Jagged Peak Energy 10-Q 9 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 03, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Document Fiscal Year Focus	2019
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Period Focus	Q1
Entity Registrant Name	Jagged Peak Energy Inc.
Entity Central Index Key	0001685715
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		213,344,828

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
CURRENT ASSETS
Cash and cash equivalents	$ 6,458	$ 35,229
Accounts receivable	67,198	61,186
Derivative instruments	13,669	103,092
Prepaid and other current assets	2,572	1,627
Total current assets	89,897	201,134
PROPERTY AND EQUIPMENT
Oil and natural gas properties, successful efforts method	2,060,066	1,905,498
Accumulated depletion	(445,493)	(386,883)
Total oil and gas properties, net	1,614,573	1,518,615
Other property and equipment, net	10,981	11,670
Total property and equipment, net	1,625,554	1,530,285
OTHER NONCURRENT ASSETS
Operating lease right-of-use assets	64,849
Derivative instruments	5,414	31,899
Other assets	3,622	3,823
Total noncurrent assets	73,885	35,722
TOTAL ASSETS	1,789,336	1,767,141
CURRENT LIABILITIES
Accounts payable	20,085	34,762
Accrued liabilities	139,734	130,012
Operating lease liabilities	35,500
Derivative instruments	48,326	23,208
Total current liabilities	243,645	187,982
LONG-TERM LIABILITIES
Long-term debt	544,549	489,239
Derivative instruments	11,258	11,162
Asset retirement obligations	2,150	1,946
Deferred income taxes	98,173	124,418
Operating lease liabilities	33,844
Other long-term liabilities	0	4,444
Total long-term liabilities	689,974	631,209
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value; 50,000,000 shares authorized, none issued	0	0
Common stock, $0.01 par value; 1,000,000,000 shares authorized, 213,354,886 shares issued at March 31, 2019; 213,187,780 shares issued at December 31, 2018	2,134	2,132
Additional paid-in capital	859,471	856,818
Retained Earnings (Accumulated deficit)	(5,888)	89,000
Total stockholders’ equity	855,717	947,950
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 1,789,336	$ 1,767,141

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock shares authorized (in shares)	50,000,000	50,000,000
Preferred stock shares issued (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock shares issued (in shares)	213,354,886	213,187,780

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
REVENUES
Total revenues	$ 129,595	$ 129,053
OPERATING EXPENSES
Lease operating expenses	13,650	9,720
Production and ad valorem taxes	9,302	7,674
Depletion, depreciation, amortization and accretion	59,074	47,977
Impairment of unproved oil and natural gas properties	84	53
General and administrative expenses (including equity-based compensation of $2,934 and $75,678 for the three months ended March 31, 2019 and 2018, respectively)	13,394	86,317
Other operating expenses	3,200	22
Total operating expenses	98,704	151,763
INCOME (LOSS) FROM OPERATIONS	30,891	(22,710)
OTHER INCOME (EXPENSE)
Gain (loss) on commodity derivatives	(143,592)	(4,326)
Interest expense, net	(8,446)	(2,731)
Other, net	14	8
Total other income (expense)	(152,024)	(7,049)
INCOME (LOSS) BEFORE INCOME TAX	(121,133)	(29,759)
Income tax expense (benefit)	(26,245)	9,644
NET INCOME (LOSS)	$ (94,888)	$ (39,403)
Net income (loss) per common share:
Basic (in dollars per share)	$ (0.44)	$ (0.18)
Diluted (in dollars per share)	$ (0.44)	$ (0.18)
Weighted average common shares outstanding:
Basic (in shares)	213,270	213,003
Diluted (in shares)	213,270	213,003
Oil sales
REVENUES
Revenues	$ 123,490	$ 120,723
Natural gas sales
REVENUES
Revenues	2,218	2,875
NGL sales
REVENUES
Revenues	3,878	5,308
Other operating revenues
REVENUES
Other operating revenues	$ 9	$ 147

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Financial Position [Abstract]
Equity-based compensation	$ 2,934	$ 75,678

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning Balance at Dec. 31, 2017	$ 699,345	$ 2,129	$ 773,674	$ (76,458)
Beginning Balance (in shares) at Dec. 31, 2017		212,931
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes	(200)	$ 2	(202)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes (in shares)		180
Equity-based compensation	75,678		75,678
Net income (loss)	(39,403)			(39,403)
Ending Balance at Mar. 31, 2018	735,420	$ 2,131	849,150	(115,861)
Ending Balance (in shares) at Mar. 31, 2018		213,111
Beginning Balance at Dec. 31, 2018	947,950	$ 2,132	856,818	89,000
Beginning Balance (in shares) at Dec. 31, 2018		213,188
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes	(279)	$ 2	(281)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes (in shares)		167
Equity-based compensation	2,934		2,934
Net income (loss)	(94,888)			(94,888)
Ending Balance at Mar. 31, 2019	$ 855,717	$ 2,134	$ 859,471	$ (5,888)
Ending Balance (in shares) at Mar. 31, 2019		213,355

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (94,888,000)	$ (39,403,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation, amortization and accretion	59,074,000	47,977,000
Impairment of unproved oil and natural gas properties	84,000	53,000
Amortization of debt issuance costs	586,000	600,000
Deferred income taxes	(26,245,000)	9,644,000
Equity-based compensation	2,934,000	75,678,000
(Gain) loss on commodity derivatives	143,592,000	4,326,000
Net cash receipts (payments) on settled derivatives	(2,470,000)	(15,479,000)
Other	(78,000)	(78,000)
Change in operating assets and liabilities:
Accounts receivable and other current assets	(6,957,000)	(5,351,000)
Accounts payable and accrued liabilities	3,352,000	2,275,000
Net cash provided by operating activities	78,984,000	80,242,000
CASH FLOWS FROM INVESTING ACTIVITIES
Leasehold and acquisition costs	(12,263,000)	(7,585,000)
Development of oil and natural gas properties	(149,448,000)	(185,982,000)
Other capital expenditures	(689,000)	(1,270,000)
Net cash used in investing activities	(162,400,000)	(194,837,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from credit facility	55,000,000	110,000,000
Debt issuance costs	(76,000)	(1,523,000)
Employee tax withholding for settlement of equity compensation awards	(279,000)	(200,000)
Net cash provided by financing activities	54,645,000	108,277,000
NET CHANGE IN CASH AND CASH EQUIVALENTS	(28,771,000)	(6,318,000)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	35,229,000	9,523,000
CASH AND CASH EQUIVALENTS, END OF PERIOD	6,458,000	3,205,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest paid, net of capitalized interest	382,000	1,947,000
Cash paid for income taxes	0	0
Cash paid for operating lease liabilities included in cash flows from operating activities	371
Cash paid for operating lease liabilities included in cash flows from investing activities	8,874
SUPPLEMENTAL DISCLOSURE OF NONCASH OPERATING ACTIVITIES
Lease liabilities arising from obtaining right-of-use assets	73,413
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING ACTIVITIES
Accrued capital expenditures	99,579,000	130,171,000
Asset retirement obligations	$ 163,000	$ 230,000

Organization, Operations and Ba

Organization, Operations and Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Operations and Basis of Presentation	Organization, Operations and Basis of Presentation Organization and Operations Jagged Peak Energy Inc. (either individually or together with its subsidiaries, as the context requires, “Jagged Peak” or the “Company”) is an independent oil and natural gas company focused on the acquisition and development of unconventional oil and associated liquids-rich natural gas reserves in the southern Delaware Basin; the Delaware Basin is a sub-basin of the Permian Basin of West Texas. Jagged Peak is a Delaware corporation formed in September 2016, as a wholly owned subsidiary of Jagged Peak Energy LLC (“JPE LLC”), a Delaware limited liability company formed in April 2013. JPE LLC was formed by an affiliate of Quantum Energy Partners (“Quantum”) and former members of Jagged Peak’s management team. Jagged Peak was formed to become the holding company of JPE LLC in connection with Jagged Peak’s initial public offering (the “IPO”). Additional background on the Company, its IPO and details of the ownership of the Company are available in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 (the “ 2018 Form 10-K”). Basis of Presentation The accompanying unaudited interim consolidated financial statements include the accounts of Jagged Peak and JPE LLC, and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, and should be read in conjunction with the financial statements, summary of significant accounting policies and footnotes included in the 2018 Form 10-K. Accordingly, certain disclosures required by GAAP and normally included in Annual Reports on Form 10-K have been condensed or omitted from this report; however, except as disclosed herein, there has been no material change in the information disclosed in the notes to consolidated financial statements included in the 2018 Form 10-K. All significant intercompany balances and transactions have been eliminated. It is the opinion of management that all adjustments, consisting of normal recurring adjustments considered necessary for a fair presentation of interim financial information, have been included. The Company has no items of other comprehensive income or loss; therefore, its net income or loss is identical to its comprehensive income or loss. Operating results for the periods presented are not necessarily indicative of expected results for the full year because of the impact of fluctuations in prices received for oil, natural gas and NGLs, expected production increases due to development activities, natural production declines, the uncertainty of exploration and development drilling results, the fair value of derivative instruments and other factors.

Significant Accounting Policies

Significant Accounting Policies and Related Matters	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Significant Accounting Policies and Related Matters	Significant Accounting Policies and Related Matters Significant Accounting Policies The significant accounting policies followed by the Company are set forth in Note 2 , Significant Accounting Policies and Related Matters , to the Company’s consolidated financial statements in its 2018 Form 10-K, and are supplemented by the notes to the consolidated financial statements in this Quarterly Report on Form 10-Q. Any new accounting policies or updates to existing accounting policies as a result of new accounting pronouncements have been included in these notes to the consolidated financial statements. Use of Estimates In the course of preparing the consolidated financial statements, management makes various assumptions, judgments and estimates to determine the reported amounts of assets, liabilities, revenues and expenses, and in the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events. Although management believes these estimates are reasonable, actual results could differ from these estimates. Estimates made in preparing these consolidated financial statements include, among other things, (1) oil and natural gas reserve quantities, which impact depletion of oil and natural gas properties and impairment of proved oil and natural gas properties, (2) impairment of unproved oil and natural gas properties, which includes assumptions about future development and lease renewal, commodity price outlooks and prevailing market rates, (3) accrued operating and capital costs, (4) asset retirement obligation timing and costs, (5) lease terms and incremental borrowing rates, (6) fair value of equity-based compensation, (7) fair value of derivative instruments, (8) deferred income taxes and (9) disclosure of commitments and contingencies. Changes in these estimates and assumptions could have a significant impact on results in future periods. Revenue Recognition Disaggregation of Revenue. The Company’s oil, natural gas and NGL sales revenues represent substantially all of its revenues, and are derived from the sale of oil, natural gas and NGL production from the Permian Basin. The Company believes the disaggregation of revenues into the three product types of oil sales, natural gas sales and NGL sales, as seen on the consolidated statements of operations, is an appropriate level of detail for its primary activity. Contract Assets and Liabilities. The Company’s performance obligations for its contracts with customers are satisfied at a point in time through the delivery of oil and natural gas to its customers. Accordingly, the Company did not have any contract assets or liabilities as of March 31, 2019 and December 31, 2018 . Performance Obligations. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under the Company’s oil, natural gas and NGL sales contracts, each unit of product delivered to the customer represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. Accounts Receivable At March 31, 2019 and December 31, 2018 , accounts receivable was comprised of the following: (in thousands) March 31, 2019 December 31, 2018 Oil and gas sales $ 52,451 $ 40,465 Joint interest 12,469 14,058 Other 2,278 6,663 Total accounts receivable $ 67,198 $ 61,186 At March 31, 2019 and December 31, 2018 , the Company did not have any reserves for doubtful accounts and did not incur any bad debt expense in any period presented. Oil and Natural Gas Properties A summary of the Company’s oil and natural gas properties, net is as follows: (in thousands) March 31, 2019 December 31, 2018 Proved oil and natural gas properties $ 1,902,765 $ 1,746,766 Unproved oil and natural gas properties 157,301 158,732 Total oil and natural gas properties 2,060,066 1,905,498 Less: Accumulated depletion (445,493 ) (386,883 ) Total oil and natural gas properties, net $ 1,614,573 $ 1,518,615 Capitalized leasehold costs attributable to proved properties are depleted using the units-of-production method based on proved reserves on a field basis. Capitalized well costs, including asset retirement costs, are depleted based on proved developed reserves on a field basis. For the three months ended March 31, 2019 and 2018 , the Company recorded depletion for oil and natural gas properties of $58.6 million and $47.4 million , respectively. Depletion expense is included in depletion, depreciation, amortization and accretion expense on the accompanying consolidated statements of operations. Leases Following the adoption of ASU 2016-02, Leases (Topic 842) on January 1, 2019 , the Company determines if an arrangement is a lease at inception of the contract. Operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future lease payments over the lease term at commencement date. For leases that do not provide implicit rates, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. Operating lease ROU assets exclude lease incentives and initial direct costs incurred. Operating lease cost is recognized on a straight-line basis over the lease term. The Company currently does not have any finance leases. The Company has lease agreements with lease and non-lease components, which are all accounted for as a single lease component. Short-term leases have a term of 12 months or less. The Company recognizes short-term lease cost on a straight-line basis over the lease term and does not record a ROU asset or lease liability for such leases. The Company monitors for events or changes in circumstances that may require a reassessment or impairment of its leases, at which time the Company's ROU assets for operating leases may be reduced by impairment losses. Accrued Liabilities The components of accrued liabilities are shown below: (in thousands) March 31, 2019 December 31, 2018 Accrued capital expenditures $ 80,777 $ 74,688 Accrued accounts payable 9,325 5,941 Royalties payable 22,488 19,964 Other current liabilities 27,144 29,419 Total accrued liabilities $ 139,734 $ 130,012 Recent Accounting Pronouncements Recently Adopted Accounting Standards Leases . In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases (Topic 842) , which requires entities to determine at the inception of a contract if the contract is, or contains, a lease. ASU 2016-02 retains a distinction between operating and finance leases concerning the recognition and presentation of the expense and payments related to leases in the statements of operations and cash flows. Entities are required to recognize operating or finance leases as ROU assets and lease liabilities on the balance sheet as well as disclose key information about leasing arrangements in the notes to the financial statements. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. This ASU does not apply to leases of mineral rights to explore for or use oil and natural gas. The Company adopted ASU 2016-02 on January 1, 2019, using the modified retrospective approach as permitted under ASU 2018-11, which allows the Company to apply the legacy lease guidance and disclosure requirements (“ASC 840”) in the comparative periods presented for the year of adoption. The adoption did not require an adjustment to opening retained earnings for a cumulative effect adjustment. As part of the adoption, the Company elected the short-term lease recognition policy election for all leases that qualify, and as such, no ROU assets or lease liabilities will be recorded on the balance sheet when the term of the lease is less than 12 months. The Company also elected the following practical expedients: • the package of transition “practical expedients”, permitting the Company to not reassess its prior conclusions about lease identification, lease classification and initial direct costs; • the practical expedient pertaining to land easements, which allows the new guidance to be applied prospectively to all new or modified land easements and rights-of-way; and • the practical expedient to not separate lease and non-lease components. The new lease standard impacted the Company’s consolidated balance sheets as a result of the ROU assets and operating lease liabilities, but did not impact its consolidated statements of operations or consolidated statements of cash flows. The Company currently has no finance leases. The impact to the opening January 1, 2019 consolidated balance sheets was as follows: (in thousands) Opening Balances as of Adoption of ASC 842 As Adjusted at Operating lease right-of-use assets (1) $ — $ 73,413 $ 73,413 Current operating lease liabilities (1) $ — $ 35,043 $ 35,043 Long-term operating lease liabilities (1) — 42,814 42,814 Other long-term liabilities (2) 4,444 (4,444 ) — (1) Represents the recognition of operating lease ROU assets and the associated lease liabilities. (2) Represents the derecognition of deferred rent and leasehold incentives that were accounted for under ASC 840. Adoption of the new standard did not impact the Company’s previously reported consolidated balance sheets, results of operations, cash flows statements or statements of changes in equity. For more information on the Company’s leases, refer to Note 10 , Leases . Accounting Standards Not Yet Adopted Financial Instruments: Credit Losses . In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Objectives and Strategies The Company is exposed to fluctuations in commodity prices received for its oil and natural gas production. To mitigate the volatility in its expected operating cash flows, the Company hedges a portion of its crude oil sales through derivative instruments. The Company does not use these instruments for speculative or trading purposes. Commodity Derivatives In an effort to reduce the variability of the Company’s cash flows, the Company hedges the commodity prices associated with a portion of its expected future oil volumes by entering into the following types of instruments: Swaps . The Company receives a fixed price for a specified notional quantity of oil or natural gas, and the Company pays the hedge counterparty a floating price for that same quantity based upon published index prices. Basis Swaps . These instruments establish a fixed price differential between Cushing WTI prices and Midland WTI prices for the notional volumes contracted. The Company receives the fixed price differential and pays the floating market price differential to the counterparty. The following table summarizes the Company’s derivative contracts as of March 31, 2019 : Contract Period Volumes Wtd Avg Price Oil Swaps: (1) Second quarter 2019 1,911 $ 59.95 Third quarter 2019 1,932 $ 59.95 Fourth quarter 2019 1,932 $ 59.95 Total 2019 5,775 $ 59.95 Year ending December 31, 2020 2,928 $ 60.82 Oil Basis Swaps: (2) Second quarter 2019 2,093 $ (7.17 ) Third quarter 2019 2,300 $ (4.79 ) Fourth quarter 2019 2,300 $ (4.79 ) Total 2019 6,693 $ (5.53 ) Year ending December 31, 2020 9,516 $ (1.31 ) (1) The index prices for the oil swaps are based on the NYMEX–WTI monthly average futures price. (2) The oil basis swap differential price is between Cushing–WTI and Midland–WTI. Subsequent to March 31, 2019 , the Company entered into the following additional derivative contracts: Contract Period Volumes Wtd Avg Price Oil Swaps: (1) Year ending December 31, 2020 732 $ 60.00 (1) The index prices for the oil swaps are based on the NYMEX–WTI monthly average futures price. Counterparty Risk By using derivative instruments to hedge exposure to changes in commodity prices, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk. Where the Company is exposed to credit risk in its financial instrument transactions, management analyzes the counterparty’s financial condition prior to entering into an agreement and monitors the appropriateness of these counterparties on an ongoing basis. Generally, the Company does not require collateral and does not anticipate nonperformance by its counterparties. Should the creditworthiness of the Company’s counterparties decline, under certain circumstances the Company may have a contractual right of set-off against other amounts owed by the Company to the counterparty, but otherwise its ability to mitigate nonperformance risk is limited to a counterparty agreeing to either a voluntary termination and subsequent cash settlement or a novation of the derivative contract to a third-party. In the event of a counterparty default, the Company may sustain a loss and its cash receipts could be negatively impacted. At March 31, 2019 , the Company had commodity derivative contracts with six counterparties, all of which were lenders under the Company’s Amended and Restated Credit Facility (as defined in Note 4 , Debt ) and all of which had investment grade credit ratings. These counterparties accounted for all the Company’s counterparty credit exposure related to commodity derivative assets. Financial Statement Presentation The Company’s derivative instruments are carried at fair value on the consolidated balance sheets. The Company has elected to not apply hedge accounting; accordingly, the changes in fair value of these instruments are recognized through current earnings as other income or expense as they occur. The use of mark-to-market accounting for financial instruments can cause noncash earnings volatility due to changes in the underlying commodity price indices. The ultimate gain or loss upon settlement of these transactions is recognized in earnings as other income or expense. Cash settlements of the Company’s derivative contracts are included in cash flows from operating activities in the Company’s statements of cash flows. The Company estimates the fair value using risk adjusted discounted cash flow calculations. Cash flows are based on published future commodity price curves for the underlying commodity as of the date of the estimate. Due to the volatility of commodity prices, the estimated fair values of the Company’s derivative instruments are subject to fluctuation from period to period, which could result in significant differences between the current estimated fair value and the ultimate settlement price. For more information, refer to Note 9 , Fair Value Measurements . Consolidated Statements of Operations The Company recognized the following gains (losses) on derivative instruments in its consolidated statements of operations for the periods indicated: Three Months Ended March 31, (in thousands) 2019 2018 Net gain (loss) on settled derivative instruments $ (2,470 ) $ (15,479 ) Net gain (loss) from the change in fair value of open derivative instruments (141,122 ) 11,153 Gain (loss) on derivative instruments, net $ (143,592 ) $ (4,326 ) Consolidated Balance Sheets The Company’s derivative instruments are subject to industry standard master netting arrangements, which allow the Company to offset recognized asset and liability fair value amounts on contracts with the same counterparty. The Company’s policy is to not offset these positions in its consolidated balance sheets. The following tables present the amounts and classifications of the Company’s commodity contract derivative assets and liabilities as of March 31, 2019 and December 31, 2018 (in thousands): As of March 31, 2019: Balance Sheet Location Gross amounts presented on the balance sheet Netting adjustments not offset on the balance sheet Net amounts Assets Commodity contracts Current assets - derivative instruments $ 13,669 $ (13,648 ) $ 21 Commodity contracts Noncurrent assets - derivative instruments 5,414 (3,692 ) 1,722 Total assets $ 19,083 $ (17,340 ) $ 1,743 Liabilities Commodity contracts Current liabilities - derivative instruments $ 48,326 $ (13,648 ) $ 34,678 Commodity contracts Noncurrent liabilities - derivative instruments 11,258 (3,692 ) 7,566 Total liabilities $ 59,584 $ (17,340 ) $ 42,244 As of December 31, 2018: Balance Sheet Location Gross amounts presented on the balance sheet Netting adjustments not offset on the balance sheet Net amounts Assets Commodity contracts Current assets - derivative instruments $ 103,092 $ (18,815 ) $ 84,277 Commodity contracts Noncurrent assets - derivative instruments 31,899 (9,668 ) 22,231 Total assets $ 134,991 $ (28,483 ) $ 106,508 Liabilities Commodity contracts Current liabilities - derivative instruments $ 23,208 $ (18,815 ) $ 4,393 Commodity contracts Noncurrent liabilities - derivative instruments 11,162 (9,668 ) 1,494 Total liabilities $ 34,370 $ (28,483 ) $ 5,887

Debt

Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	Debt The Company’s debt consisted of the following at March 31, 2019 and December 31, 2018 : (in thousands) March 31, 2019 December 31, 2018 Senior secured revolving credit facility $ 55,000 $ — 5.875% senior unsecured notes due 2026 500,000 500,000 Debt issuance costs on senior unsecured notes (10,451 ) (10,761 ) Total long-term debt $ 544,549 $ 489,239 Senior Secured Revolving Credit Facility At December 31, 2018 , the Company’s amended and restated credit facility, as amended (the “Amended and Restated Credit Facility”), had a borrowing base of $900.0 million with elected commitments of $540.0 million and nothing outstanding. The Amended and Restated Credit Facility contains certain nonfinancial covenants, including among others, restrictions on indebtedness, liens, investments, mergers, sales of assets, hedging activity, and dividends and payments to the Company’s capital interest holders. The Amended and Restated Credit Facility also contains financial covenants, which are measured on a quarterly basis. The covenants, as defined in the Amended and Restated Credit Facility, include requirements to comply with the following financial ratios: Financial Covenant Required Ratio Ratio of current assets to liabilities, as defined in the credit agreement Not less than 1.0 to 1.0 Ratio of debt to EBITDAX, as defined in the credit agreement Not greater than 4.0 to 1.0 As of March 31, 2019 , the Company was in compliance with its Amended and Restated Credit Facility financial covenants. As of March 31, 2019 , the borrowing base and elected commitments remained at $900.0 million and $540.0 million , respectively, and the Company had $485.0 million of elected commitments available. The weighted-average interest rate as of March 31, 2019 was 4.00% . 5.875% Senior Unsecured Notes due 2026 JPE LLC has $500.0 million aggregate principal amount of 5.875% senior unsecured notes that mature on May 1, 2026 (the “Senior Notes”). Interest is payable on the Senior Notes semi-annually in arrears on each May 1 and November 1. The Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by Jagged Peak and may be guaranteed by future subsidiaries. Jagged Peak has no independent assets or operations and has no other subsidiaries other than JPE LLC. There are no significant restrictions on the Company’s ability to obtain funds from its subsidiary in the form of cash dividends or other distributions of funds. In connection with the issuance of the Senior Notes, the Company entered into a registration rights agreement with the initial purchasers, dated May 8, 2018, to allow holders of the unregistered Senior Notes to exchange the unregistered Senior Notes for registered notes that have substantially identical terms. On December 13, 2018, the Company filed a registration statement on Form S-4 (the “S-4 Registration Statement”) with the SEC with respect to an offer to exchange the Senior Notes for registered, publicly tradable notes that have terms identical in all material respects to the Senior Notes (except that the exchange notes do not contain any transfer restrictions) (the “Exchange Offer”). On January 31, 2019, the Company filed Amendment No. 1 to the S-4 Registration Statement with respect to the Exchange Offer. On February 5, 2019, the S-4 Registration was declared effective by the SEC and the Company commenced the Exchange Offer. The Exchange Offer was completed in March 2019. If the Company experiences certain defined changes of control, each holder of the Senior Notes may require the Company to repurchase all or a portion of its Senior Notes for cash at a price equal to 101% of the aggregate principal amount of such Senior Notes plus accrued and unpaid interest as of the date of repurchase, if any.

Equity-based Compensation

Equity-based Compensation	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity-based Compensation	Equity-based Compensation Equity-based compensation expense, for each type of equity-based award, was as follows for the periods indicated: Three Months Ended March 31, (in thousands) 2019 2018 Incentive unit awards $ 646 $ 74,599 Restricted stock unit awards 1,225 1,319 Performance stock unit awards 959 (395 ) Restricted stock unit awards issued to nonemployee directors 104 155 Equity-based compensation expense $ 2,934 $ 75,678 Equity-based compensation expense, which is recorded in general and administrative expense in the accompanying consolidated statements of operations, will fluctuate based on the grant-date fair value of awards, the number of awards, the requisite service period of the awards, modification of awards, employee forfeitures and the timing of the awards. For the three months ended March 31, 2018 , equity-based compensation expense included (1) $71.3 million related to a modification of the service requirements in February 2018 for the incentive unit awards allocated at the IPO and (2) the reversal of equity-based compensation expense associated with awards that were forfeited during the three months ended March 31, 2018 , notably performance stock unit (“PSU”) awards forfeited by former executive officers. As the Company’s policy is to recognize forfeitures as they occur, previously recognized expense on unvested awards is reversed at the date of forfeiture. The following table summarizes the Company’s award activity for incentive units, restricted stock units (“RSU”) and PSUs for the three months ended March 31, 2019 : Incentive Units (2) RSUs PSUs Unvested at December 31, 2018 5,397,555 871,119 691,363 Awards Granted (1) — 919,059 616,901 Vested (2,496,309 ) (193,976 ) — Forfeited — (68,782 ) (41,837 ) Unvested at March 31, 2019 2,901,246 1,527,420 1,266,427 (1) The weighted average grant-date fair value was $10.82 for RSUs and $12.63 for PSUs. The weighted average grant-date fair value for PSUs was calculated using a Monte Carlo simulation. (2) Included in the unvested incentive units at March 31, 2019 are 2,404,830 units for which equity-based compensation expense was accelerated and fully recognized in February 2018. The following table reflects the future equity-based compensation expense to be recorded for each type of award that was outstanding at March 31, 2019 : Incentive Units RSUs (1) PSUs Compensation costs remaining at March 31, 2019 (in millions) $ 5.1 $ 15.7 $ 13.4 Weighted average remaining period at March 31, 2019 (in years) 2.1 2.5 2.3 (1) The remaining compensation cost at March 31, 2019 for the nonemployee director RSUs was $43 thousand , with a weighted average remaining period of 0.1

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is computed by dividing net earnings by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share is similarly computed, except that the denominator includes the effect, using the treasury stock method, of unvested RSUs and PSUs if including such potential shares of common stock units is dilutive. The PSUs included in the calculation of diluted weighted average shares outstanding are based on the number of shares of common stock that would be issuable if the end of the reporting period was the end of the performance period required for the vesting of such PSU awards. Shares to be issued in exchange for incentive units are already outstanding and will not have a dilutive effect upon vesting. During periods in which the Company incurs a net loss, diluted weighted average shares outstanding are equal to basic weighted average shares outstanding because the effect of all awards is anti-dilutive. A reconciliation of the components of basic and diluted earnings per common share is presented in the table below: Three Months Ended (in thousands, except per share amounts) March 31, 2019 March 31, 2018 Net income (loss) attributable to common stock $ (94,888 ) $ (39,403 ) Basic weighted average shares outstanding 213,270 213,003 Dilutive unvested RSUs — — Dilutive unvested PSUs — — Diluted weighted average shares outstanding 213,270 213,003 Net income (loss) per common share: Basic $ (0.44 ) $ (0.18 ) Diluted $ (0.44 ) $ (0.18 ) The following table presents the weighted average number of outstanding equity awards that have been excluded from the computation of diluted earnings per common share as their inclusion would be antidilutive. These shares could dilute basic earnings per share in future periods. Three Months Ended (in thousands) March 31, 2019 March 31, 2018 Number of antidilutive units: (1) Antidilutive unvested RSUs 1,169 624 Antidilutive unvested PSUs 931 361 (1)

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company computes its quarterly taxes under the effective tax rate method based on applying an anticipated annual effective rate to its year-to-date income, except for discrete items. Income taxes for discrete items are computed and recorded in the period that the specific transaction occurs. Income tax expense was as follows for the periods indicated: Three Months Ended March 31, (in thousands) 2019 2018 Income tax expense (benefit) $ (26,245 ) $ 9,644 Effective tax rate 21.7 % (32.4 )% For the three months ended March 31, 2019 , the Company’s effective tax rate differed from the federal statutory rate of 21% due to state taxes and permanent differences on vested equity-based compensation awards. For the three months ended March 31, 2018 , the Company’s overall effective tax rate differed from the federal statutory rate of 21%

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations The following table summarizes the changes in the carrying amount of the asset retirement obligations for the three months ended March 31, 2019 . The current portion of the asset retirement obligation liability is included in accrued liabilities on the consolidated balance sheets. (in thousands) Asset retirement obligations at January 1, 2019 $ 2,072 Liabilities incurred and assumed 161 Liability settlements (23 ) Revisions of estimated liabilities 2 Accretion 46 Asset retirement obligations at March 31, 2019 2,258 Less current portion of asset retirement obligations (108 ) Long-term asset retirement obligations $ 2,150

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Financial assets and liabilities are measured at fair value on a recurring basis. Nonfinancial assets and liabilities, such as the initial measurement of asset retirement obligations and oil and natural gas properties upon acquisition or impairment, are recognized at fair value on a nonrecurring basis. The Company categorizes the inputs to the fair value of its financial assets and liabilities using a three-tier fair value hierarchy, established by the FASB, that prioritizes the significant inputs used in measuring fair value: Level 1—Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, listed securities and U.S. government treasury securities. Level 2—Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry standard models that consider various assumptions, including quoted prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in the category include nonexchange-traded derivatives such as over-the-counter forwards, swaps and options. Level 3—Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value, and the company does not have sufficient corroborating market evidence to support classifying these assets and liabilities as Level 2. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Reclassifications of fair value among Level 1, Level 2 and Level 3 of the fair value hierarchy, if applicable, are made at the end of each quarter. There were no transfers among Level 1, Level 2 or Level 3 during the three months ended March 31, 2019 . Assets and liabilities measured on a recurring basis Certain assets and liabilities are reported at fair value on a recurring basis. The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis: Level 2 (in thousands) March 31, 2019 December 31, 2018 Assets from commodity derivative contracts $ 19,083 $ 134,991 Liabilities due to commodity derivative contracts $ 59,584 $ 34,370 The fair value of the Company’s oil swaps and basis swaps is computed using discounted cash flows for the duration of each commodity derivative instrument using the terms of the related contract. Inputs consist of published forward commodity price curves as of the date of the estimate. The Company compares these prices to the price parameters contained in its hedge contracts to determine estimated future cash inflows or outflows, which are then discounted. The fair values of the Company’s commodity derivative assets and liabilities include a measure of credit risk. These valuations are Level 2 inputs. Fair Value of Other Financial Instruments The following table provides the fair value of financial instruments that are not recorded at fair value in the consolidated balance sheets: March 31, 2019 December 31, 2018 (in thousands) Principal Amount Fair Value Principal Amount Fair Value Long-term debt: Senior secured revolving credit facility $ 55,000 $ 55,000 $ — $ — 5.875% senior unsecured notes due 2026 $ 500,000 $ 495,775 $ 500,000 $ 466,250 The fair value of the Amended and Restated Credit Facility approximates its carrying value based on borrowing rates available to the Company for bank loans with similar terms and maturities and is classified as Level 2 in the fair value hierarchy. The fair value of the Senior Notes at March 31, 2019 was based on the quoted market price and is classified as Level 1 in the fair value hierarchy. The carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities are considered to be representative of their respective fair values due to the nature of and short-term maturities of those instruments. Assets and liabilities measured on a nonrecurring basis Certain assets and liabilities are measured at fair value on a nonrecurring basis. These assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. These assets and liabilities include the acquisition or impairment of proved and unproved oil and gas properties and the inception value of asset retirement obligation liabilities. Proved oil and natural gas properties . The Company reviews its proved oil and natural gas properties for impairment whenever facts and circumstances indicate their carrying value may not be recoverable. In such circumstances, the income approach is used to determine the fair value of proved oil and natural gas reserves. Under this approach, the Company estimates the expected future cash flows of oil and natural gas properties and compares these undiscounted cash flows to the carrying amount of the oil and natural gas properties to determine if the carrying amount is recoverable. If the carrying amount exceeds the estimated undiscounted future cash flows, the Company will write down the carrying amount of the oil and natural gas properties to estimated fair value. The factors used to determine fair value may include, but are not limited to, estimates of reserves, future commodity prices, future production estimates, estimated future capital expenditures and a commensurate discount rate. These assumptions and estimates represent Level 3 inputs. Unproved oil and natural gas properties . Unproved oil and natural gas property costs are evaluated for impairment and reduced to fair value when there is an indication that the carrying costs may not be recoverable. To measure the fair value of the unproved properties, the Company uses a market approach, and takes into account future development plans, remaining lease term, drilling results and reservoir performance. These assumptions and estimates represent Level 3 inputs. The following table sets forth the noncash impairments of both proved and unproved properties for the periods indicated: Three Months Ended March 31, (in thousands) 2019 2018 Proved oil and natural gas property impairments $ — $ — Unproved oil and natural gas property impairments (1) 84 53 $ 84 $ 53 (1) The impairments of unproved oil and natural gas properties resulted from expirations of certain undeveloped leases. Asset retirement obligations

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Leases The Company’s ROU assets include leases for its drilling rigs, the property for its corporate headquarters and certain office equipment. The lease for the Company’s corporate headquarters provides for increases in future minimum annual rental payments as defined in the lease agreement. The lease also includes real estate taxes and common area maintenance charges, which are expensed when occurred. As of March 31, 2019 , the Company’s leases have remaining lease terms of 1.2 years to 9.3 years. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company’s lease agreements do not contain any material restrictive covenants. Lease Costs Lease cost for operating lease payments is recognized on a straight-line basis over the lease term. Lease costs are presented gross and a portion of these costs will be reimbursed by the Company’s working interest partners. The total gross lease cost for the period indicated is as follows: Three months ended (in thousands) March 31, 2019 Operating lease cost $ 9,297 Short-term lease cost (1) 24,439 Variable lease cost 258 Total lease cost $ 33,994 (1) Short-term lease cost is comprised primarily of frac fleets, a drilling rig and certain field equipment. In accordance with the Company’s accounting policies, lease cost was either capitalized to oil and natural gas properties, billed to the Company’s working interest partners, or recorded within either general and administrative or lease operating expenses. Lease Maturities The table below reconciles the undiscounted lease payment maturities to the lease liabilities for the Company’s operating leases as of March 31, 2019 : Remainder Payments Due by Period for the Year Ending December 31, (in thousands) of 2019 2020 2021 2022 2023 Thereafter Total Operating lease payments (1) $ 28,246 $ 33,428 $ 1,547 $ 1,558 $ 1,589 $ 7,378 $ 73,746 Less: amount of lease payments representing interest (4,402 ) Present value of future minimum lease payments 69,344 Less: current operating lease liabilities (35,500 ) Long-term operating lease liabilities $ 33,844 (1) The operating lease payments represent the total payment obligation to be incurred over the life of the lease. A portion of these costs will be billed to the Company’s working interest partners when the payment is incurred, based on the nature of the cost and the relative working interest of the working interest partner. Supplemental Lease Information Supplemental information related to the Company’s operating leases was as follows: March 31, 2019 Weighted average remaining lease term - operating leases (in years) 3.0 Weighted average discount rate - operating leases (1) 4.2 % (1) Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019. As of March 31, 2019 , the Company had no operating leases that had not yet commenced. As of December 31, 2018, the Company’s future minimum payments for noncancelable operating leases, under ASC 840, was as follows: (in thousands) 2019 2020 2021 2022 2023 Thereafter Total Operating leases $ 1,547 $ 1,539 $ 1,553 $ 1,559 $ 1,589 $ 7,378 $ 15,165

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments There were no material changes in commitments during the first three months of 2019 . Please refer to Note 10, Commitments and Contingencies , in the 2018 Form 10-K for additional discussion. Contingencies Legal Matters In the ordinary course of business, the Company may at times be subject to claims and legal actions. Management believes it is remote that the impact of any such current matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. Environmental Matters The Company accounts for environmental contingencies in accordance with the accounting guidance related to accounting for contingencies. Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations, which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded when environmental assessments and/or clean-ups are probable and the costs can be reasonably estimated. Such liabilities are generally undiscounted unless the timing of cash payments is fixed and readily determinable. At both March 31, 2019 and December 31, 2018 , the Company had no

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As a result of Quantum’s significant ownership interest in the Company, the Company identified Oryx Midstream Services, LLC (together with Oryx Southern Delaware Holdings, LLC, “Oryx”), Phoenix Lease Services, LLC (“Phoenix”) and Trident Water Services, LLC (“Trident”), a wholly owned subsidiary of Phoenix, as related parties. These entities are considered related parties as Quantum owns an interest, either directly or indirectly, in each entity. No fees were paid by the Company to Trident during the three months ended March 31, 2019 and 2018 . The following table summarizes fees paid to Oryx and Phoenix for the periods indicated: Three Months Ended March 31, (in thousands) 2019 2018 Oryx via 3rd party shipper (1) $ 6,825 $ 4,734 Oryx (2) $ 132 $ 215 Phoenix (3) $ 28 $ 109 (1) Fees paid by the Company’s third-party shipper to Oryx pursuant to the crude oil transportation and gathering agreement are netted against revenue as they are included in the net price paid by to the third-party shipper. (2) Fees paid to Oryx for the purchase and installation of metering equipment are capitalized to proved properties on the consolidated balance sheets. The Company also received $45 thousand from Oryx during the period ended March 31, 2019 related to pipeline easements and right of way agreements. (3) Fees paid to Phoenix are capitalized to proved properties on the consolidated balance sheets. At March 31, 2019 and December 31, 2018 , the Company had outstanding payables to these related parties of $2.7 million and $2.6 million , respectively. See Note 11 , Related Party Transactions , in the 2018

Significant Accounting Polici_2

Significant Accounting Policies and Related Matters (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements include the accounts of Jagged Peak and JPE LLC, and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, and should be read in conjunction with the financial statements, summary of significant accounting policies and footnotes included in the 2018 Form 10-K. Accordingly, certain disclosures required by GAAP and normally included in Annual Reports on Form 10-K have been condensed or omitted from this report; however, except as disclosed herein, there has been no material change in the information disclosed in the notes to consolidated financial statements included in the 2018 Form 10-K. All significant intercompany balances and transactions have been eliminated.
Reclassifications	Certain prior year amounts have been reclassified to conform to the current presentation.
Use of Estimates	Use of Estimates In the course of preparing the consolidated financial statements, management makes various assumptions, judgments and estimates to determine the reported amounts of assets, liabilities, revenues and expenses, and in the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events. Although management believes these estimates are reasonable, actual results could differ from these estimates.
Revenue Recognition	Revenue Recognition Disaggregation of Revenue. The Company’s oil, natural gas and NGL sales revenues represent substantially all of its revenues, and are derived from the sale of oil, natural gas and NGL production from the Permian Basin. The Company believes the disaggregation of revenues into the three product types of oil sales, natural gas sales and NGL sales, as seen on the consolidated statements of operations, is an appropriate level of detail for its primary activity. Contract Assets and Liabilities. The Company’s performance obligations for its contracts with customers are satisfied at a point in time through the delivery of oil and natural gas to its customers. Accordingly, the Company did not have any contract assets or liabilities as of March 31, 2019 and December 31, 2018 . Performance Obligations. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under the Company’s oil, natural gas and NGL sales contracts, each unit of product delivered to the customer represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required.
Oil and Natural Gas Properties	Capitalized leasehold costs attributable to proved properties are depleted using the units-of-production method based on proved reserves on a field basis. Capitalized well costs, including asset retirement costs, are depleted based on proved developed reserves on a field basis.
Leases	Leases Following the adoption of ASU 2016-02, Leases (Topic 842) on January 1, 2019 , the Company determines if an arrangement is a lease at inception of the contract. Operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future lease payments over the lease term at commencement date. For leases that do not provide implicit rates, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. Operating lease ROU assets exclude lease incentives and initial direct costs incurred. Operating lease cost is recognized on a straight-line basis over the lease term. The Company currently does not have any finance leases. The Company has lease agreements with lease and non-lease components, which are all accounted for as a single lease component.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Standards Leases . In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases (Topic 842) , which requires entities to determine at the inception of a contract if the contract is, or contains, a lease. ASU 2016-02 retains a distinction between operating and finance leases concerning the recognition and presentation of the expense and payments related to leases in the statements of operations and cash flows. Entities are required to recognize operating or finance leases as ROU assets and lease liabilities on the balance sheet as well as disclose key information about leasing arrangements in the notes to the financial statements. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. This ASU does not apply to leases of mineral rights to explore for or use oil and natural gas. The Company adopted ASU 2016-02 on January 1, 2019, using the modified retrospective approach as permitted under ASU 2018-11, which allows the Company to apply the legacy lease guidance and disclosure requirements (“ASC 840”) in the comparative periods presented for the year of adoption. The adoption did not require an adjustment to opening retained earnings for a cumulative effect adjustment. As part of the adoption, the Company elected the short-term lease recognition policy election for all leases that qualify, and as such, no ROU assets or lease liabilities will be recorded on the balance sheet when the term of the lease is less than 12 months. The Company also elected the following practical expedients: • the package of transition “practical expedients”, permitting the Company to not reassess its prior conclusions about lease identification, lease classification and initial direct costs; • the practical expedient pertaining to land easements, which allows the new guidance to be applied prospectively to all new or modified land easements and rights-of-way; and • the practical expedient to not separate lease and non-lease components. The new lease standard impacted the Company’s consolidated balance sheets as a result of the ROU assets and operating lease liabilities, but did not impact its consolidated statements of operations or consolidated statements of cash flows. The Company currently has no finance leases. The impact to the opening January 1, 2019 consolidated balance sheets was as follows: (in thousands) Opening Balances as of Adoption of ASC 842 As Adjusted at Operating lease right-of-use assets (1) $ — $ 73,413 $ 73,413 Current operating lease liabilities (1) $ — $ 35,043 $ 35,043 Long-term operating lease liabilities (1) — 42,814 42,814 Other long-term liabilities (2) 4,444 (4,444 ) — (1) Represents the recognition of operating lease ROU assets and the associated lease liabilities. (2) Represents the derecognition of deferred rent and leasehold incentives that were accounted for under ASC 840. Adoption of the new standard did not impact the Company’s previously reported consolidated balance sheets, results of operations, cash flows statements or statements of changes in equity. For more information on the Company’s leases, refer to Note 10 , Leases . Accounting Standards Not Yet Adopted Financial Instruments: Credit Losses . In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

Significant Accounting Polici_3

Significant Accounting Policies and Related Matters (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Schedule of Accounts Receivable	At March 31, 2019 and December 31, 2018 , accounts receivable was comprised of the following: (in thousands) March 31, 2019 December 31, 2018 Oil and gas sales $ 52,451 $ 40,465 Joint interest 12,469 14,058 Other 2,278 6,663 Total accounts receivable $ 67,198 $ 61,186
Property, Plant and Equipment	A summary of the Company’s oil and natural gas properties, net is as follows: (in thousands) March 31, 2019 December 31, 2018 Proved oil and natural gas properties $ 1,902,765 $ 1,746,766 Unproved oil and natural gas properties 157,301 158,732 Total oil and natural gas properties 2,060,066 1,905,498 Less: Accumulated depletion (445,493 ) (386,883 ) Total oil and natural gas properties, net $ 1,614,573 $ 1,518,615
Schedule of Accrued Liabilities	The components of accrued liabilities are shown below: (in thousands) March 31, 2019 December 31, 2018 Accrued capital expenditures $ 80,777 $ 74,688 Accrued accounts payable 9,325 5,941 Royalties payable 22,488 19,964 Other current liabilities 27,144 29,419 Total accrued liabilities $ 139,734 $ 130,012
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The impact to the opening January 1, 2019 consolidated balance sheets was as follows: (in thousands) Opening Balances as of Adoption of ASC 842 As Adjusted at Operating lease right-of-use assets (1) $ — $ 73,413 $ 73,413 Current operating lease liabilities (1) $ — $ 35,043 $ 35,043 Long-term operating lease liabilities (1) — 42,814 42,814 Other long-term liabilities (2) 4,444 (4,444 ) — (1) Represents the recognition of operating lease ROU assets and the associated lease liabilities. (2) Represents the derecognition of deferred rent and leasehold incentives that were accounted for under ASC 840.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table summarizes the Company’s derivative contracts as of March 31, 2019 : Contract Period Volumes Wtd Avg Price Oil Swaps: (1) Second quarter 2019 1,911 $ 59.95 Third quarter 2019 1,932 $ 59.95 Fourth quarter 2019 1,932 $ 59.95 Total 2019 5,775 $ 59.95 Year ending December 31, 2020 2,928 $ 60.82 Oil Basis Swaps: (2) Second quarter 2019 2,093 $ (7.17 ) Third quarter 2019 2,300 $ (4.79 ) Fourth quarter 2019 2,300 $ (4.79 ) Total 2019 6,693 $ (5.53 ) Year ending December 31, 2020 9,516 $ (1.31 ) (1) The index prices for the oil swaps are based on the NYMEX–WTI monthly average futures price. (2) The oil basis swap differential price is between Cushing–WTI and Midland–WTI. Subsequent to March 31, 2019 , the Company entered into the following additional derivative contracts: Contract Period Volumes Wtd Avg Price Oil Swaps: (1) Year ending December 31, 2020 732 $ 60.00 (1) The index prices for the oil swaps are based on the NYMEX–WTI monthly average futures price.
Derivative Instruments, Gain (Loss)	The Company recognized the following gains (losses) on derivative instruments in its consolidated statements of operations for the periods indicated: Three Months Ended March 31, (in thousands) 2019 2018 Net gain (loss) on settled derivative instruments $ (2,470 ) $ (15,479 ) Net gain (loss) from the change in fair value of open derivative instruments (141,122 ) 11,153 Gain (loss) on derivative instruments, net $ (143,592 ) $ (4,326 )
Schedule of Derivative Instruments by Balance Sheet Location	The following tables present the amounts and classifications of the Company’s commodity contract derivative assets and liabilities as of March 31, 2019 and December 31, 2018 (in thousands): As of March 31, 2019: Balance Sheet Location Gross amounts presented on the balance sheet Netting adjustments not offset on the balance sheet Net amounts Assets Commodity contracts Current assets - derivative instruments $ 13,669 $ (13,648 ) $ 21 Commodity contracts Noncurrent assets - derivative instruments 5,414 (3,692 ) 1,722 Total assets $ 19,083 $ (17,340 ) $ 1,743 Liabilities Commodity contracts Current liabilities - derivative instruments $ 48,326 $ (13,648 ) $ 34,678 Commodity contracts Noncurrent liabilities - derivative instruments 11,258 (3,692 ) 7,566 Total liabilities $ 59,584 $ (17,340 ) $ 42,244 As of December 31, 2018: Balance Sheet Location Gross amounts presented on the balance sheet Netting adjustments not offset on the balance sheet Net amounts Assets Commodity contracts Current assets - derivative instruments $ 103,092 $ (18,815 ) $ 84,277 Commodity contracts Noncurrent assets - derivative instruments 31,899 (9,668 ) 22,231 Total assets $ 134,991 $ (28,483 ) $ 106,508 Liabilities Commodity contracts Current liabilities - derivative instruments $ 23,208 $ (18,815 ) $ 4,393 Commodity contracts Noncurrent liabilities - derivative instruments 11,162 (9,668 ) 1,494 Total liabilities $ 34,370 $ (28,483 ) $ 5,887

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Debt	The Company’s debt consisted of the following at March 31, 2019 and December 31, 2018 : (in thousands) March 31, 2019 December 31, 2018 Senior secured revolving credit facility $ 55,000 $ — 5.875% senior unsecured notes due 2026 500,000 500,000 Debt issuance costs on senior unsecured notes (10,451 ) (10,761 ) Total long-term debt $ 544,549 $ 489,239
Summary of Covenant Compliance	The covenants, as defined in the Amended and Restated Credit Facility, include requirements to comply with the following financial ratios: Financial Covenant Required Ratio Ratio of current assets to liabilities, as defined in the credit agreement Not less than 1.0 to 1.0 Ratio of debt to EBITDAX, as defined in the credit agreement Not greater than 4.0 to 1.0

Equity-based Compensation (Tabl

Equity-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan	Equity-based compensation expense, for each type of equity-based award, was as follows for the periods indicated: Three Months Ended March 31, (in thousands) 2019 2018 Incentive unit awards $ 646 $ 74,599 Restricted stock unit awards 1,225 1,319 Performance stock unit awards 959 (395 ) Restricted stock unit awards issued to nonemployee directors 104 155 Equity-based compensation expense $ 2,934 $ 75,678
Schedule of Share-based Compensation, Incentive Units, Activity	The following table summarizes the Company’s award activity for incentive units, restricted stock units (“RSU”) and PSUs for the three months ended March 31, 2019 : Incentive Units (2) RSUs PSUs Unvested at December 31, 2018 5,397,555 871,119 691,363 Awards Granted (1) — 919,059 616,901 Vested (2,496,309 ) (193,976 ) — Forfeited — (68,782 ) (41,837 ) Unvested at March 31, 2019 2,901,246 1,527,420 1,266,427 (1) The weighted average grant-date fair value was $10.82 for RSUs and $12.63 for PSUs. The weighted average grant-date fair value for PSUs was calculated using a Monte Carlo simulation. (2) Included in the unvested incentive units at March 31, 2019 are 2,404,830 units for which equity-based compensation expense was accelerated and fully recognized in February 2018. The following table reflects the future equity-based compensation expense to be recorded for each type of award that was outstanding at March 31, 2019 : Incentive Units RSUs (1) PSUs Compensation costs remaining at March 31, 2019 (in millions) $ 5.1 $ 15.7 $ 13.4 Weighted average remaining period at March 31, 2019 (in years) 2.1 2.5 2.3 (1) The remaining compensation cost at March 31, 2019 for the nonemployee director RSUs was $43 thousand , with a weighted average remaining period of 0.1

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	A reconciliation of the components of basic and diluted earnings per common share is presented in the table below: Three Months Ended (in thousands, except per share amounts) March 31, 2019 March 31, 2018 Net income (loss) attributable to common stock $ (94,888 ) $ (39,403 ) Basic weighted average shares outstanding 213,270 213,003 Dilutive unvested RSUs — — Dilutive unvested PSUs — — Diluted weighted average shares outstanding 213,270 213,003 Net income (loss) per common share: Basic $ (0.44 ) $ (0.18 ) Diluted $ (0.44 ) $ (0.18 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table presents the weighted average number of outstanding equity awards that have been excluded from the computation of diluted earnings per common share as their inclusion would be antidilutive. These shares could dilute basic earnings per share in future periods. Three Months Ended (in thousands) March 31, 2019 March 31, 2018 Number of antidilutive units: (1) Antidilutive unvested RSUs 1,169 624 Antidilutive unvested PSUs 931 361 (1)

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Income tax expense was as follows for the periods indicated: Three Months Ended March 31, (in thousands) 2019 2018 Income tax expense (benefit) $ (26,245 ) $ 9,644 Effective tax rate 21.7 % (32.4 )%

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Change in Asset Retirement Obligation	The following table summarizes the changes in the carrying amount of the asset retirement obligations for the three months ended March 31, 2019 . The current portion of the asset retirement obligation liability is included in accrued liabilities on the consolidated balance sheets. (in thousands) Asset retirement obligations at January 1, 2019 $ 2,072 Liabilities incurred and assumed 161 Liability settlements (23 ) Revisions of estimated liabilities 2 Accretion 46 Asset retirement obligations at March 31, 2019 2,258 Less current portion of asset retirement obligations (108 ) Long-term asset retirement obligations $ 2,150

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis: Level 2 (in thousands) March 31, 2019 December 31, 2018 Assets from commodity derivative contracts $ 19,083 $ 134,991 Liabilities due to commodity derivative contracts $ 59,584 $ 34,370
Fair Value, Estimate Not Practicable	The following table provides the fair value of financial instruments that are not recorded at fair value in the consolidated balance sheets: March 31, 2019 December 31, 2018 (in thousands) Principal Amount Fair Value Principal Amount Fair Value Long-term debt: Senior secured revolving credit facility $ 55,000 $ 55,000 $ — $ — 5.875% senior unsecured notes due 2026 $ 500,000 $ 495,775 $ 500,000 $ 466,250
Fair Value, Noncash Impairments	The following table sets forth the noncash impairments of both proved and unproved properties for the periods indicated: Three Months Ended March 31, (in thousands) 2019 2018 Proved oil and natural gas property impairments $ — $ — Unproved oil and natural gas property impairments (1) 84 53 $ 84 $ 53 (1) The impairments of unproved oil and natural gas properties resulted from expirations of certain undeveloped leases.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lease cost	The total gross lease cost for the period indicated is as follows: Three months ended (in thousands) March 31, 2019 Operating lease cost $ 9,297 Short-term lease cost (1) 24,439 Variable lease cost 258 Total lease cost $ 33,994 (1)
Operating lease liability maturity	The table below reconciles the undiscounted lease payment maturities to the lease liabilities for the Company’s operating leases as of March 31, 2019 : Remainder Payments Due by Period for the Year Ending December 31, (in thousands) of 2019 2020 2021 2022 2023 Thereafter Total Operating lease payments (1) $ 28,246 $ 33,428 $ 1,547 $ 1,558 $ 1,589 $ 7,378 $ 73,746 Less: amount of lease payments representing interest (4,402 ) Present value of future minimum lease payments 69,344 Less: current operating lease liabilities (35,500 ) Long-term operating lease liabilities $ 33,844 (1) The operating lease payments represent the total payment obligation to be incurred over the life of the lease. A portion of these costs will be billed to the Company’s working interest partners when the payment is incurred, based on the nature of the cost and the relative working interest of the working interest partner.
Schedule Of Weighted Average Remaining Lease Term and Weighted Average Discount Rate For Operating Leases Table [Table Text Block]	Supplemental information related to the Company’s operating leases was as follows: March 31, 2019 Weighted average remaining lease term - operating leases (in years) 3.0 Weighted average discount rate - operating leases (1) 4.2 % (1)
Schedule of minimum lease payments on operating loans with previous guidance	As of December 31, 2018, the Company’s future minimum payments for noncancelable operating leases, under ASC 840, was as follows: (in thousands) 2019 2020 2021 2022 2023 Thereafter Total Operating leases $ 1,547 $ 1,539 $ 1,553 $ 1,559 $ 1,589 $ 7,378 $ 15,165

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes fees paid to Oryx and Phoenix for the periods indicated: Three Months Ended March 31, (in thousands) 2019 2018 Oryx via 3rd party shipper (1) $ 6,825 $ 4,734 Oryx (2) $ 132 $ 215 Phoenix (3) $ 28 $ 109 (1) Fees paid by the Company’s third-party shipper to Oryx pursuant to the crude oil transportation and gathering agreement are netted against revenue as they are included in the net price paid by to the third-party shipper. (2) Fees paid to Oryx for the purchase and installation of metering equipment are capitalized to proved properties on the consolidated balance sheets. The Company also received $45 thousand from Oryx during the period ended March 31, 2019 related to pipeline easements and right of way agreements. (3) Fees paid to Phoenix are capitalized to proved properties on the consolidated balance sheets.

Significant Accounting Polici_4

Significant Accounting Policies and Related Matters - Schedule of Accounts Receivable (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 67,198,000		$ 61,186,000
Reserve for doubtful accounts	0		0
Bad debt expense	0	$ 0
Oil and gas sales
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	52,451,000		40,465,000
Joint interest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	12,469,000		14,058,000
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 2,278,000		$ 6,663,000

Significant Accounting Polici_5

Significant Accounting Policies and Related Matters - Oil and Natural Gas Properties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Accounting Policies [Abstract]
Proved oil and natural gas properties	$ 1,902,765		$ 1,746,766
Unproved oil and natural gas properties	157,301		158,732
Total oil and natural gas properties	2,060,066		1,905,498
Less: Accumulated depletion	(445,493)		(386,883)
Total oil and gas properties, net	1,614,573		$ 1,518,615
Depletion of oil and gas properties	$ 58,600	$ 47,400

Significant Accounting Polici_6

Significant Accounting Policies and Related Matters - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Accrued capital expenditures	$ 80,777	$ 74,688
Accrued accounts payable	9,325	5,941
Royalties payable	22,488	19,964
Other current liabilities	27,144	29,419
Total accrued liabilities	$ 139,734	$ 130,012

Significant Accounting Polici_7

Significant Accounting Policies and Related Matters - Schedule of New Accounting Pronouncements and Changes in Accounting Principles (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Mar. 31, 2018
Leases [Abstract]
Operating lease right-of-use assets	$ 64,849	$ 73,413		$ 0
Operating lease liabilities	35,500	35,043		0
Operating lease liabilities	33,844	42,814		$ 0
Other long-term liabilities	$ 0	0	$ 4,444
Accounting Standards Update 2016-02
Leases [Abstract]
Operating lease right-of-use assets		73,413
Operating lease liabilities		35,043
Operating lease liabilities		42,814
Other long-term liabilities		(4,444)
Previous Accounting Guidance
Leases [Abstract]
Operating lease right-of-use assets		0
Operating lease liabilities		0
Operating lease liabilities		0
Other long-term liabilities		$ 4,444

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Derivatives (Details) - Not Designated as Hedging Instrument	3 Months Ended
	Jun. 30, 2019$ / bblbbl	Mar. 31, 2019$ / bblbbl
Second quarter 2019
Derivative [Line Items]
Volumes (MBbls) | bbl		1,911,000
Wtd Avg Price ($/Bbl) | $ / bbl		59.95
Third quarter 2019
Derivative [Line Items]
Volumes (MBbls) | bbl		1,932,000
Wtd Avg Price ($/Bbl) | $ / bbl		59.95
Fourth quarter 2019
Derivative [Line Items]
Volumes (MBbls) | bbl		1,932,000
Wtd Avg Price ($/Bbl) | $ / bbl		59.95
Total 2019
Derivative [Line Items]
Volumes (MBbls) | bbl		5,775,000
Wtd Avg Price ($/Bbl) | $ / bbl		59.95
Year ending December 31, 2020
Derivative [Line Items]
Volumes (MBbls) | bbl		2,928,000
Wtd Avg Price ($/Bbl) | $ / bbl		60.82
Second quarter 2019
Derivative [Line Items]
Volumes (MBbls) | bbl		2,093,000
Wtd Avg Price ($/Bbl) | $ / bbl		(7.17)
Third quarter 2019
Derivative [Line Items]
Volumes (MBbls) | bbl		2,300,000
Wtd Avg Price ($/Bbl) | $ / bbl		(4.79)
Fourth quarter 2019
Derivative [Line Items]
Volumes (MBbls) | bbl		2,300,000
Wtd Avg Price ($/Bbl) | $ / bbl		(4.79)
Total 2019
Derivative [Line Items]
Volumes (MBbls) | bbl		6,693,000
Wtd Avg Price ($/Bbl) | $ / bbl		(5.53)
Year ending December 31, 2020
Derivative [Line Items]
Volumes (MBbls) | bbl		9,516,000
Wtd Avg Price ($/Bbl) | $ / bbl		(1.31)
Subsequent Event | Year ending December 31, 2020
Derivative [Line Items]
Volumes (MBbls) | bbl	732,000
Wtd Avg Price ($/Bbl) | $ / bbl	60

Derivative Instruments - Gains

Derivative Instruments - Gains (Losses) in Earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative [Line Items]
Net gain (loss) on settled derivative instruments	$ 2,470	$ 15,479
Net gain (loss) from the change in fair value of open derivative instruments	(143,592)	(4,326)
Commodity contracts
Derivative [Line Items]
Net gain (loss) on settled derivative instruments	(2,470)	(15,479)
Net gain (loss) from the change in fair value of open derivative instruments	(143,592)	(4,326)
Gain (loss) on derivative instruments, net	$ (141,122)	$ 11,153

Derivative Instruments - Balanc

Derivative Instruments - Balance Sheet Location (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Derivative Asset [Abstract]
Gross amounts presented on the balance sheet, assets	$ 19,083	$ 134,991
Netting adjustments not offset on the balance sheet, assets	(17,340)	(28,483)
Assets from commodity derivative contracts, assets	1,743	106,508
Derivative Liability [Abstract]
Gross amounts presented on the balance sheet, liabilities	59,584	34,370
Netting adjustments not offset on the balance sheet, liabilities	(17,340)	(28,483)
Liabilities from commodity derivative contracts, liabilities	42,244	5,887
Commodity contracts | Current assets - derivative instruments
Derivative Asset [Abstract]
Gross amounts presented on the balance sheet, assets	13,669	103,092
Netting adjustments not offset on the balance sheet, assets	(13,648)	(18,815)
Assets from commodity derivative contracts, assets	21	84,277
Commodity contracts | Noncurrent assets - derivative instruments
Derivative Asset [Abstract]
Gross amounts presented on the balance sheet, assets	5,414	31,899
Netting adjustments not offset on the balance sheet, assets	(3,692)	(9,668)
Assets from commodity derivative contracts, assets	1,722	22,231
Commodity contracts | Current liabilities - derivative instruments
Derivative Liability [Abstract]
Gross amounts presented on the balance sheet, liabilities	48,326	23,208
Netting adjustments not offset on the balance sheet, liabilities	(13,648)	(18,815)
Liabilities from commodity derivative contracts, liabilities	34,678	4,393
Commodity contracts | Noncurrent liabilities - derivative instruments
Derivative Liability [Abstract]
Gross amounts presented on the balance sheet, liabilities	11,258	11,162
Netting adjustments not offset on the balance sheet, liabilities	(3,692)	(9,668)
Liabilities from commodity derivative contracts, liabilities	$ 7,566	$ 1,494

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details)	Mar. 31, 2019counterparty
Commodity contracts
Derivative [Line Items]
Number of counterparties	6

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Long-term debt:
Long-term debt	$ 544,549,000	$ 489,239,000
Debt issuance costs on senior unsecured notes	(10,451,000)	(10,761,000)
Level 2 | Revolving Credit Facility | Senior secured revolving credit facility
Long-term debt:
Long-term debt	55,000,000	0
Level 1 | Senior Notes | 5.875% senior unsecured notes due 2026
Long-term debt:
Long-term debt	$ 500,000,000	$ 500,000,000

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	May 08, 2018	Mar. 31, 2019	Dec. 31, 2018
Long-term debt:
Principal Amount		$ 544,549,000	$ 489,239,000
Revolving Credit Facility | Senior secured revolving credit facility
Long-term debt:
Elected commitment amount		540,000,000	540,000,000
Elected commitment borrowing capacity available		$ 485,000,000
Weighted average interest rate		4.00%
Senior Notes | 5.875% senior unsecured notes due 2026
Long-term debt:
Interest rate	5.875%	5.875%
Face amount of debt	$ 500,000,000
Redemption price percent	101.00%
Jagged Peak Energy LLC (JPE LLC) | Revolving Credit Facility | The Credit Facility
Long-term debt:
Current borrowing capacity		$ 900,000,000	900,000,000
Level 2 | Revolving Credit Facility | Senior secured revolving credit facility
Long-term debt:
Principal Amount		$ 55,000,000	$ 0

Debt - Summary Of Covenant Comp

Debt - Summary Of Covenant Compliance (Details) - Senior secured revolving credit facility - Revolving Credit Facility	3 Months Ended
	Mar. 31, 2019
Line of Credit Facility [Line Items]
Ratio of current assets to liabilities, as defined in the credit agreement (not less than)	1
Ratio of debt to EBITDAX, as defined in the credit agreement (not greater than)	4

Equity-based Compensation - Sha

Equity-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity-based compensation expense	$ 2,934	$ 75,678
Incentive unit awards
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity-based compensation expense	646	74,599
Restricted stock unit awards
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity-based compensation expense	1,225	1,319
Performance stock unit awards
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity-based compensation expense	959	(395)
Restricted stock unit awards issued to nonemployee directors
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity-based compensation expense	$ 104	$ 155

Equity-based Compensation - Add

Equity-based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 2,934	$ 75,678
Incentive unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 646	74,599
Management Holdco | Incentive unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation modification		$ 71,300

Equity-based Compensation - Sto

Equity-based Compensation - Stock Units Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)$ / sharesshares
Incentive unit awards
Units
Unvested beginning balance (in shares)	5,397,555
Awards Granted (in shares)	0
Vested (in shares)	(2,496,309)
Forfeited (in shares)	0
Unvested ending balance (in shares)	2,901,246
Compensation costs remaining | $	$ 5,100
Weighted average remaining period	2 years 1 month 6 days
Restricted stock unit awards
Units
Unvested beginning balance (in shares)	871,119
Awards Granted (in shares)	919,059
Vested (in shares)	(193,976)
Forfeited (in shares)	(68,782)
Unvested ending balance (in shares)	1,527,420
Weighted average grant-date fair value (in shares) | $ / shares	$ 10.82
Compensation costs remaining | $	$ 15,700
Weighted average remaining period	2 years 6 months
Performance stock unit awards
Units
Unvested beginning balance (in shares)	691,363
Awards Granted (in shares)	616,901
Vested (in shares)	0
Forfeited (in shares)	(41,837)
Unvested ending balance (in shares)	1,266,427
Weighted average grant-date fair value (in shares) | $ / shares	$ 12.63
Compensation costs remaining | $	$ 13,400
Weighted average remaining period	2 years 3 months 18 days
Incentive Unit Awards Fully Expensed
Units
Unvested ending balance (in shares)	2,404,830
Nonemployee Director | Restricted stock unit awards
Units
Compensation costs remaining | $	$ 43
Weighted average remaining period	1 month 6 days

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Line Items]
Net income (loss) attributable to common stock	$ (94,888)	$ (39,403)
Basic weighted average shares outstanding (in shares)	213,270	213,003
Diluted weighted average shares outstanding (in shares)	213,270	213,003
Net income (loss) per common share:
Basic (in dollars per share)	$ (0.44)	$ (0.18)
Diluted (in dollars per share)	$ (0.44)	$ (0.18)
Restricted stock unit awards
Earnings Per Share [Line Items]
Dilutive unvested units (in shares)	0	0
Performance stock unit awards
Earnings Per Share [Line Items]
Dilutive unvested units (in shares)	0	0

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Antidilutive unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of outstanding equity awards excluded from diluted earnings per share calculation (in shares)	1,169	624
Antidilutive unvested PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of outstanding equity awards excluded from diluted earnings per share calculation (in shares)	931	361

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (26,245)	$ 9,644
Effective tax rate	21.70%	(32.40%)

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligation, beginning balance	$ 2,072
Liabilities incurred and assumed	161
Liability settlements	(23)
Revisions of estimated liabilities	2
Accretion	46
Asset retirement obligation, ending balance	2,258
Less current portion of asset retirement obligations	(108)
Long-term asset retirement obligations	$ 2,150	$ 1,946

Fair Value Measurements - Asset

Fair Value Measurements - Assets and liabilities measured on a recurring basis (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets from commodity derivative contracts	$ 19,083	$ 134,991
Liabilities due to commodity derivative contracts	59,584	34,370
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets from commodity derivative contracts	19,083	134,991
Liabilities due to commodity derivative contracts	$ 59,584	$ 34,370

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Other Financial Instruments (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Long-term debt:
Principal Amount	$ 544,549,000	$ 489,239,000
Level 2 | Revolving Credit Facility | Senior secured revolving credit facility
Long-term debt:
Principal Amount	55,000,000	0
Fair value, senior secured revolving credit facility	55,000,000	0
Senior Notes | Level 1 | 5.875% senior unsecured notes due 2026
Long-term debt:
Principal Amount	500,000,000	500,000,000
Fair value, 5.875% senior unsecured notes due 2026	$ 495,775,000	$ 466,250,000

Fair Value Measurements - Ass_2

Fair Value Measurements - Assets and liabilities measured on a nonrecurring basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unproved oil and natural gas property impairments	$ 84	$ 53
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proved oil and natural gas property impairments	0	0
Unproved Oil And Gas Properties | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unproved oil and natural gas property impairments	$ 84	$ 53

Leases - Narrative (Details)

Leases - Narrative (Details)	3 Months Ended
	Mar. 31, 2019
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms of operating leases	1 year 2 months 12 days
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms of operating leases	9 years 3 months 18 days

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating lease cost	$ 9,297
Short-term lease cost (1)	24,439
Variable lease cost	258
Total lease cost	$ 33,994

Leases - Operating Lease Liabil

Leases - Operating Lease Liability Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Mar. 31, 2018
Leases [Abstract]
Remainder of 2019	$ 28,246
2020	33,428
2021	1,547
2022	1,558
2023	1,589
Thereafter	7,378
Operating lease payments	73,746
Less: amount of lease payments representing interest	(4,402)
Present value of future minimum lease payments	69,344
Less: current operating lease liabilities	(35,500)	$ (35,043)	$ 0
Long-term operating lease liabilities	$ 33,844	$ 42,814	$ 0

Leases - Operating Lease Supple

Leases - Operating Lease Supplemental Information (Details)	Mar. 31, 2019
Leases [Abstract]
Weighted average remaining lease term - operating leases	3 years
Weighted average discount rate - operating leases	4.20%

Leases - Operating Lease Future

Leases - Operating Lease Future Minimum Payments Under Previous Guidance (Details) $ in Thousands	Dec. 31, 2018USD ($)
Leases [Abstract]
2019	$ 1,547
2020	1,539
2021	1,553
2022	1,559
2023	1,589
Thereafter	7,378
Total	$ 15,165

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Outstanding payables	$ 2,700		$ 2,600
Phoenix Lease Services, LLC
Related Party Transaction [Line Items]
Fees paid to related party	28	$ 109
Oil Gathering Agreement | Oryx Midstream Services, LLC
Related Party Transaction [Line Items]
Fees paid to related party	6,825	4,734
Leasing Of Equipment | Oryx Midstream Services, LLC
Related Party Transaction [Line Items]
Fees paid to related party	132	$ 215
Pipeline easements and Right of Way agreements | Oryx Midstream Services, LLC
Related Party Transaction [Line Items]
Amounts received from related party	$ 45