Shareholders' Equity and Noncontrolling Interest |
3 Months Ended |
|---|---|
Mar. 31, 2018 | |
| Equity [Abstract] | |
| Shareholders' Equity and Noncontrolling Interest | Note 9—Shareholders' Equity and Noncontrolling Interest Shareholders’ Equity On March 7, 2018, Silver Run Sponsor, LLC (“Silver Run Sponsor”), the Riverstone Purchasers and the Centennial Contributors completed an underwritten public offering of 25,000,000 shares of Class A Common Stock. No cash proceeds were received by the Company in connection with this offering and 3,347,647 shares of CRP Common Units (and corresponding shares of Class C Common Stock) were converted to shares of Class A Common Stock on a one-to-one basis. A tax benefit of $6.7 million was recorded in equity as a result of the conversion of shares from the noncontrolling interest owner. Noncontrolling Interest The noncontrolling interest relates to CRP Common Units that were originally issued to the Centennial Contributors in connection with the Business Combination and continue to be held by holders other than the Company. At the date of the Business Combination, the noncontrolling interest represented 10.9% of the ownership in CRP. The noncontrolling interest percentage is affected by various equity transactions such as, CRP Common Unit and Class C Common Stock exchanges and Class A Common Stock activities. As of March 31, 2018, the noncontrolling interest ownership of CRP decreased to 4.5% from 5.7% as of December 31, 2017. The decrease was the result of the exchange of CRP Common Units (and corresponding shares of Class C Common Stock) for Class A Common Stock in March 2018 as discussed in the preceding section above. The Company consolidates the financial position, results of operations and cash flows of CRP and reflects that portion retained by other holders of CRP Common Units as a noncontrolling interest. Refer to the Consolidated Statements of Shareholders’ Equity for a summary of the activity attributable to the noncontrolling interest during the period. |