Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of Income Tax Expense (Benefit) |
Income tax expenses and benefits included in the consolidated statements of operations are detailed below: | | | | | | | | | | | | | | | | | | | Successor | | | Predecessor | | Year Ended December 31, | | October 11, 2016
through
December 31, 2016 | | | January 1, 2016
through
October 10, 2016 | (in thousands) | 2018 | | 2017 | | | | Current taxes | | | | | | | | | Federal | $ | — |
| | $ | — |
| | $ | — |
| | | $ | — |
| State | — |
| | — |
| | — |
| | | — |
| | — |
| | — |
| | — |
| | | — |
| Deferred taxes | | | | | | | | | Federal | (56,365 | ) | | (26,713 | ) | | — |
| | | — |
| State | (3,075 | ) | | (3,217 | ) | | — |
| | | 406 |
| | (59,440 | ) | | (29,930 | ) | | — |
| | | 406 |
| | | | | | | | | | Income tax benefit (expense) | $ | (59,440 | ) | | $ | (29,930 | ) | | $ | — |
| | | $ | 406 |
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
| | | | | | | | | | | | | | | | | | | Successor | | | Predecessor | | Year Ended December 31, | | October 11, 2016
through
December 31, 2016 | | | January 1, 2016
through
October 10, 2016 | (in thousands) | 2018 | | 2017 | | | | Income tax benefit (expense) at the federal statutory rate | $ | (57,157 | ) | | $ | (39,720 | ) | | $ | 3,145 |
| | | $ | — |
| State income tax benefit (expense) - net of federal income tax benefits | (3,075 | ) | | (2,788 | ) | | — |
| | | 406 |
| Change in Federal tax rate (net of state benefit) | — |
| | 4,425 |
| | — |
| | | — |
| Noncontrolling interest in partnership | 2,696 |
| | 2,795 |
| | (273 | ) | | | — |
| Equity based compensation | (1,825 | ) | | 241 |
| | — |
| | | — |
| Nondeductible expenses | (79 | ) | | (31 | ) | | (4 | ) | | | — |
| Change in valuation allowance |
|
| | 5,148 |
| | (2,868 | ) | | | — |
| Income tax benefit (expense) | $ | (59,440 | ) | | $ | (29,930 | ) | | $ | — |
| | | $ | 406 |
|
|
| Schedule of Deferred Tax Assets and Liabilities |
The tax effects of temporary differences that give rise to significant positions of the deferred income tax assets and liabilities are presented below: | | | | | | | | | (in thousands) | December 31, 2018 | | December 31, 2017 | Deferred tax assets: | | | | Net operating loss carryforwards | $ | 87,196 |
| | $ | 88,968 |
| Capitalized intangible drilling cost | 29,159 |
| | 5,137 |
| Interest expense | 6,023 |
| | — |
| Equity-based compensation | 3,366 |
| | 2,631 |
| Other assets | 282 |
| | 288 |
| Total deferred tax assets | 126,026 |
| | 97,024 |
| Deferred tax liabilities: | | | | Investment in Centennial Resource Production, LLC | (188,193 | ) | | (106,923 | ) | | | | | Net deferred tax asset (liability) | $ | (62,167 | ) | | $ | (9,899 | ) |
|