Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax benefit (expense) are included in the consolidated statements of operations are detailed below:

	Successor		Predecessor
	October 11, 2016 through December 31, 2016		January 1, 2016 through October 10, 2016		Year Ended December 31,
(in thousands)					2015		2014
Current taxes
Federal	$	—	$	—	$	—	$	—
State	—		—		—		—
	—		—		—		—
Deferred taxes
Federal	—		—		—		—
State	—		406		572		(1,524		)
	—		406		572		(1,524		)
Income tax benefit (expense)	$	—	$	406	$	572	$	(1,524	)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory federal income tax expense to the income tax expense from continuing operations provided at December 31, 2016, is as follows:

	Successor			Predecessor
	October 11, 2016 through December 31, 2016			January 1, 2016 through October 10, 2016		Year Ended December 31,
(in thousands)						2015		2014
Income tax (benefit) expense at the federal statutory rate	$	(3,145	)	$	—	$	—	$	—
State income taxes - net of federal income tax benefits	—			406		572		(1,524		)
Excess depletion	—			—		—		—
Noncontrolling interest in partnership	273			—		—		—
Nondeductible expenses	4			—		—		—
Change in valuation allowance	2,868			—		—		—
Income tax benefit (expense)	$	—		$	406	$	572	$	(1,524	)

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:

	Successor			Predecessor
(in thousands)	December 31, 2016			December 31, 2015
Deferred tax assets:
Net operating loss carryforwards	$	2,590		$	—
Capitalized intangible drilling cost	10,314			—
Equity-based compensation	467			—
Other assets	291			—
Total deferred tax assets	13,662			—
Deferred tax liabilities:
Investment in Centennial Resource Production, LLC	(8,514		)	—
Other liabilities	—			(2,361		)
Total deferred tax liabilities	(8,514		)	(2,361		)
Valuation allowance	(5,148		)	—
Net deferred tax asset (liabilities)	$	—		$	(2,361	)