Document and Entity Information
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9 Months Ended | |
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Sep. 30, 2015
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Nov. 03, 2015
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Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Viper Energy Partners LP | |
Entity Central Index Key | 0001602065 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Units, Units Outstanding | 79,726,006 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
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If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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End date of current fiscal year in the format --MM-DD. No definition available.
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This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other". No definition available.
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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The amount of the limited partners' ownership interests. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Depletion of oil and gas property carried under the full cost method. No definition available.
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Oil and gas properties, gross, carried under the full cost method. No definition available.
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Oil and gas properties, net of depletion, carried under the full cost method. No definition available.
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- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of ownership interest of different classes of partners in limited partnership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The current cash, cash equivalents and investments that are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. Includes current cash equivalents and investments that are similarly restricted as to withdrawal, usage or disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Royalties Receivable, Current No definition available.
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Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified |
Sep. 30, 2015
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Dec. 31, 2014
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Statement of Financial Position [Abstract] | ||
Oil and natural gas interests, based on the full cost method of accounting, amount excluded from depletion | $ 75,121 | $ 91,444 |
Common units issued | 79,726,006 | 79,708,888 |
Common units outstanding | 79,726,006 | 79,708,888 |
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- Definition
The sum of the capitalized costs incurred, as of the balance sheet date, of unproved properties excluded from amortization including acquisition costs, exploration costs, development costs, and production costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The number of limited partner units issued. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The number of limited partner units outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | |||||||
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Sep. 30, 2015
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Sep. 30, 2014
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Sep. 30, 2015
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Sep. 30, 2014
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Income Statement [Abstract] | |||||||||
Royalty income | $ 18,777 | $ 22,767 | $ 54,941 | $ 55,869 | |||||
Costs and expenses: | |||||||||
Production and ad valorem taxes | 1,686 | 1,478 | 4,431 | 3,791 | |||||
Gathering and transportation | 167 | 0 | 167 | 0 | |||||
Depletion | 8,737 | 7,971 | 26,587 | 19,602 | [1] | ||||
General and administrative expenses | 1,531 | 1,250 | 4,126 | 1,535 | |||||
General and administrative expenses—related party | 111 | 893 | 375 | 1,049 | |||||
Total costs and expenses | 12,232 | 11,592 | 35,686 | 25,977 | |||||
Income from operations | 6,545 | 11,175 | 19,255 | 29,892 | |||||
Other income (expense) | |||||||||
Interest expense | (358) | (317) | (733) | (317) | |||||
Interest expense—related party, net of capitalized interest | 0 | 0 | 0 | (10,755) | |||||
Other income | 168 | 11 | 960 | 11 | |||||
Total other income (expense), net | (190) | (306) | 227 | (11,061) | |||||
Net income | $ 6,355 | $ 10,869 | $ 19,482 | $ 18,831 | [1] | ||||
Net income attributable to common limited partners per unit: | |||||||||
Basic (dollars per unit) | $ 0.08 | $ 0.14 | $ 0.24 | $ 0.15 | [2] | ||||
Diluted (dollars per unit) | $ 0.08 | $ 0.14 | $ 0.24 | $ 0.15 | [2] | ||||
Weighted average number of limited partner units outstanding | |||||||||
Basic (in units) | 79,721 | 76,618 | 79,713 | 76,589 | [2] | ||||
Diluted (in units) | 79,730 | 77,235 | 79,728 | 76,659 | [2] | ||||
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- Definition
The noncash expense charged against earnings to recognize the consumption of oil and gas reserves that are part of an entities' assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Cost incurred related to the gas activities, such as transportation, marketing and processing crude oil, natural gas and refined petroleum products. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of interest expense incurred on a debt or other obligation to related party. No definition available.
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- Definition
Aggregate amount of net income allocated to limited partners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Per unit of ownership amount after tax of income (loss) available to limited partnership (LP) unit-holder and units that would have been outstanding assuming the issuance of limited partner units for dilutive potential units outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Per unit of ownership amount after tax of income (loss) available to outstanding limited partnership (LP) unit-holder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition
The aggregate amount of other income amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) profits on securities (net of losses), and (d) miscellaneous other income items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
A tax assessed on oil and gas production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of selling, general and administrative expenses resulting from transactions, excluding transactions that are eliminated in consolidated or combined financial statements, with related party. No definition available.
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- Definition
Revenue earned during the period from the leasing or otherwise lending to a third party the entity's rights or title to certain property. Royalty revenue is derived from a percentage or stated amount of sales proceeds or revenue generated by the third party using the entity's property. Examples of property from which royalties may be derived include patents and oil and mineral rights. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Weighted average number of limited partnership units outstanding determined by relating the portion of time within a reporting period that limited partnership units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Weighted average number of limited partnership units outstanding determined by relating the portion of time within a reporting period that limited partnership units have been outstanding to the total time in that period. Used in the calculation of diluted net income or loss per limited partnership unit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Statement of Consolidated Unitholders' Equity and Members' Equity (USD $)
In Thousands, unless otherwise specified |
Total
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Limited Partner [Member]
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Members' Equity [Member]
Predecessor [Member]
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Diamondback Energy, Inc. [Member]
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Diamondback Energy, Inc. [Member]
Limited Partner [Member]
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Diamondback Energy, Inc. [Member]
Members' Equity [Member]
Predecessor [Member]
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Partners' capital at Dec. 31, 2013 | $ 2,988 | $ 0 | $ 2,988 | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net income | 7,021 | 0 | 7,021 | ||||||||
Partners' capital at Jun. 22, 2014 | |||||||||||
Partners' capital at Dec. 31, 2013 | 2,988 | 0 | 2,988 | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net income | [1] | 18,831 | |||||||||
Contribution of note payable to equity | 437,115 | 0 | 437,115 | ||||||||
Exchange of Predecessor interests for units | 0 | 447,124 | (447,124) | ||||||||
Net proceeds from the issuance of common units | 232,334 | 232,334 | 0 | ||||||||
Distribution To Related Party | (148,760) | (148,760) | 0 | ||||||||
Unit-based compensation | 1,011 | 1,011 | 0 | ||||||||
Partners' capital at Sep. 30, 2014 | [1] | 543,519 | 543,519 | 0 | |||||||
Partners' capital at Jun. 22, 2014 | |||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net income | 11,810 | [2] | 11,810 | 0 | |||||||
Partners' capital at Sep. 30, 2014 | [1] | 543,519 | 543,519 | 0 | |||||||
Partners' capital at Dec. 31, 2014 | 535,351 | 535,351 | 0 | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net income | 19,482 | 19,482 | 0 | ||||||||
Unit-based compensation | 2,956 | 2,956 | 0 | ||||||||
Distribution to public | (6,113) | (6,113) | 0 | ||||||||
Distribution to Diamondback | (46,496) | (46,496) | 0 | ||||||||
Partners' capital at Sep. 30, 2015 | $ 505,180 | $ 505,180 | $ 0 | ||||||||
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Aggregate amount of net income allocated to limited partners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The amount of ownership interest of different classes of partners in limited partnership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total contributions made by each class of partners (i.e., general, limited and preferred partners). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Total change in each class of partners' capital accounts during the year due to exchanges and conversions. Partners include general, limited and preferred partners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Monetary value of the issuance of new units of limited partnership interest in a public offering. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Total change in each class of partners' capital accounts during the year due to unit-based compensation. All partners include general, limited and preferred partners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Total distributions from initial public offering proceeds and related transactions attributable to related party entities No definition available.
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The total amount of distributions to third party limited partners. No definition available.
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The total amount of distributions to related party limited partners. No definition available.
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Amount of noncash expense included in interest expense to issue debt and obtain financing associated with the related debt instruments. Alternate captions include noncash interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The value of the financial instrument(s) that the original debt is being converted into in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The noncash expense charged against earnings to recognize the consumption of oil and gas reserves that are part of an entities' assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the obligations due for goods and services provided by the following types of related parties: a parent company and its subsidiaries, subsidiaries of a common parent, an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entities' management, an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The increase (decrease) during the reporting period in other obligations or expenses incurred but not yet paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in other current operating assets not separately disclosed in the statement of cash flows. No definition available.
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- Definition
The increase (decrease) during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of interest capitalized during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of cash paid for interest during the period net of cash paid for interest that is capitalized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate amount of net income allocated to limited partners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Cash outflow to owners or shareholders, excluding ordinary dividends. Includes special dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow for cost incurred directly with the issuance of an equity security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow associated with the purchase of all investments (debt, security, other) during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow from the acquisition of a mineral right which is the right to extract a mineral from the earth or to receive payment, in the form of royalty, for the extraction of minerals. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow to purchase of mineral interests in oil and gas properties for use in the normal oil and gas operations and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from the issuance of common limited partners units during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow from contractual arrangement with the lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash outflow for payment of an obligation from a lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow from the repayment of long-term borrowing where a lender is placed in a lien position behind debt having a higher priority of repayment (senior) in case of liquidation of the entity's assets or underlying collateral. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Increase (Decrease) in Royalties Receivable No definition available.
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Payments of Distributions to Parent No definition available.
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Organization and Basis of Presentation
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Sep. 30, 2015
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | ORGANIZATION AND BASIS OF PRESENTATION Organization 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 Energy, Inc. (“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. Unless the context requires otherwise, references to “we,” “us,” “our,” or “the Partnership” are intended to mean the business and operations of Viper Energy Partners LP and its consolidated subsidiary, Viper Energy Partners LLC (the “Predecessor”). Prior to the completion of the Partnership’s IPO of 5,750,000 common units representing limited partner interests (which included 750,000 common units issued pursuant to an option to purchase additional common units granted to the underwriters), Diamondback owned all of the general and limited partner interests in the Partnership. On June 23, 2014, the Partnership completed its IPO at a price to the public of $26.00 per common unit. 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 IPO, Diamondback contributed all of the membership interests in the Predecessor to the Partnership in exchange for 70,450,000 common units. Diamondback maintained its non-economic general partner interest in the Partnership through its wholly-owned subsidiary, the General Partner. In addition, in connection with the closing of the IPO, 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 IPO. As of December 31, 2014, the Partnership had distributed $148.8 million to Diamondback as part of the IPO transactions. The contribution of the Predecessor 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. On September 19, 2014, the Partnership completed an underwritten public offering of 3,500,000 common units. The common units were sold to the public at $28.50 per unit and the Partnership received net proceeds of approximately $94.8 million from the sale of these common units, net of offering expenses and underwriting discounts and commissions. As of September 30, 2015, the General Partner held a 100% non-economic general partner interest in the Partnership and Diamondback had an approximate 88% limited partner interest in the Partnership. Diamondback owns and controls the General Partner. Basis of Presentation The consolidated results of operations following the completion of the IPO are presented together with the results of operations pertaining to the Predecessor. The assets of the Predecessor consisted of mineral interests in oil and natural gas properties in the Permian Basin, which were acquired on September 19, 2013. The contribution of the Predecessor to the Partnership on June 17, 2014 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. The Partnership did not own any assets prior to June 17, 2014, the date of the contribution agreement by and among Diamondback, the Predecessor, the General Partner and the Partnership. Prior to the IPO, the Predecessor was a wholly owned subsidiary of Diamondback. For periods prior to June 17, 2014, the accompanying consolidated financial statements and related notes thereto represent the financial position, results of operations, cash flows and changes in members’ equity of the Predecessor and, for periods on and after June 17, 2014, the accompanying consolidated financial statements and related notes thereto represent the financial position, results of operations, cash flows and changes in partners’ equity of the Partnership and its wholly owned subsidiary. The accompanying consolidated financial statements and related notes thereto were prepared in conformity with GAAP. All material intercompany balances and transactions are eliminated in consolidation. |
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The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Summary of Significant Accounting Policies
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9 Months Ended |
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Sep. 30, 2015
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Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates Certain amounts included in or affecting the Partnership’s 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 financial statements are prepared. These estimates and assumptions affect the amounts the Partnership reports for assets and liabilities and the Partnership’s disclosure of contingent assets and liabilities at the date of the financial statements. The Partnership evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Partnership considers reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from the Partnership’s estimates. Any effects on the Partnership’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 and unit–based compensation. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers”. This update 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, 2017, 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 Partnership is currently evaluating the impact, if any, that the adoption of this update will have on the Partnership’s financial position, results of operations, and liquidity. In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-03, “Interest—Imputation of Interest”. This update requires that debt issuance costs related to a recognized debt liability (except costs associated with revolving debt arrangements) 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 Partnership’s consolidated balance sheets and will not have a material impact on the Partnership’s consolidated financial statements. |
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The entire disclosure for all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Oil and Natural Gas Interests
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Extractive Industries [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oil and Natural Gas Interests | OIL AND NATURAL GAS INTERESTS Oil and natural gas interests include the following:
Costs associated with unevaluated properties are excluded from the full cost pool until a determination as to the existence of proved reserves is able to be made. The inclusion of the Partnership’s unevaluated costs into the amortization base is expected to be completed within three to five years. Acquisition On July 9, 2015, the Partnership completed the acquisition of an approximate average 1.5% overriding royalty interest in certain acreage primarily located in Howard County, Texas from Diamondback for $31.1 million. This acquisition was primarily funded with borrowings under the Partnership’s revolving credit facility discussed in Note 4. |
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The entire disclosure for properties used in normal conduct of oil and gas exploration and producing operations. This disclosure may include property accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives. No definition available.
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Debt
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Debt | DEBT Credit Agreement-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 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 September 30, 2015, the borrowing base remained at $175.0 million. The Partnership had $29.0 million outstanding under its credit agreement as of September 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 0.50% 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 repaid (a) to the extent that 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 subsidiary. 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.
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 credit agreement upon the occurrence and during the continuance of any event of default. The Partnership’s 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. Subordinated Note Effective September 19, 2013, the Predecessor issued a subordinated note to Diamondback for the principal sum of $440.0 million for a royalty interest acquisition. In connection with the IPO, the subordinated note was converted to equity. The note bore interest at 7.625% per annum. Interest was due and payable monthly in arrears on the first business day of each calendar month. The unpaid principal balance and all accrued interest on the note were due and payable in full on October 1, 2021. Any indebtedness evidenced by this note was subordinate in the right of payment to any indebtedness outstanding under the Diamondback credit agreement. Prior to the completion of the IPO, there was $437.1 million of principal and interest outstanding under this note. |
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The entire disclosure for long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Related Party Transactions
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9 Months Ended |
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Sep. 30, 2015
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Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Acquisition On July 9, 2015, the Partnership completed the acquisition of an approximate average 1.5% overriding royalty interest in certain acreage primarily located in Howard County, Texas from Diamondback for $31.1 million. This acquisition was primarily funded with borrowings under the Partnership’s revolving credit facility discussed in Note 4. Partnership Agreement In connection with the closing of the IPO, the General Partner and Diamondback entered into the first amended and restated agreement of limited partnership, dated June 23, 2014 (the “Partnership Agreement”). 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 the Partnership’s 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. For both the three and nine months ended September 30, 2014, the Partnership reimbursed the General Partner $0.8 million. Advisory Services Agreement In connection with the closing of the IPO, the Partnership and General Partner entered into an advisory services agreement with Wexford Capital LP (“Wexford”) dated as of June 23, 2014 (the “Advisory Services Agreement”), under which Wexford provides the Partnership and the General Partner with general financial and strategic advisory services related to the Partnership’s business in return for an annual fee of $0.5 million, plus reasonable out-of-pocket expenses. The Advisory Services Agreement has an initial term of two years commencing on June 23, 2014, 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 Partnership terminates the Advisory Services Agreement, the Partnership is obligated to pay all amounts due through the remaining term. In addition, the Partnership has agreed to pay Wexford to-be-negotiated market-based fees approved by the conflict committee of the board of directors of the General Partner for such services as may be provided by Wexford at the Partnership’s request in connection with future acquisitions and divestitures, financings or other transactions in which the Partnership may be involved. The services provided by Wexford under the Advisory Services Agreement do not extend to the Partnership’s day-to-day business or operations. The Partnership 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. For the three months ended September 30, 2015 and 2014, we incurred costs of $0.2 million and $0.1 million, respectively, and $0.5 million and $0.1 million, respectively, for the nine months ended September 30, 2015 and 2014, under the Advisory Services Agreement. Tax Sharing In connection with the closing of the IPO, the Partnership entered into a tax sharing agreement with Diamondback, dated June 23, 2014, pursuant to which the Partnership agreed to 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 agreed to 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. Shared Services Agreement Effective September 19, 2013, the Predecessor entered into a shared services agreement with Diamondback E&P LLC, a wholly-owned subsidiary of Diamondback. This agreement was terminated in connection with the IPO. Under this agreement, Diamondback E&P LLC provided consulting and administrative services to the Predecessor. The Predecessor incurred a monthly charge for the services of $26,000. For the nine months ended September 30, 2014, the Partnership incurred costs under this agreement of $0.2 million. |
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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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Unit-Based Compensation
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unit-Based Compensation | UNIT–BASED COMPENSATION In connection with the IPO, the board of directors of the General Partner adopted the Viper Energy Partners LP Long Term Incentive Plan (“LTIP”), effective June 17, 2014, for employees, officers, consultants and directors of the General Partner and any of its affiliates, including Diamondback, who perform services for the Partnership. The LTIP provides for the grant of unit options, unit appreciation rights, restricted units, unit awards, phantom units, distribution equivalent rights, cash awards, performance awards, other unit-based awards and substitute awards. A total of 9,144,000 common units has been reserved for issuance pursuant to the LTIP. Common units that are cancelled, forfeited or withheld to satisfy exercise prices or tax withholding obligations will be available for delivery pursuant to other awards. The LTIP is administered by the board of directors of the General Partner or a committee thereof. For the three and nine months ended September 30, 2015, the Partnership incurred $1.1 million and $3.0 million, respectively, of unit–based compensation. Unit Options In accordance with the 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 LTIP will consist of new common units of the Partnership. On June 17, 2014, the Partnership granted 2,500,000 unit options to the executive officers of the General Partner. The unit options vest approximately 33% ratably on each of the first three anniversaries of the date of grant or earlier upon a change of control (as defined in the LTIP). Vested unit options will be automatically exercised upon the earlier of a change of control or the third anniversary of the grant date unless extended in accordance with the terms of the LTIP (the “Exercise Date”). In the event the fair market value per unit as of the Exercise Date is less than the exercise price per option unit, the vested options will automatically terminate and become null and void on 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.
The following table presents the unit option activity under the LTIP for the nine months ended September 30, 2015:
As of September 30, 2015, the unrecognized compensation cost related to unvested unit options was $6.1 million. Such cost is expected to be recognized over a weighted-average period of 1.75 years. Phantom Units Under the 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 units entitle the recipient to one common unit of the Partnership for each phantom unit. The following table presents the phantom unit activity under the LTIP for the nine months ended September 30, 2015:
The aggregate fair value of phantom units that vested during the nine months ended September 30, 2015 was $0.3 million. As of September 30, 2015, the unrecognized compensation cost related to unvested phantom units was $0.4 million. Such cost is expected to be recognized over a weighted-average period of 1.37 years. |
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The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Partners' Capital and Partnership Distributions
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Equity [Abstract] | ||||||||||||||||||||||||||||
Partners' Capital and Partnership Distributions | PARTNERS’ CAPITAL AND PARTNERSHIP DISTRIBUTIONS The Partnership has general partner and common unit partnership interests. The general partner interest is a non-economic interest and is not entitled to any cash distributions. At September 30, 2015, the Partnership had a total of 79,726,006 common units issued and outstanding, of which 70,450,000 common units were owned by Diamondback, representing approximately 88% of the total Partnership common units outstanding. The following table summarizes changes in the number of the Partnership’s common units:
The board of directors of the General Partner has adopted a policy for the Partnership to distribute all available cash generated on a quarterly basis, beginning with the quarter ended September 30, 2014. On February 5, 2015, the board of directors of the General Partner approved a cash distribution attributable to the fourth quarter of 2014 of $0.25 per common unit, which was paid on February 27, 2015. This distribution included a total of $17.6 million distributed to Diamondback. On May 1, 2015, the board of directors of the General Partner approved a cash distribution attributable to the first quarter of 2015 of $0.19 per common unit, which was paid on May 22, 2015. This distribution included a total of $13.4 million distributed to Diamondback. On July 31, 2015, the board of directors of the General Partner approved a cash distribution for the second quarter of 2015 of $0.22 per common unit, which was paid on August 21, 2015. This distribution included a total of $15.5 million distributed to Diamondback. Cash distributions will be made to the common unitholders of record on the applicable record date, generally within 60 days after the end of each quarter. Available cash for each quarter will be determined by the board of directors of the General Partner following the end of such quarter. Available cash for each quarter will generally equal Adjusted EBITDA reduced for cash needed for debt service and other contractual obligations and fixed charges and reserves for future operating or capital needs that the board of directors of the General Partner deems necessary or appropriate, if any. |
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The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Earnings Per Unit
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Earnings Per Unit | EARNINGS PER UNIT The net income per common unit on the consolidated statements of operations is based on the net income of the Partnership for the three and nine months ended September 30, 2015 and for the period after the closing of the IPO on June 23, 2014 through September 30, 2014, since this is the amount of net income that is attributable to the Partnership’s common units. The Partnership’s net income is allocated wholly to the common units as the General Partner does not have an economic interest. Payments made to the Partnership’s unitholders are determined in relation to the cash distribution policy described in Note 7—Partners’ Capital and Partnership Distributions. Basic net income per common unit is calculated by dividing net income by the weighted-average number of common units outstanding during the period. Diluted net income per common unit gives effect, when applicable, to unvested common units granted under the LTIP.
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Commitments and Contingencies
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Sep. 30, 2015
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Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES The Partnership 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. Litigation The Company filed an action in October 2014 to recover a $500,000 escrow in connection with a purchase and sale agreement. The escrow agent interpleaded the funds, and the other parties to the agreement have filed a counterclaim to recover the escrow. Both sides also seek recovery of their attorneys’ fees. The case is presently in discovery and is scheduled for trial in January 2016. It is not possible to predict the outcome with reasonable certainty, but the Company does not believe that an adverse outcome would have a material adverse effect on the Company’s financial statements and has not included a loss contingency reserve for this matter. |
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The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Subsequent Events
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Sep. 30, 2015
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Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On October 30, 2015, the board of directors of the General Partner approved a cash distribution for the third quarter of 2015 of $0.20 per common unit, payable on November 20, 2015, to unitholders of record at the close of business on November 13, 2015. |
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The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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Summary of Significant Accounting Policies (Policies)
|
9 Months Ended |
---|---|
Sep. 30, 2015
|
|
Accounting Policies [Abstract] | |
Basis of Accounting [Text Block] | Basis of Presentation The consolidated results of operations following the completion of the IPO are presented together with the results of operations pertaining to the Predecessor. The assets of the Predecessor consisted of mineral interests in oil and natural gas properties in the Permian Basin, which were acquired on September 19, 2013. The contribution of the Predecessor to the Partnership on June 17, 2014 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. The Partnership did not own any assets prior to June 17, 2014, the date of the contribution agreement by and among Diamondback, the Predecessor, the General Partner and the Partnership. Prior to the IPO, the Predecessor was a wholly owned subsidiary of Diamondback. For periods prior to June 17, 2014, the accompanying consolidated financial statements and related notes thereto represent the financial position, results of operations, cash flows and changes in members’ equity of the Predecessor and, for periods on and after June 17, 2014, the accompanying consolidated financial statements and related notes thereto represent the financial position, results of operations, cash flows and changes in partners’ equity of the Partnership and its wholly owned subsidiary. The accompanying consolidated financial statements and related notes thereto were prepared in conformity with GAAP. All material intercompany balances and transactions are eliminated in consolidation. |
Use of Estimates | Use of Estimates Certain amounts included in or affecting the Partnership’s 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 financial statements are prepared. These estimates and assumptions affect the amounts the Partnership reports for assets and liabilities and the Partnership’s disclosure of contingent assets and liabilities at the date of the financial statements. The Partnership evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Partnership considers reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from the Partnership’s estimates. Any effects on the Partnership’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 and unit–based compensation. |
New Accounting Pronouncements | New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers”. This update 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, 2017, 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 Partnership is currently evaluating the impact, if any, that the adoption of this update will have on the Partnership’s financial position, results of operations, and liquidity. In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-03, “Interest—Imputation of Interest”. This update requires that debt issuance costs related to a recognized debt liability (except costs associated with revolving debt arrangements) 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 Partnership’s consolidated balance sheets and will not have a material impact on the Partnership’s consolidated financial statements. |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The entire disclosure for the basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). No definition available.
|
X | ||||||||||
- Definition
Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact. No definition available.
|
X | ||||||||||
- Definition
Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Oil and Natural Gas Interests (Tables)
|
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2015
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Extractive Industries [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate capitalized costs related to oil and natural gas production activities | Oil and natural gas interests include the following:
|
X | ||||||||||
- Definition
Tabular disclosure of aggregate capitalized costs relating to an enterprise's oil and gas producing activities and the aggregate related accumulated depreciation, depletion, amortization, and valuation allowances. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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Debt (Tables)
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9 Months Ended | |||||||||||||||||||
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Sep. 30, 2015
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Debt Disclosure [Abstract] | ||||||||||||||||||||
Schedule of financial covenants |
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
Schedule of Line of Credit Facilities, Covenant Terms [Table Text Block] No definition available.
|
Unit-Based Compensation (Tables)
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2015
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of valuation assumptions |
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Schedule of unit option activity | The following table presents the unit option activity under the LTIP for the nine months ended September 30, 2015:
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Schedule of Nonvested Share Activity [Table Text Block] | The following table presents the phantom unit activity under the LTIP for the nine months ended September 30, 2015:
|
X | ||||||||||
- Details
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X | ||||||||||
- Definition
Tabular disclosure of the changes in outstanding nonvested shares. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Partners' Capital and Partnership Distributions (Tables)
|
9 Months Ended | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2015
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Equity [Abstract] | ||||||||||||||||||||||||||||
Schedule of changes in common units | The following table summarizes changes in the number of the Partnership’s common units:
|
X | ||||||||||
- Details
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X | ||||||||||
- Definition
Tabular disclosure of the varying rights, preferences and privileges of each class of limited partnership interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Earnings Per Unit (Tables)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2015
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of basic and diluted net income per common unit |
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Organization and Basis of Presentation (Details) (USD $)
|
9 Months Ended | 0 Months Ended | 6 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2015
Wexford [Member]
|
Sep. 30, 2014
Diamondback Energy, Inc. [Member]
|
Jun. 23, 2014
Diamondback Energy, Inc. [Member]
|
Jun. 23, 2014
Diamondback Energy, Inc. [Member]
Limited Partner [Member]
|
Dec. 31, 2014
Diamondback Energy, Inc. [Member]
Limited Partner [Member]
|
Sep. 30, 2015
Diamondback Energy, Inc. [Member]
Limited Partner [Member]
|
Sep. 30, 2014
Diamondback Energy, Inc. [Member]
Limited Partner [Member]
|
Jun. 23, 2014
IPO [Member]
Limited Partner [Member]
|
Sep. 30, 2015
IPO [Member]
Limited Partner [Member]
|
Jun. 23, 2014
IPO [Member]
Limited Partner [Member]
|
Jun. 23, 2014
Over-Allotment Option [Member]
Limited Partner [Member]
|
Sep. 19, 2014
Public Offering [Member]
Limited Partner [Member]
|
Sep. 30, 2015
Public Offering [Member]
Limited Partner [Member]
|
Sep. 19, 2014
Public Offering [Member]
Limited Partner [Member]
|
|
Limited Partners' Capital Account [Line Items] | ||||||||||||||
Units issued in public offering | 5,750,000 | 5,750,000 | 750,000 | 3,500,000 | 3,500,000 | |||||||||
Price per common unit (in dollars per unit) | $ 26.00 | $ 28.50 | ||||||||||||
Proceeds from sale of common units, net of offering expenses and underwriting discounts and commissions | $ 137,240,000 | $ 94,810,000 | ||||||||||||
Conversion of membership interests to common units | 70,450,000 | |||||||||||||
Distribution payable | 11,300,000 | |||||||||||||
Distribution To Related Party | $ 148,760,000 | $ 148,760,000 | $ 148,760,000 | |||||||||||
Percent of General Partner interest | 100.00% | |||||||||||||
Percent of limited partnership interest | 88.00% |
X | ||||||||||
- Definition
Percentage investment held by the managing member or general partner of the limited liability company (LLC) or limited partnership (LP). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The number of units or percentage investment held by one or more members or limited partners of the LLC or LP. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
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X | ||||||||||
- Definition
Monetary value of the issuance of new units of limited partnership interest in a public offering, net of offering costs. This is a parenthetical disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The number of units converted into shares of each class of partners' capital account. Units represent shares of ownership of the general, limited, and preferred partners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The number of units sold in a public offering of each class of partners' capital account. Units represent shares of ownership of the general, limited, and preferred partners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Price of a single share of a number of saleable stocks of a company. No definition available.
|
X | ||||||||||
- Definition
Distributions Payable, Related Parties, Current No definition available.
|
X | ||||||||||
- Definition
Total distributions from initial public offering proceeds and related transactions attributable to related party entities No definition available.
|
Oil and Natural Gas Interests (Details) (USD $)
|
9 Months Ended | 0 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2015
|
Dec. 31, 2014
|
Sep. 30, 2015
Incurred in 2015 [Member]
|
Dec. 31, 2014
Incurred in 2015 [Member]
|
Sep. 30, 2015
Incurred in 2014 [Member]
|
Dec. 31, 2014
Incurred in 2014 [Member]
|
Sep. 30, 2015
Incurred in 2013 [Member]
|
Dec. 31, 2014
Incurred in 2013 [Member]
|
Sep. 30, 2015
Minimum [Member]
|
Sep. 30, 2015
Maximum [Member]
|
Jul. 09, 2015
Howard County, Texas [Member]
Diamondback E&P LLC [Member]
|
|
Property, Plant and Equipment [Line Items] | |||||||||||
Oil and Natural gas interests subject to depletion | $ 468,183,000 | $ 419,641,000 | |||||||||
Oil and natural gas not subject to depletion | 75,121,000 | 91,444,000 | 29,398,000 | 0 | 45,723,000 | 48,266,000 | 0 | 43,178,000 | |||
Gross oil and natural gas interests | 543,304,000 | 511,085,000 | |||||||||
Accumulated depletion | (59,386,000) | (32,800,000) | |||||||||
Oil and natural gas interests, net | 483,918,000 | 478,285,000 | |||||||||
Number of years until unevaluated properties are included in full cost pool | 3 years | 5 years | |||||||||
Oil and Gas Property, Percent of Royalty Interest Sold | 1.50% | ||||||||||
Proceeds from Sale of Oil and Gas Property and Equipment | $ 31,100,000 |
X | ||||||||||
- Definition
The sum of the capitalized costs incurred, as of the balance sheet date, of unproved properties excluded from amortization including acquisition costs, exploration costs, development costs, and production costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Capitalized costs of proved properties incurred for any combination mineral interests acquisitions; wells and related equipment; support equipment and facilities; and uncompleted wells and equipment and other costs not previously disclosed within this table. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Depletion of oil and gas property carried under the full cost method. No definition available.
|
X | ||||||||||
- Definition
Oil and gas properties, gross, carried under the full cost method. No definition available.
|
X | ||||||||||
- Definition
Oil and gas properties, net of depletion, carried under the full cost method. No definition available.
|
X | ||||||||||
- Definition
The cash inflow to dispose of long-lived, physical assets and mineral interests in oil and gas properties used for normal oil and gas operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Oil and Gas Property, Percent of Royalty Interest Sold No definition available.
|
X | ||||||||||
- Definition
Transfer of Costs, Unevaluated Properties to Full Cost Pool, Number of Years No definition available.
|
Debt - Credit Facility (Details) (USD $)
In Millions, unless otherwise specified |
9 Months Ended | |
---|---|---|
Sep. 30, 2015
redetermindation
|
Jun. 30, 2015
|
|
Line of Credit Facility [Line Items] | ||
Current borrowing capacity | $ 175.0 | |
Wells Fargo [Member] | Revolving Credit Agreement [Member]
|
||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | 500.0 | |
Number of additional redeterminations that may be requested | 3 | |
Period of redeterminations | 12 months | |
Current borrowing capacity | 110.0 | |
Amount outstanding under credit facility | $ 29.0 | |
Federal Funds Effective Swap Rate [Member] | Wells Fargo [Member] | Revolving Credit Agreement [Member]
|
||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 0.50% | |
LIBOR, 3-month [Member] | Wells Fargo [Member] | Revolving Credit Agreement [Member]
|
||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.00% | |
Minimum [Member] | Wells Fargo [Member] | Revolving Credit Agreement [Member]
|
||
Line of Credit Facility [Line Items] | ||
Commitment fee on the unused portion of the borrowing base | 0.375% | |
Minimum [Member] | Base Rate [Member] | Wells Fargo [Member] | Revolving Credit Agreement [Member]
|
||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 0.50% | |
Minimum [Member] | LIBOR [Member] | Wells Fargo [Member] | Revolving Credit Agreement [Member]
|
||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.50% | |
Maximum [Member] | Wells Fargo [Member] | Revolving Credit Agreement [Member]
|
||
Line of Credit Facility [Line Items] | ||
Commitment fee on the unused portion of the borrowing base | 0.50% | |
Maximum [Member] | Base Rate [Member] | Wells Fargo [Member] | Revolving Credit Agreement [Member]
|
||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.50% | |
Maximum [Member] | LIBOR [Member] | Wells Fargo [Member] | Revolving Credit Agreement [Member]
|
||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 2.50% |
X | ||||||||||
- Definition
Percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
X | ||||||||||
- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of current borrowing capacity under the credit facility considering any current restrictions on the amount that could be borrowed (for example, borrowings may be limited by the amount of current assets), but without considering any amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The fee, expressed as a percentage of the line of credit facility, for available but unused credit capacity under the credit facility. No definition available.
|
X | ||||||||||
- Definition
Line of Credit Facility, Borrowing Base, Number of Redeterminations No definition available.
|
X | ||||||||||
- Definition
Line of Credit Facility, Borrowing Base, Period of Redetermination No definition available.
|
Debt - Financial Covenants (Details) (Wells Fargo [Member], Revolving Credit Agreement [Member], USD $)
In Millions, unless otherwise specified |
Sep. 30, 2015
|
|||
---|---|---|---|---|
Wells Fargo [Member] | Revolving Credit Agreement [Member]
|
||||
Line of Credit Facility [Line Items] | ||||
Ratio of total debt to EBITDAX, not greater than 4.0 | 4.0 | [1] | ||
Ratio of current assets to liabilities, not less than 1.0 | 1.0 | |||
Maximum issuance of unsecured debt | $ 250.0 | |||
Reduction of borrowing base | 25.00% | |||
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Line of Credit Facility, Decrease of Borrowing Base, Percentage No definition available.
|
X | ||||||||||
- Definition
Line of Credit Facility, Covenant Terms, Maximum Issuance of Additional Indebtedness No definition available.
|
X | ||||||||||
- Definition
Line of Credit Facility, Covenant Terms, Ratio of Current Assets to Liabilities No definition available.
|
X | ||||||||||
- Definition
Line of Credit Facility, Covenant Terms, Ratio of Total Debt to Earnings Before Interest, Taxes, Depreciation, Depletion, Amortization and Exploration Expense No definition available.
|
Debt - Subordinated Note (Details) (Diamondback Energy, Inc. [Member], Subordinated Note [Member], USD $)
In Millions, unless otherwise specified |
Jun. 22, 2014
|
Sep. 19, 2013
|
---|---|---|
Diamondback Energy, Inc. [Member] | Subordinated Note [Member]
|
||
Debt Instrument [Line Items] | ||
Principal amount | $ 440.0 | |
Stated interest rate | 7.625% | |
Long-term debt and interest outstanding | $ 437.1 |
X | ||||||||||
- Definition
Face (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Long-term Debt and Interest Outstanding No definition available.
|
Related Party Transactions (Details) (USD $)
|
3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 6 Months Ended | 9 Months Ended | 0 Months Ended | ||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2014
General Partner
Partnership Agreement [Member]
|
Sep. 30, 2014
General Partner
Partnership Agreement [Member]
|
Sep. 30, 2015
Affiliated Entity, Wexford [Member]
Advisory Services Agreement [Member]
|
Sep. 30, 2014
Affiliated Entity, Wexford [Member]
Advisory Services Agreement [Member]
|
Sep. 30, 2015
Affiliated Entity, Wexford [Member]
Advisory Services Agreement [Member]
|
Sep. 30, 2014
Affiliated Entity, Wexford [Member]
Advisory Services Agreement [Member]
|
Jun. 22, 2014
Predecessor [Member]
Diamondback E&P LLC [Member]
Shared Service Agreement [Member]
|
Sep. 30, 2014
Predecessor [Member]
Diamondback E&P LLC [Member]
Shared Service Agreement [Member]
|
Jul. 09, 2015
Howard County, Texas [Member]
Diamondback E&P LLC [Member]
|
|
Related Party Transaction [Line Items] | |||||||||
Oil and Gas Property, Percent of Royalty Interest Sold | 1.50% | ||||||||
Proceeds from Sale of Oil and Gas Property and Equipment | $ 31,100,000 | ||||||||
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 | ||||||||
Incurred costs for transactions with related party | 750,000 | 750,000 | 197,000 | 143,000 | 461,000 | 143,000 | 156,000 | ||
Monthly expense for transaction with related party | $ 26,000 |
X | ||||||||||
- Definition
The cash inflow to dispose of long-lived, physical assets and mineral interests in oil and gas properties used for normal oil and gas operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Expenses recognized resulting from transactions (excluding transactions that are eliminated in consolidated or combined financial statements) with related party. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Oil and Gas Property, Percent of Royalty Interest Sold No definition available.
|
X | ||||||||||
- Definition
Related Party Transaction, Annual Fee for Advisory Services with Related Party No definition available.
|
X | ||||||||||
- Definition
Related Party Transaction, Cancellation Notice of Agreement No definition available.
|
X | ||||||||||
- Definition
Related Party Transaction, Minimum Period for Cancellation of Renewal Term No definition available.
|
X | ||||||||||
- Definition
Related Party Transaction, Monthly Expense from Transactions with Related Party No definition available.
|
X | ||||||||||
- Definition
Related Party Transaction, Original Term for Advisory Services with Related Party No definition available.
|
X | ||||||||||
- Definition
Related Party Transaction, Renewal Term for Advisory Services with Related Party No definition available.
|
Unit-Based Compensation Additional Disclosures (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | ||
---|---|---|---|---|---|---|
Sep. 30, 2015
|
Sep. 30, 2015
|
Sep. 30, 2015
Viper Energy Partners LP Long Term Incentive Plan [Member]
|
Sep. 30, 2015
Viper Energy Partners LP Long Term Incentive Plan [Member]
Unit Options [Member]
|
Jun. 17, 2014
Viper Energy Partners LP Long Term Incentive Plan [Member]
Executive Officers of General Partner [Member]
|
Jun. 17, 2014
Viper Energy Partners LP Long Term Incentive Plan [Member]
Executive Officers of General Partner [Member]
Unit Options [Member]
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common units reserved for issuance | 9,144,000 | |||||
Equity-based compensation | $ 1.1 | $ 3.0 | ||||
Unit options granted | 0 | 2,500,000 | ||||
Vesting percentage for next three anniversaries | 33.00% |
X | ||||||||||
- Definition
Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Percentage of vesting of share-based compensation awards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Gross number of share options (or share units) granted during the period. No definition available.
|
Unit-Based Compensation Valuation Assumptions (Details) (Unit Options [Member], USD $)
|
9 Months Ended |
---|---|
Sep. 30, 2015
|
|
Unit Options [Member]
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant-date fair value (in dollars per share) | $ 4.24 |
Expected volatility | 36.00% |
Expected dividend yield | 5.90% |
Expected term (in years) | 3 years |
Risk-free rate | 0.99% |
X | ||||||||||
- Definition
The estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Expected term of share-based compensation awards, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The risk-free interest rate assumption that is used in valuing an option on its own shares. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The weighted average grant-date fair value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Unit-Based Compensation Unit Option Activity (Details) (USD $)
|
9 Months Ended |
---|---|
Sep. 30, 2015
|
|
Options, Outstanding, Weighted Average Exercise Price | |
Unrecognized compensation cost related to unvested unit options | $ 6,100,000 |
Unit Options [Member]
|
|
Options, Outstanding, Weighted Average Exercise Price | |
Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months |
Unit Options [Member] | Viper Energy Partners LP Long Term Incentive Plan [Member]
|
|
Options, Outstanding [Rollforward] | |
Outstanding at December 31, 2014 | 2,500,000 |
Granted | 0 |
Outstanding at September 30, 2015 | 2,500,000 |
Vested and Expected to Vest at September 30, 2015 | 2,500,000 |
Exercisable at September 30, 2015 | 0 |
Options, Outstanding, Weighted Average Exercise Price | |
Outstanding at December 31, 2014 | $ 26.00 |
Grants in Period | $ 0.00 |
Outstanding at September 30, 2015 | $ 0.00 |
Vested at September 30, 2015 | $ 0.00 |
Exercisable at September 30, 2015 | $ 0.00 |
Outstanding at end of period, remaining term | 1 year 9 months |
Vested at end of period, remaining term | 1 year 9 months |
Exercisable at end of period, remaining term | 0 days |
Outstanding at end of period, intrinsic value | 0 |
Vested at end of period, intrinsic value | 0 |
Exercisable at end of period, intrinsic value | $ 0 |
X | ||||||||||
- Definition
Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Unrecognized cost of unvested options awarded to employees as compensation. No definition available.
|
X | ||||||||||
- Definition
Amount of difference between fair value of the underlying shares reserved for issuance and exercise price of vested portions of options outstanding and currently exercisable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Weighted average remaining contractual term for vested portions of options outstanding and currently exercisable or convertible, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Gross number of share options (or share units) granted during the period. No definition available.
|
X | ||||||||||
- Definition
Amount by which the current fair value of the underlying stock exceeds the exercise price of options outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Number of options outstanding, including both vested and non-vested options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount by which the current fair value of the underlying stock exceeds the exercise price of fully vested and expected to vest options outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
As of the balance sheet date, the number of shares into which fully vested and expected to vest stock options outstanding can be converted under the option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
As of the balance sheet date, the weighted-average exercise price for outstanding stock options that are fully vested or expected to vest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Weighted average remaining contractual term for fully vested and expected to vest options outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Weighted average per share amount at which grantees can acquire shares of common stock by exercise of options. No definition available.
|
Unit-Based Compensation Phantom Units (Details) (Viper Energy Partners LP Long Term Incentive Plan [Member], Phantom Share Units (PSUs) [Member], USD $)
In Millions, except Share data, unless otherwise specified |
9 Months Ended |
---|---|
Sep. 30, 2015
|
|
Viper Energy Partners LP Long Term Incentive Plan [Member] | Phantom Share Units (PSUs) [Member]
|
|
Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested at December 31, 2014 | 17,776 |
Granted | 24,690 |
Vested | (17,118) |
Unvested at September 30, 2015 | 25,348 |
Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Unvested at December 31, 2014 | $ 19.51 |
Granted | $ 15.48 |
Vested | $ 17.57 |
Unvested at September 30, 2015 | $ 16.89 |
Equity Instruments Other than Options, Vested in Period, Fair Value | $ 0.3 |
Nonvested Awards, Compensation Cost Not yet Recognized | $ 0.4 |
Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 4 months 13 days |
X | ||||||||||
- Definition
Unrecognized cost of unvested share-based compensation awards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Fair value of share-based awards for which the grantee gained the right by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Partners' Capital and Partnership Distributions (Details)
|
9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||
---|---|---|---|---|---|---|---|
Sep. 30, 2015
|
Dec. 31, 2014
|
Jun. 23, 2014
IPO [Member]
Limited Partner [Member]
|
Sep. 30, 2015
IPO [Member]
Limited Partner [Member]
|
Sep. 19, 2014
Public Offering [Member]
Limited Partner [Member]
|
Sep. 30, 2015
Public Offering [Member]
Limited Partner [Member]
|
Sep. 30, 2015
Diamondback Energy, Inc. [Member]
Limited Partner [Member]
|
|
Limited Partners' Capital Account [Line Items] | |||||||
Total common units issued | 79,726,006 | 79,708,888 | |||||
Percent of limited partnership interest | 88.00% | ||||||
Units of partnership interest | 70,450,000 | ||||||
Units issued in public offering | 5,750,000 | 5,750,000 | 3,500,000 | 3,500,000 | |||
Common units issued during the period | 26,006 | ||||||
Common units outstanding | 79,726,006 | 79,708,888 |
X | ||||||||||
- Definition
The number of units or percentage investment held by one or more members or limited partners of the LLC or LP. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The number of limited partner units issued. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The number of limited partner units outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The number of units sold in a public offering of each class of partners' capital account. Units represent shares of ownership of the general, limited, and preferred partners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The number of units or equivalent units outstanding for all classes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Limited Partners' Capital Account, Units Issued In Period No definition available.
|
Partners' Capital and Partnership Distributions Partnership Distributions (Details) (Cash Distribution [Member], USD $)
In Millions, except Per Share data, unless otherwise specified |
9 Months Ended | 3 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2015
|
Jun. 30, 2015
Diamondback Limited Partner [Member]
|
Mar. 31, 2015
Diamondback Limited Partner [Member]
|
Dec. 31, 2014
Diamondback Limited Partner [Member]
|
|
Distribution Made to Limited Partner [Line Items] | ||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.22 | $ 0.19 | $ 0.25 | |
Limited Partners' Capital Account, Distribution Amount | $ 15.5 | $ 13.4 | $ 17.6 | |
Distribution Made to Limited Partner, Distribution Date, Period after Quarter End | 60 days |
X | ||||||||||
- Definition
Per unit of ownership amount of cash distributions declared to unit-holder of a limited partnership (LP). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The total amount of distributions to limited partners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Distribution Made to Limited Partner, Distribution Date, Period after Quarter End No definition available.
|
Earnings Per Unit (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2015
|
Sep. 30, 2014
|
Sep. 30, 2014
|
Jun. 22, 2014
|
Sep. 30, 2015
|
Sep. 30, 2014
|
|||||||
Earnings Per Share [Abstract] | ||||||||||||
Net income attributable to the period | $ 6,355 | $ 10,869 | $ 11,810 | [1] | $ 7,021 | $ 19,482 | $ 18,831 | [2] | ||||
Net income per common unit, basic | $ 0.08 | $ 0.14 | $ 0.15 | $ 0.24 | $ 0.15 | [1] | ||||||
Net income per common unit, diluted | $ 0.08 | $ 0.14 | $ 0.15 | $ 0.24 | $ 0.15 | [1] | ||||||
Weighted-average common units outstanding, basic | 79,721 | 76,618 | 76,589 | 79,713 | 76,589 | [1] | ||||||
Weighted-average common units outstanding, diluted | 79,730 | 77,235 | 76,659 | 79,728 | 76,659 | [1] | ||||||
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Aggregate amount of net income allocated to limited partners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Per unit of ownership amount after tax of income (loss) available to limited partnership (LP) unit-holder and units that would have been outstanding assuming the issuance of limited partner units for dilutive potential units outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Per unit of ownership amount after tax of income (loss) available to outstanding limited partnership (LP) unit-holder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Weighted average number of limited partnership units outstanding determined by relating the portion of time within a reporting period that limited partnership units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Weighted average number of limited partnership units outstanding determined by relating the portion of time within a reporting period that limited partnership units have been outstanding to the total time in that period. Used in the calculation of diluted net income or loss per limited partnership unit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Commitments and Contingencies Commitments and Contingencies (Details) (Pending Litigation [Member], USD $)
|
Sep. 30, 2015
|
---|---|
Pending Litigation [Member]
|
|
Loss Contingencies [Line Items] | |
Possible Judgment or Settlement | $ 500,000 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Possible Judgment or Settlement No definition available.
|
Subsequent Events Subsequent Events (Details) (Diamondback Limited Partner [Member], Cash Distribution [Member], USD $)
|
3 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2015
|
Mar. 31, 2015
|
Dec. 31, 2014
|
Dec. 31, 2015
Subsequent Event [Member]
|
|
Subsequent Event [Line Items] | ||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.22 | $ 0.19 | $ 0.25 | $ 0.20 |
X | ||||||||||
- Definition
Per unit of ownership amount of cash distributions declared to unit-holder of a limited partnership (LP). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|