Rosehill Resources 10-Q 2 Jul 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Jun. 26, 2020
Document And Entity Information
Entity Registrant Name	Rosehill Resources Inc.
Central Index Key	0001659122
Document Type	10-Q
Document Period-End Date	Mar. 31, 2020
Amendment Flag	false
Entity Ex Transition Period	false
Current Fiscal Year-End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Emerging Growth Company	true
Small Business	true
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020
Entity Shell Company	false
Entity Current Reporting Status	Yes
Class A Common Stock
Entity Common Stock, Shares Outstanding		28,944,000
Class B Common Stock
Entity Common Stock, Shares Outstanding		15,707,692

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 78,309	$ 2,991
Accounts receivable	21,333	34,910
Derivative assets	79,907	10,340
Prepaid and other current assets	1,464	2,393
Total current assets	181,013	50,634
Property and equipment:
Oil and natural gas properties (successful efforts), net	409,322	744,597
Other property and equipment, net	2,739	2,984
Total property and equipment, net	412,061	747,581
Derivative assets	60,784	33,105
Deferred tax assets	0	37,726
Other assets, net	5,180	3,466
Total assets	659,038	872,512
Current liabilities:
Current portion of long-term debt, net	435,834	0
Accounts payable	10,928	15,922
Accounts payable, related parties	499	209
Derivative liabilities	2,122	4,016
Accrued liabilities and other	21,823	26,513
Accrued capital expenditures	22,613	23,031
Total current liabilities	493,819	69,691
Long-term liabilities:
Long-term debt, net	0	355,511
Asset retirement obligations	14,671	14,431
Deferred tax liabilities	378	1,196
Derivative liabilities	3,041	1,300
Liability related to tax receivable agreement	166	53,809
Other liabilities	1,064	432
Total long-term liabilities	19,320	426,679
Total liabilities	513,139	496,370
Commitments and contingencies (Note 19)
Stockholders’ equity
Additional paid-in capital	64,754	72,859
Retained earnings (accumulated deficit)	(129,223)	11,126
Total common stockholders’ equity (deficit)	(64,464)	83,990
Noncontrolling interest	(49,181)	40,575
Total stockholders’ equity (deficit)	(23,025)	213,116
Total liabilities, mezzanine equity and stockholders’ equity	659,038	872,512
Series B Preferred Stock
Mezzanine equity
Series B Preferred Stock; $0.0001 par value, 10.0% Redeemable, $1,000 per share liquidation preference; of the 1,000,000 shares of Preferred Stock authorized, 210,000 shares designated, 156,746 shares issued and outstanding as of March 31, 2020 and December 31, 2019	168,924	163,026
Series A Preferred Stock
Stockholders’ equity
Series A Preferred Stock; $0.0001 par value, 8.0% Cumulative Perpetual Convertible, $1,000 per share liquidation preference; of the 1,000,000 shares of Preferred Stock authorized, 150,000 shares designated, 107,658 and 105,589 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	90,620	88,551
Class A Common Stock
Stockholders’ equity
Common stock	3	3
Class B Common Stock
Stockholders’ equity
Common stock	$ 2	$ 2

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Series B Preferred Stock
Series B preferred stock, dividend rate	10.00%	10.00%
Series B preferred stock, par value (USD per share)	$ 0.0001	$ 0.0001
Series B preferred stock, liquidation preference (USD per share)	$ 1,000	$ 1,000
Series B preferred stock authorized (shares)	1,000,000	1,000,000
Series B preferred stock designated (shares)	210,000	210,000
Series B preferred stock issued (shares)	156,746	156,746
Series B preferred stock outstanding (shares)	156,746	156,746
Series A Preferred Stock
Series A preferred stock, par value (USD per share)	$ 0.0001	$ 0.0001
Series A preferred stock, dividend rate	8.00%	8.00%
Series A preferred stock, liquidation preference (USD per share)	$ 1,000	$ 1,000
Series A preferred stock authorized (shares)	1,000,000	1,000,000
Series A preferred stock designated (shares)	150,000	150,000
Series A preferred stock issued (shares)	107,658	105,589
Series A preferred stock outstanding (shares)	107,658	105,589
Class A Common Stock
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (shares)	250,000,000	250,000,000
Common stock issued (shares)	28,811,078	28,554,526
Common stock outstanding (shares)	28,811,078	28,554,526
Class B Common Stock
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (shares)	30,000,000	30,000,000
Common stock issued (shares)	15,707,692	15,707,692
Common stock outstanding (shares)	15,707,692	15,707,692

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Revenues	$ 60,194,000	$ 71,860,000
Operating expenses:
Lease operating expenses	12,095,000	9,635,000
Production taxes and ad valorem taxes	3,759,000	4,238,000
Gathering and transportation	1,371,000	2,361,000
Depreciation, depletion, amortization and accretion	31,486,000	35,964,000
Impairment of oil and natural gas properties	333,840,000	0
Exploration costs	13,720,000	1,255,000
General and administrative	10,620,000	9,055,000
Loss on disposition of property and equipment	18,000	9,000
Total operating expenses	406,909,000	62,517,000
Operating income (loss)	(346,715,000)	9,343,000
Other income (expense):
Interest expense, net	(10,814,000)	(5,600,000)
Gain (loss) on commodity derivative instruments, net	110,120,000	(104,571,000)
Other income, net	54,108,000	62,000
Total other income (expense), net	153,414,000	(110,109,000)
Loss before income taxes	(193,301,000)	(100,766,000)
Income tax expense	37,027,000	3,306,000
Net loss	(230,328,000)	(104,072,000)
Net loss attributable to noncontrolling interest	(89,979,000)	(73,909,000)
Net loss attributable to Rosehill Resources Inc. before preferred stock dividends	(140,349,000)	(30,163,000)
Series A Preferred Stock dividends and deemed dividends	2,102,000	2,006,000
Series B Preferred Stock dividends, deemed dividends, and return	5,898,000	5,808,000
Net loss attributable to Rosehill Resources Inc. common stockholders	$ (148,349,000)	$ (37,977,000)
Loss per common share:
Basic (USD per share)	$ (5.19)	$ (2.75)
Diluted (USD per share)	$ (5.38)	$ (2.75)
Weighted average common shares outstanding:
Basic (shares)	28,566	13,830
Diluted (shares)	44,274	13,830
Oil sales
Revenues:
Revenues	$ 57,752,000	$ 65,853,000
Natural gas sales
Revenues:
Revenues	104,000	1,474,000
Natural gas liquids sales
Revenues:
Revenues	$ 2,338,000	$ 4,533,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Total Common Stockholders’ Equity (Deficit)	Preferred Stock Series A	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Non-controlling Interest	Class A Common StockCommon Stock	Class B Common StockCommon Stock
Balance at beginning of period (shares) at Dec. 31, 2018			101,669				13,760,136	29,807,692
Balance at beginning of period at Dec. 31, 2018	$ 267,337	$ 68,936	$ 84,631	$ 42,271	$ 26,661	$ 113,770	$ 1	$ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(104,072)	(30,163)			(30,163)	(73,909)
Restricted stock issued (shares)							558,239
Restricted stock withheld for taxes (shares)							(31,054)
Restricted stock withheld for taxes	(89)	(89)		(89)
Stock-based compensation	974	974		974
Series A Preferred Stock dividends	(2,006)	(2,006)		(2,006)
Series B Preferred Stock dividends, deemed dividends and return	(5,808)	(5,808)		(5,808)
Equity shift		(86)		(86)		86
Balance at end of period (shares) at Mar. 31, 2019			101,669				14,287,321	29,807,692
Balance at end of period at Mar. 31, 2019	156,336	31,758	$ 84,631	35,256	(3,502)	39,947	$ 1	$ 3
Balance at beginning of period (shares) at Dec. 31, 2019			105,589				28,554,526	15,707,692
Balance at beginning of period at Dec. 31, 2019	213,116	83,990	$ 88,551	72,859	11,126	40,575	$ 3	$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(230,328)	(140,349)			(140,349)	(89,979)
Restricted stock issued (shares)							339,001
Restricted stock withheld for taxes (shares)							(82,449)
Restricted stock withheld for taxes	0
Stock-based compensation	118	118		118
Series A Preferred Stock dividends (in shares)			2,069
Series A Preferred Stock dividends	(33)	(2,102)	$ 2,069	(2,102)
Series B Preferred Stock dividends, deemed dividends and return	(5,898)	(5,898)		(5,898)
Equity shift		(223)		(223)		223
Balance at end of period (shares) at Mar. 31, 2020			107,658				28,811,078	15,707,692
Balance at end of period at Mar. 31, 2020	$ (23,025)	$ (64,464)	$ 90,620	$ 64,754	$ (129,223)	$ (49,181)	$ 3	$ 2

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (230,328,000)	$ (104,072,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	31,486,000	35,964,000
Impairment of oil and gas properties	333,840,000	0
Deferred income taxes	37,027,000	2,994,000
Stock-based compensation	19,000	974,000
(Gain) loss on derivative instruments	(106,025,000)	104,490,000
Net cash received (paid) in settlement of derivative instruments	8,627,000	(1,821,000)
Amortization of debt issuance costs	518,000	427,000
Write-off of undeveloped and exploratory costs	12,806,000	0
Other	283,000	1,000
Revaluation of Tax Receivable Agreement liability	(53,643,000)	0
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable and accounts receivable, related parties	13,577,000	(650,000)
Decrease (increase) in prepaid and other assets	918,000	(329,000)
Increase (decrease) in accounts payable and accrued liabilities and other	(4,507,000)	13,670,000
Increase (decrease) in accounts payable, related parties	290,000	(275,000)
Increase (decrease) in lease liabilities	(305,000)	0
Net cash provided by operating activities	44,583,000	51,373,000
Cash flows from investing activities:
Additions to oil and natural gas properties	(45,204,000)	(75,825,000)
Proceeds received from disposition of oil and natural gas properties	0	1,100,000
Additions to other property and equipment	(120,000)	(55,000)
Proceeds from sale of other property and equipment	10,000	0
Net cash used in investing activities	(45,314,000)	(74,780,000)
Cash flows from financing activities:
Proceeds from revolving credit facility	96,000,000	13,000,000
Repayment on revolving credit facility	(16,000,000)	0
Debt issuance costs	0	(644,000)
Dividends paid on preferred stock	(3,951,000)	(3,362,000)
Restricted stock used for tax withholdings	0	(89,000)
Payment on capital lease obligation	0	(3,000)
Net cash provided by financing activities	76,049,000	8,902,000
Net decrease in cash, cash equivalents, and restricted cash	75,318,000	(14,505,000)
Cash and cash equivalents beginning of period	2,991,000	20,157,000	$ 20,157,000
Cash and cash equivalents end of period	78,309,000	5,652,000	2,991,000
Supplemental disclosures:
Cash paid for interest	5,598,000	3,424,000
Supplemental noncash activity:
Asset retirement obligations incurred, net of revision of estimates	(22,000)	66,000
Changes in accrued capital expenditures	418,000	(4,618,000)
Changes in accounts payable for capital expenditures	2,504,000	8,264,000
Series A Preferred Stock
Supplemental noncash activity:
Series A Preferred Stock dividends paid-in-kind	2,102,000	0
Preferred Stock cash dividends declared and payable	0	2,006,000
Series B Preferred Stock
Supplemental noncash activity:
Preferred Stock cash dividends declared and payable	0	3,866,000
Series B Preferred Stock accrued dividends	4,677,000	0
Series B Preferred Stock return	816,000	1,577,000
Series B Preferred Stock deemed dividend	$ 405,000	$ 365,000	$ 405,000

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization Rosehill Resources Inc. (the “Company” or “Rosehill”) is an independent oil and natural gas company focused on the acquisition, exploration, development and production 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. Recent Developments The adverse economic effects of COVID-19 have materially decreased demand for crude oil as a result of the restrictions implemented by governments trying to curb the outbreak and changes in consumer behavior. This has led to a significant global oversupply of oil and consequently a substantial decrease in crude oil prices. While global oil producers, including the Organization of Petroleum Exporting Countries (“OPEC”) and other oil producing nations (together with OPEC, “OPEC+”), have reached agreement to cut oil production to a limited extent, downward pressure on commodity prices has remained and could continue for the foreseeable future, particularly given concerns over available storage capacity for oil. The Company considered the impact of COVID-19 and the substantial decline in crude oil prices on the assumptions and estimates used in preparation of its financial statements and as a result has recognized a number of material charges during the three months ended March 31, 2020, including impairments to its capitalized costs for proved and unproved crude oil and natural gas properties. The Company has also recorded a full valuation allowance on its deferred tax assets and reduced its Tax Receivable Agreement liability. These items are discussed further in the following notes. In response to adverse effects of COVID-19 on the Company’s financial condition, the Company halted its capital drilling activities and reduced personnel. The full extent of the impact of COVID-19 on the Company’s operations is uncertain. A prolonged pandemic and low commodity prices could have a further material adverse effect on the Company’s results of operations, financial condition, and liquidity, including additional impairments to oil and natural gas properties. On March 27, 2020, President Trump signed into U.S. federal law the “Coronavirus Aid, and Economic Security Act” (“CARES Act”), which is aimed at providing emergency assistance and health care for individuals, families, and businesses affected by the COVID-19 pandemic and generally supporting the U.S. economy. We have analyzed the different aspects of the CARES Act and determined that there is no impact on the Company’s financial statements. Certain events of default under the Amended and Restated Credit Agreement and the Note Purchase Agreement (in each case, as defined below) have occurred, and the Company entered into a forbearance agreement with the lenders under the Amended and Restated Credit Agreement. On June 30, 2020 , the Company entered into a Restructuring Support Agreement (“RSA”) with the stakeholders named therein, pursuant to which the Company expects to file for protection under Chapter 11 of the Bankruptcy Code for the purpose of confirming the Plan (as defined below). See further information, please read Note 3 - Liquidity and Note 20 - Subsequent Events . Basis of Presentation The condensed consolidated financial results of the Company consist of the financial results of Rosehill and Rosehill Operating Company, LLC (“Rosehill Operating”), its consolidated subsidiary. As of March 31, 2020 , the Company owns approximately 64.7% of the common units of Rosehill Operating (the “Rosehill Operating Common Units”) and Tema Oil & Gas Company (“Tema”) owns approximately 35.3% of the Rosehill Operating Common Units. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. 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 condensed or omitted, although the company believes that the disclosures made are adequate to make the information not misleading. The condensed consolidated financial statements and related notes included in this Quarterly Report should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2019. 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 Annual Report on Form 10-K for the period ended December 31, 2019. 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 indicative of expected results for the full year. The Company has disclosed that it has substantial doubt about its ability to continue as a going concern within one year after the date that these condensed consolidated financial statements are issued and the impact on the presentation of these condensed consolidated financial statements in Note 3 - Liquidity . All intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current presentation on the accompanying consolidated financial statements. Such reclassifications had no impact on net income, cash flows or shareholders’ equity previously reported. Variable Interest Entities Rosehill Operating is a variable interest entity. The Company determined that it is the primary beneficiary of Rosehill Operating as the Company is the sole managing member and has the power to direct the activities most significant to Rosehill Operating’s economic performance as well as the obligation to absorb losses and receive benefits that are potentially significant and the Company now holds a majority of the ownership interest of Rosehill Operating. The Company consolidated 100% of Rosehill Operating’s assets and liabilities and results of operations in the Company’s consolidated financial statements. For further discussion, see Noncontrolling Interest in Note 16 - Stockholders’ Equity .

Summary of Significant Accounti

Summary of Significant Accounting Policies and Recently Issued Accounting Standards	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Recently Issued Accounting Standards	Summary of Significant Accounting Policies and Recently Issued Accounting Standards The significant accounting policies followed by the Company are set forth in Note 2 – Summary of Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Accounting Standard Adopted in 2020 On January 1, 2020 we adopted ASC Topic 842, Leases, which requires companies to generally recognize on the balance sheet operating and financing lease liabilities and a corresponding right-of-use assets. We adopted this standard using the modified retrospective method. The Company has elected the following practical expedients that allow an entity to carry forward historical accounting treatment relating to: (i) lease identification and classification for existing leases and (ii) existing land easements. The adoption of the standard resulted in the recognition of approximately $2.1 million of right-of-use assets and $2.6 million of lease liabilities as of January 1, 2020, with the entire amount relating to our operating leases.The adoption of this standard did not have a significant impact on the Company’s Consolidated Statements of Operations or Consolidated Statements of Cash Flows. Refer to Note 5 - Leases for additional information. Fair Value Measurement Disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement , which removes, modifies and adds disclosure requirements on fair value measurements. ASU 2018-13 is effective for the Company for fiscal years beginning after December 15, 2019. The Company adopted ASU 2018-13 on January 1, 2020. The impact to the Company was additional disclosures to provide the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measures. Refer to Note 9 - Fair Value Measurements for more detail on the additional disclosures. Recently Issued Accounting Standards Not Yet Adopted In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 was issued to reduce the complexity of accounting for income taxes for those entities that fall within the scope of the accounting standard. The guidance is to be applied using a prospective method, excluding amendments related to franchise taxes, which should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. ASU 2019-12 is effective for the Company for fiscal years beginning after December 15, 2021 due to its emerging growth company status, with early adoption permitted. The Company is still evaluating the impact of ASU 2019-12.

Liquidity

Liquidity	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity	Liquidity On March 19, 2020, the Company announced that it had fully drawn the available capacity under the revolving credit facility, pursuant to the Amended and Restated Credit Agreement (as defined in Note 13 - Long term debt, net) . The draw was a precautionary measure in order to increase the Company’s cash position and preserve financial flexibility in light of uncertainty in the global markets and commodity prices. The draw brought the Company’s total outstanding principal under the Amended and Restated Credit Agreement to $340 million as of March 31, 2020. On March 23, 2020, the Company received a letter from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that for the 30 consecutive business days ending March 20, 2020, the bid price of the Company’s Class A Common Stock had closed below the $1.00 per share minimum bid price requirement for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days to regain compliance by meeting the continued listing standard, which was extended by Nasdaq in light of market conditions resulting from the COVID-19 pandemic to December 3, 2020. In March 2020, in response to the substantial decrease in crude oil prices resulting from COVID-19 and the adverse effects on the Company’s financial condition as a result thereof, the Company halted all drilling and completion activity, which has resulted in a reduction in anticipated production and cash flows. The Company’s future cash flows from operations are subject to a number of variables, including uncertainty in forecasted commodity pricing and production, redetermined borrowing base capacity after the forbearance expires, which may be significantly reduced, and the Company’s ability to reduce costs. The Company may generate additional funds through (i) monetization of its commodity derivatives, subject to any required approval from lenders, (ii) the sale of non-core assets and (iii) other sources of capital. The Company may not accomplish any of these alternatives on acceptable terms or at all. On April 1, 2020, the Company received a default notice from the agent under the Note Purchase Agreement (as defined in Note 13 - Long term debt, net) , advising that a Default (as defined in the Note Purchase Agreement) under the Note Purchase Agreement had occurred on account of the Rosehill Operating’s failure to deliver or file audited financial statements in accordance with Section 8.01(a) of the Note Purchase Agreement by March 30, 2020, which failure constituted a Default under Section 10.01(e) of the Note Purchase Agreement and would mature into an Event of Default under and within the time period provided in Section 10.01(e) (the “Identified Default”). On April 2, 2020, the Company received a default notice from JPMorgan Chase Bank, N.A., as agent under the Amended and Restated Credit Agreement, advising the Company that Rosehill Operating had failed to deliver or file certain of its or the Company’s audited financial statements without a “going concern” or like qualification or exception by March 30, 2020, as required pursuant to Section 8.01(a) of the Amended and Restated Credit Agreement, as well as the accompanying certificates and reports contemplated by Sections 8.01(c), (d), (e) and (m) of the Amended and Restated Credit Agreement. The default notice served as notice that the lenders deemed such failure to be a Default (as defined in the Amended and Restated Credit Agreement) under Section 10.01(e) of the Amended and Restated Credit Agreement. On April 15, 2020, the Company did not declare or pay cash dividends on its Series B Preferred Stock (the “Series B Preferred Stock Dividend”) that were due on that day. In order to make a dividend payment, the Company’s Amended and Restated Credit Agreement requires that the Company’s borrowings outstanding be 20% less than the committed borrowing capacity in place at the time of a dividend payment. The Company was prohibited from declaring the Series B Preferred Stock Dividend due to insufficient borrowing capacity under the Amended and Restated Credit Agreement. As a result, the dividend rate of the Series B Preferred Stock Dividend increased to 12% per annum until such a time as dividends are fully paid and current, at which time the dividend rate will revert back to 10% per annum. If the Company fails to pay the Series B Preferred Stock Dividend for nine consecutive months, the holders of the Series B Preferred Stock may elect to seek redemption of all or a portion of the Series B Preferred Stock, which redemption amount was approximately $195.2 million had the full redemption occurred as of March 31, 2020. The Company does not expect to be able to pay dividends on the Series B Preferred Stock within the nine consecutive months following April 15, 2020; as such, we expect the Series B Preferred Stock would be redeemable at the holders’ option after that time. If the full redemption had occurred as of March 31, 2020, the redemption amount would have been approximately $195.2 million . On April 29, 2020, the Company received a default notice from the agent under the Note Purchase Agreement, advising that, in addition to the Identified Default, an Event of Default under the Note Purchase Agreement had occurred on account of Rosehill Operating’s failure to cause Rosehill Intermediate Holdco, LLC, Rosehill Holdco, LLC, and Rosehill Mergerco, LLC (collectively, the “New Rosehill Entities”) to (x) guarantee the Obligations pursuant to Guaranty Agreements and to grant liens and security interests in all of such New Rosehill Entities’ collateral pursuant to a security agreement, and (y) pledge all of the Equity Interests (as defined in the Note Purchase Agreement) of the New Rosehill Entities and to execute and deliver such other additional closing documents, legal opinions and certificates as reasonably requested by the Requisite Holders (as defined in the Note Purchase Agreement), in each case as required pursuant to Section 8.14(b) of the Note Purchase Agreement, which failure constituted an Event of Default under Section 10.01(d) of the Note Purchase Agreement (the “Identified Event of Default”). On April 29, 2020, the New Rosehill Entities were dissolved pursuant to their organizational documents and the Delaware Limited Liability Company Act. On May 4, 2020, the Company entered into a forbearance agreement (the “Forbearance Agreement”) with the lenders under the Amended and Restated Credit Agreement. As a condition to the forbearance, Rosehill Operating made a $20 million payment on the amounts outstanding under the Amended and Restated Credit Agreement. Under the Forbearance Agreement, the periodic redetermination of the borrowing base that was scheduled to occur on or about April 1, 2020, which the Company expected to result in a borrowing base deficiency, was postponed throughout the forbearance period, and the lenders agreed not to accelerate the amounts owed under the Amended and Restated Credit Agreement as a result of certain existing and anticipated Events of Default during the forbearance period. During the forbearance period, the lenders have no obligation to make any further loans under the Amended and Restated Credit Agreement. In addition, the Forbearance Agreement requires the Company to comply with certain other provisions, including that within 25 days of entering into the Forbearance Agreement, the Company and certain stakeholders agree in principle to a term sheet for a restructuring transaction (or “Restructuring Term Sheet,” as defined in the Forbearance Agreement) and within 40 days of entering into the Forbearance Agreement, the Company and those certain stakeholders enter into a restructuring support agreement, which shall provide for a restructuring under Chapter 11 of the U.S. Bankruptcy Code. The Forbearance Agreement will terminate on July 3, 2020 unless terminated earlier under these provisions. The dates by which the Company and certain stakeholders were required to agree in principle to the Restructuring Term Sheet and enter into the RSA were subsequently extended pursuant to certain letter agreements between the Company, Rosehill Operating and the lenders under the Amended and Restated Credit Agreement. As a condition to such letter agreements, the Company and Rosehill Operating agreed that all settlement payments and other net cash proceeds received in respect of any swap agreement be applied to the prepayment of Borrowings (as defined in the Amended and Restated Credit Agreement) then outstanding under the Amended and Restated Credit Agreement. On May 8 and 19, 2020, the Company received separate notices from the agent under the Note Purchase Agreement, advising the Company that the Identified Default and the Identified Event of Default had matured into Events of Default (collectively, the “Identified Events of Default”) and that the holders reserved all of their rights, powers, privileges and remedies under the Note Purchase Agreement, and asserted a right to an additional 2% interest on the amounts outstanding under the Note Purchase Agreement. The Company did not provide the lenders under the Amended and Restated Credit Agreement and the Note Purchase Agreement with unaudited financial statements and other required certificates and operating reports within 45 days after March 31, 2020, which constituted a default under the Amended and Restated Credit Agreement and the Note Purchase Agreement. The Amended and Restated Credit Agreement and the Note Purchase Agreement each give the Company a 30 -day cure period before it becomes an event of default under the respective agreement. However, the Company was unable to satisfy these requirements within the cure period. As such, this represents an event of default under the Amended and Restated Credit Agreement and Note Purchase Agreement. Due to the matters noted above, debt outstanding under the Amended and Restated Credit Agreement and the Second Lien Notes have been reflected as current in the accompanying condensed consolidated balance sheet as of March 31, 2020. On June 30, 2020 , the Company entered into the RSA with the stakeholders named therein, pursuant to which the Company expects to file for protection under Chapter 11 of the Bankruptcy Code to effect consummation of the Plan. Please read Note 20 - Subsequent Events for more details. These matters raise substantial doubt about the Company’s ability to continue as a going concern for a period of one year after the date that these condensed consolidated financial statements are issued. The condensed consolidated financial statements included in this report have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets and satisfaction of liabilities and commitments in the normal course of business. The condensed consolidated financial statements do not include adjustments that might result from the outcome of these uncertainties.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers The Company recognizes oil, natural gas and NGL revenue at the point in time when control of the product transfers to the customer, which differs depending on the contractual terms of each of the Company’s arrangements. Transfer of control drives the presentation of gathering, transportation, processing and other post-production expenses (“gathering and transportation expense”) within the Company’s Condensed Consolidated Statements of Operations. In these scenarios below, the Company evaluates whether it is the principal or the agent in the transaction and the analysis includes considerations of product redelivery, take-in-kind rights and risk of loss. For those contracts where the Company has concluded that control of the product transfers at the tailgate of the plant, meaning that the Company is the principal and the ultimate third party purchaser is its customer, the Company recognizes revenue on a gross basis, with transportation, processing and gathering expenses presented within the Gathering and transportation line item on the Company’s Condensed Consolidated Statements of Operations. Alternatively, for those contracts where the Company has concluded control of the product transfers at or near the wellhead or inlet of the plant, meaning that the Company is the agent and the midstream processing company is the Company’s customer, the Company recognizes natural gas and NGL revenues based on the net amount of proceeds received from the midstream processing company. Performance obligations The Company’s contractual performance obligations arise upon the production of hydrocarbons from wells in which the Company has an ownership interest. The performance obligations are considered satisfied upon control transferring to a customer at the wellhead, inlet, or tailgate of the midstream processor’s processing facility, or other contractually specified delivery point. For all commodity products, the Company records revenue in the month production is delivered to the customer. Settlement statements for certain natural gas and NGL sales may not be received for 30 to 90 days after the date production volumes are delivered and for oil, generally within 30 days after delivery has occurred. However, payment is unconditional once the performance obligations have been satisfied. At this time, the volume and price can be reasonably estimated and amounts due from customers are accrued in Accounts receivable, net in the Condensed Consolidated Balance Sheets. As of March 31, 2020 and December 31, 2019, such receivable balances were $15.6 million and $34.5 million , respectively, as disclosed in Note 7 - Accounts Receivable . 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. 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 which states the Company is not required to disclose the transaction price allocated to the remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under these sales contracts, monthly sales of a product generally represent a separate performance obligation; therefore, future commodity volumes to be delivered and sold are wholly unsatisfied and disclosure of the transaction price allocated to such unsatisfied performance obligations is not required.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	Leases Effective January 1, 2020, the Company adopted Topic 842, which requires lessees to recognize operating and finance leases with terms greater than 12 months on the balance sheet. The Company adopted this standard using the modified retrospective method and elected to use the optional transition methodology whereby reporting periods prior to adoption continue to be presented in accordance with legacy accounting guidance. As of March 31, 2020, the Company did not have any agreements in place that were classified as finance leases under Topic 842. Arrangements classified as operating leases are included on the accompanying Condensed Consolidated Balance Sheets within the “Other assets, net”, “Accrued liabilities and other” and “Other liabilities” line items. For any agreement that contains both lease and non-lease components, such as a service arrangement that also includes an identifiable right-of-use (“ROU”) asset, the Company’s policy for all asset classes is to combine lease and non-lease components together and account for the arrangement as a single lease. Aside from the recognition of ROU assets and corresponding lease liabilities on the accompanying balance sheets, Topic 842 does not have a material impact on the timing or classification of costs incurred for those agreements considered to be leases. As outlined in Topic 842, a ROU asset represents a lessee’s right to use an underlying asset for the lease term, while the associated lease liability represents the lessee’s obligations to make lease payments. At the commencement date, which is the date on which a lessor makes an underlying asset available for use by a lessee, a lease ROU asset and corresponding lease liability is recognized based on the present value of the future lease payments. The initial measurement of lease payments may also be adjusted for certain items, including options that are reasonably certain to be exercised, such as options to purchase the asset at the end of the lease term, or options to extend or early terminate the lease. Excluded from the initial measurement are certain variable lease payments, which for the Company’s office rental agreements, may be a significant component of the total lease costs. The Company evaluates a contractual arrangement at its inception to determine if it is a lease or contains an identifiable lease component as defined by Topic 842. When evaluating a contract to determine appropriate classification and recognition under Topic 842, significant judgment may be necessary to determine, among other criteria, if an embedded leasing arrangement exists, the length of the term, classification as either an operating or financing lease, which options are reasonably likely to be exercised, fair value of the underlying ROU asset or assets, upfront costs, and future lease payments that are included or excluded in the initial measurement of the ROU asset. Currently, the Company has operating leases for office lease agreements, apartment lease agreement and certain wellhead equipment. For those operating leases included on the accompanying balance sheets, which only include leases with terms greater than 12 months at commencement, the present value of future lease payments was determined based upon the Company’s incremental borrowing rate. The table below summarizes our discount rate and remaining lease term as of March 31, 2020. As of March 31, 2020 Weighted-average discount rate 4.5 % Weighted-average remaining lease term (years) 1.94 Subsequent to initial measurement, costs associated with the Company’s operating leases are either expensed or capitalized depending on how the underlying ROU asset is utilized and in accordance with U.S. GAAP requirements. Variable lease payments are recognized in the period in which they are incurred. Expenses related to short-term leases are recognized on a straight-line basis over the lease term. The following table presents the components of the Company’s lease expenses for the three months ended March 31, 2020. Three Months Ended March 31, 2020 (in thousands) Lease costs Operating lease cost $ 291 Variable lease cost (1) 179 Short-term lease cost (2) 688 Total Lease Cost $ 1,158 (1) Variable lease payments include additional payments made that were not included in the initial measurement of the ROU asset and corresponding liability for lease agreements with terms longer than 12 months. Variable lease payments primarily relate to variable utility costs associated with the Company’s leased office space. (2) Costs associated with short-term lease agreements primarily relate to certain field equipment rentals. Other information related to the Company’s leases for three months ended March 31, 2020, was as follows: Three Months Ended March 31, 2020 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (fixed payments) $ 332 Operating cash flows from operating leases (liability reduction) $ 305 Right-of-use assets obtained in exchange for new operating lease liabilities $ 2,163 Maturities of the Company’s operating lease liabilities included on the accompanying Condensed Consolidated Balance Sheet as of March 31, 2020 were as follows: As of March 31, 2020 (in thousands) 2020 $ 1,000 2021 1,051 2022 346 Total lease payments $ 2,397 Less: imputed interest (100 ) Present value of lease liabilities $ 2,297 As of December 31, 2019, future total obligations on our noncancelable lease obligations were $4.5 million in the aggregate, which consisted of the following: $2.5 million in 2020, $1.5 million in 2021 and $0.5 million in 2022. Amounts recorded in the accompanying Condensed Consolidated Balance Sheet for operating leases as of March 31, 2020, were as follows: As of March 31, 2020 Classification on our Balance Sheets (in thousands) Operating lease ROU assets Other assets, net $ 1,898 Current operating lease liability Accrued liabilities and other $ 1,233 Non-current operating lease liability Other liabilities $ 1,064

Loss Per Share

Loss Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Loss Per Share	Loss Per Share The following table sets forth the calculation of basic and diluted weighted average shares outstanding and earnings (loss) per share for the indicated periods: Three Months Ended March 31, 2020 2019 (In thousands, except per share data) Net loss (numerator): Net loss attributable to common stockholders of Rosehill Resources Inc. - basic $ (148,349 ) $ (37,977 ) Add: Net loss attributable to the noncontrolling interest, net of taxes (90,036 ) — Net loss attributable to common stockholders of Rosehill Resources Inc. - diluted $ (238,385 ) $ (37,977 ) Weighted average shares (denominator): Weighted average shares – basic 28,566 13,830 Add: Dilutive effects of Class B Common Stock 15,708 — Weighted average shares – diluted 44,274 13,830 Basic loss per share $ (5.19 ) $ (2.75 ) Diluted loss per share $ (5.38 ) $ (2.75 ) For the three months ended March 31, 2020 , the Company excluded 25.6 million shares of Class A Common Stock issuable upon exercise of the Company’s warrants, 9.2 million shares of Class A Common Stock issuable upon conversion of the Company’s Series A Preferred Stock and 1.8 million shares of Class A Common Stock issuable upon vesting of awards under the Company’s Long-Term Incentive Plan (as amended and restated on May 22, 2018, the “LTIP”) from the computation of diluted earnings per share because the effect of such instruments was anti-dilutive. For the three months ended March 31, 2019 , the Company excluded 29.8 million shares of Class A Common Stock issuable upon exchange of the Company’s Class B Common Stock, 25.6 million shares of Class A Common Stock issuable upon exercise of the Company’s warrants, 8.7 million shares of Class A Common Stock issuable upon conversion of the Company’s Series A Preferred Stock and 1.0 million shares of Class A Common Stock issuable upon vesting under the Company’s LTIP from the computation of diluted earnings per share because the effect of such instruments was anti-dilutive.

Accounts Receivable

Accounts Receivable	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Accounts receivable is comprised of the following: March 31, 2020 December 31, 2019 (In thousands) Revenue receivable $ 15,604 $ 34,518 Realized derivative receivable 5,586 273 Joint interest billings 84 95 Other 59 24 Accounts receivable $ 21,333 $ 34,910

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Commodity derivatives. The Company enters into various derivative instruments primarily to mitigate a portion of the exposure to potentially adverse market changes in oil and natural gas commodity prices and the associated impact on cash flows. All contracts are entered into for other-than-trading purposes. Oil and natural gas commodity derivative instruments are recorded on the condensed consolidated balance sheets at fair value as either an asset or a liability with changes in fair value recognized in earnings. While commodity derivative instruments are utilized to manage the price risk attributable to expected oil and natural gas production, the Company’s commodity derivative instruments are not designated as accounting hedges under the accounting guidance. The related cash flow impact of the commodity derivative activities is reflected as cash flows from operating activities unless they are determined to have a significant financing element at inception, in which case they are classified within financing activities. Interest rate swaps - The Company utilizes interest rate swaps to reduce its exposure to adverse fluctuations in London Interbank Offered (“LIBO”) rates on a portion of its revolving credit facility outstanding borrowings. The realized and unrealized gains and losses on the interest rate swaps are recognized in “Interest expense”, net. Entering into interest rate swaps allows the Company to mitigate, but not eliminate, the negative effects of increases in the LIBO rate, but reduces the Company’s ability to benefit from any decreases in the LIBO rate. Series B Preferred Stock bifurcated derivative. In the event of a change of control, the Company shall redeem in cash all of the outstanding shares of Series B Preferred Stock out of funds legally available therefor, excluding Series B PIK Shares, each as defined in Note 14 - 10% Series B Redeemable Preferred Stock , for a price per share equal to the Base Return Amount as defined in Note 14 - 10% Series B Redeemable Preferred Stock . The Company assessed the change of control feature and determined that the redemption of the outstanding shares of Series B Preferred Stock, excluding Series B PIK Shares, for a price per share equal to the Base Return Amount was a bifurcated derivative. See Note 14 - 10% Series B Redeemable Preferred Stock for defined terms and more detail. Because the Company recorded the Series B Preferred Stock at its current redemption value as of March 31, 2020, there was no value attributed to the bifurcated embedded derivative. The following tables summarize the location and fair value amounts of all the Company’s derivative instruments in the Condensed Consolidated Balance Sheets, as well as the gross recognized derivative assets, liabilities and offset amounts in the Condensed Consolidated Balance Sheets: March 31, 2020 Gross Fair Value Gross Amounts Offset (1) Net Recognized Fair Value (In thousands) Assets Commodity derivatives - current $ 165,409 $ (85,502 ) $ 79,907 Commodity derivatives - non-current 154,738 (93,954 ) 60,784 Total assets $ 320,147 $ (179,456 ) $ 140,691 Liabilities Commodity derivatives - current $ (85,502 ) $ 85,502 $ — Commodity derivatives - non-current (93,954 ) 93,954 — Interest rate derivatives - current (2,122 ) — (2,122 ) Interest rate derivatives - non-current (3,041 ) — (3,041 ) Total liabilities $ (184,619 ) $ 179,456 $ (5,163 ) (1) The Company has agreements in place with all of its counterparties that allow for the financial right of offset for derivative assets and liabilities. December 31, 2019 Gross Fair Value Gross Amounts Offset (1) Net Recognized Fair Value (In thousands) Assets Commodity derivatives - current $ 28,512 $ (18,172 ) $ 10,340 Commodity derivatives - non-current 61,241 (28,136 ) 33,105 Interest rate derivatives - current 10 (10 ) — Total assets $ 89,763 $ (46,318 ) $ 43,445 Liabilities Commodity derivatives - current $ (22,014 ) $ 18,172 $ (3,842 ) Commodity derivatives - non-current (28,528 ) 28,136 (392 ) Interest rate derivatives - current (184 ) 10 (174 ) Interest rate derivatives - non-current (492 ) — (492 ) Series B Preferred Stock bifurcated derivative - non-current (416 ) — (416 ) Total liabilities $ (51,634 ) $ 46,318 $ (5,316 ) (1) The Company has agreements in place with all of its counterparties that allow for the financial right of offset for derivative assets and liabilities. As of March 31, 2020 , the open derivative positions with respect to future production and interest rates were as follows: 2020 2021 2022 Commodity derivative swaps Oil: Notional volume (Bbls) (1)(2) 760,000 — — Weighted average fixed price ($/Bbl) $ 67.46 $ — $ — Natural gas: Notional volume (MMBtu) 1,595,368 1,615,792 1,276,142 Weighted average fixed price ($/MMbtu) $ 2.73 $ 2.79 $ 2.85 Commodity derivative three-way collars Oil: Notional volume (Bbls) 2,475,000 4,200,000 2,000,000 Weighted average ceiling price ($/Bbl) $ 70.29 $ 60.40 $ 61.45 Weighted average floor price ($/Bbl) $ 57.50 $ 54.49 $ 55.00 Weighted average sold put option price ($/Bbl) $ 47.50 $ 45.51 $ 45.00 Crude oil basis swaps Midland / Cushing: Notional volume (Bbls) 3,905,000 4,200,000 2,100,000 Weighted average fixed price ($/Bbl) $ (0.85 ) $ 0.49 $ 0.54 Argus WTI roll: Notional volume (Bbls) 370,650 — — Weighted average fixed price ($/Bbl) $ 0.40 $ — $ — NYMEX WTI roll: Notional volume (Bbls) 2,102,752 — — Weighted average fixed price ($/Bbl) $ 0.42 $ — $ — Natural gas basis swaps EP Permian: Notional volume (MMBtu) 1,617,388 — — Weighted average fixed price ($/MMBtu) $ (1.03 ) $ — $ — Interest rate swaps: Notional principal (3) $ 150,000,000 $ 150,000,000 $ — Average fixed rate 1.721 % 1.721 % — (1) During the second quarter of 2019, the Company entered into commodity derivative swaps where it bought 2,160,000 barrels of crude oil at a weighted average fixed price of $50.48 per barrel to offset commodity derivative swaps for the year ended December 31, 2021, it previously sold off 2,160,000 barrels of crude oil at a weighted average fixed price of $61.21 per barrel. (2) During the second quarter of 2019, the Company entered into commodity derivative swaps where it bought 1,100,000 barrels of crude oil at a weighted average fixed price of $50.55 per barrel to offset commodity derivative swaps for the year ended December 31, 2022, it previously sold off 1,100,000 barrels of crude oil at a weighted average fixed price of $58.42 per barrel. (3) Interest rate swaps expire in August 2022. The effect of the derivative activity on the Company’s Condensed Consolidated Statements of Operations for the following periods was as follows: Three Months Ended March 31, 2020 2019 (In thousands) Realized gain (loss) on derivatives Commodity derivative options $ 2,033 $ 1,500 Commodity derivative swaps 6,474 (2,523 ) Interest rate swaps (14 ) — Total realized gain (loss) on derivatives $ 8,493 $ (1,023 ) Unrealized gain (loss) on derivatives Commodity derivative options $ 52,842 $ (25,566 ) Commodity derivative swaps 48,771 (77,982 ) Interest rate swaps (4,497 ) — Series B Preferred Stock bifurcated derivative 416 81 Total unrealized gain (loss) on derivatives $ 97,532 $ (103,467 ) The gains and losses resulting from the cash settlement and mark-to-market of the commodity derivatives are included within “Gain (loss) on commodity derivative instruments, net” in the Condensed Consolidated Statements of Operations. The gains and losses resulting from mark-to-market of the Series B Preferred Stock bifurcated derivative are included within “Other income (expense), net” in the Condensed Consolidated Statements of Operations. The gains and losses resulting from the cash settlement and mark-to-market of the interest rate swaps are included within “ Interest expense, net ” in the Condensed Consolidated Statements of Operations. The Company’s Proposed Plan of Reorganization as discussed in Note 20 - Subsequent Events , anticipates that the Company will unwind its derivative instruments to pay down on its Amended and Restated Credit Agreement.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The financial instruments measured at fair value on a recurring basis consist of the following: March 31, December 31, 2020 2019 (In thousands) Derivative assets Derivative assets - current $ 79,907 $ 10,340 Derivative assets - non-current 60,784 33,105 Total derivative assets 140,691 43,445 Derivative liabilities Derivative liabilities - current (2,122 ) (4,016 ) Derivative liabilities - non-current (3,041 ) (1,300 ) Total derivative liabilities (5,163 ) (5,316 ) Total derivative assets, net $ 135,528 $ 38,129 Derivative assets and liabilities primarily represent unsettled amounts related to commodity derivative positions, including swaps, options, and interest rate swaps. Derivative liabilities also include the Series B Preferred Stock bifurcated derivative for the various redemption amounts that the Company could incur if a change of control event occurs. The Company utilizes Level 3 assumptions to estimate the probability of a change of control occurring and when that would occur as the timing impacts the Base Return Amount as defined in Note 14 - 10% Series B Redeemable Preferred Stock . The tables below, set forth by level within the fair value hierarchy, represent the net components of the assets and liabilities that were measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 . March 31, 2020 Level 1 Level 2 Level 3 Total (In thousands) Derivative assets Commodity derivative assets - current $ — $ 79,907 $ — $ 79,907 Commodity derivative assets - non-current — 60,784 — 60,784 Total derivative assets $ — $ 140,691 $ — $ 140,691 Derivative liabilities Interest rate swaps - current — (2,122 ) — $ (2,122 ) Interest rate swaps - non-current — (3,041 ) — (3,041 ) Total derivative liabilities $ — $ (5,163 ) $ — $ (5,163 ) December 31, 2019 Level 1 Level 2 Level 3 Total (In thousands) Derivative assets Commodity derivative assets - current $ — $ 10,340 $ — $ 10,340 Commodity derivative assets - non-current — 33,105 — 33,105 Total derivative assets $ — $ 43,445 $ — $ 43,445 Derivative liabilities Commodity derivative liabilities - current — (3,842 ) — (3,842 ) Commodity derivative liabilities - non-current — (392 ) — (392 ) Interest rate swaps - current — (174 ) — $ (174 ) Interest rate swaps - non-current — (492 ) — (492 ) Series B Preferred Stock bifurcated derivative - non-current $ — $ — $ (416 ) $ (416 ) Total derivative liabilities $ — $ (4,900 ) $ (416 ) $ (5,316 ) The table below sets forth a summary of changes in the fair value of the Company’s level 3 derivatives for the three months ended March 31, 2020 . Balance at December 31, 2019 $ 416 (Gains) losses reported in earnings (416 ) Balance at March 31, 2020 $ — Financial Instruments The carrying amounts of the Company’s cash, cash equivalents, accounts receivable and accounts payable approximate their fair values because of the short-term maturities and/or liquid nature of these assets and liabilities. The Company’s revolving credit facility carrying value is representative of its fair value because the interest rate changes monthly based on the current market of the stated rates in the agreement. As of March 31, 2020 and December 31, 2019, the fair value of the Second Lien Notes was approximately $80.8 million and $98.5 million , respectively, which was determined using quoted prices for similar instruments, a Level 2 classification in the fair value hierarchy. Non-Financial Assets and Liabilities Non-financial assets and liabilities that are initially measured at fair value are comprised of asset retirement obligations (“ARO”), impairments, and stock-based compensation. ARO. 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 and equipment. Significant “Level 3” inputs used in the calculation of ARO include plugging costs and reserve lives. Proved oil and gas properties. If the carrying amount of oil and natural gas properties exceeds the estimated undiscounted future cash flows, the carrying amount of the oil and natural gas properties will be adjusted to their fair value. The fair value of oil and natural gas properties is determined using valuation techniques consistent with the income and market approach. The factors used to determine fair value are subject to management’s judgment and expertise and include, but are not limited to, (i) recent sales prices of comparable properties; (ii) the present value of future cash flows, net of estimated operating and development costs using estimates of proved oil and natural gas reserves; (iii) future commodity prices; (iv) future production estimates; (v) anticipated capital expenditures; and (vi) various discount rates commensurate with the risk and current market conditions associated with the projected cash flows. These assumptions represent “Level 3” inputs. As a result of the decrease in commodity price forecasts at the end of the first quarter of 2020, specifically decreases in oil and NGL prices, the Company recorded impairment expense of $333.8 million to its proved oil and gas properties. The Company used a discount rate of 10% in its calculation of the present value of expected future cash flows based on it estimated average cost of capital as of March 31, 2020. The Company also used relevant commodity strip prices as of April 1, 2020 in its calculation. Stock-based compensation. The Company measures stock-based compensation based on the fair value of the award on the date of grant. The fair value of the Company’s restricted stock, stock-settled time-based restricted stock units and cash-settled time-based restricted stock units are based on the Company’s trading stock price on the date of grant, which is a Level 1 input. The fair value of the Company’s market based performance share units is calculated using a Monte Carlo valuation model which performs an iterative run of likely outcomes of the performance metric based on assumptions such as expected volatility, correlation of coefficients, risk-free rates and expected dividend yields. These assumptions represent “Level 3” inputs. See Note 17 - Stock-Based Compensation for the weighted average of significant unobservable inputs used in the fair value measurement.

Property and equipment, net

Property and equipment, net	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Property and equipment, net	Property and equipment, net Property and equipment, net is comprised of the following: March 31, December 31, 2020 2019 (In thousands) Proved oil and natural gas properties $ 1,056,236 $ 1,013,952 Unproved oil and natural gas properties 97,726 97,706 Land 1,575 1,575 Less: accumulated DD&A and impairment (746,215 ) (368,636 ) Total oil and natural gas properties (successful efforts), net 409,322 744,597 Other property and equipment 7,415 7,348 Less: accumulated DD&A (4,676 ) (4,364 ) Total other property and equipment 2,739 2,984 Total property and equipment, net $ 412,061 $ 747,581 The Company recorded depreciation, depletion and amortization (“DD&A”) to property and equipment as follows: Three Months Ended March 31, 2020 2019 (in thousands) Proved oil and natural gas properties $ 30,933 $ 35,567 Other property and equipment 336 207 Total DD&A related to property and equipment $ 31,269 $ 35,774 As a result of the decrease in commodity price forecasts at the end of the first quarter of 2020, specifically decreases in oil and NGL prices, the Company recorded impairment expense of $333.8 million to its proved oil and gas properties for the three months ended March 31, 2020. The Company recorded an impairment of approximately $12.8 million within Exploration costs for the three months ended March 31, 2020 related to actual and anticipated lease expirations, as well as anticipated losses on acreage due to title defects. There were no impairment charges to proved and unproved oil and natural gas properties for the three months ended March 31, 2019. Capitalized costs included in proved oil and natural gas properties not subject to DD&A totaled $24.8 million at March 31, 2020 and $19.9 million at December 31, 2019.

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations The following table summarizes the changes in the Company’s asset retirement obligation for the three months ended March 31, 2020 (in thousands): Asset retirement obligations, beginning of period $ 14,431 Additional liabilities incurred 31 Accretion expense 217 Revision of estimates (8 ) Asset retirement obligations, end of period $ 14,671

Accrued Liabilities and Other

Accrued Liabilities and Other	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Accrued Liabilities and Other	Accrued Liabilities and Other Accrued liabilities and other is comprised of the following: March 31, December 31, 2020 2019 (In thousands) Accrued payroll $ 565 $ 4,035 Accrued general and administrative expense 5,077 987 Royalties payable 5,676 9,592 Accrued lease operating expense 6,601 6,676 Operating lease liabilities 1,233 — Preferred Stock dividends payable — 3,951 Accrued interest expense 377 174 Accrued ad valorem taxes 990 — Other 1,304 1,098 Total accrued liabilities and other $ 21,823 $ 26,513

Long-term debt, net

Long-term debt, net	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Long-term debt, net	Long-term debt, net The Company’s long-term debt is comprised of the following: March 31, December 31, 2020 2019 (In thousands) Second Lien Notes $ 100,000 $ 100,000 Revolving credit facility 340,000 260,000 Total debt 440,000 360,000 Debt issuance cost on Second Lien Notes, net 2,346 2,528 Discount on Second Lien Notes, net 1,820 1,961 Total debt issuance cost and discounts 4,166 4,489 Total long-term debt, net $ 435,834 $ 355,511 Revolving Credit Facility On March 28, 2018, Rosehill Operating entered into an Amended and Restated Credit Agreement (the “Amended and Restated Credit Agreement”) by and among Rosehill Operating, as borrower, JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, “JPMorgan”), and certain other financial institutions party thereto, as lenders. The borrowings under the Amended and Restated Credit Agreement bear interest at an adjusted base rate plus an applicable margin ranging from 1% to 2% or at an adjusted LIBO rate plus an applicable margin ranging from 2% to 3% . As of March 31, 2020 , the weighted average interest rate of outstanding borrowings under the Amended and Restated Credit Agreement was 4.2% . Pursuant to the Amended and Restated Credit Agreement, the lenders party thereto have agreed to provide the Company with a $500 million secured reserve-based revolving credit facility. The maturity date of the Amended and Restated Credit Agreement is August 31, 2022 and automatically extends to March 2023 upon the payment in full of the Second Lien Notes. The borrowing base is re-determined semi-annually, with the lenders and the Company each having the right to one interim unscheduled redetermination between any two consecutive semi-annual redeterminations. As of March 31, 2020 , the borrowing base was $340 million and the Company had fully drawn the $340 million . Please read Note 3 - Liquidity for details on the following items under the Amended and Restated Credit Agreement: (i) Forbearance Agreement, (ii) event of default related to the delivery of audited financial statements (without a going concern qualification), (iii) the letter from Nasdaq regarding the Company’s stock price trading below the minimum bid price requirement for continued listing and (iv) restrictions on cash distributions on its Series A Preferred Stock and Series B Preferred Stock. The Amended and Restated Credit Agreement requires Rosehill Operating to deliver unaudited financial statements to the lenders within 45 days after the end of each fiscal quarter. The Company can satisfy this requirement by delivery of unaudited financial statements of Rosehill Resources as filed with the SEC within 45 days after the end of each fiscal quarter. The Company failed to provide the lenders with unaudited financial statements and other required certificates and operating reports within 45 days after March 31, 2020, which constituted a default under the Amended and Restated Credit Agreement. The Amended and Restated Credit Agreement gives the Company a 30 -day cure period before it becomes an event of default that will allow the lenders to require the Company to repay a portion or all amounts outstanding. However, the Company was unable to satisfy these requirements within the cure period. As such, this represented an event of default under the Amended and Restated Credit Agreement. The amounts outstanding under the Amended and Restated Credit Agreement are secured by first priority liens on substantially all of Rosehill Operating’s property and all of the stock of Rosehill Operating’s material operating subsidiaries that are guarantors of the Amended and Restated Credit Agreement. Subject to the Forbearance Agreement, if an event of default occurs under the Amended and Restated Credit Agreement, JPMorgan Chase Bank, N.A. will have the right to proceed against any pledged capital stock and take control of substantially all of the assets of Rosehill Operating and Rosehill Operating’s material operating subsidiaries that are guarantors. There are currently no guarantors under the Amended and Restated Credit Agreement. An event of default can be triggered in a number of circumstances, including failure to maintain listing of the Company’s Class A Common Stock on a national securities exchange or failure to timely repay deficiencies in the Company’s borrowings. The Company is subject to certain restrictions under the Amended and Restated Credit Agreement, including (without limitation) a negative pledge with respect to its equity interests in Rosehill Operating and a contingent obligation to guarantee the borrowings upon request by the lenders in the event that the Company incurs debt obligations. The Amended and Restated Credit Agreement contains various affirmative and negative covenants. These covenants may limit Rosehill Operating’s ability to, among other things: incur additional indebtedness; make loans to others; make investments; enter into mergers; make or declare dividends or distributions; enter into commodity hedges exceeding a specified percentage of Rosehill Operating’s expected production; enter into interest rate hedges exceeding a specified percentage of Rosehill Operating’s outstanding indebtedness; incur liens; sell assets; and engage in certain other transactions without the prior consent of JPMorgan Chase Bank, N.A. or the lenders. The Amended and Restated Credit Agreement also requires Rosehill Operating to maintain the following financial ratios: (1) a current ratio, which is the ratio of consolidated current assets (including unused commitments under the Amended and Restated Credit Agreement, but excluding non-cash assets) to consolidated current liabilities (excluding non-cash obligations, current maturities under the Amended and Restated Credit Agreement and the Note Purchase Agreement (as defined below)), of not less than 1.0 to 1.0 ; (2) (x) a leverage ratio, which is the ratio of the sum of all of Rosehill Operating’s Total Debt to Annualized EBITDAX (as such terms are defined in the Amended and Restated Credit Agreement) for the four fiscal quarters then ended, of not greater than 4.0 to 1.0 and (y) commencing on and after repayment in full of the Second Lien Notes (other than surviving contingent indemnification obligations) and the repayment or redemption in full of the Series B Preferred Stock, a leverage ratio, which is the ratio of the sum of all of Rosehill Operating’s Net Debt to Annualized EBITDAX (as such terms are defined in the Amended and Restated Credit Agreement), of not greater than 4.0 to 1.0 and (3) for so long as the Series B Preferred Stock remains outstanding, a coverage ratio, which is the ratio of (i) EBITDAX (as defined in the Amended and Restated Credit Agreement) to (ii) the sum of (x) Interest Expense (as defined in the Amended and Restated Credit Agreement) plus (y) the aggregate amount of Restricted Payments (as defined in the Amended and Restated Credit Agreement) made in cash pursuant to Sections 9.04(a)(iv) and (v) of the Amended and Restated Credit Agreement during the preceding four fiscal quarters, of not less than 2.5 to 1.0 . The Company was in compliance with these financial ratios for the measurement period ended March 31, 2020 . If the Company is not able to generate additional funds or if oil prices do not improve significantly, the Company will not be able to comply with its current ratio or leverage ratio under the Amended and Restated Credit Agreement in future periods. Second Lien Notes On December 8, 2017, Rosehill Operating issued and sold $100,000,000 in aggregate principal amount of 10.00% Senior Secured Second Lien Notes due January 31, 2023 to EIG Global Energy Partners, LLC (“EIG”) under and pursuant to the terms of that certain Note Purchase Agreement, dated as of December 8, 2017 (as amended by the Limited Consent and First Amendment to Note Purchase Agreement, dated as of March 28, 2018, the “Note Purchase Agreement”), among Rosehill Operating, the Company, the holders of the Second Lien Notes party thereto (the “Holders”) and U.S. Bank National Association, as agent and collateral agent on behalf of the Holders. The Second Lien Notes were issued and sold to the Holders in a private placement exempt from the registration requirements under the Securities Act of 1933, as amended (such issuance and sale, the “Notes Purchase”). Under the Note Purchase Agreement, Rosehill Operating may, at its option, redeem the Second Lien Notes in whole or in part, together with accrued and unpaid interest thereon, (i) at any time after December 8, 2019 but on or prior to December 8, 2020, at a redemption price equal to 103% of the principal amounts of the Second Lien Notes being redeemed, (ii) at any time after December 8, 2020 but on or prior to December 8, 2021, at a redemption price equal to 101.5% of the principal amount of the Second Lien Notes being redeemed and (iii) at any time after December 8, 2021, at a redemption price equal to the principal amount of the Second Lien Notes being redeemed. The Second Lien Notes may become subject to redemption under certain other circumstances, including upon the incurrence of non-permitted debt or, subject to various exceptions, reinvestments rights and prepayment or redemption rights with respect to other debt or equity of Rosehill Operating, upon an asset sale, hedge termination or casualty event. Rosehill Operating will be further required to make an offer to redeem the Second Lien Notes upon a Change in Control (as defined in the Note Purchase Agreement) at a redemption price equal to 101% of the principal amount being redeemed. Other than in connection with a Change in Control or casualty event, the redemption prices described in the foregoing paragraph shall also apply, at such times and to the extent set forth therein, to any mandatory redemption of the Second Lien Notes or any acceleration of the Second Lien Notes prior to the stated maturity thereof upon the occurrence of an Event of Default (as defined in the Note Purchase Agreement). The Note Purchase Agreement requires Rosehill Operating to maintain a leverage ratio, which is the ratio of the sum of all of Rosehill Operating’s Total Debt to Annualized EBITDAX (as such terms are defined in the Note Purchase Agreement) for the four fiscal quarters then ended, of not greater than 4.00 to 1.00 . The Company was in compliance with the leverage ratio for the measurement period ended March 31, 2020 . If the Company is not able to generate additional funds or if oil prices do not improve significantly, the Company will not be able to comply with its leverage ratio under the Note Purchase Agreement in future periods. Please read Note 3 - Liquidity for details on the event of default related to the delivery of audited financial statements (without a going concern qualification). The Note Purchase Agreement requires the Company to deliver unaudited financial statements to the lenders within 45 days after the end of each fiscal quarter. The Company can satisfy this requirement by delivery of unaudited financial statements of Rosehill Resources as filed with the SEC within 45 days after the end of each fiscal quarter. The Company failed to provide the lenders with unaudited financial statements and other required certificates and operating reports within 45 days after March 31, 2020, which constituted a default under the Note Purchase Agreement. The Note Purchase Agreement gives the Company a 30 -day cure period before it becomes an event of default that will allow the noteholders to require the Company to redeem a portion or all of the notes outstanding. However, the Company was unable to satisfy these requirements within the cure period. As such, this represented an event of default under the Note Purchase Agreement The Note Purchase Agreement contains various affirmative and negative covenants, events of default and other terms and provisions that are based largely on the Amended and Restated Credit Agreement, with a number of important modifications reflecting the second lien nature of the Second Lien Notes and certain other terms that were agreed to with the Holders. The negative covenants may limit Rosehill Operating’s ability to, among other things, incur additional indebtedness (including under senior unsecured notes), make investments, make or declare dividends or distributions, redeem its preferred equity, acquire or dispose of oil and gas properties and other assets or engage in certain other transactions without the prior consent of the Holders, subject to various exceptions, qualifications and value thresholds. Rosehill Operating is also required to meet minimum commodity hedging levels based on its expected production on an ongoing basis. Any event or condition that causes any debt under the Amended and Restated Credit Agreement becoming due prior to its scheduled maturity, with certain exceptions, including borrowing base deficiencies, is an event of default under the Note Purchase Agreement. The Company is subject to certain restrictions under the Note Purchase Agreement, including (without limitation) a negative pledge with respect to its equity interests in Rosehill Operating and a contingent obligation to guarantee the Second Lien Notes upon request by the Holders in the event that the Company incurs debt obligations. The obligations of Rosehill Operating under the Note Purchase Agreement are secured on a second-lien basis by the same collateral that secures its first-lien obligations. In connection with the Notes Purchase, Rosehill Operating has granted second-lien security interests over additional collateral to meet the minimum mortgage requirements under the Note Purchase Agreement. Deferred Financing Costs and Debt Discount The Company capitalizes discounts and certain direct costs associated with the issuance of debt and amortizes such costs over the lives of the respective debt instruments. The Company amortized debt issuance costs and discounts of $0.5 million and $0.4 million for the three months ended March 31, 2020 and 2019 , respectively. The deferred financing costs related to the Amended and Restated Credit Agreement are classified in prepaid assets and the deferred financing costs and discounts related to the Second Lien Notes are netted against the long-term debt. The following table summarizes the Company’s deferred financing costs and debt discounts: The following table summarizes the Company’s deferred financing costs and debt discounts: March 31, December 31, 2020 2019 (In thousands) Revolving credit facility Debt issuance costs $ 3,167 $ 3,167 Accumulated amortization of debt issuance costs (1,286 ) (1,092 ) Net deferred costs - Revolving credit facility $ 1,881 $ 2,075 Second Lien Notes Debt discount $ 3,000 $ 3,000 Accumulated amortization of debt discount (1,180 ) (1,039 ) Debt issuance costs 3,868 3,868 Accumulated amortization of debt issuance costs (1,522 ) (1,340 ) Net deferred costs - Second Lien Notes 4,166 4,489 Total deferred financing costs and debt discount, net $ 6,047 $ 6,564

10% Series B Redeemable Preferr

10% Series B Redeemable Preferred Stock	3 Months Ended
	Mar. 31, 2020
Temporary Equity Disclosure [Abstract]
10% Series B Redeemable Preferred Stock	10% Series B Redeemable Preferred Stock On December 8, 2017, in connection with the acquisition of mineral rights, royalty interests and other associated assets in the Southern Delaware Basin (the “White Wolf Acquisition”), the Company entered into a Series B Redeemable Preferred Stock Purchase Agreement (the “Series B Preferred Stock Agreement”) to issue 150,000 shares of the Company’s 10.00% Series B Redeemable Preferred Stock, par value of $0.0001 per share (the “Series B Preferred Stock”), for an aggregate purchase price of $150.0 million , less transaction costs, advisory and up-front fees of approximately $10.0 million to certain private funds and accounts managed by EIG. Holders of the Series B Preferred Stock are entitled to receive, when, as and if declared by the Board or a designated committee of the Board, cumulative dividends in cash, at a rate of 10.00% per annum on the $1,000 liquidation preference per share of Series B Preferred Stock, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, commencing on January 15, 2018. The Company’s Amended and Restated Credit Agreement restricts its cash distributions to an amount not to exceed $25.0 million on its Series B Preferred Stock in any fiscal year. Such distributions on its Series B Preferred Stock can only be made so long as both before and immediately following such distributions, (i) the Company is not in any default under its Amended and Restated Credit Agreement, (ii) its unused borrowing capacity is equal to or greater than 20% of the committed borrowing capacity and (iii) its ratio of Total Debt to EBITDAX is not greater than 3.5 to 1.0. As of March 31, 2020, the Company was fully drawn and had existing defaults under its Amended and Restated Credit Agreement and did not declare and pay cash dividends to the Series B Preferred Stock holders on April 15, 2020. Failure to pay dividends on the Series B Preferred Stock results in the following: • Upon the occurrence of not paying a dividend, the dividend rate will increase to 12% per annum and will remain at 12% per annum until all applicable quarterly dividends have been fully paid and are current, at which time a dividend rate of 10% per annum will once again apply. • Upon the occurrence of not paying a dividend with respect to three out of any four consecutive quarters or failing to pay a dividend six times (whether or not consecutive) at anytime the Series B Preferred Stock is outstanding will entitle the holders of the Series B Preferred Stock to a seat on the Board of Directors and the right to approve (a) all indebtedness by the Company if such indebtedness would cause the Company’s Leverage Ratio to exceed 3.25 to 1.00, (b) any budget or budget amendments and (c) any capital expenditures in excess of $0.5 million . • Upon the occurrence of not paying a dividend for a period of nine months consecutive months, the holders of the Series B Preferred Stock may elect to cause the Company to redeem all or a portion of the Series B Preferred Stock. The Company does not expect to be able to pay dividends on the Series B Preferred Stock within the nine consecutive months following April 15, 2020. Holders of the Series B Preferred Stock have no voting rights, but have certain consent rights with respect to the taking of certain corporate actions by the Company. Upon the Company’s voluntary or involuntary liquidation, winding-up or dissolution, each holder of Series B Preferred Stock will be entitled to receive the Base Return Amount (as defined in the Series B Preferred Stock Agreement) plus accrued and unpaid dividends. In addition to the 10.00% per annum cumulative dividend holders of the Series B Preferred Stock are entitled to receive, upon redemption of the Series B Preferred Stock, a guaranteed base return on the initial 150,000 shares purchased in an amount equal to (x) $1,500 per share of Series B Preferred Stock and (y) an amount necessary to achieve a 16% internal rate of return (“IRR”) (the “Base Return Amount”) with respect to such shares of Series B Preferred Stock, minus all dividends paid on shares of Series B Preferred Stock, including dividends paid-in-kind, and minus up-front fees incurred at issuance of the Series B Preferred Stock. The shares of Series B Preferred Stock are redeemable at the election of the holders on or after December 8, 2023 and upon certain conditions and at any time at the Company’s option. As the holders of Series B Preferred Stock have an option to redeem the Series B Preferred Stock at a future date, the Series B Preferred Stock is included in temporary, or “mezzanine” equity, between total liabilities and stockholders’ equity on the Condensed Consolidated Balance Sheets. The Series B Preferred Stock, while not currently redeemable at the option of the holders, is remeasured each reporting period by accreting the initial value to the estimated redemption value that will achieve a 16% IRR on December 8, 2023 when the Series B Preferred Stock is redeemable in whole or in part at the election of the holders of Series B Preferred Stock. The accretion is considered a deemed dividend, which increases the carrying value of the Series B Preferred Stock on the Condensed Consolidated Balance Sheets and is included within preferred dividends on the Condensed Consolidated Statements of Operations. If the Series B Preferred Stock would have been redeemed on March 31, 2020, the Base Return Amount was approximately $195.2 million , which was higher than the redemption amount accrued, and will be reduced by subsequent dividend payments. Any redemption must be made out of funds legally available therefor. In the event of a Change of Control (which includes failure to maintain the listing of our Class A Common Stock on a national securities exchange), the Company shall redeem in cash all of the outstanding shares of Series B Preferred Stock, excluding Series B PIK Shares, for a price per share equal to the Base Return Amount and all Series B PIK Shares at the purchase price of $1,000 per share. The Company assessed the Change of Control feature and determined that the redemption of the outstanding shares of Series B Preferred Stock, excluding Series B PIK Shares, for a price per share equal to the Base Return Amount was an embedded derivative that required bifurcation and was accounted for at fair value. Because the Company recorded the Series B Preferred Stock at its current redemption value as of March 31, 2020, there was no value attributed to the bifurcated embedded derivative. The Company reflected the following activity in mezzanine equity for the Series B Preferred Stock for the three months ended March 31, 2020 : Series B Preferred Shares Series B Preferred Stock Value Guaranteed Return Total (In thousands, except share data) Total Series B Preferred Stock at December 31, 2019 156,746 $ 149,132 $ 13,894 $ 163,026 Discount - transaction costs — — — — Base return amount — — 5,493 5,493 Accrued dividends — 4,677 (4,677 ) — Dividends declared and paid-in-kind — — — — Accretion of discount - deemed dividend — 405 — 405 Total Series B Preferred Stock at March 31, 2020 156,746 $ 154,214 $ 14,710 $ 168,924 For the quarter ended March 31, 2020 the Company did not declare cash dividends on the Series B Preferred Stock. For the quarter ended March 31, 2019 dividends per share on the Company’s Series B Preferred Stock was $24.66 . The Company’s Proposed Plan of Reorganization as discussed in Note 20 - Subsequent Events , anticipates that in exchange for all of the Series B Preferred Stock, holders of the Series B Preferred Stock will receive their pro rata share of 1.48% of the New Common Shares of the reorganized entity. Stockholders’ Equity Class A Common Stock. Holders of the Company’s Class A Common Stock are entitled to one vote for each share held on all matters to be voted on by the stockholders. Holders of the Class A Common Stock and holders of the Class B Common Stock voting together as a single class have the exclusive right to vote for the election of directors and on all other matters properly submitted to a vote of the stockholders. Class B Common Stock. Shares of Class B Common Stock may be issued only to Tema, their respective successors and assignees, as well as any permitted transferees of Tema. A holder of Class B Common Stock may transfer shares of Class B Common Stock to any transferee (other than the Company) only if such holder also simultaneously transfers an equal number of such holder’s Rosehill Operating Common Units to such transferee in compliance with the LLC Agreement. Holders of the Company’s Class B Common Stock will vote together as a single class with holders of the Company’s Class A Common Stock on all matters properly submitted to a vote of the stockholders. Holders of Class B Common Stock generally have the right to cause the Company to redeem all or a portion of their Rosehill Operating Common Units in exchange for shares of the Company’s Class A Common Stock on a one-to-one basis or, at the Company’s option, an equivalent amount of cash. The Company may, however, at its option, affect a direct exchange of cash or Class A Common Stock for such Rosehill Operating Common Units in lieu of such a redemption. Upon the future redemption or exchange of Rosehill Operating Common Units, a corresponding number of shares of Class B Common Stock will be canceled. 8% Series A Cumulative Perpetual Convertible Preferred Stock. Each share of Series A Preferred Stock has a liquidation preference of $1,000 per share and is convertible, at the holder’s option at any time, initially into 86.9565 shares of the Company’s Class A Common Stock (which is equivalent to an initial conversion price of approximately $11.50 per share of Class A Common Stock), subject to specified adjustments and limitations as set forth in the Certificate of Designation of Series A Preferred Stock (the “Certificate of Designation”). In the event of a Fundamental Change (as defined in the Certificate of Designation of the Series A Preferred Stock, which includes failure to maintain the listing of the Company’s Class A Common Stock on a national securities exchange), the Company will increase the conversion rate. Please read Note 3 - Liquidity for details on the letter from The Nasdaq Stock Market LLC regarding the Company’s stock price trading below the minimum bid price requirement for continued listing. The Company reflected the following in equity for the Series A Preferred Stock for the following periods: Three Months Ended March 31, 2020 2019 (In thousands) Series A Preferred Stock paid-in-kind $ 2,102 $ — Series A Preferred Stock paid or payable in cash — 2,006 Series A Preferred Stock dividends $ 2,102 $ 2,006 For the quarters ended March 31, 2020 and 2019, dividends per share on the Company’s Series A Preferred Stock was $19.89 and $19.73 , respectively. The Company’s Proposed Plan of Reorganization as discussed in Note 20 - Subsequent Events , anticipates that in exchange for all of the Series A Preferred Stock, holders of the Series A Preferred Stock will receive their pro rata share of 1.48% of the New Common Shares of the reorganized entity. Warrants. Each of the Company’s warrants entitles the registered holder to purchase one share of the Company’s Class A Common Stock at a price of $11.50 per share, subject to adjustment pursuant to the terms of the warrant agreement. The warrants have a five -year term which commenced on April 27, 2017. As of March 31, 2020 , there were 25,594,158 warrants exercisable for shares of Class A Common Stock outstanding at a price of $11.50 . The Company may call 17,185,320 warrants for redemption if the reported last sale price of the Class A Common Stock equals or exceeds $21.00 per share for any 20 trading days within a 30 -trading day period ending on the third trading day prior to the date the Company sends the notice of redemption to the warrant holders. The remaining 8,408,838 warrants are not redeemable by the Company and are exercisable on a cashless basis so long as they are held by the initial holders or their permitted transferees. Otherwise, such warrants may be redeemed on terms and provisions that are identical to those described above. Noncontrolling Interest. Noncontrolling interest represents the membership interest in Rosehill Operating held by Tema. The Company has consolidated the financial position and results of operations of Rosehill Operating and reflected the proportionate interest held by Tema as a noncontrolling interest. The noncontrolling interest will change if warrants are exercised for Class A Common Stock, when shares of Series A Preferred Stock are converted into shares of Class A Common Stock, when shares of Class A Common Stock are issued in connection with the Company’s LTIP and if Tema elects to exchange the Class B Common Stock received in connection with the Transaction for shares of Class A Common Stock. At March 31, 2020 , Tema held an approximate 35.3% noncontrolling interest in Rosehill Operating. On December 26, 2019, Tema redeemed 14,100,000 shares of its Rosehill Operating Common Units in exchange for an equivalent number of shares of Class A Common Stock, which significantly decreased Tema’s noncontrolling interest in Rosehill Operating. After the exchange, Tema holds 15,707,692 shares of Class B Common Stock.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In 2017, the Company became the sole managing member of Rosehill Operating, the Company’s accounting predecessor. Rosehill Operating is a limited liability company that is treated as a partnership for U.S. federal income tax purposes and is not generally subject to U.S. federal income tax at the entity level. Any taxable income or loss generated by Rosehill Operating is passed through to and included in the taxable income or loss of its members, including the Company. The Company is a C corporation and is subject to U.S. federal income tax and state and local income taxes. The Company’s income tax provision was an expense of $37.0 million and an expense of $3.3 million for the three months ended March 31, 2020 and 2019 , respectively. The Company’s effective tax rate was (19)% and (3)% for the three months ended March 31, 2020 and 2019 , respectively. The effective tax rate differs from the enacted statutory rate of 21% in 2020 primarily due to the allocation of profits and losses to Rosehill and the noncontrolling interest holder in accordance with the LLC Agreement, the impact of state income taxes, and effects of the valuation allowance. The effective tax rate differs from the enacted statutory rate of 21% in 2019 primarily due to the allocation of profits and losses to Rosehill and the noncontrolling interest holder in accordance with the LLC agreement and the impact of state income taxes. As of March 31, 2020 , the Company had approximately $55.7 million of U.S. federal net operating loss carryovers, which will begin to expire in 2037 . The Company periodically assesses whether it is more likely than not that it will generate sufficient taxable income to realize its deferred tax assets, including NOL carry forwards. A valuation allowance for deferred tax assets is recognized when it is more likely than not that some or all of the benefit from the deferred tax assets will not be realized. As of March 31, 2020 , the Company had a full valuation allowance to offset its net deferred tax assets in excess of deferred tax liabilities because the Company thinks it is more likely than not that its deferred tax will not be realized prior to their expiration due to uncertainty of the market, the significant decline in oil prices that began during the first quarter of 2020 and the Company having substantial doubt about its ability to continue as a going concern. The Company is subject to the following material taxing jurisdictions: the United States and Texas. As of March 31, 2020 , the Company has no current tax years under audit. The Company remains subject to examination for federal income taxes and state income taxes for tax years 2016 to present. The Company has evaluated all tax positions for which the statute of limitations remains open and believes that the material positions taken would more likely than not be sustained upon examination. Therefore, as of March 31, 2020 , the Company had not established any reserves for, nor recorded any unrecognized benefits related to, uncertain tax positions. The Company’s policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. Tax Receivable Agreement On April 27, 2017, the Company entered into a tax receivable agreement (“Tax Receivable Agreement”) with the noncontrolling interest holder, Tema. The Tax Receivable Agreement provides that the Company will pay to Tema 90% of the net cash savings, if any, in U.S. federal, state and local income tax that the Company realizes (or is deemed to realize in certain circumstances) in periods beginning with and after the closing of the Transaction as a result of the following: (i) any tax basis increases in the assets of Rosehill Operating resulting from the distribution to Tema of $35 million in cash, the shares of Class B Common Stock and the issuance of 4,000,000 warrants to Rosehill Operating exercisable for shares of its Class A Common Stock, all in connection with the Transaction, and resulting from the assumption of Tema liabilities in connection with the Transaction, (ii) the tax basis increases in the assets of Rosehill Operating resulting from a redemption by Rosehill Operating with respect to Tema and (iii) imputed interest deemed to be paid by the Company as a result of, and additional tax basis arising from, payments it makes under the Tax Receivable Agreement. The estimation of liability under the Tax Receivable Agreement is by its nature imprecise and subject to significant assumptions regarding the amount and timing of future taxable income. The Company is not obligated to make any payments under the Tax Receivable Agreement until the tax benefits associated with the transaction that gave rise to the payment obligation are realized. Amounts payable under the Tax Receivable Agreement are contingent upon, among other things, (i) generation of future taxable income over the term of the Tax Receivable Agreement and (ii) future changes in tax laws. If the Company does not generate sufficient taxable income in the aggregate over the term of the Tax Receivable Agreement to utilize the tax benefits, then the Company would not be required to make the related Tax Receivable Agreement payment. On December 26, 2019, Tema exercised its right to cause the Company to redeem all or a portion of its Rosehill Operating Common Units, by exchanging 14,100,000 out of its 29,807,692 Rosehill Operating Common Units then outstanding at the time. A liability under the Tax Receivable Agreement relating to such redemption was recorded in the amount of $50.1 million as of the date of the redemption, increasing the Tax Receivable Agreement liability as of December 31, 2019 to $53.8 million . Due to the uncertainty of the market, the significant decrease in oil prices that began during the first quarter of 2020 and the Company having substantial doubt about its ability to continue as a going concern, the Tax Receivable Agreement liability was revalued to $0.2 million as of March 31, 2020 because it is not probable that the Company will have sufficient future taxable income to utilize all the tax benefits related to the Tax Receivable Agreement liability. The revaluation of the Tax Receivable Agreement liability resulted in income of $53.6 million recognized in ‘Other Income, net’ on the Condensed Consolidated Statement of Operations.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Stockholders' Equity	10% Series B Redeemable Preferred Stock On December 8, 2017, in connection with the acquisition of mineral rights, royalty interests and other associated assets in the Southern Delaware Basin (the “White Wolf Acquisition”), the Company entered into a Series B Redeemable Preferred Stock Purchase Agreement (the “Series B Preferred Stock Agreement”) to issue 150,000 shares of the Company’s 10.00% Series B Redeemable Preferred Stock, par value of $0.0001 per share (the “Series B Preferred Stock”), for an aggregate purchase price of $150.0 million , less transaction costs, advisory and up-front fees of approximately $10.0 million to certain private funds and accounts managed by EIG. Holders of the Series B Preferred Stock are entitled to receive, when, as and if declared by the Board or a designated committee of the Board, cumulative dividends in cash, at a rate of 10.00% per annum on the $1,000 liquidation preference per share of Series B Preferred Stock, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, commencing on January 15, 2018. The Company’s Amended and Restated Credit Agreement restricts its cash distributions to an amount not to exceed $25.0 million on its Series B Preferred Stock in any fiscal year. Such distributions on its Series B Preferred Stock can only be made so long as both before and immediately following such distributions, (i) the Company is not in any default under its Amended and Restated Credit Agreement, (ii) its unused borrowing capacity is equal to or greater than 20% of the committed borrowing capacity and (iii) its ratio of Total Debt to EBITDAX is not greater than 3.5 to 1.0. As of March 31, 2020, the Company was fully drawn and had existing defaults under its Amended and Restated Credit Agreement and did not declare and pay cash dividends to the Series B Preferred Stock holders on April 15, 2020. Failure to pay dividends on the Series B Preferred Stock results in the following: • Upon the occurrence of not paying a dividend, the dividend rate will increase to 12% per annum and will remain at 12% per annum until all applicable quarterly dividends have been fully paid and are current, at which time a dividend rate of 10% per annum will once again apply. • Upon the occurrence of not paying a dividend with respect to three out of any four consecutive quarters or failing to pay a dividend six times (whether or not consecutive) at anytime the Series B Preferred Stock is outstanding will entitle the holders of the Series B Preferred Stock to a seat on the Board of Directors and the right to approve (a) all indebtedness by the Company if such indebtedness would cause the Company’s Leverage Ratio to exceed 3.25 to 1.00, (b) any budget or budget amendments and (c) any capital expenditures in excess of $0.5 million . • Upon the occurrence of not paying a dividend for a period of nine months consecutive months, the holders of the Series B Preferred Stock may elect to cause the Company to redeem all or a portion of the Series B Preferred Stock. The Company does not expect to be able to pay dividends on the Series B Preferred Stock within the nine consecutive months following April 15, 2020. Holders of the Series B Preferred Stock have no voting rights, but have certain consent rights with respect to the taking of certain corporate actions by the Company. Upon the Company’s voluntary or involuntary liquidation, winding-up or dissolution, each holder of Series B Preferred Stock will be entitled to receive the Base Return Amount (as defined in the Series B Preferred Stock Agreement) plus accrued and unpaid dividends. In addition to the 10.00% per annum cumulative dividend holders of the Series B Preferred Stock are entitled to receive, upon redemption of the Series B Preferred Stock, a guaranteed base return on the initial 150,000 shares purchased in an amount equal to (x) $1,500 per share of Series B Preferred Stock and (y) an amount necessary to achieve a 16% internal rate of return (“IRR”) (the “Base Return Amount”) with respect to such shares of Series B Preferred Stock, minus all dividends paid on shares of Series B Preferred Stock, including dividends paid-in-kind, and minus up-front fees incurred at issuance of the Series B Preferred Stock. The shares of Series B Preferred Stock are redeemable at the election of the holders on or after December 8, 2023 and upon certain conditions and at any time at the Company’s option. As the holders of Series B Preferred Stock have an option to redeem the Series B Preferred Stock at a future date, the Series B Preferred Stock is included in temporary, or “mezzanine” equity, between total liabilities and stockholders’ equity on the Condensed Consolidated Balance Sheets. The Series B Preferred Stock, while not currently redeemable at the option of the holders, is remeasured each reporting period by accreting the initial value to the estimated redemption value that will achieve a 16% IRR on December 8, 2023 when the Series B Preferred Stock is redeemable in whole or in part at the election of the holders of Series B Preferred Stock. The accretion is considered a deemed dividend, which increases the carrying value of the Series B Preferred Stock on the Condensed Consolidated Balance Sheets and is included within preferred dividends on the Condensed Consolidated Statements of Operations. If the Series B Preferred Stock would have been redeemed on March 31, 2020, the Base Return Amount was approximately $195.2 million , which was higher than the redemption amount accrued, and will be reduced by subsequent dividend payments. Any redemption must be made out of funds legally available therefor. In the event of a Change of Control (which includes failure to maintain the listing of our Class A Common Stock on a national securities exchange), the Company shall redeem in cash all of the outstanding shares of Series B Preferred Stock, excluding Series B PIK Shares, for a price per share equal to the Base Return Amount and all Series B PIK Shares at the purchase price of $1,000 per share. The Company assessed the Change of Control feature and determined that the redemption of the outstanding shares of Series B Preferred Stock, excluding Series B PIK Shares, for a price per share equal to the Base Return Amount was an embedded derivative that required bifurcation and was accounted for at fair value. Because the Company recorded the Series B Preferred Stock at its current redemption value as of March 31, 2020, there was no value attributed to the bifurcated embedded derivative. The Company reflected the following activity in mezzanine equity for the Series B Preferred Stock for the three months ended March 31, 2020 : Series B Preferred Shares Series B Preferred Stock Value Guaranteed Return Total (In thousands, except share data) Total Series B Preferred Stock at December 31, 2019 156,746 $ 149,132 $ 13,894 $ 163,026 Discount - transaction costs — — — — Base return amount — — 5,493 5,493 Accrued dividends — 4,677 (4,677 ) — Dividends declared and paid-in-kind — — — — Accretion of discount - deemed dividend — 405 — 405 Total Series B Preferred Stock at March 31, 2020 156,746 $ 154,214 $ 14,710 $ 168,924 For the quarter ended March 31, 2020 the Company did not declare cash dividends on the Series B Preferred Stock. For the quarter ended March 31, 2019 dividends per share on the Company’s Series B Preferred Stock was $24.66 . The Company’s Proposed Plan of Reorganization as discussed in Note 20 - Subsequent Events , anticipates that in exchange for all of the Series B Preferred Stock, holders of the Series B Preferred Stock will receive their pro rata share of 1.48% of the New Common Shares of the reorganized entity. Stockholders’ Equity Class A Common Stock. Holders of the Company’s Class A Common Stock are entitled to one vote for each share held on all matters to be voted on by the stockholders. Holders of the Class A Common Stock and holders of the Class B Common Stock voting together as a single class have the exclusive right to vote for the election of directors and on all other matters properly submitted to a vote of the stockholders. Class B Common Stock. Shares of Class B Common Stock may be issued only to Tema, their respective successors and assignees, as well as any permitted transferees of Tema. A holder of Class B Common Stock may transfer shares of Class B Common Stock to any transferee (other than the Company) only if such holder also simultaneously transfers an equal number of such holder’s Rosehill Operating Common Units to such transferee in compliance with the LLC Agreement. Holders of the Company’s Class B Common Stock will vote together as a single class with holders of the Company’s Class A Common Stock on all matters properly submitted to a vote of the stockholders. Holders of Class B Common Stock generally have the right to cause the Company to redeem all or a portion of their Rosehill Operating Common Units in exchange for shares of the Company’s Class A Common Stock on a one-to-one basis or, at the Company’s option, an equivalent amount of cash. The Company may, however, at its option, affect a direct exchange of cash or Class A Common Stock for such Rosehill Operating Common Units in lieu of such a redemption. Upon the future redemption or exchange of Rosehill Operating Common Units, a corresponding number of shares of Class B Common Stock will be canceled. 8% Series A Cumulative Perpetual Convertible Preferred Stock. Each share of Series A Preferred Stock has a liquidation preference of $1,000 per share and is convertible, at the holder’s option at any time, initially into 86.9565 shares of the Company’s Class A Common Stock (which is equivalent to an initial conversion price of approximately $11.50 per share of Class A Common Stock), subject to specified adjustments and limitations as set forth in the Certificate of Designation of Series A Preferred Stock (the “Certificate of Designation”). In the event of a Fundamental Change (as defined in the Certificate of Designation of the Series A Preferred Stock, which includes failure to maintain the listing of the Company’s Class A Common Stock on a national securities exchange), the Company will increase the conversion rate. Please read Note 3 - Liquidity for details on the letter from The Nasdaq Stock Market LLC regarding the Company’s stock price trading below the minimum bid price requirement for continued listing. The Company reflected the following in equity for the Series A Preferred Stock for the following periods: Three Months Ended March 31, 2020 2019 (In thousands) Series A Preferred Stock paid-in-kind $ 2,102 $ — Series A Preferred Stock paid or payable in cash — 2,006 Series A Preferred Stock dividends $ 2,102 $ 2,006 For the quarters ended March 31, 2020 and 2019, dividends per share on the Company’s Series A Preferred Stock was $19.89 and $19.73 , respectively. The Company’s Proposed Plan of Reorganization as discussed in Note 20 - Subsequent Events , anticipates that in exchange for all of the Series A Preferred Stock, holders of the Series A Preferred Stock will receive their pro rata share of 1.48% of the New Common Shares of the reorganized entity. Warrants. Each of the Company’s warrants entitles the registered holder to purchase one share of the Company’s Class A Common Stock at a price of $11.50 per share, subject to adjustment pursuant to the terms of the warrant agreement. The warrants have a five -year term which commenced on April 27, 2017. As of March 31, 2020 , there were 25,594,158 warrants exercisable for shares of Class A Common Stock outstanding at a price of $11.50 . The Company may call 17,185,320 warrants for redemption if the reported last sale price of the Class A Common Stock equals or exceeds $21.00 per share for any 20 trading days within a 30 -trading day period ending on the third trading day prior to the date the Company sends the notice of redemption to the warrant holders. The remaining 8,408,838 warrants are not redeemable by the Company and are exercisable on a cashless basis so long as they are held by the initial holders or their permitted transferees. Otherwise, such warrants may be redeemed on terms and provisions that are identical to those described above. Noncontrolling Interest. Noncontrolling interest represents the membership interest in Rosehill Operating held by Tema. The Company has consolidated the financial position and results of operations of Rosehill Operating and reflected the proportionate interest held by Tema as a noncontrolling interest. The noncontrolling interest will change if warrants are exercised for Class A Common Stock, when shares of Series A Preferred Stock are converted into shares of Class A Common Stock, when shares of Class A Common Stock are issued in connection with the Company’s LTIP and if Tema elects to exchange the Class B Common Stock received in connection with the Transaction for shares of Class A Common Stock. At March 31, 2020 , Tema held an approximate 35.3% noncontrolling interest in Rosehill Operating. On December 26, 2019, Tema redeemed 14,100,000 shares of its Rosehill Operating Common Units in exchange for an equivalent number of shares of Class A Common Stock, which significantly decreased Tema’s noncontrolling interest in Rosehill Operating. After the exchange, Tema holds 15,707,692 shares of Class B Common Stock.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Long-Term Incentive Plan The LTIP permits the grant of a number of different types of equity, equity-based and cash awards to employees, directors and consultants, including grant options, SARs, restricted stock, restricted stock units, stock awards, dividend equivalents, other stock-based awards, substitute awards, performance awards or any combination of the foregoing, as determined by the Compensation Committee of the Board (the “Compensation Committee”), in its sole discretion. The purpose of the LTIP is to provide a means to attract and retain qualified employees, directors and consultants by affording such individuals a means to acquire and maintain stock ownership or awards, the value of which is tied to the performance of the Company. The LTIP also provides additional incentives and reward opportunities designed to strengthen such individuals’ concern for the welfare of the Company and their desire to remain in its employ. At the plan’s inception, 7,500,000 shares of Class A Common Stock were reserved for issuance under the LTIP. The Company has granted restricted stock, restricted stock units and performance share units under the LTIP. Stock-based compensation expense for restricted stock and restricted stock units is recognized on a straight-line basis over the requisite service period for each separately vesting tranche of the award as if the award was, in substance, multiple awards. Stock-based compensation is included in general and administrative expense on the Company’s Condensed Consolidated Statements of Operations and forfeitures are recognized as they occur. The stock-based compensation expense recognized was less than $0.1 million and $1.0 million for the three months ended March 31, 2020 and 2019 , respectively. Stock-based compensation expense decreased significantly during the three months ended March 31, 2020 primarily due to forfeitures related to the termination of 52 full-time employees announced on March 26, 2020. As of March 31, 2020 , 4,912,178 shares of Class A Common Stock remained available for issuance under the LTIP, subject to adjustment pursuant to the plan. The Company’s Proposed Plan of Reorganization as discussed in Note 20 - Subsequent Events , anticipates that all unvested shares under the LTIP plan will be cancelled and receive no recovery. Restricted Stock Restricted stock granted under the LTIP is issued on the grant date, but is restricted as to transferability until vesting. These restricted shares generally vest on the first anniversary of the date of grant. The following table sets forth the restricted stock transactions for the three months ended March 31, 2020 : Restricted Stock Weighted-Average Grant Date Fair Value Nonvested - December 31, 2019 428,984 $ 3.12 Granted — — Vested (403,816 ) 3.13 Forfeited — — Nonvested - March 31, 2020 25,168 $ 2.98 As of March 31, 2020 , there was less than $0.1 million of unrecognized compensation cost related to nonvested restricted stock which is expected to be recognized over a weighted-average period of 0.2 years . Stock-Settled Time-Based Restricted Stock Units Stock-settled time-based restricted stock units entitle the holder to receive one share of Class A Common Stock for each restricted stock unit when such restricted stock unit vests. These stock-settled time-based restricted stock units generally vest in three substantially equal installments on the first three anniversaries of the date of grant. The following table sets forth stock-settled time-based restricted stock unit transactions for the three months ended March 31, 2020 : Restricted Stock Units Weighted-Average Grant Date Fair Value Nonvested - December 31, 2019 1,360,070 $ 4.28 Granted — — Vested (339,001 ) 3.96 Forfeited (374,367 ) 4.35 Nonvested - March 31, 2020 646,702 $ 4.40 As of March 31, 2020 , there was $1.8 million of unrecognized compensation cost related to nonvested stock-settled time-based restricted stock units which is expected to be recognized over a weighted-average period of 1.7 years . Market Based Performance Share Units The Company granted a target number of market based performance share units to certain employees. The market based performance share units will be settled in stock, provided that certain performance criteria are met. The performance criteria applicable to such awards is relative total shareholder return, which measures the Company’s total shareholder return as compared to the total shareholder return of the peer group identified by the Compensation Committee. The Company recognizes compensation expense for the performance share units subject to market conditions regardless of whether it becomes probable that these conditions will be achieved or not and compensation expense is not reversed if vesting does not actually occur. The following table sets forth market based performance share unit transactions for the three months ended March 31, 2020 : Performance Restricted Stock Units Weighted-Average Grant Date Fair Value Nonvested - December 31, 2019 961,055 $ 5.18 Granted — — Vested — — Forfeited (338,259 ) 5.40 Nonvested - March 31, 2020 622,796 $ 5.06 The grant-date fair value was estimated using a Monte Carlo valuation model. The Monte Carlo valuation model is based on random projections of stock price paths and must be repeated numerous times to achieve a probabilistic assessment. Expected volatility was calculated based on the historical volatility of the Class A Common Stock, and the risk-free interest rate is based on U.S. Treasury yield curve rates with maturities consistent with the three -year vesting period. The following weighted-average assumptions were used to value the market based performance awards: Three Months Ended March 31, 2019 Expected volatility 68.1 % Risk-free interest rate 2.2 % Dividend yield — % Expected life (years) 2.77 As of March 31, 2020 , there was $1.4 million of unrecognized compensation cost related to shares of market based performance units which is expected to be recognized over a weighted average period of 1.3 years . Cash-Settled Time-Based Restricted Stock Units The Company grants cash-settled time-based restricted stock units to certain employees. Cash-settled time-based restricted stock units entitle the holder to receive the cash equivalent of one share of Class A Common Stock for each restricted stock unit when such restricted stock unit vests. These cash-settled time-based restricted stock units generally vest in three substantially equal installments on the first three anniversaries of the date of grant. Cash-settled time-based restricted stock units are classified as liabilities and are remeasured at each reporting date until settled. The stock-based compensation expense for cash-settled time-based restricted stock units is recognized on a straight-line basis over the requisite service period for each separately vesting tranche of the award as if the award was, in substance, multiple awards. The following table sets forth cash-settled restricted stock unit transactions for the three months ended March 31, 2020 : Cash-Settled Restricted Stock Units Weighted-Average Grant Date Fair Value Nonvested - December 31, 2019 412,921 $ 3.47 Granted — — Vested (136,730 ) 3.59 Forfeited (182,249 ) 3.40 Nonvested - March 31, 2020 93,942 $ 3.46 As of March 31, 2020 , the Company had a liability for cash-settled time-based restricted stock units of $0.1 million based on a closing price of $0.41 on March 31, 2020 . As of March 31, 2020 , there was less than $0.1 million of unrecognized compensation cost related to shares of cash-settled time-based restricted stock units which is expected to be recognized over a weighted average period of 1.9 years . Retirement Benefits The Company has not maintained, and does not currently maintain, a defined benefit pension plan or nonqualified deferred compensation plan. The Company currently maintains a retirement plan pursuant to which employees are permitted to contribute portions of their base compensation to a tax-qualified retirement account. The Company provided matching contributions equal to 100% of elective deferrals up to 6% of eligible compensation. Matching contributions are immediately fully vested. The Company’s matching contributions under the plan totaled $0.1 million and $0.2 million for the three months ended March 31, 2020 and 2019 , respectively.

Transactions with Related Parti

Transactions with Related Parties	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Transactions with Related Parties	Transactions with Related Parties The Company is not entitled to compensation for its services as managing member of Rosehill Operating. The Company is entitled to reimbursement by Rosehill Operating for any costs, fees or expenses incurred on behalf of Rosehill Operating (including costs of securities offerings not borne directly by members, board of directors’ compensation and meeting costs, cost of periodic reports to its stockholders, litigation costs and damages arising from litigation, accounting and legal costs); provided that the Company will not be reimbursed for any of its income tax obligations. Gateway Gathering and Marketing - Crude oil gathering and transportation. Rosehill Operating has a Crude Oil Gathering Agreement with Gateway Gathering and Marketing (“Gateway”), a subsidiary of Rosemore Holdings, Inc., for a portion of its oil production. There were no costs incurred under the Crude Oil Gathering Agreement for the three months ended March 31, 2020 because Gateway bills the purchasers of the Company’s oil production directly for the transportation services. For the three months ended March 31, 2019, the Company incurred approximately $0.6 million of transportation costs under the Crude Oil Gathering Agreement. Gateway Gathering and Marketing - Natural gas gathering and transportation. Rosehill Operating has a Gas Gathering Agreement with Gateway for a portion of its liquids-rich natural gas production (the “Gas Gathering Agreement”). Costs incurred under the Gas Gathering Agreement for the three months ended March 31, 2020 and 2019 , were approximately $2.0 million and $1.3 million , respectively, As of March 31, 2020 and December 31, 2019, there was no amount in Accounts payable due to Gateway related to the Gas Gathering Agreement. As of March 31, 2020 and December 31, 2019, there was approximately $0.7 million and $0.6 million , respectively, in Accrued liabilities and other related to the Gas Gathering Agreement. KLR Sponsor. In October 2018, Rosehill Operating entered into a Water Purchase Agreement with Seawolf Water Resources, LP (“Seawolf”), an affiliate of KLR Sponsor, to purchase water from Seawolf’s water wells for use in well completion operations. For the three months ended March 31, 2020 and 2019 , Rosehill Operating incurred costs of $1.1 million and $0.2 million , respectively, related to this agreement. As of March 31, 2020 and December 31, 2019, there was $0.5 million and $0.2 million , respectively, in Accounts payable due to Seawolf and as of March 31, 2020 and December 31, 2019 there was $0.2 million included in accrued capital expenditures due to Seawolf. Distributions. The LLC Agreement requires Rosehill Operating to make a corresponding cash distribution to the Company at any time a dividend is to be paid by the Company to the holders of its Series A Preferred Stock and Series B Preferred Stock. The LLC Agreement allows for distributions to be made by Rosehill Operating to its members on a pro rata basis in accordance with the number of Rosehill Operating Common Units owned by each member out of funds legally available therefor. The Company expects Rosehill Operating may make distributions out of distributable cash periodically to the extent permitted by the Amended and Restated Credit Agreement as necessary to enable the Company to cover its operating expenses and other obligations, as well as to make dividend payments, if any, to the holders of its Class A Common Stock. In addition, the LLC Agreement generally requires Rosehill Operating to make (i) pro rata distributions (in accordance with the number of Rosehill Operating Common Units owned by each member) to its members, including the Company, in an amount at least sufficient to allow the Company to pay its taxes and satisfy its obligations under the Tax Receivable Agreement and (ii) tax advances, which will be repaid upon a redemption, in an amount sufficient to allow each of the members of Rosehill Operating to pay its respective taxes on such holder’s allocable share of Rosehill Operating’s taxable income after taking into account certain other distributions or payments received by the unitholder from Rosehill Operating or the Company.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments Rosehill Operating Common Unit Redemption Right. The LLC Agreement provides Tema with a redemption right, which entitles Tema to cause Rosehill Operating to redeem, from time to time, all or a portion of its Rosehill Operating Common Units (and a corresponding number of shares of Class B Common Stock) for, at Rosehill Operating’s option, newly issued shares of Class A Common Stock on a one-for-one basis or a cash payment equal to the average of the volume-weighted closing price of one share of Class A Common Stock for the twenty trading days prior to the date Tema delivers a notice of redemption for each Rosehill Operating Common Units redeemed (subject to customary adjustments, including for stock splits, stock dividends and reclassifications). In the event of a reclassification event (as defined in the LLC Agreement), the Company as managing member is required to ensure that each Rosehill Operating Common Unit (and a corresponding share of Class B Common Stock) is redeemable for the same amount and type of property, securities or cash that a share of Class A Common Stock becomes exchangeable for or converted into as a result of such reclassification event. Upon the exercise of the redemption right, Tema will surrender its Rosehill Operating Common Units (and a corresponding number of shares of Class B Common Stock) to Rosehill Operating and (i) Rosehill Operating shall cancel such Rosehill Operating Common Units and issue to the Company a number of Rosehill Operating Common Units equal to the number of surrendered Rosehill Operating Common Units and (ii) the Company shall cancel the surrendered shares of Class B Common Stock. The LLC Agreement requires that the Company contribute cash or shares of Class A Common Stock to Rosehill Operating in exchange for the issuance to the Company described in clause (i). Rosehill Operating will then distribute such cash or shares of Class A Common Stock to Tema to complete the redemption. Upon the exercise of the redemption right, the Company may, at its option, affect a direct exchange of cash or its Class A Common Stock for such Rosehill Operating Common Units in lieu of such a redemption. Maintenance of One-to-One Ratios. The LLC Agreement includes provisions intended to ensure that the Company at all times maintains a one-to-one ratio between (a) (i) the number of outstanding shares of Class A Common Stock and (ii) the number of Rosehill Operating Common Units owned by the Company (subject to certain exceptions for certain rights to purchase equity securities of the Company under a “poison pill” or similar shareholder rights plan, if any, certain convertible or exchangeable securities issued under the Company’s equity compensation plans and certain equity securities issued pursuant to the Company’s equity compensation plans (other than a stock option plan) that are restricted or have not vested thereunder) and (b) (i) the number of other outstanding equity securities of the Company (including the Series A Preferred Stock and the warrants exercisable for shares of Class A Common Stock) and (ii) the number of corresponding outstanding equity securities of Rosehill Operating. These provisions are intended to result in Tema having a voting interest in the Company that is identical to Tema’s economic interest in Rosehill Operating. Pecos County, Texas Farm-in Agreement. On February 27, 2019, Rosehill gained the right to earn approximately 2,200 net acres contiguous to its core areas in the Southern Delaware Basin subject to its obligations to drill and complete up to seven wells through 2020 and to carry 25% of the drilling and completion costs for each of the seven wells and the costs of facilities and equipment and subject to the Company’s ability to obtain certain lease modifications. The Company drilled and completed two wells under the farm-in agreement, which earned the Company 935 net acres. On March 23, 2020, the Company re-conveyed the net acres associated with those remaining wells back to the partner. Contingencies Legal . In the ordinary course of business, the Company is party to various legal actions, which arise primarily from its activities as operator of oil and natural gas wells. In management’s opinion, the outcome of any such currently pending legal actions will not have a material adverse effect on the Company’s financial position or results of operations. There is no material litigation, arbitration or governmental proceeding currently pending against the Company or any members of its management team in their capacity as such requiring a contingent liability to be recognized as of the date of the condensed consolidated financial statements.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Please read Note 3 - Liquidity for information regarding certain events subsequent to March 31, 2020 that relate to the events described in this Note 20. Restructuring Support Agreement On June 30, 2020 , the Company and Rosehill Operating (together with the Company, the “Company Parties”) entered into the RSA, which includes the term sheet attached thereto as Exhibit A (the “Term Sheet”), with (i) Tema, as (a) the holder of approximately 66.8% of the voting equity interests of the Company and 35.2% of the equity interests in Rosehill Operating and (b) party to the Tax Receivable Agreement, (ii) certain beneficial holders of, or investment advisors, sub-advisors, or managers of discretionary accounts that are beneficial holders of claims under the Amended and Restated Credit Agreement among the Company Parties, JPMorgan and the lenders from time to time party thereto (the “Consenting Lenders”), and (iii) certain beneficial holders of, or the investment advisors, sub-advisors, or managers on behalf of discretionary funds, accounts or entities that are beneficial holders of claims under the Note Purchase Agreement, and 100% of the Company’s issued Series B Preferred Stock (the “Consenting Noteholders,” and together with Tema and the Consenting Lenders, the “Consenting Creditors”). The RSA contemplates that the Company Parties will (i) file voluntary cases (the “Chapter 11 Filings”) under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) to effect a restructuring through a prepackaged chapter 11 plan of reorganization (the “Plan”) to be filed with the Bankruptcy Court on or before July 15, 2020 at 11:59 p.m. (prevailing Central Time) and (ii) enter into a proposed junior convertible debtor in possession delayed draw term loan facility (the “DIP Facility”), as evidenced by the DIP Credit Agreement (as defined in the RSA). The RSA contains certain covenants on the part of each of the Company Parties and the Consenting Creditors including that the Consenting Creditors use commercially reasonable efforts to support the Restructuring Transactions (as defined in the RSA), to vote in favor of the Plan and to otherwise use good faith when negotiating the forms of the Definitive Documents (as defined in the RSA) with the Company Parties. The RSA also provides for certain conditions to the obligations of the parties and for termination upon the occurrence of certain events, including without limitation, the failure to achieve certain milestones and certain breaches or other actions by the parties under the RSA. Proposed Plan of Reorganization The Plan as contemplated by the RSA will provide for the following, among other things: • after the time on which all conditions to the effectiveness of the Plan have been satisfied or waived in accordance with the terms thereof and the Plan becomes effective (the “Effective Date”), either a reorganized Rosehill Operating or a newly created legal entity that would be the successor to the Company Parties (either entity constituting “New Rosehill”) will be established; • the entry by New Rosehill into an exit RBL credit agreement to refinance indebtedness under the Amended and Restated Credit Agreement (the “Revolving Credit Facility”), with a term of 4 years and a maximum initial borrowing base of $235.0 million ; • the principal of the DIP Facility will be converted to 24.15% of the shares of the equity of New Rosehill (the “New Common Shares”), and the backstop fee earned in connection with the DIP Facility will be converted to 1.69% of the New Common Shares, in each case, subject to dilution from the post-emergence management incentive plan that will be adopted by the board of directors of New Rosehill (the “MIP”); • each Consenting Noteholder will receive its pro rata share of 68.60% of the New Common Shares, subject to dilution from the MIP, in exchange for all of the Secured Note Claims (as defined in the Term Sheet); • Tema, as the holder of claims under that Tax Receivable Agreement, will receive its pro rata share of 4.08% of the New Common Shares, subject to dilution from the MIP, in exchange for all of the TRA Claims (as defined in the Term Sheet); • subject to specific conditions, including acceptance of the Plan by and lack of any objection to confirmation of the Plan by the holders of Series A Preferred Stock and Series B Preferred Stock (each as defined in the Term Sheet) (collectively, the “Preferred Holders”), the Preferred Holders will receive their pro rata share of 1.48% of the New Common Shares, subject to dilution from the MIP, in exchange for all of the Series A Preferred Stock and Series B Preferred Stock; • the Existing Common Stock (which includes the Company’s Class A Common Stock) and Other Existing Interests (each as defined in the Term Sheet) will be cancelled and receive no recovery; • the RSA requires that Tema and the Consenting Noteholders work in good faith to finalize substantially final forms of governance documents or term sheets in respect thereof before the date the Chapter 11 Cases are filed (the “Petition Date”); • certain claims relating to borrowings outstanding under the Amended and Restated Credit Agreement are to be paid with net cash proceeds from the orderly unwind of all of the Company’s existing commodity hedging and derivative instruments, which is anticipated to occur between the execution of the RSA and the Petition Date; and • the Gas Gathering Agreement will be amended after the execution of the RSA and before the Petition Date. The terms of the Plan are subject to approval by, among other parties, the Consenting Creditors (pursuant to the terms set forth in the RSA) and the Company, as well as the Bankruptcy Court, among other conditions to the effectiveness of the Plan. The Company Parties intend to solicit votes from the Consenting Creditors with respect to the Plan prior to the Petition Date, and to commence solicitation of votes from the Preferred Holders prior to the Petition Date but to receive such votes after the Petition Date. Accordingly, no assurance can be given that the transactions described herein will be consummated. If a termination of the Plan occurs prior to the Chapter 11 Filings, then the Company’s lenders and noteholders could exercise remedies for Events of Default (as defined in the respective agreements) (including accelerating debt, sweeping cash and foreclosing on its assets). During the Chapter 11 proceedings, a termination of the RSA may result in the loss of support for the Plan, which would adversely affect the Company’s ability to confirm and consummate the Plan. If the Plan is not consummated, there can be no assurance that the Company could achieve a restructuring alternative and its Chapter 11 proceedings could become protracted or terminate, which would have a material adverse effect on the Company’s liquidity and ability to continue as a going concern. Following the Chapter 11 Filings, the Company and Rosehill Operating (together, the “Debtors”) expect to operate the business as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code. Subject to certain exceptions under the Bankruptcy Code, the Chapter 11 Filings will automatically enjoin or stay the continuation of any judicial or administrative proceedings or other actions against the Debtors or their property to recover, collect or secure a claim arising prior to the filing of the Bankruptcy Petitions. Under the Plan, the Company intends to ask the Bankruptcy Court to grant certain relief requested by the Debtors enabling the Company to conduct its business activities in the ordinary course, including, among other things and subject to the terms and conditions of such orders, authorization to pay employee wages and benefits, to pay certain taxes and governmental fees and charges, to continue to operate our cash management system in the ordinary course, to secure debtor-in-possession financing, to remit funds we hold from time to time for the benefit of third parties (such as royalty owners), and to pay the prepetition claims of certain of our vendors that hold liens under applicable non-bankruptcy law. Debtor-in-Possession Financing The RSA contemplates that the Company Parties will file a motion with the Bankruptcy Court (the “DIP Motion”) seeking, among other things, interim and final approval of debtor-in-possession financing on the terms and conditions set forth in the DIP Credit Agreement. If approved by the Bankruptcy Court, the RSA provides that the DIP Credit Agreement will provide for the following, among other things: • the DIP Facility, in the aggregate amount of $17.5 million , shall be junior to the Adequate Protection Liens (as defined in the Term Sheet), superpriority liens securing postpetition hedges, the Revolving Credit Facility and the Note Purchase Agreement but senior to all other Claims (as defined in the Term Sheet) and Interests (as defined in the Term Sheet); • $15.0 million of the DIP Facility will be backstopped by the Consenting Noteholders, and $2.5 million shall be backstopped by Tema; • Tema will have the right to subscribe to provide up to $7.5 million of the DIP Facility; • the Company Parties will draw half of the DIP Facility within three business days after the entry of the Interim Order, and the remaining half of the DIP Facility within three business days after the entry of the Final Order; • the DIP Facility will mature at the earliest of (i) six months after the Petition Date , (ii) the Effective Date; (iii) the closing of a sale of substantially all of the equity interests or assets of the Company Parties (unless done pursuant to the Plan); (iv) the date of prepayment in cash in full by the Company of all claims under the DIP Facility and termination of all commitments in respect of the DIP Facility in accordance with the terms of the DIP Credit Agreement; and (v) the date of termination of the commitments in respect of the DIP Facility and/or acceleration of any outstanding extensions of credit following the occurrence and during the continuance of an event of default under the DIP Facility; • borrowings under the DIP Facility will bear interest at 8% per annum, paid, in kind monthly, with an additional 2% per annum default rate paid in kind, provided that such interest may only be paid in cash upon the Effective Date subject to certain conditions; • the Company Parties will pay an upfront fee of 100 bps , paid-in-kind, provided that such upfront fee may only be paid in cash upon the Effective Date subject to certain conditions; • the DIP Credit Agreement will provide for certain customary covenants applicable to the Company; • the DIP Credit Agreement will require that the Company Parties (a) enter into commodity hedge transactions pursuant to standards agreed in advance by the Company, the Majority DIP Lenders (as defined in the Term Sheet), and JPMorgan in their reasonable discretion such that, as soon as practical after the Petition Date (and in any case no later than ten ( 10 ) Business Days after the Petition Date), the notional volumes of such commodity hedge transactions represent at least 70% of reasonably anticipated projected production from oil and gas properties constituting proved developed producing reserves of Rosehill Operating for each of the following 24 months (August 2020 to July 2022 based on the most recent reserve report) for each of crude oil and natural gas, calculated separately, (b) receive prior written consent from Majority DIP Lenders and JPMorgan (acting at the direction of the Required Revolving Credit Agreement Lenders (as defined in the Term Sheet)) for any asset sales or dispositions outside the ordinary course of business in excess of $200,000 in the aggregate or investments in excess of $200,000 in the aggregate, and (c) provide certain periodic reporting packages and budgets to the Majority DIP Lenders and JPMorgan; and • the DIP Credit Agreement will provide for certain customary conditions for debtor-in-possession facilities of this type and certain other conditions as required by the Majority DIP Lenders. The terms of the DIP Credit Agreement are subject to approval by the DIP Lenders, the Company, and the Bankruptcy Court, among other conditions. Accordingly, the terms of the DIP Credit Agreement are subject to change and there can be no assurance that the DIP Credit Agreement will be consummated. The Company anticipates closing the DIP Credit Agreement promptly following approval by the Bankruptcy Court of the DIP Motion. Despite the liquidity that may be provided by the DIP Credit Agreement, the Company’s ability to maintain normal credit terms with our suppliers and vendors may become impaired. The Company may be required to pay cash in advance to certain vendors and may experience restrictions on the availability of trade credit, which would further reduce its liquidity. If liquidity problems persist, suppliers could refuse to provide key products and services in the future. In addition to the cash requirements to fund ongoing operations, the Company has incurred significant professional fees and other costs in connection with the RSA and expect that it will continue to incur significant fees and costs throughout the Chapter 11 proceedings. Even if the Company obtains financing under the DIP Credit Agreement, it is uncertain the Company’s liquidity will be sufficient to allow it to satisfy its obligations related to the Chapter 11 proceedings or that it will be able to confirm a Plan with the Bankruptcy Court that allows it to emerge from bankruptcy. In addition, the Company will be required to comply with the covenants and conditions of our DIP Credit Agreement in order to continue to access borrowings thereunder. In connection with the Chapter 11 Filings, as contemplated by the Term Sheet, the Company intends to delist its Class A Common Stock, Class A Common Stock Public Units and Class A Common Stock Public Warrants from Nasdaq. The Company also expects to terminate and suspend its reporting obligations under the Exchange Act when it is eligible to do so. If the Chapter 11 Filing is not completed or the Plan is not consummated within the timeframe expected, the Company does not expect to have sufficient liquidity to fund capital expenditures. The Chapter 11 Filings will constitute an Event of Default under the credit agreement and Second Lien Notes and the delisting of the Class A Common Stock will constitute an Event of Default under the Second Lien Notes. The creditors under these debt agreements are subject to a forbearance under the RSA and, after the Chapter 11 Filings, will be stayed from taking any action against the Company as a result of an event of default.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Recently Issued Accounting Standards (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial results of the Company consist of the financial results of Rosehill and Rosehill Operating Company, LLC (“Rosehill Operating”), its consolidated subsidiary. As of March 31, 2020 , the Company owns approximately 64.7% of the common units of Rosehill Operating (the “Rosehill Operating Common Units”) and Tema Oil & Gas Company (“Tema”) owns approximately 35.3% of the Rosehill Operating Common Units. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. 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 condensed or omitted, although the company believes that the disclosures made are adequate to make the information not misleading. The condensed consolidated financial statements and related notes included in this Quarterly Report should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2019. 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 Annual Report on Form 10-K for the period ended December 31, 2019. 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 indicative of expected results for the full year. The Company has disclosed that it has substantial doubt about its ability to continue as a going concern within one year after the date that these condensed consolidated financial statements are issued and the impact on the presentation of these condensed consolidated financial statements in Note 3 - Liquidity . All intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current presentation on the accompanying consolidated financial statements. Such reclassifications had no impact on net income, cash flows or shareholders’ equity previously reported.
Variable Interest Entities	Variable Interest Entities Rosehill Operating is a variable interest entity. The Company determined that it is the primary beneficiary of Rosehill Operating as the Company is the sole managing member and has the power to direct the activities most significant to Rosehill Operating’s economic performance as well as the obligation to absorb losses and receive benefits that are potentially significant and the Company now holds a majority of the ownership interest of Rosehill Operating. The Company consolidated 100% of Rosehill Operating’s assets and liabilities and results of operations in the Company’s consolidated financial statements. For further discussion, see Noncontrolling Interest in Note 16 - Stockholders’ Equity .
Accounting Standards Adopted And Recently Issued Accounting Standards Not Yet Adopted	Accounting Standard Adopted in 2020 On January 1, 2020 we adopted ASC Topic 842, Leases, which requires companies to generally recognize on the balance sheet operating and financing lease liabilities and a corresponding right-of-use assets. We adopted this standard using the modified retrospective method. The Company has elected the following practical expedients that allow an entity to carry forward historical accounting treatment relating to: (i) lease identification and classification for existing leases and (ii) existing land easements. The adoption of the standard resulted in the recognition of approximately $2.1 million of right-of-use assets and $2.6 million of lease liabilities as of January 1, 2020, with the entire amount relating to our operating leases.The adoption of this standard did not have a significant impact on the Company’s Consolidated Statements of Operations or Consolidated Statements of Cash Flows. Refer to Note 5 - Leases for additional information. Fair Value Measurement Disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement , which removes, modifies and adds disclosure requirements on fair value measurements. ASU 2018-13 is effective for the Company for fiscal years beginning after December 15, 2019. The Company adopted ASU 2018-13 on January 1, 2020. The impact to the Company was additional disclosures to provide the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measures. Refer to Note 9 - Fair Value Measurements for more detail on the additional disclosures. Recently Issued Accounting Standards Not Yet Adopted In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 was issued to reduce the complexity of accounting for income taxes for those entities that fall within the scope of the accounting standard. The guidance is to be applied using a prospective method, excluding amendments related to franchise taxes, which should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. ASU 2019-12 is effective for the Company for fiscal years beginning after December 15, 2021 due to its emerging growth company status, with early adoption permitted. The Company is still evaluating the impact of ASU 2019-12.
Revenue from Contracts with Customers	Revenue from Contracts with Customers The Company recognizes oil, natural gas and NGL revenue at the point in time when control of the product transfers to the customer, which differs depending on the contractual terms of each of the Company’s arrangements. Transfer of control drives the presentation of gathering, transportation, processing and other post-production expenses (“gathering and transportation expense”) within the Company’s Condensed Consolidated Statements of Operations. In these scenarios below, the Company evaluates whether it is the principal or the agent in the transaction and the analysis includes considerations of product redelivery, take-in-kind rights and risk of loss. For those contracts where the Company has concluded that control of the product transfers at the tailgate of the plant, meaning that the Company is the principal and the ultimate third party purchaser is its customer, the Company recognizes revenue on a gross basis, with transportation, processing and gathering expenses presented within the Gathering and transportation line item on the Company’s Condensed Consolidated Statements of Operations. Alternatively, for those contracts where the Company has concluded control of the product transfers at or near the wellhead or inlet of the plant, meaning that the Company is the agent and the midstream processing company is the Company’s customer, the Company recognizes natural gas and NGL revenues based on the net amount of proceeds received from the midstream processing company. Performance obligations The Company’s contractual performance obligations arise upon the production of hydrocarbons from wells in which the Company has an ownership interest. The performance obligations are considered satisfied upon control transferring to a customer at the wellhead, inlet, or tailgate of the midstream processor’s processing facility, or other contractually specified delivery point. For all commodity products, the Company records revenue in the month production is delivered to the customer. Settlement statements for certain natural gas and NGL sales may not be received for 30 to 90 days after the date production volumes are delivered and for oil, generally within 30 days after delivery has occurred. However, payment is unconditional once the performance obligations have been satisfied. At this time, the volume and price can be reasonably estimated and amounts due from customers are accrued in Accounts receivable, net in the Condensed Consolidated Balance Sheets. As of March 31, 2020 and December 31, 2019, such receivable balances were $15.6 million and $34.5 million , respectively, as disclosed in Note 7 - Accounts Receivable . 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. 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 which states the Company is not required to disclose the transaction price allocated to the remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under these sales contracts, monthly sales of a product generally represent a separate performance obligation; therefore, future commodity volumes to be delivered and sold are wholly unsatisfied and disclosure of the transaction price allocated to such unsatisfied performance obligations is not required.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Schedule of Lease Cost and Cash Flow Information	The following table presents the components of the Company’s lease expenses for the three months ended March 31, 2020. Three Months Ended March 31, 2020 (in thousands) Lease costs Operating lease cost $ 291 Variable lease cost (1) 179 Short-term lease cost (2) 688 Total Lease Cost $ 1,158 (1) Variable lease payments include additional payments made that were not included in the initial measurement of the ROU asset and corresponding liability for lease agreements with terms longer than 12 months. Variable lease payments primarily relate to variable utility costs associated with the Company’s leased office space. (2) Costs associated with short-term lease agreements primarily relate to certain field equipment rentals. Other information related to the Company’s leases for three months ended March 31, 2020, was as follows: Three Months Ended March 31, 2020 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (fixed payments) $ 332 Operating cash flows from operating leases (liability reduction) $ 305 Right-of-use assets obtained in exchange for new operating lease liabilities $ 2,163 The table below summarizes our discount rate and remaining lease term as of March 31, 2020. As of March 31, 2020 Weighted-average discount rate 4.5 % Weighted-average remaining lease term (years) 1.94
Schedule of Long-Term Operating Lease Liabilities Maturities By Fiscal Year	Maturities of the Company’s operating lease liabilities included on the accompanying Condensed Consolidated Balance Sheet as of March 31, 2020 were as follows: As of March 31, 2020 (in thousands) 2020 $ 1,000 2021 1,051 2022 346 Total lease payments $ 2,397 Less: imputed interest (100 ) Present value of lease liabilities $ 2,297
Assets And Liabilities, Lessee	Amounts recorded in the accompanying Condensed Consolidated Balance Sheet for operating leases as of March 31, 2020, were as follows: As of March 31, 2020 Classification on our Balance Sheets (in thousands) Operating lease ROU assets Other assets, net $ 1,898 Current operating lease liability Accrued liabilities and other $ 1,233 Non-current operating lease liability Other liabilities $ 1,064

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share	The following table sets forth the calculation of basic and diluted weighted average shares outstanding and earnings (loss) per share for the indicated periods: Three Months Ended March 31, 2020 2019 (In thousands, except per share data) Net loss (numerator): Net loss attributable to common stockholders of Rosehill Resources Inc. - basic $ (148,349 ) $ (37,977 ) Add: Net loss attributable to the noncontrolling interest, net of taxes (90,036 ) — Net loss attributable to common stockholders of Rosehill Resources Inc. - diluted $ (238,385 ) $ (37,977 ) Weighted average shares (denominator): Weighted average shares – basic 28,566 13,830 Add: Dilutive effects of Class B Common Stock 15,708 — Weighted average shares – diluted 44,274 13,830 Basic loss per share $ (5.19 ) $ (2.75 ) Diluted loss per share $ (5.38 ) $ (2.75 )

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Schedule of Accounts Receivable	Accounts receivable is comprised of the following: March 31, 2020 December 31, 2019 (In thousands) Revenue receivable $ 15,604 $ 34,518 Realized derivative receivable 5,586 273 Joint interest billings 84 95 Other 59 24 Accounts receivable $ 21,333 $ 34,910

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets and Liabilities	The following tables summarize the location and fair value amounts of all the Company’s derivative instruments in the Condensed Consolidated Balance Sheets, as well as the gross recognized derivative assets, liabilities and offset amounts in the Condensed Consolidated Balance Sheets: March 31, 2020 Gross Fair Value Gross Amounts Offset (1) Net Recognized Fair Value (In thousands) Assets Commodity derivatives - current $ 165,409 $ (85,502 ) $ 79,907 Commodity derivatives - non-current 154,738 (93,954 ) 60,784 Total assets $ 320,147 $ (179,456 ) $ 140,691 Liabilities Commodity derivatives - current $ (85,502 ) $ 85,502 $ — Commodity derivatives - non-current (93,954 ) 93,954 — Interest rate derivatives - current (2,122 ) — (2,122 ) Interest rate derivatives - non-current (3,041 ) — (3,041 ) Total liabilities $ (184,619 ) $ 179,456 $ (5,163 ) (1) The Company has agreements in place with all of its counterparties that allow for the financial right of offset for derivative assets and liabilities. December 31, 2019 Gross Fair Value Gross Amounts Offset (1) Net Recognized Fair Value (In thousands) Assets Commodity derivatives - current $ 28,512 $ (18,172 ) $ 10,340 Commodity derivatives - non-current 61,241 (28,136 ) 33,105 Interest rate derivatives - current 10 (10 ) — Total assets $ 89,763 $ (46,318 ) $ 43,445 Liabilities Commodity derivatives - current $ (22,014 ) $ 18,172 $ (3,842 ) Commodity derivatives - non-current (28,528 ) 28,136 (392 ) Interest rate derivatives - current (184 ) 10 (174 ) Interest rate derivatives - non-current (492 ) — (492 ) Series B Preferred Stock bifurcated derivative - non-current (416 ) — (416 ) Total liabilities $ (51,634 ) $ 46,318 $ (5,316 ) (1) The Company has agreements in place with all of its counterparties that allow for the financial right of offset for derivative assets and liabilities.
Schedule of Derivative Instruments	As of March 31, 2020 , the open derivative positions with respect to future production and interest rates were as follows: 2020 2021 2022 Commodity derivative swaps Oil: Notional volume (Bbls) (1)(2) 760,000 — — Weighted average fixed price ($/Bbl) $ 67.46 $ — $ — Natural gas: Notional volume (MMBtu) 1,595,368 1,615,792 1,276,142 Weighted average fixed price ($/MMbtu) $ 2.73 $ 2.79 $ 2.85 Commodity derivative three-way collars Oil: Notional volume (Bbls) 2,475,000 4,200,000 2,000,000 Weighted average ceiling price ($/Bbl) $ 70.29 $ 60.40 $ 61.45 Weighted average floor price ($/Bbl) $ 57.50 $ 54.49 $ 55.00 Weighted average sold put option price ($/Bbl) $ 47.50 $ 45.51 $ 45.00 Crude oil basis swaps Midland / Cushing: Notional volume (Bbls) 3,905,000 4,200,000 2,100,000 Weighted average fixed price ($/Bbl) $ (0.85 ) $ 0.49 $ 0.54 Argus WTI roll: Notional volume (Bbls) 370,650 — — Weighted average fixed price ($/Bbl) $ 0.40 $ — $ — NYMEX WTI roll: Notional volume (Bbls) 2,102,752 — — Weighted average fixed price ($/Bbl) $ 0.42 $ — $ — Natural gas basis swaps EP Permian: Notional volume (MMBtu) 1,617,388 — — Weighted average fixed price ($/MMBtu) $ (1.03 ) $ — $ — Interest rate swaps: Notional principal (3) $ 150,000,000 $ 150,000,000 $ — Average fixed rate 1.721 % 1.721 % — (1) During the second quarter of 2019, the Company entered into commodity derivative swaps where it bought 2,160,000 barrels of crude oil at a weighted average fixed price of $50.48 per barrel to offset commodity derivative swaps for the year ended December 31, 2021, it previously sold off 2,160,000 barrels of crude oil at a weighted average fixed price of $61.21 per barrel. (2) During the second quarter of 2019, the Company entered into commodity derivative swaps where it bought 1,100,000 barrels of crude oil at a weighted average fixed price of $50.55 per barrel to offset commodity derivative swaps for the year ended December 31, 2022, it previously sold off 1,100,000 barrels of crude oil at a weighted average fixed price of $58.42 per barrel. (3) Interest rate swaps expire in August 2022.
Schedule of Derivative Instruments in Condensed Consolidated Statements of Operations	The effect of the derivative activity on the Company’s Condensed Consolidated Statements of Operations for the following periods was as follows: Three Months Ended March 31, 2020 2019 (In thousands) Realized gain (loss) on derivatives Commodity derivative options $ 2,033 $ 1,500 Commodity derivative swaps 6,474 (2,523 ) Interest rate swaps (14 ) — Total realized gain (loss) on derivatives $ 8,493 $ (1,023 ) Unrealized gain (loss) on derivatives Commodity derivative options $ 52,842 $ (25,566 ) Commodity derivative swaps 48,771 (77,982 ) Interest rate swaps (4,497 ) — Series B Preferred Stock bifurcated derivative 416 81 Total unrealized gain (loss) on derivatives $ 97,532 $ (103,467 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities	The financial instruments measured at fair value on a recurring basis consist of the following: March 31, December 31, 2020 2019 (In thousands) Derivative assets Derivative assets - current $ 79,907 $ 10,340 Derivative assets - non-current 60,784 33,105 Total derivative assets 140,691 43,445 Derivative liabilities Derivative liabilities - current (2,122 ) (4,016 ) Derivative liabilities - non-current (3,041 ) (1,300 ) Total derivative liabilities (5,163 ) (5,316 ) Total derivative assets, net $ 135,528 $ 38,129 The tables below, set forth by level within the fair value hierarchy, represent the net components of the assets and liabilities that were measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 . March 31, 2020 Level 1 Level 2 Level 3 Total (In thousands) Derivative assets Commodity derivative assets - current $ — $ 79,907 $ — $ 79,907 Commodity derivative assets - non-current — 60,784 — 60,784 Total derivative assets $ — $ 140,691 $ — $ 140,691 Derivative liabilities Interest rate swaps - current — (2,122 ) — $ (2,122 ) Interest rate swaps - non-current — (3,041 ) — (3,041 ) Total derivative liabilities $ — $ (5,163 ) $ — $ (5,163 ) December 31, 2019 Level 1 Level 2 Level 3 Total (In thousands) Derivative assets Commodity derivative assets - current $ — $ 10,340 $ — $ 10,340 Commodity derivative assets - non-current — 33,105 — 33,105 Total derivative assets $ — $ 43,445 $ — $ 43,445 Derivative liabilities Commodity derivative liabilities - current — (3,842 ) — (3,842 ) Commodity derivative liabilities - non-current — (392 ) — (392 ) Interest rate swaps - current — (174 ) — $ (174 ) Interest rate swaps - non-current — (492 ) — (492 ) Series B Preferred Stock bifurcated derivative - non-current $ — $ — $ (416 ) $ (416 ) Total derivative liabilities $ — $ (4,900 ) $ (416 ) $ (5,316 )
Schedule of Changes in Fair Value of Level 3 Liabilities	The table below sets forth a summary of changes in the fair value of the Company’s level 3 derivatives for the three months ended March 31, 2020 . Balance at December 31, 2019 $ 416 (Gains) losses reported in earnings (416 ) Balance at March 31, 2020 $ —

Property and equipment, net (Ta

Property and equipment, net (Tables)	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment, net is comprised of the following: March 31, December 31, 2020 2019 (In thousands) Proved oil and natural gas properties $ 1,056,236 $ 1,013,952 Unproved oil and natural gas properties 97,726 97,706 Land 1,575 1,575 Less: accumulated DD&A and impairment (746,215 ) (368,636 ) Total oil and natural gas properties (successful efforts), net 409,322 744,597 Other property and equipment 7,415 7,348 Less: accumulated DD&A (4,676 ) (4,364 ) Total other property and equipment 2,739 2,984 Total property and equipment, net $ 412,061 $ 747,581 The Company recorded depreciation, depletion and amortization (“DD&A”) to property and equipment as follows: Three Months Ended March 31, 2020 2019 (in thousands) Proved oil and natural gas properties $ 30,933 $ 35,567 Other property and equipment 336 207 Total DD&A related to property and equipment $ 31,269 $ 35,774

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Asset Retirement Obligations	The following table summarizes the changes in the Company’s asset retirement obligation for the three months ended March 31, 2020 (in thousands): Asset retirement obligations, beginning of period $ 14,431 Additional liabilities incurred 31 Accretion expense 217 Revision of estimates (8 ) Asset retirement obligations, end of period $ 14,671

Accrued Liabilities and Other (

Accrued Liabilities and Other (Tables)	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities and Other	Accrued liabilities and other is comprised of the following: March 31, December 31, 2020 2019 (In thousands) Accrued payroll $ 565 $ 4,035 Accrued general and administrative expense 5,077 987 Royalties payable 5,676 9,592 Accrued lease operating expense 6,601 6,676 Operating lease liabilities 1,233 — Preferred Stock dividends payable — 3,951 Accrued interest expense 377 174 Accrued ad valorem taxes 990 — Other 1,304 1,098 Total accrued liabilities and other $ 21,823 $ 26,513

Long-term debt, net (Tables)

Long-term debt, net (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	The Company’s long-term debt is comprised of the following: March 31, December 31, 2020 2019 (In thousands) Second Lien Notes $ 100,000 $ 100,000 Revolving credit facility 340,000 260,000 Total debt 440,000 360,000 Debt issuance cost on Second Lien Notes, net 2,346 2,528 Discount on Second Lien Notes, net 1,820 1,961 Total debt issuance cost and discounts 4,166 4,489 Total long-term debt, net $ 435,834 $ 355,511
Schedule of Deferred Financing Costs and Debt Discounts	The following table summarizes the Company’s deferred financing costs and debt discounts: March 31, December 31, 2020 2019 (In thousands) Revolving credit facility Debt issuance costs $ 3,167 $ 3,167 Accumulated amortization of debt issuance costs (1,286 ) (1,092 ) Net deferred costs - Revolving credit facility $ 1,881 $ 2,075 Second Lien Notes Debt discount $ 3,000 $ 3,000 Accumulated amortization of debt discount (1,180 ) (1,039 ) Debt issuance costs 3,868 3,868 Accumulated amortization of debt issuance costs (1,522 ) (1,340 ) Net deferred costs - Second Lien Notes 4,166 4,489 Total deferred financing costs and debt discount, net $ 6,047 $ 6,564

10% Series B Redeemable Prefe_2

10% Series B Redeemable Preferred Stock (Tables)	3 Months Ended
	Mar. 31, 2020
Temporary Equity Disclosure [Abstract]
Schedule of Mezzanine Equity for the Series B Preferred Stock	The Company reflected the following activity in mezzanine equity for the Series B Preferred Stock for the three months ended March 31, 2020 : Series B Preferred Shares Series B Preferred Stock Value Guaranteed Return Total (In thousands, except share data) Total Series B Preferred Stock at December 31, 2019 156,746 $ 149,132 $ 13,894 $ 163,026 Discount - transaction costs — — — — Base return amount — — 5,493 5,493 Accrued dividends — 4,677 (4,677 ) — Dividends declared and paid-in-kind — — — — Accretion of discount - deemed dividend — 405 — 405 Total Series B Preferred Stock at March 31, 2020 156,746 $ 154,214 $ 14,710 $ 168,924

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of Dividends	The Company reflected the following in equity for the Series A Preferred Stock for the following periods: Three Months Ended March 31, 2020 2019 (In thousands) Series A Preferred Stock paid-in-kind $ 2,102 $ — Series A Preferred Stock paid or payable in cash — 2,006 Series A Preferred Stock dividends $ 2,102 $ 2,006

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Nonvested Share Activity	The following table sets forth market based performance share unit transactions for the three months ended March 31, 2020 : Performance Restricted Stock Units Weighted-Average Grant Date Fair Value Nonvested - December 31, 2019 961,055 $ 5.18 Granted — — Vested — — Forfeited (338,259 ) 5.40 Nonvested - March 31, 2020 622,796 $ 5.06 The following table sets forth cash-settled restricted stock unit transactions for the three months ended March 31, 2020 : Cash-Settled Restricted Stock Units Weighted-Average Grant Date Fair Value Nonvested - December 31, 2019 412,921 $ 3.47 Granted — — Vested (136,730 ) 3.59 Forfeited (182,249 ) 3.40 Nonvested - March 31, 2020 93,942 $ 3.46 The following table sets forth stock-settled time-based restricted stock unit transactions for the three months ended March 31, 2020 : Restricted Stock Units Weighted-Average Grant Date Fair Value Nonvested - December 31, 2019 1,360,070 $ 4.28 Granted — — Vested (339,001 ) 3.96 Forfeited (374,367 ) 4.35 Nonvested - March 31, 2020 646,702 $ 4.40 The following table sets forth the restricted stock transactions for the three months ended March 31, 2020 : Restricted Stock Weighted-Average Grant Date Fair Value Nonvested - December 31, 2019 428,984 $ 3.12 Granted — — Vested (403,816 ) 3.13 Forfeited — — Nonvested - March 31, 2020 25,168 $ 2.98
Schedule of Assumptions Used to Value the Market Based Performance Awards	The following weighted-average assumptions were used to value the market based performance awards: Three Months Ended March 31, 2019 Expected volatility 68.1 % Risk-free interest rate 2.2 % Dividend yield — % Expected life (years) 2.77

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2020
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Ownership in variable interest entity	64.70%
Variable Interest Entity, Not Primary Beneficiary | Issued to Tema in connection with the Transaction
Variable Interest Entity [Line Items]
Ownership in variable interest entity	35.30%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets	$ 1,898
Lease liabilities	$ 2,297		$ 4,500
ASC 842
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets		$ 2,100
Lease liabilities		$ 2,600

Liquidity (Details)

Liquidity (Details) - USD ($) $ in Thousands	May 04, 2020	Mar. 28, 2018	Dec. 08, 2017	Mar. 31, 2020	Dec. 31, 2019	May 19, 2020
Debt Instrument [Line Items]
Total debt				$ 440,000	$ 360,000
Number of days after fiscal quarter to provide audited financial statements				45 days
Cure period before default				30 days
Redeemable Preferred Stock
Debt Instrument [Line Items]
Dividend rate after failing to pay dividends		12.00%		12.00%
Series B preferred stock, dividend rate			10.00%	10.00%	10.00%
Failure to pay dividends, length of time, threshold for stockholder redemption				9 months
Base return upon redemption of series B preferred stock				$ 195,200
Subsequent Event
Debt Instrument [Line Items]
Interest rate, default						2.00%
Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Total debt				$ 340,000
Unused borrowing capacity		20.00%
Forbearance Agreement | Subsequent Event | Revolving Credit Facility
Debt Instrument [Line Items]
Payment on debt	$ 20,000
Termination of agreement, period one	25 days
Termination of agreement, period two	40 days

Revenue from Contracts with C_2

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 21,333	$ 34,910
Trade Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 15,604	$ 34,518

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Leases [Abstract]
Weighted-average discount rate	4.50%
Weighted-average remaining lease term (years)	1 year 11 months 9 days
Lease, Cost [Abstract]
Operating lease cost	$ 291
Variable lease cost	179
Short-term lease cost	688
Total Lease Cost	$ 1,158

Leases - Cash Flow Information

Leases - Cash Flow Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (fixed payments)	$ 332
Operating cash flows from operating leases (liability reduction)	305
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 2,163

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2020	$ 1,000
2021	1,051	$ 1,500
2022	346	500
Total lease payments	2,397
Less: imputed interest	(100)
Present value of lease liabilities	$ 2,297	$ 4,500

Leases - Balance Sheet Leases (

Leases - Balance Sheet Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease ROU assets	$ 1,898
Current operating lease liability	1,233	$ 0
Non-current operating lease liability	$ 1,064

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Lease liabilities	$ 2,297	$ 4,500
2020		2,500
2021	1,051	1,500
2022	$ 346	$ 500

Loss Per Share - Schedule of Ea

Loss Per Share - Schedule of Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net loss (numerator):
Net loss attributable to common stockholders of Rosehill Resources Inc. - basic	$ (148,349)	$ (37,977)
Add: Net loss attributable to the noncontrolling interest, net of taxes	(90,036)	0
Net loss attributable to common stockholders of Rosehill Resources Inc. - diluted	$ (238,385)	$ (37,977)
Weighted average shares (denominator):
Weighted averages shares - basic (in shares)	28,566	13,830
Add: Dilutive effects of Class B Common Stock (in shares)	15,708	0
Weighted average shares - diluted (in shares)	44,274	13,830
Basic loss per share (USD per share)	$ (5.19)	$ (2.75)
Diluted loss per share (USD per share)	$ (5.38)	$ (2.75)

Loss Per Share - Narrative (Det

Loss Per Share - Narrative (Details) - shares	Dec. 26, 2019	Mar. 31, 2020	Mar. 31, 2019
Common Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (shares)	29,807,692		29,800,000
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (shares)		25,600,000	25,600,000
Series A Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (shares)		9,200,000	8,700,000
Long-Term Incentive Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (shares)		1,800,000	1,000,000

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accounts Receivable
Accounts receivable	$ 21,333	$ 34,910
Revenue receivable
Accounts Receivable
Accounts receivable	15,604	34,518
Realized derivative receivable
Accounts Receivable
Accounts receivable	5,586	273
Joint interest billings
Accounts Receivable
Accounts receivable	84	95
Other
Accounts Receivable
Accounts receivable	$ 59	$ 24

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details)	Dec. 08, 2017	Mar. 31, 2020	Dec. 31, 2019
Series B Preferred Stock
Derivative [Line Items]
Series B preferred stock, dividend rate	10.00%	10.00%	10.00%

Derivative Instruments - Assets

Derivative Instruments - Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Gross Fair Value	$ 320,147	$ 89,763
Gross Amounts Offset	(179,456)	(46,318)
Total derivative assets	140,691	43,445
Liabilities
Gross Fair Value	(184,619)	(51,634)
Gross Amounts Offset	179,456	46,318
Net Recognized Fair Value	(5,163)	(5,316)
Commodity Derivative | Derivative Asset, Current
Assets
Gross Fair Value	165,409	28,512
Gross Amounts Offset	(85,502)	(18,172)
Total derivative assets	79,907	10,340
Commodity Derivative | Derivative Asset, Noncurrent
Assets
Gross Fair Value	154,738	61,241
Gross Amounts Offset	(93,954)	(28,136)
Total derivative assets	60,784	33,105
Commodity Derivative | Derivative Liability, Current
Liabilities
Gross Fair Value	(85,502)	(22,014)
Gross Amounts Offset	85,502	18,172
Net Recognized Fair Value	0	(3,842)
Commodity Derivative | Derivative Liability, Noncurrent
Liabilities
Gross Fair Value	(93,954)	(28,528)
Gross Amounts Offset	93,954	28,136
Net Recognized Fair Value	0	(392)
Interest Rate Derivative | Derivative Asset, Current
Assets
Gross Fair Value		10
Gross Amounts Offset		(10)
Total derivative assets		0
Interest Rate Derivative | Derivative Liability, Current
Liabilities
Gross Fair Value	(2,122)	(184)
Gross Amounts Offset	0	10
Net Recognized Fair Value	(2,122)	(174)
Interest Rate Derivative | Derivative Liability, Noncurrent
Liabilities
Gross Fair Value	(3,041)	(492)
Gross Amounts Offset	0	0
Net Recognized Fair Value	$ (3,041)	(492)
Series B Preferred Stock Bifurcated Derivative | Derivative Liability, Noncurrent
Liabilities
Gross Fair Value		(416)
Gross Amounts Offset		0
Net Recognized Fair Value		$ (416)

Derivative Instruments - Deriva

Derivative Instruments - Derivative Positions (Details)	3 Months Ended		12 Months Ended
	Jun. 30, 2019$ / bblbbl	Mar. 31, 2019$ / bblbbl	Dec. 31, 2022MMBTU$ / MMBTU$ / bblbbl	Dec. 31, 2021MMBTU$ / MMBTU$ / bblbbl	Dec. 31, 2020MMBTU$ / MMBTU$ / bblbbl
Forecast | Oil
Derivative Instruments, Gain (Loss) [Line Items]
Notional volume | bbl			0	0	760,000
Weighted average fixed price ($/unit)			0	0	67.46
Forecast | Natural gas
Derivative Instruments, Gain (Loss) [Line Items]
Weighted average fixed price ($/unit) | $ / MMBTU			2.85	2.79	2.73
Notional volume (MMBtu) | MMBTU			1,276,142	1,615,792	1,595,368
Forecast | Commodity derivative three-way collars
Derivative Instruments, Gain (Loss) [Line Items]
Notional volume | bbl			2,000,000	4,200,000	2,475,000
Weighted average ceiling price ($/Bbl)			61.45	60.40	70.29
Weighted average floor price ($/Bbl)			55	54.49	57.50
Weighted average sold put option price ($/Bbl)			45	45.51	47.50
Forecast | Crude oil basis swaps
Derivative Instruments, Gain (Loss) [Line Items]
Notional volume | bbl			2,100,000	4,200,000	3,905,000
Weighted average fixed price ($/unit)			0.54	0.49	0.85
Forecast | Crude Oil Basis Swaps - Argus WTI Roll
Derivative Instruments, Gain (Loss) [Line Items]
Notional volume | bbl			0	0	370,650
Weighted average fixed price ($/unit)			0	0	0.40
Forecast | Crude Oil Basis Swaps - NYMEX WTI roll
Derivative Instruments, Gain (Loss) [Line Items]
Notional volume | bbl			0	0	2,102,752
Weighted average fixed price ($/unit)			0	0	0.42
Forecast | Natural gas basis swaps
Derivative Instruments, Gain (Loss) [Line Items]
Weighted average fixed price ($/unit) | $ / MMBTU			0	0	1.03
Notional volume (MMBtu) | MMBTU			0	0	1,617,388
Forecast | Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Weighted average fixed price ($/unit) | $ / MMBTU			0	0.01721	0.01721
Notional volume (MMBtu) | MMBTU			0	150,000,000	150,000,000
Transaction One | Oil
Derivative Instruments, Gain (Loss) [Line Items]
Notional volume | bbl	2,160,000	2,160,000
Weighted average fixed price ($/unit)	50.48	61.21
Transaction Two | Oil
Derivative Instruments, Gain (Loss) [Line Items]
Notional volume | bbl	1,100,000	1,100,000
Weighted average fixed price ($/unit)	50.55	58.42

Derivative Instruments - Gain (

Derivative Instruments - Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Realized gain (loss) on derivatives
Total realized gain (loss) on derivatives	$ 8,493	$ (1,023)
Unrealized gain (loss) on derivatives
Total unrealized gain (loss) on derivatives	97,532	(103,467)
Commodity derivative options
Realized gain (loss) on derivatives
Total realized gain (loss) on derivatives	2,033	1,500
Unrealized gain (loss) on derivatives
Total unrealized gain (loss) on derivatives	52,842	(25,566)
Commodity derivative swaps
Realized gain (loss) on derivatives
Total realized gain (loss) on derivatives	6,474	(2,523)
Unrealized gain (loss) on derivatives
Total unrealized gain (loss) on derivatives	48,771	(77,982)
Interest rate swaps
Realized gain (loss) on derivatives
Total realized gain (loss) on derivatives	(14)	0
Unrealized gain (loss) on derivatives
Total unrealized gain (loss) on derivatives	(4,497)	0
Series B Preferred Stock bifurcated derivative
Unrealized gain (loss) on derivatives
Total unrealized gain (loss) on derivatives	$ 416	$ 81

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivative assets
Derivative assets - current	$ 79,907	$ 10,340
Derivative assets - non-current	60,784	33,105
Total derivative assets	140,691	43,445
Derivative liabilities
Derivative liabilities - current	(2,122)	(4,016)
Derivative liabilities - non-current	(3,041)	(1,300)
Net Recognized Fair Value	(5,163)	(5,316)
Total derivative assets, net	135,528	38,129
Level 1
Derivative assets
Total derivative assets	0	0
Derivative liabilities
Net Recognized Fair Value	0	0
Level 2
Derivative assets
Total derivative assets	140,691	43,445
Derivative liabilities
Net Recognized Fair Value	(5,163)	(4,900)
Level 3
Derivative assets
Total derivative assets	0	0
Derivative liabilities
Net Recognized Fair Value	0	(416)
Commodity Derivative
Derivative assets
Derivative assets - current	79,907	10,340
Derivative assets - non-current	60,784	33,105
Derivative liabilities
Derivative liabilities - current		(3,842)
Derivative liabilities - non-current		(392)
Commodity Derivative | Level 1
Derivative assets
Derivative assets - current	0	0
Derivative assets - non-current	0	0
Derivative liabilities
Derivative liabilities - current		0
Derivative liabilities - non-current		0
Commodity Derivative | Level 2
Derivative assets
Derivative assets - current	79,907	10,340
Derivative assets - non-current	60,784	33,105
Derivative liabilities
Derivative liabilities - current		(3,842)
Derivative liabilities - non-current		(392)
Commodity Derivative | Level 3
Derivative assets
Derivative assets - current	0	0
Derivative assets - non-current	0	0
Derivative liabilities
Derivative liabilities - current		0
Derivative liabilities - non-current		0
Interest rate swaps
Derivative liabilities
Derivative liabilities - current	(2,122)	(174)
Derivative liabilities - non-current	(3,041)	(492)
Interest rate swaps | Level 1
Derivative liabilities
Derivative liabilities - current	0	0
Derivative liabilities - non-current	0	0
Interest rate swaps | Level 2
Derivative liabilities
Derivative liabilities - current	(2,122)	(174)
Derivative liabilities - non-current	(3,041)	(492)
Interest rate swaps | Level 3
Derivative liabilities
Derivative liabilities - current	0	0
Derivative liabilities - non-current	$ 0	0
Series B Preferred Stock Bifurcated Derivative
Derivative liabilities
Derivative liabilities - non-current		(416)
Series B Preferred Stock Bifurcated Derivative | Level 1
Derivative liabilities
Derivative liabilities - non-current		0
Series B Preferred Stock Bifurcated Derivative | Level 2
Derivative liabilities
Derivative liabilities - non-current		0
Series B Preferred Stock Bifurcated Derivative | Level 3
Derivative liabilities
Derivative liabilities - non-current		$ (416)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	Dec. 08, 2017	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Impairment of proved oil and gas properties		$ 333,840,000	$ 0
Series B Preferred Stock
Debt Instrument [Line Items]
Series B preferred stock, dividend rate	10.00%	10.00%		10.00%
Level 2 | Second Lien Notes | Senior Notes
Debt Instrument [Line Items]
Fair value of second lien notes		$ 80,800,000		$ 98,500,000
Discount rate
Debt Instrument [Line Items]
Measurement input		0.10

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Changes in Fair Value of Level 3 Liabilities (Details) - Level 3 $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2019	$ 416
(Gains) losses reported in earnings	(416)
Balance at March 31, 2020	$ 0

Property and equipment, net - S

Property and equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total property and equipment, net	$ 412,061	$ 747,581
Total oil and natural gas properties (successful efforts), net
Property, Plant and Equipment [Line Items]
Less: accumulated DD&A and impairment	(746,215)	(368,636)
Total property and equipment, net	409,322	744,597
Proved oil and natural gas properties
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,056,236	1,013,952
Unproved oil and natural gas properties
Property, Plant and Equipment [Line Items]
Property and equipment, gross	97,726	97,706
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,575	1,575
Other property and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	7,415	7,348
Less: accumulated DD&A and impairment	(4,676)	(4,364)
Total property and equipment, net	$ 2,739	$ 2,984

Property and equipment, net - N

Property and equipment, net - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Impairment of oil and natural gas properties	$ 333,840,000	$ 0
Impairment of lease and loss on acreage	12,800,000
Capitalized costs included in proved oil and natural gas properties not subject to DD&A	$ 24,800,000		$ 19,900,000

Property and equipment, net - D

Property and equipment, net - DD&A (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Property, Plant and Equipment [Line Items]
Depreciation, depletion and amortization	$ 31,486	$ 35,964
Proved oil and natural gas properties
Property, Plant and Equipment [Line Items]
Depreciation, depletion and amortization	30,933	35,567
Other property and equipment
Property, Plant and Equipment [Line Items]
Depreciation, depletion and amortization	336	207
Property and equipment
Property, Plant and Equipment [Line Items]
Depreciation, depletion and amortization	$ 31,269	$ 35,774

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations, beginning of period	$ 14,431
Additional liabilities incurred	31
Accretion expense	217
Revision of estimates	(8)
Asset retirement obligations, end of period	$ 14,671

Accrued Liabilities and Other_2

Accrued Liabilities and Other (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued payroll	$ 565	$ 4,035
Accrued general and administrative expense	5,077	987
Royalties payable	5,676	9,592
Accrued lease operating expense	6,601	6,676
Operating lease liabilities	1,233	0
Preferred Stock dividends payable	0	3,951
Accrued interest expense	377	174
Accrued ad valorem taxes	990	0
Other	1,304	1,098
Total accrued liabilities and other	$ 21,823	$ 26,513

Long-term debt, net - Schedule

Long-term debt, net - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total debt	$ 440,000	$ 360,000
Debt issuance cost on Second Lien Notes, net	2,346	2,528
Discount on Second Lien Notes, net	1,820	1,961
Total debt issuance cost and discounts	4,166	4,489
Total long-term debt, net	435,834	355,511
Revolving credit facility | Line of Credit
Debt Instrument [Line Items]
Total debt	340,000	260,000
Second Lien Notes | Senior Notes
Debt Instrument [Line Items]
Total debt	$ 100,000	$ 100,000

Long-term debt, net - Narrative

Long-term debt, net - Narrative (Details)	Mar. 28, 2018USD ($)redetermination	Dec. 08, 2017USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 08, 2021	Dec. 08, 2020	Dec. 31, 2019USD ($)
Line of Credit Facility [Line Items]
Number of available interim unscheduled redeterminations | redetermination	1
Consecutive semiannual redeterminations | redetermination	2
Total debt			$ 440,000,000				$ 360,000,000
Number of days after fiscal quarter to provide audited financial statements			45 days
Cure period before default			30 days
Amortized debt issuance costs and discounts			$ 500,000	$ 400,000
Credit Agreement | Revolving Credit Facility
Line of Credit Facility [Line Items]
Weighted average interest rate			4.20%
Credit facility - maximum borrowing capacity	$ 500,000,000
Credit facility - borrowing base			$ 340,000,000
Total debt			$ 340,000,000
Credit Agreement | Rosehill Operating | Revolving Credit Facility
Line of Credit Facility [Line Items]
Working capital ratio, minimum			1
Leverage ratio maximum			4
Credit Agreement | Minimum | Base Rate | Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Credit Agreement | Minimum | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.00%
Credit Agreement | Maximum | Base Rate | Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.00%
Credit Agreement | Maximum | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	3.00%
Second Lien Notes | Senior Notes
Line of Credit Facility [Line Items]
Total debt			$ 100,000,000				$ 100,000,000
Second Lien Notes | Senior Notes | Rosehill Operating
Line of Credit Facility [Line Items]
Leverage ratio maximum			4
Aggregate principal amount		$ 100,000,000
Interest rate		10.00%
Redemption price		101.00%
Second Lien Notes | Senior Notes | Forecast | Rosehill Operating
Line of Credit Facility [Line Items]
Redemption price					101.50%	103.00%
Series B Preferred Stock | Credit Agreement | Rosehill Operating
Line of Credit Facility [Line Items]
Working capital ratio, minimum			2.5
Leverage ratio maximum			4

Long-term debt, net - Schedul_2

Long-term debt, net - Schedule of Deferred Financing Costs and Debt Discounts (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Revolving credit facility
Debt issuance costs	$ 3,167	$ 3,167
Accumulated amortization of debt issuance costs	(1,286)	(1,092)
Net deferred costs - Revolving credit facility	1,881	2,075
Second Lien Notes
Debt discount	3,000	3,000
Accumulated amortization of debt discount	(1,180)	(1,039)
Debt issuance costs	3,868	3,868
Accumulated amortization of debt issuance costs	(1,522)	(1,340)
Total debt issuance cost and discounts	4,166	4,489
Total deferred financing costs and debt discount, net	$ 6,047	$ 6,564

10% Series B Redeemable Prefe_3

10% Series B Redeemable Preferred Stock - Narrative (Details)	Jun. 30, 2020	Dec. 09, 2019$ / shares	Mar. 28, 2018USD ($)dividend_paymentquarter	Dec. 08, 2017USD ($)$ / sharesshares	Mar. 31, 2020USD ($)$ / shares	Mar. 31, 2019$ / shares	Dec. 31, 2019$ / shares
Forecast | Subsequent Event | Preferred Holders
Class of Stock [Line Items]
Plan of reorganization, pro rata share, percentage	1.48%
Series B Preferred Stock
Class of Stock [Line Items]
Series B preferred stock, dividend rate				10.00%	10.00%		10.00%
Temporary equity, stock issued (in shares) | shares				150,000
Temporary equity, par value (USD per share) | $ / shares				$ 0.0001	$ 0.0001		$ 0.0001
Principal amount of temporary equity				$ 150,000,000
Transactions costs and up-front fees				$ 10,000,000
Temporary equity, liquidation preference (USD per share) | $ / shares		$ 1,500		$ 1,000	$ 1,000		$ 1,000
Dividend rate after failing to pay dividends			12.00%		12.00%
Failure to pay dividends, length of time, threshold for stockholder redemption					9 months
Required internal rate of return		16.00%
Base return upon redemption of series B preferred stock					$ 195,200,000
Dividends declared on preferred stock (USD per share) | $ / shares						$ 24.66
Revolving Credit Facility | Credit Agreement
Class of Stock [Line Items]
Maximum cash dividend distributions			$ 25,000,000
Unused borrowing capacity			20.00%
Total debt ratio, maximum			3.5
Failure to pay dividend, consecutive quarters threshold | quarter			3
Failure to pay dividends, number of times | dividend_payment			6
Leverage ratio maximum			3.25
Threshold for capital expenditures requiring approval			$ 500,000
Failure to pay dividends, length of time, threshold for stockholder redemption			9 months
Revolving Credit Facility | Credit Agreement | Series B Preferred Stock
Class of Stock [Line Items]
Series B preferred stock, dividend rate				10.00%

10% Series B Redeemable Prefe_4

10% Series B Redeemable Preferred Stock - Schedule of Mezzanine Equity for the Series B Preferred Stock (Details) - Series B Preferred Stock - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at the beginning of period, temporary equity, stock outstanding (shares)	156,746
Balance at the beginning of period, temporary equity, carrying amount before guaranteed return	$ 149,132
Balance at the beginning of period, temporary equity, guaranteed return	13,894
Balance at the beginning of period, temporary equity, total	163,026
Base return amount	5,493
Accrued dividends, Series B Preferred Stock Value	4,677
Accrued dividends, Guaranteed Return	(4,677)
Accretion of discount - deemed dividend	$ 405	$ 365	$ 405
Balance at the end of period, temporary equity, stock outstanding (shares)	156,746		156,746
Balance at the end of period, temporary equity, carrying amount before guaranteed return	$ 154,214		$ 149,132
Balance at the end of period, temporary equity, guaranteed return	14,710		13,894
Balance at the end of period, temporary equity, total	$ 168,924		$ 163,026

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 26, 2019	Apr. 27, 2017	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Income Tax Contingency [Line Items]
Income tax expense (benefit)			$ 37,027	$ 3,306
Effective tax rate (as a percent)			(19.00%)	(3.00%)
Operating loss carryforwards			$ 55,700
Shares issued in exchange (shares)	14,100,000
Liability related to tax receivable agreement			166		$ 53,809
Tax Receivable Agreement
Income Tax Contingency [Line Items]
Liability related to tax receivable agreement	$ 50,100		200		$ 53,800
Income on tax receivable agreement liability valuation			$ 53,600
Tax Receivable Agreement | Issued to Tema in connection with the Transaction
Income Tax Contingency [Line Items]
Payment of net cash savings (as a percent)		90.00%
Cash distribution		$ 35,000
Warrants issued (shares)	4,000,000
Common Class B
Income Tax Contingency [Line Items]
Antidilutive securities excluded from computation of earnings per share (shares)	29,807,692			29,800,000

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)	Jun. 30, 2020	Dec. 26, 2019shares	Mar. 31, 2020trading_day$ / sharesshares	Mar. 31, 2019$ / shares	Dec. 31, 2019$ / shares
Class of Stock [Line Items]
Warrants term			5 years
Shares issued in exchange (shares)		14,100,000
Preferred Holders | Subsequent Event | Forecast
Class of Stock [Line Items]
Plan of reorganization, pro rata share, percentage	1.48%
Sponsor | Early Bird Capital Inc. | Private Placement Warrants
Class of Stock [Line Items]
Securities called by warrant (shares)			8,408,838
Warrant
Class of Stock [Line Items]
Warrants outstanding (shares)			25,594,158
Number of securities available to call			17,185,320
Class of warrant redemption threshold trading days | trading_day			20
Period of class of warrant redemption threshold trading days | trading_day			30
Class B Common Stock | Issued to Tema in connection with the Transaction
Class of Stock [Line Items]
Shares issued in exchange (shares)		15,707,692
8.0% Series A Cumulative Perpetual Preferred Stock
Class of Stock [Line Items]
Series A preferred stock, dividend rate			8.00%
Series A preferred stock, liquidation preference (USD per share) | $ / shares			$ 1,000
8% Series A Cumulative Perpetual Convertible Preferred Stock
Class of Stock [Line Items]
Stock issued upon conversion of convertible preferred stock (shares)			86.9565
Share price (USD per share) | $ / shares			$ 11.5
Series A Preferred Stock
Class of Stock [Line Items]
Series A preferred stock, dividend rate			8.00%		8.00%
Series A preferred stock, liquidation preference (USD per share) | $ / shares			$ 1,000		$ 1,000
Dividends declared on preferred stock (USD per share) | $ / shares			19.89	$ 19.73
Class A Common Stock
Class of Stock [Line Items]
Exercise price of warrants (USD per share) | $ / shares			$ 21
Tax Receivable Agreement | Issued to Tema in connection with the Transaction
Class of Stock [Line Items]
Securities called by warrant (shares)		4,000,000
Tax Receivable Agreement | Issued to Tema in connection with the Transaction | Subsequent Event | Forecast
Class of Stock [Line Items]
Plan of reorganization, pro rata share, percentage	4.08%
Variable Interest Entity, Not Primary Beneficiary | Issued to Tema in connection with the Transaction
Class of Stock [Line Items]
Ownership in variable interest entity			35.30%
Variable Interest Entity, Not Primary Beneficiary | Issued to Tema in connection with the Transaction | Subsequent Event
Class of Stock [Line Items]
Ownership in variable interest entity	35.20%

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Class of Stock [Line Items]
Series A Preferred Stock paid or payable in cash	$ 33	$ 2,006
Series A Preferred Stock
Class of Stock [Line Items]
Series A Preferred Stock paid-in-kind	2,102	0
Series A Preferred Stock paid or payable in cash	0	2,006
Series A Preferred Stock dividends	$ 2,102	$ 2,006

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	Mar. 26, 2020emplyee	Mar. 31, 2020USD ($)$ / sharesshares	Mar. 31, 2019USD ($)	Dec. 31, 2019	May 22, 2018shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 0.1	$ 1
Number of employees terminated | emplyee	52
Employer matching contribution (as a percent)				100.00%
Employer matching contribution in relation to gross pay (as a percent)				6.00%
Employer matching contributions		0.1	$ 0.2
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation not yet recognized		$ 0.1
Period for recognition of compensation not yet recognized		2 months 1 day
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation not yet recognized		$ 1.8
Period for recognition of compensation not yet recognized		1 year 8 months 23 days
Repayment period		3 years
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation not yet recognized		$ 1.4
Period for recognition of compensation not yet recognized		1 year 3 months 11 days
Repayment period		3 years
Cash-Settled Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation not yet recognized		$ 0.1
Period for recognition of compensation not yet recognized		1 year 10 months 13 days
Repayment period		3 years
Liability for cash-settled restricted stock units		$ 0.1
Closing price (USD per share) | $ / shares		$ 0.41
Long-Term Incentive Plan | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issuance authorized (shares) | shares					7,500,000
Stock available for issuance (shares) | shares		4,912,178

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Nonvested Share Activity (Details)	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Restricted Stock
Number of Shares
Nonvested at beginning of period (shares) | shares	428,984
Granted (shares) | shares	0
Vested (shares) | shares	(403,816)
Forfeited (shares) | shares	0
Nonvested at end of period (shares) | shares	25,168
Weighted-Average Grant Date Fair Value
Nonvested at beginning of period (USD per share) | $ / shares	$ 3.12
Granted (USD per share) | $ / shares	0
Vested (USD per share) | $ / shares	3.13
Forfeited (USD per share) | $ / shares	0
Nonvested at end of period (USD per share) | $ / shares	$ 2.98
Restricted Stock Units
Number of Shares
Nonvested at beginning of period (shares) | shares	1,360,070
Granted (shares) | shares	0
Vested (shares) | shares	(339,001)
Forfeited (shares) | shares	(374,367)
Nonvested at end of period (shares) | shares	646,702
Weighted-Average Grant Date Fair Value
Nonvested at beginning of period (USD per share) | $ / shares	$ 4.28
Granted (USD per share) | $ / shares	0
Vested (USD per share) | $ / shares	3.96
Forfeited (USD per share) | $ / shares	4.35
Nonvested at end of period (USD per share) | $ / shares	$ 4.40
Performance Restricted Stock Units
Number of Shares
Nonvested at beginning of period (shares) | shares	961,055
Granted (shares) | shares	0
Vested (shares) | shares	0
Forfeited (shares) | shares	(338,259)
Nonvested at end of period (shares) | shares	622,796
Weighted-Average Grant Date Fair Value
Nonvested at beginning of period (USD per share) | $ / shares	$ 5.18
Granted (USD per share) | $ / shares	0
Vested (USD per share) | $ / shares	0
Forfeited (USD per share) | $ / shares	5.40
Nonvested at end of period (USD per share) | $ / shares	$ 5.06
Cash-Settled Restricted Stock Units
Number of Shares
Nonvested at beginning of period (shares) | shares	412,921
Granted (shares) | shares	0
Vested (shares) | shares	(136,730)
Forfeited (shares) | shares	(182,249)
Nonvested at end of period (shares) | shares	93,942
Weighted-Average Grant Date Fair Value
Nonvested at beginning of period (USD per share) | $ / shares	$ 3.47
Granted (USD per share) | $ / shares	0
Vested (USD per share) | $ / shares	3.59
Forfeited (USD per share) | $ / shares	3.40
Nonvested at end of period (USD per share) | $ / shares	$ 3.46

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Assumptions Used to Value the Market Based Performance Awards (Details)	3 Months Ended
	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life	2 years 9 months 7 days
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	68.10%
Risk-free interest rate	2.20%
Dividend yield	0.00%

Transactions with Related Par_2

Transactions with Related Parties (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Accrued liabilities and other	$ 21,823,000		$ 26,513,000
Gateway | Crude Oil Gathering Agreement
Related Party Transaction [Line Items]
Costs and expenses, related party	0	$ 600,000
Gateway | Marketing and gathering agreement
Related Party Transaction [Line Items]
Costs and expenses, related party	2,000,000	1,300,000
Due to related parties	0		0
Accrued liabilities and other	700,000		600,000
Seawolf | Water Purchase Agreement
Related Party Transaction [Line Items]
Costs and expenses, related party	1,100,000	$ 200,000
Accounts payable | Seawolf | Water Purchase Agreement
Related Party Transaction [Line Items]
Due to related parties	500,000		200,000
Accrued capital expenditures | Seawolf | Water Purchase Agreement
Related Party Transaction [Line Items]
Due to related parties	$ 200,000		$ 200,000

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - Exchange and Farm-in Agreement	Feb. 27, 2019awell	Mar. 31, 2020awell
Other Commitments [Line Items]
Area of land received subject to obligation (acres) | a	2,200	935
Drilling and completion obligation, number of wells (up to)	7
Drilling and completion costs obligation percentage	25.00%
Drilling and completion obligation, number of wells completed		2

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020
Forecast | Subsequent Event
Subsequent Event [Line Items]
Plan of reorganization, revolving credit facility, term	4 years
Plan of reorganization, revolving credit facility, borrowing base	$ 235,000
Shares conversion percentage	24.15%
Plan of reorganization, backstop fee conversion percentage	1.69%
DIP Facility, aggregate amount	$ 17,500
DIP Facility, interest rate	8.00%
DIP Facility, default rate	2.00%
DIP Facility, upfront fees, basis points	1.00%
DIP Facility, maximum period after petition date to enter into commodity hedges	10 days
DIP Facility, minimum percentage, notional volumes as a percentage of anticipated production	70.00%
DIP Facility, threshold for approval for assets sales or disposition of assets	$ 200
DIP Facility, threshold for approval for investments	$ 200
Forecast | Consenting Noteholders | Subsequent Event
Subsequent Event [Line Items]
Plan of reorganization, pro rata share, percentage	68.60%
DIP Facility, backstop	$ 15,000
Forecast | Tema | Subsequent Event
Subsequent Event [Line Items]
DIP Facility, backstop	2,500
DIP Facility, maximum amount provided	$ 7,500
Forecast | Tema | Tax Receivable Agreement | Subsequent Event
Subsequent Event [Line Items]
Plan of reorganization, pro rata share, percentage	4.08%
Forecast | Preferred Holders | Subsequent Event
Subsequent Event [Line Items]
Plan of reorganization, pro rata share, percentage	1.48%
Variable Interest Entity, Primary Beneficiary
Subsequent Event [Line Items]
Ownership in variable interest entity		64.70%
Variable Interest Entity, Primary Beneficiary | Tema | Subsequent Event
Subsequent Event [Line Items]
Ownership in variable interest entity	66.80%
Variable Interest Entity, Not Primary Beneficiary | Tema
Subsequent Event [Line Items]
Ownership in variable interest entity		35.30%
Variable Interest Entity, Not Primary Beneficiary | Tema | Subsequent Event
Subsequent Event [Line Items]
Ownership in variable interest entity	35.20%