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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2015	Aug. 05, 2015
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Entity Registrant Name	Diamondback Energy, Inc.
Entity Central Index Key	0001539838
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		63,678,945

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 44,678	$ 30,183
Restricted cash	500	500
Accounts receivable:
Joint interest and other	28,032	50,943
Oil and natural gas sales	42,379	43,050
Related party	0	4,001
Inventories	2,658	2,827
Derivative instruments	47,910	115,607
Prepaid expenses and other	4,205	4,600
Total current assets	170,362	251,711
Property and equipment
Oil and natural gas properties, based on the full cost method of accounting ($1,071,531 and $773,520 excluded from amortization at June 30, 2015 and December 31, 2014, respectively)	3,712,812	3,118,597
Pipeline and gas gathering assets	7,174	7,174
Other property and equipment	48,654	48,180
Accumulated depletion, depreciation, amortization and impairment	(822,243)	(382,144)
Property and equipment, net of accumulated depreciation, depletion, amortization and impairment	2,946,397	2,791,807
Derivative instruments	0	1,934
Other assets	54,699	50,029
Total assets	3,171,458	3,095,481
Current liabilities:
Accounts payable-trade	23,309	26,230
Accrued capital expenditures	24,746	129,397
Other accrued liabilities	60,471	41,149
Revenues and royalties payable	19,108	30,000
Deferred income taxes	15,005	39,953
Total current liabilities	142,639	266,729
Long-term debt	718,000	673,500
Asset retirement obligations	11,851	8,447
Deferred income taxes	55,349	161,592
Total liabilities	927,839	1,110,268
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value, 100,000,000 shares authorized, 63,675,209 issued and outstanding at June 30, 2015; 57,887,583 issued and outstanding at December 31, 2014	637	569
Additional paid-in capital	2,019,621	1,554,174
Retained earnings (Accumulated deficit)	(10,170)	196,268
Total Diamondback Energy, Inc. stockholders’ equity	2,010,088	1,751,011
Noncontrolling interest	233,531	234,202
Total equity	2,243,619	1,985,213
Total liabilities and equity	$ 3,171,458	$ 3,095,481

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Oil and natural gas properties, amortization excluded	$ 1,071,531	$ 773,520
Common Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares, Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	63,675,209	57,887,583
Common Stock, Shares, Outstanding	63,675,209	57,887,583

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Oil sales	$ 107,627	$ 115,282	$ 200,543	$ 205,040
Natural gas sales	4,410	1,913	6,118	3,668
Natural gas sales - related party	0	2,416	2,640	3,996
Natural gas liquid sales	7,026	3,304	8,619	5,888
Natural gas liquid sales - related party	0	4,089	2,544	6,416
Total revenues	119,063	127,004	220,464	225,008
Costs and expenses:
Lease operating expenses	20,472	10,425	42,928	18,232
Lease operating expenses - related party	0	71	0	179
Production and ad valorem taxes	7,675	8,106	15,917	13,684
Production and ad valorem taxes - related party	0	448	153	712
Gathering and transportation	1,625	102	1,686	316
Gathering and transportation - related party	0	601	969	969
Depreciation, depletion and amortization	57,096	40,021	116,773	70,994
Impairment of oil and gas properties	323,451	0	323,451	0
General and administrative expenses (including non-cash stock based compensation, net of capitalized amounts, of $4,333 and $1,128 for the three months ended June 30, 2015 and 2014, respectively, and $9,257 and $3,318 for the six months ended June 30, 2015 and 2014, respectively)	7,162	3,610	14,913	7,875
General and administrative expenses - related party	522	324	1,007	616
Asset retirement obligation accretion expense	180	104	350	176
Total costs and expenses	418,183	63,812	518,147	113,753
Income (loss) from operations	(299,120)	63,192	(297,683)	111,255
Other income (expense)
Interest expense	(10,274)	(7,739)	(20,771)	(14,244)
Other income	378	0	870	0
Other income - related party	55	30	78	60
Other expense	0	(1,408)	0	(1,408)
Loss on derivative instruments, net	(19,123)	(11,088)	(769)	(15,486)
Total other income (expense), net	(28,964)	(20,205)	(20,592)	(31,078)
Income (loss) before income taxes	(328,084)	42,987	(318,275)	80,177
Provision for (benefit from) income taxes	(116,732)	15,163	(113,362)	28,764
Net income (loss)	(211,352)	27,824	(204,913)	51,413
Less: Net income attributable to noncontrolling interest	935	71	1,525	71
Net income (loss) attributable to Diamondback Energy, Inc.	$ (212,287)	$ 27,753	$ (206,438)	$ 51,342
Earnings per common share
Basic (in dollars per share)	$ (3.45)	$ 0.55	$ (3.44)	$ 1.03
Diluted (in dollars per share)	$ (3.45)	$ 0.54	$ (3.44)	$ 1.02
Weighted average common shares outstanding
Basic (in shares)	61,469	50,777	59,936	49,622
Diluted (in shares)	61,469	51,142	59,936	50,047

Consolidated Statements of Operations (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
General and Administrative Expense [Member]
Non-cash stock based compensation, net of capitalized amount	$ 4,333	$ 1,128	$ 9,257	$ 3,318

Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings/(Accumulated Deficit) [Member]	Noncontrolling Interest [Member]
Balance at beginning of period at Dec. 31, 2013	$ 845,541	$ 471	$ 842,557	$ 2,513	$ 0
Balance at beginning of period, shares at Dec. 31, 2013		47,106,000
Increase (Decrease) in Stockholders' Equity
Net proceeds from issuance of common units - Viper Energy Partners LP	137,365				137,365
Unit-based compensation	0				0
Stock-based compensation	5,906		5,906
Common shares issued in public offering, net of offering costs	208,429	$ 35	208,394
Common shares issued in public offering, net of offering costs, shares		3,450,000
Exercise of stock options and vesting of restricted stock units	3,683	$ 3	3,680
Exercise of stock options and awards of restricted stock, shares		251,000
Net income	51,413			51,342	71
Balance at end of period at Jun. 30, 2014	1,252,337	$ 509	1,060,537	53,855	137,436
Balance at end of period, shares at Jun. 30, 2014		50,807,000
Balance at beginning of period at Dec. 31, 2014	$ 1,985,213	$ 569	1,554,174	196,268	234,202
Balance at beginning of period, shares at Dec. 31, 2014	57,887,583	56,888,000
Increase (Decrease) in Stockholders' Equity
Unit-based compensation	$ 1,878				1,878
Stock-based compensation	10,970		10,970
Distribution to noncontrolling interest	(4,074)				(4,074)
Common shares issued in public offering, net of offering costs	452,755	$ 66	452,689
Common shares issued in public offering, net of offering costs, shares		6,613,000
Exercise of stock options and vesting of restricted stock units	1,790	$ 2	1,788
Exercise of stock options and awards of restricted stock, shares		174,000
Net income	(204,913)			(206,438)	1,525
Balance at end of period at Jun. 30, 2015	$ 2,243,619	$ 637	$ 2,019,621	$ (10,170)	$ 233,531
Balance at end of period, shares at Jun. 30, 2015	63,675,209	63,675,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ (204,913)	$ 51,413
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for (benefit from) deferred income taxes	(131,191)	28,764
Impairment of oil and gas properties	323,451	0
Asset retirement obligation accretion expense	350	176
Depreciation, depletion, and amortization	116,773	70,994
Amortization of debt issuance costs	1,279	946
Change in fair value of derivative instruments	69,631	10,810
Stock-based compensation expense	9,257	3,318
(Gain) loss on sale of assets, net	0	1,397
Changes in operating assets and liabilities:
Accounts receivable	9,055	(18,584)
Accounts receivable-related party	0	(2,007)
Inventories	169	977
Prepaid expenses and other	395	(219)
Accounts payable and accrued liabilities	16,626	2,076
Accounts payable and accrued liabilities-related party	0	0
Accrued interest	(204)	3,415
Revenues and royalties payable	(10,892)	6,230
Net cash provided by operating activities	199,786	159,706
Cash flows from investing activities:
Additions to oil and natural gas properties	(242,281)	(206,779)
Additions to oil and natural gas properties-related party	(7)	(2,571)
Acquisition of leasehold interests	(435,398)	(312,207)
Pipeline and gas gathering assets	0	(1,165)
Purchase of other property and equipment	(604)	(934)
Proceeds from sale of property and equipment	0	11
Equity investments	(1,675)	0
Net cash used in investing activities	(679,965)	(523,645)
Cash flows from financing activities:
Proceeds from borrowings on credit facility	363,501	166,000
Repayment on credit facility	(319,001)	(130,000)
Debt issuance costs	(317)	(1,039)
Public offering costs	(285)	(946)
Proceeds from public offerings	453,060	347,679
Exercise of stock options	1,790	3,683
Distribution to non-controlling interest	(4,074)	0
Net cash provided by financing activities	494,674	385,377
Net increase in cash and cash equivalents	14,495	21,438
Cash and cash equivalents at beginning of period	30,183	15,555
Cash and cash equivalents at end of period	44,678	36,993
Supplemental disclosure of cash flow information:
Interest paid, net of capitalized interest	19,693	11,409
Supplemental disclosure of non-cash transactions:
Asset retirement obligation incurred	215	382
Asset retirement obligation revisions in estimated liability	78	588
Asset retirement obligation acquired	2,765	1,312
Change in accrued capital expenditures	(104,651)	6,901
Capitalized stock-based compensation	$ 3,591	$ 2,715

Description of the Business and Basis of Presentation	6 Months Ended
Description of the Business and Basis of Presentation	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business and Basis of Presentation	DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION Organization and Description of the Business Diamondback Energy, Inc. (“Diamondback” or the “Company”) together with its subsidiaries, is an independent oil and gas company currently focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. Diamondback was incorporated in Delaware on December 30, 2011. On June 17, 2014, Diamondback entered into a contribution agreement (the “Contribution Agreement”) with Viper Energy Partners LP (the “Partnership”), Viper Energy Partners GP LLC (the “General Partner”) and Viper Energy Partners LLC to transfer Diamondback’s ownership interest in Viper Energy Partners LLC to the Partnership in exchange for 70,450,000 common units. Diamondback also owns and controls the General Partner, which holds a non-economic general partner interest in the Partnership. On June 23, 2014, the Partnership completed its initial public offering (the “Viper Offering”) of 5,750,000 common units, and the Company’s common units represented an approximate 92% limited partner interest in the Partnership. On September 19, 2014, the Partnership completed an underwritten public offering of 3,500,000 common units. At the completion of this offering, the Company owned approximately 88% of the common units of the Partnership. See Note 4—Viper Energy Partners LP for additional information regarding the Partnership. The wholly-owned subsidiaries of Diamondback, as of June 30, 2015, include Diamondback E&P LLC, a Delaware limited liability company, Diamondback O&G LLC, a Delaware limited liability company, Viper Energy Partners GP LLC, a Delaware limited liability company, and White Fang Energy LLC, a Delaware limited liability company. The consolidated subsidiaries include the wholly-owned subsidiaries as well as Viper Energy Partners LP, a Delaware limited partnership, and Viper Energy Partners LLC, a Delaware limited liability company. Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries after all significant intercompany balances and transactions have been eliminated upon consolidation. The Partnership is consolidated in the financial statements of the Company. As of June 30, 2015, the Company owned approximately 88% of the common units of the Partnership and the Company’s wholly-owned subsidiary, Viper Energy Partners GP LLC, is the General Partner of the Partnership. These financial statements have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). They reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for interim periods, on a basis consistent with the annual audited financial statements. All such adjustments are of a normal recurring nature. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been omitted pursuant to such rules and regulations, although the Company believes the disclosures are adequate to make the information presented not misleading. This Quarterly Report on Form 10–Q should be read in conjunction with the Company’s most recent Annual Report on Form 10–K for the fiscal year ended December 31, 2014, which contains a summary of the Company’s significant accounting policies and other disclosures.

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates Certain amounts included in or affecting the Company’s consolidated financial statements and related disclosures must be estimated by management, requiring certain assumptions to be made with respect to values or conditions that cannot be known with certainty at the time the consolidated financial statements are prepared. These estimates and assumptions affect the amounts the Company reports for assets and liabilities and the Company’s disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates. The Company evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Company considers reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from the Company’s estimates. Any effects on the Company’s business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Significant items subject to such estimates and assumptions include estimates of proved oil and natural gas reserves and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, asset retirement obligations, the fair value determination of acquired assets and liabilities, stock-based compensation, fair value estimates of commodity derivatives and estimates of income taxes. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers”. ASU 2014-09 supersedes most of the existing revenue recognition requirements in GAAP and requires (i) an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services and (ii) requires expanded disclosures regarding the nature, amount, timing, and certainty of revenue and cash flows from contracts with customers. The standard will be effective for annual and interim reporting periods beginning after December 15, 2016, with early application not permitted. The standard allows for either full retrospective adoption, meaning the standard is applied to all periods presented in the financial statements, or modified retrospective adoption, meaning the standard is applied only to the most current period presented. The Company is currently evaluating the impact, if any, that the adoption of ASU 2014-09 will have on the Company’s financial position, results of operations, and liquidity. In April 2015, the FASB issued ASU 2015-03, “Interest—Imputation of Interest”. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from that debt liability, consistent with the presentation of a debt discount to simplify the presentation of debt issuance costs. The standard will be effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. Early application will be permitted for financial statements that have not previously been issued. Adoption of the new guidance will only affect the presentation of the Company’s consolidated balance sheets and will not have a material impact on its consolidated financial statements.

Acquisitions

6 Months Ended

Jun. 30, 2015

Business Combinations [Abstract]

Acquisitions

ACQUISITIONS

2015 Activity

Since January 1, 2015, the Company has completed acquisitions from unrelated third party sellers of an aggregate of approximately 15,940 gross (11,864 net) acres in the Midland Basin, primarily in northwest Howard County, in the Permian Basin, for an aggregate purchase price of approximately $435.4 million, subject to certain adjustments. The acquisitions were accounted for according to the acquisition method, which requires the recording of net assets acquired and consideration transferred at fair value. These acquisitions were funded with the net proceeds of the May 2015 equity offering discussed in Note 9 below and borrowings under the Company’s revolving credit facility discussed in Note 8 below.

2014 Activity

On September 9, 2014, the Company completed the acquisition of oil and natural gas interests in the Permian Basin from unrelated third party sellers. The Company acquired approximately 17,617 gross (12,967 net) acres with an approximate 74% working interest (approximately 75% net revenue interest). The acquisition was accounted for according to the acquisition method, which requires the recording of net assets acquired and consideration transferred at fair value. This acquisition was funded with the net proceeds of the July 2014 equity offering discussed in Note 9 below and borrowings under the Company’s revolving credit facility discussed in Note 8 below.

There were no material changes from the purchase price allocation disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.

The Company has included in its consolidated statements of operations revenues of $5.8 million and direct operating expenses of $3.4 million for the three months ended June 30, 2015 due to the acquisition and revenues of $11.0 million and direct operating expenses of $7.1 million for the six months ended June 30, 2015 due to the acquisition. The disclosure of net earnings is impracticable to calculate due to the full cost method of depletion.

On February 27 and 28, 2014, the Company completed acquisitions of oil and natural gas interests in the Permian Basin from unrelated third party sellers. The Company acquired approximately 6,450 gross (4,785 net) acres with a 74% working interest (56% net revenue interest). The acquisitions were accounted for according to the acquisition method, which requires the recording of net assets acquired and consideration transferred at fair value. These acquisitions were funded with the net proceeds of the February 2014 equity offering discussed in Note 9 below and borrowings under the Company’s revolving credit facility discussed in Note 8 below.

There were no material changes from the purchase price allocation disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.

The Company has included in its consolidated statements of operations revenues of $10.4 million and direct operating expenses of $2.8 million for the three months ended June 30, 2015 and revenues of $14.3 million and direct operating expenses of $3.5 million for the three months ended June 30, 2014, due to the acquisitions. The Company has included in its consolidated statements of operations revenues of $17.2 million and direct operating expenses of $5.8 million for the six months ended June 30, 2015 and revenues of $19.2 million and direct operating expenses of $4.6 million for the period from February 28, 2014 to June 30, 2014, due to the acquisitions. The disclosure of net earnings is impracticable to calculate due to the full cost method of depletion.

Pro Forma Financial Information

The following unaudited summary pro forma combined consolidated statement of operations data of Diamondback for the three months and six months ended June 30, 2014 have been prepared to give effect to the February 27 and 28, 2014 acquisitions and the September 9, 2014 acquisition as if they had occurred on January 1, 2013. The pro forma data are not necessarily indicative of financial results that would have been attained had the acquisitions occurred on January 1, 2013. The pro forma data also necessarily exclude various operation expenses related to the properties and the financial statements should not be viewed as indicative of operations in future periods.



	Pro Forma
	(Unaudited)
	Three Months Ended		Six Months Ended
	June 30, 2014		June 30, 2014

	(in thousands)
Revenues	$	141,527	$	261,471
Income from operations	68,761		123,459
Net income	31,229		59,026

Viper Energy Partners LP	6 Months Ended
Viper Energy Partners LP	Jun. 30, 2015
Noncontrolling Interest [Abstract]
Viper Energy Partners LP	VIPER ENERGY PARTNERS LP The Partnership is a publicly traded Delaware limited partnership, the common units of which are listed on the NASDAQ Global Market under the symbol “VNOM”. The Partnership was formed by Diamondback on February 27, 2014, to, among other things, own, acquire and exploit oil and natural gas properties in North America. The Partnership is currently focused on oil and natural gas properties in the Permian Basin. Viper Energy Partners GP LLC, a fully- consolidated subsidiary of Diamondback, serves as the general partner of, and holds a non-economic general partner interest in, the Partnership. As of June 30, 2015, the Company owned approximately 88% of the common units of the Partnership. Prior to the completion on June 23, 2014 of the Viper Offering, Diamondback owned all of the general and limited partner interests in the Partnership. Prior to the completion on June 23, 2014 of the Viper Offering, Diamondback owned all of the general and limited partner interests in the Partnership. The Viper Offering consisted of 5,750,000 common units representing approximately 8% of the limited partner interests in the Partnership at a price to the public of $26.00 per common unit, which included 750,000 common units issued pursuant to an option to purchase additional common units granted to the underwriters on the same terms. The Partnership received net proceeds of approximately $137.2 million from the sale of these common units, net of offering expenses and underwriting discounts and commissions. In connection with the Viper Offering, Diamondback contributed all of the membership interests in Viper Energy Partners LLC to the Partnership in exchange for 70,450,000 common units. In addition, in connection with the closing of the Viper Offering, the Partnership agreed to distribute to Diamondback all cash and cash equivalents and the royalty income receivable on hand in the aggregate amount of approximately $11.3 million and the net proceeds from the Viper Offering. As of June 30, 2014, the Partnership had distributed $137.5 million to Diamondback and the Partnership recorded a payable balance of approximately $11.3 million. The contribution of Viper Energy Partners LLC to the Partnership was accounted for as a combination of entities under common control with assets and liabilities transferred at their carrying amounts in a manner similar to a pooling of interests. During the three months and six months ended June 30, 2015, the Partnership distributed $13.4 million and $31.0 million, respectively, to Diamondback in respect of its common units. Partnership Agreement In connection with the closing of the Viper Offering, the General Partner and Diamondback entered into the first amended and restated agreement of limited partnership (the “Partnership Agreement”), dated June 23, 2014. The Partnership Agreement requires the Partnership to reimburse the General Partner for all direct and indirect expenses incurred or paid on the Partnership’s behalf and all other expenses allocable to the Partnership or otherwise incurred by the General Partner in connection with operating the Partnership’s business. The Partnership Agreement does not set a limit on the amount of expenses for which the General Partner and its affiliates may be reimbursed. These expenses include salary, bonus, incentive compensation and other amounts paid to persons who perform services for the Partnership or on its behalf and expenses allocated to the General Partner by its affiliates. The General Partner is entitled to determine the expenses that are allocable to the Partnership. Tax Sharing In connection with the closing of the Viper Offering, the Partnership entered into a tax sharing agreement (the “Tax Sharing Agreement”) with Diamondback pursuant to which the Partnership will reimburse Diamondback for its share of state and local income and other taxes for which the Partnership’s results are included in a combined or consolidated tax return filed by Diamondback with respect to taxable periods including or beginning on June 23, 2014. The amount of any such reimbursement is limited to the tax the Partnership would have paid had it not been included in a combined group with Diamondback. Diamondback may use its tax attributes to cause its combined or consolidated group, of which the Partnership may be a member for this purpose, to owe less or no tax. In such a situation, the Partnership would reimburse Diamondback for the tax the Partnership would have owed had the tax attributes not been available or used for the Partnership’s benefit, even though Diamondback had no cash tax expense for that period. Other Agreements See Note 11—Related Party Transactions for details of the advisory services agreement the Partnership and General Partner entered into with Wexford Capital LP (“Wexford”). The Partnership has entered into a secured revolving credit facility with Wells Fargo Bank, National Association, (“Wells Fargo”) as administrative agent sole book runner and lead arranger. See Note 8—Debt for a description of this credit facility.

Property and Equipment

6 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

Property and Equipment

PROPERTY AND EQUIPMENT

Property and equipment includes the following:



	June 30,			December 31,
	2015			2014

	(in thousands)
Oil and natural gas properties:
Subject to depletion	$	2,641,281		$	2,345,077
Not subject to depletion-acquisition costs
Incurred in 2015	384,799			—
Incurred in 2014	549,326			576,802
Incurred in 2013	74,109			130,474
Incurred in 2012	63,297			65,480
Incurred in 2011	—			764
Total not subject to depletion	1,071,531			773,520
Gross oil and natural gas properties	3,712,812			3,118,597
Accumulated depletion	(818,848		)	(379,481		)
Oil and natural gas properties, net	2,893,964			2,739,116
Pipeline and gas gathering assets	7,174			7,174
Other property and equipment	48,654			48,180
Accumulated depreciation	(3,395		)	(2,663		)
Property and equipment, net of accumulated depreciation, depletion, amortization and impairment	$	2,946,397		$	2,791,807

Accumulated depletion includes an impairment of oil and gas properties of $323.5 million due to the significant decline in prices from over $105.00 per Bbl in June 2014 to a range of prices between $45.00 per Bbl and $60.00 per Bbl during the six months ended June 30, 2015.

Internal costs capitalized to the full cost pool represent management’s estimate of costs incurred directly related to exploration and development activities such as geological and other administrative costs associated with overseeing the exploration and development activities. All internal costs not directly associated with exploration and development activities were charged to expense as they were incurred. Capitalized internal costs were approximately $1.5 million and $2.6 million for the three months ended June 30, 2015 and 2014, respectively, and $3.6 million and $4.9 million for the six months ended June 30, 2015 and 2014, respectively. Costs associated with unevaluated properties are excluded from the full cost pool until the Company has made a determination as to the existence of proved reserves. The inclusion of the Company’s unevaluated costs into the amortization base is expected to be completed within three to five years.

Asset Retirement Obligations

6 Months Ended

Jun. 30, 2015

Asset Retirement Obligation [Abstract]

Asset Retirement Obligations

ASSET RETIREMENT OBLIGATIONS

The following table describes the changes to the Company’s asset retirement obligation liability for the following periods:



	Six Months Ended June 30,
	2015			2014

	(in thousands)
Asset retirement obligation, beginning of period	$	8,486		$	3,029
Additional liability incurred	215			382
Liabilities acquired	2,765			1,312
Liabilities settled	(4		)	(10		)
Accretion expense	350			176
Revisions in estimated liabilities	78			588
Asset retirement obligation, end of period	11,890			5,477
Less current portion	39			40
Asset retirement obligations - long-term	$	11,851		$	5,437

The Company’s asset retirement obligations primarily relate to the future plugging and abandonment of wells and related facilities. The Company estimates the future plugging and abandonment costs of wells, the ultimate productive life of the properties, a risk-adjusted discount rate and an inflation factor in order to determine the current present value of this obligation. To the extent future revisions to these assumptions impact the present value of the existing asset retirement obligation liability, a corresponding adjustment is made to the oil and natural gas property balance.

Equity Method Investments	6 Months Ended
Equity Method Investments	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	EQUITY METHOD INVESTMENTS In October 2014, the Company paid $0.6 million for a minority interest in an entity that was formed to develop, own and operate an integrated water management system to gather, store, process, treat, distribute and dispose of water to exploration and production companies operating in Midland, Martin and Andrews Counties, Texas. The board of this entity may also authorize the entity to offer these services to other counties in the Permian Basin and to pursue other business opportunities. The Company has committed to invest an aggregate amount of $5.0 million in this entity, and several other third parties have committed to invest an aggregate of $15.0 million. For both the three months and six months ended June 30, 2015, the Company invested an additional $1.7 million in this entity. The Company will retain a minority interest after all commitments are received. The entity was formed as a limited liability company and maintains a specific ownership account for each investor, similar to a partnership capital account structure. Therefore the Company accounts for this investment under the equity method of accounting.

Debt

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Debt

DEBT

Long-term debt consisted of the following as of the dates indicated:



	June 30,		December 31,
	2015		2014

	(in thousands)
Revolving credit facility	$	268,000	$	223,500
7.625 % Senior Notes due 2021	450,000		450,000
Partnership revolving credit facility	—		—
Total long-term debt	$	718,000	$	673,500

Senior Notes

On September 18, 2013, the Company completed an offering of $450.0 million in aggregate principal amount of 7.625% senior unsecured notes due 2021 (the “Senior Notes”). The Senior Notes bear interest at the rate of 7.625% per annum, payable semi-annually, in arrears on April 1 and October 1 of each year, commencing on April 1, 2014 and will mature on October 1, 2021. On June 23, 2014, in connection with the Viper Offering, the Company designated the Partnership, the General Partner and Viper Energy LLC as unrestricted subsidiaries and, upon such designation, Viper Energy LLC, which was a guarantor under the indenture governing of the Senior Notes, was released as a guarantor under the indenture. As of June 30, 2015, the Senior Notes are fully and unconditionally guaranteed by Diamondback O&G LLC, Diamondback E&P LLC and White Fang Energy LLC and will also be guaranteed by any future restricted subsidiaries of Diamondback. The net proceeds from the Senior Notes were used to fund the acquisition of mineral interests underlying approximately 14,804 gross (12,687 net) acres in Midland County, Texas in the Permian Basin.

The Senior Notes were issued under, and are governed by, an indenture among the Company, the subsidiary guarantors party thereto and Wells Fargo Bank, N.A., as the trustee, as supplemented (the “Indenture”). The Indenture contains certain covenants that, subject to certain exceptions and qualifications, among other things, limit the Company’s ability and the ability of the restricted subsidiaries to incur or guarantee additional indebtedness, make certain investments, declare or pay dividends or make other distributions on, or redeem or repurchase, capital stock, prepay subordinated indebtedness, sell assets including capital stock of subsidiaries, agree to payment restrictions affecting the Company’s restricted subsidiaries, consolidate, merge, sell or otherwise dispose of all or substantially all of its assets, enter into transactions with affiliates, incur liens, engage in business other than the oil and gas business and designate certain of the Company’s subsidiaries as unrestricted subsidiaries. If the Company experiences certain kinds of changes of control or if it sells certain of its assets, holders of the Senior Notes may have the right to require the Company to repurchase their Senior Notes.

The Company will have the option to redeem the Senior Notes, in whole or in part, at any time on or after October 1, 2016 at the redemption prices (expressed as percentages of principal amount) of 105.719% for the 12-month period beginning on October 1, 2016, 103.813% for the 12-month period beginning on October 1, 2017, 101.906% for the 12-month period beginning on October 1, 2018 and 100.000% beginning on October 1, 2019 and at any time thereafter with any accrued and unpaid interest to, but not including, the date of redemption. In addition, prior to October 1, 2016, the Company may redeem all or a part of the Senior Notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date, plus a “make-whole” premium at the redemption date. Furthermore, before October 1, 2016, the Company may, at any time or from time to time, redeem up to 35% of the aggregate principal amount of the Senior Notes with the net cash proceeds of certain equity offerings at a redemption price of 107.625% of the principal amount of the Senior Notes being redeemed plus any accrued and unpaid interest to the date of redemption, if at least 65% of the aggregate principal amount of the Senior Notes originally issued under the Indenture remains outstanding immediately after such redemption and the redemption occurs within 120 days of the closing date of such equity offering.

In connection with the issuance of the Senior Notes, the Company and the subsidiary guarantors entered into a Registration Rights Agreement (the “Registration Rights Agreement”) with the initial purchasers on September 18, 2013, pursuant to which the Company and the subsidiary guarantors agreed to file a registration statement with respect to an offer to exchange the Senior Notes for a new issue of substantially identical debt securities registered under the Securities Act, which registration statement was declared effective by the SEC on September 15, 2014 and the exchange offer completed on October 23, 2014.

Credit Facility-Wells Fargo Bank

On June 9, 2014, Diamondback entered into a first amendment (the “first amendment”) and on November 13, 2014, Diamondback entered into a second amendment (the “second amendment”) to the second amended and restated credit agreement, dated November 1, 2013 (together, the “credit agreement”). The first amendment modified certain provisions of the credit agreement to, among other things, allow the Company to designate one or more of its subsidiaries as “Unrestricted Subsidiaries” that are not subject to certain restrictions contained in the credit agreement. In connection with the Viper Offering, the Company designated the Partnership, the General Partner and Viper Energy LLC as unrestricted subsidiaries under the credit agreement. As of June 30, 2015, the loan is guaranteed by Diamondback, Diamondback E&P LLC and White Fang Energy LLC and will also be guaranteed by any future restricted subsidiaries of Diamondback. The credit agreement is also secured by substantially all of the assets of the Company, Diamondback O&G LLC and the guarantors.

The second amendment increased the maximum amount of the credit facility to $2.0 billion, modified the dates and deadlines of the credit agreement relating to the scheduled borrowing base redeterminations based on the Company’s oil and natural gas reserves and other factors (the “borrowing base”) and added new provisions that allow the Company to elect a commitment amount that is less than its borrowing base as determined by the lenders. The borrowing base is scheduled to be re-determined semi-annually with effective dates of May 1st and November 1st. In addition, the Company may request up to three additional redeterminations of the borrowing base during any 12-month period. As of June 30, 2015, the borrowing base was set at $725.0 million, of which the Company had elected a commitment amount of $500.0 million, and the Company had outstanding borrowings of $268.0 million.

The outstanding borrowings under the credit agreement bear interest at a rate elected by the Company that is equal to an alternative base rate (which is equal to the greatest of the prime rate, the Federal Funds effective rate plus 0.5% and 3-month LIBOR plus 1.0%) or LIBOR, in each case plus the applicable margin. The applicable margin ranges from 0.5% to 1.50% in the case of the alternative base rate and from 1.50% to 2.50% in the case of LIBOR, in each case depending on the amount of the loan outstanding in relation to the borrowing base. The Company is obligated to pay a quarterly commitment fee ranging from 0.375% to 0.500% per year on the unused portion of the borrowing base, which fee is also dependent on the amount of the loan outstanding in relation to the borrowing base. Loan principal may be optionally repaid from time to time without premium or penalty (other than customary LIBOR breakage), and is required to be paid (a) if the loan amount exceeds the borrowing base, whether due to a borrowing base redetermination or otherwise (in some cases subject to a cure period) and (b) at the maturity date of November 1, 2018.

The credit agreement contains various affirmative, negative and financial maintenance covenants. These covenants, among other things, limit additional indebtedness, additional liens, sales of assets, mergers and consolidations, dividends and distributions, transactions with affiliates and entering into certain swap agreements and require the maintenance of the financial ratios described below.



Financial Covenant			Required Ratio
Ratio of total debt to EBITDAX			Not greater than 4.0 to 1.0
Ratio of current assets to liabilities, as defined in the credit agreement			Not less than 1.0 to 1.0

The covenant prohibiting additional indebtedness allows for the issuance of unsecured debt of up to $750.0 million in the form of senior or senior subordinated notes and, in connection with any such issuance, the reduction of the borrowing base by 25% of the stated principal amount of each such issuance. A borrowing base reduction in connection with such issuance may require a portion of the outstanding principal of the loan to be repaid. As of June 30, 2015, the Company had $450.0 million of senior unsecured notes outstanding.

As of June 30, 2015 and December 31, 2014, the Company was in compliance with all financial covenants under its revolving credit facility, as then in effect. The lenders may accelerate all of the indebtedness under the Company’s revolving credit facility upon the occurrence and during the continuance of any event of default. The credit agreement contains customary events of default, including non-payment, breach of covenants, materially incorrect representations, cross-default, bankruptcy and change of control. There are no cure periods for events of default due to non-payment of principal and breaches of negative and financial covenants, but non-payment of interest and breaches of certain affirmative covenants are subject to customary cure periods.

Partnership Credit Facility-Wells Fargo Bank

On July 8, 2014, the Partnership entered into a secured revolving credit agreement with Wells Fargo, as the administrative agent, sole book runner and lead arranger. The credit agreement, which was amended August 15, 2014 to add additional lenders to the lending group, provides for a revolving credit facility in the maximum amount of $500.0 million, subject to scheduled semi-annual and other elective collateral borrowing base redeterminations based on the Partnership’s oil and natural gas reserves and other factors (the “borrowing base”). The borrowing base is scheduled to be re-determined semi-annually with effective dates of April 1st and October 1st. In addition, the Partnership may request up to three additional redeterminations of the borrowing base during any 12-month period. The credit agreement was further amended on May 22, 2015 to, among other things, increase the borrowing base from $110.0 million to $175.0 million and to provide for certain restrictions on purchasing margin stock. As of June 30, 2015, the borrowing base remained at $175.0 million. The Partnership had no outstanding borrowings as of June 30, 2015.

The outstanding borrowings under the credit agreement bear interest at a rate elected by the Partnership that is equal to an alternative base rate (which is equal to the greatest of the prime rate, the Federal Funds effective rate plus 0.5% and 3-month LIBOR plus 1.0%) or LIBOR, in each case plus the applicable margin. The applicable margin ranges from 0.5% to 1.50% in the case of the alternative base rate and from 1.50% to 2.50% in the case of LIBOR, in each case depending on the amount of the loan outstanding in relation to the borrowing base. The Partnership is obligated to pay a quarterly commitment fee ranging from 0.375% to 0.500% per year on the unused portion of the borrowing base, which fee is also dependent on the amount of the loan outstanding in relation to the borrowing base. Loan principal may be optionally repaid from time to time without premium or penalty (other than customary LIBOR breakage), and is required to be paid (a) if the loan amount exceeds the borrowing base, whether due to a borrowing base redetermination or otherwise (in some cases subject to a cure period) and (b) at the maturity date of July 8, 2019. The loan is secured by substantially all of the assets of the Partnership and its subsidiaries.

The credit agreement contains various affirmative, negative and financial maintenance covenants. These covenants, among other things, limit additional indebtedness, purchases of margin stock, additional liens, sales of assets, mergers and consolidations, dividends and distributions, transactions with affiliates and entering into certain swap agreements and require the maintenance of the financial ratios described below.



Financial Covenant			Required Ratio
Ratio of total debt to EBITDAX			Not greater than 4.0 to 1.0
Ratio of current assets to liabilities, as defined in the credit agreement			Not less than 1.0 to 1.0
EBITDAX is annualized for the four fiscal quarters ending on the last day of the fiscal quarter for which financial statements are available, beginning with the quarter ended September 30, 2014.

The covenant prohibiting additional indebtedness allows for the issuance of unsecured debt of up to $250.0 million in the form of senior unsecured notes and, in connection with any such issuance, the reduction of the borrowing base by 25% of the stated principal amount of each such issuance. A borrowing base reduction in connection with such issuance may require a portion of the outstanding principal of the loan to be repaid.

The lenders may accelerate all of the indebtedness under the Partnership’s revolving credit facility upon the occurrence and during the continuance of any event of default. The credit agreement contains customary events of default, including non-payment, breach of covenants, materially incorrect representations, cross-default, bankruptcy and change of control. There are no cure periods for events of default due to non-payment of principal and breaches of negative and financial covenants, but non-payment of interest and breaches of certain affirmative covenants are subject to customary cure periods.

Capital Stock and Earnings Per Share

6 Months Ended

Jun. 30, 2015

Equity [Abstract]

Capital Stock and Earnings Per Share

CAPITAL STOCK AND EARNINGS PER SHARE

As of June 30, 2015, Diamondback had completed the following equity offerings since January 1, 2014:

In February 2014, the Company completed an underwritten public offering of 3,450,000 shares of common stock, which included 450,000 shares of common stock issued pursuant to an option to purchase additional shares granted to the underwriters. The stock was sold to the public at $62.67 per share and the Company received net proceeds of approximately $208.4 million from the sale of these shares of common stock, net of offering expenses and underwriting discounts and commissions.

In July 2014, the Company completed an underwritten public offering of 5,750,000 shares of common stock, which included 750,000 shares of common stock issued pursuant to an option to purchase additional shares granted to the underwriters. The stock was sold to the public at $87.00 per share and the Company received net proceeds of approximately $485.0 million from the sale of these shares of common stock, net of offering expenses and underwriting discounts and commissions.

In January 2015, the Company completed an underwritten public offering of 2,012,500 shares of common stock, which included 262,500 shares of common stock issued pursuant to an option to purchase additional shares granted to the underwriters. The stock was sold to the underwriters at $59.34 per share and the Company received net proceeds of approximately $119.4 million from the sale of these shares of common stock, net of offering expenses and underwriting discounts and commissions.

In May 2015, the Company completed an underwritten public offering of 4,600,000 shares of common stock, which included 600,000 shares of common stock issued pursuant to an option to purchase additional shares granted to the underwriters. The stock was sold to the underwriters at $72.53 per share and the Company received net proceeds of approximately $333.6 million from the sale of these shares of common stock, net of offering expenses and underwriting discounts and commissions.

Earnings Per Share

The Company’s basic earnings per share amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share include the effect of potentially dilutive shares outstanding for the period. Additionally, for the diluted earnings per share computation, the per share earnings of the Partnership are included in the consolidated earnings per share computation based on the consolidated group’s holdings of the subsidiary. A reconciliation of the components of basic and diluted earnings per common share is presented in the table below:




	Three Months Ended June 30,
	2015							2014
					Per						Per
	Income			Shares	Share			Income		Shares	Share

	(in thousands, except per share amounts)
Basic:
Net income attributable to common stock	$	(212,287	)	61,469	$	(3.45	)	27,753		50,777	$	0.55
Effect of Dilutive Securities:
Dilutive effect of potential common shares issuable	$	—		—				(74	)	365
Diluted:
Net income attributable to common stock	$	(212,287	)	61,469	$	(3.45	)	27,679		51,142	$	0.54




	Six Months Ended June 30,
	2015							2014
					Per						Per
	Income			Shares	Share			Income		Shares	Share

	(in thousands, except per share amounts)
Basic:
Net income attributable to common stock	$	(206,438	)	59,936	$	(3.44	)	51,342		49,622	$	1.03
Effect of Dilutive Securities:
Dilutive effect of potential common shares issuable	$	—		—				(74	)	425
Diluted:
Net income attributable to common stock	$	(206,438	)	59,936	$	(3.44	)	51,268		50,047	$	1.02

For the three months and six months ended June 30, 2015, there were 283,000 shares and 306,000 shares, respectively, that were not included in the computation of diluted earnings per share because their inclusion would have been anti-dilutive for the periods presented but could potentially dilute basic earnings per share in future periods.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

Stock and Unit Based Compensation

6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock and Unit Based Compensation

STOCK AND UNIT BASED COMPENSATION

The following table presents the effects of the equity and stock based compensation plans and related costs:



	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015	2014


General and administrative expenses	$	4,333	$	1,128	9,257	3,318
Stock based compensation capitalized pursuant to full cost method of accounting for oil and natural gas properties	1,452		1,649		3,591	2,715

Stock Options

The following table presents the Company’s stock option activity under the Company’s 2012 Equity Incentive Plan (“2012 Plan”) for the six months ended June 30, 2015.



			Weighted Average
			Exercise		Remaining	Intrinsic
	Options		Price		Term	Value
					(in years)	(in thousands)
Outstanding at December 31, 2014	313,105		$	18.29
Granted	—		$	—
Exercised	(97,605	)	$	18.34
Expired/Forfeited	—		$	—
Outstanding at June 30, 2015	215,500		$	18.26	1.48	$	11,097

Vested and Expected to vest at June 30, 2015	215,500		$	18.26	1.48	$	11,097
Exercisable at June 30, 2015	59,000		$	17.50	1.37	$	1,474

The aggregate intrinsic value of stock options that were exercised during the six months ended June 30, 2015 and 2014 was $5,737,000 and $10,659,000, respectively. As of June 30, 2015, the unrecognized compensation cost related to unvested stock options was $279,000. Such cost is expected to be recognized over a weighted-average period of 1.0 years.

Restricted Stock Units

The following table presents the Company’s restricted stock units activity under the 2012 Plan during the six months ended June 30, 2015.



			Weighted Average
	Restricted Stock		Grant-Date
	Units		Fair Value
Unvested at December 31, 2014	167,291		$	49.99
Granted	92,252		$	68.67
Vested	(77,421	)	$	48.73
Forfeited	(1,754	)	$	74.97
Unvested at June 30, 2015	180,368		$	52.72

The aggregate fair value of restricted stock units that vested during the six months ended June 30, 2015 and 2014 was $5,253,000 and $3,051,000, respectively. As of June 30, 2015, the Company’s unrecognized compensation cost related to unvested restricted stock awards and units was $6,396,000. Such cost is expected to be recognized over a weighted-average period of 1.3 years.

Performance Based Restricted Stock Units

To provide long-term incentives for the executive officers to deliver competitive returns to the Company’s stockholders, the Company has granted performance based restricted stock units to eligible employees. The ultimate number of shares awarded from these conditional restricted stock units is based upon measurement of total stockholder return of the Company’s common stock (“TSR”) as compared to a designated peer group during a three-year performance period. In February 2014, eligible employees received initial performance restricted stock unit awards totaling 79,150 units from which a minimum of 0% and a maximum of 200% units could be awarded. The awards have a performance period of January 1, 2013 to December 31, 2015 and cliff vest at December 31, 2015. In February 2015, eligible employees received additional performance restricted stock unit awards totaling 90,249 units from which a minimum of 0% and a maximum of 200% units could be awarded. The awards have a performance period of January 1, 2014 to December 31, 2016 and cliff vest at December 31, 2016.

The fair value of each performance restricted stock unit is estimated at the date of grant using a Monte Carlo simulation, which results in an expected percentage of units to be earned during the performance period.

The following table presents a summary of the grant-date fair values of performance restricted stock units granted and the related assumptions for the February 2014 award.



	2014
Grant-date fair value	$	125.63
Risk-free rate	0.30		%
Company volatility	39.60		%

The following table presents a summary of the grant-date fair values of performance restricted stock units granted and the related assumptions for the February 2015 award.



	2015
Grant-date fair value	$	137.14
Risk-free rate	0.49		%
Company volatility	43.36		%

The following table presents the Company’s performance restricted stock units activity under the 2012 Plan for the six months ended June 30, 2015.



		Performance	Weighted Average
		Restricted Stock	Grant-Date
		Units	Fair Value
Unvested at December 31, 2014		79,150	$	125.63
Granted		90,249	$	137.14
Vested		—	$	—
Forfeited		—	$	—
Unvested at June 30, 2015⁽¹⁾		169,399	$	131.76

(1)	A maximum of 338,798 units could be awarded based upon the Company’s final TSR ranking.

As of June 30, 2015, the Company’s unrecognized compensation cost related to unvested performance based restricted stock awards and units was $12,495,000. Such cost is expected to be recognized over a weighted-average period of 1.3 years.

Partnership Unit Options

In accordance with the Viper Energy Partners LP Long Term Incentive Plan (“Viper LTIP”), the exercise price of unit options granted may not be less than the market value of the common units at the date of grant. The units issued under the Viper LTIP will consist of new common units of the Partnership. On June 17, 2014, the Board of Directors of the General Partner granted 2,500,000 unit options to our executive officers of the General Partner. The unit options vest approximately 33% ratably on each of the next three anniversaries of the date of grant. In the event the fair market value per unit as of the exercise date is less than the exercise price per option unit then the vested options will automatically terminate and become null and void as of the exercise date.

The fair value of the unit options on the date of grant is expensed over the applicable vesting period. The Partnership estimates the fair values of unit options granted using a Black-Scholes option valuation model, which requires the Partnership to make several assumptions. At the time of grant the Partnership did not have a history of market prices, thus the expected volatility was determined using the historical volatility for a peer group of companies. The expected term of options granted was determined based on the contractual term of the awards. The risk-free interest rate is based on the U.S. treasury yield curve rate for the expected term of the unit option at the date of grant. The expected dividend yield was based upon projected performance of the Partnership.



	2014
Grant-date fair value	$	4.24
Expected volatility	36.0		%
Expected dividend yield	5.9		%
Expected term (in years)	3.0
Risk-free rate	0.99		%

The following table presents the unit option activity under the Viper LTIP for the six months ended June 30, 2015.



		Weighted Average
	Unit	Exercise		Remaining	Intrinsic
	Options	Price		Term	Value
				(in years)	(in thousands)
Outstanding at December 31, 2014	2,500,000	$	26.00
Granted	—	$	—
Outstanding at June 30, 2015	2,500,000	$	26.00	1.97	$	—

Vested and Expected to vest at June 30, 2015	2,500,000	$	26.00	1.97	$	—
Exercisable at June 30, 2015	—	$	—	—	$	—

As of June 30, 2015, the unrecognized compensation cost related to unvested unit options was $6.9 million. Such cost is expected to be recognized over a weighted-average period of 2.0 years.

Phantom Units

Under the Viper LTIP, the Board of Directors of the General Partner is authorized to issue phantom units to eligible employees. The Partnership estimates the fair value of phantom units as the closing price of the Partnership’s common units on the grant date of the award, which is expensed over the applicable vesting period. Upon vesting the phantom unit entitles the recipient one common unit of the Partnership for each phantom unit.

The following table presents the phantom unit activity under the Viper LTIP for the six months ended June 30, 2015.



			Weighted Average
	Phantom		Grant-Date
	Units		Fair Value
Unvested at December 31, 2014	17,776		$	19.51
Granted	—		$	—
Vested	(8,888	)	$	19.51
Forfeited	—		$	—
Unvested at June 30, 2015	8,888		$	19.51

The aggregate fair value of restricted stock units that vested during the six months ended June 30, 2015 was $0.2 million. As of June 30, 2015, the unrecognized compensation cost related to unvested phantom units was $0.2 million. Such cost is expected to be recognized over a weighted-average period of 1.0 years.

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Administrative Services An entity under common management provided technical, administrative and payroll services to the Company under a shared services agreement that began March 1, 2008. The initial term of this shared service agreement was two years. Since the expiration of such two-year period on March 1, 2010, the agreement, by its terms continued on a month-to-month basis. Effective August 31, 2014, this agreement was mutually terminated. Effective January 1, 2012, the Company entered into an additional shared services agreement with this entity. Under this agreement, the Company provided this entity and, at its request, certain affiliates, with consulting, technical and administrative services. The initial term of the additional shared services agreement was two years. Thereafter, the agreement continued on a month-to-month basis subject to the right of either party to terminate the agreement upon thirty days prior written notice. Effective August 31, 2014, this agreement was mutually terminated. Costs that are attributable to and billed to other affiliates are reported as other income-related party. Drilling Services Bison Drilling and Field Services LLC (“Bison”), an entity controlled by Wexford, has performed drilling and field services for the Company under master drilling and field service agreements. Under the Company’s most recent master drilling agreement with Bison, effective as of January 1, 2013, Bison committed to accept orders from the Company for the use of at least two of its rigs. At June 30, 2015, the Company was not utilizing any Bison rigs. This master drilling agreement is terminable by either party on 30 days’ prior written notice, although neither party will be relieved of its respective obligations arising from a drilling contract being performed prior to the termination of the master drilling agreement. For the three months and six months ended June 30, 2014, the Company incurred total costs for services performed by Bison of $0.9 million and $2.5 million, respectively. Effective September 9, 2013, the Company entered into a master service agreement with Panther Drilling Systems LLC (“Panther Drilling”), an entity controlled by Wexford, under which Panther Drilling provides directional drilling and other services. This master service agreement is terminable by either party on 30 days’ prior written notice, although neither party will be relieved of its respective obligations arising from work performed prior to the termination of the master service agreement. In the third quarter 2013, the Company began using Panther Drilling’s directional drilling services. For the three months and six months ended June 30, 2014, the Company incurred $0.1 million and $0.3 million, respectively for services performed by Panther Drilling. Coronado Midstream The Company is party to a gas purchase agreement, dated May 1, 2009, as amended, with Coronado Midstream LLC (“Coronado Midstream”), formerly known as MidMar Gas LLC, an entity, that owns a gas gathering system and processing plant in the Permian Basin. Under this agreement, Coronado Midstream is obligated to purchase from the Company, and the Company is obligated to sell to Coronado Midstream, all of the gas conforming to certain quality specifications produced from certain of the Company’s Permian Basin acreage. Following the expiration of the initial ten year term, the agreement will continue on a year-to-year basis until terminated by either party on 30 days’ written notice. Under the gas purchase agreement, Coronado Midstream is obligated to pay the Company 87% of the net revenue received by Coronado Midstream for all components of the Company’s dedicated gas, including the liquid hydrocarbons, and the sale of residue gas, in each case extracted, recovered or otherwise processed at Coronado Midstream’s gas processing plant, and 94.56% of the net revenue received by Coronado Midstream from the sale of such gas components and residue gas, extracted, recovered or otherwise processed at Chevron’s Headlee plant. An entity controlled by Wexford had owned an approximately 28% equity interest in Coronado Midstream until Coronado Midstream was sold in March 2015. Coronado Midstream is no longer a related party and any revenues, production and ad valorem taxes and gathering and transportation expense after March 2015 are not classified as those attributable to a related party. The Company recognized related party revenues from Coronado Midstream of $5.2 million for the three months ended March 31, 2015. The Company recognized revenues from Coronado Midstream of $6.5 million and $10.4 million for the three months and six months ended June 30, 2014, respectively. The Company recognized production and ad valorem taxes and gathering and transportation expenses from Coronado Midstream of $1.1 million for the three months ended March 31, 2015. The Company recognized production and ad valorem taxes and gathering and transportation expenses from Coronado Midstream of $1.0 million and $1.7 million for the three months and six months ended June 30, 2014, respectively. As of December 31, 2014, Coronado Midstream owed the Company $4.0 million for the Company’s portion of the net proceeds from the sale of gas, gas products and residue gas. Sand Supply Muskie Proppant LLC (“Muskie”), an entity controlled by Wexford, processes and sells fracing grade sand for oil and natural gas operations. The Company began purchasing sand from Muskie in March 2013. On May 16, 2013, the Company entered into a master services agreement with Muskie, pursuant to which Muskie agreed to sell custom natural sand proppant to the Company based on the Company’s requirements. The Company is not obligated to place any orders with, or accept any offers from, Muskie for sand proppant. The agreement may be terminated at the option of either party on 30 days’ notice. The Company did not purchase sand from Muskie during the three months and six months ended June 30, 2015 or 2014. Midland Corporate Lease Effective May 15, 2011, the Company occupied corporate office space in Midland, Texas under a lease with a five-year term. The office space is owned by an entity controlled by an affiliate of Wexford. The Company paid $0.2 million and $0.4 million for the three months and six months ended June 30, 2015, respectively, under this lease. The Company paid $0.1 million and $0.2 million for the three months and six months ended June 30, 2014, respectively, under this lease. In the second and fourth quarters of 2014, the Company amended this agreement to further increase the size of the leased premises. The monthly rent increased from $25,000 to $27,000 in the second quarter of 2014 and from $27,000 to $53,000 in the fourth quarter of 2014. The monthly rent will continue to increase approximately 4% annually on June 1 of each year during the remainder of the lease term. In November 2014, the Company further amended the lease, including extending the term of the lease for an additional ten-year period. In April 2015, the Company again amended this lease to increase the size of the leased premises. The monthly rent for the additional space is $23,000. Upon commencement of the extension in June 2016, the monthly base rent will increase to $94,000, with an increase of approximately 2% annually. Field Office Lease The Company leased field office space in Midland, Texas from an unrelated third party from March 1, 2011 to March 1, 2014. Effective March 1, 2014, the building was purchased by an entity controlled by an affiliate of Wexford. The term of the lease expires on February 28, 2018. The Company paid rent of less than $0.1 million and $0.1 million to the related party for the three months and six months ended June 30, 2015, respectively. The Company paid rent of less than $0.1 million to the related party for both the three months and six months ended June 30, 2014.The monthly base rent is $11,000 which will increase 3% annually on March 1 of each year during the remainder of the lease term. During the third quarter of 2014, the Company negotiated a sublease with Bison, in which Bison will lease the field office space for the same term as the initial lease and will pay the monthly rent of $11,000 which will increase 3% annually on March 1 of each year during the remainder of the lease term. Oklahoma City Lease Effective January 1, 2012, the Company occupied corporate office space in Oklahoma City, Oklahoma under a lease with a 67 month term. The office space is owned by an entity controlled by an affiliate of Wexford. The Company paid $0.1 million for both the three months and six months ended June 30, 2014 under this lease. Effective April 1, 2013, the Company amended this lease to increase the size of the leased premises, at which time the monthly base rent increased to $19,000 for the remainder of the lease term. The Company was also responsible for paying a portion of specified costs, fees and expenses associated with the operation of the premises. Effective September 23, 2014, this lease agreement was mutually terminated. Advisory Services Agreement & Professional Services from Wexford The Company entered into an advisory services agreement (the “Advisory Services Agreement”) with Wexford, dated as of October 11, 2012, under which Wexford provides the Company with general financial and strategic advisory services related to the business in return for an annual fee of $0.5 million, plus reasonable out-of-pocket expenses. The Advisory Services Agreement had an initial term of two years commencing on October 18, 2012, and continues for additional one-year periods unless terminated in writing by either party at least ten days prior to the expiration of the then current term. It may be terminated at any time by either party upon 30 days prior written notice. In the event the Company terminates such agreement, it is obligated to pay all amounts due through the remaining term. In addition, the Company agreed to pay Wexford to-be-negotiated market-based fees approved by the Company’s independent directors for such services as may be provided by Wexford at the Company’s request in connection with acquisitions and divestitures, financings or other transactions in which the Company may be involved. The services provided by Wexford under the Advisory Services Agreement do not extend to the Company’s day-to-day business or operations. The Company has agreed to indemnify Wexford and its affiliates from any and all losses arising out of or in connection with the Advisory Services Agreement except for losses resulting from Wexford’s or its affiliates’ gross negligence or willful misconduct. The Company incurred total costs of $0.1 million and $0.3 million for the three months and six months ended June 30, 2015, respectively, under the Advisory Services Agreement. The Company incurred total costs of $0.1 million and $0.3 million for the three months and six months ended June 30, 2014, respectively, under the Advisory Services Agreement. Advisory Services Agreement- Viper Energy Partners LP In connection with the closing of the Viper Offering, the Partnership and General Partner entered into an advisory services agreement (the “Viper Advisory Services Agreement”) with Wexford, dated as of June 23, 2014, under which Wexford provides the Partnership and our General Partner with general financial and strategic advisory services related to the business in return for an annual fee of $0.5 million, plus reasonable out-of-pocket expenses. The Viper Advisory Services Agreement has an initial term of two years commencing on June 23, 2014, and will continue for additional one-year periods unless terminated in writing by either party at least ten days prior to the expiration of the then current term. It may be terminated at any time by either party upon 30 days prior written notice. In the event the Partnership or General Partner terminates such agreement, the Partnership is obligated to pay all amounts due through the remaining term. In addition, the Partnership and General Partner have agreed to pay Wexford to-be-negotiated market-based fees approved by the conflict committee of the board of directors of our General Partner for such services as may be provided by Wexford at our request in connection with acquisitions and divestitures, financings or other transactions in which we may be involved. The services provided by Wexford under the Viper Advisory Services Agreement do not extend to the Partnership or General Partners day-to-day business or operations. The Partnership and General Partner have agreed to indemnify Wexford and its affiliates from any and all losses arising out of or in connection with the Viper Advisory Services Agreement except for losses resulting from Wexford’s or its affiliates’ gross negligence or willful misconduct. For the three months and six months ended June 30, 2015, the Partnership incurred costs of $0.1 million and $0.3 million, respectively, under the Viper Advisory Services Agreement.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

Derivatives

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

DERIVATIVES

All derivative financial instruments are recorded at fair value. The Company has not designated its derivative instruments as hedges for accounting purposes and, as a result, marks its derivative instruments to fair value and recognizes the cash and non-cash changes in fair value in the combined consolidated statements of operations under the caption “Gain (loss) on derivative instruments, net.”

The Company has used price swap contracts to reduce price volatility associated with certain of its oil sales. With respect to the Company’s fixed price swap contracts, the counterparty is required to make a payment to the Company if the settlement price for any settlement period is less than the swap price, and the Company is required to make a payment to the counterparty if the settlement price for any settlement period is greater than the swap price. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on Argus Louisiana light sweet pricing, New York Mercantile Exchange West Texas Intermediate pricing or Inter–Continental Exchange (“ICE”) pricing for Brent crude oil.

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. The Company’s counterparties are participants in the secured second amended and restated credit agreement, which is secured by substantially all of the assets of the guarantor subsidiaries; therefore, the Company is not required to post any collateral. The Company does not require collateral from its counterparties. The Company has entered into derivative instruments only with counterparties that are also lenders in our credit facility and have been deemed an acceptable credit risk.

As of June 30, 2015, the Company had open crude oil derivative positions with respect to future production as set forth in the table below. When aggregating multiple contracts, the weighted average contract price is disclosed.



Crude Oil—Argus Louisiana Light Sweet Fixed Price Swap

Production Period	Volume (Bbls)	Fixed Swap Price
July- December 2015	552,000	90.99


Crude Oil—NYMEX West Texas Intermediate Fixed Price Swap

Production Period	Volume (Bbls)	Fixed Swap Price
July - December 2015	920,000	84.10


Crude Oil—ICE Brent Fixed Price Swap

Production Period	Volume (Bbls)	Fixed Swap Price
July - December 2015	368,000	88.78
January - February 2016	91,000	88.72

Balance sheet offsetting of derivative assets and liabilities

The fair value of swaps is generally determined using established index prices and other sources which are based upon, among other things, futures prices and time to maturity. These fair values are recorded by netting asset and liability positions that are with the same counterparty and are subject to contractual terms which provide for net settlement.

The following tables present the gross amounts of recognized derivative assets and liabilities, the amounts offset under master netting arrangements with counterparties and the resulting net amounts presented in the Company’s consolidated balance sheets as of June 30, 2015 and December 31, 2014.



	June 30, 2015

	(in thousands)
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets Presented in the Consolidated Balance Sheet
Derivative assets	$	47,910	$	—	$	47,910

	December 31, 2014

	(in thousands)
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets Presented in the Consolidated Balance Sheet
Derivative assets	$	117,541	$	—	$	117,541

The net amounts are classified as current or noncurrent based on their anticipated settlement dates. The net fair value of the Company’s derivative assets and liabilities and their locations on the consolidated balance sheet are as follows:



	June 30,		December 31,
	2015		2014

	(in thousands)
Current Assets: Derivative instruments	$	47,910	$	115,607
Noncurrent Assets: Derivative instruments	—		1,934
Total Assets	$	47,910	$	117,541

None of the Company’s derivatives have been designated as hedges. As such, all changes in fair value are immediately recognized in earnings. The following table summarizes the gains and losses on derivative instruments included in the combined consolidated statements of operations:



	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014


Change in fair value of open non-hedge derivative instruments	$	(44,425	)	$	(7,468	)	$	(69,631	)	$	(10,810	)
Gain (loss) on settlement of non-hedge derivative instruments	25,302			(3,620		)	68,862			(4,676		)
Gain (loss) on derivative instruments	$	(19,123	)	$	(11,088	)	$	(769	)	$	(15,486	)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Fair value is defined as 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. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.

The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. The Company uses appropriate valuation techniques based on available inputs to measure the fair values of its assets and liabilities.

Level 1 - Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date.

Level 2 - Observable market-based inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

Level 3 - Unobservable inputs that are not corroborated by market data and may be used with internally developed methodologies that result in management’s best estimate of fair value.

Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Certain assets and liabilities are reported at fair value on a recurring basis, including the Company’s derivative instruments. The fair values of the Company’s fixed price crude oil swaps are measured internally using established commodity futures price strips for the underlying commodity provided by a reputable third party, the contracted notional volumes, and time to maturity. These valuations are Level 2 inputs.

The following table provides fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014.



		Fair value measurements at June 30, 2015 using:

	(in thousands)
		Quoted Prices in Active Markets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
Assets:
Fixed price swaps		$	—	$	47,910	$	—	$	47,910

		Fair value measurements at December 31, 2014 using:

	(in thousands)
		Quoted Prices in Active Markets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
Assets:
Fixed price swaps		$	—	$	117,541	$	—	$	117,541

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

The following table provides the fair value of financial instruments that are not recorded at fair value in the consolidated balance sheets.



	June 30, 2015				December 31, 2014
	Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value

	(in thousands)
Debt:
Revolving credit facility	$	268,000	$	268,000	$	223,500	$	223,500
7.625% Senior Notes due 2021	450,000		482,715		450,000		440,438
Partnership revolving credit facility	—		—		—		—

The fair value of the revolving 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 was determined using the June 30, 2015 quoted market price, a Level 1 classification in the fair value hierarchy. The fair value of the Partnership’s revolving credit facility approximates its carrying value based on borrowing rates available to us for bank loans with similar terms and maturities and is classified as Level 2 in the fair value hierarchy. The Partnership had no outstanding borrowings as of June 30, 2015.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Lease Commitments

The following is a schedule of minimum future lease payments with commitments that have initial or remaining noncancelable lease terms in excess of one year as of June 30, 2015:



Year Ending December 31,	Drilling Rig Commitments		Office and Equipment Leases

2016	$	27,317	$	1,743
2017	19,892		2,012
2018	13,031		1,932
2019	—		1,797
2020	—		1,618
Thereafter	—		9,337
Total	$	60,240	$	18,439

The Company could be subject to various possible loss contingencies which arise primarily from interpretation of

federal and state laws and regulations affecting the natural gas and crude oil industry. Such contingencies include

differing interpretations as to the prices at which natural gas and crude oil sales may be made, the prices at which

royalty owners may be paid for production from their leases, environmental issues and other matters. Management

believes it has complied with the various laws and regulations, administrative rulings and interpretations.

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS On July 9, 2015, the Company completed the sale of an approximate average 1.5% overriding royalty interest in certain of its acreage primarily located in Howard County, Texas to Viper for $31.1 million. Viper partially funded this acquisition with borrowings under its revolving credit facility discussed in Note 8 above. As of July 9, 2015 Viper had $24.0 million outstanding under its revolving credit facility.

Guarantor Financial Statements

6 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Guarantor Financial Statements

GUARANTOR FINANCIAL STATEMENTS

Diamondback E&P, Diamondback O&G and White Fang Energy LLC (the “Guarantor Subsidiaries”) are guarantors under the Indenture relating to the Senior Notes. On June 23, 2014, in connection with the initial public offering of Viper Energy Partners LP, the Company designated the Partnership, its general partner, Viper Energy Partners GP, and the Partnership’s subsidiary Viper Energy Partners LLC (the “Non-Guarantor Subsidiaries”) as unrestricted subsidiaries under the Indenture and, upon such designation, Viper Energy Partners LLC, which was a guarantor under the Indenture prior to such designation, was released as a guarantor under the Indenture. Viper Energy Partners LLC is a limited liability company formed on September 18, 2013 to own and acquire mineral and other oil and natural gas interests in properties in the Permian Basin in West Texas. The following presents condensed combined consolidated financial information for the Company (“Parent”), the Guarantor Subsidiaries, the Non–Guarantor Subsidiaries and on a consolidated basis. Elimination entries presented are necessary to combine the entities. The information is presented in accordance with the requirements of Rule 3-10 under the SEC’s Regulation S-X. The financial information may not necessarily be indicative of results of operations, cash flows or financial position had the Guarantor Subsidiaries operated as independent entities. The Company has not presented separate financial and narrative information for each of the Guarantor Subsidiaries because it believes such financial and narrative information would not provide any additional information that would be material in evaluating the sufficiency of the Guarantor Subsidiaries.



Condensed Consolidated Balance Sheet
June 30, 2015
(In thousands)
						Non–
			Guarantor			Guarantor
	Parent		Subsidiaries			Subsidiaries			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	339	$	34,351		$	9,988		$	—		$	44,678
Restricted cash	—		—			500			—			500
Accounts receivable	—		60,507			9,902			2			70,411
Intercompany receivable	2,422,526		2,999,702			—			(5,422,228		)	—
Inventories	—		2,658			—			—			2,658
Other current assets	274		51,374			467			—			52,115
Total current assets	2,423,139		3,148,592			20,857			(5,422,226		)	170,362
Property and equipment
Oil and natural gas properties, at cost, based on the full cost method of accounting	—		3,201,804			511,008			—			3,712,812
Pipeline and gas gathering assets	—		7,174			—			—			7,174
Other property and equipment	—		48,654			—			—			48,654
Accumulated depletion, depreciation, amortization and impairment	—		(772,793		)	(50,650		)	1,200			(822,243		)
	—		2,484,839			460,358			1,200			2,946,397
Investment in subsidiaries	514,991		—			—			(514,991		)	—
Other assets	8,479		11,045			35,175			—			54,699
Total assets	$	2,946,609	$	5,644,476		$	516,390		$	(5,936,017	)	$	3,171,458
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable-trade	$	—	$	23,309		$	—		$	—		$	23,309
Intercompany payable	389,619		5,032,607			—			(5,422,226		)	—
Other current liabilities	41,553		76,672			1,105			—			119,330
Total current liabilities	431,172		5,132,588			1,105			(5,422,226		)	142,639
Long-term debt	450,000		268,000			—			—			718,000
Asset retirement obligations	—		11,851			—			—			11,851
Deferred income taxes	55,349		—			—			—			55,349
Total liabilities	936,521		5,412,439			1,105			(5,422,226		)	927,839
Commitments and contingencies
Stockholders’ equity:	2,010,088		232,037			515,285			(747,322		)	2,010,088
Noncontrolling interest	—		—			—			233,531			233,531
Total equity	2,010,088		232,037			515,285			(513,791		)	2,243,619
Total liabilities and equity	$	2,946,609	$	5,644,476		$	516,390		$	(5,936,017	)	$	3,171,458



Condensed Consolidated Balance Sheet
December 31, 2014
(In thousands)
						Non–
			Guarantor			Guarantor
	Parent		Subsidiaries			Subsidiaries			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	6	$	15,067		$	15,110		$	—		$	30,183
Restricted cash	—		—			500			—			500
Accounts receivable	—		85,752			8,239			2			93,993
Accounts receivable - related party	—		4,001			—			—			4,001
Intercompany receivable	1,658,215		2,167,434			—			(3,825,649		)	—
Inventories	—		2,827			—			—			2,827
Other current assets	562		119,392			253			—			120,207
Total current assets	1,658,783		2,394,473			24,102			(3,825,647		)	251,711
Property and equipment
Oil and natural gas properties, at cost, based on the full cost method of accounting	—		2,607,513			511,084			—			3,118,597
Pipeline and gas gathering assets	—		7,174			—			—			7,174
Other property and equipment	—		48,180			—			—			48,180
Accumulated depletion, depreciation, amortization and impairment	—		(351,200		)	(32,799		)	1,855			(382,144		)
	—		2,311,667			478,285			1,855			2,791,807
Investment in subsidiaries	839,217		—			—			(839,217		)	—
Other assets	9,155		7,793			35,015			—			51,963
Total assets	$	2,507,155	$	4,713,933		$	537,402		$	(4,663,009	)	$	3,095,481
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable-trade	$	—	$	26,224		$	6		$	—		$	26,230
Intercompany payable	95,362		3,730,287			—			(3,825,649		)	—
Other current liabilities	49,190		189,264			2,045			—			240,499
Total current liabilities	144,552		3,945,775			2,051			(3,825,649		)	266,729
Long-term debt	450,000		223,500			—			—			673,500
Asset retirement obligations	—		8,447			—			—			8,447
Deferred income taxes	161,592		—			—			—			161,592
Total liabilities	756,144		4,177,722			2,051			(3,825,649		)	1,110,268
Commitments and contingencies
Stockholders’ equity:	1,751,011		536,211			535,351			(1,071,562		)	1,751,011
Noncontrolling interest	—		—			—			234,202			234,202
Total equity	1,751,011		536,211			535,351			(837,360		)	1,985,213
Total liabilities and equity	$	2,507,155	$	4,713,933		$	537,402		$	(4,663,009	)	$	3,095,481



Condensed Consolidated Statement of Operations
Three Months Ended June 30, 2015
(In thousands)
							Non–
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Revenues:
Oil sales	$	—		$	89,318		$	—		$	18,309		$	107,627
Natural gas sales	—			3,896			—			514			4,410
Natural gas liquid sales	—			6,230			—			796			7,026
Royalty income	—			—			19,619			(19,619		)	—
Total revenues	—			99,444			19,619			—			119,063
Costs and expenses:
Lease operating expenses	—			20,472			—			—			20,472
Production and ad valorem taxes	—			6,258			1,417			—			7,675
Gathering and transportation	—			1,625			—			—			1,625
Depreciation, depletion and amortization	—			47,961			8,949			186			57,096
Impairment expense	—			323,451			—			—			323,451
General and administrative expenses	4,235			2,142			1,307			—			7,684
Asset retirement obligation accretion expense	—			180			—			—			180
Total costs and expenses	4,235			402,089			11,673			186			418,183
Income (loss) from operations	(4,235		)	(302,645		)	7,946			(186		)	(299,120		)
Other income (expense)
Interest expense	(8,911		)	(1,156		)	(207		)	—			(10,274		)
Other income	1			71			306			—			378
Other income - related party	—			55			—			—			55
Loss on derivative instruments, net	—			(19,123		)	—			—			(19,123		)
Total other income (expense), net	(8,910		)	(20,153		)	99			—			(28,964		)
Income (loss) before income taxes	(13,145		)	(322,798		)	8,045			(186		)	(328,084		)
Benefit from income taxes	(116,732		)	—			—			—			(116,732		)
Net income (loss)	103,587			(322,798		)	8,045			(186		)	(211,352		)
Less: Net income attributable to noncontrolling interest	—			—			—			935			935
Net income (loss) attributable to Diamondback Energy, Inc.	$	103,587		$	(322,798	)	$	8,045		$	(1,121	)	$	(212,287	)



Condensed Consolidated Statement of Operations
Three Months Ended June 30, 2014
(In thousands)
							Non–
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Revenues:
Oil sales	$	—		$	99,573		$	—		$	15,709		$	115,282
Natural gas sales	—			3,738			—			591			4,329
Natural gas liquid sales	—			6,444			—			949			7,393
Royalty income	—			—			17,249			(17,249		)	—
Total revenues	—			109,755			17,249			—			127,004
Costs and expenses:
Lease operating expenses	—			10,496			—			—			10,496
Production and ad valorem taxes	—			7,162			1,392			—			8,554
Gathering and transportation	—			703			—			—			703
Depreciation, depletion and amortization	—			34,616			5,405			—			40,021
General and administrative expenses	3,428			287			297			(78		)	3,934
Asset retirement obligation accretion expense	—			104			—			—			104
Intercompany charges
Total costs and expenses	3,428			53,368			7,094			(78		)	63,812
Income (loss) from operations	(3,428		)	56,387			10,155			78			63,192
Other income (expense)
Interest income - intercompany	5,387			—			—			(5,387		)	—
Interest expense	(6,657		)	(1,082		)	—			—			(7,739		)
Interest expense - intercompany	—			—			(5,387		)	5,387			—
Other income - intercompany	—			108			—			(78		)	30
Loss on derivative instruments, net	—			(11,088		)	—			—			(11,088		)
Total other income (expense), net	(1,270		)	(13,470		)	(5,387		)	(78		)	(20,205		)
Income (loss) before income taxes	(4,698		)	42,917			4,768			—			42,987
Provision for income taxes	15,163			—			—			—			15,163
Net income (loss)	(19,861		)	42,917			4,768			—			27,824
Less: Net income attributable to noncontrolling interest	—			—			—			71			71
Net income (loss) attributable to Diamondback Energy, Inc.	$	(19,861	)	$	42,917		$	4,768		$	(71	)	$	27,753



Condensed Consolidated Statement of Operations
Six Months Ended June 30, 2015
(In thousands)
							Non–
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Revenues:
Oil sales	$	—		$	166,702		$	—		$	33,841		$	200,543
Natural gas sales	—			7,675			—			1,083			8,758
Natural gas liquid sales	—			9,923			—			1,240			11,163
Royalty income	—			—			36,164			(36,164		)	—
Total revenues	—			184,300			36,164			—			220,464
Costs and expenses:
Lease operating expenses	—			42,928			—			—			42,928
Production and ad valorem taxes	—			13,325			2,745			—			16,070
Gathering and transportation	—			2,655			—			—			2,655
Depreciation, depletion and amortization	—			98,268			17,850			655			116,773
Impairment expense	—			323,451			—			—			323,451
General and administrative expenses	8,753			4,308			2,859			—			15,920
Asset retirement obligation accretion expense	—			350			—			—			350
Total costs and expenses	8,753			485,285			23,454			655			518,147
Income (loss) from operations	(8,753		)	(300,985		)	12,710			(655		)	(297,683		)
Other income (expense)
Interest income - intercompany	—			—			—			—			—
Interest expense	(17,821		)	(2,575		)	(375		)	—			(20,771		)
Other income	1			77			792			—			870
Other income - related party	—			78			—			—			78
Loss on derivative instruments, net	—			(769		)	—			—			(769		)
Total other income (expense), net	(17,820		)	(3,189		)	417			—			(20,592		)
Income (loss) before income taxes	(26,573		)	(304,174		)	13,127			(655		)	(318,275		)
Benefit from income taxes	(113,362		)	—			—			—			(113,362		)
Net income (loss)	86,789			(304,174		)	13,127			(655		)	(204,913		)
Less: Net income attributable to noncontrolling interest	—			—			—			1,525			1,525
Net income (loss) attributable to Diamondback Energy, Inc.	$	86,789		$	(304,174	)	$	13,127		$	(2,180	)	$	(206,438	)



Condensed Consolidated Statement of Operations
Six Months Ended June 30, 2014
(In thousands)
							Non–
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Revenues:
Oil sales	$	—		$	174,822		$	—		$	30,218		$	205,040
Natural gas sales	—			6,570			—			1,094			7,664
Natural gas liquid sales	—			10,514			—			1,790			12,304
Royalty income	—			—			33,102			(33,102		)	—
Total revenues	—			191,906			33,102			—			225,008
Costs and expenses:
Lease operating expenses	—			18,411			—			—			18,411
Production and ad valorem taxes	—			12,065			2,331			—			14,396
Gathering and transportation	—			1,285			—			—			1,285
Depreciation, depletion and amortization	—			60,417			10,577			—			70,994
General and administrative expenses	7,413			793			285			—			8,491
Asset retirement obligation accretion expense	—			176			—			—			176
Intercompany charges	—			—			156			(156		)	—
Total costs and expenses	7,413			93,147			13,349			(156		)	113,753
Income (loss) from operations	(7,413		)	98,759			19,753			156			111,255
Other income (expense)
Interest income	—			—			—			—			—
Interest income - intercompany	10,755			—			—			(10,755		)	—
Interest expense	(12,544		)	(1,700		)	—			—			(14,244		)
Interest expense - intercompany	—			—			(10,755		)	10,755			—
Other income	—			—			—			—			—
Other income - related party	—			216			—			(156		)	60
Other expense	—			(1,408		)	—			—			(1,408		)
Loss on derivative instruments, net	—			(15,486		)				—			(15,486		)
Total other income (expense), net	(1,789		)	(18,378		)	(10,755		)	(156		)	(31,078		)
Income (loss) before income taxes	(9,202		)	80,381			8,998			—			80,177
Provision for income taxes	28,764			—			—						28,764
Net income (loss)	(37,966		)	80,381			8,998			—			51,413
Less: Net income attributable to noncontrolling interest	—			—			—			71			71
Net income (loss) attributable to Diamondback Energy, Inc.	$	(37,966	)	$	80,381		$	8,998		$	(71	)	$	51,342



Condensed Consolidated Statement of Cash Flows
Six Months Ended June 30, 2015
(In thousands)
							Non–
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net cash provided (used in) by operating activities	$	(19,006	)	$	188,619		$	30,173		$	—		$	199,786

Cash flows from investing activities:
Additions to oil and natural gas properties	—			(242,365		)	77			—			(242,288		)
Acquisition of leasehold interests	—			(435,398		)	—			—			(435,398		)
Purchase of other property and equipment	—			(604		)	—			—			(604		)
Equity investments	—			(1,675		)	—			—			(1,675		)
Intercompany transfers	(147,214		)	147,214			—			—			—
Net cash provided by (used in) investing activities	(147,214		)	(532,828		)	77			—			(679,965		)
Cash flows from financing activities:
Proceeds from borrowing on credit facility	—			363,501			—			—			363,501
Repayment on credit facility	—			(319,001		)	—			—			(319,001		)
Proceeds from public offerings	453,060			—			—			—			453,060
Distribution from subsidiary	30,997			—			—			(30,997		)	—
Distribution to non-controlling interest	—			—			(35,071		)	30,997			(4,074		)
Intercompany transfers	(319,001		)	319,001			—			—			—
Other financing activities	1,497			(8		)	(301		)	—			1,188
Net cash provided by (used in) financing activities	166,553			363,493			(35,372		)	—			494,674

Net increase (decrease) in cash and cash equivalents	333			19,284			(5,122		)	—			14,495
Cash and cash equivalents at beginning of period	6			15,067			15,110			—			30,183
Cash and cash equivalents at end of period	$	339		$	34,351		$	9,988		$	—		$	44,678



Condensed Consolidated Statement of Cash Flows
Six Months Ended June 30, 2014
(In thousands)
							Non–
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net cash provided by operating activities	$	(2,145	)	$	138,172		$	14,064		$	9,615		$	159,706

Cash flows from investing activities:
Additions to oil and natural gas properties	—			(204,075		)	(5,275		)	—			(209,350		)
Acquisition of leasehold interests	—			(312,207		)	—			—			(312,207		)
Acquisition of mineral interests	—			—			—			—			—
Purchase of other property and equipment	—			(1,165		)	—			—			(1,165		)
Intercompany transfers	(203,169		)	223,169			—			(20,000		)	—
Other investing activities	—			(923		)	—			—			(923		)
Net cash used in investing activities	(203,169		)	(295,201		)	(5,275		)	(20,000		)	(523,645		)
Cash flows from financing activities:
Proceeds from borrowing on credit facility	—			166,000			—			—			166,000
Proceeds from public offerings	208,644			—			139,035			—			347,679
Other financing activities	3,648			(778		)	(4,057		)	2,885			1,698
Net cash provided by (used in) financing activities	212,292			165,222			(2,522		)	10,385			385,377

Net increase (decrease) in cash and cash equivalents	6,978			8,193			6,267			—			21,438
Cash and cash equivalents at beginning of period	526			14,267			762			—			15,555
Cash and cash equivalents at end of period	$	7,504		$	22,460		$	7,029		$	—		$	36,993

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries after all significant intercompany balances and transactions have been eliminated upon consolidation.
Use of Estimates	Use of Estimates Certain amounts included in or affecting the Company’s consolidated financial statements and related disclosures must be estimated by management, requiring certain assumptions to be made with respect to values or conditions that cannot be known with certainty at the time the consolidated financial statements are prepared. These estimates and assumptions affect the amounts the Company reports for assets and liabilities and the Company’s disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates. The Company evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Company considers reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from the Company’s estimates. Any effects on the Company’s business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Significant items subject to such estimates and assumptions include estimates of proved oil and natural gas reserves and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, asset retirement obligations, the fair value determination of acquired assets and liabilities, stock-based compensation, fair value estimates of commodity derivatives and estimates of income taxes.
New Accounting Pronouncements	New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers”. ASU 2014-09 supersedes most of the existing revenue recognition requirements in GAAP and requires (i) an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services and (ii) requires expanded disclosures regarding the nature, amount, timing, and certainty of revenue and cash flows from contracts with customers. The standard will be effective for annual and interim reporting periods beginning after December 15, 2016, with early application not permitted. The standard allows for either full retrospective adoption, meaning the standard is applied to all periods presented in the financial statements, or modified retrospective adoption, meaning the standard is applied only to the most current period presented. The Company is currently evaluating the impact, if any, that the adoption of ASU 2014-09 will have on the Company’s financial position, results of operations, and liquidity. In April 2015, the FASB issued ASU 2015-03, “Interest—Imputation of Interest”. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from that debt liability, consistent with the presentation of a debt discount to simplify the presentation of debt issuance costs. The standard will be effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. Early application will be permitted for financial statements that have not previously been issued. Adoption of the new guidance will only affect the presentation of the Company’s consolidated balance sheets and will not have a material impact on its consolidated financial statements.
Fair Value Measurement	Fair value is defined as 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. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. The Company uses appropriate valuation techniques based on available inputs to measure the fair values of its assets and liabilities. Level 1 - Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date. Level 2 - Observable market-based inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 - Unobservable inputs that are not corroborated by market data and may be used with internally developed methodologies that result in management’s best estimate of fair value. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement.

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2015

Oil and Gas Interest in Permian Basin Acquired in 2014 [Member]

Business Acquisition [Line Items]

Schedule of business acquisition pro forma



	Pro Forma
	(Unaudited)
	Three Months Ended		Six Months Ended
	June 30, 2014		June 30, 2014

	(in thousands)
Revenues	$	141,527	$	261,471
Income from operations	68,761		123,459
Net income	31,229		59,026

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment includes the following:



	June 30,			December 31,
	2015			2014

	(in thousands)
Oil and natural gas properties:
Subject to depletion	$	2,641,281		$	2,345,077
Not subject to depletion-acquisition costs
Incurred in 2015	384,799			—
Incurred in 2014	549,326			576,802
Incurred in 2013	74,109			130,474
Incurred in 2012	63,297			65,480
Incurred in 2011	—			764
Total not subject to depletion	1,071,531			773,520
Gross oil and natural gas properties	3,712,812			3,118,597
Accumulated depletion	(818,848		)	(379,481		)
Oil and natural gas properties, net	2,893,964			2,739,116
Pipeline and gas gathering assets	7,174			7,174
Other property and equipment	48,654			48,180
Accumulated depreciation	(3,395		)	(2,663		)
Property and equipment, net of accumulated depreciation, depletion, amortization and impairment	$	2,946,397		$	2,791,807

Asset Retirement Obligations (Tables)

6 Months Ended

Jun. 30, 2015

Asset Retirement Obligation [Abstract]

Asset Retirement Obligations

The following table describes the changes to the Company’s asset retirement obligation liability for the following periods:



	Six Months Ended June 30,
	2015			2014

	(in thousands)
Asset retirement obligation, beginning of period	$	8,486		$	3,029
Additional liability incurred	215			382
Liabilities acquired	2,765			1,312
Liabilities settled	(4		)	(10		)
Accretion expense	350			176
Revisions in estimated liabilities	78			588
Asset retirement obligation, end of period	11,890			5,477
Less current portion	39			40
Asset retirement obligations - long-term	$	11,851		$	5,437

Debt (Tables)

6 Months Ended

Jun. 30, 2015

Line of Credit Facility [Line Items]

Schedule of long-term debt

Long-term debt consisted of the following as of the dates indicated:



	June 30,		December 31,
	2015		2014

	(in thousands)
Revolving credit facility	$	268,000	$	223,500
7.625 % Senior Notes due 2021	450,000		450,000
Partnership revolving credit facility	—		—
Total long-term debt	$	718,000	$	673,500

Financial Covenants



Financial Covenant			Required Ratio
Ratio of total debt to EBITDAX			Not greater than 4.0 to 1.0
Ratio of current assets to liabilities, as defined in the credit agreement			Not less than 1.0 to 1.0

Viper Energy Partners LP [Member]

Line of Credit Facility [Line Items]

Financial Covenants



Financial Covenant			Required Ratio
Ratio of total debt to EBITDAX			Not greater than 4.0 to 1.0
Ratio of current assets to liabilities, as defined in the credit agreement			Not less than 1.0 to 1.0
EBITDAX is annualized for the four fiscal quarters ending on the last day of the fiscal quarter for which financial statements are available, beginning with the quarter ended September 30, 2014.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

Capital Stock and Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2015

Equity [Abstract]

Schedule of reconciliation of basic and diluted net income per share

A reconciliation of the components of basic and diluted earnings per common share is presented in the table below:




	Three Months Ended June 30,
	2015							2014
					Per						Per
	Income			Shares	Share			Income		Shares	Share

	(in thousands, except per share amounts)
Basic:
Net income attributable to common stock	$	(212,287	)	61,469	$	(3.45	)	27,753		50,777	$	0.55
Effect of Dilutive Securities:
Dilutive effect of potential common shares issuable	$	—		—				(74	)	365
Diluted:
Net income attributable to common stock	$	(212,287	)	61,469	$	(3.45	)	27,679		51,142	$	0.54




	Six Months Ended June 30,
	2015							2014
					Per						Per
	Income			Shares	Share			Income		Shares	Share

	(in thousands, except per share amounts)
Basic:
Net income attributable to common stock	$	(206,438	)	59,936	$	(3.44	)	51,342		49,622	$	1.03
Effect of Dilutive Securities:
Dilutive effect of potential common shares issuable	$	—		—				(74	)	425
Diluted:
Net income attributable to common stock	$	(206,438	)	59,936	$	(3.44	)	51,268		50,047	$	1.02

Stock and Unit Based Compensation (Tables)

6 Months Ended

Jun. 30, 2015

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

The effects of stock-based compensation plans and related costs

The following table presents the effects of the equity and stock based compensation plans and related costs:



	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015	2014


General and administrative expenses	$	4,333	$	1,128	9,257	3,318
Stock based compensation capitalized pursuant to full cost method of accounting for oil and natural gas properties	1,452		1,649		3,591	2,715

Schedule of stock/unit option activity

The following table presents the Company’s stock option activity under the Company’s 2012 Equity Incentive Plan (“2012 Plan”) for the six months ended June 30, 2015.



			Weighted Average
			Exercise		Remaining	Intrinsic
	Options		Price		Term	Value
					(in years)	(in thousands)
Outstanding at December 31, 2014	313,105		$	18.29
Granted	—		$	—
Exercised	(97,605	)	$	18.34
Expired/Forfeited	—		$	—
Outstanding at June 30, 2015	215,500		$	18.26	1.48	$	11,097

Vested and Expected to vest at June 30, 2015	215,500		$	18.26	1.48	$	11,097
Exercisable at June 30, 2015	59,000		$	17.50	1.37	$	1,474

Summary of restricted stock units

The following table presents the Company’s restricted stock units activity under the 2012 Plan during the six months ended June 30, 2015.



			Weighted Average
	Restricted Stock		Grant-Date
	Units		Fair Value
Unvested at December 31, 2014	167,291		$	49.99
Granted	92,252		$	68.67
Vested	(77,421	)	$	48.73
Forfeited	(1,754	)	$	74.97
Unvested at June 30, 2015	180,368		$	52.72

Summary of grant-date fair values of performance restricted stock units granted and related assumptions

The following table presents a summary of the grant-date fair values of performance restricted stock units granted and the related assumptions for the February 2014 award.



	2014
Grant-date fair value	$	125.63
Risk-free rate	0.30		%
Company volatility	39.60		%

The following table presents a summary of the grant-date fair values of performance restricted stock units granted and the related assumptions for the February 2015 award.



	2015
Grant-date fair value	$	137.14
Risk-free rate	0.49		%
Company volatility	43.36		%

Schedule of performance restricted stock units activity

The following table presents the Company’s performance restricted stock units activity under the 2012 Plan for the six months ended June 30, 2015.



		Performance	Weighted Average
		Restricted Stock	Grant-Date
		Units	Fair Value
Unvested at December 31, 2014		79,150	$	125.63
Granted		90,249	$	137.14
Vested		—	$	—
Forfeited		—	$	—
Unvested at June 30, 2015⁽¹⁾		169,399	$	131.76

(1)	A maximum of 338,798 units could be awarded based upon the Company’s final TSR ranking.

Viper Energy Partners LP [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of stock/unit option activity

The following table presents the unit option activity under the Viper LTIP for the six months ended June 30, 2015.



		Weighted Average
	Unit	Exercise		Remaining	Intrinsic
	Options	Price		Term	Value
				(in years)	(in thousands)
Outstanding at December 31, 2014	2,500,000	$	26.00
Granted	—	$	—
Outstanding at June 30, 2015	2,500,000	$	26.00	1.97	$	—

Vested and Expected to vest at June 30, 2015	2,500,000	$	26.00	1.97	$	—
Exercisable at June 30, 2015	—	$	—	—	$	—

Summary of grant-date fair value and related assumptions



	2014
Grant-date fair value	$	4.24
Expected volatility	36.0		%
Expected dividend yield	5.9		%
Expected term (in years)	3.0
Risk-free rate	0.99		%

Phantom Units [Member] | Viper Energy Partners LP [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of phantom units activity

The following table presents the phantom unit activity under the Viper LTIP for the six months ended June 30, 2015.



			Weighted Average
	Phantom		Grant-Date
	Units		Fair Value
Unvested at December 31, 2014	17,776		$	19.51
Granted	—		$	—
Vested	(8,888	)	$	19.51
Forfeited	—		$	—
Unvested at June 30, 2015	8,888		$	19.51

Derivatives (Tables)

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments



Crude Oil—Argus Louisiana Light Sweet Fixed Price Swap

Production Period	Volume (Bbls)	Fixed Swap Price
July- December 2015	552,000	90.99


Crude Oil—NYMEX West Texas Intermediate Fixed Price Swap

Production Period	Volume (Bbls)	Fixed Swap Price
July - December 2015	920,000	84.10


Crude Oil—ICE Brent Fixed Price Swap

Production Period	Volume (Bbls)	Fixed Swap Price
July - December 2015	368,000	88.78
January - February 2016	91,000	88.72

Schedule of netting offsets of derivative assets and liabilities



	June 30, 2015

	(in thousands)
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets Presented in the Consolidated Balance Sheet
Derivative assets	$	47,910	$	—	$	47,910

	December 31, 2014

	(in thousands)
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets Presented in the Consolidated Balance Sheet
Derivative assets	$	117,541	$	—	$	117,541

Schedule of derivative instruments included in the consolidated balance sheet

The net fair value of the Company’s derivative assets and liabilities and their locations on the consolidated balance sheet are as follows:



	June 30,		December 31,
	2015		2014

	(in thousands)
Current Assets: Derivative instruments	$	47,910	$	115,607
Noncurrent Assets: Derivative instruments	—		1,934
Total Assets	$	47,910	$	117,541

Summary of derivative contract gains and losses included in the consolidated statements of operations

The following table summarizes the gains and losses on derivative instruments included in the combined consolidated statements of operations:



	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014


Change in fair value of open non-hedge derivative instruments	$	(44,425	)	$	(7,468	)	$	(69,631	)	$	(10,810	)
Gain (loss) on settlement of non-hedge derivative instruments	25,302			(3,620		)	68,862			(4,676		)
Gain (loss) on derivative instruments	$	(19,123	)	$	(11,088	)	$	(769	)	$	(15,486	)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579240-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41620-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Fair value measurement information for financial instruments measured on a recurring basis

The following table provides fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014.



		Fair value measurements at June 30, 2015 using:

	(in thousands)
		Quoted Prices in Active Markets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
Assets:
Fixed price swaps		$	—	$	47,910	$	—	$	47,910

		Fair value measurements at December 31, 2014 using:

	(in thousands)
		Quoted Prices in Active Markets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
Assets:
Fixed price swaps		$	—	$	117,541	$	—	$	117,541

Fair value measurement information for financial instruments measured on a nonrecurring basis

The following table provides the fair value of financial instruments that are not recorded at fair value in the consolidated balance sheets.



	June 30, 2015				December 31, 2014
	Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value

	(in thousands)
Debt:
Revolving credit facility	$	268,000	$	268,000	$	223,500	$	223,500
7.625% Senior Notes due 2021	450,000		482,715		450,000		440,438
Partnership revolving credit facility	—		—		—		—

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Schedule of minimum future lease payments

The following is a schedule of minimum future lease payments with commitments that have initial or remaining noncancelable lease terms in excess of one year as of June 30, 2015:



Year Ending December 31,	Drilling Rig Commitments		Office and Equipment Leases

2016	$	27,317	$	1,743
2017	19,892		2,012
2018	13,031		1,932
2019	—		1,797
2020	—		1,618
Thereafter	—		9,337
Total	$	60,240	$	18,439

Guarantor Financial Statements (Tables)

6 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidated Balance Sheet



Condensed Consolidated Balance Sheet
June 30, 2015
(In thousands)
						Non–
			Guarantor			Guarantor
	Parent		Subsidiaries			Subsidiaries			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	339	$	34,351		$	9,988		$	—		$	44,678
Restricted cash	—		—			500			—			500
Accounts receivable	—		60,507			9,902			2			70,411
Intercompany receivable	2,422,526		2,999,702			—			(5,422,228		)	—
Inventories	—		2,658			—			—			2,658
Other current assets	274		51,374			467			—			52,115
Total current assets	2,423,139		3,148,592			20,857			(5,422,226		)	170,362
Property and equipment
Oil and natural gas properties, at cost, based on the full cost method of accounting	—		3,201,804			511,008			—			3,712,812
Pipeline and gas gathering assets	—		7,174			—			—			7,174
Other property and equipment	—		48,654			—			—			48,654
Accumulated depletion, depreciation, amortization and impairment	—		(772,793		)	(50,650		)	1,200			(822,243		)
	—		2,484,839			460,358			1,200			2,946,397
Investment in subsidiaries	514,991		—			—			(514,991		)	—
Other assets	8,479		11,045			35,175			—			54,699
Total assets	$	2,946,609	$	5,644,476		$	516,390		$	(5,936,017	)	$	3,171,458
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable-trade	$	—	$	23,309		$	—		$	—		$	23,309
Intercompany payable	389,619		5,032,607			—			(5,422,226		)	—
Other current liabilities	41,553		76,672			1,105			—			119,330
Total current liabilities	431,172		5,132,588			1,105			(5,422,226		)	142,639
Long-term debt	450,000		268,000			—			—			718,000
Asset retirement obligations	—		11,851			—			—			11,851
Deferred income taxes	55,349		—			—			—			55,349
Total liabilities	936,521		5,412,439			1,105			(5,422,226		)	927,839
Commitments and contingencies
Stockholders’ equity:	2,010,088		232,037			515,285			(747,322		)	2,010,088
Noncontrolling interest	—		—			—			233,531			233,531
Total equity	2,010,088		232,037			515,285			(513,791		)	2,243,619
Total liabilities and equity	$	2,946,609	$	5,644,476		$	516,390		$	(5,936,017	)	$	3,171,458



Condensed Consolidated Balance Sheet
December 31, 2014
(In thousands)
						Non–
			Guarantor			Guarantor
	Parent		Subsidiaries			Subsidiaries			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	6	$	15,067		$	15,110		$	—		$	30,183
Restricted cash	—		—			500			—			500
Accounts receivable	—		85,752			8,239			2			93,993
Accounts receivable - related party	—		4,001			—			—			4,001
Intercompany receivable	1,658,215		2,167,434			—			(3,825,649		)	—
Inventories	—		2,827			—			—			2,827
Other current assets	562		119,392			253			—			120,207
Total current assets	1,658,783		2,394,473			24,102			(3,825,647		)	251,711
Property and equipment
Oil and natural gas properties, at cost, based on the full cost method of accounting	—		2,607,513			511,084			—			3,118,597
Pipeline and gas gathering assets	—		7,174			—			—			7,174
Other property and equipment	—		48,180			—			—			48,180
Accumulated depletion, depreciation, amortization and impairment	—		(351,200		)	(32,799		)	1,855			(382,144		)
	—		2,311,667			478,285			1,855			2,791,807
Investment in subsidiaries	839,217		—			—			(839,217		)	—
Other assets	9,155		7,793			35,015			—			51,963
Total assets	$	2,507,155	$	4,713,933		$	537,402		$	(4,663,009	)	$	3,095,481
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable-trade	$	—	$	26,224		$	6		$	—		$	26,230
Intercompany payable	95,362		3,730,287			—			(3,825,649		)	—
Other current liabilities	49,190		189,264			2,045			—			240,499
Total current liabilities	144,552		3,945,775			2,051			(3,825,649		)	266,729
Long-term debt	450,000		223,500			—			—			673,500
Asset retirement obligations	—		8,447			—			—			8,447
Deferred income taxes	161,592		—			—			—			161,592
Total liabilities	756,144		4,177,722			2,051			(3,825,649		)	1,110,268
Commitments and contingencies
Stockholders’ equity:	1,751,011		536,211			535,351			(1,071,562		)	1,751,011
Noncontrolling interest	—		—			—			234,202			234,202
Total equity	1,751,011		536,211			535,351			(837,360		)	1,985,213
Total liabilities and equity	$	2,507,155	$	4,713,933		$	537,402		$	(4,663,009	)	$	3,095,481

Condensed Consolidated Statement of Operations



Condensed Consolidated Statement of Operations
Three Months Ended June 30, 2015
(In thousands)
							Non–
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Revenues:
Oil sales	$	—		$	89,318		$	—		$	18,309		$	107,627
Natural gas sales	—			3,896			—			514			4,410
Natural gas liquid sales	—			6,230			—			796			7,026
Royalty income	—			—			19,619			(19,619		)	—
Total revenues	—			99,444			19,619			—			119,063
Costs and expenses:
Lease operating expenses	—			20,472			—			—			20,472
Production and ad valorem taxes	—			6,258			1,417			—			7,675
Gathering and transportation	—			1,625			—			—			1,625
Depreciation, depletion and amortization	—			47,961			8,949			186			57,096
Impairment expense	—			323,451			—			—			323,451
General and administrative expenses	4,235			2,142			1,307			—			7,684
Asset retirement obligation accretion expense	—			180			—			—			180
Total costs and expenses	4,235			402,089			11,673			186			418,183
Income (loss) from operations	(4,235		)	(302,645		)	7,946			(186		)	(299,120		)
Other income (expense)
Interest expense	(8,911		)	(1,156		)	(207		)	—			(10,274		)
Other income	1			71			306			—			378
Other income - related party	—			55			—			—			55
Loss on derivative instruments, net	—			(19,123		)	—			—			(19,123		)
Total other income (expense), net	(8,910		)	(20,153		)	99			—			(28,964		)
Income (loss) before income taxes	(13,145		)	(322,798		)	8,045			(186		)	(328,084		)
Benefit from income taxes	(116,732		)	—			—			—			(116,732		)
Net income (loss)	103,587			(322,798		)	8,045			(186		)	(211,352		)
Less: Net income attributable to noncontrolling interest	—			—			—			935			935
Net income (loss) attributable to Diamondback Energy, Inc.	$	103,587		$	(322,798	)	$	8,045		$	(1,121	)	$	(212,287	)



Condensed Consolidated Statement of Operations
Three Months Ended June 30, 2014
(In thousands)
							Non–
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Revenues:
Oil sales	$	—		$	99,573		$	—		$	15,709		$	115,282
Natural gas sales	—			3,738			—			591			4,329
Natural gas liquid sales	—			6,444			—			949			7,393
Royalty income	—			—			17,249			(17,249		)	—
Total revenues	—			109,755			17,249			—			127,004
Costs and expenses:
Lease operating expenses	—			10,496			—			—			10,496
Production and ad valorem taxes	—			7,162			1,392			—			8,554
Gathering and transportation	—			703			—			—			703
Depreciation, depletion and amortization	—			34,616			5,405			—			40,021
General and administrative expenses	3,428			287			297			(78		)	3,934
Asset retirement obligation accretion expense	—			104			—			—			104
Intercompany charges
Total costs and expenses	3,428			53,368			7,094			(78		)	63,812
Income (loss) from operations	(3,428		)	56,387			10,155			78			63,192
Other income (expense)
Interest income - intercompany	5,387			—			—			(5,387		)	—
Interest expense	(6,657		)	(1,082		)	—			—			(7,739		)
Interest expense - intercompany	—			—			(5,387		)	5,387			—
Other income - intercompany	—			108			—			(78		)	30
Loss on derivative instruments, net	—			(11,088		)	—			—			(11,088		)
Total other income (expense), net	(1,270		)	(13,470		)	(5,387		)	(78		)	(20,205		)
Income (loss) before income taxes	(4,698		)	42,917			4,768			—			42,987
Provision for income taxes	15,163			—			—			—			15,163
Net income (loss)	(19,861		)	42,917			4,768			—			27,824
Less: Net income attributable to noncontrolling interest	—			—			—			71			71
Net income (loss) attributable to Diamondback Energy, Inc.	$	(19,861	)	$	42,917		$	4,768		$	(71	)	$	27,753



Condensed Consolidated Statement of Operations
Six Months Ended June 30, 2015
(In thousands)
							Non–
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Revenues:
Oil sales	$	—		$	166,702		$	—		$	33,841		$	200,543
Natural gas sales	—			7,675			—			1,083			8,758
Natural gas liquid sales	—			9,923			—			1,240			11,163
Royalty income	—			—			36,164			(36,164		)	—
Total revenues	—			184,300			36,164			—			220,464
Costs and expenses:
Lease operating expenses	—			42,928			—			—			42,928
Production and ad valorem taxes	—			13,325			2,745			—			16,070
Gathering and transportation	—			2,655			—			—			2,655
Depreciation, depletion and amortization	—			98,268			17,850			655			116,773
Impairment expense	—			323,451			—			—			323,451
General and administrative expenses	8,753			4,308			2,859			—			15,920
Asset retirement obligation accretion expense	—			350			—			—			350
Total costs and expenses	8,753			485,285			23,454			655			518,147
Income (loss) from operations	(8,753		)	(300,985		)	12,710			(655		)	(297,683		)
Other income (expense)
Interest income - intercompany	—			—			—			—			—
Interest expense	(17,821		)	(2,575		)	(375		)	—			(20,771		)
Other income	1			77			792			—			870
Other income - related party	—			78			—			—			78
Loss on derivative instruments, net	—			(769		)	—			—			(769		)
Total other income (expense), net	(17,820		)	(3,189		)	417			—			(20,592		)
Income (loss) before income taxes	(26,573		)	(304,174		)	13,127			(655		)	(318,275		)
Benefit from income taxes	(113,362		)	—			—			—			(113,362		)
Net income (loss)	86,789			(304,174		)	13,127			(655		)	(204,913		)
Less: Net income attributable to noncontrolling interest	—			—			—			1,525			1,525
Net income (loss) attributable to Diamondback Energy, Inc.	$	86,789		$	(304,174	)	$	13,127		$	(2,180	)	$	(206,438	)



Condensed Consolidated Statement of Operations
Six Months Ended June 30, 2014
(In thousands)
							Non–
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Revenues:
Oil sales	$	—		$	174,822		$	—		$	30,218		$	205,040
Natural gas sales	—			6,570			—			1,094			7,664
Natural gas liquid sales	—			10,514			—			1,790			12,304
Royalty income	—			—			33,102			(33,102		)	—
Total revenues	—			191,906			33,102			—			225,008
Costs and expenses:
Lease operating expenses	—			18,411			—			—			18,411
Production and ad valorem taxes	—			12,065			2,331			—			14,396
Gathering and transportation	—			1,285			—			—			1,285
Depreciation, depletion and amortization	—			60,417			10,577			—			70,994
General and administrative expenses	7,413			793			285			—			8,491
Asset retirement obligation accretion expense	—			176			—			—			176
Intercompany charges	—			—			156			(156		)	—
Total costs and expenses	7,413			93,147			13,349			(156		)	113,753
Income (loss) from operations	(7,413		)	98,759			19,753			156			111,255
Other income (expense)
Interest income	—			—			—			—			—
Interest income - intercompany	10,755			—			—			(10,755		)	—
Interest expense	(12,544		)	(1,700		)	—			—			(14,244		)
Interest expense - intercompany	—			—			(10,755		)	10,755			—
Other income	—			—			—			—			—
Other income - related party	—			216			—			(156		)	60
Other expense	—			(1,408		)	—			—			(1,408		)
Loss on derivative instruments, net	—			(15,486		)				—			(15,486		)
Total other income (expense), net	(1,789		)	(18,378		)	(10,755		)	(156		)	(31,078		)
Income (loss) before income taxes	(9,202		)	80,381			8,998			—			80,177
Provision for income taxes	28,764			—			—						28,764
Net income (loss)	(37,966		)	80,381			8,998			—			51,413
Less: Net income attributable to noncontrolling interest	—			—			—			71			71
Net income (loss) attributable to Diamondback Energy, Inc.	$	(37,966	)	$	80,381		$	8,998		$	(71	)	$	51,342

Condensed Consolidated Statement of Cash Flows



Condensed Consolidated Statement of Cash Flows
Six Months Ended June 30, 2015
(In thousands)
							Non–
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net cash provided (used in) by operating activities	$	(19,006	)	$	188,619		$	30,173		$	—		$	199,786

Cash flows from investing activities:
Additions to oil and natural gas properties	—			(242,365		)	77			—			(242,288		)
Acquisition of leasehold interests	—			(435,398		)	—			—			(435,398		)
Purchase of other property and equipment	—			(604		)	—			—			(604		)
Equity investments	—			(1,675		)	—			—			(1,675		)
Intercompany transfers	(147,214		)	147,214			—			—			—
Net cash provided by (used in) investing activities	(147,214		)	(532,828		)	77			—			(679,965		)
Cash flows from financing activities:
Proceeds from borrowing on credit facility	—			363,501			—			—			363,501
Repayment on credit facility	—			(319,001		)	—			—			(319,001		)
Proceeds from public offerings	453,060			—			—			—			453,060
Distribution from subsidiary	30,997			—			—			(30,997		)	—
Distribution to non-controlling interest	—			—			(35,071		)	30,997			(4,074		)
Intercompany transfers	(319,001		)	319,001			—			—			—
Other financing activities	1,497			(8		)	(301		)	—			1,188
Net cash provided by (used in) financing activities	166,553			363,493			(35,372		)	—			494,674

Net increase (decrease) in cash and cash equivalents	333			19,284			(5,122		)	—			14,495
Cash and cash equivalents at beginning of period	6			15,067			15,110			—			30,183
Cash and cash equivalents at end of period	$	339		$	34,351		$	9,988		$	—		$	44,678



Condensed Consolidated Statement of Cash Flows
Six Months Ended June 30, 2014
(In thousands)
							Non–
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net cash provided by operating activities	$	(2,145	)	$	138,172		$	14,064		$	9,615		$	159,706

Cash flows from investing activities:
Additions to oil and natural gas properties	—			(204,075		)	(5,275		)	—			(209,350		)
Acquisition of leasehold interests	—			(312,207		)	—			—			(312,207		)
Acquisition of mineral interests	—			—			—			—			—
Purchase of other property and equipment	—			(1,165		)	—			—			(1,165		)
Intercompany transfers	(203,169		)	223,169			—			(20,000		)	—
Other investing activities	—			(923		)	—			—			(923		)
Net cash used in investing activities	(203,169		)	(295,201		)	(5,275		)	(20,000		)	(523,645		)
Cash flows from financing activities:
Proceeds from borrowing on credit facility	—			166,000			—			—			166,000
Proceeds from public offerings	208,644			—			139,035			—			347,679
Other financing activities	3,648			(778		)	(4,057		)	2,885			1,698
Net cash provided by (used in) financing activities	212,292			165,222			(2,522		)	10,385			385,377

Net increase (decrease) in cash and cash equivalents	6,978			8,193			6,267			—			21,438
Cash and cash equivalents at beginning of period	526			14,267			762			—			15,555
Cash and cash equivalents at end of period	$	7,504		$	22,460		$	7,029		$	—		$	36,993

Description of the Business and Basis of Presentation (Details) - Viper Energy Partners LP [Member] - shares	Sep. 19, 2014	Jun. 23, 2014	Jun. 17, 2014	Jun. 30, 2015
Noncontrolling Interest [Line Items]
Interest in Viper Energy Partners LP		92.00%		88.00%
IPO [Member]
Noncontrolling Interest [Line Items]
Units issued by Viper Energy Partners LP		5,750,000
Interest in Viper Energy Partners LP		8.00%
Public Offering [Member]
Noncontrolling Interest [Line Items]
Units issued by Viper Energy Partners LP	3,500,000
Limited Partner [Member] \| Diamondback Energy, Inc. [Member]
Noncontrolling Interest [Line Items]
Exchange of membership interests for common units			70,450,000

Acquisitions - Activity (Details) - Permian Basin [Member] $ in Millions			3 Months Ended		4 Months Ended	6 Months Ended
	Sep. 09, 2014 a	Feb. 28, 2014 a	Jun. 30, 2015 USD ($) a	Jun. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($) a
Oil and Gas Interest in Permian Basin Acquired in 2015 [Member]
Business Acquisition [Line Items]
Acres of oil and gas property, working interest, gross			15,940			15,940
Acres of oil and gas property, working interest, net			11,864			11,864
Aggregate purchase price \| $						$ 435.4
Oil and Gas Interest in Permian Basin Acquired in September 2014 [Member]
Business Acquisition [Line Items]
Acres of oil and gas property, working interest, gross	17,617
Acres of oil and gas property, working interest, net	12,967
Percent of working interest	74.00%
Percent of net revenue interest	75.00%
Revenues included in consolidated statements of operations since acquisition date \| $			$ 5.8			11.0
Direct operating expenses included in consolidated statements of operations since acquisition date \| $			3.4			7.1
Oil and Gas Interest in Permian Basin Acquired in February 2014 [Member]
Business Acquisition [Line Items]
Acres of oil and gas property, working interest, gross		6,450
Acres of oil and gas property, working interest, net		4,785
Percent of working interest		74.00%
Percent of net revenue interest		56.00%
Revenues included in consolidated statements of operations since acquisition date \| $			10.4	$ 14.3	$ 19.2	17.2
Direct operating expenses included in consolidated statements of operations since acquisition date \| $			$ 2.8	$ 3.5	$ 4.6	$ 5.8

Acquisitions - Pro Forma Financial Information (Details) - Oil and Gas Interest in Permian Basin Acquired in 2014 [Member] - Permian Basin [Member] - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014
Pro Forma
Revenues	$ 141,527	$ 261,471
Income from operations	68,761	123,459
Net income	$ 31,229	$ 59,026

Viper Energy Partners LP (Details) - Viper Energy Partners LP [Member] - USD ($) $ / shares in Units, $ in Millions			3 Months Ended	6 Months Ended
	Jun. 23, 2014	Jun. 17, 2014	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014
Noncontrolling Interest [Line Items]
Interest in Viper Energy Partners LP	92.00%		88.00%	88.00%
IPO [Member]
Noncontrolling Interest [Line Items]
Interest in Viper Energy Partners LP	8.00%
Units issued by Viper Energy Partners LP	5,750,000
Price per common unit (in dollars per unit)	$ 26.00
Proceeds from sale of common units, net of offering expenses and underwriting discounts and commissions	$ 137.2
Over-Allotment Option [Member]
Noncontrolling Interest [Line Items]
Units issued by Viper Energy Partners LP	750,000
Diamondback Energy, Inc. [Member]
Noncontrolling Interest [Line Items]
Distribution payable to Diamondback					$ 11.3
Distributions			$ 13.4	$ 31.0
Diamondback Energy, Inc. [Member] \| Limited Partner [Member]
Noncontrolling Interest [Line Items]
Exchange of membership interests for common units		70,450,000
Cumulative distributions					$ 137.5

Property and Equipment (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
Property and Equipment (Details) $ in Thousands	Jun. 30, 2014 $ / bbl	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($) $ / bbl	Jun. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)
Property, Plant and Equipment [Line Items]
Subject to depletion		$ 2,641,281		$ 2,641,281		$ 2,345,077
Oil and Natural Gas Properties:
Not subject to depletion-acquisition costs		1,071,531		1,071,531		773,520
Gross oil and natural gas properties		3,712,812		3,712,812		3,118,597
Accumulated depletion		(818,848)		(818,848)		(379,481)
Net oil and natural gas properties capitalized		2,893,964		2,893,964		2,739,116
Pipeline and gas gathering assets		7,174		7,174		7,174
Other property and equipment		48,654		48,654		48,180
Accumulated depreciation		(822,243)		(822,243)		(382,144)
Property and equipment, net of accumulated depreciation, depletion, amortization and impairment		2,946,397		2,946,397		2,791,807
Impairment of oil and gas properties		323,451	$ 0	323,451	$ 0
Price of oil and gas (in dollars per bbl) \| $ / bbl	105.00
Capitalized general and administrative costs		1,500	$ 2,600	3,600	$ 4,900
Incurred in 2015 [Member]
Oil and Natural Gas Properties:
Not subject to depletion-acquisition costs		384,799		384,799		0
Incurred in 2014 [Member]
Oil and Natural Gas Properties:
Not subject to depletion-acquisition costs		549,326		549,326		576,802
Incurred in 2013 [Member]
Oil and Natural Gas Properties:
Not subject to depletion-acquisition costs		74,109		74,109		130,474
Incurred in 2012 [Member]
Oil and Natural Gas Properties:
Not subject to depletion-acquisition costs		63,297		63,297		65,480
Incurred in 2011 [Member]
Oil and Natural Gas Properties:
Not subject to depletion-acquisition costs		0		$ 0		764
Minimum [Member]
Oil and Natural Gas Properties:
Price of oil and gas (in dollars per bbl) \| $ / bbl				45.00
Number of years until unevaluated properties are included in full cost pool				3 years
Maximum [Member]
Oil and Natural Gas Properties:
Price of oil and gas (in dollars per bbl) \| $ / bbl				60.00
Number of years until unevaluated properties are included in full cost pool				5 years
Other Property and Equipment, Net [Member]
Oil and Natural Gas Properties:
Accumulated depreciation		$ (3,395)		$ (3,395)		$ (2,663)

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Changes in ARO liability
Asset retirement obligation, beginning of period			$ 8,486	$ 3,029
Additional liability incurred			215	382
Liabilities acquired			2,765	1,312
Liabilities settled			(4)	(10)
Accretion expense	$ 180	$ 104	350	176
Revisions in estimated liabilities			78	588
Asset retirement obligation, end of period	11,890	5,477	11,890	5,477
Less current portion	39	40	39	40
Asset retirement obligations - long-term	$ 11,851	$ 5,437	$ 11,851	$ 5,437	$ 8,447

Equity Method Investments (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Oct. 31, 2014	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014
Schedule of Equity Method Investments [Line Items]
Payment to acquire equity method investment	$ 600	$ 1,700	$ 1,675	$ 0
Aggregate cost of equity method investment	5,000
Third Party Investors [Member]
Schedule of Equity Method Investments [Line Items]
Aggregate cost of equity method investment	$ 15,000

Debt - Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term Debt	$ 718,000	$ 673,500
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Debt	268,000	223,500
Senior Notes [Member] \| Senior Unsecured Notes due 2021 [Member]
Debt Instrument [Line Items]
Long-term Debt	450,000	450,000
Viper Energy Partners LP [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 0	$ 0

Debt - Senior Notes (Details)	6 Months Ended
Debt - Senior Notes (Details)	Jun. 30, 2015	Dec. 31, 2014	Sep. 19, 2013 a	Sep. 18, 2013 USD ($)
Senior Notes [Member] \| Senior Unsecured Notes due 2021 [Member]
Debt Instrument [Line Items]
Aggregate principal amount \| $				$ 450,000,000
Stated interest rate	7.625%	7.625%		7.625%
Senior Notes [Member] \| Senior Unsecured Notes due 2021 [Member] \| 12-month period beginning October 1, 2016 [Member]
Debt Instrument [Line Items]
Redemption price, expressed as percentage of principal amount	105.719%
Senior Notes [Member] \| Senior Unsecured Notes due 2021 [Member] \| 12-month period beginning October 1, 2017 [Member]
Debt Instrument [Line Items]
Redemption price, expressed as percentage of principal amount	103.813%
Senior Notes [Member] \| Senior Unsecured Notes due 2021 [Member] \| 12-month period beginning October 1, 2018 [Member]
Debt Instrument [Line Items]
Redemption price, expressed as percentage of principal amount	101.906%
Senior Notes [Member] \| Senior Unsecured Notes due 2021 [Member] \| 12-month period beginning October 1, 2019 and thereafter [Member]
Debt Instrument [Line Items]
Redemption price, expressed as percentage of principal amount	100.00%
Make-whole premium option [Member] \| Senior Notes [Member] \| Senior Unsecured Notes due 2021 [Member] \| Period prior to October 1, 2016 [Member]
Debt Instrument [Line Items]
Redemption price, expressed as percentage of principal amount	100.00%
Net cash proceeds of certain equity offerings [Member] \| Senior Notes [Member] \| Senior Unsecured Notes due 2021 [Member] \| Period prior to October 1, 2016 [Member]
Debt Instrument [Line Items]
Redemption price, expressed as percentage of principal amount	107.625%
Maximum percent of aggregate principal amount redeemable	35.00%
Minimum required principal amount to remain outstanding subsequent to redemption	65.00%
Number of days within closing date redemption can occur	120 days
Midland County, Texas [Member]
Debt Instrument [Line Items]
Acres of oil and gas property, mineral interest, gross			14,804
Acres of oil and gas property, mineral interest, net			12,687

Debt - Credit Facility - Wells Fargo Bank (Details)	6 Months Ended
Debt - Credit Facility - Wells Fargo Bank (Details)	Jun. 30, 2015 USD ($) redetermindation	Dec. 31, 2014 USD ($)
Line of Credit Facility [Line Items]
Debt outstanding	$ 718,000,000	$ 673,500,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Debt outstanding	268,000,000	223,500,000
Senior Unsecured Notes due 2021 [Member] \| Senior Notes [Member]
Line of Credit Facility [Line Items]
Debt outstanding	450,000,000	$ 450,000,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 2,000,000,000
Number of additional redeterminations that may be requested \| redetermindation	3
Period of Redeterminations	12 months
Current borrowing base	$ 725,000,000
Elected borrowing base	500,000,000
Financial covenant, maximum issuance of unsecured debt	$ 750,000,000
Financial covenant, reduction of borrowing base	25.00%
Revolving Credit Facility [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Quarterly commitment fee percentage based on unused portion of borrowing base	0.375%
Revolving Credit Facility [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Quarterly commitment fee percentage based on unused portion of borrowing base	0.50%
Revolving Credit Facility [Member] \| Federal Funds Rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility [Member] \| LIBOR, 3-month [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Revolving Credit Facility [Member] \| Base Rate [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility [Member] \| Base Rate [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.50%
Revolving Credit Facility [Member] \| LIBOR [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.50%
Revolving Credit Facility [Member] \| LIBOR [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.50%

Debt - Partnership Credit Facility - Wells Fargo Bank (Details) - Revolving Credit Facility [Member]		6 Months Ended
	Jul. 08, 2014 USD ($) redetermindation	Jun. 30, 2015 USD ($) redetermindation	May 21, 2015 USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 2,000,000,000
Number of additional redeterminations that may be requested \| redetermindation		3
Period of Redeterminations		12 months
Current borrowing base		$ 725,000,000
Financial covenant, maximum issuance of unsecured debt		$ 750,000,000
Financial covenant, reduction of borrowing base		25.00%
Viper Energy Partners LP [Member] \| Wells Fargo [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 500,000,000
Number of additional redeterminations that may be requested \| redetermindation	3
Period of Redeterminations	12 months
Current borrowing base		$ 175,000,000	$ 110,000,000
Outstanding borrowings		0
Financial covenant, maximum issuance of unsecured debt		$ 250,000,000
Financial covenant, reduction of borrowing base		25.00%
Federal Funds Rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.50%
Federal Funds Rate [Member] \| Viper Energy Partners LP [Member] \| Wells Fargo [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.50%
LIBOR, 3-month [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.00%
LIBOR, 3-month [Member] \| Viper Energy Partners LP [Member] \| Wells Fargo [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.00%
Minimum [Member]
Line of Credit Facility [Line Items]
Quarterly commitment fee percentage based on unused portion of borrowing base		0.375%
Minimum [Member] \| Viper Energy Partners LP [Member] \| Wells Fargo [Member]
Line of Credit Facility [Line Items]
Quarterly commitment fee percentage based on unused portion of borrowing base		0.375%
Minimum [Member] \| Base Rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.50%
Minimum [Member] \| Base Rate [Member] \| Viper Energy Partners LP [Member] \| Wells Fargo [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.50%
Minimum [Member] \| LIBOR [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.50%
Minimum [Member] \| LIBOR [Member] \| Viper Energy Partners LP [Member] \| Wells Fargo [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.50%
Maximum [Member]
Line of Credit Facility [Line Items]
Quarterly commitment fee percentage based on unused portion of borrowing base		0.50%
Maximum [Member] \| Viper Energy Partners LP [Member] \| Wells Fargo [Member]
Line of Credit Facility [Line Items]
Quarterly commitment fee percentage based on unused portion of borrowing base		0.50%
Maximum [Member] \| Base Rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.50%
Maximum [Member] \| Base Rate [Member] \| Viper Energy Partners LP [Member] \| Wells Fargo [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.50%
Maximum [Member] \| LIBOR [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.50%
Maximum [Member] \| LIBOR [Member] \| Viper Energy Partners LP [Member] \| Wells Fargo [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.50%

Debt - Financial Covenant Table (Details) - Revolving Credit Facility [Member]	Jun. 30, 2015
Maximum [Member]
Line of Credit Facility [Line Items]
Ratio of total debt to EBITDAX	4.0
Maximum [Member] \| Viper Energy Partners LP [Member] \| Wells Fargo [Member]
Line of Credit Facility [Line Items]
Ratio of total debt to EBITDAX	4.0
Minimum [Member]
Line of Credit Facility [Line Items]
Ratio of current assets to liabilities, as defined in the credit agreement	1.0
Minimum [Member] \| Viper Energy Partners LP [Member] \| Wells Fargo [Member]
Line of Credit Facility [Line Items]
Ratio of current assets to liabilities, as defined in the credit agreement	1.0

Capital Stock and Earnings Per Share - Capital Stock (Details) - Common Stock [Member] - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	May 31, 2015	Jan. 31, 2015	Jul. 31, 2014	Feb. 28, 2014
Class of Stock [Line Items]
Shares issued upon public offering	4,600,000	2,012,500	5,750,000	3,450,000
Common stock issued pursuant to underwriters over allotment option	600,000	262,500	750,000	450,000
Stock price per share at public offering (in dollars per share)	$ 72.53	$ 59.34	$ 87.00	$ 62.67
Net proceeds received from public offering	$ 333.6	$ 119.4	$ 485.0	$ 208.4

Capital Stock and Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Basic:
Net income attributable to common stock, basic	$ (212,287)	$ 27,753	$ (206,438)	$ 51,342
Net income attributable to common stock, basic (in shares)	61,469,000	50,777,000	59,936,000	49,622,000
Net income attributable to common stock, basic, (in dollars per share)	$ (3.45)	$ 0.55	$ (3.44)	$ 1.03
Effect of Dilutive Securities:
Dilutive effect of potential common shares issuable	$ 0	$ (74)	$ 0	$ (74)
Dilutive effect of potential common shares issuable (in shares)	0	365,000	0	425,000
Diluted:
Net income attributable to common stock, diluted	$ (212,287)	$ 27,679	$ (206,438)	$ 51,268
Net income attributable to common stock, diluted (in shares)	61,469,000	51,142,000	59,936,000	50,047,000
Net income attributable to common stock, diluted (in dollars per share)	$ (3.45)	$ 0.54	$ (3.44)	$ 1.02
Antidilutive securities excluded from earnings per share	283,000		306,000

Stock and Unit Based Compensation - Additional Disclosures (Details) - Viper Energy Partners LP [Member] - Viper LTIP [Member] - shares		6 Months Ended
	Jun. 17, 2014	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (shares)		0
Executive Officers of General Partner [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (shares)	2,500,000
Executive Officers of General Partner [Member] \| Stock/Unit Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	33.00%

Stock and Unit Based Compensation - Schedule of Stock-Based Compensation Plans and Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock based compensation capitalized pursuant to full cost method of accounting for oil and natural gas properties	$ 1,452	$ 1,649	$ 3,591	$ 2,715
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
General and administrative expenses	$ 4,333	$ 1,128	$ 9,257	$ 3,318

Stock and Unit Based Compensation - Stock/Unit Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Weighted Average Exercise Price (in dollars per share)
Options exercised, intrinsic value	$ 5,737	$ 10,659
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract]
Unrecognized compensation cost related to unvested stock options	$ 279
Stock/Unit Options [Member]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract]
Unrecognized compensation cost, period of recognition	1 year 5 days
Viper Energy Partners LP [Member]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract]
Unrecognized compensation cost related to unvested stock options	$ 6,900
Viper Energy Partners LP [Member] \| Stock/Unit Options [Member]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract]
Unrecognized compensation cost, period of recognition	1 year 11 months 18 days
2012 Plan [Member]
Number of Options (in shares)
Outstanding, beginning of period	313,105
Granted	0
Exercised	(97,605)
Expired/forfeited	0
Outstanding, end of period	215,500
Vested and expected to vest, at period end	215,500
Exercisable, at period end	59,000
Weighted Average Exercise Price (in dollars per share)
Outstanding, beginning of period (in dollars per share)	$ 18.29
Granted (in dollars per share)	0.00
Exercised (in dollars per share)	18.34
Expired/forfeited (in dollars per share)	0.00
Outstanding, end of period (in dollars per share)	18.26
Vested and expected to vest, period end	18.26
Exercisable, period end	$ 17.50
Outstanding, period end, remaining term	1 year 5 months 23 days
Vested and expected to vest, period end, remaining term	1 year 5 months 23 days
Exercisable, period end, remaining term	1 year 4 months 12 days
Outstanding, period end, intrinsic value	$ 11,097
Vested and expected to vest, period end, intrinsic value	11,097
Exercisable, period end, intrinsic value	$ 1,474
Viper LTIP [Member] \| Viper Energy Partners LP [Member]
Number of Options (in shares)
Outstanding, beginning of period	2,500,000
Granted	0
Outstanding, end of period	2,500,000
Vested and expected to vest, at period end	2,500,000
Exercisable, at period end	0
Weighted Average Exercise Price (in dollars per share)
Outstanding, beginning of period (in dollars per share)	$ 26.00
Granted (in dollars per share)	0.00
Outstanding, end of period (in dollars per share)	26.00
Vested and expected to vest, period end	26.00
Exercisable, period end	$ 0.00
Outstanding, period end, remaining term	1 year 11 months 18 days
Vested and expected to vest, period end, remaining term	1 year 11 months 18 days
Exercisable, period end, remaining term	0 years
Outstanding, period end, intrinsic value	$ 0
Vested and expected to vest, period end, intrinsic value	0
Exercisable, period end, intrinsic value	$ 0

Stock and Unit Based Compensation - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Weighted Average Grant-Date Fair Value (in dollars per share)
Aggregate fair value of share-based awards that vested	$ 5,253	$ 3,051
Unrecognized compensation cost related to unvested awards	$ 6,396
Unrecognized compensation cost, period of recognition	1 year 3 months 12 days
2012 Plan [Member]
Awards & Units (in shares)
Unvested at Beginning of period	167,291
Granted	92,252
Vested	(77,421)
Forfeited	(1,754)
Unvested at end of period	180,368
Weighted Average Grant-Date Fair Value (in dollars per share)
Unvested at beginning of period (in dollars per share)	$ 49.99
Granted (in dollars per share)	68.67
Vested (in dollars per share)	48.73
Forfeited (in dollars per share)	74.97
Unvested at end of period (in dollars per share)	$ 52.72

Stock and Unit Based Compensation - Valuation Assumptions (Details) - $ / shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Viper Energy Partners LP [Member] \| Stock/Unit Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant-date fair value, stock option units (in dollars per share)		$ 4.24
Risk-free rate		0.99%
Company volatility		36.00%
Expected dividend yield		5.90%
Expected term (in years)		3 years
February 2014 [Member] \| Performance Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant-date fair value, performance restricted stock units (in dollars per share)		$ 125.63
Risk-free rate		0.30%
Company volatility		39.60%
February 2015 [Member] \| Performance Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant-date fair value, performance restricted stock units (in dollars per share)	$ 137.14
Risk-free rate	0.49%
Company volatility	43.36%

Stock and Unit Based Compensation - Performance Restricted Stock Activity (Details) - Performance Restricted Stock Units [Member] - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		6 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance shares, performance period			3 years
Maximum number of units that could be awarded			338,798
Weighted Average Grant-Date Fair Value (in dollars per share)
Unrecognized compensation cost related to unvested awards			$ 12,495
Unrecognized compensation cost, period of recognition			1 year 3 months 1 day
2012 Plan [Member]
Awards & Units (in shares)
Unvested at Beginning of period			79,150
Granted			90,249
Vested			0
Forfeited			0
Unvested at end of period			169,399
Weighted Average Grant-Date Fair Value (in dollars per share)
Unvested at beginning of period (in dollars per share)			$ 125.63
Granted (in dollars per share)			137.14
Vested (in dollars per share)			0.00
Forfeited (in dollars per share)			0.00
Unvested at end of period (in dollars per share)			131.76
February 2014 [Member]
Awards & Units (in shares)
Granted		79,150
Weighted Average Grant-Date Fair Value (in dollars per share)
Granted (in dollars per share)				$ 125.63
February 2014 [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be awarded, percent of initial awards received		0.00%
February 2014 [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be awarded, percent of initial awards received		200.00%
February 2015 [Member]
Awards & Units (in shares)
Granted	90,249
Weighted Average Grant-Date Fair Value (in dollars per share)
Granted (in dollars per share)			$ 137.14
February 2015 [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be awarded, percent of initial awards received	0.00%
February 2015 [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be awarded, percent of initial awards received	200.00%

Stock and Unit Based Compensation - Phantom Units (Details) - Viper Energy Partners LP [Member] - Phantom Units [Member] $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2015 USD ($) $ / shares shares
Weighted Average Grant-Date Fair Value (in dollars per share)
Aggregate fair value of share-based awards that vested \| $	$ 0.2
Unrecognized compensation cost related to unvested awards \| $	$ 0.2
Unrecognized compensation cost, period of recognition	11 months 18 days
Viper LTIP [Member]
Awards & Units (in shares)
Unvested at Beginning of period \| shares	17,776
Granted \| shares	0
Vested \| shares	(8,888)
Forfeited \| shares	0
Unvested at end of period \| shares	8,888
Weighted Average Grant-Date Fair Value (in dollars per share)
Unvested at beginning of period (in dollars per share) \| $ / shares	$ 19.51
Granted (in dollars per share) \| $ / shares	0.00
Vested (in dollars per share) \| $ / shares	19.51
Forfeited (in dollars per share) \| $ / shares	0.00
Unvested at end of period (in dollars per share) \| $ / shares	$ 19.51

Related Party Transactions - Administrative Services (Details) - Affiliated Entity [Member]	6 Months Ended
	Jun. 30, 2015
Technical, Administrative and Payroll Services [Member]
Related Party Transaction
Initial term of the additional shared services agreement	2 years
Consulting, Technical and Administrative Services [Member]
Related Party Transaction
Initial term of the additional shared services agreement	2 years
Agreement termination, written notice period	30 days

Related Party Transactions - Drilling Services (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2014 USD ($)	Jun. 30, 2015 drilling_rig	Jun. 30, 2014 USD ($)
Bison [Member]
Related Party Transaction
Number of drilling rigs committed to use during the period \| drilling_rig		2
Number of drilling rigs \| drilling_rig		0
Agreement termination, written notice period		30 days
Related party incurred costs \| $	$ 0.9		$ 2.5
Panther Drilling [Member]
Related Party Transaction
Agreement termination, written notice period		30 days
Related party incurred costs \| $	$ 0.1		$ 0.3

Related Party Transactions - Coronado Midstream (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Feb. 28, 2015	Dec. 31, 2014
Related Party Transaction
Natural gas revenue from related party	$ 0		$ 4,089	$ 2,544	$ 6,416
Coronado Midstream [Member]
Related Party Transaction
Initial term of the additional shared services agreement				10 years
Agreement termination, written notice period				30 days
Natural gas revenue from related party		$ 5,200	6,500		10,400
Related party incurred costs		$ 1,100	$ 1,000		$ 1,700
Amount owed from related party from the sale of gas, gas products and residue gas							$ 4,000
Coronado Midstream [Member] \| Coronado Midstream Plant [Member]
Related Party Transaction
Percent of natural gas revenue from related party	87.00%			87.00%
Coronado Midstream [Member] \| Chevron Headlee Plant [Member]
Related Party Transaction
Percent of natural gas revenue from related party	94.56%			94.56%
Coronado Midstream [Member] \| Wexford Affiliate [Member]
Related Party Transaction
Equity interest						28.00%

Related Party Transactions - Sand Supply (Details) - Muskie [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction
Agreement termination, written notice period			30 days
Purchase from related party	$ 0	$ 0	$ 0	$ 0

Related Party Transactions - Midland Leases (Details) - Midland, Texas [Member] - Wexford Affiliate [Member] - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	May 15, 2011	Nov. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2016	Apr. 30, 2015	Dec. 31, 2014	Mar. 31, 2014
Corporate Office Space [Member]
Related Party Transaction
Term of lease from related party	5 years	10 years
Office rent to affiliate (less than $0.1 million)			$ 200	$ 100	$ 400	$ 200
Monthly rent				27		27			$ 53	$ 25
Annual monthly rent increase			4.00%		4.00%
Corporate Office Space [Member] \| Forecast [Member]
Related Party Transaction
Monthly rent							$ 94
Annual monthly rent increase							2.00%
Additional Corporate Office Space [Member]
Related Party Transaction
Monthly rent								$ 23
Field Office Space [Member]
Related Party Transaction
Office rent to affiliate (less than $0.1 million)			$ 100	$ 100	$ 100	$ 100
Bison [Member] \| Field Office Space [Member]
Related Party Transaction
Monthly rent			$ 11		$ 11
Annual monthly rent increase			3.00%		3.00%

Related Party Transactions - Oklahoma City Lease (Details) - Oklahoma City, Oklahoma [Member] - Wexford Affiliate [Member] - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Apr. 01, 2013
Related Party Transaction
Term of lease from related party		67 months
Office rent to affiliate	$ 100		$ 100
Monthly rent				$ 19

Related Party Transactions - Advisory Services Agreement & Professional Services from Wexford (Details) - Advisory Services Agreement [Member] - Wexford [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction
Advisory services agreement, annual fee			$ 500,000
Term of advisory services agreement			2 years
Renewal term of advisory services agreement			1 year
Minimum period for cancellation of additional one-year periods			10 days
Agreement termination, written notice period			30 days
Related party incurred costs	$ 100,000	$ 100,000	$ 300,000	$ 300,000

Related Party Transactions - Advisory Services Agreement - Viper Energy Partners LP (Details) - Wexford [Member] - Advisory Services Agreement [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction
Advisory services agreement, annual fee			$ 500,000
Term of advisory services agreement			2 years
Renewal term of advisory services agreement			1 year
Minimum period for cancellation of additional one-year periods			10 days
Agreement termination, written notice period			30 days
Related party incurred costs	$ 100,000	$ 100,000	$ 300,000	$ 300,000
Viper Energy Partners LP [Member]
Related Party Transaction
Advisory services agreement, annual fee			$ 500,000
Term of advisory services agreement			2 years
Renewal term of advisory services agreement			1 year
Minimum period for cancellation of additional one-year periods			10 days
Agreement termination, written notice period			30 days
Related party incurred costs	$ 100,000		$ 300,000

Derivatives - Open Derivative Positions (Details) - Crude Oil [Member] - Swap [Member] bbl in Thousands	Jun. 30, 2015 bbl $ / bbl
Argus Louisiana Light Sweet Fixed Price Swap, July-December 2015 [Member]
Derivative [Line Items]
Volume (Bbls) \| bbl	552
Fixed Swap Price (in dollars per bbl) \| $ / bbl	90.99
NYMEX West Texas Intermediate Fixed Price Swap, July-December 2015 [Member]
Derivative [Line Items]
Volume (Bbls) \| bbl	920
Fixed Swap Price (in dollars per bbl) \| $ / bbl	84.10
ICE Brent Fixed Price Swap, July-December 2015 [Member]
Derivative [Line Items]
Volume (Bbls) \| bbl	368
Fixed Swap Price (in dollars per bbl) \| $ / bbl	88.78
ICE Brent Fixed Price Swap, January-February 2016 [Member]
Derivative [Line Items]
Volume (Bbls) \| bbl	91
Fixed Swap Price (in dollars per bbl) \| $ / bbl	88.72

Derivatives - Offsetting Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 47,910	$ 117,541
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Total Assets	$ 47,910	$ 117,541

Derivatives - Balance Sheet Location (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Current Assets: Derivative instruments	$ 47,910	$ 115,607
Noncurrent Assets: Derivative instruments	0	1,934
Total Assets	$ 47,910	$ 117,541

Derivatives - Gains and Losses on Derivative Instruments Included in Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Change in fair value of open non-hedge derivative instruments	$ (44,425)	$ (7,468)	$ (69,631)	$ (10,810)
Gain (loss) on settlement of non-hedge derivative instruments	25,302	(3,620)	68,862	(4,676)
Gain (loss) on derivative instruments	$ (19,123)	$ (11,088)	$ (769)	$ (15,486)

Fair Value Measurements - Recurring Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets:
Fixed price swaps	$ 47,910	$ 117,541
Recurring [Member]
Assets:
Fixed price swaps	47,910	117,541
Recurring [Member] \| Quoted Prices in Active Markets Level 1 [Member]
Assets:
Fixed price swaps	0	0
Recurring [Member] \| Significant Other Observable Inputs Level 2 [Member]
Assets:
Fixed price swaps	47,910	117,541
Recurring [Member] \| Significant Unobservable Inputs Level 3 [Member]
Assets:
Fixed price swaps	$ 0	$ 0

Fair Value Measurements - Nonrecurring Measurements (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014	Sep. 18, 2013
Carrying Amount [Member] \| Nonrecurring [Member]
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Revolving credit facility	$ 268,000,000	$ 223,500,000
Fair Value [Member] \| Nonrecurring [Member]
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Revolving credit facility	268,000,000	223,500,000
Senior Unsecured Notes due 2021 [Member] \| Carrying Amount [Member] \| Nonrecurring [Member]
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
7.625% Senior Notes due 2021	450,000,000	450,000,000
Senior Unsecured Notes due 2021 [Member] \| Fair Value [Member] \| Nonrecurring [Member]
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
7.625% Senior Notes due 2021	$ 482,715,000	$ 440,438,000
Senior Unsecured Notes due 2021 [Member] \| Senior Notes [Member]
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Stated interest rate	7.625%	7.625%	7.625%
Viper Energy Partners LP [Member] \| Carrying Amount [Member] \| Nonrecurring [Member]
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Revolving credit facility	$ 0	$ 0
Viper Energy Partners LP [Member] \| Fair Value [Member] \| Nonrecurring [Member]
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Revolving credit facility	$ 0	$ 0

Commitments and Contingencies - Lease Commitments (Details) $ in Thousands	Jun. 30, 2015 USD ($)
Drilling Rig [Member]
Future minimum lease payments
2016	$ 27,317
2017	19,892
2018	13,031
2019	0
2020	0
Thereafter	0
Total	60,240
Office and Equipment [Member]
Future minimum lease payments
2016	1,743
2017	2,012
2018	1,932
2019	1,797
2020	1,618
Thereafter	9,337
Total	$ 18,439

Subsequent Events (Details) - Subsequent Event [Member] $ in Millions	Jul. 09, 2015 USD ($)
Revolving Credit Facility [Member] \| Viper Energy Partners LP [Member]
Subsequent Event [Line Items]
Outstanding borrowings	$ 24.0
Howard County, Texas [Member] \| Viper Energy Partners LP [Member]
Subsequent Event [Line Items]
Percent of overriding royalty interest sold	1.50%
Proceeds from sale of royalty interest	$ 31.1

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Guarantor Financial Statements - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 44,678	$ 30,183	$ 36,993	$ 15,555
Restricted cash	500	500
Accounts receivable	70,411	93,993
Accounts receivable - related party	0	4,001
Intercompany receivable	0	0
Inventories	2,658	2,827
Other current assets	52,115	120,207
Total current assets	170,362	251,711
Property and equipment
Oil and natural gas properties, at cost, based on the full cost method of accounting	3,712,812	3,118,597
Pipeline and gas gathering assets	7,174	7,174
Other property and equipment	48,654	48,180
Accumulated depletion, depreciation, amortization and impairment	(822,243)	(382,144)
Property and equipment, net of accumulated depreciation, depletion, amortization and impairment	2,946,397	2,791,807
Investment in subsidiaries	0	0
Other assets	54,699	51,963
Total assets	3,171,458	3,095,481
Current liabilities:
Accounts payable-trade	23,309	26,230
Intercompany payable	0	0
Other current liabilities	119,330	240,499
Total current liabilities	142,639	266,729
Long-term debt	718,000	673,500
Asset retirement obligations	11,851	8,447	5,437
Deferred income taxes	55,349	161,592
Total liabilities	927,839	1,110,268
Commitments and contingencies
Stockholders’ equity	2,010,088	1,751,011
Noncontrolling interest	233,531	234,202
Total equity	2,243,619	1,985,213	1,252,337	845,541
Total liabilities and equity	3,171,458	3,095,481
Eliminations [Member]
Current assets:
Cash and cash equivalents	0	0	0	0
Restricted cash	0	0
Accounts receivable	2	2
Accounts receivable - related party		0
Intercompany receivable	(5,422,228)	(3,825,649)
Inventories	0	0
Other current assets	0	0
Total current assets	(5,422,226)	(3,825,647)
Property and equipment
Oil and natural gas properties, at cost, based on the full cost method of accounting	0	0
Pipeline and gas gathering assets	0	0
Other property and equipment	0	0
Accumulated depletion, depreciation, amortization and impairment	1,200	1,855
Property and equipment, net of accumulated depreciation, depletion, amortization and impairment	1,200	1,855
Investment in subsidiaries	(514,991)	(839,217)
Other assets	0	0
Total assets	(5,936,017)	(4,663,009)
Current liabilities:
Accounts payable-trade	0	0
Intercompany payable	(5,422,226)	(3,825,649)
Other current liabilities	0	0
Total current liabilities	(5,422,226)	(3,825,649)
Long-term debt	0	0
Asset retirement obligations	0	0
Deferred income taxes	0	0
Total liabilities	(5,422,226)	(3,825,649)
Commitments and contingencies
Stockholders’ equity	(747,322)	(1,071,562)
Noncontrolling interest	233,531	234,202
Total equity	(513,791)	(837,360)
Total liabilities and equity	(5,936,017)	(4,663,009)
Parent Company [Member] \| Reportable Legal Entities [Member]
Current assets:
Cash and cash equivalents	339	6	7,504	526
Restricted cash	0	0
Accounts receivable	0	0
Accounts receivable - related party		0
Intercompany receivable	2,422,526	1,658,215
Inventories	0	0
Other current assets	274	562
Total current assets	2,423,139	1,658,783
Property and equipment
Oil and natural gas properties, at cost, based on the full cost method of accounting	0	0
Pipeline and gas gathering assets	0	0
Other property and equipment	0	0
Accumulated depletion, depreciation, amortization and impairment	0	0
Property and equipment, net of accumulated depreciation, depletion, amortization and impairment	0	0
Investment in subsidiaries	514,991	839,217
Other assets	8,479	9,155
Total assets	2,946,609	2,507,155
Current liabilities:
Accounts payable-trade	0	0
Intercompany payable	389,619	95,362
Other current liabilities	41,553	49,190
Total current liabilities	431,172	144,552
Long-term debt	450,000	450,000
Asset retirement obligations	0	0
Deferred income taxes	55,349	161,592
Total liabilities	936,521	756,144
Commitments and contingencies
Stockholders’ equity	2,010,088	1,751,011
Noncontrolling interest	0	0
Total equity	2,010,088	1,751,011
Total liabilities and equity	2,946,609	2,507,155
Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Current assets:
Cash and cash equivalents	34,351	15,067	22,460	14,267
Restricted cash	0	0
Accounts receivable	60,507	85,752
Accounts receivable - related party		4,001
Intercompany receivable	2,999,702	2,167,434
Inventories	2,658	2,827
Other current assets	51,374	119,392
Total current assets	3,148,592	2,394,473
Property and equipment
Oil and natural gas properties, at cost, based on the full cost method of accounting	3,201,804	2,607,513
Pipeline and gas gathering assets	7,174	7,174
Other property and equipment	48,654	48,180
Accumulated depletion, depreciation, amortization and impairment	(772,793)	(351,200)
Property and equipment, net of accumulated depreciation, depletion, amortization and impairment	2,484,839	2,311,667
Investment in subsidiaries	0	0
Other assets	11,045	7,793
Total assets	5,644,476	4,713,933
Current liabilities:
Accounts payable-trade	23,309	26,224
Intercompany payable	5,032,607	3,730,287
Other current liabilities	76,672	189,264
Total current liabilities	5,132,588	3,945,775
Long-term debt	268,000	223,500
Asset retirement obligations	11,851	8,447
Deferred income taxes	0	0
Total liabilities	5,412,439	4,177,722
Commitments and contingencies
Stockholders’ equity	232,037	536,211
Noncontrolling interest	0	0
Total equity	232,037	536,211
Total liabilities and equity	5,644,476	4,713,933
Non-Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Current assets:
Cash and cash equivalents	9,988	15,110	$ 7,029	$ 762
Restricted cash	500	500
Accounts receivable	9,902	8,239
Accounts receivable - related party		0
Intercompany receivable	0	0
Inventories	0	0
Other current assets	467	253
Total current assets	20,857	24,102
Property and equipment
Oil and natural gas properties, at cost, based on the full cost method of accounting	511,008	511,084
Pipeline and gas gathering assets	0	0
Other property and equipment	0	0
Accumulated depletion, depreciation, amortization and impairment	(50,650)	(32,799)
Property and equipment, net of accumulated depreciation, depletion, amortization and impairment	460,358	478,285
Investment in subsidiaries	0	0
Other assets	35,175	35,015
Total assets	516,390	537,402
Current liabilities:
Accounts payable-trade	0	6
Intercompany payable	0	0
Other current liabilities	1,105	2,045
Total current liabilities	1,105	2,051
Long-term debt	0	0
Asset retirement obligations	0	0
Deferred income taxes	0	0
Total liabilities	1,105	2,051
Commitments and contingencies
Stockholders’ equity	515,285	535,351
Noncontrolling interest	0	0
Total equity	515,285	535,351
Total liabilities and equity	$ 516,390	$ 537,402

Guarantor Financial Statements - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Oil sales	$ 107,627	$ 115,282	$ 200,543	$ 205,040
Natural gas sales	4,410	4,329	8,758	7,664
Natural gas liquid sales	7,026	7,393	11,163	12,304
Royalty income	0	0	0	0
Total revenues	119,063	127,004	220,464	225,008
Costs and expenses:
Lease operating expenses	20,472	10,496	42,928	18,411
Production and ad valorem taxes	7,675	8,554	16,070	14,396
Gathering and transportation	1,625	703	2,655	1,285
Depreciation, depletion and amortization	57,096	40,021	116,773	70,994
Impairment of oil and gas properties	323,451	0	323,451	0
General and administrative expenses	7,684	3,934	15,920	8,491
Asset retirement obligation accretion expense	180	104	350	176
Intercompany charges				0
Total costs and expenses	418,183	63,812	518,147	113,753
Income (loss) from operations	(299,120)	63,192	(297,683)	111,255
Other income (expense)
Interest income			0	0
Interest income - intercompany		0		0
Interest expense	(10,274)	(7,739)	(20,771)	(14,244)
Interest expense - intercompany		0		0
Other income	378	0	870	0
Other income - related party	55	30	78	60
Other expense	0	(1,408)	0	(1,408)
Loss on derivative instruments, net	(19,123)	(11,088)	(769)	(15,486)
Total other income (expense), net	(28,964)	(20,205)	(20,592)	(31,078)
Income (loss) before income taxes	(328,084)	42,987	(318,275)	80,177
Provision for (benefit from) income taxes	(116,732)	15,163	(113,362)	28,764
Net income (loss)	(211,352)	27,824	(204,913)	51,413
Less: Net income attributable to noncontrolling interest	935	71	1,525	71
Net income (loss) attributable to Diamondback Energy, Inc.	(212,287)	27,753	(206,438)	51,342
Eliminations [Member]
Revenues:
Oil sales	18,309	15,709	33,841	30,218
Natural gas sales	514	591	1,083	1,094
Natural gas liquid sales	796	949	1,240	1,790
Royalty income	(19,619)	(17,249)	(36,164)	(33,102)
Total revenues	0	0	0	0
Costs and expenses:
Lease operating expenses	0	0	0	0
Production and ad valorem taxes	0	0	0	0
Gathering and transportation	0	0	0	0
Depreciation, depletion and amortization	186	0	655	0
Impairment of oil and gas properties	0		0
General and administrative expenses	0	(78)	0	0
Asset retirement obligation accretion expense	0	0	0	0
Intercompany charges				(156)
Total costs and expenses	186	(78)	655	(156)
Income (loss) from operations	(186)	78	(655)	156
Other income (expense)
Interest income			0	0
Interest income - intercompany		(5,387)		(10,755)
Interest expense	0	0	0	0
Interest expense - intercompany		5,387		10,755
Other income	0		0	0
Other income - related party	0	(78)	0	(156)
Other expense				0
Loss on derivative instruments, net	0	0	0	0
Total other income (expense), net	0	(78)	0	(156)
Income (loss) before income taxes	(186)	0	(655)	0
Provision for (benefit from) income taxes	0	0	0
Net income (loss)	(186)	0	(655)	0
Less: Net income attributable to noncontrolling interest	935	71	1,525	71
Net income (loss) attributable to Diamondback Energy, Inc.	(1,121)	(71)	(2,180)	(71)
Parent Company [Member] \| Reportable Legal Entities [Member]
Revenues:
Oil sales	0	0	0	0
Natural gas sales	0	0	0	0
Natural gas liquid sales	0	0	0	0
Royalty income	0	0	0	0
Total revenues	0	0	0	0
Costs and expenses:
Lease operating expenses	0	0	0	0
Production and ad valorem taxes	0	0	0	0
Gathering and transportation	0	0	0	0
Depreciation, depletion and amortization	0	0	0	0
Impairment of oil and gas properties	0		0
General and administrative expenses	4,235	3,428	8,753	7,413
Asset retirement obligation accretion expense	0	0	0	0
Intercompany charges				0
Total costs and expenses	4,235	3,428	8,753	7,413
Income (loss) from operations	(4,235)	(3,428)	(8,753)	(7,413)
Other income (expense)
Interest income			0	0
Interest income - intercompany		5,387		10,755
Interest expense	(8,911)	(6,657)	(17,821)	(12,544)
Interest expense - intercompany		0		0
Other income	1		1	0
Other income - related party	0	0	0	0
Other expense				0
Loss on derivative instruments, net	0	0	0	0
Total other income (expense), net	(8,910)	(1,270)	(17,820)	(1,789)
Income (loss) before income taxes	(13,145)	(4,698)	(26,573)	(9,202)
Provision for (benefit from) income taxes	(116,732)	15,163	(113,362)	28,764
Net income (loss)	103,587	(19,861)	86,789	(37,966)
Less: Net income attributable to noncontrolling interest	0	0	0	0
Net income (loss) attributable to Diamondback Energy, Inc.	103,587	(19,861)	86,789	(37,966)
Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Revenues:
Oil sales	89,318	99,573	166,702	174,822
Natural gas sales	3,896	3,738	7,675	6,570
Natural gas liquid sales	6,230	6,444	9,923	10,514
Royalty income	0	0	0	0
Total revenues	99,444	109,755	184,300	191,906
Costs and expenses:
Lease operating expenses	20,472	10,496	42,928	18,411
Production and ad valorem taxes	6,258	7,162	13,325	12,065
Gathering and transportation	1,625	703	2,655	1,285
Depreciation, depletion and amortization	47,961	34,616	98,268	60,417
Impairment of oil and gas properties	323,451		323,451
General and administrative expenses	2,142	287	4,308	793
Asset retirement obligation accretion expense	180	104	350	176
Intercompany charges				0
Total costs and expenses	402,089	53,368	485,285	93,147
Income (loss) from operations	(302,645)	56,387	(300,985)	98,759
Other income (expense)
Interest income			0	0
Interest income - intercompany		0		0
Interest expense	(1,156)	(1,082)	(2,575)	(1,700)
Interest expense - intercompany		0		0
Other income	71		77	0
Other income - related party	55	108	78	216
Other expense				(1,408)
Loss on derivative instruments, net	(19,123)	(11,088)	(769)	(15,486)
Total other income (expense), net	(20,153)	(13,470)	(3,189)	(18,378)
Income (loss) before income taxes	(322,798)	42,917	(304,174)	80,381
Provision for (benefit from) income taxes	0	0	0	0
Net income (loss)	(322,798)	42,917	(304,174)	80,381
Less: Net income attributable to noncontrolling interest	0	0	0	0
Net income (loss) attributable to Diamondback Energy, Inc.	(322,798)	42,917	(304,174)	80,381
Non-Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Revenues:
Oil sales	0	0	0	0
Natural gas sales	0	0	0	0
Natural gas liquid sales	0	0	0	0
Royalty income	19,619	17,249	36,164	33,102
Total revenues	19,619	17,249	36,164	33,102
Costs and expenses:
Lease operating expenses	0	0	0	0
Production and ad valorem taxes	1,417	1,392	2,745	2,331
Gathering and transportation	0	0	0	0
Depreciation, depletion and amortization	8,949	5,405	17,850	10,577
Impairment of oil and gas properties	0		0
General and administrative expenses	1,307	297	2,859	285
Asset retirement obligation accretion expense	0	0	0	0
Intercompany charges				156
Total costs and expenses	11,673	7,094	23,454	13,349
Income (loss) from operations	7,946	10,155	12,710	19,753
Other income (expense)
Interest income			0	0
Interest income - intercompany		0		0
Interest expense	(207)	0	(375)	0
Interest expense - intercompany		(5,387)		(10,755)
Other income	306		792	0
Other income - related party	0	0	0	0
Other expense				0
Loss on derivative instruments, net	0	0	0
Total other income (expense), net	99	(5,387)	417	(10,755)
Income (loss) before income taxes	8,045	4,768	13,127	8,998
Provision for (benefit from) income taxes	0	0	0	0
Net income (loss)	8,045	4,768	13,127	8,998
Less: Net income attributable to noncontrolling interest	0	0	0	0
Net income (loss) attributable to Diamondback Energy, Inc.	$ 8,045	$ 4,768	$ 13,127	$ 8,998

Guarantor Financial Statements - Cash Flow Statement (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Oct. 31, 2014	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014
Condensed Financial Statements, Captions [Line Items]
Net cash provided (used in) by operating activities			$ 199,786	$ 159,706
Cash flows from investing activities:
Additions to oil and natural gas properties			(242,288)	(209,350)
Acquisition of leasehold interests			(435,398)	(312,207)
Acquisition of mineral interests				0
Purchase of other property and equipment			0	(1,165)
Purchase of other property and equipment			(604)	(934)
Equity investments	$ (600)	$ (1,700)	(1,675)	0
Intercompany transfers			0	0
Other investing activities				(923)
Net cash used in investing activities			(679,965)	(523,645)
Cash flows from financing activities:
Proceeds from borrowings on credit facility			363,501	166,000
Repayment on credit facility			(319,001)	(130,000)
Proceeds from public offerings			453,060	347,679
Distribution from subsidiary			0
Distribution to non-controlling interest			(4,074)	0
Intercompany transfers			0
Other financing activities			1,188	1,698
Net cash provided by financing activities			494,674	385,377
Net increase in cash and cash equivalents			14,495	21,438
Cash and cash equivalents at beginning of period			30,183	15,555
Cash and cash equivalents at end of period		44,678	44,678	36,993
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided (used in) by operating activities			0	9,615
Cash flows from investing activities:
Additions to oil and natural gas properties			0	0
Acquisition of leasehold interests			0	0
Acquisition of mineral interests				0
Purchase of other property and equipment				0
Purchase of other property and equipment			0
Equity investments			0
Intercompany transfers			0	(20,000)
Other investing activities				0
Net cash used in investing activities			0	(20,000)
Cash flows from financing activities:
Proceeds from borrowings on credit facility			0	0
Repayment on credit facility			0
Proceeds from public offerings			0	0
Distribution from subsidiary			(30,997)
Distribution to non-controlling interest			30,997
Intercompany transfers			0
Other financing activities			0	2,885
Net cash provided by financing activities			0	10,385
Net increase in cash and cash equivalents			0	0
Cash and cash equivalents at beginning of period			0	0
Cash and cash equivalents at end of period		0	0	0
Parent Company [Member] \| Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided (used in) by operating activities			(19,006)	(2,145)
Cash flows from investing activities:
Additions to oil and natural gas properties			0	0
Acquisition of leasehold interests			0	0
Acquisition of mineral interests				0
Purchase of other property and equipment				0
Purchase of other property and equipment			0
Equity investments			0
Intercompany transfers			(147,214)	(203,169)
Other investing activities				0
Net cash used in investing activities			(147,214)	(203,169)
Cash flows from financing activities:
Proceeds from borrowings on credit facility			0	0
Repayment on credit facility			0
Proceeds from public offerings			453,060	208,644
Distribution from subsidiary			30,997
Distribution to non-controlling interest			0
Intercompany transfers			(319,001)
Other financing activities			1,497	3,648
Net cash provided by financing activities			166,553	212,292
Net increase in cash and cash equivalents			333	6,978
Cash and cash equivalents at beginning of period			6	526
Cash and cash equivalents at end of period		339	339	7,504
Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided (used in) by operating activities			188,619	138,172
Cash flows from investing activities:
Additions to oil and natural gas properties			(242,365)	(204,075)
Acquisition of leasehold interests			(435,398)	(312,207)
Acquisition of mineral interests				0
Purchase of other property and equipment				(1,165)
Purchase of other property and equipment			(604)
Equity investments			(1,675)
Intercompany transfers			147,214	223,169
Other investing activities				(923)
Net cash used in investing activities			(532,828)	(295,201)
Cash flows from financing activities:
Proceeds from borrowings on credit facility			363,501	166,000
Repayment on credit facility			(319,001)
Proceeds from public offerings			0	0
Distribution from subsidiary			0
Distribution to non-controlling interest			0
Intercompany transfers			319,001
Other financing activities			(8)	(778)
Net cash provided by financing activities			363,493	165,222
Net increase in cash and cash equivalents			19,284	8,193
Cash and cash equivalents at beginning of period			15,067	14,267
Cash and cash equivalents at end of period		34,351	34,351	22,460
Non-Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided (used in) by operating activities			30,173	14,064
Cash flows from investing activities:
Additions to oil and natural gas properties			77	(5,275)
Acquisition of leasehold interests			0	0
Acquisition of mineral interests				0
Purchase of other property and equipment				0
Purchase of other property and equipment			0
Equity investments			0
Intercompany transfers			0	0
Other investing activities				0
Net cash used in investing activities			77	(5,275)
Cash flows from financing activities:
Proceeds from borrowings on credit facility			0	0
Repayment on credit facility			0
Proceeds from public offerings			0	139,035
Distribution from subsidiary			0
Distribution to non-controlling interest			(35,071)
Intercompany transfers			0
Other financing activities			(301)	(4,057)
Net cash provided by financing activities			(35,372)	(2,522)
Net increase in cash and cash equivalents			(5,122)	6,267
Cash and cash equivalents at beginning of period			15,110	762
Cash and cash equivalents at end of period		$ 9,988	$ 9,988	$ 7,029