Subsequent Events (Notes)

9 Months Ended

Sep. 30, 2018

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Subsequent Event

On August 6, 2018, the Company entered into a strategic relationship with Franco-Nevada Corporation, subject to certain closing conditions and final execution of transaction documents, to acquire oil and gas mineral interests in the SCOOP and STACK plays through a newly-formed subsidiary named The Mineral Resources Company II, LLC ("TMRC II"). Final transaction documents were subsequently executed and the transaction closed on October 23, 2018. At closing, the Company contributed most of its previously acquired mineral interests to TMRC II in exchange for a controlling interest in the entity. Additionally, Franco-Nevada paid approximately $215 millionto the Company for a noncontrolling interest in TMRC II and for funding of its share of certain mineral acquisition costs.

In accordance with the transaction terms, the parties have committed, subject to satisfaction of agreed upon development thresholds, to spend up to a combined $125 million per year in 2019, 2020, and 2021 to acquire additional oil and gas mineral interests through TMRC II. Continental is to fund 20% of future mineral acquisitions and will be entitled to receive between 25% and 50% of total revenues generated by TMRC II based upon performance relative to certain predetermined targets.

Beginning in the fourth quarter of 2018, Continental expects to consolidate the financial results of TMRC II and present the portion of TMRC II's results attributable to Franco-Nevada as a noncontrolling interest. The Company does not expect to recognize a gain or loss on this transaction and the operating results of TMRC II are not expected to have a material impact on Continental's consolidated net income in the 2018 fourth quarter.