolidated balance sheets, other than derivative instruments that meet the “normal purchase normal sale” exclusion, and any fair value gains and losses are recognized in current period earnings. The following table presents the impact of the Company’s derivative instruments on its consolidated statements of operations for the periods presented: Year Ended December 31, (in thousands) 2020 2019 2018 Net gain (loss) on derivative instruments $ (64,535) $ (1,561) $ 15,336 Offsetting of Derivative Assets and Liabilities. The Company’s commodity derivatives are included in the accompanying consolidated balance sheets as derivative assets and liabilities. The Company nets its financial derivative instrument fair value amounts executed with the same counterparty pursuant to ISDA master netting agreements, which provide for net settlement over the term of the contract and in the event of default or termination of the contract. The tables below summarize the fair value amounts and classification in the consolidated balance sheets of the Company’s derivative contracts outstanding at the respective balance dates, as well as the gross recognized derivative assets, liabilities and offset amounts: Balance Sheet Classification Gross Fair Value Asset/Liability Amounts Gross Amounts Offset (1) Net Recognized Fair Value Assets/Liabilities (in thousands) December 31, 2020 Derivative Assets Commodity contracts Prepaid and other current assets $ 6,131 $ (6,131) $ — Other noncurrent assets 152 (100) 52 Derivative Liabilities Commodity contracts Other current liabilities $ 24,392 $ (6,131) $ 18,261 Other noncurrent liabilities 100 (100) — December 31, 2019 Derivative Liabilities Commodity contracts Other current liabilities $ 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 of CRP’s credit facility as referenced above.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 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 December 31, 2020 Total assets $ — $ 52 $ — Total liabilities — 18,261 — 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 judgement and considers factors specific to the asset or liability. The following is a description of the valuation methodologies used by the Company as well as the general classification of such instruments pursuant to the above fair value hierarchy. There were no transfers between any of the fair value levels during any period presented. Derivatives The Company uses Level 2 inputs to measure the fair value of its oil and natural gas commodity derivatives. The Company uses industry-standard models that consider various assumptions including current market and contractual prices for the underlying instruments, implied market volatility, time value, nonperformance risk, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument and can be supported by observable data. The Company utilizes its counterparties’ valuations to assess the reasonableness of its own valuations. Refer to Note 7—Derivative Instruments for details of the gross and net derivative assets, liabilities and offset amounts as presented in the consolidated balance sheets. Nonrecurring Fair Value Measurements The 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 noncash 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%. The Company did not recognize any additional impairment write-downs with respect to its proved property during the remainder of the year ending December 31, 2020. Impairment expense for proved properties is presented as part of Impairment and Abandonment Expense in the consolidated statements of operations. Asset Retirement Obligation s. 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 both 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 fair values and carrying values of these instruments as of the periods indicated: December 31, 2020 December 31, 2019 Carrying Value Principal Amount Fair Value Carrying Value Principal Amount Fair value Credit facility due 2023 (1) $ 330,000 $ 330,000 $ 330,000 $ 175,000 $ 175,000 $ 175,000 8.00% Senior Secured Notes due 2025 (2) 103,902 127,073 114,366 — — — 5.375% Senior Notes due 2026 (2) 284,867 289,448 206,955 392,623 400,000 394,480 6.875% Senior Notes due 2027 (2) 349,856 356,351 254,791 489,766 500,000 520,000 (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.

Equity

Equity	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Shareholders' Equity and Noncontrolling Interest	Note 9—Shareholders' Equity and Noncontrolling Interest On April 2, 2020, the legacy owners of CRP (the “Centennial Contributors”) 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. 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. During 2019, the Centennial Contributors converted 10,969,064 of their CRP Common Units (and corresponding shares of Class C Common Stock) into Class A Common Stock. No cash proceeds were received by the Company and deferred tax expense of $17.5 million was recorded in equity as a result of the conversion of shares from the noncontrolling interest owner. On March 7, 2018, Silver Run Sponsor, LLC (“Silver Run Sponsor”), affiliates of Riverstone Investment Group LLC (“Riverstone”) and the Centennial Contributors completed an underwritten public offering of 25,000,000 shares of Class A Common Stock. No cash proceeds were received by the Company in connection with this offering and 3,347,647 shares of CRP Common Units (and corresponding shares of Class C Common Units) were converted to shares of Class A Common Stock on a one-to-one basis. A tax benefit of $7.2 million was recorded in equity as a result of the conversion of shares from the noncontrolling interest owner. Class A Common Stock Holders of the Company's Class A Common Stock are entitled to one vote for each share held on all matters submitted to a vote by the Company's stockholders, except as required by law. Unless specified in the Company’s second amended and restated certificate of incorporation (the “Charter”) (including any certificate of designation of preferred stock) or the Company’s second amended and restated bylaws, or as required by applicable provisions of the Delaware General Corporation Law or applicable stock exchange rules, the affirmative vote of a majority of the Company’s shares of common stock that are voted is required to approve any such matter voted on by the Company’s stockholders. There is no cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors. Subject to the rights of the holders of any outstanding series of preferred stock, the holders of the Class A Common Stock are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor. In the event of a liquidation, dissolution or winding up of the Company, the holders of the Class A Common Stock are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of stock, if any, having preference over the Class A Common Stock. The holders of the Class A Common Stock have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the Class A Common Stock. Class C Common Stock The Company had no shares of Class C Common Stock outstanding as of December 31, 2020 as the remaining shares were converted on April 2, 2020 as part of the Conversion discussed above. The shares converted represented the remaining portion of the 20,000,000 shares of Class C Common Stock issued to the Centennial Contributors in connection with the acquisition of approximately 89% of the outstanding membership interests in CRP, consummated on October 11, 2016 (the “Business Combination”). Prior to the Conversion, holders of Class C Common Stock, together with holders of the Class A Common Stock voting as a single class, had the right to vote on all matters properly submitted to a vote of the stockholders. In addition, the holders of Class C Common Stock, voting as a separate class, were entitled to approve any amendment, alteration or repeal of any provision of the Charter that would alter or change the powers, preferences or relative, participating, optional, other or special rights of the Class C Common Stock. Holders of Class C Common Stock were not entitled to any dividends from the Company and were not entitled to receive any of its assets in the event of any voluntary or involuntary liquidation, dissolution or winding up of its affairs. Shares of Class C Common Stock were only allowed to be issued to the Centennial Contributors, their respective successors and assigns, as well as any permitted transferees of the Centennial Contributors. Holders of Class C Common Stock had the right to cause CRP to redeem all or a portion of their CRP Common Units in exchange for shares of the Company’s Class A Common Stock or, at CRP’s option, an equivalent amount of cash. Preferred Stock In connection with the Business Combination, the Company issued one share of Series A Preferred Stock at par value, $0.0001 per share (the “Series A Preferred Stock”) to one of the Centennial Contributors. The Series A Preferred Stock provided the holder thereof with the right to nominate and elect one director to the Company’s Board of Directors, but it did not provide any other voting rights or rights with respect to dividends except distributions in liquidation in the amount of $0.0001 per share. In July 2020, the Company redeemed the one share of Series A Preferred Stock after NGP X US Holdings, L.P., the current holder of the share of Series A Preferred Stock and a former indirect equity owner of CRP, ceased to own, in the aggregate, at least 5,000,000 CRP Common Units and/or shares of Class A Common Stock. Warrants Simultaneously with the closing of the Company’s initial public offering, 8,000,000 warrants were purchased by Silver Run Sponsor in a private placement (the “Private Placement Warrants”). The Private Placement Warrants are non-redeemable so long as they are held by Riverstone or its permitted transferees. Each whole Private Placement Warrant is exercisable for one whole share of Class A Common Stock at a price of $11.50 per share. The Private Placement Warrants became exercisable on March 1, 2017 and will expire on October 11, 2021 (five years after the completion of the Business Combination) or earlier upon redemption or liquidation. As of December 31, 2020, 8,000,000 Private Placement Warrants remained outstanding. Noncontrolling Interest The noncontrolling interest relates to CRP Common Units that were issued to the Centennial Contributors in connection with the Business Combination. At the date of the Business Combination, the noncontrolling interest held 10.9% of the ownership in CRP. The noncontrolling interest percentage is affected by various equity transactions such as CRP Common Unit and Class C Common Stock exchanges and Class A Common Stock activities. As of December 31, 2019 and 2018, the noncontrolling interest ownership of CRP decreased to 0.37% and 4.34%, respectively. The decreases were the result of the exchange of CRP Common Units (and corresponding shares of Class C Common Stock) for Class A Common Stock. As of December 31, 2020, the noncontrolling interest ownership of CRP was reduced to zero due to the Conversion discussed above and CRP has since been a wholly-owned subsidiary of Centennial. The Company consolidated the results of operations and cash flows of CRP and reflected the portion retained by other holders of CRP Common Units as a noncontrolling interest through the date of the Conversion. Refer to the consolidated statements of shareholders’ equity for a summary of the activity attributable to the noncontrolling interest during the periods.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Note 10—Earnings Per Share Basic EPS is calculated by dividing net income available to Class A Common Stock by the weighted average shares of Class A Common Stock outstanding during each period. Dilutive EPS is calculated by dividing adjusted net income available to Class A Common Stock by the weighted average 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 equity based 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. When a loss from continuing operations exists, all dilutive securities and potentially dilutive securities are anti-dilutive and therefore excluded from the computation of diluted earnings per share. The following table reflects the allocation of net income to common stockholders and EPS computations for the periods indicated based on a weighted average number of common stock outstanding for the period: Year Ended December 31, (in thousands, except per share data) 2020 2019 2018 Net income attributable to Class A Common Stock $ (682,837) $ 15,798 $ 199,899 Add: Income from conversion of Class C Common Stock — 328 — Adjusted net income attributable to Class A Common Stock $ (682,837) $ 16,126 $ 199,899 Basic net earnings per share of Class A Common Stock $ (2.46) $ 0.06 $ 0.76 Diluted net earnings per share of Class A Common Stock $ (2.46) $ 0.06 $ 0.75 Basic weighted average shares of Class A Common Stock outstanding 277,368 267,700 263,341 Add: Dilutive effects of conversion of Class C Common Stock — 8,869 — Add: Dilutive effects of potential common stock — 63 3,514 Diluted weighted average shares of Class A Common Stock outstanding 277,368 276,632 266,855 The following table presents shares excluded from the diluted earnings per share calculation as their impacts were anti-dilutive for the periods presented: Year Ended December 31, (in thousands) 2020 (1) 2019 2018 Out-of-the-money stock options 3,571 4,706 818 Restricted stock 6,299 2,895 — Performance stock units 13 — 39 Employee Stock Purchase Plan 76 22 — Weighted average shares of Class C Common Stock 261 — 12,791 Warrants 8,000 8,000 —

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Tax Disclosure	Note 11—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, on a pro rata basis. Following the Conversion, CRP is no longer a partnership for tax purposes and 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 expenses and benefits included in the consolidated statements of operations are detailed below: Year Ended December 31, (in thousands) 2020 2019 2018 Current taxes Federal $ — $ — $ — State — — — — — — Deferred taxes Federal 80,091 (5,396) (56,365) State 5,033 (401) (3,075) 85,124 (5,797) (59,440) Income tax (expense) benefit $ 85,124 $ (5,797) $ (59,440) A reconciliation of the statutory federal income tax expense, which is calculated at the federal statutory rate of 21%, to the income tax expense from continuing operations provided for the periods presented, is as follows: Year Ended December 31, (in thousands) 2020 2019 2018 Income tax (expense) benefit at the federal statutory rate $ 161,768 $ (4,664) $ (57,157) State income tax (expense) benefit - net of federal benefit 9,046 (383) (3,075) Noncontrolling interest in partnership (496) 129 2,696 Stock-based compensation (8,047) (780) (1,825) Nondeductible expenses (151) (99) (79) Change in valuation allowance (76,996) — — Income tax (expense) benefit $ 85,124 $ (5,797) $ (59,440) The tax effects of temporary differences that give rise to significant positions of the deferred income tax assets and liabilities are presented below: (in thousands) December 31, 2020 December 31, 2019 Deferred tax assets: Net operating loss carryforwards $ 107,897 $ 88,043 Capitalized intangible drilling cost 110,590 100,307 Stock-based compensation 4,871 8,284 Derivative assets 3,985 — Asset retirement obligations 3,722 — Interest expense — 18,722 Other assets 637 295 Total deferred tax assets 231,702 215,651 Deferred tax liabilities: Investment in CRP — (301,155) Oil and gas properties (155,748) — Other liabilities (1,547) — Total deferred tax liabilities (157,295) (301,155) Valuation Allowance (76,996) — Net deferred tax asset (liability) $ (2,589) $ (85,504) In connection with the conversions of shares from a noncontrolling interest owner, a tax loss was recorded in equity of $2.2 million and $17.5 million in 2020 and 2019, respectively, and a tax benefit was recorded in equity of $7.2 million in 2018. The Conversion that occurred during 2020 eliminated the noncontrolling interest and CRP is no longer treated as 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 liability related to its investment in CRP, are now directly included within the Company’s deferred tax asset and liability categories above. Additionally, the Company’s deferred tax asset related to its interest expense limitation carryover at the partnership level was allocated proportionally to the Company’s oil and gas properties. All interest expense after the Conversion was deductible in the current year. As of December 31, 2020, the Company had approximately $496.3 million and $93.2 million of U.S. federal and state net operating loss carryovers, respectively. Approximately $417.4 million and $78.2 million of these U.S. federal and state net operating loss carryovers expire in 2037, respectively. The Company periodically assesses whether it is more-likely-than-not that it will generate sufficient taxable income to realize its deferred income tax assets, including net operating loss carry forwards. In making this determination, the Company considers all available positive and negative evidence and makes certain assumptions. The Company considers, among other things, its deferred tax liabilities, the overall business environment, its historical earnings and losses, current industry trends, and its outlook for future years. Based on when the Company expects existing taxable differences to be realized, management determined that sufficient negative evidence exists as of December 31, 2020 to conclude 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 $77.0 million was recorded as of December 31, 2020. The calculation of the Company’s tax liabilities involves uncertainties in the application of complex tax laws and regulations. The Company gives financial statement recognition to those tax positions that it believes are more-likely-than-not to be sustained upon the examination by the Internal Revenue Service or other governmental agency. As of December 31, 2020 and 2019, the Company did not have any accrued liability for uncertain tax positions and does not anticipate recognition of any significant liabilities for uncertain tax positions during the next 12 months. Interest and penalties related to uncertain tax positions are reported in income tax expense.

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 12—Transactions with Related Parties Riverstone and its affiliates beneficially own more than 10% equity interest in the Company and are therefore considered related parties. The Company has a marketing agreement with Lucid Energy Delaware, LLC (“Lucid”), an affiliate of Riverstone. The Company believes that the term 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: Year Ended December 31, (in thousands) 2020 2019 2018 Lucid Energy Delaware, LLC (“Lucid”) Oil and gas sales $ 5,089 $ 3,559 $ 3,946 Gathering, processing and transportation expenses 4,818 2,642 792 (in thousands) December 31, 2020 December 31, 2019 Accounts receivable, net (1) $ 994 $ 91 (1) Represents amounts due from 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 $120.0 million of the total extinguishment gain recognized in the consolidated statements of operations. The Company paid Riverstone $4.5 million in interest associated with the Senior Secured Notes during the year ended December 31, 2020.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13—Commitments and Contingencies Contractual Obligations The following table is a schedule of the Company’s future minimum payments required under contractual commitments that have initial or remaining non-cancelable terms in excess of one year as of December 31, 2020 : (in thousands) 2021 2022 2023 2024 2025 Thereafter Total Water disposal agreements $ 1,825 $ 100 $ — $ — $ — $ — $ 1,925 Transportation agreements 9,060 1,770 — — — — 10,830 Total $ 10,885 $ 1,870 $ — $ — $ — $ — $ 12,755 Water Disposal Agreement The Company has entered into agreements for the transportation and disposal of produced water from a portion of its operated wells. Under the terms of these agreements, Centennial is obligated to deliver a minimum volume of produced water or else pay for any deficiencies at the prices stipulated in the contracts. The obligations reported above represent the remaining minimum financial commitment pursuant to the terms of the contracts as of December 31, 2020. Actual expenditures under these contracts may exceed the minimum commitments presented above. The Company recognized water disposal costs of $2.4 million, $2.6 million and $2.2 million for the years ended December 31, 2020, 2019 and 2018, respectively, related to these water disposal agreements. Transportation Agreements The Company has various natural gas transportation agreements whereby it is required to pay fixed reservation fees for pipeline capacity over the contractual terms. The obligations reported above represent the gross minimum financial commitments pursuant to these agreements as of December 31, 2020. The Company has an additional gas transport agreement with a volumetric obligation, but this agreement has variable pricing components that cannot reliably be determined and therefore is not included above. Actual expenditures under these contracts are likely to exceed the minimum commitment amounts presented above. The Company paid transportation and gathering costs of $19.5 million, $12.8 million and $3.7 million for the years ended December 31, 2020, 2019 and 2018, respectively, related to these agreements. Purchase Obligations The Company has purchase agreements to buy frac’ sand used in its well fracture stimulation process. Historically, under the terms of these agreements, Centennial was obligated to purchase a minimum volume of frac sand at a fixed sales price. However, these agreements were renegotiated in 2020 and all future minimum volume commitments were eliminated. No penalties were paid under these agreements during the year ended December 31, 2020 related to the failure to purchase the minimum volumes of frac sand or as a result of the modifications to the agreements. Delivery Commitments In August 2018, the Company entered into a firm crude oil sales agreement with a large integrated oil company that was subsequently amended during the year ended December 31, 2020. Utilizing this company’s transport capacity out of the Permian Basin, the agreement, as amended, provides for firm gross sales of 30,000 Bbls/d over the next 4.5 years and is based upon prevailing market prices of ICE Brent and contractual differentials. Under-delivery of volumes would result in a financial obligation to the Company. The Company has firm gas sales agreements that provide for firm gross sales ranging from approximately 41,000 to 91,000 MMBtu/d in aggregate over the next two years. These sales agreements do not require the Company to physically deliver the aforementioned volumes over the terms of the agreements, but if the volumetric commitments are not met and the purchaser incurs financial damages, the Company is required to pay for any differences between the contracted prices and current market prices for replacement volumes bought by the purchaser. The amounts discussed above represent the total gross volumes the Company is required to deliver per these agreements, which gross volumes are not comparable to the Company’s net production presented in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation, as amounts therein are reflected net of all royalties, overriding royalties and production due to others. The Company believes its current production and reserves are sufficient to fulfill the physical delivery commitments, and the Company is not required to deliver oil or gas specifically produced from any of the Company’s properties under these agreements. Further, if the Company’s production is not sufficient to satisfy the firm delivery commitments, the Company believes it can purchase sufficient volumes in the market at index-related prices to satisfy its commitments. The aggregate amount of any such potential financial obligation under these contracts is not determinable since the amount and timing of any volumetric shortfalls, as well as the difference between the prevailing market price and contract price at such time, cannot be predicted with accuracy. Lease Commitments Refer to Note 15—Leases for details on the Company’s operating lease agreements. Contingencies The Company may at times be subject to various commercial or regulatory claims, prior period adjustments from service providers, 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 claims or litigation brought against the Company requiring the reserve of a contingent liability as of the date of these consolidated financial statements.

Revenues

Revenues	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenues	Note 14—Revenues Revenue from Contracts with Customers Crude oil, natural gas and NGL sales are recognized at the point control of the product is transferred to the customer and collectability is reasonably assured. Virtually all of the Company’s contract pricing provisions are tied to a market index, with certain adjustments based on, among other factors, transportation costs to an active spot market and quality differentials. As a result, the Company’s realized price of oil, natural gas, and NGLs fluctuates to remain competitive with other available oil, natural gas, and NGLs supplies both globally (in the case of crude oil) and locally. Oil and gas revenues presented within the consolidated statements of operations relate to the sale of oil, natural gas and NGLs as shown below: Year Ended December 31, 2020 2019 2018 Operating revenues (in thousands): Oil sales $ 475,694 $ 810,655 $ 709,813 Natural gas sales 46,776 44,556 62,325 NGL sales 57,986 89,119 118,907 Oil and gas sales $ 580,456 $ 944,330 $ 891,045 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 gathering and processing entity at the inlet of the gas gathering system. The midstream processing entity gathers and processes the raw gas and then remits proceeds to Centennial for the resulting sales of NGLs, while the Company generally elects to take its residue gas product “in-kind” at the plant tailgate. For these contracts, the Company evaluates when control is transferred and revenue should be recognized. Where the Company has concluded that control transfers at the tailgate of the processing facility, fees incurred prior to transfer of control are presented as gathering, processing and transportation expenses (“GP&T”) within the consolidated statements of operations. Any transportation and fractionation costs incurred subsequent to the point of transfer of control are reflected as a net reduction to natural gas and NGL sales revenues presented in the table above. Performance obligations For all commodity products, the Company records revenue in the month production is delivered to the purchaser. Settlement statements for natural gas and NGL sales may not be received for 30 to 90 days after the date production volumes are delivered and for crude oil, generally within 30 days after delivery has occurred. However, payment is unconditional once the performance obligations have been satisfied. At this time, the volume and price can be reasonably estimated and amounts due from customers are accrued in Accounts receivable, net i n the consolidated balance sheets. As of December 31, 2020 and December 31, 2019, such receivable balances were $41.7 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 years ended December 31, 2020 and 2019, revenue recognized in the reporting period related to performance obligations satisfied in prior reporting periods were not material.

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	Note 15—Leases At contract inception, the Company determines whether or not an arrangement contains a lease. However, in connection with the implementation of ASC 842, Leases (“ASC 842”), this assessment was made as of the adoption date of ASC 842, January 1, 2019. 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 December 31, 2020, these leases have remaining lease terms ranging from two months to one year, 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 discount rate and weighted-average remaining lease term as of the periods presented. December 31, 2020 December 31, 2019 Weighted-average discount rate 5.1 % 4.56 % Weighted-average remaining lease term (years) 1.07 1.29 The Company’s drilling rig contracts, office rental agreements, and wellhead equipment agreements contain both lease and non-lease components, which are combined and accounted for as a single lease component. Variable lease payments are recognized in the period in which they are incurred and include operating expenses related to the office rental agreements and cost incurred on the drilling rig contracts in excess of the contractual rate. Cost related to short-term leases are recognized on a straight-line basis over the lease term as either expenses to the consolidated statements of operations or capitalized to the consolidated balance sheets. The following table presents the components of the Company’s lease cost for the period presented. Year Ended December 31, (in thousands) 2020 2019 Lease costs Operating lease cost $ 8,117 $ 33,881 Variable lease cost 4,773 3,104 Short-term lease cost 41,533 60,798 Total Lease Cost $ 54,423 $ 97,783 The following table presents supplemental cash flow information related to the Company’s leases for the periods presented. Year Ended December 31, (in thousands) 2020 2019 Operating lease liability payments: Cash used in operating activities $ 6,285 $ 15,897 Cash used in investing activities $ 1,832 $ 17,984 Right-of-use assets recognized (derecognized) with offsetting operating lease liabilities $ (3,843) $ 34,833 Maturities of the Company’s long-term operating lease liabilities by fiscal year as of December 31, 2020 are as follows: (in thousands) Total (2) 2021 3,260 2022 425 Total lease payments 3,685 Less: imputed interest (108) Present value of lease liabilities (1) $ 3,577 (1) Of the total present value of lease liabilities, $3.2 million was recorded to current Operating lease liabilities and $0.4 million was recorded in noncurrent Operating lease liabilities in the consolidated balance sheets as of December 31, 2020. (2)

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Credit Risk and Other Concentrations Centennial is exposed to credit risk in the event of nonpayment by counterparties. The Company normally sells production to a relatively small number of customers, as is customary in its business. The table below summarizes the purchasers that accounted for 10% or more of the Company’s total net revenues for the periods presented: Year Ended December 31, 2020 2019 2018 BP America 47 % 37 % 18 % Shell Trading (US) Company 20 % 11 % 19 % Eagleclaw Midstream Ventures, LLC 8 % 8 % 12 % ExxonMobil Oil Corporation 4 % 26 % — % During these periods, no other purchaser accounted for 10% or more of the Company’s net revenues. The loss of any of the Company’s major purchasers could materially and adversely affect its revenues in the short-term. However, based on the demand for oil and natural gas and the availability of other purchasers, the Company believes that the loss of any major purchaser would not have a material adverse effect on its financial condition and results of operations because crude oil and natural gas are fungible products with well-established markets and numerous purchasers. By using derivative instruments to economically hedge exposures to changes in commodity prices, the Company also exposes itself to credit risk. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk. The Company minimizes the credit risk in derivative instruments by: (i) limiting its exposure to any single counterparty; and (ii) only entering into hedging arrangements with counterparties that are also participants in CRP’s credit agreement, all of which have investment-grade credit ratings.
Principles of Consolidation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiary CRP, and CRP’s wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”). All intercompany balances and transactions have been eliminated in consolidation. Noncontrolling interests represent third-party ownership in CRP and is presented as a component of equity. See Note 9—Shareholders' Equity and Noncontrolling Interest for discussion on noncontrolling interest.
Basis of Presentation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiary CRP, and CRP’s wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”). All intercompany balances and transactions have been eliminated in consolidation. Noncontrolling interests represent third-party ownership in CRP and is presented as a component of equity. See Note 9—Shareholders' Equity and Noncontrolling Interest for discussion on noncontrolling interest.
Use of Estimates	Use of Estimates The preparation of the Company’s consolidated financial statements requires the Company’s management to make various assumptions, judgments and estimates to determine the reported amounts of assets, liabilities, revenues and expenses, and 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. Additionally, the prices received for oil, natural gas and NGL production can heavily influence the Company’s assumptions, judgments and estimates and continued volatility of oil and gas prices could have a significant impact on the Company’s estimates.
Accounts Receivable	Accounts Receivable Accounts receivable consists mainly of receivables from oil and natural gas purchasers and from joint interest owners on properties the Company operates. For receivables from joint interest owners, the Company typically has the ability to withhold future revenue disbursements to recover non-payment of joint interest billings. Accordingly, the Company’s oil and natural gas receivables are generally collected, and the Company has minimal bad debts. Although diversified among many companies, collectability is dependent upon the financial wherewithal of each individual company and is influenced by the general economic conditions of the industry. Receivables are not collateralized, and the Company therefore establishes an allowance for doubtful accounts equal to the portions of its accounts receivable for which collectability is not reasonably assured. Th e Company had $0.1 million in allowance for doubtful accounts as of December 31, 2020 and December 31, 2019.
Oil and Natural Gas Properties	Oil and Natural Gas Properties The Company’s oil and natural gas producing activities are accounted for using the successful efforts method of accounting. Under the successful efforts method, the costs incurred to acquire, drill, and complete development wells are capitalized to proved properties. Exploration costs, including personnel and other internal costs, geological and geophysical expenses and delay rentals for oil and gas leases, are charged to expense as incurred. Costs of drilling exploratory wells, on the other hand, are initially capitalized but are charged to expense if the well is determined to be unsuccessful. Costs to operate, repair and maintain wells and field equipment are expensed as incurred. The Company capitalizes interest on expenditures made in connection with exploration and development projects that are not subject to current amortization. Interest is capitalized only for the period that activities are in process to bring the projects to their intended use. Capitalized interest cannot exceed interest expense for the period capitalized. The Company capitalized interest of $2.1 million, $4.1 million and $2.9 million during the years ended December 31, 2020, 2019 and 2018, respectively. Proved Properties. Costs incurred to obtain access to proved reserves and to provide facilities for extracting, treating, gathering and storing oil, natural gas and NGLs are capitalized. All costs incurred to drill and equip successful exploratory wells, development wells, development-type stratigraphic test wells, extension wells and service wells, are capitalized. Capitalized proved property acquisition and development costs are depleted using a units-of production method based on the remaining life of proved and proved developed reserves, respectively. Net carrying values of retired, sold or abandoned properties that constitute less than a complete unit of depreciable property are charged or credited, net of proceeds, to accumulated depreciation, depletion and amortization unless doing so significantly affects the unit-of-production amortization rate, in which case a gain or loss is recognized. Gains or losses from the disposal of complete units of depreciable property are recognized to the consolidated statements of operations. The Company reviews its proved oil and natural gas properties for impairment whenever events and circumstances indicate that there could be a possible decline in the recoverability of the carrying amount of such property. The Company estimates the expected future cash flows of its oil and natural gas properties and compares these undiscounted cash flows to the carrying amount of the oil and natural gas properties to determine if the carrying amount is recoverable. If the carrying amount exceeds the estimated undiscounted future cash flows, the Company will write down the carrying amount of the oil and natural gas properties to fair value. The factors used to determine fair value include, but are not limited to, estimates of reserves, future commodity prices, future production estimates, estimated future capital and operating expenditures and discount rates, which are based on a weighted average cost of capital. For the year ended December 31, 2020, a non-cash impairment of $591.8 million for proved oil and natural gas properties was recorded as a result of depressed oil and natural gas commodity prices. There were no impairments of proved oil and natural gas properties for the years ended December 31, 2019 and 2018. Refer to Note 8—Fair Value Measurements for additional information on the 2020 impairment charge. Unproved Properties. Unproved properties consist of costs to acquire undeveloped leases as well as costs to acquire unproved reserves, and they are both capitalized as incurred. These consist of costs incurred in obtaining a mineral interest or a right in a property such as a lease, in addition to broker fees, recording fees and other similar costs related to acquiring properties. Leasehold costs are classified as unproved until proved reserves are discovered on or otherwise attributed to the property, at which time the related unproved property costs are transferred to proved oil and natural gas properties. The Company evaluates significant unproved properties for impairment based on remaining lease term, drilling results, reservoir performance, seismic interpretation or changes in future plans to develop acreage. Unproved properties that are not individually significant are aggregated by prospect or geographically, and the portion of such costs estimated to be nonproductive prior to lease expiration is amortized over the average holding period. The estimate of what could be nonproductive is based on the Company’s historical experience or other information, including current drilling plans and existing geological data. Impairment and amortization of unproved properties are included in Impairment and abandonment expense
Other Property and Equipment	Other Property and Equipment Other property and equipment includes office furniture and equipment, buildings, vehicles, computer hardware and software and is recorded at cost. These assets are depreciated using the straight-line method over their estimated useful lives which range from three
Debt Issuance Costs	Debt Issuance Costs and Discount Debt issuance costs related to the Company’s revolving credit facility are included in the line item Other Noncurrent Assets in the consolidated balance sheets. These costs are amortized to interest expense on a straight-line basis over the borrowing term. Issuance costs incurred in connection with the Company’s Senior Notes offerings and any related issuance discount are deferred and charged to interest expense over the term of the agreement; however, these amounts are reflected as a reduction of the related obligation in the line item Long-term debt
Derivative Financial Instruments	Derivative Financial Instruments In order to mitigate its exposure to oil and natural gas price volatility, the Company may periodically use derivative instruments, such as swaps, costless collars, basis swaps, and other similar agreements. To the extent legal right of offset exists with a counterparty, the Company reports derivative assets and liabilities on a net basis.
Asset Retirement Obligations	Asset Retirement ObligationsThe Company recognizes a liability for the estimated future costs associated with abandonment of its oil and natural gas properties. A liability for the fair value of an asset retirement obligation and corresponding increase to the carrying value of the related long-lived asset are recorded at the time a well is drilled or acquired. The fair value of the liability recognized is based on the present value of the estimated future cash outflows associated with its plug and abandonment obligations. The Company depletes the amount added to proved oil and natural gas property costs and recognizes expense in connection with the accretion of the discounted liability over the remaining estimated economic lives of the respective oil and natural gas properties. Revisions typically occur due to changes in estimated abandonment costs or well economic lives, or if federal or state regulators enact new requirements regarding the abandonment of wells.
Revenue Recognition	Revenue Recognition The Company derives revenue primarily from the sale of produced oil, natural gas, and NGLs. Revenue is recognized when a performance obligation is satisfied by transferring control of the produced oil, natural gas or NGLs to the customer. For all commodity products, the Company records revenue in the month production is delivered to the purchaser based on estimates of the amount of production delivered to the purchaser and the price the Company will receive. Payments are generally received between 30 and 90 days after the date of production. Variances between estimated sales and actual amounts received are insignificant and are recorded in the month payment is received. Refer to Note 14—Revenues
Income Taxes	Income Taxes Income taxes are recognized based on earnings reported for tax return purposes and provisions recorded for deferred income taxes. Deferred income tax assets and liabilities are recognized based on temporary differences resulting from: (i) net operating loss carryforwards for income tax purposes, and (ii) differences between the amounts recorded to the consolidated financial statements and the tax basis of assets and liabilities, as measured using enacted statutory tax rates in effect at the end of a period. The effect of a change in tax rates or tax laws is recognized in income during the period such changes are enacted. A valuation allowance for deferred tax assets is established when it is more likely than not that some portion of the benefit from deferred tax assets will not be realized.
Stock Based Compensation (Successor) and Incentive Unit Compensation (Predecessor)	Stock-Based Compensation The Company’s stock-based compensation consists of equity grants of restricted stock, stock options, and performance stock units to employees and directors, an employee stock purchase plan which is available to eligible employees, and grants of restricted stock units and performance stock units that are settled in cash. The Company determines compensation expense related to all equity-based awards based on their estimated grant-date fair value, and such expense is recognized on a straight-line basis over the applicable service period of the award. For cash settled awards, compensation expense is estimated based on the fair value of the awards as of the balance sheet date, and such expense is recognized ratably over the period in which the award is expected to be paid. See Note 6—Stock-Based Compensation for additional information regarding the Company’s stock-based compensation.
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings per share (“EPS”) is calculated by dividing net income available to Class A Common Stock by the weighted average shares of Class A Common Stock outstanding during each period. Dilutive EPS is calculated by dividing adjusted net income available to Class A Common Stock by the weighted average number of diluted Class A Common Stock outstanding, which includes the effect of potentially dilutive securities. See Note 10—Earnings Per Share for additional information regarding the Company’s computation of EPS.
Segment Reporting	Segment Reporting The Company operates in only one industry segment which is the exploration and production of oil and natural gas. All of its operations are conducted in one geographic area of the United States. All revenues are derived from customers located in the United States.
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy	Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid instruments with an original maturity of three months or less at the time of issuance to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value because of the short-term maturity of these investments. From time to time, the Company is required to maintain cash in separate accounts, the use of which is restricted by the terms of contracted arrangements. Such amounts are included in Prepaid and other current assets and Other noncurrent assets as of December 31, 2020 and December 31, 2019 in the consolidated balance sheets.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Concentration Risk, Percentage of Sales	Year Ended December 31, 2020 2019 2018 BP America 47 % 37 % 18 % Shell Trading (US) Company 20 % 11 % 19 % Eagleclaw Midstream Ventures, LLC 8 % 8 % 12 % ExxonMobil Oil Corporation 4 % 26 % — %

Accounts Receivable, Accounts_2

Accounts Receivable, Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	Accounts receivable are comprised of the following: (in thousands) December 31, 2020 December 31, 2019 Accrued oil and gas sales receivable, net $ 41,670 $ 76,578 Joint interest billings, net 12,770 25,136 Other 117 198 Accounts receivable, net $ 54,557 $ 101,912
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued expenses are comprised of the following: (in thousands) December 31, 2020 December 31, 2019 Accounts payable $ 5,052 $ 21,484 Accrued capital expenditures 21,471 83,002 Revenues payable 42,115 82,539 Accrued employee compensation and benefits 11,516 12,979 Accrued interest 15,138 19,405 Accrued derivative settlements payable 3,488 — Accrued expenses and other 11,659 24,900 Accounts payable and accrued expenses $ 110,439 $ 244,309

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 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) December 31, 2020 December 31, 2019 Credit Facility due 2023 $ 330,000 $ 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 (12,790) (14,061) Unamortized debt discount (21,458) (3,550) Senior Notes, net 738,624 882,389 Total long-term debt, net $ 1,068,624 $ 1,057,389

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	12 Months Ended
	Dec. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Asset Retirement Obligations	The following table summarizes the period-to-period changes in the Company’s asset retirement obligations (“ARO”) that are associated with its oil and gas properties for the periods presented: (in thousands) December 31, 2020 December 31, 2019 Asset retirement obligations, beginning of period $ 16,874 $ 13,895 Liabilities incurred 589 1,393 Liabilities on acquired properties 147 1,167 Liabilities divested and settled (578) (1,361) Accretion expense 1,128 912 Revision to estimated cash flows (1,151) 868 Asset retirement obligations, end of period $ 17,009 $ 16,874

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan	The following table summarizes stock-based compensation expense recognized for the periods presented: Year Ended December 31, (in thousands) 2020 2019 2018 Equity Awards Restricted stock awards $ 15,355 $ 15,929 $ 9,185 Stock option awards 1,980 9,562 9,433 Performance stock units 3,312 3,374 2,052 Other stock-based compensation expense (1) 319 132 — Total stock-based compensation expense - equity awards 20,966 28,997 20,670 Liability Awards Restricted stock units 1,788 — — Performance stock units 1,814 — — Total stock-based compensation - liability awards 3,602 — — Total stock-based compensation expense $ 24,568 $ 28,997 $ 20,670
Nonvested Restricted Stock Shares Activity	The following table provides a summary of the restricted stock activity during the year ended December 31, 2020: Awards Wtd. Avg. Grant-Date Fair Value Unvested balance as of December 31, 2019 4,838,996 $ 8.51 Granted 10,245,500 1.12 Vested (2,093,937) 8.31 Forfeited (896,836) 5.85 Unvested balance as of December 31, 2020 12,093,723 2.33
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The following table summarizes the assumptions and related information used to determine the grant-date fair value of stock options awarded for the periods presented: Years Ended December 31, 2020 2019 2018 Weighted average grant-date fair value per share $ 1.16 $ 4.32 $ 8.58 Expected term (in years) 6 6 6 Expected stock volatility 86 % 47 % 42 % Dividend yield — — — Risk-free interest rate 1.0 % 2.2 % 2.7 %
Schedule of Share-based Compensation, Stock Options, Activity	The following table provides information about stock option awards outstanding during the year ended December 31, 2020: Options Wtd. Avg. Exercise Price Wtd. Avg. Remaining Term Aggregate Intrinsic Value Outstanding as of December 31, 2019 4,764,167 $ 15.99 Granted 124,000 2.13 Exercised (366) 0.25 $ — Forfeited (130,424) 13.12 Expired (2,394,043) 16.34 Outstanding as of December 31, 2020 2,363,334 15.07 6.5 $ 78 Exercisable as of December 31, 2020 2,011,809 15.98 6.2 $ —
Schedule of Share-based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions	The following table summarizes the key assumptions and related information used to determine the grant-date fair value of performance stock units awarded during the periods presented: 2019 2018 Weighted average grant-date fair value per unit $ 6.68 $ 22.35 Number of simulations 1,000,000 1,000,000 Expected stock volatility 52.3 % 40.2 % Dividend yield — % — % Risk-free interest rate 1.8 % 2.8 %
Share-based Compensation, Performance Shares Award Outstanding Activity	The following table provides information about performance stock units outstanding during the year ended December 31, 2020: Awards Wtd. Avg. Grant Date Fair Value Unvested balance as of December 31, 2019 872,672 $ 13.44 Granted — — Vested — — Cancelled (193,391) 21.53 Forfeited — — Unvested balance as of December 31, 2020 679,281 11.13
Schedule of Share-based payment award, Equity instruments Other than Options, Valuation Assumptions	The following table summarizes the key assumptions and related information used to determine the fair value of the liability awards as of December 31, 2020: Restricted stock units Performance stock units Number of simulations 10,000,000 10,000,000 Expected stock volatility 123.2 % 126.9 % Dividend yield — % — % Risk-free interest rate 0.2 % 0.1 % Shares outstanding 5,442,681 5,464,433

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table summarizes the approximate volumes and average contract prices of derivative contracts the Company had in place as of December 31, 2020: Period Volume (Bbls) Volume (Bbls/d) Wtd. Avg. Crude Price ($/Bbl) (1) Crude oil swaps NYMEX WTI January 2021 - March 2021 990,000 11,000 $41.48 April 2021 - June 2021 1,183,000 13,000 43.18 July 2021 - September 2021 736,000 8,000 45.87 October 2021 - December 2021 644,000 7,000 45.59 ICE Brent January 2021 - March 2021 270,000 3,000 $46.85 April 2021 - June 2021 182,000 2,000 48.01 July 2021 - September 2021 184,000 2,000 48.25 October 2021 - December 2021 184,000 2,000 48.50 Period Volume (Bbls) Volume (Bbls/d) Wtd. Avg. Collar Price Ranges ($/Bbl) (2) Crude oil collars January 2021 - March 2021 315,000 3,500 $ 40.00 - $ 48.14 April 2021 - June 2021 136,500 1,500 40.00 - 48.57 July 2021 - September 2021 92,000 1,000 42.00 - 50.10 October 2021 - December 2021 92,000 1,000 42.00 - 50.10 Period Volume (Bbls) Volume (Bbls/d) Wtd. Avg. Differential ($/Bbl) (3) Crude oil basis differential swaps January 2021 - March 2021 990,000 11,000 $0.01 April 2021 - June 2021 1,183,000 13,000 0.11 July 2021 - September 2021 736,000 8,000 0.26 October 2021 - December 2021 644,000 7,000 0.26 (1) These crude oil swap transactions are settled based on the NYMEX WTI or ICE Brent oil price on each trading day within the specified monthly settlement period versus the contractual swap price for the volumes stipulated. (2) These crude oil collars are settled based on the NYMEX WTI price on each trading day within the specified monthly settlement period versus the contractual floor and ceiling prices for the volumes stipulated. (3) These oil basis swap transactions are settled based on the difference between the arithmetic average of ARGUS MIDLAND WTI and ARGUS WTI CUSHING indices, during each applicable monthly settlement period. Period Volume (MMBtu) Volume (MMBtu/d) Wtd. Avg. Gas Price ($/MMBtu) (1) Natural gas swaps January 2021 - March 2021 5,400,000 60,000 $2.91 April 2021 - June 2021 3,640,000 40,000 2.89 July 2021 - September 2021 3,680,000 40,000 2.89 October 2021 - December 2021 3,680,000 40,000 2.95 January 2022 - March 2022 1,800,000 20,000 3.00 Period Volume (MMBtu) Volume (MMBtu/d) Wtd. Avg. Collar Price Ranges ($/MMBtu) (2) Natural gas collars January 2021 - March 2021 1,800,000 20,000 $ 2.90 - $ 3.64 Period Volume (MMBtu) Volume (MMBtu/d) Wtd. Avg. Differential ($/MMBtu) (3) Natural gas basis differential swaps January 2021 - March 2021 1,800,000 20,000 $(0.30) April 2021 - June 2021 3,640,000 40,000 (0.30) July 2021 - September 2021 3,680,000 40,000 (0.30) October 2021 - December 2021 3,680,000 40,000 (0.28) January 2022 - March 2022 1,800,000 20,000 (0.26) (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 versus the contractual swap price for the volumes stipulated. (2) These natural gas collars are settled based on the NYMEX Henry Hub price on each trading day within the specified monthly settlement period versus the contractual floor and ceiling prices for the volumes stipulated.
Schedule of Impact of Derivative Instruments	The following table presents the impact of the Company’s derivative instruments on its consolidated statements of operations for the periods presented: Year Ended December 31, (in thousands) 2020 2019 2018 Net gain (loss) on derivative instruments $ (64,535) $ (1,561) $ 15,336
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The tables below summarize the fair value amounts and classification in the consolidated balance sheets of the Company’s derivative contracts outstanding at the respective balance dates, as well as the gross recognized derivative assets, liabilities and offset amounts: Balance Sheet Classification Gross Fair Value Asset/Liability Amounts Gross Amounts Offset (1) Net Recognized Fair Value Assets/Liabilities (in thousands) December 31, 2020 Derivative Assets Commodity contracts Prepaid and other current assets $ 6,131 $ (6,131) $ — Other noncurrent assets 152 (100) 52 Derivative Liabilities Commodity contracts Other current liabilities $ 24,392 $ (6,131) $ 18,261 Other noncurrent liabilities 100 (100) — December 31, 2019 Derivative Liabilities Commodity contracts Other current liabilities $ 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)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	The following table presents, for each applicable level within the fair value hierarchy, the Company’s net derivative assets and liabilities, including both current and noncurrent portions, measured at fair value on a recurring basis: (in thousands) Level 1 Level 2 Level 3 December 31, 2020 Total assets $ — $ 52 $ — Total liabilities — 18,261 — December 31, 2019 Total assets $ — $ — $ — Total liabilities — 325 —
Schedule of Fair Value Measurement of Financial Instruments	The following table summarizes the fair values and carrying values of these instruments as of the periods indicated: December 31, 2020 December 31, 2019 Carrying Value Principal Amount Fair Value Carrying Value Principal Amount Fair value Credit facility due 2023 (1) $ 330,000 $ 330,000 $ 330,000 $ 175,000 $ 175,000 $ 175,000 8.00% Senior Secured Notes due 2025 (2) 103,902 127,073 114,366 — — — 5.375% Senior Notes due 2026 (2) 284,867 289,448 206,955 392,623 400,000 394,480 6.875% Senior Notes due 2027 (2) 349,856 356,351 254,791 489,766 500,000 520,000 (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.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reflects the allocation of net income to common stockholders and EPS computations for the periods indicated based on a weighted average number of common stock outstanding for the period: Year Ended December 31, (in thousands, except per share data) 2020 2019 2018 Net income attributable to Class A Common Stock $ (682,837) $ 15,798 $ 199,899 Add: Income from conversion of Class C Common Stock — 328 — Adjusted net income attributable to Class A Common Stock $ (682,837) $ 16,126 $ 199,899 Basic net earnings per share of Class A Common Stock $ (2.46) $ 0.06 $ 0.76 Diluted net earnings per share of Class A Common Stock $ (2.46) $ 0.06 $ 0.75 Basic weighted average shares of Class A Common Stock outstanding 277,368 267,700 263,341 Add: Dilutive effects of conversion of Class C Common Stock — 8,869 — Add: Dilutive effects of potential common stock — 63 3,514 Diluted weighted average shares of Class A Common Stock outstanding 277,368 276,632 266,855
Summary of Shares Excluded From Diluted Earnings Per Share Calculation	The following table presents shares excluded from the diluted earnings per share calculation as their impacts were anti-dilutive for the periods presented: Year Ended December 31, (in thousands) 2020 (1) 2019 2018 Out-of-the-money stock options 3,571 4,706 818 Restricted stock 6,299 2,895 — Performance stock units 13 — 39 Employee Stock Purchase Plan 76 22 — Weighted average shares of Class C Common Stock 261 — 12,791 Warrants 8,000 8,000 — (1) The Company recognized a net loss during the year ended December 31, 2020, and therefore all potential common shares were anti-dilutive and excluded from the calculation of diluted net earnings per share.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Income tax expenses and benefits included in the consolidated statements of operations are detailed below: Year Ended December 31, (in thousands) 2020 2019 2018 Current taxes Federal $ — $ — $ — State — — — — — — Deferred taxes Federal 80,091 (5,396) (56,365) State 5,033 (401) (3,075) 85,124 (5,797) (59,440) Income tax (expense) benefit $ 85,124 $ (5,797) $ (59,440)
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the statutory federal income tax expense, which is calculated at the federal statutory rate of 21%, to the income tax expense from continuing operations provided for the periods presented, is as follows: Year Ended December 31, (in thousands) 2020 2019 2018 Income tax (expense) benefit at the federal statutory rate $ 161,768 $ (4,664) $ (57,157) State income tax (expense) benefit - net of federal benefit 9,046 (383) (3,075) Noncontrolling interest in partnership (496) 129 2,696 Stock-based compensation (8,047) (780) (1,825) Nondeductible expenses (151) (99) (79) Change in valuation allowance (76,996) — — Income tax (expense) benefit $ 85,124 $ (5,797) $ (59,440)
Schedule of Deferred Tax Assets and Liabilities	The tax effects of temporary differences that give rise to significant positions of the deferred income tax assets and liabilities are presented below: (in thousands) December 31, 2020 December 31, 2019 Deferred tax assets: Net operating loss carryforwards $ 107,897 $ 88,043 Capitalized intangible drilling cost 110,590 100,307 Stock-based compensation 4,871 8,284 Derivative assets 3,985 — Asset retirement obligations 3,722 — Interest expense — 18,722 Other assets 637 295 Total deferred tax assets 231,702 215,651 Deferred tax liabilities: Investment in CRP — (301,155) Oil and gas properties (155,748) — Other liabilities (1,547) — Total deferred tax liabilities (157,295) (301,155) Valuation Allowance (76,996) — Net deferred tax asset (liability) $ (2,589) $ (85,504)

Transactions with Related Par_2

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Schedule of Costs Incurred and Payable 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: Year Ended December 31, (in thousands) 2020 2019 2018 Lucid Energy Delaware, LLC (“Lucid”) Oil and gas sales $ 5,089 $ 3,559 $ 3,946 Gathering, processing and transportation expenses 4,818 2,642 792 (in thousands) December 31, 2020 December 31, 2019 Accounts receivable, net (1) $ 994 $ 91

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	The following table is a schedule of the Company’s future minimum payments required under contractual commitments that have initial or remaining non-cancelable terms in excess of one year as of December 31, 2020 : (in thousands) 2021 2022 2023 2024 2025 Thereafter Total Water disposal agreements $ 1,825 $ 100 $ — $ — $ — $ — $ 1,925 Transportation agreements 9,060 1,770 — — — — 10,830 Total $ 10,885 $ 1,870 $ — $ — $ — $ — $ 12,755

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Summary of Disaggregated Oil and Gas Revenues	Oil and gas revenues presented within the consolidated statements of operations relate to the sale of oil, natural gas and NGLs as shown below: Year Ended December 31, 2020 2019 2018 Operating revenues (in thousands): Oil sales $ 475,694 $ 810,655 $ 709,813 Natural gas sales 46,776 44,556 62,325 NGL sales 57,986 89,119 118,907 Oil and gas sales $ 580,456 $ 944,330 $ 891,045

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 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 discount rate and weighted-average remaining lease term as of the periods presented. December 31, 2020 December 31, 2019 Weighted-average discount rate 5.1 % 4.56 % Weighted-average remaining lease term (years) 1.07 1.29 Year Ended December 31, (in thousands) 2020 2019 Lease costs Operating lease cost $ 8,117 $ 33,881 Variable lease cost 4,773 3,104 Short-term lease cost 41,533 60,798 Total Lease Cost $ 54,423 $ 97,783
Schedule of Maturities of Operating Lease Liabilities	Maturities of the Company’s long-term operating lease liabilities by fiscal year as of December 31, 2020 are as follows: (in thousands) Total (2) 2021 3,260 2022 425 Total lease payments 3,685 Less: imputed interest (108) Present value of lease liabilities (1) $ 3,577 (1) Of the total present value of lease liabilities, $3.2 million was recorded to current Operating lease liabilities and $0.4 million was recorded in noncurrent Operating lease liabilities in the consolidated balance sheets as of December 31, 2020. (2)
Schedule of Cash Flow, Supplemental Disclosures	The following table presents supplemental cash flow information related to the Company’s leases for the periods presented. Year Ended December 31, (in thousands) 2020 2019 Operating lease liability payments: Cash used in operating activities $ 6,285 $ 15,897 Cash used in investing activities $ 1,832 $ 17,984 Right-of-use assets recognized (derecognized) with offsetting operating lease liabilities $ (3,843) $ 34,833

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2020USD ($)geographic_areasegment	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Allowance for doubtful accounts	$ 100,000	$ 100,000
Capitalized interest	$ 2,100,000	$ 4,100,000	$ 2,900,000
Number of industry segments | segment	1
Number of geographic areas | geographic_area	1
Proved Property [Member] | Fair Value, Nonrecurring [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Asset Impairment Charges	$ 591,800,000
Minimum
Organization, Consolidation and Presentation of Financial Statements [Line Items]
PP&E, useful life	3 years
Revenue collection period	30 days
Maximum
Organization, Consolidation and Presentation of Financial Statements [Line Items]
PP&E, useful life	20 years
Revenue collection period	90 days

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Credit Risk and Other Concentrations (Details) - Customer Concentration Risk - Sales Revenue, Net	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
BP America [Member]
Concentration Risk [Line Items]
Concentration risk percent	47.00%	37.00%	18.00%
ExxonMobil Oil Corp [Member]
Concentration Risk [Line Items]
Concentration risk percent	4.00%	26.00%	0.00%
Customer Two [Member]
Concentration Risk [Line Items]
Concentration risk percent	20.00%	11.00%	19.00%
Eagleclaw Midstream Ventures, LLC [Member]
Concentration Risk [Line Items]
Concentration risk percent	8.00%	8.00%	12.00%

Property Acquisitions and Div_2

Property Acquisitions and Divestitures - Narrative (Details)	Mar. 02, 2018USD ($)aWells	Feb. 08, 2018USD ($)a	Dec. 31, 2018USD ($)a	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)a
Business Acquisition [Line Items]
Acquisition of oil and natural gas properties				$ 8,464,000	$ 103,709,000	$ 212,513,000
Allocated to unproved properties				1,209,205,000	1,470,903,000
Allocated to proved properties				4,395,473,000	3,962,175,000
Proceeds from sale of undeveloped acres				1,689,000	$ 34,730,000	148,149,000
Escrow Deposit				$ 10,000,000
Northern Delaware Basin
Business Acquisition [Line Items]
Undeveloped net acres acquired | a		4,000
Acquisition of oil and natural gas properties		$ 94,700,000
Gas and oil area, average working interest percentage		92.00%
Settlement adjustments						300,000
Net purchase price of undeveloped acres						182,300,000
Allocated to unproved properties			$ 142,500,000			142,500,000
Allocated to proved properties			39,800,000			39,800,000
Transaction costs			$ 200,000			$ 200,000
Lea County, New Mexico and Reeves County
Business Acquisition [Line Items]
Undeveloped net acres acquired | a			2,900			2,900
Acquisition of oil and natural gas properties			$ 87,900,000
Reeves County
Business Acquisition [Line Items]
Undeveloped net acres acquired | a	8,600
Number wells sold (in wells) | Wells	12
Proceeds from sale of undeveloped acres	$ 140,700,000
Average working interest percentage	32.00%
Gain (loss) on sale of oil and gas properties	$ 0

Accounts Receivable, Accounts_3

Accounts Receivable, Accounts Payable and Accrued Expenses - Schedule of Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued oil and gas sales receivable, net	$ 41,670	$ 76,578
Joint interest billings, net	12,770	25,136
Other	117	198
Accounts receivable, net	$ 54,557	$ 101,912

Accounts Receivable, Accounts_4

Accounts Receivable, Accounts Payable and Accrued Expenses - Schedule of Payables and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable	$ 5,052	$ 21,484
Accrued capital expenditures	21,471	83,002
Oil and Gas Sales Payable, Current	42,115	82,539
Accrued employee compensation and benefits	11,516	12,979
Accrued interest	15,138	19,405
Hedging Liabilities, Current	3,488	0
Accrued expenses and other	11,659	24,900
Accounts payable and accrued expenses	$ 110,439	$ 244,309

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details)	Mar. 31, 2022	May 22, 2020USD ($)	May 01, 2020USD ($)redetermination	Mar. 15, 2019USD ($)	May 04, 2018	Nov. 30, 2017USD ($)	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2021	Jun. 01, 2022	Oct. 08, 2020USD ($)
Debt Instrument [Line Items]
Long-term debt, net									$ 1,068,624,000	$ 1,057,389,000
Gain (Loss) on Extinguishment of Debt		$ 143,400,000							$ 143,443,000	0	$ 0
Senior Notes
Debt Instrument [Line Items]
Redemption price percentage									100.00%
Debt issuance costs									$ (12,790,000)	(14,061,000)
Debt Instrument, Unamortized Discount									(21,458,000)	(3,550,000)
Long-term debt, net									738,624,000	882,389,000
Debt Conversion, Original Debt, Amount		254,200,000
Senior Notes | Forecast [Member]
Debt Instrument [Line Items]
Percentage of principal amount, eligible to be redeemed													35.00%
Senior Notes | Senior Notes Due 2026
Debt Instrument [Line Items]
Long-term debt						$ 400,000,000			289,448,000	400,000,000
Interest rate, stated percentage						5.375%
Proceeds from borrowings						$ 391,000,000
Debt issuance costs						$ 9,000,000
Percentage of principal amount, eligible to be redeemed						35.00%
Percentage of principal amount, redeemable						65.00%
Percentage of principal amount, changes in control						101.00%
Percentage of principal amount, event of default						25.00%
Debt Conversion, Original Debt, Amount		110,600,000							108,632,000	0	0
Senior Notes | Senior Notes Due 2026 | Redemption Period One
Debt Instrument [Line Items]
Redemption price percentage						105.375%
Senior Notes | Senior Notes Due 2026 | Redemption Period Four
Debt Instrument [Line Items]
Redemption price percentage						100.00%
Senior Notes | Senior Notes Due 2027
Debt Instrument [Line Items]
Long-term debt				$ 500,000,000					356,351,000	500,000,000
Interest rate, stated percentage				6.875%
Debt Instrument, Issued Price, Percentage				99.235%
Proceeds from borrowings				$ 489,000,000
Debt issuance costs				$ 7,200,000
Percentage of principal amount, eligible to be redeemed				35.00%
Redemption price percentage				106.875%
Percentage of principal amount, redeemable				65.00%
Percentage of principal amount, changes in control				101.00%
Percentage of principal amount, event of default				25.00%
Debt Instrument, Unamortized Discount				$ (3,800,000)
Debt Conversion, Original Debt, Amount		143,700,000							140,840,000	0	$ 0
Senior Notes | Senior Secured Note due 2025
Debt Instrument [Line Items]
Long-term debt		$ 127,100,000							127,073,000	0
Interest rate, stated percentage		8.00%
Debt Instrument, Issued Price, Percentage		83.44%
Debt issuance costs		$ 4,200,000
Debt Instrument, Unamortized Discount		$ (21,000,000)
Senior Notes | Senior Secured Note due 2025 | Forecast [Member]
Debt Instrument [Line Items]
Redemption price percentage													108.00%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Long-term Debt, Gross									330,000,000	175,000,000
Borrowing base amount			$ 700,000,000											$ 700,000,000
Line of credit, term					5 years
Available borrowing capacity									333,900,000
Amount available to issue letters of credit									1,500,000,000
Long-term debt									330,000,000	$ 175,000,000
Line of Credit Facility, Fair Value of Amount Outstanding									330,000,000
Minimum Availability Condition									$ 31,800,000
Line Of Credit Facility, Maximum Borrowing Capacity, Number Of Optional Redeterminations | redetermination			2
Debt Instrument, Interest Rate Floor									1.00%
Minimum Availability Condition (aggregate principal percent)			25.00%
Revolving Credit Facility | Line of Credit | Forecast [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant Compliance, Leverage Ratio Declining Rate							0.25
Revolving Credit Facility | Line of Credit | Minimum
Debt Instrument [Line Items]
Commitment fee percentage on unused amounts									0.375%	0.375%
Debt instrument, covenant, minimum current ratio									1
Revolving Credit Facility | Line of Credit | Maximum
Debt Instrument [Line Items]
Commitment fee percentage on unused amounts									0.50%	0.50%
Revolving Credit Facility | Line of Credit | Maximum | Forecast [Member]
Debt Instrument [Line Items]
Debt instrument, covenant, maximum leverage ratio	5						4
Debt Instrument, Covenant Compliance, First Lien Leverage Ratio								2.50				2.75
Revolving Credit Facility | Line of Credit | Adjusted For Statutory Reserve Requirements - LIBOR | Minimum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate									2.00%
Revolving Credit Facility | Line of Credit | Adjusted For Statutory Reserve Requirements - LIBOR | Maximum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate									3.00%
Revolving Credit Facility | Line of Credit | Federal Funds Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate									0.50%	0.50%
Revolving Credit Facility | Line of Credit | One-Month LIBOR
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate									1.00%	1.00%
Revolving Credit Facility | Line of Credit | LIBOR | Minimum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate									1.00%
Revolving Credit Facility | Line of Credit | LIBOR | Maximum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate									2.00%
Letter of Credit [Member] | Line of Credit
Debt Instrument [Line Items]
Letters of credit outstanding									$ 4,300,000

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations, beginning of period	$ 16,874	$ 13,895
Liabilities incurred	589	1,393
Liabilities on acquired properties	147	1,167
Liabilities settled	(578)	(1,361)
Accretion expense	1,128	912
Revision to estimated cash flows	(1,151)	868
Asset retirement obligations, end of period	$ 17,009	$ 16,874

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details)	Apr. 29, 2020shares	Oct. 07, 2016shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)$ / shares	May 01, 2019shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share) | $ / shares					$ 6.68	$ 22.35
Fair value of stock options vested				$ 5,700,000	$ 10,200,000	$ 8,800,000
Intrinsic value of stock options exercised					$ 0	$ 200,000
Share-based Payment Arrangement, Plan Modification, Incremental Cost				$ 2,700,000
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share) | $ / shares				$ 1.12	$ 6.59	$ 18.11
Fair value of vested restricted stock awards				$ 17,400,000	$ 12,000,000	$ 6,600,000
Unrecognized compensation costs			$ 21,000,000	$ 21,000,000
Unrecognized compensation costs, period for recognition				1 year 10 months 24 days
Granted (in shares) | shares				10,245,500
Stock option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, period for recognition				1 year 1 month 6 days
Intrinsic value of stock options exercised				$ 0
Unrecognized compensation costs			900,000	$ 900,000
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share) | $ / shares				$ 0
Unrecognized compensation costs, period for recognition				1 year 2 months 12 days
Unrecognized compensation costs			2,400,000	$ 2,400,000
Share-based compensation requisite service period				3 years
Cash-settled Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs			$ 5,500,000	$ 5,500,000
Unrecognized compensation costs, period for recognition				1 year 9 months 18 days
Granted (in shares) | shares				5,500,000
Share-based compensation requisite service period				3 years
Cash-settled Restricted Stock [Member] | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Rights, Percentage Return			4
Cash-settled Restricted Stock [Member] | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Rights, Percentage Return			0.25
Cash-settled Performance Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs			$ 10,600,000	$ 10,600,000
Unrecognized compensation costs, period for recognition				2 years 6 months
Granted (in shares) | shares				5,500,000
Share-based compensation requisite service period				3 years
2019 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance under LTIP (in shares) | shares							2,000,000
Shares available for future grants (in shares) | shares			1,837,381	1,837,381
2016 Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants (in shares) | shares			6,579,226	6,579,226
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | shares	8,250,000
2016 Long Term Incentive Plan | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance under LTIP (in shares) | shares		16,500,000
2016 Long Term Incentive Plan | Stock option awards | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option expiration period		10 years
Vesting period		3 years
Officer | Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation requisite service period				3 years
Director | Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				1 year

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Total Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	May 01, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity based compensation expense	$ 24,568	$ 28,997	$ 20,670
2019 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Shares available for issuance under LTIP (in shares)				2,000,000
Shares available for future grants (in shares)	1,837,381
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity based compensation expense	$ 15,355	15,929	9,185
Stock option awards
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity based compensation expense	1,980	9,562	9,433
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity based compensation expense	3,312	3,374	2,052
Employee Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity based compensation expense	319	132	0
Cash-settled Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity based compensation expense	1,788	0	0
Cash-settled Performance Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity based compensation expense	1,814	0	0
Liability Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity based compensation expense	3,602	0	0
Equity [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity based compensation expense	$ 20,966	$ 28,997	$ 20,670

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Granted (in dollars per share)		$ 6.68	$ 22.35
Restricted stock awards
Awards
Outstanding, beginning of period (in shares)	4,838,996
Granted (in shares)	10,245,500
Vested (in shares)	(2,093,937)
Forfeited (in shares)	(896,836)
Outstanding, end of period (in shares)	12,093,723	4,838,996
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Granted (in dollars per share)	$ 1.12	$ 6.59	$ 18.11
Vested (in dollars per share)	8.31
Canceled (in dollar per share)	5.85
Outstanding, end of period (in dollars per share)	$ 2.33	$ 8.51
Unrecognized compensation costs	$ 21

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions Used in Granting Stock Options (Details) - Stock option awards - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share)	$ 1.16	$ 4.32	$ 8.58
Expected term (in years)	6 years	6 years	6 years
Expected stock volatility	86.00%	47.00%	42.00%
Dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate	1.00%	2.20%	2.70%

Stock-Based Compensation - Opti

Stock-Based Compensation - Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Wtd. Avg. Exercise Price
Intrinsic value of stock options exercised		$ 0	$ 200,000
Stock option awards
Options
Outstanding, beginning of period (in shares)	4,764,167
Granted (in shares)	124,000
Exercised (in shares)	(366)
Forfeited (in shares)	(130,424)
Expired (in shares)	(2,394,043)
Outstanding, end of period (in shares)	2,363,334	4,764,167
Exercisable (in shares)	2,011,809
Wtd. Avg. Exercise Price
Outstanding, beginning of period (In dollars per share)	$ 15.99
Exercised (in dollars per share)	0.25
Granted (in dollars per share)	2.13
Forfeited (in dollars per share)	13.12
Expired (in dollars per share)	16.34
Outstanding, end of period (In dollars per share)	15.07	$ 15.99
Exercisable (in dollars per share)	$ 15.98
Exercisable, weighted average remaining term (in years)	6 years 2 months 12 days
Outstanding, aggregate intrinsic value	$ 78,000
Exercisable, aggregate intrinsic value	0
Intrinsic value of stock options exercised	$ 0
Outstanding, weighted average remaining term (in years)	6 years 6 months

Stock-Based Compensation - As_2

Stock-Based Compensation - Assumptions Used For Performance Shares (Details)	12 Months Ended
	Dec. 31, 2020$ / shares	Dec. 31, 2019simulation$ / shares	Dec. 31, 2018simulation$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value per unit (in dollars per share)		$ 6.68	$ 22.35
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of simulations | simulation		1,000,000	1,000,000
Expected stock volatility		52.30%	40.20%
Dividend yield		0.00%	0.00%
Risk-free interest rate		1.80%	2.80%
Weighted average grant-date fair value per unit (in dollars per share)	$ 0

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance Stock Units Outstanding Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Granted (in dollars per share)		$ 6.68	$ 22.35
Performance Shares
Awards
Unvested beginning balance (in shares)	872,672
Granted (in shares)	0
Vested (in shares)	0
Forfeited (in shares)	0
Unvested ending balance (in shares)	679,281	872,672
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, beginning of period (in dollars per share)	$ 13.44
Granted (in dollars per share)	0
Vested (in dollars per share)	0
Forfeited	0
Outstanding, end of period (in dollars per share)	$ 11.13	$ 13.44
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Expirations	(193,391)
Share-Based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other Than Options, Cancellations, Weighted Average Grant Date Fair Value	$ 21.53
Share-based compensation requisite service period	3 years

Stock-Based Compensation - As_3

Stock-Based Compensation - Assumptions Used for Liability Awards (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)shares
Cash-settled Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Simulations	10,000,000
Granted (in shares)	5,500,000
Unrecognized compensation costs | $	$ 5.5
Unrecognized compensation costs, period for recognition	1 year 9 months 18 days
Expected stock volatility	123.20%
Dividend yield	0.00%
Risk-free interest rate	0.20%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	5,442,681
Cash-settled Performance Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Simulations	10,000,000
Granted (in shares)	5,500,000
Unrecognized compensation costs | $	$ 10.6
Unrecognized compensation costs, period for recognition	2 years 6 months
Expected stock volatility	126.90%
Dividend yield	0.00%
Risk-free interest rate	0.10%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	5,464,433

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Swap Contracts (Details) - Not Designated as Hedging Instrument	12 Months Ended
	Dec. 31, 2020MMBTUbbl / d$ / bbl$ / MMBTUbbl
Crude Oil Basis Swaps - Period One
Derivative [Line Items]
Volume (Bbls) | bbl	990,000
Volume (Bbls/d) | bbl / d	11,000
Weighted Average Differential ($/Bbl or $/MMBtu)	0.01
Crude Oil Basis Swaps - Period Two
Derivative [Line Items]
Volume (Bbls) | bbl	1,183,000
Volume (Bbls/d) | bbl / d	13,000
Weighted Average Differential ($/Bbl or $/MMBtu)	0.11
Crude Oil Basis Swaps - Period Three
Derivative [Line Items]
Volume (Bbls) | bbl	736,000
Volume (Bbls/d) | bbl / d	8,000
Weighted Average Differential ($/Bbl or $/MMBtu)	0.26
Crude Oil Basis Swaps - Period Four
Derivative [Line Items]
Volume (Bbls) | bbl	644,000
Volume (Bbls/d) | bbl / d	7,000
Weighted Average Differential ($/Bbl or $/MMBtu)	0.26
Crude Oil Swap - Period One [Member] [Domain] | NYMEX WTI [Member]
Derivative [Line Items]
Volume (Bbls) | bbl	990,000
Volume (Bbls/d) | bbl / d	11,000
Derivative, Swap Type, Average Fixed Price	41.48
Crude Oil Swap - Period One [Member] [Domain] | ICE Brent [Member]
Derivative [Line Items]
Volume (Bbls) | bbl	270,000
Volume (Bbls/d) | bbl / d	3,000
Derivative, Swap Type, Average Fixed Price	46.85
Crude Oil Swap - Period Two [Domain] | NYMEX WTI [Member]
Derivative [Line Items]
Volume (Bbls) | bbl	1,183,000
Volume (Bbls/d) | bbl / d	13,000
Derivative, Swap Type, Average Fixed Price	43.18
Crude Oil Swap - Period Two [Domain] | ICE Brent [Member]
Derivative [Line Items]
Volume (Bbls) | bbl	182,000
Volume (Bbls/d) | bbl / d	2,000
Derivative, Swap Type, Average Fixed Price	48.01
Crude Oil Swap - Period Four [Member] | NYMEX WTI [Member]
Derivative [Line Items]
Volume (Bbls) | bbl	644,000
Volume (Bbls/d) | bbl / d	7,000
Derivative, Swap Type, Average Fixed Price	45.59
Crude Oil Swap - Period Four [Member] | ICE Brent [Member]
Derivative [Line Items]
Volume (Bbls) | bbl	184,000
Volume (Bbls/d) | bbl / d	2,000
Derivative, Swap Type, Average Fixed Price	48.50
Crude Oil Swap - Period Three [Member] | NYMEX WTI [Member]
Derivative [Line Items]
Volume (Bbls) | bbl	736,000
Volume (Bbls/d) | bbl / d	8,000
Derivative, Swap Type, Average Fixed Price	45.87
Crude Oil Swap - Period Three [Member] | ICE Brent [Member]
Derivative [Line Items]
Volume (Bbls) | bbl	184,000
Volume (Bbls/d) | bbl / d	2,000
Derivative, Swap Type, Average Fixed Price	48.25
Crude Oil Collars - Period One [Member]
Derivative [Line Items]
Volume (Bbls) | bbl	315,000
Volume (Bbls/d) | bbl / d	3,500
Derivative, Average Floor Price	40
Derivative, Average Cap Price	48.14
Crude Oil Collars - Period Two
Derivative [Line Items]
Volume (Bbls) | bbl	136,500
Volume (Bbls/d) | bbl / d	1,500
Derivative, Average Floor Price	40
Derivative, Average Cap Price	48.57
Crude Oil Collars - Period Three
Derivative [Line Items]
Volume (Bbls) | bbl	92,000
Volume (Bbls/d) | bbl / d	1,000
Derivative, Average Floor Price	42
Derivative, Average Cap Price	50.10
Crude Oil Collars - Period Four
Derivative [Line Items]
Volume (Bbls) | bbl	92,000
Volume (Bbls/d) | bbl / d	1,000
Derivative, Average Floor Price	42
Derivative, Average Cap Price	50.10
Natural Gas Swaps - Henry Hub - Period One [Member]
Derivative [Line Items]
Derivative, Swap Type, Average Fixed Price | $ / MMBTU	2.91
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	5,400,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	60,000
Natural Gas Swaps - Henry Hub - Period Two [Member]
Derivative [Line Items]
Derivative, Swap Type, Average Fixed Price | $ / MMBTU	2.89
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	3,640,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	40,000
Natural Gas Swaps - Henry Hub - Period Three [Member]
Derivative [Line Items]
Derivative, Swap Type, Average Fixed Price | $ / MMBTU	2.89
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	3,680,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	40,000
Natural Gas Swaps - Henry Hub - Period Four [Member]
Derivative [Line Items]
Derivative, Swap Type, Average Fixed Price | $ / MMBTU	2.95
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	3,680,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	40,000
Natural Gas Swaps - Henry Hub - Period Five [Member]
Derivative [Line Items]
Derivative, Swap Type, Average Fixed Price | $ / MMBTU	3
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	1,800,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	20,000
Natural Gas Basis Swap - Period One [Member]
Derivative [Line Items]
Weighted Average Differential ($/Bbl or $/MMBtu)	0.30
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	1,800,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	20,000
Natural Gas Basis Swap - Period Two
Derivative [Line Items]
Weighted Average Differential ($/Bbl or $/MMBtu)	0.30
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	3,640,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	40,000
Natural Gas Basis Swap - Period Three
Derivative [Line Items]
Weighted Average Differential ($/Bbl or $/MMBtu)	0.30
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	3,680,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	40,000
Natural Gas Basis Swap - Period Four
Derivative [Line Items]
Weighted Average Differential ($/Bbl or $/MMBtu)	0.28
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	3,680,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	40,000
Natural Gas Basis Swap - Period Five
Derivative [Line Items]
Weighted Average Differential ($/Bbl or $/MMBtu)	0.26
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	1,800,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	20,000
Natural Gas Collars - Period One [Member]
Derivative [Line Items]
Derivative, Average Floor Price	2.90
Derivative, Average Cap Price	3.64
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	1,800,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	20,000

Derivative Instruments - Gain (

Derivative Instruments - Gain (Loss) On Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) on derivative instruments	$ (64,535)	$ (1,561)	$ 15,336

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Derivative Instruments Balance Sheet Classification (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Prepaid and other current assets
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract]
Gross Fair Value Asset/Liability Amounts	$ 6,131
Gross Amounts Offset	(6,131)
Net Recognized Fair Value Assets/Liabilities	0
Other current liabilities
Derivative Liability, Fair Value, Amount Not Offset Against Collateral [Abstract]
Gross Fair Value Asset/Liability Amounts	24,392	$ 325
Gross Amounts Offset	(6,131)	0
Net Recognized Fair Value Assets/Liabilities	18,261	$ 325
Noncurrent Assets [Member]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract]
Gross Fair Value Asset/Liability Amounts	152
Gross Amounts Offset	(100)
Net Recognized Fair Value Assets/Liabilities	52
Non Current Liabilities [Member]
Derivative Liability, Fair Value, Amount Not Offset Against Collateral [Abstract]
Gross Fair Value Asset/Liability Amounts	100
Gross Amounts Offset	(100)
Net Recognized Fair Value Assets/Liabilities	$ 0

Fair Value Measurements Schedul

Fair Value Measurements Schedule of Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands	May 22, 2020	Dec. 31, 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%
Senior Notes | Senior Notes Due 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes		$ 206,955	$ 394,480
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability		0	0
Derivative Asset		0	0
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability		18,261	325
Derivative Asset		52	0
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability		0	0
Derivative Asset		$ 0	$ 0

Fair Value Measurements Sched_2

Fair Value Measurements Schedule of Fair Value of Liabilities (Details) - USD ($)	May 22, 2020	Mar. 15, 2019	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Nov. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net			$ 1,068,624,000	$ 1,068,624,000	$ 1,057,389,000
Proved Property [Member] | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of Undiscounted cash flows exceeding carrying values				30.00%
Proved Property [Member] | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of Undiscounted cash flows exceeding carrying values			100.00%
Proved Property [Member] | Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, Plant, and Equipment, Fair Value Disclosure			$ 179,600,000	$ 179,600,000	771,400,000
Asset Impairment Charges				591,800,000
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net			738,624,000	738,624,000	882,389,000
Senior Notes Due 2026 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes			206,955,000	206,955,000	394,480,000
Long-term debt			289,448,000	289,448,000	400,000,000	$ 400,000,000
Senior Notes Due 2027 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes			254,791,000	254,791,000	520,000,000
Long-term debt		$ 500,000,000	356,351,000	356,351,000	500,000,000
Debt Instrument, Issued Price, Percentage		99.235%
Senior Secured Note due 2025 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes			114,366,000	114,366,000	0
Long-term debt	$ 127,100,000		127,073,000	127,073,000	0
Debt Instrument, Issued Price, Percentage	83.44%
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			284,867,000	284,867,000	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			349,856,000	349,856,000	489,766,000
Carrying Value | Senior Secured Note due 2025 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net			103,902,000	103,902,000	0
Revolving Credit Facility | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes			330,000,000	330,000,000	175,000,000
Long-term Debt, Gross			330,000,000	330,000,000	175,000,000
Long-term debt			330,000,000	330,000,000	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			$ 330,000,000	$ 330,000,000	$ 175,000,000

Shareholders' Equity and Noncon

Shareholders' Equity and Noncontrolling Interest - Common and Preferred Stock (Details)	Apr. 02, 2020USD ($)shares	Mar. 07, 2018USD ($)shares	Oct. 11, 2016shares	Jul. 31, 2020shares	Dec. 31, 2020USD ($)vote$ / sharesshares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)				1
Common Class A
Class of Stock [Line Items]
Common stock, number of votes per share (in votes) | vote					1
Common stock, threshold for election of directors					50.00%
Common Class A | Conversion of common shares from Class C to Class A
Class of Stock [Line Items]
Conversion of common shares (in shares)	1,034,119	3,347,647				10,969,064
Conversion of Convertible Securities, Income Tax Expense (Benefit) | $	$ 2,200,000				$ 2,200,000	$ 17,500,000	$ 7,200,000
Common Class A | Public Offering
Class of Stock [Line Items]
Stock issued during period (in shares)		25,000,000
Proceeds from issuance of stock | $		$ 0				$ 0
Class C | Centennial Contributors
Class of Stock [Line Items]
Stock issued during period (in shares)			20,000,000
Percentage of Outstanding Membership Interests [Line Items]			89.00%
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)					0	1
Series A Preferred Stock | Centennial Resource Development
Class of Stock [Line Items]
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares					$ 0.0001
Preferred stock, redemption terms, threshold for CRP common units and/or shares of Class A common shares				5,000,000

Shareholders' Equity and Nonc_2

Shareholders' Equity and Noncontrolling Interest - Warrants (Details) - $ / shares	Mar. 01, 2017	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Warrants, expiration period	5 years
Public Warrants
Class of Warrant or Right [Line Items]
Warrant, cashless exercise, average common stock price per share (in dollars per share)	$ 11.50
Warrants To Purchase Class A Common Stock, Private Placement
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)		8,000,000
Warrants To Purchase Class A Common Stock, Silver Run
Class of Warrant or Right [Line Items]
Warrants, number of class A shares per warrant (in shares)		1

Shareholders' Equity and Nonc_3

Shareholders' Equity and Noncontrolling Interest - Noncontrolling Interest (Details) - USD ($) $ in Millions	Apr. 02, 2020	Mar. 07, 2018	Oct. 11, 2016	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Oct. 10, 2016
Noncontrolling Interest [Line Items]
Acquired noncontrolling interest percentage							10.90%
Centennial Resource Production, LLC
Noncontrolling Interest [Line Items]
Ownership interest of non-controlling interest				0.00%	0.37%	4.34%
Common Class A | Conversion of common shares from Class C to Class A
Noncontrolling Interest [Line Items]
Conversion of common shares (in shares)	1,034,119	3,347,647			10,969,064
Conversion of Convertible Securities, Income Tax Expense (Benefit)	$ 2.2			$ 2.2	$ 17.5	$ 7.2
Class C | Centennial Contributors
Noncontrolling Interest [Line Items]
Stock issued during period (in shares)			20,000,000

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Class A Common Stock	$ (682,837)	$ 15,798	$ 199,899
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities	0	328	0
Adjusted net income attributable to Class A Common Stock	$ (682,837)	$ 16,126	$ 199,899
Basic net earnings (loss) per share of Class A Common Stock (in dollars per share)	$ (2.46)	$ 0.06	$ 0.76
Diluted net earnings (loss) per share of Class A Common Stock (in dollars per share)	$ (2.46)	$ 0.06	$ 0.75
Basic weighted average share outstanding of Class A Common Stock (in shares)	277,368	267,700	263,341
Add: Dilutive effects of conversion of Class C Common Stock (in shares)	0	8,869	0
Add: Dilutive effects of equity awards (in shares)	0	63	3,514
Diluted weighted average shares outstanding of Class A Common Stock (in shares)	277,368	276,632	266,855

Earnings Per Share - Summary of

Earnings Per Share - Summary of Shares Excluded From Diluted Earnings Per Share Calculation (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Out-of-the-money stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	3,571	4,706	818
Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	6,299	2,895	0
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	261	0	12,791
Performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	13	0	39
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)	76	22	0
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	8,000	8,000	0

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Expense and Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current taxes
Federal	$ 0	$ 0	$ 0
State	0	0	0
Current taxes	0	0	0
Deferred taxes
Federal	80,091	(5,396)	(56,365)
State	5,033	(401)	(3,075)
Deferred taxes	85,124	(5,797)	(59,440)
Income tax (expense) benefit	$ 85,124	$ (5,797)	$ (59,440)

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax [Line Items]
Income tax (expense) benefit at the federal statutory rate	$ 161,768	$ (4,664)	$ (57,157)
State income tax (expense) benefit - net of federal benefit	9,046	(383)	(3,075)
Noncontrolling interest in partnership	(496)	129	2,696
Stock-based compensation	(8,047)	(780)	(1,825)
Nondeductible expenses	(151)	(99)	(79)
Change in valuation allowance	(76,996)	0	0
Income tax (expense) benefit	$ 85,124	$ (5,797)	$ (59,440)

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Net operating loss carryforwards	$ 107,897	$ 88,043
Capitalized intangible drilling cost	110,590	100,307
Interest expense	0	18,722
Stock-based compensation	4,871	8,284
Deferred Tax Assets, Derivative Instruments	3,985	0
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Asset Retirement Obligations	3,722	0
Other assets	637	295
Total deferred tax assets	231,702	215,651
Deferred tax liabilities:
Investment in CRP	0	(301,155)
Deferred Tax Liabilities, Oil and Gas Properties	(155,748)	0
Deferred Tax Liabilities, Other	(1,547)	0
Deferred Tax Liabilities, Gross	(157,295)	(301,155)
Tax Credit Carryforward, Valuation Allowance	(76,996)	0
Net deferred tax asset (liability)	(2,589)	$ (85,504)
Deferred Tax Assets, Valuation Allowance	77,000
US Federal Net Operating Loss Carryover, Subject to Expiration [Line Items]	417,400
State Net Operating Loss Carryover, Subject to Expiration	$ 78,200

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Apr. 02, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax [Line Items]
US Federal Net Operating Loss Carryover, Subject to Expiration [Line Items]		$ 417,400
Domestic Tax Authority
Income Tax [Line Items]
Operating loss carryforwards		496,300
State
Income Tax [Line Items]
Operating loss carryforwards		93,200
Conversion of common shares from Class C to Class A | Common Class A
Income Tax [Line Items]
Conversion of Convertible Securities, Income Tax Expense (Benefit)	$ 2,200	$ 2,200	$ 17,500	$ 7,200

Transactions with Related Par_3

Transactions with Related Parties - Schedule of Costs Incurred and Payables with Related Parties (Details) - Lucid Energy Delaware, LLC - Affiliated Entity - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	$ 994	$ 91
Oil and gas sales	4,818	2,642	$ 792
Revenues from oil and gas sales	$ 5,089	$ 3,559	$ 3,946

Transactions with Related Par_4

Transactions with Related Parties - Senior Secured Notes (Details) - USD ($) $ in Thousands	May 22, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Gain (Loss) on Extinguishment of Debt	$ 143,400	$ 143,443	$ 0	$ 0
Senior Notes
Related Party Transaction [Line Items]
Debt Conversion, Original Debt, Amount	254,200
Senior Notes | Affiliated Entity | Debt Exchange Transaction [Member]
Related Party Transaction [Line Items]
Interest Expense, Long-term Debt		4,500
Senior Notes Due 2026 | Senior Notes
Related Party Transaction [Line Items]
Debt Conversion, Original Debt, Amount	110,600	108,632	0	0
Senior Notes Due 2026 | Senior Notes | Affiliated Entity | Debt Exchange Transaction [Member]
Related Party Transaction [Line Items]
Debt Conversion, Original Debt, Amount	100,700
Senior Notes Due 2027 | Senior Notes
Related Party Transaction [Line Items]
Debt Conversion, Original Debt, Amount	143,700	140,840	$ 0	$ 0
Senior Notes Due 2027 | Senior Notes | Affiliated Entity | Debt Exchange Transaction [Member]
Related Party Transaction [Line Items]
Debt Conversion, Original Debt, Amount	111,900
Senior Secured Note due 2025 | Senior Notes | Affiliated Entity | Debt Exchange Transaction [Member]
Related Party Transaction [Line Items]
Debt Conversion, Original Debt, Amount	$ 106,300
Gain (Loss) on Extinguishment of Debt		$ 120,000

Commitments and Contingencies -

Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2020USD ($)
Operating Leases and Other Contractual Commitments, Future Minimum Payments Due [Line Items]
2020	$ 10,885
2021	1,870
2022	0
2023	0
2024	0
Thereafter	0
Total	12,755
Water disposal agreements
Operating Leases and Other Contractual Commitments, Future Minimum Payments Due [Line Items]
2020	1,825
2021	100
2022	0
2023	0
2024	0
Thereafter	0
Total	1,925
Transportation agreements
Operating Leases and Other Contractual Commitments, Future Minimum Payments Due [Line Items]
2020	9,060
2021	1,770
2022	0
2023	0
2024	0
Thereafter	0
Total	$ 10,830

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) bbl / d in Thousands, $ in Thousands	Aug. 31, 2018bbl / d	Aug. 31, 2018	Dec. 31, 2020USD ($)MMBTU	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Other Commitments [Line Items]
Water disposal costs			$ 2,400	$ 2,600	$ 2,200
Oil And Gas Producing Activities, Transportation Costs			$ 71,309	72,834	57,624
Delivery commitment term			2 years
Minimum
Other Commitments [Line Items]
Delivery commitment, firm gross sales per day (in MMBTu) | MMBTU			41,000
Maximum
Other Commitments [Line Items]
Delivery commitment, firm gross sales per day (in MMBTu) | MMBTU			91,000
Transportation and Gathering Agreement
Other Commitments [Line Items]
Oil And Gas Producing Activities, Transportation Costs			$ 19,500	$ 12,800	$ 3,700
Permian Basin Agreement
Other Commitments [Line Items]
Delivery commitment term		4 years 6 months
Permian Basin Agreement | Minimum
Other Commitments [Line Items]
Delivery commitment, firm gross sales per day (in barrels) | bbl / d	30

Revenues - Schedule of Disaggre

Revenues - Schedule of Disaggregated Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 580,456	$ 944,330	$ 891,045
Oil sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	475,694	810,655	709,813
Natural gas sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	46,776	44,556	62,325
NGL sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 57,986	$ 89,119	$ 118,907

Revenues - Performance Obligati

Revenues - Performance Obligation Payment Terms (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Accrued oil and gas sales receivable, net	$ 41,670	$ 76,578
Natural Gas and NGL sales | Minimum
Disaggregation of Revenue [Line Items]
Performance obligations billing cycle	30 days
Natural Gas and NGL sales | Maximum
Disaggregation of Revenue [Line Items]
Performance obligations billing cycle	90 days
Oil sales
Disaggregation of Revenue [Line Items]
Performance obligations billing cycle	30 days

Leases - Additional Information

Leases - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Renewal term (up to)	5 years
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	2 months
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year

Leases - Schedule of Lease Expe

Leases - Schedule of Lease Expenses and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Weighted-average discount rate	5.10%	4.56%
Weighted-average remaining lease term (years)	1 year 25 days	1 year 3 months 14 days
Lease costs
Operating lease cost	$ 8,117	$ 33,881
Variable lease cost	4,773	3,104
Short-term lease cost	41,533	60,798
Total Lease Cost	$ 54,423	$ 97,783

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating Lease Liabilities, Payments Due After Adoption of 842 [Abstract]
2021	$ 3,260
2022	425
Total	3,685
Less: Imputed Interest	(108)
Present value of lease liabilities	3,577
Operating lease liability, current	3,155	$ 9,232
Operating lease liability, noncurrent	422	3,354
Operating Leases, Future Contractual Payments Before Adoption of 842
2021	3,260
2022	425
Operating Lease, Liability, Current	3,155	9,232
Operating Lease, Liability, Noncurrent	$ 422	$ 3,354

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Operating Lease, Payments	$ 6,285	$ 15,897
Operating Lease, Payments, Use	1,832	17,984
Right-of-Use Asset Obtained In (Derecognized From) Exchange For Operating Lease Liability	$ (3,843)	$ 34,833

Uncategorized Items - cdev-2020

Label	Element	Value
Restricted Cash	us-gaap_RestrictedCash	$ 2,539,000
Restricted Cash	us-gaap_RestrictedCash	5,320,000
Restricted Cash	us-gaap_RestrictedCash	$ 3,265,000