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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | Income tax benefit (expense) are included in the consolidated statements of operations are detailed below:
| Successor |  |  | Predecessor
| October 11, 2016 through December 31, 2016 |  |  | January 1, 2016 through October 10, 2016 |  | Year Ended December 31,
(in thousands) |  |  |  | 2015 |  | 2014
Current taxes |  |  |  |  |  |  |  |
Federal | $ | — |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |
State | — |  |  |  | — |  |  | — |  |  | — |
| — |  |  |  | — |  |  | — |  |  | — |
Deferred taxes |  |  |  |  |  |  |  |
Federal | — |  |  |  | — |  |  | — |  |  | — |
State | — |  |  |  | 406 |  |  | 572 |  |  | (1,524 | )
| — |  |  |  | 406 |  |  | 572 |  |  | (1,524 | )
Income tax benefit (expense) | $ | — |  |  |  | $ | 406 |  |  | $ | 572 |  |  | $ | (1,524 | )
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory federal income tax expense to the income tax expense from continuing operations provided at December 31, 2016, is as follows:
| Successor |  | Predecessor
| October 11, 2016 through December 31, 2016 |  | January 1, 2016 through October 10, 2016 |  | Year Ended December 31,
(in thousands) |  |  | 2015 |  | 2014
Income tax (benefit) expense at the federal statutory rate | $ | (3,145 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |
State income taxes - net of federal income tax benefits | — |  |  | 406 |  |  | 572 |  |  | (1,524 | )
Excess depletion | — |  |  | — |  |  | — |  |  | — |
Noncontrolling interest in partnership | 273 |  |  | — |  |  | — |  |  | — |
Nondeductible expenses | 4 |  |  | — |  |  | — |  |  | — |
Change in valuation allowance | 2,868 |  |  | — |  |  | — |  |  | — |
Income tax benefit (expense) | $ | — |  |  | $ | 406 |  |  | $ | 572 |  |  | $ | (1,524 | )
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant positions of the deferred income tax assets and liabilities are presented below:
| Successor |  |  | Predecessor
(in thousands) | December 31, 2016 |  |  | December 31, 2015
Deferred tax assets: |  |  |  |
Net operating loss carryforwards | $ | 2,590 |  |  |  | $ | — |
Capitalized intangible drilling cost | 10,314 |  |  |  | — |
Equity-based compensation | 467 |  |  |  | — |
Other assets | 291 |  |  |  | — |
Total deferred tax assets | 13,662 |  |  |  | — |
Deferred tax liabilities: |  |  |  |
Investment in Centennial Resource Production, LLC | (8,514 | ) |  |  | — |
Other liabilities | — |  |  |  | (2,361 | )
Total deferred tax liabilities | (8,514 | ) |  |  | (2,361 | )
Valuation allowance | (5,148 | ) |  |  | — |
Net deferred tax asset (liabilities) | $ | — |  |  |  | $ | (2,361 | )

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32687-109319 + Details
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