Permian Resources (PR) 10-Q 4 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-37697
Entity Registrant Name	CENTENNIAL RESOURCE DEVELOPMENT, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-5381253
Entity Address, Address Line One	1001 Seventeenth Street
Entity Address, Address Line Two	Suite 1800
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	720
Local Phone Number	499-1400
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	CDEV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Smaller Reporting Company	true
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		279,391,327
Entity Central Index Key	0001658566
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 4,702	$ 5,800
Accounts receivable, net	89,586	54,557
Prepaid and other current assets	6,054	5,229
Total current assets	100,342	65,586
Oil and natural gas properties, successful efforts method
Unproved properties	1,163,123	1,209,205
Proved properties	4,579,453	4,395,473
Accumulated depreciation, depletion and amortization	(2,013,024)	(1,877,832)
Total oil and natural gas properties, net	3,729,552	3,726,846
Other property and equipment, net	11,836	12,650
Total property and equipment, net	3,741,388	3,739,496
Noncurrent assets
Operating lease right-of-use assets	15,217	3,176
Other noncurrent assets	17,402	19,167
TOTAL ASSETS	3,874,349	3,827,425
Current liabilities
Accounts payable and accrued expenses	157,818	110,439
Operating lease liabilities	240	3,155
Other current liabilities	62,821	18,274
Total current liabilities	220,879	131,868
Noncurrent liabilities
Long-term debt, net	1,054,317	1,068,624
Asset retirement obligations	17,516	17,009
Deferred income taxes	2,589	2,589
Operating lease liabilities	15,206	422
Other Liabilities, Noncurrent	25,498	2,952
Total liabilities	1,336,005	1,223,464
Commitments and contingencies (Note 11)
Shareholders’ equity
Additional paid-in capital	2,998,516	3,004,433
Retained earnings (accumulated deficit)	(460,201)	(400,501)
Total shareholders’ equity	2,538,344	2,603,961
Noncontrolling interest	0	0
Total equity	2,538,344	2,603,961
TOTAL LIABILITIES AND EQUITY	3,874,349	3,827,425
Class A
Shareholders’ equity
Common stock	$ 29	$ 29

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	620,000,000	620,000,000
Class A
Common stock, shares issued (in shares)	290,800,955	290,645,623
Common stock, shares outstanding (in shares)	279,219,513	278,551,901

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating revenues
Oil and gas sales	$ 232,577	$ 90,509	$ 424,968	$ 283,278
Operating expenses
Lease operating expenses	22,976	25,839	48,837	58,478
Severance and ad valorem taxes	15,784	5,696	28,367	22,269
Gathering, processing and transportation expenses	19,494	17,284	40,119	34,223
Depreciation, depletion and amortization	73,429	93,020	137,212	194,278
Impairment and abandonment expense	9,199	19,425	18,399	630,725
Exploration and other expenses	1,764	4,051	2,859	8,060
General and administrative expenses	28,807	17,994	54,063	36,864
Total operating expenses	171,453	183,309	329,856	984,897
Net gain (loss) on sale of long-lived assets	(8)	(2)	36	243
Proceeds from terminated sale of assets	5,983	0	5,983	0
Income (loss) from operations	67,099	(92,802)	101,131	(701,376)
Other income (expense)
Interest expense	(15,182)	(17,371)	(32,667)	(33,792)
Gain (loss) on extinguishment of debt	(22,156)	143,443	(22,156)	143,443
Net gain (loss) on derivative instruments	(54,959)	(29,857)	(106,158)	(38,362)
Other income (expense)	143	1	150	(52)
Total other income (expense)	(92,154)	96,216	(160,831)	71,237
Income (loss) before income taxes	(25,055)	3,414	(59,700)	(630,139)
Income tax (expense) benefit	0	1,916	0	85,124
Net income (loss)	(25,055)	5,330	(59,700)	(545,015)
Less: Net (income) loss attributable to noncontrolling interest	0	0	0	2,362
Net income (loss) attributable to Class A Common Stock	$ (25,055)	$ 5,330	$ (59,700)	$ (542,653)
Income (loss) per share of Class A Common Stock:
Basic (USD per share)	$ (0.09)	$ 0.02	$ (0.21)	$ (1.96)
Diluted (USD per share)	$ (0.09)	$ 0.02	$ (0.21)	$ (1.96)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income (loss)		$ (59,700)	$ (545,015)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization		137,212	194,278
Stock-based compensation expense - equity awards		9,066	11,136
Stock-based compensation expense - liability awards		25,074	0
Impairment and abandonment expense		18,399	630,725
Deferred tax expense (benefit)		0	(85,124)
Net (gain) loss on sale of long-lived assets		(36)	(243)
Non-cash portion of derivative (gain) loss		45,759	31,415
Amortization of debt issuance costs and debt discount		2,886	2,334
(Gain) loss on extinguishment of debt		22,156	(143,443)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable		(33,483)	36,065
(Increase) decrease in prepaid and other assets		(9)	41
Increase (decrease) in accounts payable and other liabilities		12,301	(47,666)
Net cash provided by operating activities		179,625	84,503
Cash flows from investing activities:
Acquisition of oil and natural gas properties		(638)	(6,113)
Drilling and development capital expenditures		(126,665)	(271,389)
Purchases of other property and equipment		(471)	(811)
Proceeds from sales of oil and natural gas properties		698	1,263
Net cash used in investing activities		(127,076)	(277,050)
Cash flows from financing activities:
Proceeds from borrowings under revolving credit facility		320,000	385,000
Repayment of borrowings under revolving credit facility		(395,000)	(190,000)
Proceeds from issuance of convertible senior notes		170,000	0
Debt issuance costs		(6,421)	(5,141)
Premiums paid on capped call transactions		(14,688)	0
Repayments of Senior Debt		(127,073)	0
Proceeds from Stock Options Exercised		15	0
Restricted stock used for tax withholdings		(477)	(301)
Net cash (used in) provided by financing activities		(53,644)	189,558
Net increase (decrease) in cash, cash equivalents and restricted cash		(1,095)	(2,989)
Cash, cash equivalents and restricted cash, beginning of period		8,339	15,543
Cash, cash equivalents and restricted cash, end of period		7,244	12,554
Supplemental cash flow information
Cash paid for interest		30,124	36,618
Supplemental non-cash activity
Accrued capital expenditures included in accounts payable and accrued expenses		53,096	22,474
Asset retirement obligations incurred, including revisions to estimates		66	542
Senior Secured Notes issued in the debt exchange, net of debt discount		0	106,030
Restricted Cash and Cash Equivalents [Abstract]
Cash and cash equivalents		4,702	7,214
Restricted cash(1)	[1]	2,542	5,340
Total cash, cash equivalents and restricted cash		7,244	12,554
Senior Notes Due 2026 | Senior Notes
Supplemental non-cash activity
Notes Reduction		0	108,632
Senior Notes Due 2027 | Senior Notes
Supplemental non-cash activity
Notes Reduction		$ 0	$ 140,840
[1]	Included in Prepaid and other current assets and Other noncurrent assets line items in the consolidated balance sheets.

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Conversion of Class C Common Stock to Class A Common Stock	Class A	Common StockClass A	Common StockClass AConversion of Class C Common Stock to Class A Common Stock	Common StockClass CConversion of Class C Common Stock to Class A Common Stock	Common StockClass C	Additional Paid-In Capital	Additional Paid-In CapitalConversion of Class C Common Stock to Class A Common Stock	Retained Earnings (Accumulated Deficit)	Total Shareholders’ Equity	Total Shareholders’ EquityConversion of Class C Common Stock to Class A Common Stock	Non-controlling Interest	Non-controlling InterestConversion of Class C Common Stock to Class A Common Stock
Common shares outstanding at beginning of period (in shares) at Dec. 31, 2019				280,650,000			1,034,000
Balance at beginning 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]
Restricted stock issued (in shares)				1,305,000
Restricted stock forfeited (in shares)				(406,000)
Restricted stock used for tax withholding (in shares)				(78,000)
Restricted stock used for tax withholding	(208)							(208)			(208)
Issuance of Class A common stock under Employee Stock Purchase Plan (in shares)				59,000
Issuance of Class A common stock under Employee Stock Purchase Plan	230							230			230
Stock-based compensation - equity awards	6,409							6,409			6,409
Net income (loss)	(550,345)									(547,983)	(547,983)		(2,362)
Common shares outstanding at end of period (in shares) at Mar. 31, 2020				281,530,000			1,034,000
Balance at end of period at Mar. 31, 2020	2,726,787			$ 28			$ 0	2,982,187		(265,647)	2,716,568		10,219
Common shares outstanding at beginning of period (in shares) at Dec. 31, 2019				280,650,000			1,034,000
Balance at beginning 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]
Net income (loss)	(545,015)
Common shares outstanding at end of period (in shares) at Jun. 30, 2020				282,209,000			0
Balance at end of period at Jun. 30, 2020	2,734,543			$ 28			$ 0	2,994,832		(260,317)	2,734,543		0
Common shares outstanding at beginning of period (in shares) at Mar. 31, 2020				281,530,000			1,034,000
Balance at beginning of period at Mar. 31, 2020	2,726,787			$ 28			$ 0	2,982,187		(265,647)	2,716,568		10,219
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock issued (in shares)				80,000
Restricted stock forfeited (in shares)				(352,000)
Restricted stock used for tax withholding (in shares)				(83,000)
Restricted stock used for tax withholding	(93)			$ 0				(93)			(93)
Stock-based compensation - equity awards	4,727							4,727			4,727
Stock Issued During Period, Value, Conversion of Convertible Securities		$ (2,208)		$ 0					$ (8,011)			$ (8,011)		$ (10,219)
Conversion of common shares from Class C to Class A, net of tax (in shares)					(1,034,000)	(1,034,000)
Net income (loss)	5,330									5,330	5,330		0
Common shares outstanding at end of period (in shares) at Jun. 30, 2020				282,209,000			0
Balance at end of period at Jun. 30, 2020	2,734,543			$ 28			$ 0	2,994,832		(260,317)	2,734,543		0
Common shares outstanding at beginning of period (in shares) at Dec. 31, 2020			278,551,901	290,646,000
Balance at beginning of period at Dec. 31, 2020	2,603,961			$ 29				3,004,433		(400,501)	2,603,961		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock forfeited (in shares)				(1,000)
Restricted stock used for tax withholding (in shares)				(128,000)
Restricted stock used for tax withholding	(477)							(477)			(477)
Issuance of Class A common stock under Employee Stock Purchase Plan (in shares)				276,000
Issuance of Class A common stock under Employee Stock Purchase Plan	167							167			167
Stock-based compensation - equity awards	4,585							4,585			4,585
Capped call premiums	(14,688)							(14,688)			(14,688)
Net income (loss)	(34,645)									(34,645)	(34,645)
Common shares outstanding at end of period (in shares) at Mar. 31, 2021				290,793,000
Balance at end of period at Mar. 31, 2021	2,558,903			$ 29				2,994,020		(435,146)	2,558,903		0
Common shares outstanding at beginning of period (in shares) at Dec. 31, 2020			278,551,901	290,646,000
Balance at beginning of period at Dec. 31, 2020	$ 2,603,961			$ 29				3,004,433		(400,501)	2,603,961		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Option exercises (in shares)	14,999
Net income (loss)	$ (59,700)
Common shares outstanding at end of period (in shares) at Jun. 30, 2021			279,219,513	290,801,000
Balance at end of period at Jun. 30, 2021	2,538,344			$ 29				2,998,516		(460,201)	2,538,344		0
Common shares outstanding at beginning of period (in shares) at Mar. 31, 2021				290,793,000
Balance at beginning of period at Mar. 31, 2021	2,558,903			$ 29				2,994,020		(435,146)	2,558,903		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock forfeited (in shares)				(7,000)
Stock Issued During Period, Value, Stock Options Exercised	15			$ 0				15			15
Option exercises (in shares)				15,000
Stock-based compensation - equity awards	4,481							4,481			4,481
Net income (loss)	(25,055)									(25,055)	(25,055)		0
Common shares outstanding at end of period (in shares) at Jun. 30, 2021			279,219,513	290,801,000
Balance at end of period at Jun. 30, 2021	$ 2,538,344			$ 29				$ 2,998,516		$ (460,201)	$ 2,538,344		$ 0

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
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 accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, certain disclosures normally included in an Annual Report on Form 10-K have been omitted. The consolidated financial statements and related notes included in this Quarterly Report should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2020 (the “2020 Annual Report”). Except as disclosed herein, there have been no material changes to the information disclosed in the notes to the consolidated financial statements included in the Company’s 2020 Annual Report. In the opinion of management, all normal, recurring adjustments and accruals considered necessary to present fairly, in all material respects, the Company’s interim financial results have been included. Operating results for the periods presented are not necessarily indicative of expected results for the full year. The consolidated financial statements include the accounts of the Company and its subsidiary CRP, and CRP’s wholly-owned subsidiaries. Noncontrolling interest represents third-party ownership in CRP and is presented as a component of equity. As of March 31, 2020 the noncontrolling interest ownership of CRP was 0.4% but was subsequently reduced to zero as all remaining CRP Common Units (and corresponding shares of the Company’s Class C common stock) were converted into shares of the Company’s Class A common stock (the “Common Stock”) and CRP has since been a wholly-owned subsidiary of Centennial. 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 for long-lived assets; (iii) impairment expense of unproved properties; (iv) depreciation, depletion and amortization; (v) asset retirement obligations; (vi) determining fair value and allocating purchase price in connection with business combinations and asset acquisitions; (vii) accrued revenues and related receivables; (viii) accrued liabilities; (ix) derivative valuations; and (x) deferred income taxes. Income Taxes Income tax expense recognized during interim periods is based on applying an estimated annual effective income tax rate to the Company’s year-to-date income, plus any significant unusual or infrequently occurring items which are recorded in the interim period. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in various state jurisdictions, permanent and temporary differences and the likelihood of recovering deferred tax assets generated. The accounting estimates used to compute the provision for income taxes may change as new events occur, additional information becomes known or as the tax environment changes. The Company has determined that it is more-likely-than-not that a portion of its deferred tax assets will not be realized. Accordingly, a valuation allowance against its deferred tax assets was recognized, which caused the Company’s provision for income taxes for each of the three and six months periods ended June 30, 2021 and 2020 to differ from the amounts that would be provided by applying the statutory U.S. federal income tax rate of 21% to pre-tax book loss. Recently Issued or Adopted Accounting Standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt—Debt with Conversion and Other Options and Derivatives and Hedging— Contracts in Entity’s Own Equity (“ASU 2020-06”) , which updates the accounting requirements for convertible debt instruments and contracts in an entity’s own equity under FASB’s Accounting Standard Codification (“ASC”) Topic 470, Debt , ASC Topic 815, Derivatives and Hedging, and applicable earnings-per-share guidance. The amendments in ASU 2020-06 are intended to simplify the accounting for convertible instruments by removing certain separation models in the existing debt guidance allowing convertible debt to be recorded as a single liability measured at its amortized cost. Additionally, the amendments remove certain conditions and clarify the scope of and certain requirements pertaining to derivative scope exception evaluations over such contracts and instruments. ASU 2020-06 requires retrospective application and is effective for public entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years, with early adoption permitted after December 15, 2020. The Company has adopted this guidance as of January 1, 2021, and there was no impact on previously reported amounts as a result of the adoption. Refer to Note 4—Long-Term Debt

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Property Divestiture	Note 2—Property Divestiture On February 24, 2020, the Company entered into a purchase and sale agreement (the “Agreement”) to sell certain of its water disposal assets. On May 15, 2020, the Agreement was terminated after the transaction failed to close by the outside date set forth in the Agreement. The purchaser deposited $10.0 million of cash in an escrow account (the “Deposit”) which, in the event of termination, was to be distributed to the Company or the purchaser in accordance with the remedy provisions of the Agreement. In May 2021, a settlement between the Company and the purchaser was reached resulting in a partial distribution of the deposit to Centennial, which was included net of associated legal fees in the consolidated statements of operations.

Accounts Receivable, Accounts P

Accounts Receivable, Accounts Payable and Accrued Expenses	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts Receivable, Accounts Payable and Accrued Expenses	Note 3—Accounts Receivable, Accounts Payable and Accrued Expenses Accounts receivable are comprised of the following: (in thousands) June 30, 2021 December 31, 2020 Accrued oil and gas sales receivable, net $ 67,814 $ 41,670 Joint interest billings, net 20,503 12,770 Other 1,269 117 Accounts receivable, net $ 89,586 $ 54,557 Accounts payable and accrued expenses are comprised of the following: (in thousands) June 30, 2021 December 31, 2020 Accounts payable $ 19,514 $ 5,052 Accrued capital expenditures 39,704 21,471 Revenues payable 39,831 42,115 Accrued interest 15,594 15,138 Accrued derivative settlements payable 15,873 3,488 Accrued employee compensation and benefits 13,099 11,516 Accrued expenses and other 14,203 11,659 Accounts payable and accrued expenses $ 157,818 $ 110,439

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Long-Term Debt	Note 4—Long-Term Debt The following table provides information about the Company’s long-term debt as of the dates indicated: (in thousands) June 30, 2021 December 31, 2020 Credit Facility due 2023 $ 255,000 $ 330,000 8.00% Senior Secured Notes due 2025 — 127,073 5.375% Senior Notes due 2026 289,448 289,448 6.875% Senior Notes due 2027 356,351 356,351 3.25% Convertible Senior Notes due 2028 170,000 — Unamortized debt issuance costs on Senior Notes (14,376) (12,790) Unamortized debt discount (2,106) (21,458) Senior Notes, net 799,317 738,624 Total long-term debt, net $ 1,054,317 $ 1,068,624 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”). As of June 30, 2021, the Company had $255.0 million in borrowings outstanding and $441.0 million in available borrowing capacity, which was net of $4.0 million in letters of credit outstanding. Since May of 2020, the borrowing base had been reduced by an availability blocker of $31.8 million tied to the Senior Secured Notes. However, this availability blocker was eliminated as a result of the Senior Secured Notes redemption defined and discussed below. The amount available to be borrowed under CRP’s Credit Agreement is equal to the lesser of (i) the borrowing base, (ii) aggregate elected commitments, which are currently set at $700.0 million, 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 spring 2021 semi-annual borrowing base redetermination, the borrowing base and amount of elected commitments were 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 June 30, 2021, depending on the percentage of the borrowing base utilized. Base rate loans bear interest at a rate per annum equal to the greatest of: (i) the agent bank’s prime rate; (ii) the federal funds effective rate plus 50 basis points; or (iii) the adjusted LIBOR rate for a one-month interest period plus 100 basis points, plus an applicable margin, which ranged from 100 to 200 basis points as of June 30, 2021, depending on the percentage of the borrowing base utilized. CRP also pays a commitment fee of 37.5 to 50 basis points on unused amounts under its facility. CRP’s Credit Agreement contains restrictive covenants that limit its ability to, among other things: (i) incur additional indebtedness; (ii) make investments and loans; (iii) enter into mergers; (iv) make or declare dividends; (v) enter into commodity hedges exceeding a specified percentage of the Company’s expected production; (vi) enter into interest rate hedges exceeding a specified percentage of its outstanding indebtedness; (vii) incur liens; (viii) sell assets; and (ix) engage in transactions with affiliates. CRP’s Credit Agreement also requires it to maintain compliance with the following financial ratios: (i) a current ratio, which is the ratio of CRP’s consolidated current assets (including unused commitments under its revolving credit facility and excluding non-cash derivative assets and certain restricted cash) to its consolidated current liabilities (excluding any current portion of long-term debt due under the Credit Agreement and non-cash derivative liabilities), of not less than 1.0 to 1.0; (ii) a first lien leverage ratio, as defined within the Credit Agreement as the ratio of first lien debt to EBITDAX for the rolling four fiscal quarter period, which may not exceed 2.75 to 1.00 beginning with the quarter ending June 30, 2020 and extending through the quarter ending December 31, 2021, after which the maximum ratio shall decrease to 2.50 to 1.00 for each of the quarters ending in 2022; and (iii) a leverage ratio, as also defined in the Credit Agreement as the ratio of total funded debt to consolidated EBITDAX for the rolling four fiscal quarter period. Pursuant to amendments to the Credit Facility, the leverage ratio was 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 the applicable financial ratios described above as of June 30, 2021 and through the filing of this Quarterly Report. Convertible Senior Notes On March 19, 2021, CRP issued $150.0 million in aggregate principal amount of 3.25% senior unsecured convertible notes due 2028 (the “Convertible Senior Notes”). On March 26, 2021, CRP issued an additional $20.0 million of Convertible Senior Notes pursuant to the exercise of the underwriters’ over-allotment option to purchase additional Convertible Senior Notes. These issuances resulted in aggregate net proceeds to CRP of $163.6 million, after deducting debt issuance costs of $6.4 million. Interest is payable on the Convertible Senior Notes semi-annually in arrears on each April 1 and October 1, commencing on October 1, 2021. The Convertible Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company and each of CRP’s current subsidiaries. The Convertible Senior Notes will mature on April 1, 2028 unless earlier repurchased, redeemed or converted. Before January 3, 2028, noteholders have the right to convert their Convertible Senior Notes (i) upon the occurrence of certain events, (ii) if the Company’s share price exceeds 130% of the conversion price for any 20 trading days during the last 30 consecutive trading days of a calendar quarter, after June 30, 2021, or (iii) if the trading price per $1,000 principal amount of the notes is less than 98% of the Company’s share price multiplied by the conversion rate, for a 10 consecutive trading day period. In addition, after January 2, 2028, noteholders may convert their Convertible Senior Notes at any time at their election through the second scheduled trading day immediately before the April 1, 2028 maturity date. CRP can settle conversions by paying or delivering, as applicable, cash, shares of Common Stock, or a combination of cash and shares of Common Stock, at CRP’s election. The initial conversion rate is 159.2610 shares of Common Stock per $1,000 principal amount of Convertible Senior Notes, which represents an initial conversion price of approximately $6.28 per share of Common Stock. The conversion rate and conversion price are subject to customary adjustments upon the occurrence of certain events (as defined in the indenture) which, in certain circumstances, will increase the conversion rate for a specified period of time. In the context of this issuance, we refer to the notes as convertible in accordance with ASC 470 - Debt. However, per the terms of the Convertible Senior Notes’ indenture, the Convertible Senior Notes were issued by CRP and are exchangeable into shares of Centennial Resource Development, Inc’s Common Stock. CRP has the option to redeem, in whole or in part, all of the Convertible Senior Notes at any time on or after April 7, 2025, at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest to the date of redemption, but only if the last reported sale price per share of Common Stock exceeds 130% of the conversion price (i) for any 20 trading days during the 30 consecutive trading days ending on the day immediately before the date CRP sends the related redemption notice; and (ii) also on the trading day immediately before the date CRP sends such notice. If certain corporate events occur, including certain business combination transactions involving the Company or CRP or a stock de-listing with respect to the Common Stock, noteholders may require CRP to repurchase their Convertible Senior Notes at a cash repurchase price equal to the principal amount of the Convertible Senior Notes to be repurchased, plus accrued and unpaid interest to the repurchase date. Upon an Event of Default (as defined in the indenture governing the Convertible Senior Notes), the trustee or the holders of at least 25% of the aggregate principal amount of then outstanding Convertible Senior Notes may declare the Convertible Senior Notes immediately due and payable. In addition, a default resulting from certain events of bankruptcy or insolvency with respect to the Company, CRP or any of the subsidiary guarantors will automatically cause all outstanding Convertible Senior Notes to become due and payable. At issuance, the Company recorded a liability equal to the face value the Convertible Senior Notes, net of unamortized debt issuance costs in the line items Long-term debt, net in the consolidated balance sheets. As of June 30, 2021, the net liability recorded related to the Convertible Senior Notes was $163.8 million. Capped Called Transactions In connection with the issuance of the Convertible Senior Notes in March 2021, CRP entered into privately negotiated capped call spread transactions with option counterparties (the “Capped Call Transactions”). The Capped Call Transactions cover the aggregate number of shares of Common Stock that initially underlie the Convertible Senior Notes and are expected to (i) generally reduce potential dilution to the Common Stock upon a conversion of the Convertible Senior Notes, and/or (ii) offset any cash payments CRP is required to make in excess of the principal amount of the Convertible Senior Notes, subject to a cap. The Capped Call Transactions have an initial strike price of $6.28 per share of Common Stock and an initial capped price of $8.4525 per share of Common Stock, each of which are subject to certain customary adjustments upon the occurrence of certain corporate events, as defined in the capped call agreements. The cost of the Capped Call Transactions was $14.7 million, which was funded from proceeds from the Convertible Senior Note issuance. The cost to purchase the Capped Call Transactions was recorded to additional paid-in capital in the consolidated balances sheets and will not be subject to remeasurement each reporting period. 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”). The Company’s Debt Exchange was accounted for as an extinguishment of debt in accordance with ASC Topic 470-50, Modifications and Extinguishments . As a result, a gain on the exchange of debt of $143.4 million was recognized in the consolidated statement of operations during the second quarter of 2020, 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. In April 2021, the Company redeemed at par all of its $127.1 million aggregate principal amount of Senior Secured Notes, which was the intended use of proceeds from the Convertible Senior Notes offering . The Company paid accrued interest of $3.8 million and recorded a loss on debt extinguishment of $22.2 million related to the write-off of all unamortized debt issuance costs and discount amounts associated with the Senior Secured Notes. Senior Unsecured Notes On March 15, 2019, CRP issued $500.0 million of 6.875% senior notes due 2027 (the “2027 Senior Notes”) in a 144A private placement at a price equal to 99.235% of par that resulted in net proceeds to CRP of $489.0 million, after deducting the original issuance discount of $3.8 million and debt issuance costs of $7.2 million. Interest is payable on the 2027 Senior Notes semi-annually in arrears on each April 1 and October 1, which commenced on October 1, 2019. In May 2020 in connection with the Debt Exchange, $143.7 million aggregate principal amount of the 2027 Senior Notes was exchanged for Senior Secured Notes. As of June 30, 2021, the remaining aggregate principal amount of 2027 Senior Notes outstanding was $356.4 million. On November 30, 2017, CRP issued at par $400.0 million of 5.375% senior notes due 2026 (the “2026 Senior Notes” and collectively with the 2027 Senior Notes, the “Senior Unsecured Notes”) in a 144A private placement that resulted in net proceeds to CRP of $391.0 million, after deducting $9.0 million in debt issuance costs. Interest is payable on the 2026 Senior Notes semi-annually in arrears on each January 15 and July 15, which commenced on July 15, 2018. In May 2020 in connection with the Debt Exchange, $110.6 million aggregate principal amount of the 2026 Senior Notes was exchanged for Senior Secured Notes. As of June 30, 2021, the remaining aggregate principal amount of 2026 Senior Notes outstanding was $289.4 million. The Senior Unsecured Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company and each of CRP’s current subsidiaries that guarantee CRP’s revolving credit facility. At any time prior to January 15, 2021 (for the 2026 Senior Notes) and April 1, 2022 (for the 2027 Senior Notes), the “Optional Redemption Dates,” CRP may, on any one or more occasions, redeem up to 35% of the aggregate principal amount of either series of Senior Unsecured Notes with an amount of cash not greater than the net cash proceeds of certain equity offerings at a redemption price equal to 105.375% (for the 2026 Senior Notes) and 106.875% (for the 2027 Senior Notes) of the principal amount of the Senior Unsecured Notes of the applicable series redeemed, plus any accrued and unpaid interest to the date of redemption; provided that at least 65% of the aggregate principal amount of each such series of Senior Unsecured Notes remains outstanding immediately after such redemption, and the redemption occurs within 180 days of the closing date of such equity offering. At any time prior to the Optional Redemption Dates, CRP may, on any one or more occasions, redeem all or a part of the Senior Unsecured Notes at a redemption price equal to 100% of the principal amount of the Senior Unsecured Notes redeemed, plus a “make-whole” premium, and any accrued and unpaid interest as of the date of redemption. On and after the Optional Redemption Dates, CRP may redeem the Senior Unsecured Notes, in whole or in part, at redemption prices expressed as percentages of principal amount plus accrued and unpaid interest to the redemption date. If CRP experiences certain defined changes of control (and, in some cases, followed by a ratings decline), each holder of the Senior Unsecured Notes may require CRP to repurchase all or a portion of its Senior Unsecured Notes for cash at a price equal to 101% of the aggregate principal amount of such Senior Unsecured Notes, plus any accrued but unpaid interest to the date of repurchase. The indentures governing the Senior Unsecured Notes contain covenants that, among other things and subject to certain exceptions and qualifications, limit CRP’s ability and the ability of CRP’s restricted subsidiaries to: (i) incur or guarantee additional indebtedness or issue certain types of preferred stock; (ii) pay dividends on capital stock or redeem, repurchase or retire capital stock or subordinated indebtedness; (iii) transfer or sell assets; (iv) make investments; (v) create certain liens; (vi) enter into agreements that restrict dividends or other payments from their subsidiaries to them; (vii) consolidate, merge or transfer all or substantially all of their assets; (viii) engage in transactions with affiliates; and (ix) create unrestricted subsidiaries. CRP was in compliance with these covenants as of June 30, 2021 and through the filing of this Quarterly Report. Upon an Event of Default (as defined in the indentures governing the Senior Unsecured Notes), the trustee or the holders of at least 25% of the aggregate principal amount of then outstanding Senior Unsecured Notes may declare the Senior Unsecured 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 Unsecured Notes to become due and payable.

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Jun. 30, 2021
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Note 5—Asset Retirement Obligations The following table summarizes changes in the Company’s asset retirement obligations (“ARO”) associated with its working interests in oil and gas properties for the six months ended June 30, 2021: (in thousands) Asset retirement obligations, beginning of period $ 17,009 Liabilities incurred 87 Liabilities divested and settled (215) Accretion expense 656 Revisions to estimated cash flows (21) Asset retirement obligations, end of period $ 17,516 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 fair value calculation of ARO are numerous estimates and assumptions, including plug and abandonment settlement amounts, inflation factors, credit adjusted discount rates and timing of settlement. To the extent future revisions to these assumptions impact the value of the existing ARO 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	6 Months Ended
	Jun. 30, 2021
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. On April 29, 2020, the stockholders of the Company approved the amended and restated LTIP, which, among other things, increased the number of shares of Common Stock authorized for issuance by 8,250,000 shares. As of June 30, 2021, the Company had 6,645,120 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. 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 awards granted under the LTIP as they occur in determining compensation expense. The following table summarizes stock-based compensation expense recognized for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Equity Awards Restricted stock awards $ 3,536 $ 3,387 $ 7,142 $ 7,741 Stock option awards 234 291 505 1,275 Performance stock units 646 1,003 1,285 2,006 Other stock-based compensation expense (1) 65 46 134 114 Total stock-based compensation - equity awards 4,481 4,727 9,066 11,136 Liability Awards Restricted stock units 4,647 — 7,955 — Performance stock units 10,013 — 17,119 — Total stock-based compensation - liability awards 14,660 — 25,074 — Total stock-based compensation expense $ 19,141 $ 4,727 $ 34,140 $ 11,136 (1) Includes expenses related to the Company’s Employee Stock Purchase Plan (the “ESPP”). In May 2019, an aggregate of 2,000,000 shares were authorized by stockholders for issuance under the ESPP, which became effective on July 1, 2019. As of June 30, 2021, the Company had 1,561,164 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 Common Stock upon vesting. As a result, these awards are classified as equity-based awards in accordance with ASC Topic 718, Compensation-Stock Compensation (“ASC 718”). Restricted Stock The following table provides information about restricted stock activity during the six months ended June 30, 2021: Awards Weighted Average Grant-Date Fair Value Unvested balance as of December 31, 2020 12,093,723 $ 2.33 Granted — — Vested (504,052) 5.39 Forfeited (8,228) 8.57 Unvested balance as of June 30, 2021 11,581,443 2.19 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. There were no restricted stock awards granted during the six months ended June 30, 2021. The total fair value of restricted stock awards that vested during the six months ended June 30, 2021 and 2020 was $2.7 million and $4.6 million, respectively. Unrecognized compensation cost related to restricted shares that were unvested as of June 30, 2021 was $13.8 million, which the Company expects to recognize over a weighted average period of 1.5 years. Stock Options Stock options that have been granted under the LTIP expire ten years from the grant date and vest ratably over a three-year service period. The exercise price for an option granted under the LTIP is the closing market price of the Company’s Common Stock on the grant date. Compensation cost for stock options is based on the grant-date fair value of the award, which is then recognized ratably over the vesting period of three years. The Company estimates the fair value using the Black-Scholes option-pricing model. Expected volatilities are based on the weighted average 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 option awards for the six months ended June 30, 2020. No stock options were granted during the six months ended June 30, 2021. Six Months Ended June 30, 2021 2020 Weighted average grant-date fair value per share $ — $ 1.16 Expected term (in years) 0 6 Expected stock volatility — % 86 % Dividend yield — % — % Risk-free interest rate — % 1.0 % The following table provides information about stock option awards outstanding during the six months ended June 30, 2021: Options Weighted Average Exercise Price Weighted Average Remaining Term Aggregate Intrinsic Value Outstanding as of December 31, 2020 2,363,334 $ 15.07 Granted — — Exercised (14,999) 0.99 $ 71 Forfeited (5,334) 5.77 Expired (52,333) 16.98 Outstanding as of June 30, 2021 2,290,668 15.14 6.03 $ 473 Exercisable as of June 30, 2021 2,057,977 15.73 5.82 $ 103 The total fair value of stock options that vested during the six months ended June 30, 2021 and 2020 was $0.5 million and $4.2 million, respectively. The intrinsic value of the stock options exercised was $0.1 million for the six months ended June 30, 2021 and there were no stock options exercised during the six months ended June 30, 2020. As of June 30, 2021, there was $0.4 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 0.8 years. Performance Stock Units The Company grants performance stock units to certain executive officers that are subject to market-based vesting criteria as well as a three-year service period. Vesting at the end of the three-year service period is subject to the condition that the Company’s stock price increases by a greater percentage, or decreases by a lesser percentage, than the average percentage increase or decrease, respectively, of the stock prices of a peer group of companies. The market-based conditions must be met in order for the stock awards to vest, and it is, therefore, possible that no shares could ultimately vest. However, the Company recognizes compensation expense for the performance stock units subject to market conditions regardless of whether it becomes probable that these conditions will be met or not, and compensation expense is not reversed if vesting does not actually occur. During the six months ended June 30, 2021 and 2020, there was no performance stock units activity. As of June 30, 2021, there was $1.1 million of unrecognized compensation cost related to performance stock units that were unvested, which the Company expects to recognize on a pro-rata basis over a weighted average period of 1.0 year. Liability Awards The Company has restricted stock units and performance stock units that were granted under the LTIP, which will be settled in cash and are 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 the 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 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 The Company granted 5.5 million restricted stock units during the third quarter of 2020 to certain officers (non-NEOs) and employees that are settleable in cash upon vesting. 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 remaining two-thirds of unvested restricted stock units granted to non-NEOs 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 June 30, 2021, there was $8.7 million of unrecognized compensation cost, which represents the unvested portion of the fair value of the restricted stock units and will be recognized over a weighted average period of 1.6 years or sooner if the accelerated vesting event occurs. Subsequent to June 30, 2021, the Company modified these restricted stock units to allow the units to be settleable in either cash or Common Stock at the Company’s discretion upon vesting (refer to Note 14—Subsequent Events for additional information regarding the modification). Performance Stock Units The Company granted 5.5 million performance stock units (“PSU”) during third quarter of 2020 to certain executive officers that will be settled in cash and 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 PSU 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 June 30, 2021, there was $41 million of unrecognized compensation cost that represents the unvested portion of the fair value of the PSUs at June 30, 2021 and will be recognized over a weighted average period of 2.0 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 peer companies that are specified in the PSU award agreement. 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 June 30, 2021: Restricted stock units Performance stock units Number of simulations 10,000,000 10,000,000 Expected implied stock volatility 69.8% 72.3% Dividend yield —% —% Risk-free interest rate 0.3% 0.3%

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 7—Derivative Instruments The Company is exposed to certain risks relating to its ongoing business operations and may use derivative instruments to manage its exposure to commodity price risk from time to time. Commodity Derivative Contracts Historically, prices received for crude oil and natural gas production have been volatile because of supply and demand factors, worldwide political factors, general economic conditions and seasonal weather patterns. The Company may periodically use derivative instruments, such as swaps, costless collars and basis swaps, to mitigate its exposure to declines in commodity prices and to the corresponding negative impacts such declines can have on its cash flows from operations, returns on capital and other financial results. While the use of these instruments limits the downside risk of adverse price changes, their use may also limit future revenues from favorable price changes. The Company does not enter into derivative contracts for speculative or trading purposes. Commodity Swap 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 or future 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 June 30, 2021: Period Volume (Bbls) Volume Wtd. Avg. Crude Price ($/Bbl) (1) Crude oil swaps NYMEX WTI July 2021 - September 2021 782,000 8,500 $47.01 October 2021 - December 2021 828,000 9,000 49.82 January 2022 - March 2022 720,000 8,000 64.41 April 2022 - June 2022 500,500 5,500 63.26 July 2022 - September 2022 368,000 4,000 62.41 October 2022 - December 2022 276,000 3,000 62.15 ICE Brent July 2021 - September 2021 276,000 3,000 $54.85 October 2021 - December 2021 184,000 2,000 48.50 Period Volume (Bbls) Volume Wtd. Avg. Collar Price Ranges ($/Bbl) (2) Crude oil collars NYMEX WTI July 2021 - September 2021 184,000 2,000 $ 49.75 - $ 58.51 October 2021 - December 2021 92,000 1,000 42.00 - 50.10 ICE Brent July 2021 - September 2021 230,000 2,500 $65.00 - $73.17 October 2021 - December 2021 92,000 1,000 65.00 - 74.70 Period Volume (Bbls) Volume Wtd. Avg. Differential ($/Bbl) (3) Crude oil basis differential swaps July 2021 - September 2021 736,000 8,000 $0.26 October 2021 - December 2021 644,000 7,000 0.26 Period Volume (Bbls) Volume Wtd. Avg. Differential ($/Bbl) (4) Crude oil roll differential swaps January 2022 - March 2022 450,000 5,000 $0.60 April 2022 - June 2022 455,000 5,000 0.60 July 2022 - September 2022 460,000 5,000 0.60 October 2022 - December 2022 460,000 5,000 0.60 (1) These crude oil swap transactions are settled based on either the NYMEX WTI or ICE Brent index price, as applicable, on each trading day within the specified monthly settlement period versus the contractual swap price for the volumes stipulated. (2) These crude oil collars are settled based on the NYMEX WTI or ICE Brent index price, as applicable, on each trading day within the specified monthly settlement period versus the contractual floor and ceiling prices for the volumes stipulated. (3) These crude oil basis swap transactions are settled based on the difference between the arithmetic average of ARGUS MIDLAND WTI and ARGUS WTI CUSHING indices, during each applicable monthly settlement period. (4) These crude oil roll swap transactions are settled based on the difference between the arithmetic average of NYMEX WTI calendar month prices and the physical crude oil delivery month price. Period Volume (MMBtu) Volume (MMBtu/d) Wtd. Avg. Gas Price ($/MMBtu) (1) Natural gas swaps July 2021 - September 2021 3,680,000 40,000 $2.89 October 2021 - December 2021 3,680,000 40,000 2.95 January 2022 - March 2022 2,700,000 30,000 3.00 April 2022 - June 2022 910,000 10,000 3.00 July 2022 - September 2022 920,000 10,000 3.00 October 2022 - December 2022 920,000 10,000 3.00 Period Volume (MMBtu) Volume (MMBtu/d) Wtd. Avg. Differential ($/MMBtu) (2) Natural gas basis differential swaps July 2021 - September 2021 3,680,000 40,000 $(0.30) October 2021 - December 2021 4,290,000 46,630 (0.24) January 2022 - March 2022 2,700,000 30,000 (0.18) Period Volume (MMBtu) Volume Wtd. Avg. Collar Price Ranges ($/MMBtu) (3) Natural gas collars October 2021 - December 2021 610,000 6,630 $3.00 - $3.30 January 2022 - March 2022 900,000 10,000 3.00 - 3.30 (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 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. (3) These natural gas collars are settled based on the Henry Hub price on each trading day within the specified monthly settlement period versus the contractual floor and ceiling prices for the volumes stipulated. Derivative Instrument Reporting. The Company’s oil and natural gas derivative instruments have not been designated as hedges for accounting purposes. Therefore, all gains and losses are recognized in the Company’s consolidated statements of operations. All derivative instruments are recorded at fair value in the consolidated balance sheets, other than derivative instruments that meet the “normal purchase normal sale” exclusion, and any fair value gains and losses are recognized in current period earnings. The following table presents the impact of the Company’s derivative instruments in its consolidated statements of operations for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Net gain (loss) on derivative instruments $ (54,959) $ (29,857) $ (106,158) $ (38,362) Offsetting of Derivative Assets and Liabilities. The Company’s commodity derivatives are included in the accompanying consolidated balance sheets as derivative assets and liabilities. The Company nets its financial derivative instrument fair value amounts executed with the same counterparty pursuant to ISDA master netting agreements, which provide for net settlement over the term of the contract and in the event of default or termination of the contract. The tables below summarizes the fair value amounts and the classification in the consolidated balance sheets of the Company’s derivative contracts outstanding at the respective balance dates, as well as the gross recognized derivative assets, liabilities and offset amounts: Balance Sheet Classification Gross Fair Value Asset/Liability Amounts Gross Amounts Offset (1) Net Recognized Fair Value Assets/Liabilities (in thousands) June 30, 2021 Derivative Assets Commodity contracts Prepaid and other current assets $ 1,173 $ (1,173) $ — Other noncurrent assets 163 (95) 68 Derivative Liabilities Commodity contracts Other current liabilities 63,885 (1,173) 62,712 Other noncurrent liabilities 1,419 (95) 1,324 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) $ 0 (1) The Company has agreements in place with each of its counterparties that allow for the financial right of offset for derivative assets against derivative liabilities at settlement or in the event of a default under the agreements or contract termination. Contingent Features in Financial Derivative Instruments. None of the Company’s derivative instruments contain credit-risk-related contingent features. Counterparties to the Company’s financial derivative contracts are high credit-quality financial institutions that are lenders under CRP’s credit agreement. The Company uses only credit agreement participants to hedge with, since these institutions are secured equally with the holders of any CRP bank debt, which eliminates the potential need to post collateral when Centennial is in a derivative liability position. As a result, the Company is not required to post letters of credit or corporate guarantees for its derivative counterparties in order to secure contract performance obligations. In addition, the Company is exposed to credit risk associated with its derivative contracts from non-performance by its counterparties. The Company mitigates its exposure to any single counterparty by contracting with a number of financial institutions, each of which has a high credit rating and is a member under CRP’s credit facility as referenced above.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 8—Fair Value Measurements Recurring Fair Value Measurements The Company follows ASC Topic 820, Fair Value Measurement and Disclosure, which establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows: • Level 1: Quoted Prices in Active Markets for Identical Assets – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Significant Other Observable Inputs – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3: Significant Unobservable Inputs – inputs to the valuation methodology are unobservable and significant to the fair value measurement. The following table presents, for each applicable level within the fair value hierarchy, the Company’s net derivative assets and liabilities, including both current and noncurrent portions, measured at fair value on a recurring basis: (in thousands) Level 1 Level 2 Level 3 June 30, 2021 Total assets $ — $ 68 $ — Total liabilities — 64,036 — December 31, 2020 Total assets $ — $ 52 $ — Total liabilities — 18,261 — Both financial and non-financial assets and liabilities are categorized within the above fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The following is a description of the valuation methodologies used by the Company as well as the general classification of such instruments pursuant to the above fair value hierarchy. There were no transfers between any of the fair value levels during any period presented. Derivatives The Company uses Level 2 inputs to measure the fair value of its oil and natural gas commodity derivatives. The Company uses industry-standard models that consider various assumptions including current market and contractual prices for the underlying instruments, implied market volatility, time value, nonperformance risk, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument and can be supported by observable data. The Company utilizes its counterparties’ valuations to assess the reasonableness of its own valuations. Refer to Note 7—Derivative Instruments for details of the gross and net derivatives assets, liabilities and offset amounts presented in the consolidated balance sheets. Nonrecurring Fair Value Measurements The Company applies the provisions of the fair value measurement standard on a nonrecurring basis to its non-financial assets and liabilities, including proved oil and gas properties. These assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. Impairment of Oil and Natural Gas Properties. The Company reviews its proved oil and natural gas properties for impairment whenever events and circumstances indicate that the fair value of these assets may be below their carrying value. 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. Asset Retirement Obligations. The initial measurement of ARO at fair value is calculated using discounted cash flow techniques and is based on internal estimates of future retirement costs associated with property, plant and equipment. Significant Level 3 inputs used in the calculation of ARO include the estimated future costs to plug and abandon oil and gas properties and reserve lives. Refer to Note 5—Asset Retirement Obligations for additional information on the Company’s ARO. 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. The following table summarizes the carrying values, principal amounts and fair values of these instruments as of the dates indicated: June 30, 2021 December 31, 2020 Carrying Value Principal Amount Fair Value Carrying Value Principal Amount Fair value Credit facility due 2023 (1) $ 255,000 $ 255,000 $ 255,000 $ 330,000 $ 330,000 $ 330,000 8.00% Senior Secured Notes due 2025 (2) — — — 103,901 127,073 114,366 5.375% Senior Notes due 2026 (2) 285,261 289,448 283,659 284,867 289,448 206,955 6.875% Senior Notes due 2027 (2) 350,276 356,351 364,405 349,856 356,351 254,791 3.25% Convertible Notes due 2028 (2) 163,780 170,000 219,606 — — — (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.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Note 9—Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income available to Class A Common Stock by the weighted average shares of Common Stock outstanding during each period. Diluted EPS is calculated by dividing adjusted net income available to Class A Common Stock by the weighted average shares of diluted 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 the employee stock purchase plan and warrants, all using the treasury stock method, and (ii) the Company’s Class C common stock outstanding, prior to the conversion of remaining Class C shares in the second quarter of 2020, and potential shares issuable under our Convertible Senior Notes, both using the “if-converted” method, which is net of tax. The following table reflects the allocation of net income to common shareholders and EPS computations for the periods indicated based on a weighted average number of common shares outstanding for the period: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2021 2020 2021 2020 Net income (loss) attributable to Class A Common Stock $ (25,055) $ 5,330 $ (59,700) $ (542,653) Basic weighted average shares of Class A Common Stock outstanding 279,185 277,133 279,061 276,543 Add: Dilutive effects of potential common stock — 75 — — Diluted weighted average shares of Class A Common Stock outstanding 279,185 277,208 279,061 276,543 Basic net earnings (loss) per share of Class A Common Stock $ (0.09) $ 0.02 $ (0.21) $ (1.96) Diluted net earnings (loss) per share of Class A Common Stock $ (0.09) $ 0.02 $ (0.21) $ (1.96) The Company recognized a net loss during the three and six months ended June 30, 2021 and during the three months ended June 30, 2020. As a result, all potential common shares were anti-dilutive and were excluded from the calculation of diluted net earnings per share. The following table presents shares excluded from the diluted earnings per share calculation for the periods presented as their impact was anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Out-of-the-money stock options 2,241 4,696 2,267 4,756 Restricted stock 8,769 5,066 9,167 5,125 Employee Stock Purchase Plan 68 — 54 139 Weighted average shares of Class C Common Stock — 11 — 523 Warrants 8,000 8,000 8,000 8,000 Performance stock units — — 199 — Convertible Senior Notes 27,074 — 27,074 —

Transactions with Related Parti

Transactions with Related Parties	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 10—Transactions with Related Parties Riverstone Investment Group LLC and its affiliates (“Riverstone”) beneficially own a more than 10% equity interest in the Company and are therefore considered related parties. The Company has a marketing agreement with Lucid Energy Delaware, LLC (“Lucid”), an affiliate of Riverstone. The Company believes that the terms of the marketing agreement with Lucid are no less favorable to either party than those held with unaffiliated parties. The following table summarizes the revenues recognized and the associated processing fees incurred from this marketing agreement as included in the consolidated statements of operations for the periods indicated, as well as the related net receivables outstanding as of the balance sheet dates: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Oil and gas sales $ 3,056 $ 574 $ 4,132 $ 1,662 Gathering, processing and transportation expenses 1,636 1,109 2,841 2,062 (in thousands) June 30, 2021 December 31, 2020 Accounts receivable, net (1) $ 2,251 $ 994 (1) Represents amounts due from Lucid and are presented net of unpaid processing fees as of the indicated period end date. Senior Secured Notes Riverstone held $106.3 million of the Company’s Senior Secured Notes as of December 31, 2020. In April 2021, the Company redeemed all of its Senior Secured Notes, including the portion held by Riverstone. In connection with this redemption, the Company paid $3.8 million

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11—Commitments and Contingencies Commitments The Company routinely enters into, extends or amends operating agreements in the ordinary course of business. There have been no material, non-routine changes in commitments during the six months ended June 30, 2021. Please refer to Note 13—Commitments and Contingencies included in Part II, Item 8 in the Company’s 2020 Annual Report. The Company has a firm crude oil sales agreement with a large integrated oil company, and in the first quarter of 2021, new pricing terms under this agreement went into effect. Utilizing this integrated oil company’s transport capacity out of the Permian Basin, the agreement provides for firm gross sales of 30,000 Bbls/d over the next 4 years and is based upon prevailing market prices of ICE Brent less contractual differentials. These pricing terms are resulting in realized prices that currently have wider differentials than those being realized under the Company’s other oil marketing agreements. However, if the oil price differential between the ICE Brent and NYMEX WTI indices widen in the future, the oil price realized under this delivery commitment will improve relative to the prices realized under the Company’s other oil sales contracts. Under-delivery of volumes that are committed under this agreement would result in a financial obligation to the Company, although the Company’s current production level (on a gross basis) is, and the Company believes its future production will be, sufficient to fulfill this physical delivery commitment. 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, other than those discussed below, that are reasonably possible to occur will have a material adverse effect on the Company’s financial position, results of operations, or cash flows. In February 2021, the Permian Basin was impacted by record-low temperatures and a severe winter storm (“Winter Storm Uri”) that resulted in multi-day electrical outages and shortages, pipeline and infrastructure freezes, transportation disruptions, and regulatory actions in Texas, which led to significant increases in gas prices, gathering, processing and transportation fees and electrical rates during this time. As a result, many oil and gas operations, including upstream producers like the Company, as well as gas processors and purchasers, and transportation providers experienced operational disruptions. During this time, the Company was unable to utilize the entire volume of its reserved capacity on pipelines and as a result has made certain force majeure declarations. One third-party transportation provider has filed a lawsuit against the Company claiming compensation for the full amount of the reserved capacity, both utilized and unutilized. The Company has made a payment for the utilized capacity, and filed a separate lawsuit against the transportation provider requesting declaratory relief for the purpose of construing the provisions of the transportation agreement relating to the unutilized capacity. At this time, the Company believes that a loss is reasonably possible in relation to these matters and such amount could range from zero to $7.6 million, and no amount in that range is a better estimate than any other. Other than the matter above, management is unaware of any pending litigation brought against the Company requiring a contingent liability to be recognized as of the date of these consolidated financial statements.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenues	Note 12—Revenues Revenue from Contracts with Customers Crude oil, natural gas and NGL sales are recognized at the point that control of the product is transferred to the customer and collectability is reasonably assured. Virtually all of the Company’s contract pricing provisions are tied to a market index, with certain adjustments based on, among other factors, transportation costs to an active spot market and quality differentials. As a result, the Company’s realized prices of oil, natural gas, and NGLs fluctuate to remain competitive with other available oil, natural gas, and NGLs supplies both globally (in the case of crude oil) and locally. Oil and gas revenues presented within the consolidated statements of operations relate to the sale of oil, natural gas and NGLs as shown below: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Operating revenues (in thousands): Oil sales $ 177,105 $ 73,100 $ 310,831 $ 243,605 Natural gas sales 27,015 8,787 62,466 17,145 NGL sales 28,457 8,622 51,671 22,528 Oil and gas sales $ 232,577 $ 90,509 $ 424,968 $ 283,278 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 such time, the volumes delivered and sales prices can be reasonably estimated and amounts due from customers are accrued in Accounts receivable, net in the consolidated balance sheets. As of June 30, 2021 and December 31, 2020, such receivable balances were $67.8 million and $41.7 million, respectively. The Company records any differences between its estimates and the actual amounts received for product sales in the month that payment is received from the purchaser. Historically, any identified differences between revenue estimates and actual revenue received have not been significant. For the six months ended June 30, 2021 and 2020, revenue recognized in the reporting period related to performance obligations satisfied in prior reporting periods were not material. Transaction price allocated to remaining performance obligations For the Company’s product sales that have a contract term greater than one year, the Company has utilized the practical expedient in ASC Topic 606, Revenue from contracts with Customers,

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	Note 13—Leases At contract inception, the Company determines whether or not an arrangement contains a lease. However, in connection with the implementation of ASC Topic 842, Leases (“ASC 842”), this assessment was made as of the adoption date of ASC 842. Upon determination of a lease, a lease right-of-use (“ROU”) asset and related liability are recorded based on the present value of the future lease payments over the lease term. ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make future lease payments arising from the lease. The Company has operating leases for drilling rig contracts, office rental agreements, and other wellhead equipment. As of June 30, 2021, these leases have remaining lease terms ranging from one month to 10 years, some of which include options to extend the lease term for up to five years, and some of which include options to early terminate. These options are considered in determining the lease term and are included in the present value of future payments that are recorded for leases when the Company is reasonably certain to exercise the option. Leases with an initial term of one year or less are not recorded in the consolidated balance sheets. Additionally, none of the Company’s lease agreements contain any material residual value guarantees or material restrictive covenants. The present value of future lease payments is determined at the lease commencement date based upon the Company’s incremental borrowing rate. The incremental borrowing rate is calculated using a risk-free interest rate adjusted for the Company’s specific risk and the specific lease term. The table below summarizes the Company’s weighted-average discount rate and weighted-average remaining lease term as of the period presented. As of June 30, 2021 Weighted-average discount rate 4.65 % Weighted-average remaining lease term (months) 122 The Company’s drilling rig contracts, office rental agreements, and wellhead equipment agreements contain both lease and non-lease components, which are combined and accounted for as a single lease component. Variable lease payments are recognized in the period in which they are incurred and include operating expenses related to the office rental agreements and expenses incurred on the drilling rig contracts in excess of the contractual rate. Expenses related to short-term leases are recognized on a straight-line basis over the lease term 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 expenses for the periods presented. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Lease costs Operating lease cost $ 842 $ 1,527 $ 1,715 $ 5,832 Variable lease cost 13 3,278 22 4,485 Short-term lease cost 9,973 11,192 17,167 29,017 Total lease cost $ 10,828 $ 15,997 $ 18,904 $ 39,334 The following table presents supplemental cash flow information related to the Company’s leases for the periods presented. Six Months Ended June 30, (in thousands) 2021 2020 Operating lease liability payments: Cash used in operating activities $ 1,715 $ 4,030 Cash used in investing activities $ — $ 1,802 Right-of-use assets recognized (derecognized) with offsetting operating lease liabilities $ 12,984 $ (3,454) Maturities of the Company’s long-term operating lease liabilities by fiscal year as of June 30, 2021 are as follows: (in thousands) Total (2) 2021 (1) $ 247 2022 1,038 2023 1,977 2024 2,031 2025 2,086 2026 and thereafter 12,669 Total lease payments 20,048 Less: imputed interest (4,602) Present value of lease liabilities (3) $ 15,446 (1) Excludes payments made during the six months ended June 30, 2021. (2) Total lease payments exclude variable lease payments which can be charged under the terms of the lease agreements. (3) This amount is included in current and noncurrent liabilities in the line item Operating lease liabilities in the consolidated balance sheets as of June 30, 2021.

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 14—Subsequent Events Restricted Stock Units Modification In July 2021, the Company modified its existing restricted stock unit agreements that were granted under the LTIP to allow the units to be settleable in either cash or Common Stock at the Company’s discretion upon vesting. Additionally, the modification revised the terms of the agreement to remove the maximum and minimum return amounts if the units are settled in Common Stock. Based upon this modification and the Company’s intent regarding settlement, the Company plans on settling in cash approximately $6.1 million of these RSUs that are scheduled to vest in the third quarter of 2021 and intends to settle the remaining portion of these modified awards in Common Stock. In addition, the Company expects to recognize approximately $17.3 million of incremental stock compensation expense as of the modification date.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, certain disclosures normally included in an Annual Report on Form 10-K have been omitted. The consolidated financial statements and related notes included in this Quarterly Report should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2020 (the “2020 Annual Report”). Except as disclosed herein, there have been no material changes to the information disclosed in the notes to the consolidated financial statements included in the Company’s 2020 Annual Report. In the opinion of management, all normal, recurring adjustments and accruals considered necessary to present fairly, in all material respects, the Company’s interim financial results have been included. Operating results for the periods presented are not necessarily indicative of expected results for the full year.
Principles of Consolidation	The consolidated financial statements include the accounts of the Company and its subsidiary CRP, and CRP’s wholly-owned subsidiaries. Noncontrolling interest represents third-party ownership in CRP and is presented as a component of equity. As of March 31, 2020 the noncontrolling interest ownership of CRP was 0.4% but was subsequently reduced to zero as all remaining CRP Common Units (and corresponding shares of the Company’s Class C common stock) were converted into shares of the Company’s Class A common stock (the “Common Stock”) and CRP has since been a wholly-owned subsidiary of Centennial.
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 for long-lived assets; (iii) impairment expense of unproved properties; (iv) depreciation, depletion and amortization; (v) asset retirement obligations; (vi) determining fair value and allocating purchase price in connection with business combinations and asset acquisitions; (vii) accrued revenues and related receivables; (viii) accrued liabilities; (ix) derivative valuations; and (x) deferred income taxes.
Income Taxes	Income tax expense recognized during interim periods is based on applying an estimated annual effective income tax rate to the Company’s year-to-date income, plus any significant unusual or infrequently occurring items which are recorded in the interim period. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in various state jurisdictions, permanent and temporary differences and the likelihood of recovering deferred tax assets generated. The accounting estimates used to compute the provision for income taxes may change as new events occur, additional information becomes known or as the tax environment changes. The Company has determined that it is more-likely-than-not that a portion of its deferred tax assets will not be realized. Accordingly, a valuation allowance against its deferred tax assets was recognized, which caused the Company’s provision for income taxes for each of the three and six months periods ended June 30, 2021 and 2020 to differ from the amounts that would be provided by applying the statutory U.S. federal income tax rate of 21% to pre-tax book loss.
New Accounting Pronouncements, Policy	In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt—Debt with Conversion and Other Options and Derivatives and Hedging— Contracts in Entity’s Own Equity (“ASU 2020-06”) , which updates the accounting requirements for convertible debt instruments and contracts in an entity’s own equity under FASB’s Accounting Standard Codification (“ASC”) Topic 470, Debt , ASC Topic 815, Derivatives and Hedging, and applicable earnings-per-share guidance. The amendments in ASU 2020-06 are intended to simplify the accounting for convertible instruments by removing certain separation models in the existing debt guidance allowing convertible debt to be recorded as a single liability measured at its amortized cost. Additionally, the amendments remove certain conditions and clarify the scope of and certain requirements pertaining to derivative scope exception evaluations over such contracts and instruments. ASU 2020-06 requires retrospective application and is effective for public entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years, with early adoption permitted after December 15, 2020. The Company has adopted this guidance as of January 1, 2021, and there was no impact on previously reported amounts as a result of the adoption. Refer to Note 4—Long-Term Debt

Accounts Receivable, Accounts_2

Accounts Receivable, Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accounts Receivable	Accounts receivable are comprised of the following: (in thousands) June 30, 2021 December 31, 2020 Accrued oil and gas sales receivable, net $ 67,814 $ 41,670 Joint interest billings, net 20,503 12,770 Other 1,269 117 Accounts receivable, net $ 89,586 $ 54,557
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses are comprised of the following: (in thousands) June 30, 2021 December 31, 2020 Accounts payable $ 19,514 $ 5,052 Accrued capital expenditures 39,704 21,471 Revenues payable 39,831 42,115 Accrued interest 15,594 15,138 Accrued derivative settlements payable 15,873 3,488 Accrued employee compensation and benefits 13,099 11,516 Accrued expenses and other 14,203 11,659 Accounts payable and accrued expenses $ 157,818 $ 110,439

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The following table provides information about the Company’s long-term debt as of the dates indicated: (in thousands) June 30, 2021 December 31, 2020 Credit Facility due 2023 $ 255,000 $ 330,000 8.00% Senior Secured Notes due 2025 — 127,073 5.375% Senior Notes due 2026 289,448 289,448 6.875% Senior Notes due 2027 356,351 356,351 3.25% Convertible Senior Notes due 2028 170,000 — Unamortized debt issuance costs on Senior Notes (14,376) (12,790) Unamortized debt discount (2,106) (21,458) Senior Notes, net 799,317 738,624 Total long-term debt, net $ 1,054,317 $ 1,068,624

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Jun. 30, 2021
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Asset Retirement Obligations	The following table summarizes changes in the Company’s asset retirement obligations (“ARO”) associated with its working interests in oil and gas properties for the six months ended June 30, 2021: (in thousands) Asset retirement obligations, beginning of period $ 17,009 Liabilities incurred 87 Liabilities divested and settled (215) Accretion expense 656 Revisions to estimated cash flows (21) Asset retirement obligations, end of period $ 17,516

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Share-based payment award, Equity instruments Other than Options, Valuation Assumptions [Table Text Block]	The following table summarizes the key assumptions and related information used to determine the fair value of the liability awards as of June 30, 2021: Restricted stock units Performance stock units Number of simulations 10,000,000 10,000,000 Expected implied stock volatility 69.8% 72.3% Dividend yield —% —% Risk-free interest rate 0.3% 0.3%
Schedule of Stock-based Compensation Expense	The following table summarizes stock-based compensation expense recognized for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Equity Awards Restricted stock awards $ 3,536 $ 3,387 $ 7,142 $ 7,741 Stock option awards 234 291 505 1,275 Performance stock units 646 1,003 1,285 2,006 Other stock-based compensation expense (1) 65 46 134 114 Total stock-based compensation - equity awards 4,481 4,727 9,066 11,136 Liability Awards Restricted stock units 4,647 — 7,955 — Performance stock units 10,013 — 17,119 — Total stock-based compensation - liability awards 14,660 — 25,074 — Total stock-based compensation expense $ 19,141 $ 4,727 $ 34,140 $ 11,136 (1) Includes expenses related to the Company’s Employee Stock Purchase Plan (the “ESPP”). In May 2019, an aggregate of 2,000,000 shares were authorized by stockholders for issuance under the ESPP, which became effective on July 1, 2019. As of June 30, 2021, the Company had 1,561,164 shares of Common Stock available for future issuance.
Schedule of Restricted Stock Activity	The following table provides information about restricted stock activity during the six months ended June 30, 2021: Awards Weighted Average Grant-Date Fair Value Unvested balance as of December 31, 2020 12,093,723 $ 2.33 Granted — — Vested (504,052) 5.39 Forfeited (8,228) 8.57 Unvested balance as of June 30, 2021 11,581,443 2.19
Summary of Stock Option Valuation Inputs	The following table summarizes the assumptions and related information used to determine the grant-date fair value of stock option awards for the six months ended June 30, 2020. No stock options were granted during the six months ended June 30, 2021. Six Months Ended June 30, 2021 2020 Weighted average grant-date fair value per share $ — $ 1.16 Expected term (in years) 0 6 Expected stock volatility — % 86 % Dividend yield — % — % Risk-free interest rate — % 1.0 %
Summary of Stock Option Activity	The following table provides information about stock option awards outstanding during the six months ended June 30, 2021: Options Weighted Average Exercise Price Weighted Average Remaining Term Aggregate Intrinsic Value Outstanding as of December 31, 2020 2,363,334 $ 15.07 Granted — — Exercised (14,999) 0.99 $ 71 Forfeited (5,334) 5.77 Expired (52,333) 16.98 Outstanding as of June 30, 2021 2,290,668 15.14 6.03 $ 473 Exercisable as of June 30, 2021 2,057,977 15.73 5.82 $ 103

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021: Period Volume (Bbls) Volume Wtd. Avg. Crude Price ($/Bbl) (1) Crude oil swaps NYMEX WTI July 2021 - September 2021 782,000 8,500 $47.01 October 2021 - December 2021 828,000 9,000 49.82 January 2022 - March 2022 720,000 8,000 64.41 April 2022 - June 2022 500,500 5,500 63.26 July 2022 - September 2022 368,000 4,000 62.41 October 2022 - December 2022 276,000 3,000 62.15 ICE Brent July 2021 - September 2021 276,000 3,000 $54.85 October 2021 - December 2021 184,000 2,000 48.50 Period Volume (Bbls) Volume Wtd. Avg. Collar Price Ranges ($/Bbl) (2) Crude oil collars NYMEX WTI July 2021 - September 2021 184,000 2,000 $ 49.75 - $ 58.51 October 2021 - December 2021 92,000 1,000 42.00 - 50.10 ICE Brent July 2021 - September 2021 230,000 2,500 $65.00 - $73.17 October 2021 - December 2021 92,000 1,000 65.00 - 74.70 Period Volume (Bbls) Volume Wtd. Avg. Differential ($/Bbl) (3) Crude oil basis differential swaps July 2021 - September 2021 736,000 8,000 $0.26 October 2021 - December 2021 644,000 7,000 0.26 Period Volume (Bbls) Volume Wtd. Avg. Differential ($/Bbl) (4) Crude oil roll differential swaps January 2022 - March 2022 450,000 5,000 $0.60 April 2022 - June 2022 455,000 5,000 0.60 July 2022 - September 2022 460,000 5,000 0.60 October 2022 - December 2022 460,000 5,000 0.60 (1) These crude oil swap transactions are settled based on either the NYMEX WTI or ICE Brent index price, as applicable, on each trading day within the specified monthly settlement period versus the contractual swap price for the volumes stipulated. (2) These crude oil collars are settled based on the NYMEX WTI or ICE Brent index price, as applicable, on each trading day within the specified monthly settlement period versus the contractual floor and ceiling prices for the volumes stipulated. (3) These crude oil basis swap transactions are settled based on the difference between the arithmetic average of ARGUS MIDLAND WTI and ARGUS WTI CUSHING indices, during each applicable monthly settlement period. (4) These crude oil roll swap transactions are settled based on the difference between the arithmetic average of NYMEX WTI calendar month prices and the physical crude oil delivery month price. Period Volume (MMBtu) Volume (MMBtu/d) Wtd. Avg. Gas Price ($/MMBtu) (1) Natural gas swaps July 2021 - September 2021 3,680,000 40,000 $2.89 October 2021 - December 2021 3,680,000 40,000 2.95 January 2022 - March 2022 2,700,000 30,000 3.00 April 2022 - June 2022 910,000 10,000 3.00 July 2022 - September 2022 920,000 10,000 3.00 October 2022 - December 2022 920,000 10,000 3.00 Period Volume (MMBtu) Volume (MMBtu/d) Wtd. Avg. Differential ($/MMBtu) (2) Natural gas basis differential swaps July 2021 - September 2021 3,680,000 40,000 $(0.30) October 2021 - December 2021 4,290,000 46,630 (0.24) January 2022 - March 2022 2,700,000 30,000 (0.18) Period Volume (MMBtu) Volume Wtd. Avg. Collar Price Ranges ($/MMBtu) (3) Natural gas collars October 2021 - December 2021 610,000 6,630 $3.00 - $3.30 January 2022 - March 2022 900,000 10,000 3.00 - 3.30 (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 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. (3) These natural gas collars are settled based on the 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 Gains and Losses from Derivative Instruments	The following table presents the impact of the Company’s derivative instruments in its consolidated statements of operations for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Net gain (loss) on derivative instruments $ (54,959) $ (29,857) $ (106,158) $ (38,362)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The tables below summarizes the fair value amounts and the classification in the consolidated balance sheets of the Company’s derivative contracts outstanding at the respective balance dates, as well as the gross recognized derivative assets, liabilities and offset amounts: Balance Sheet Classification Gross Fair Value Asset/Liability Amounts Gross Amounts Offset (1) Net Recognized Fair Value Assets/Liabilities (in thousands) June 30, 2021 Derivative Assets Commodity contracts Prepaid and other current assets $ 1,173 $ (1,173) $ — Other noncurrent assets 163 (95) 68 Derivative Liabilities Commodity contracts Other current liabilities 63,885 (1,173) 62,712 Other noncurrent liabilities 1,419 (95) 1,324 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) $ 0 (1) The Company has agreements in place with each of its counterparties that allow for the financial right of offset for derivative assets against derivative liabilities at settlement or in the event of a default under the agreements or contract termination.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurement of Financial Instruments	The following table presents, for each applicable level within the fair value hierarchy, the Company’s net derivative assets and liabilities, including both current and noncurrent portions, measured at fair value on a recurring basis: (in thousands) Level 1 Level 2 Level 3 June 30, 2021 Total assets $ — $ 68 $ — Total liabilities — 64,036 — December 31, 2020 Total assets $ — $ 52 $ — Total liabilities — 18,261 —
Long-term Debt, Fair Value	The following table summarizes the carrying values, principal amounts and fair values of these instruments as of the dates indicated: June 30, 2021 December 31, 2020 Carrying Value Principal Amount Fair Value Carrying Value Principal Amount Fair value Credit facility due 2023 (1) $ 255,000 $ 255,000 $ 255,000 $ 330,000 $ 330,000 $ 330,000 8.00% Senior Secured Notes due 2025 (2) — — — 103,901 127,073 114,366 5.375% Senior Notes due 2026 (2) 285,261 289,448 283,659 284,867 289,448 206,955 6.875% Senior Notes due 2027 (2) 350,276 356,351 364,405 349,856 356,351 254,791 3.25% Convertible Notes due 2028 (2) 163,780 170,000 219,606 — — — (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.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Schedule of Earnings Per Share, Basic and Diluted	The following table reflects the allocation of net income to common shareholders and EPS computations for the periods indicated based on a weighted average number of common shares outstanding for the period: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2021 2020 2021 2020 Net income (loss) attributable to Class A Common Stock $ (25,055) $ 5,330 $ (59,700) $ (542,653) Basic weighted average shares of Class A Common Stock outstanding 279,185 277,133 279,061 276,543 Add: Dilutive effects of potential common stock — 75 — — Diluted weighted average shares of Class A Common Stock outstanding 279,185 277,208 279,061 276,543 Basic net earnings (loss) per share of Class A Common Stock $ (0.09) $ 0.02 $ (0.21) $ (1.96) Diluted net earnings (loss) per share of Class A Common Stock $ (0.09) $ 0.02 $ (0.21) $ (1.96)
Schedule of Shares Excluded from Diluted Earnings Per Share Calculation	The following table presents shares excluded from the diluted earnings per share calculation for the periods presented as their impact was anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Out-of-the-money stock options 2,241 4,696 2,267 4,756 Restricted stock 8,769 5,066 9,167 5,125 Employee Stock Purchase Plan 68 — 54 139 Weighted average shares of Class C Common Stock — 11 — 523 Warrants 8,000 8,000 8,000 8,000 Performance stock units — — 199 — Convertible Senior Notes 27,074 — 27,074 —

Transactions with Related Par_2

Transactions with Related Parties (Tables)	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Schedule of Revenues Recognized and Processing Fees Incurred with Related Parties	The following table summarizes the revenues recognized and the associated processing fees incurred from this marketing agreement as included in the consolidated statements of operations for the periods indicated, as well as the related net receivables outstanding as of the balance sheet dates: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Oil and gas sales $ 3,056 $ 574 $ 4,132 $ 1,662 Gathering, processing and transportation expenses 1,636 1,109 2,841 2,062 (in thousands) June 30, 2021 December 31, 2020 Accounts receivable, net (1) $ 2,251 $ 994

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Summary of Oil and Gas Revenues	Oil and gas revenues presented within the consolidated statements of operations relate to the sale of oil, natural gas and NGLs as shown below: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Operating revenues (in thousands): Oil sales $ 177,105 $ 73,100 $ 310,831 $ 243,605 Natural gas sales 27,015 8,787 62,466 17,145 NGL sales 28,457 8,622 51,671 22,528 Oil and gas sales $ 232,577 $ 90,509 $ 424,968 $ 283,278

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Schedule of Discount Rate and Remaining Lease Term, Components of Lease Expenses, and Other Information	The table below summarizes the Company’s weighted-average discount rate and weighted-average remaining lease term as of the period presented. As of June 30, 2021 Weighted-average discount rate 4.65 % Weighted-average remaining lease term (months) 122 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Lease costs Operating lease cost $ 842 $ 1,527 $ 1,715 $ 5,832 Variable lease cost 13 3,278 22 4,485 Short-term lease cost 9,973 11,192 17,167 29,017 Total lease cost $ 10,828 $ 15,997 $ 18,904 $ 39,334
Schedule of Maturities of Operating Lease Liabilities	Maturities of the Company’s long-term operating lease liabilities by fiscal year as of June 30, 2021 are as follows: (in thousands) Total (2) 2021 (1) $ 247 2022 1,038 2023 1,977 2024 2,031 2025 2,086 2026 and thereafter 12,669 Total lease payments 20,048 Less: imputed interest (4,602) Present value of lease liabilities (3) $ 15,446 (1) Excludes payments made during the six months ended June 30, 2021. (2) Total lease payments exclude variable lease payments which can be charged under the terms of the lease agreements. (3) This amount is included in current and noncurrent liabilities in the line item Operating lease liabilities in the consolidated balance sheets as of June 30, 2021.
Schedule of Cash Flow, Supplemental Disclosures	The following table presents supplemental cash flow information related to the Company’s leases for the periods presented. Six Months Ended June 30, (in thousands) 2021 2020 Operating lease liability payments: Cash used in operating activities $ 1,715 $ 4,030 Cash used in investing activities $ — $ 1,802 Right-of-use assets recognized (derecognized) with offsetting operating lease liabilities $ 12,984 $ (3,454)

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)	Jun. 30, 2021	Mar. 31, 2020
Centennial Resource Production, LLC
Noncontrolling Interest [Line Items]
Ownership interest of non-controlling interest	0.00%	0.40%

Property Divestiture (Details)

Property Divestiture (Details) $ in Millions	Jun. 30, 2021USD ($)
Property Dispositions [Abstract]
Escrow Deposit	$ 10

Accounts Receivable, Accounts_3

Accounts Receivable, Accounts Payable and Accrued Expenses - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued oil and gas sales receivable, net	$ 67,814	$ 41,670
Joint interest billings, net	20,503	12,770
Other	1,269	117
Accounts receivable, net	$ 89,586	$ 54,557

Accounts Receivable, Accounts_4

Accounts Receivable, Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable	$ 19,514	$ 5,052
Accrued capital expenditures	39,704	21,471
Revenues payable	39,831	42,115
Accrued interest	15,594	15,138
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	15,873	3,488
Accrued employee compensation and benefits	13,099	11,516
Accrued expenses and other	14,203	11,659
Accounts payable and accrued expenses	$ 157,818	$ 110,439

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($)	Jun. 30, 2021	Mar. 26, 2021	Mar. 19, 2021	Dec. 31, 2020	May 22, 2020	Mar. 15, 2019	Nov. 30, 2017
Debt Instrument [Line Items]
Total long-term debt, net	$ 1,054,317,000			$ 1,068,624,000
Senior Notes
Debt Instrument [Line Items]
Unamortized debt issuance costs on Senior Notes	(14,376,000)			(12,790,000)
Unamortized debt discount	(2,106,000)			(21,458,000)
Total long-term debt, net	$ 799,317,000			$ 738,624,000
Senior Notes | Senior Secured Note Due 2025 [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	8.00%			8.00%	8.00%
Debt Instrument, Face Amount	$ 0			$ 127,073,000	$ 127,100,000
Unamortized debt discount					$ (21,000,000)
Senior Notes | Senior Notes Due 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	5.375%			5.375%			5.375%
Debt Instrument, Face Amount	$ 289,448,000			$ 289,448,000			$ 400,000,000
Senior Notes | Senior Notes Due 2027
Debt Instrument [Line Items]
Interest rate, stated percentage	6.875%			6.875%		6.875%
Debt Instrument, Face Amount	$ 356,351,000			$ 356,351,000		$ 500,000,000
Unamortized debt discount						$ (3,800,000)
Convertible Notes Payable | Convertible Senior Notes Due 2028
Debt Instrument [Line Items]
Interest rate, stated percentage	3.25%		3.25%	3.25%
Debt Instrument, Face Amount	$ 170,000,000	$ 20,000,000	$ 150,000,000	$ 0
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Long-term Debt, Gross	255,000,000			330,000,000
Debt Instrument, Face Amount	$ 255,000,000			$ 330,000,000

Long-Term Debt - Credit Agreeme

Long-Term Debt - Credit Agreement (Details) - Line of Credit	May 01, 2020redetermination	May 04, 2018	Jun. 30, 2021USD ($)	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit, term		5 years
Borrowings, outstanding amount			$ 255,000,000
Remaining borrowing capacity, net of current borrowings outstanding			441,000,000
Minimum Availability Condition			31,800,000
Line of Credit Facility, Current Borrowing Capacity			700,000,000
Maximum borrowing base			$ 1,500,000,000
Number of optional borrowing base redeterminations | redetermination	2
Debt Instrument, Interest Rate Floor			1.00%
Revolving Credit Facility | Forecast [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Covenant Compliance, Leverage Ratio Declining Rate				0.25
Revolving Credit Facility | Federal Funds Effective Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate			0.50%
Revolving Credit Facility | One-Month London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate			1.00%
Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage			0.375%
Debt instrument, covenant, minimum current ratio			1
Revolving Credit Facility | Minimum | Adjusted For Statutory Reserve Requirements - London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate			2.00%
Revolving Credit Facility | Minimum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate			1.00%
Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage			0.50%
Revolving Credit Facility | Maximum | Forecast [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Covenant Compliance, First Lien Leverage Ratio					2.50	2.75
Debt instrument, covenant, maximum leverage ratio				4			5
Revolving Credit Facility | Maximum | Adjusted For Statutory Reserve Requirements - London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate			3.00%
Revolving Credit Facility | Maximum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate			2.00%
Letter of Credit
Line of Credit Facility [Line Items]
Letters of credit outstanding			$ 4,000,000

Long-Term Debt - Convertible Se

Long-Term Debt - Convertible Senior Notes (Details)	Mar. 19, 2021USD ($)	Jun. 30, 2021USD ($)$ / shares	Mar. 26, 2021USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Redemption price percentage		100.00%
Long-term debt, net		$ 1,054,317,000		$ 1,068,624,000
Convertible Senior Notes Due 2028 | Convertible Notes Payable
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 150,000,000	$ 170,000,000	$ 20,000,000	$ 0
Interest rate, stated percentage	3.25%	3.25%		3.25%
Proceeds from borrowings, net of issuance costs	$ 163,600,000
Debt issuance costs	$ 6,400,000
Debt Instrument, Convertible, Conversion Ratio		0.1592610
Debt Instrument, Convertible, Conversion Price | $ / shares		$ 6.28
Redemption price percentage		130.00%
Debt Instrument, Convertible, Threshold Trading Days		20
Debt Instrument, Convertible, Threshold Consecutive Trading Days		30
Debt Instrument, Convertible, Event of Default Minimum Percentage Of Aggregate Principal Amount Holders May Declare Immediately Due And Payable		25.00%
Convertible Senior Notes Due 2028 | Convertible Notes Payable | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price percentage		130.00%
Debt Instrument, Convertible, Threshold Trading Days		20
Debt Instrument, Convertible, Threshold Consecutive Trading Days		30
Convertible Senior Notes Due 2028 | Convertible Notes Payable | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt Instrument, Convertible, Threshold Consecutive Trading Days		10
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger		98.00%

Long-Term Debt - Capped Called

Long-Term Debt - Capped Called Transactions (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Line of Credit Facility [Line Items]
Premiums paid on capped call transactions	$ 14,688,000	$ 0
Convertible Senior Notes Due 2028 | Convertible Notes Payable
Line of Credit Facility [Line Items]
Debt instrument conversion strike price	$ 6.28
Debt instrument conversion cap price	$ 8.4525
Premiums paid on capped call transactions	$ 14,700,000

Long-Term Debt - Senior Unsecur

Long-Term Debt - Senior Unsecured Notes Debt Exchange (Details) - USD ($)	May 22, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt	$ 143,400,000	$ (22,156,000)	$ 143,443,000	$ (22,156,000)	$ 143,443,000
Senior Notes
Debt Instrument [Line Items]
Debt Conversion, Original Debt, Amount	254,200,000
Senior Notes | Senior Secured Note Due 2025 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 127,100,000	$ 0		$ 0		$ 127,073,000
Interest rate, stated percentage	8.00%	8.00%		8.00%		8.00%
Gain (loss) on extinguishment of debt				$ 22,200,000

Long-Term Debt - Senior Secured

Long-Term Debt - Senior Secured Notes (Details) - USD ($)	May 22, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Redemption price percentage				100.00%
Gain (loss) on extinguishment of debt	$ 143,400,000	$ (22,156,000)	$ 143,443,000	$ (22,156,000)	$ 143,443,000
Senior Notes
Debt Instrument [Line Items]
Redemption price percentage				100.00%
Percentage of principal amount, eligible to be redeemed				35.00%
Senior Secured Note Due 2025 [Member] | Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 127,100,000	$ 0		$ 0		$ 127,073,000
Private placement price as percentage of par	83.44%
Debt issuance costs	$ 4,200,000
Interest rate, stated percentage	8.00%	8.00%		8.00%		8.00%
Gain (loss) on extinguishment of debt				$ 22,200,000

Long-Term Debt - Senior Unsec_2

Long-Term Debt - Senior Unsecured Notes (Details) - USD ($)	May 22, 2020	Mar. 15, 2019	Nov. 30, 2017	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Redemption price percentage				100.00%
Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount				$ 2,106,000	$ 21,458,000
Debt Conversion, Original Debt, Amount	$ 254,200,000
Percentage of principal amount, eligible to be redeemed				35.00%
Redemption price percentage				100.00%
Percentage of principal amount, redeemable				65.00%
Debt Instrument, Redemption Period, Maximum Period Within Closing Of Offering				180 days
Senior Notes Due 2027 | Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 500,000,000		$ 356,351,000	$ 356,351,000
Interest rate, stated percentage		6.875%		6.875%	6.875%
Private placement price as percentage of par		99.235%
Proceeds from borrowings, net of issuance costs		$ 489,000,000
Debt Instrument, Unamortized Discount		3,800,000
Debt issuance costs		$ 7,200,000
Debt Conversion, Original Debt, Amount	143,700,000
Redemption price percentage		106.875%
Senior Notes Due 2026 | Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 400,000,000	$ 289,448,000	$ 289,448,000
Interest rate, stated percentage			5.375%	5.375%	5.375%
Proceeds from borrowings, net of issuance costs			$ 391,000,000
Debt issuance costs			$ 9,000,000
Debt Conversion, Original Debt, Amount	$ 110,600,000
Redemption price percentage			105.375%

Long-Term Debt - Senior Notes (

Long-Term Debt - Senior Notes (Details) - Senior Notes	May 22, 2020	Mar. 15, 2019	Jun. 30, 2021
Debt Instrument [Line Items]
Percentage of principal amount, event of default			25.00%
Senior Notes Due 2026
Debt Instrument [Line Items]
Percentage of principal amount, change in control		101.00%
Senior Secured Note Due 2025 [Member]
Debt Instrument [Line Items]
Percentage of principal amount, change in control	101.00%
Senior Notes Due 2027
Debt Instrument [Line Items]
Percentage of principal amount, change in control		101.00%

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations, beginning of period	$ 17,009
Liabilities incurred	87
Liabilities divested and settled	(215)
Accretion expense	656
Asset Retirement Obligation, Revision of Estimate	21
Asset retirement obligations, end of period	$ 17,516

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands	Apr. 29, 2020shares	Jun. 30, 2021USD ($)shares	Sep. 30, 2020shares	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2020USD ($)	May 01, 2019shares	Oct. 07, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				0
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value (in dollars per share) | $ / shares				$ 0
Fair value of vested restricted stock awards | $				$ 2,700	$ 4,600
Unrecognized compensation costs | $		$ 13,800		$ 13,800
Unrecognized compensation costs, period for recognition				1 year 6 months
Granted (in shares)				0
Stock option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, period for recognition				9 months 18 days
Fair value of stock options vested | $				$ 500	$ 4,200
Intrinsic value of options exercised | $				71
Unrecognized compensation costs for stock options | $		400		$ 400
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Unrecognized compensation costs | $		1,100		$ 1,100
Unrecognized compensation costs, period for recognition				1 year
Cash-settled Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs | $		8,700		$ 8,700
Unrecognized compensation costs, period for recognition				1 year 7 months 6 days
Granted (in shares)			5,500,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period				3 years
Cash-settled Performance Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs | $		$ 41,000		$ 41,000
Unrecognized compensation costs, period for recognition				2 years
Granted (in shares)			5,500,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period				3 years
2016 Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)							16,500,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	8,250,000
Number of shares available for grant (in shares)		6,645,120		6,645,120
2016 Long Term Incentive Plan | Stock option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Option expiration period				10 years
2019 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)						2,000,000
Number of shares available for grant (in shares)		1,561,164		1,561,164
Officer and employees | Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Director | Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				1 year
Maximum | Cash-settled Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award rights, percentage return		4
Minimum | Cash-settled Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award rights, percentage return		0.25

Stock-Based Compensation - Comp

Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity based compensation expense	$ 19,141	$ 4,727	$ 34,140	$ 11,136
Restricted stock awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity based compensation expense	3,536	3,387	7,142	7,741
Stock option awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity based compensation expense	234	291	505	1,275
Performance stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity based compensation expense	646	1,003	1,285	2,006
Employee Stock [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity based compensation expense	65	46	134	114
Equity [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity based compensation expense	4,481	4,727	9,066	11,136
Cash-settled Performance Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity based compensation expense	10,013	0	17,119	0
Cash-settled Restricted Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity based compensation expense	4,647	0	7,955	0
Liability Award [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity based compensation expense	$ 14,660	$ 0	$ 25,074	$ 0

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock (Details) - Restricted stock awards	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Awards
Unvested balance, beginning of period (in shares) | shares	12,093,723
Granted (in shares) | shares	0
Vested (in shares) | shares	(504,052)
Forfeited (in shares) | shares	(8,228)
Unvested balance, end of period (in shares) | shares	11,581,443
Weighted Average Grant-Date Fair Value
Beginning of period (in dollars per share) | $ / shares	$ 2.33
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	5.39
Forfeited (in dollar per share) | $ / shares	8.57
End of period (in dollars per share) | $ / shares	$ 2.19
Officer and employees
Weighted Average Grant-Date Fair Value
Vesting period	3 years
Director
Weighted Average Grant-Date Fair Value
Vesting period	1 year

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions Used For Stock Options (Details) - Stock option awards - $ / shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value per share (in dollars per share)	$ 0	$ 1.16
Expected term (in years)	0 years	6 years
Expected stock volatility	0.00%	86.00%
Dividend yield	0.00%	0.00%
Risk-free interest rate	0.00%	1.00%

Stock-Based Compensation - Opti

Stock-Based Compensation - Option Activity (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021
Options
Outstanding, beginning of period (in shares)	2,363,334
Granted (in shares)	0
Exercised (in shares)	14,999
Forfeited (in shares)	(5,334)
Expired (in shares)	(52,333)
Outstanding, end of period (in shares)	2,290,668
Weighted Average Exercise Price
Outstanding, beginning of period (in dollars per share)	$ 15.07
Granted (in dollars per share)	0
Exercised (in dollars per share)	0.99
Forfeited (in dollars per share)	5.77
Expired (in dollars per share)	16.98
Outstanding, end of period (in dollars per share)	$ 15.14
Exercisable (in shares)	2,057,977
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 15.73
Outstanding, weighted average remaining term	6 years 10 days
Exercisable, weighted average remaining term	5 years 9 months 25 days
Outstanding, aggregate intrinsic value	$ 473,000
Exercisable, aggregate intrinsic value	$ 103,000

Stock-Based Compensation - As_2

Stock-Based Compensation - Assumptions For Performance Stock Units (Details)	6 Months Ended
	Jun. 30, 2021
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance Stock Unit Activity (Details)	6 Months Ended
	Jun. 30, 2021
Performance stock units
Weighted Average Grant-Date Fair Value
Vesting period	3 years

Stock-Based Compensation - As_3

Stock-Based Compensation - Assumptions for Liability Awards (Details)	6 Months Ended
	Jun. 30, 2021
Cash-settled Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Simulations	10,000,000
Expected stock volatility	69.80%
Dividend yield	0.00%
Risk-free interest rate	0.30%
Cash-settled Performance Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Simulations	10,000,000
Expected stock volatility	72.30%
Dividend yield	0.00%
Risk-free interest rate	0.30%

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Derivative Instruments (Details) - Not Designated as Hedging Instrument	6 Months Ended
	Jun. 30, 2021MMBTUbbl / d$ / MMBTU$ / bblbbl
Crude Oil Basis Swap - Period One [Member]
Derivative [Line Items]
Weighted Average Differential ($/MMBtu)	0.26
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	8,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	736,000
Crude Oil Basis Swap - Period Two [Member]
Derivative [Line Items]
Weighted Average Differential ($/MMBtu)	0.26
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	7,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	644,000
Crude Oil Roll Differential Swap - Period Three
Derivative [Line Items]
Weighted Average Differential ($/MMBtu)	0.60
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	5,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	450,000
Crude Oil Roll Differential Swap - Period Four
Derivative [Line Items]
Weighted Average Differential ($/MMBtu)	0.60
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	5,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	455,000
Crude Oil Roll Differential Swap - Period Five
Derivative [Line Items]
Weighted Average Differential ($/MMBtu)	0.60
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	5,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	460,000
Crude Oil Roll Differential Swap - Period Six
Derivative [Line Items]
Weighted Average Differential ($/MMBtu)	0.60
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	5,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	460,000
Natural Gas Swaps - Henry Hub - Period One
Derivative [Line Items]
Volume (MMBtu) | MMBTU	3,680,000
Volume (MMBtu/d) | MMBTU	40,000
Weighted Average Fixed Price ($/Bbl) | $ / MMBTU	2.89
Natural Gas Swaps - Henry Hub - Period Two [Member]
Derivative [Line Items]
Volume (MMBtu) | MMBTU	3,680,000
Volume (MMBtu/d) | MMBTU	40,000
Weighted Average Fixed Price ($/Bbl) | $ / MMBTU	2.95
Natural Gas Swaps - Henry Hub - Period Three [Member]
Derivative [Line Items]
Volume (MMBtu) | MMBTU	2,700,000
Volume (MMBtu/d) | MMBTU	30,000
Weighted Average Fixed Price ($/Bbl) | $ / MMBTU	3
Natural Gas Swaps - Henry Hub - Period Four [Member]
Derivative [Line Items]
Volume (MMBtu) | MMBTU	910,000
Volume (MMBtu/d) | MMBTU	10,000
Weighted Average Fixed Price ($/Bbl) | $ / MMBTU	3
Natural Gas Swaps - Henry Hub - Period Five [Member]
Derivative [Line Items]
Volume (MMBtu) | MMBTU	920,000
Volume (MMBtu/d) | MMBTU	10,000
Weighted Average Fixed Price ($/Bbl) | $ / MMBTU	3
Natural Gas Swaps - Henry Hub - Period Six
Derivative [Line Items]
Volume (MMBtu) | MMBTU	920,000
Volume (MMBtu/d) | MMBTU	10,000
Weighted Average Fixed Price ($/Bbl) | $ / MMBTU	3
Natural Gas Basis Swap - Period One [Member]
Derivative [Line Items]
Weighted Average Differential ($/MMBtu)	0.30
Volume (MMBtu) | MMBTU	3,680,000
Volume (MMBtu/d) | MMBTU	40,000
Natural Gas Basis Swap - Period two
Derivative [Line Items]
Weighted Average Differential ($/MMBtu)	0.24
Volume (MMBtu) | MMBTU	4,290,000
Volume (MMBtu/d) | MMBTU	46,630
Natural Gas Basis Swap - Period Three
Derivative [Line Items]
Weighted Average Differential ($/MMBtu)	0.18
Volume (MMBtu) | MMBTU	2,700,000
Volume (MMBtu/d) | MMBTU	30,000
Natural Gas Collars - Period Two [Member]
Derivative [Line Items]
Derivative, Average Floor Price	3
Derivative, Average Cap Price	3.30
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	6,630
Derivative, Nonmonetary Notional Amount, Volume | bbl	610,000
Natural Gas Collars - Period Three
Derivative [Line Items]
Derivative, Average Floor Price	3
Derivative, Average Cap Price	3.30
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	10,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	900,000
NYMEX WTI [Member] | Crude Oil Swap - Period One [Member]
Derivative [Line Items]
Weighted Average Fixed Price ($/Bbl)	47.01
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	8,500
Derivative, Nonmonetary Notional Amount, Volume | bbl	782,000
NYMEX WTI [Member] | Crude Oil Swap - Period Two [Domain]
Derivative [Line Items]
Weighted Average Fixed Price ($/Bbl)	49.82
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	9,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	828,000
NYMEX WTI [Member] | Crude Oil Swap - Period Three [Member]
Derivative [Line Items]
Weighted Average Fixed Price ($/Bbl)	64.41
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	8,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	720,000
NYMEX WTI [Member] | Crude Oil Swap - Period Four [Member]
Derivative [Line Items]
Weighted Average Fixed Price ($/Bbl)	63.26
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	5,500
Derivative, Nonmonetary Notional Amount, Volume | bbl	500,500
NYMEX WTI [Member] | Crude Oil Swap - Period Five [Member]
Derivative [Line Items]
Weighted Average Fixed Price ($/Bbl)	62.41
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	4,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	368,000
NYMEX WTI [Member] | Crude Oil Swap - Period Six
Derivative [Line Items]
Weighted Average Fixed Price ($/Bbl)	62.15
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	3,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	276,000
NYMEX WTI [Member] | Crude Oil Collars - Period One [Member]
Derivative [Line Items]
Derivative, Average Floor Price	49.75
Derivative, Average Cap Price	58.51
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	2,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	184,000
NYMEX WTI [Member] | Crude Oil Collars - Period Two
Derivative [Line Items]
Derivative, Average Floor Price	42
Derivative, Average Cap Price	50.10
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	1,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	92,000
ICE Brent [Member] | Crude Oil Swap - Period One [Member]
Derivative [Line Items]
Weighted Average Fixed Price ($/Bbl)	54.85
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	3,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	276,000
ICE Brent [Member] | Crude Oil Swap - Period Two [Domain]
Derivative [Line Items]
Weighted Average Fixed Price ($/Bbl)	48.50
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	2,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	184,000
ICE Brent [Member] | Crude Oil Collars - Period One [Member]
Derivative [Line Items]
Derivative, Average Floor Price	65
Derivative, Average Cap Price	73.17
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	2,500
Derivative, Nonmonetary Notional Amount, Volume | bbl	230,000
ICE Brent [Member] | Crude Oil Collars - Period Two
Derivative [Line Items]
Derivative, Average Floor Price	65
Derivative, Average Cap Price	74.70
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	1,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	92,000

Derivative Instruments - Gains

Derivative Instruments - Gains and Losses from Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net gain (loss) on derivative instruments	$ (54,959)	$ (29,857)	$ (106,158)	$ (38,362)

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Derivative Instruments Balance Sheet Classification (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Prepaid and other current assets
Derivative Assets
Gross Fair Value Asset/Liability Amounts	$ 1,173	$ 6,131
Gross Amounts Offset	(1,173)	(6,131)
Net Recognized Fair Value Assets/Liabilities	0	0
Noncurrent Assets [Member]
Derivative Assets
Gross Fair Value Asset/Liability Amounts	163	152
Gross Amounts Offset	(95)	(100)
Net Recognized Fair Value Assets/Liabilities	68	52
Other current liabilities
Derivative Liabilities
Gross Fair Value Asset/Liability Amounts	63,885	24,392
Gross Amounts Offset	(1,173)	(6,131)
Net Recognized Fair Value Assets/Liabilities	62,712	18,261
Non Current Liabilities [Member]
Derivative Liabilities
Gross Fair Value Asset/Liability Amounts	1,419	100
Gross Amounts Offset	(95)	(100)
Net Recognized Fair Value Assets/Liabilities	$ 1,324	$ 0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Derivative Assets and Liabilities (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 0	$ 0
Derivative Liability	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	68	52
Derivative Liability	64,036	18,261
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0
Derivative Liability	$ 0	$ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Fair Value of Liabilities (Details) - USD ($)	Jun. 30, 2021	Mar. 26, 2021	Mar. 19, 2021	Dec. 31, 2020	May 22, 2020	Mar. 15, 2019	Nov. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net	$ 1,054,317,000			$ 1,068,624,000
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net	$ 799,317,000			$ 738,624,000
Senior Secured Note Due 2025 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate, stated percentage	8.00%			8.00%	8.00%
Debt Instrument, Face Amount	$ 0			$ 127,073,000	$ 127,100,000
Fair value of debt instrument	$ 0			$ 114,366,000
Senior Notes Due 2026 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate, stated percentage	5.375%			5.375%			5.375%
Debt Instrument, Face Amount	$ 289,448,000			$ 289,448,000			$ 400,000,000
Fair value of debt instrument	$ 283,659,000			$ 206,955,000
Senior Notes Due 2027 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate, stated percentage	6.875%			6.875%		6.875%
Debt Instrument, Face Amount	$ 356,351,000			$ 356,351,000		$ 500,000,000
Fair value of debt instrument	$ 364,405,000			$ 254,791,000
Convertible Senior Notes Due 2028 | Convertible Notes Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate, stated percentage	3.25%		3.25%	3.25%
Debt Instrument, Face Amount	$ 170,000,000	$ 20,000,000	$ 150,000,000	$ 0
Fair value of debt instrument	219,606,000			0
Carrying Value | Senior Secured Note Due 2025 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net	0			103,901,000
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	285,261,000			284,867,000
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	350,276,000			349,856,000
Carrying Value | Convertible Senior Notes Due 2028 | Convertible Notes Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net	163,780,000			0
Revolving Credit Facility | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Gross	255,000,000			330,000,000
Debt Instrument, Face Amount	255,000,000			330,000,000
Fair value of debt instrument	255,000,000			330,000,000
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	$ 255,000,000			$ 330,000,000

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	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net income (loss) attributable to Class A Common Stock	$ (25,055)	$ 5,330	$ (59,700)	$ (542,653)
Basic net earnings per share of Class A Common Stock (USD per share)	$ (0.09)	$ 0.02	$ (0.21)	$ (1.96)
Diluted net earnings per share of Class A Common Stock (USD per share)	$ (0.09)	$ 0.02	$ (0.21)	$ (1.96)
Basic weighted average shares of Class A Common Stock outstanding (in shares)	279,185	277,133	279,061	276,543
Diluted weighted average shares of Class A Common Stock outstanding (in shares)	279,185	277,208	279,061	276,543
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants	0	75	0	0

Earnings Per Share - Summary of

Earnings Per Share - Summary of Shares Excluded From Diluted Earnings Per Share Calculation (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
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)	2,241	4,696	2,267	4,756
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	8,000	8,000	8,000	8,000
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	8,769	5,066	9,167	5,125
Weighted average shares of Class C Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	0	11	0	523
Performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	0	0	199	0
Employee Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	68	0	54	139
Convertible Notes Payable
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	27,074		27,074	0

Transactions with Related Par_3

Transactions with Related Parties - Schedule of Revenues Recognized and Processing Fees Incurred with Related Parties (Details) - Lucid Energy Delaware, LLC - Affiliated Entity - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Oil and gas sales	$ 3,056	$ 574	$ 4,132	$ 1,662
Gathering, processing and transportation expenses	1,636	$ 1,109	2,841	$ 2,062
Accounts receivable, net(1)	$ 2,251		$ 2,251		$ 994

Transactions with Related Par_4

Transactions with Related Parties Senior Secured Notes (Details) - USD ($) $ in Thousands	May 22, 2020	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Jun. 30, 2020
Related Party Transaction [Line Items]
Cash paid for interest				$ 30,124	$ 36,618
Senior Notes
Related Party Transaction [Line Items]
Debt Conversion, Original Debt, Amount	$ 254,200
Senior Notes | Senior Secured Note Due 2025 [Member]
Related Party Transaction [Line Items]
Cash paid for interest				3,800
Senior Notes | Senior Secured Note Due 2025 [Member] | Affiliated Entity
Related Party Transaction [Line Items]
Cash paid for interest		$ 3,100
Senior Notes | Senior Secured Note Due 2025 [Member] | Affiliated Entity | Debt Exchange Transaction [Member]
Related Party Transaction [Line Items]
Debt Conversion, Original Debt, Amount			$ 106,300	$ 106,300

Commitments and Contingencies C

Commitments and Contingencies Commitments and Contingencies (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2021USD ($)bbl / d
Minimum
Supply Commitment [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 0
Maximum
Supply Commitment [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 7,600
Permian Basin Agreement [Member]
Supply Commitment [Line Items]
Supply Commitment, Barrels Required To Be Committed Per Day | bbl / d	30,000
Supply Commitment, Number of Years	4 years

Revenues - Schedule of Disaggre

Revenues - Schedule of Disaggregated Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 232,577	$ 90,509	$ 424,968	$ 283,278
Oil sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	177,105	73,100	310,831	243,605
Natural gas sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	27,015	8,787	62,466	17,145
NGL sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 28,457	$ 8,622	$ 51,671	$ 22,528

Revenues - Additional Informati

Revenues - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Accrued oil and gas sales receivable, net	$ 67.8	$ 41.7
Natural Gas and NGL sales | Minimum
Disaggregation of Revenue [Line Items]
Performance obligations billing cycle	30 days
Natural Gas and NGL sales | Maximum
Disaggregation of Revenue [Line Items]
Performance obligations billing cycle	90 days
Oil sales
Disaggregation of Revenue [Line Items]
Performance obligations billing cycle	30 days

Leases - Additional Information

Leases - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 month
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	10 years
Renewal term (up to)	5 years

Leases - Schedule of Lease Expe

Leases - Schedule of Lease Expenses and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Lessee, Lease, Description [Line Items]
Weighted-average discount rate	4.65%		4.65%
Weighted-average remaining lease term (years)	122 months		122 months
Lease costs
Operating lease cost	$ 842	$ 1,527	$ 1,715	$ 5,832
Variable lease cost	13	3,278	22	4,485
Short-term lease cost	9,973	11,192	17,167	29,017
Total lease cost	$ 10,828	$ 15,997	$ 18,904	$ 39,334

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Operating Lease Liabilities, Payments Due After Adoption of 842 [Abstract]
2020	$ 247
2021	1,038
2022	1,977
Lessee, Operating Lease, Liability, to be Paid, Year Four	2,031
Lessee, Operating Lease, Liability, to be Paid, Year Five	2,086
Lessee, Operating Lease, Liability, to be Paid, after Year Five	12,669
Total	20,048
Less: Imputed Interest	(4,602)
Present value of lease liabilities	15,446
Operating lease liability, current	240	$ 3,155
Operating lease liability, noncurrent	$ 15,206	$ 422

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating Lease, Payments, Use	$ 0	$ 1,802
Operating Lease, Payments	1,715	4,030
Right-of-Use Asset Obtained In (Derecognized From) Exchange For Operating Lease Liability	$ 12,984	$ (3,454)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Subsequent Event [Line Items]
Share-based Payment Arrangement, Expense		$ 19,141	$ 4,727	$ 34,140	$ 11,136
Cash-settled Restricted Stock
Subsequent Event [Line Items]
Share-based Payment Arrangement, Expense		$ 4,647	$ 0	$ 7,955	$ 0
Subsequent Event [Member] | Cash-settled Restricted Stock
Subsequent Event [Line Items]
Share-based Payment Arrangement, Expense	$ 17,300
Share-based Payment Arrangement, Cash Settled Amount	$ 6,100