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Property Acquisitions and Dispositions (Notes) | 12 Months Ended
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Dec. 31, 2016
Business Combinations [Abstract] |
Property Acquisitions and Dispositions | Note 3—Property Acquisitions and Dispositions 2016 Acquisitions In December 2016, the Company acquired undeveloped acreage and oil and gas producing properties located in Reeves County, Texas from Silverback Exploration, LLC. for an aggregate price of approximately $855.0 million, subject to customary purchase price adjustments. Approximately $116.7 million was recorded as proved oil and natural gas properties with the remaining recorded to unproved oil and natural gas properties. Approximately $32.3 million of the purchase price is included in accounts payable on the consolidated balance sheet as of December 31, 2016. This remaining amount will be paid when all the title issues related to the acquisition have been satisfied. The assets include 31 operated producing horizontal wells and approximately 35,500 net acres that directly offset the Company’s existing acreage in Reeves County, Texas. Of the net acres acquired, 1,250 net acres are subject to consents to assign, which are expected to be assigned in the first quarter of 2017. The Company operates approximately 90% of, and has an approximate 90% working interest in, this acreage. The Wolfcamp A and Wolfcamp C are producing horizons on this acreage and the Company believes that this acreage may be prospective for the Wolfcamp C and Avalon and Bone Spring shale formations. In June 2016, the Company acquired undeveloped acreage and oil and gas producing properties located in Reeves County, Texas. Total cash consideration paid by the Company was $33.0 million, including usual and customary post-closing adjustments. Approximately $15.4 million was recorded as proved oil and natural gas properties. The assets include four operated producing horizontal wells and approximately 1,580 net acres that directly offset the Company’s existing acreage in Reeves County, Texas.
| Predecessor
(in thousands) | June 3, 2016
Cash consideration | $ | 32,979 |
Fair value of assets and liabilities acquired: |
Proved oil and natural gas properties | 15,374 |
Unproved oil and natural gas properties | 18,071 |
Total fair value of oil and natural gas properties acquired | 33,445 |
Revenue Suspense | (400 | )
Asset retirement obligation | (66 | )
Total fair value of net assets acquired | $ | 32,979 |
In May 2016, the Company acquired unproved acreage in close proximity to its operating area in Reeves County, Texas and wellbore only rights in an uncompleted horizontal wellbore for approximately $9.8 million from Caird DB, LLC. The assets included approximately 875 net acres that directly offset the Company’s existing acreage. 2015 Acquisitions On September 1, 2015, the Company acquired additional interests in proved and unproved oil and natural gas properties in the Delaware Basin. Total cash consideration paid by the Company was $16.0 million, net of closing adjustments. On September 3, 2015, the Company acquired a non-operated interest in 1,804 net acres in the Delaware Basin from an unrelated third party. Total cash consideration paid by the Company was $6.4 million, net of closing adjustments. The Company allocated the final purchase prices to the acquired assets and liabilities based on fair value as of the respective acquisition dates, as summarized in the table below.
| Predecessor
| Acquisition #1 |  | Acquisition #2
(in thousands) | September 1, 2015 |  | September 3, 2015
Cash consideration | $ | 16,006 |  |  | $ | 6,369 |
Fair value of assets and liabilities acquired: |  |  |
Proved oil and natural gas properties | 7,731 |  |  | 6,491 |
Unproved oil and natural gas properties | 8,312 |  |  | — |
Total fair value of oil and natural gas properties acquired | 16,043 |  |  | 6,491 |
Asset retirement obligation | (37 | ) |  | (122 | )
Total fair value of net assets acquired | $ | 16,006 |  |  | $ | 6,369 |
2014 Acquisitions In June 2014, the Company acquired 2,400 net acres in the Delaware Basin from an unrelated third party, for approximately $11.0 million, net of customary closing adjustments. 2014 Dispositions In December 2014, the Company sold its interest in approximately 1,845 net acres in Ward County, Texas, including 18 vertical wells, to an NGP-controlled entity for proceeds of $12.5 million, which resulted in a gain of $1.5 million and was recorded as an equity contribution due to the entities being under common control. In May 2014, the Company sold its Caprock field to an unrelated third party for $59.3 million, net of customary closing adjustments. A net loss of $2.2 million was recognized on the sale during the second quarter of 2014. In February 2014, the Company sold its 98.5% interest in Atlantic Midstream to PennTex Permian, an NGP-controlled entity for net proceeds of $71.8 million, which resulted in a gain of $20.0 million and was recorded as an equity contribution due to the entities being under common control.

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