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Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2020	Jul. 31, 2020	Dec. 31, 2019
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-36505
Entity Registrant Name	Viper Energy Partners LP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-5001985
Entity Address, Address Line One	500 West Texas
Entity Address, City or Town	Suite 1200
Entity Address, City or Town	Midland,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	79701
City Area Code	432
Local Phone Number	221-7400
Title of 12(b) Security	Common Units
Trading Symbol	VNOM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Units, Units Outstanding		67,844,370
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001602065
Current Fiscal Year End Date	--12-31
Class B Units
Document Information [Line Items]
Limited partners' capital account, units outstanding (in shares)	90,709,946	90,709,946	90,709,946

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 9,663	$ 3,602
Royalty income receivable (net of allowance for credit losses)	32,118	58,089
Royalty income receivable—related party	917	10,576
Other current assets	482	397
Total current assets	43,180	72,664
Property:
Oil and natural gas interests, full cost method of accounting ($1,480,346 and $1,551,767 excluded from depletion at June 30, 2020 and December 31, 2019, respectively)	2,933,731	2,868,459
Land	5,688	5,688
Accumulated depletion and impairment	(373,898)	(326,474)
Property, net	2,565,521	2,547,673
Deferred tax asset (net of allowance)	0	142,466
Other assets	15,572	22,823
Total assets	2,624,273	2,785,626
Current liabilities:
Accounts payable	11	0
Accounts payable—related party	0	150
Accrued liabilities	12,439	13,282
Derivative instruments	33,956	0
Total current liabilities	46,406	13,432
Long-term debt, net	630,507	586,774
Derivative instruments	5,875	0
Total liabilities	682,788	600,206
Commitments and contingencies (Note 12)
Unitholders’ equity:
General partner	849	889
Common units (67,831,342 units issued and outstanding as of June 30, 2020 and 67,805,707 units issued and outstanding as of December 31, 2019)	728,149	929,116
Class B units (90,709,946 units issued and outstanding as of June 30, 2020 and December 31, 2019)	1,080	1,130
Total Viper Energy Partners LP unitholders’ equity	730,078	931,135
Non-controlling interest	1,211,407	1,254,285
Total equity	1,941,485	2,185,420
Total liabilities and unitholders’ equity	$ 2,624,273	$ 2,785,626

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Oil and natural gas interests, based on the full cost method of accounting, amount excluded from depletion		$ 1,480,346	$ 1,551,767
Common Units
Limited partners' capital account, units issued (in shares)		67,831,342	67,805,707
Limited partners' capital account, units outstanding (in shares)		67,831,342	67,805,707
Class B Units
Limited partners' capital account, units issued (in shares)		90,709,946	90,709,946
Limited partners' capital account, units outstanding (in shares)	90,709,946	90,709,946	90,709,946

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating income:
Royalty income	$ 32,444	$ 70,442	$ 109,273	$ 130,870
Lease bonus income	23	1,749	1,645	2,909
Other operating income	202	3	443	5
Total operating income	32,669	72,194	111,361	133,784
Costs and expenses:
Production and ad valorem taxes	3,110	4,389	9,257	8,081
Depletion	22,782	16,512	47,424	32,711
General and administrative expenses	1,683	1,723	4,349	3,418
Total costs and expenses	27,575	22,624	61,030	44,210
Income from operations	5,094	49,570	50,331	89,574
Other income (expense):
Interest expense, net	(7,669)	(2,713)	(16,632)	(7,262)
Loss on derivative instruments, net	(34,443)	0	(42,385)	0
Gain (loss) on revaluation of investment	3,443	50	(6,677)	3,642
Other income, net	519	547	923	1,203
Total other expense, net	(38,150)	(2,116)	(64,771)	(2,417)
(Loss) income before income taxes	(33,056)	47,454	(14,440)	87,157
Provision for (benefit from) income taxes	0	180	142,466	(34,428)
Net (loss) income	(33,056)	47,274	(156,906)	121,585
Net (loss) income attributable to non-controlling interest	(11,304)	45,009	7,015	85,541
Net (loss) income attributable to Viper Energy Partners LP	$ (21,752)	$ 2,265	$ (163,921)	$ 36,044
Net (loss) income attributable to common limited partner units:
Basic (dollars per unit)	$ (0.32)	$ 0.04	$ (2.42)	$ 0.61
Diluted (dollars per unit)	$ (0.32)	$ 0.04	$ (2.42)	$ 0.61
Weighted average number of common limited partner units outstanding:
Basic (in units)	67,831	62,628	67,827	59,058
Diluted (in units)	67,831	62,664	67,827	59,094
Revenue, Product and Service [Extensible List]			us-gaap:RoyaltyMember

Consolidated Statements of Unitholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Limited Partner	General Partner	Non-Controlling Interest	Common Units Limited Partner	Class B Units Limited Partner
Beginning balance at Dec. 31, 2018	$ 1,237,042		$ 1,000	$ 694,940	$ 540,112	$ 990
Beginning balance (in shares) at Dec. 31, 2018					51,654	72,419
Increase (Decrease) in Partners' Capital [Roll Forward]
Net proceeds from the issuance of common units - public (units)					10,925
Net proceeds from the issuance of common units - public	340,648				$ 340,648
Unit-based compensation (units)					60
Unit-based compensation	405				$ 405
Distributions to public	(25,970)				(25,970)
Distributions to Diamondback	(37,326)			(36,934)	(392)
Distributions to General Partner	(20)				(20)
Change in ownership of consolidated subsidiaries, net	18,925			90,120	$ (71,195)
Units repurchased for tax withholding (units)					(11)
Units repurchased for tax withholding	(353)				$ (353)
Net (loss) income	74,311			40,532	$ 33,779
Ending balance (in shares) at Mar. 31, 2019					62,628	72,419
Ending balance at Mar. 31, 2019	1,607,662		1,000	788,658	$ 817,014	$ 990
Beginning balance at Dec. 31, 2018	1,237,042		1,000	694,940	$ 540,112	$ 990
Beginning balance (in shares) at Dec. 31, 2018					51,654	72,419
Increase (Decrease) in Partners' Capital [Roll Forward]
Change in ownership of consolidated subsidiaries, net		$ (71,195)
Net (loss) income	121,585
Ending balance (in shares) at Jun. 30, 2019					62,628	72,419
Ending balance at Jun. 30, 2019	1,604,041		1,000	806,148	$ 795,903	$ 990
Beginning balance at Mar. 31, 2019	1,607,662		1,000	788,658	$ 817,014	$ 990
Beginning balance (in shares) at Mar. 31, 2019					62,628	72,419
Increase (Decrease) in Partners' Capital [Roll Forward]
Offering costs	(9)				$ (9)
Unit-based compensation (units)					0
Unit-based compensation	472				$ 472
Distributions to public	(23,521)				(23,521)
Distributions to Diamondback	(27,817)			(27,519)	(298)
Distributions to General Partner	(20)				(20)
Change in ownership of consolidated subsidiaries, net		0
Net (loss) income	47,274			45,009	$ 2,265
Ending balance (in shares) at Jun. 30, 2019					62,628	72,419
Ending balance at Jun. 30, 2019	1,604,041		1,000	806,148	$ 795,903	$ 990
Beginning balance at Dec. 31, 2019	2,185,420		889	1,254,285	$ 929,116	$ 1,130
Beginning balance (in shares) at Dec. 31, 2019					67,806	90,710
Increase (Decrease) in Partners' Capital [Roll Forward]
Unit-based compensation (units)					42
Unit-based compensation	387				$ 387
Distribution equivalent rights payments	(20)				(20)
Distributions to public	(30,194)				(30,194)
Distributions to Diamondback	(41,173)			(40,819)	$ (329)	$ (25)
Distributions to General Partner	(20)		(20)
Units repurchased for tax withholding (units)					(17)
Units repurchased for tax withholding	(383)				$ (383)
Net (loss) income	(123,850)			18,319	$ (142,169)
Ending balance (in shares) at Mar. 31, 2020					67,831	90,710
Ending balance at Mar. 31, 2020	1,990,167		869	1,231,785	$ 756,408	$ 1,105
Beginning balance at Dec. 31, 2019	2,185,420		889	1,254,285	$ 929,116	$ 1,130
Beginning balance (in shares) at Dec. 31, 2019					67,806	90,710
Increase (Decrease) in Partners' Capital [Roll Forward]
Change in ownership of consolidated subsidiaries, net		0
Net (loss) income	(156,906)
Ending balance (in shares) at Jun. 30, 2020					67,831	90,710
Ending balance at Jun. 30, 2020	1,941,485		849	1,211,407	$ 728,149	$ 1,080
Beginning balance at Mar. 31, 2020	1,990,167		869	1,231,785	$ 756,408	$ 1,105
Beginning balance (in shares) at Mar. 31, 2020					67,831	90,710
Increase (Decrease) in Partners' Capital [Roll Forward]
Unit-based compensation (units)					0
Unit-based compensation	283				$ 283
Distribution equivalent rights payments	(4)				(4)
Distributions to public	(6,710)				(6,710)
Distributions to Diamondback	(9,175)			(9,074)	(76)	$ (25)
Distributions to General Partner	(20)		(20)
Change in ownership of consolidated subsidiaries, net		$ 0
Net (loss) income	(33,056)			(11,304)	$ (21,752)
Ending balance (in shares) at Jun. 30, 2020					67,831	90,710
Ending balance at Jun. 30, 2020	$ 1,941,485		$ 849	$ 1,211,407	$ 728,149	$ 1,080

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net (loss) income	$ (156,906)	$ 121,585
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Provision for (benefit from) income taxes	142,466	(34,536)
Depletion	47,424	32,711
Loss on derivative instruments, net	42,385	0
Net cash payments on derivatives	(2,554)	0
Gain on extinguishment of debt	(14)	0
Loss (gain) on revaluation of investment	6,677	(3,642)
Amortization of debt issuance costs	1,152	441
Non-cash unit-based compensation	670	877
Changes in operating assets and liabilities:
Royalty income receivable, net	25,971	(7,996)
Royalty income receivable—related party	9,659	(5,549)
Accounts payable and accrued liabilities	(832)	(2,238)
Accounts payable—related party	(150)	0
Income tax payable	0	108
Other current assets	(85)	(41)
Net cash provided by operating activities	115,863	101,720
Cash flows from investing activities:
Acquisitions of oil and natural gas interests	(65,272)	(125,231)
Funds held in escrow	0	(13,215)
Net cash used in investing activities	(65,272)	(138,446)
Cash flows from financing activities:
Proceeds from borrowings under credit facility	92,000	171,000
Repayment on credit facility	(35,000)	(369,500)
Debt issuance costs	(44)	(258)
Repayment of senior notes	(13,787)	0
Proceeds from public offerings	0	340,860
Public offering costs	0	(221)
Units purchased for tax withholding	(383)	(353)
Distributions to General Partner	(40)	(40)
Distributions to public	(36,928)	(49,491)
Distributions to Diamondback	(50,348)	(65,143)
Net cash (used in) provided by financing activities	(44,530)	26,854
Net increase (decrease) in cash	6,061	(9,872)
Cash and cash equivalents at beginning of period	3,602	22,676
Cash and cash equivalents at end of period	9,663	12,804
Supplemental disclosure of cash flow information:
Interest paid	$ 17,918	$ 2,382

ORGANIZATION AND BASIS OF PRESENTATION	6 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Jun. 30, 2020
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 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 owning and acquiring mineral interests and royalty interests in oil and natural gas properties in the Permian Basin and Eagle Ford Shale. Since May 10, 2018, the Partnership has been treated as a corporation for U.S. federal income tax purposes. As of June 30, 2020, Viper Energy Partners GP LLC (the “General Partner”), held a 100% general partner interest in the Partnership and Diamondback had an approximate 58% limited partner interest in the Partnership. Diamondback owns and controls the General Partner. Basis of Presentation The accompanying consolidated financial statements and related notes thereto were prepared in accordance with GAAP. All material intercompany balances and transactions have been eliminated upon consolidation. These consolidated financial statements have been prepared by the Partnership without audit, pursuant to the rules and regulations of the SEC. They reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for interim periods, on a basis consistent with the annual audited financial statements. All such adjustments are of a normal recurring nature. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to SEC rules and regulations, although the Partnership believes the disclosures are adequate to make the information presented not misleading. This report should be read in conjunction with the Partnership’s most recent Annual Report on Form 10–K for the fiscal year ended December 31, 2019, which contains a summary of the Partnership’s significant accounting policies and other disclosures.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

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.

Making accurate estimates and assumptions is particularly difficult as the oil and gas industry experiences challenges resulting from negative pricing pressure from the effects of COVID-19 and actions by OPEC members and other exporting nations on the supply and demand in global oil and natural gas markets. Many companies in the oil and natural gas industry have changed near term business plans in response to changing market conditions. The aforementioned circumstances generally increase the estimation uncertainty in the Partnership’s accounting estimates, particularly the accounting estimates involving financial forecasts.

The Partnership evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Partnership considers reasonable in each particular circumstance. 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 interests, the recoverability of costs of unevaluated properties, fair value estimates of commodity derivatives, unit–based compensation and estimate of income taxes.

Accounts Receivable

Accounts receivable consist of receivables from oil and natural gas sales. The operators remit payment for production directly to the Partnership. Most payments for production are received within three months after the production date. Payments on new wells added organically or through acquisition may be further delayed due to title opinion work which is required to be completed by the operator before payments are released.

The Partnership adopted Accounting Standards Update (“ASU”) 2016-13 and the subsequent applicable modifications to the rule on January 1, 2020. Accounts receivable are stated at amounts due from purchasers, net of an allowance for expected losses as estimated by the Partnership when collection is deemed doubtful. Accounts receivable outstanding longer than the contractual payment terms are considered past due. The Partnership determines its allowance by considering a number of factors, including the Partnership’s previous loss history, the debtor’s current ability to pay its obligation to the Partnership, the condition of the general economy and the industry as a whole. The Partnership writes off specific accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to the allowance for expected losses. The adoption of ASU 2016-13 did not result in a material change to the Partnership’s allowance, and no cumulative-effect adjustment was made to beginning unitholders’ equity. At June 30, 2020, the Partnership recorded an immaterial allowance for expected losses and did not record such an allowance at December 31, 2019.

Derivative Instruments

The Partnership is required to recognize its derivative instruments on the consolidated balance sheets as assets or liabilities at fair value with such amounts classified as current or long-term based on their anticipated settlement dates. The accounting for the changes in fair value of a derivative depends on the intended use of the derivative and resulting designation. The Partnership has not designated its derivative instruments as hedges for accounting purposes and, as a result, marks its derivative instruments to fair value and recognizes the cash and non-cash change in fair value on derivative instruments for each period in the consolidated statements of operations.

Accrued Liabilities

Accrued liabilities consist of the following:


	June 30,		December 31,
	2020		2019
	(In thousands)
Interest payable	$	4,391	$	6,718
Ad valorem taxes payable	3,324		5,632
Derivatives payable	4,627		—
Other	97		932
Total accrued liabilities	$	12,439	$	13,282

Non-controlling Interest

Non-controlling interest in the accompanying consolidated financial statements represents Diamondback’s ownership in the net assets of the Operating Company. When Diamondback’s relative ownership interest in the Operating Company changes, adjustments to non-controlling interest and common unitholder equity, tax effected, will occur. Because these changes in the Partnership’s ownership interest in the Operating Company did not result in a change of control, the transactions were accounted for as equity transactions under ASC Topic 810, Consolidation, which requires that any differences between the carrying value of the Partnership’s basis in the Operating Company and the fair value of the consideration received are recognized directly in equity and attributed to the controlling interest. In the first quarter of 2019, the Partnership recorded an adjustment to non-controlling interest of $90.1 million, common unitholder equity of $(71.2) million, and deferred tax asset of $18.9 million to reflect the ownership structure that was effective at March 31, 2019. The adjustment had no impact on earnings. See Note 7 - Unitholders' Equity and Partnership Distributions for further discussion of change in ownership.

Recent Accounting Pronouncements

The Partnership considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or clarifications of ASUs previously disclosed. The following table provides a brief description of recent accounting pronouncements and the Partnership’s analysis of the effects on its financial statements:

Standard

Description

Date of Adoption

Effect on Financial Statements or Other Significant Matters

Recently Adopted Pronouncements

ASU 2016-13, “Financial Instruments - Credit Losses”

This update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash.

Q1 2020

The Partnership adopted this update effective January 1, 2020. The adoption of this update did not have a material impact on its financial position, results of operations or liquidity since it does not have a history of credit losses.

Pronouncements Not Yet Adopted

ASU 2019-12, “Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes”

This update is intended to simplify the accounting for income taxes by removing certain exceptions and by clarifying and amending existing guidance.

Q1 2021

This update is effective for public business entities beginning after December 15, 2020 with early adoption permitted. The Partnership does not believe the adoption of this standard will have an impact on its financial position, results of operations or liquidity.

REVENUE FROM CONTRACTS WITH CUSTOMERS

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

REVENUE FROM CONTRACTS WITH CUSTOMERS

Royalty income represents the right to receive revenues from oil, natural gas and natural gas liquids sales obtained by the operator of the wells in which the Partnership owns a royalty interest. Royalty income is recognized at the point control of the product is transferred to the purchaser at the wellhead or at the gas processing facility based on the Partnership’s percentage ownership share of the revenue, net of any deductions for gathering and transportation. Virtually all of the pricing provisions in the Partnership’s contracts are tied to a market index.

The following table disaggregates the Partnership’s total royalty income by product type:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(In thousands)
Oil income	$	27,617	$	65,863	$	99,817	$	117,850
Natural gas income	1,234		(1,074)		1,578		2,765
Natural gas liquids income	3,593		5,653		7,878		10,255
Total royalty income	$	32,444	$	70,442	$	109,273	$	130,870

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

ACQUISITIONS	6 Months Ended
ACQUISITIONS	Jun. 30, 2020
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS 2020 Activity During the six months ended June 30, 2020, the Partnership acquired, from unrelated third-party sellers, mineral and royalty interests representing 4,948 gross (410 net royalty) acres in the Permian Basin for an aggregate purchase price of approximately $63.4 million, subject to post-closing adjustments. The Partnership funded these acquisitions with cash on hand and borrowings under the Operating Company’s revolving credit facility. 2019 Activity During the six months ended June 30, 2019, the Partnership acquired, from unrelated third-party sellers, mineral and royalty interests representing 1,028 net royalty acres for an aggregate purchase price of approximately $126.9 million. The Partnership funded these acquisitions with cash on hand, a portion of the net proceeds from its February 2019 offering of common units and borrowings under the Operating Company’s revolving credit facility.

OIL AND NATURAL GAS INTERESTS

6 Months Ended

Jun. 30, 2020

Extractive Industries [Abstract]

OIL AND NATURAL GAS INTERESTS

Oil and natural gas interests include the following:


	June 30,		December 31,
	2020		2019

	(In thousands)
Oil and natural gas interests:
Subject to depletion	$	1,453,385	$	1,316,692
Not subject to depletion	1,480,346		1,551,767
Gross oil and natural gas interests	2,933,731		2,868,459
Accumulated depletion and impairment	(373,898)		(326,474)
Oil and natural gas interests, net	2,559,833		2,541,985
Land	5,688		5,688
Property, net of accumulated depletion and impairment	$	2,565,521	$	2,547,673

As of June 30, 2020 and December 31, 2019, the Partnership had mineral and royalty interests representing 24,714 and 24,304 net royalty acres, respectively.

Under the full cost method of accounting, the Partnership is required to perform a ceiling test each quarter. The test determines a limit, or ceiling, on the book value of the proved oil and gas interests. After performing the ceiling test for the quarter ended June 30, 2020, the Partnership was not required to record an impairment. If the trailing 12-month commodity prices continue to fall as compared to the commodity prices used in prior quarters, the Partnership will have write-downs in subsequent quarters, which may be material.

DEBT

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

DEBT

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


	June 30,		December 31,
	2020		2019
	(In thousands)
5.375% Senior Notes due 2027	$	485,938	$	500,000
Revolving credit facility	153,500		96,500
Unamortized debt issuance costs	(2,237)		(2,458)
Unamortized discount costs	(6,694)		(7,268)
Total long-term debt	$	630,507	$	586,774

2027 Senior Notes

On October 16, 2019, the Partnership completed an offering (the “Notes Offering”) of $500.0 million in aggregate principal amount of its 5.375% Senior Notes due 2027 (the “Notes”). The Partnership received net proceeds of approximately $490.0 million from the Notes Offering. The Partnership loaned the gross proceeds to the Operating Company. The Operating Company used the proceeds from the Notes Offering to pay down borrowings under its revolving credit facility. During the second quarter of 2020, the Partnership repurchased $14.1 million of the outstanding principal of the Notes at a cash price ranging from 97.5% to 98.5% of the aggregate principal amount, which resulted in an immaterial gain on extinguishment of debt. As of June 30, 2020, the remaining outstanding principal amount of Notes totaled $485.9 million and will mature on November 1, 2027.

The Operating Company’s Revolving Credit Facility

On July 20, 2018, the Partnership, as guarantor, entered into an amended and restated credit agreement with the Operating Company, as borrower, Wells Fargo National Bank (“Wells Fargo”), as administrative agent, and the other lenders. The credit agreement, as amended to date, provides for a revolving credit facility in the maximum credit amount of $2.0 billion and a borrowing base based on the Operating Company’s oil and natural gas reserves and other factors. The Partnership’s borrowing base was reduced from $775.0 million to $580.0 million during the scheduled semi-annual redetermination in the second quarter of 2020. The borrowing base is scheduled to be re-determined semi-annually in May and November. In addition, the Operating Company and Wells Fargo each may request up to three interim redeterminations of the borrowing base during any 12-month period. As of June 30, 2020, there was $426.5 million available for future borrowings under the Operating Company’s revolving credit facility. During the three and six months ended June 30, 2020, the weighted average interest rates on the Operating Company’s revolving credit facility were 2.41% and 2.82%, respectively. The revolving credit facility will mature on November 1, 2022.

As of June 30, 2020, the Operating Company was in compliance with the financial maintenance covenants under its credit agreement.

UNITHOLDERS’ EQUITY AND PARTNERSHIP DISTRIBUTIONS

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

UNITHOLDERS’ EQUITY AND PARTNERSHIP DISTRIBUTIONS

The Partnership has general partner and limited partner units. At June 30, 2020, the Partnership had a total of 67,831,342 common units issued and outstanding and 90,709,946 Class B units issued and outstanding, of which 731,500 common units and 90,709,946 Class B units were owned by Diamondback, representing approximately 58% of the Partnership’s total units outstanding. The Operating Company units and the Partnership’s Class B units owned by Diamondback are exchangeable from time to time for the Partnership’s common units (that is, one Operating Company unit and one Partnership Class B unit, together, will be exchangeable for one Partnership common unit).

In March 2019, the Partnership completed an underwritten public offering of 10,925,000 common units, which included 1,425,000 common units issued pursuant to an option to purchase additional common units granted to the underwriters. Following this offering, Diamondback owned approximately 54% of the total Partnership units then outstanding. The Partnership received net proceeds from this offering of approximately $340.6 million, after deducting underwriting discounts and commissions and offering expenses. The Partnership used the net proceeds to purchase units of the Operating Company. The Operating Company in turn used the net proceeds to repay a portion of the outstanding borrowings under its revolving credit facility and finance acquisitions during the period.

The following table summarizes the ownership interest in subsidiary changes during the period:


	Six Months Ended June 30, 2019
	(In thousands)
Net income attributable to the Partnership	$	36,044

Change in ownership of consolidated subsidiaries due to purchase of subsidiary shares in 2019 offering	(71,195)




Change from net loss attributable to the Partnership's shareholders and transfers to non-controlling interest	$	(35,151)

There were no changes in ownership of consolidated subsidiaries during the three and six months ended June 30, 2020 and the three months ended June 30, 2019.

Beginning with the first quarter of 2020, the board of directors of the General Partner revised the distribution policy pursuant to which the Operating Company now distributes 25% of the available cash it generates each quarter to its unitholders (including the Partnership), and pursuant to which the Partnership in turn distributes all of the available cash it receives from the Operating Company to its common unitholders. The Partnership’s available cash, and the available cash of the Operating Company, for each quarter is determined by the board of directors of the General Partner following the end of such quarter. The Operating Company’s available cash generally equals its Adjusted EBITDA for the quarter, less 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. The Partnership’s available cash for each quarter generally equals its Adjusted EBITDA (which is the Partnership’s proportional share of the available cash of the Operating Company for the quarter), less cash needed for the payment of income taxes by it, if any, and the preferred distribution. Immediately prior to the adoption of this policy, the Operating Company’s policy was to distribute all of its available cash quarterly to its unitholders rather than 25%. The distribution policy was changed to enable the Operating Company to retain cash flow to help strengthen the Partnership’s balance sheet.

The board of directors of the General Partner may change the distribution policies at any time. The Partnership is not required to pay distributions to its common unitholders on a quarterly or other basis.

The following table presents information regarding cash distributions approved by the board of directors of the General Partner for the periods presented:

Amount per Common Unit

Declaration Date

Unitholder Record Date

Payment Date

Q4 2019

0.45

February 7, 2020

February 21, 2020

February 28, 2020

Q1 2020

0.10

April 30, 2020

May 14, 2020

May 21, 2020

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.

Amendment to LLC Agreement - Tax Allocation

On March 30, 2020, the Partnership, as managing member of the Operating Company, entered into the First Amendment to Second Amended and Restated Limited Liability Company Agreement of the Operating Company (the “Amendment”) to extend the remaining period of special allocations to Diamondback of the Operating Company’s income and gains over losses and deductions (but before depletion) from two to four years.

EARNINGS PER COMMON UNIT

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

EARNINGS PER COMMON UNIT

The net (loss) income per common unit on the consolidated statements of operations is based on the net (loss) income of the Partnership for the three and six months ended June 30, 2020 and 2019, since this is the amount of net (loss) income that is attributable to the Partnership’s common units.

The Partnership’s net (loss) 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—Unitholders' Equity and Partnership Distributions.

Basic net (loss) income per common unit is calculated by dividing net (loss) income by the weighted-average number of common units outstanding during the period. Diluted net (loss) income per common unit gives effect, when applicable, to unvested common units granted under the LTIP.

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(In thousands, except per unit amounts)
Net (loss) income attributable to the period	$	(21,752)	$	2,265	$	(163,921)	$	36,044
Less: net loss allocated to participating securities⁽¹⁾	(4)		(21)		(24)		(63)
Net (loss) income attributable to common unitholders	$	(21,756)	$	2,244	$	(163,945)	$	35,981


Weighted average common units outstanding:
Basic weighted average common units outstanding	67,831		62,628		67,827		59,058
Effect of dilutive securities:
Potential common units issuable⁽²⁾	—		36		—		36
Diluted weighted average common units outstanding	67,831		62,664		67,827		59,094
Net (loss) income per common unit, basic	$	(0.32)	$	0.04	$	(2.42)	$	0.61
Net (loss) income per common unit, diluted	$	(0.32)	$	0.04	$	(2.42)	$	0.61

(1) Distribution equivalent rights granted to employees are considered participating securities.

(2) For the three and six months ended June 30, 2020, no potential common units were included in the computation of diluted earnings per common unit because their inclusion would have been anti-dilutive under the treasury stock method for the periods presented but could potentially dilute basic earnings per common unit in future periods.

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Partnership’s effective income tax rates were 0% and 0.4% for the three months ended June 30, 2020 and 2019, respectively, and (986.6)% and (39.5)% for the six months ended June 30, 2020 and 2019, respectively. Total income tax expense for the three and six months ended June 30, 2020 differed from amounts computed by applying the United States federal statutory tax rate to pre-tax loss for the period, primarily due to net income attributable to the non-controlling interest and the impact of recording a valuation allowance on the Partnership’s deferred tax assets. Total income tax benefit for the three and six months ended June 30, 2019 differed from amounts computed by applying the United States federal statutory rate to pre-tax income for the period primarily due to net income attributable to the non-controlling interest and, for the six months ended June 30, 2019, the revision of estimated deferred taxes recognized as a result of the Partnership’s election to be treated as a corporation for U.S. federal income tax purposes effective May 10, 2018. For the six months ended June 30, 2020, the Partnership’s total income tax provision includes a discrete income tax expense of approximately $142.5 million recorded for the three months ended March 31, 2020, related to application of a full valuation allowance on the Partnership’s beginning-of-the-year deferred tax assets, which consist primarily of its investment in the Operating Company and federal net operating loss carryforwards. A valuation allowance was also applied against the year-to-date tax benefit resulting from the Partnership’s projected pretax loss for the year. The determination to record a valuation allowance as of March 31, 2020 was based on its assessment of all available evidence, both positive and negative, supporting realizability of the Partnership’s deferred tax assets, as required by applicable financial accounting standards. In light of those criteria for recognizing the tax benefit of deferred tax assets, the Partnership’s assessment resulted in application of a full valuation allowance against its deferred tax assets as of March 31, 2020 and June 30, 2020. For the six months ended June 30, 2019, the Partnership recorded a discrete income tax benefit of approximately $35.2 million related to the revision of estimated deferred taxes on the Partnership’s investment in the Operating Company arising from the change in the Partnership’s federal tax status. Under federal income tax provisions applicable to the Partnership’s change in tax status, the Partnership’s basis for federal income tax purposes in its interest in the Operating Company consisted primarily of the sum of the Partnership’s unitholders’ tax basis in their interests in the Partnership on the date of the tax status change. The Partnership prepared its best estimate of the resultant tax basis in the Operating Company for purposes of the Partnership’s income tax provision for the period of the change, but information necessary for the partnership to finalize its determination was not available until unitholders’ tax basis information was fully reported and the Partnership finalized its federal income tax computations for 2018. Based on information available, the Partnership revised its estimate of the difference between its tax basis and its basis for financial accounting purposes in the Operating Company on the date of the tax status change, resulting in deferred income tax benefit of $35.2 million included in the Partnership’s income tax provision for the six months ended June 30, 2019.The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted on March 27, 2020. This legislation included a number of provisions applicable to U.S. income taxes for corporations, including providing for carryback of certain net operating losses, accelerated refund of minimum tax credits, and modifications to the rules limiting the deductibility of business interest expense. The Partnership has considered the impact of this legislation in the period of enactment and concluded there was not a material impact to the Partnership’s current or deferred income tax balances.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

DERIVATIVES

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES

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

Commodity Contracts

The Partnership uses fixed price swap contracts, fixed price basis swap contracts and costless collars with corresponding put and call options to reduce price volatility associated with certain of its royalty income. With respect to the Partnership’s fixed price swap contracts and fixed price basis swap contracts, the counterparty is required to make a payment to the Partnership if the settlement price for any settlement period is less than the swap or basis price, and the Partnership is required to make a payment to the counterparty if the settlement price for any settlement period is greater than the swap or basis price. The Partnership has fixed price basis swaps for the spread between the Cushing crude oil price and the Midland crude oil price as well as the spread between the Henry Hub natural gas price and the Waha Hub natural gas price.

Under the Partnership’s costless collar contracts, each collar has an established floor price and ceiling price. When the settlement price is below the floor price, the counterparty is required to make a payment to the Partnership and when the settlement price is above the ceiling price, the Partnership is required to make a payment to the counterparty. When the settlement price is between the floor and the ceiling, there is no payment required.

The Partnership’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing (Cushing and Midland-Cushing) and with natural gas derivative settlements based on the New York Mercantile Exchange Henry Hub and Waha Hub pricing.

By using derivative instruments to economically hedge exposure to changes in commodity prices, the Partnership exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Partnership, which creates credit risk. The Partnership’s counterparties are all participants in the secured second amended and restated credit agreement, which is secured by substantially all of the assets of the guarantor subsidiaries; therefore, the Partnership is not required to post any collateral. The Partnership’s counterparties have been determined to have an acceptable credit risk; therefore, the Partnership does not require collateral from its counterparties.

As of June 30, 2020, the Partnership had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed.


	2020
Swaps	Volume	Fixed Price Swap (per Bbl/MMBtu)
Oil swaps - WTI Cushing (Bbls)	184,000	$	27.45


Oil basis swaps - WTI Midland-Cushing (Bbls)	736,000	$	(2.60)

Natural gas basis swaps - Waha Hub (MMBtu)	4,600,000	$	(2.07)


Collars - WTI Cushing	2020		2021
Volume (Bbls)	2,576,000		3,650,000
Floor price (per Bbl)	$	28.86	$	30.00
Ceiling price (per Bbl)	$	32.33	$	43.05


Deferred premium call options - WTI Cushing	2020
Volume (Bbls)	736,000
Premium	$	1.89
Strike price (per Bbl)	$	45.00

Balance sheet offsetting of derivative assets and liabilities

The fair value of swaps is generally determined using established index prices and other sources which are based upon, among other things, futures prices and time to maturity. These fair values are recorded by netting asset and liability positions, including any deferred premiums, that are with the same counterparty and are subject to contractual terms which provide for net settlement. See Note 11—Fair Value Measurements for further details.

The following tables present the gross amounts of recognized derivative assets and liabilities, the amounts offset under master netting arrangements with counterparties and the resulting net amounts presented in the Partnership’s consolidated balance sheets as of June 30, 2020.


	June 30, 2020
	(In thousands)
Gross derivative assets	$	13,084
Amounts netted	(13,084)
Net derivative assets	$	—

Gross derivative liabilities	$	52,915
Amounts netted	(13,084)
Net derivative liabilities	$	39,831

The Partnership did not have any derivatives prior to February 2020.

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


	June 30, 2020
	(In thousands)
Current assets: derivative instruments	$	—
Noncurrent assets: derivative instruments	—
Total assets	$	—
Current liabilities: derivative instruments	$	33,956
Noncurrent liabilities: derivative instruments	5,875
Total liabilities	$	39,831

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


	Three Months Ended June 30, 2020						Six Months Ended June 30,
	2020		2019		2020		2019
	(In thousands)
Loss on derivative instruments	$	(34,443)	$	—	$	(42,385)	$	—
Net cash payments on derivatives	$	(2,101)	$	—	$	(2,554)	$	—

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.

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

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

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

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

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

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Certain assets and liabilities are reported at fair value on a recurring basis, including the Partnership’s derivative instruments and investment, which is included in other assets on the consolidated balance sheets. The Partnership measures its investment utilizing the fair value option, and as such the investment is classified as Level 1 in the fair value hierarchy. The fair values of the Partnership’s fixed price swaps, fixed price basis swaps and costless collars are measured internally using established commodity futures price strips for the underlying commodity provided by a reputable third party, the contracted notional volumes, and time to maturity. These valuations are Level 2 inputs.

The following table provides fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019:


	June 30, 2020										December 31, 2019
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
	(In thousands)
Assets:
Investment	$	12,680	$	—	$	—	$	19,357	$	—	$	—


Liabilities:
Derivative instruments	$	—	$	(39,831)	$	—	$	—	$	—	$	—

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

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


	June 30, 2020						December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Debt:
Revolving credit facility	$	153,500	$	153,500	$	96,500	$	96,500
5.375% Senior Notes due 2027⁽¹⁾	$	477,007	$	476,462	$	490,274	$	521,100

(1) The carrying value includes associated deferred loan costs and any discount.

The fair value of the Operating Company’s revolving credit facility approximates the carrying value based on borrowing rates available to the Partnership for bank loans with similar terms and maturities and is classified as Level 2 in the fair value hierarchy. The fair value of the Notes was determined using the June 30, 2020 quoted market price, a Level 1 classification in the fair value hierarchy.

Fair Value of Financial Assets

The Partnership has other financial instruments consisting of cash and cash equivalents, accounts receivable, other current assets, accounts payable and accrued liabilities. The carrying value of these instruments approximates fair value.

- Definition

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

+ References + Details

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIESThe Partnership is a party to various routine legal proceedings, disputes and claims from time to time arising in the ordinary course of its business, including those that arise from interpretation of federal and state laws and regulations affecting the crude oil and natural gas industry. These proceedings, disputes and claims may include differing interpretations as to the prices at which crude oil and natural gas sales may be made, the prices at which royalty owners may be paid for production from their leases, title claims, environmental issues and other matters. While the ultimate outcome of the pending proceedings, disputes or claims, and any resulting impact on the Partnership, cannot be predicted with certainty, the Partnership’s management believes that none of these matters, if ultimately decided adversely, will have a material adverse effect on the Partnership’s financial condition, results of operations or cash flows. The Partnership’s assessment is based on information known about the pending matters and its experience in contesting, litigating and settling similar matters. Actual outcomes could differ materially from the Partnership’s assessment. The Partnership records reserves for contingencies related to outstanding legal proceedings, disputes or claims when information available indicates that a loss is probable and the amount of the loss can be reasonably estimated.

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Cash Distribution On July 29, 2020, the board of directors of the General Partner approved a cash distribution for the second quarter of 2020 of $0.03 per common unit, payable on August 20, 2020, to eligible unitholders of record at the close of business on August 13, 2020. Repurchases of Notes After the second quarter of 2020, the Partnership repurchased $6.0 million of the outstanding principal of the Notes at a cash price of 98.5% of the aggregate principal amount, which resulted in an immaterial gain on extinguishment of debt. As of July 31, 2020, the remaining outstanding principal amount of Notes totaled $479.9 million.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Basis of Presentation

The accompanying consolidated financial statements and related notes thereto were prepared in accordance with GAAP. All material intercompany balances and transactions have been eliminated upon consolidation.

These consolidated financial statements have been prepared by the Partnership without audit, pursuant to the rules and regulations of the SEC. They reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for interim periods, on a basis consistent with the annual audited financial statements. All such adjustments are of a normal recurring nature. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to SEC rules and regulations, although the Partnership believes the disclosures are adequate to make the information presented not misleading. This report should be read in conjunction with the Partnership’s most recent Annual Report on Form 10–K for the fiscal year ended December 31, 2019, which contains a summary of the Partnership’s significant accounting policies and other disclosures.

Use of Estimates

Accounts Receivable

Derivative Instruments

Non-controlling interest

Non-controlling InterestNon-controlling interest in the accompanying consolidated financial statements represents Diamondback’s ownership in the net assets of the Operating Company. When Diamondback’s relative ownership interest in the Operating Company changes, adjustments to non-controlling interest and common unitholder equity, tax effected, will occur. Because these changes in the Partnership’s ownership interest in the Operating Company did not result in a change of control, the transactions were accounted for as equity transactions under ASC Topic 810, Consolidation, which requires that any differences between the carrying value of the Partnership’s basis in the Operating Company and the fair value of the consideration received are recognized directly in equity and attributed to the controlling interest.

Recent Accounting Pronouncements

Standard

Description

Date of Adoption

Effect on Financial Statements or Other Significant Matters

Recently Adopted Pronouncements

ASU 2016-13, “Financial Instruments - Credit Losses”

Q1 2020

Pronouncements Not Yet Adopted

ASU 2019-12, “Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes”

This update is intended to simplify the accounting for income taxes by removing certain exceptions and by clarifying and amending existing guidance.

Q1 2021

Revenue from Contracts with Customers

The following table disaggregates the Partnership’s total royalty income by product type:

Fair Value Measurement

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

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

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

Assets and Liabilities Measured at Fair Value on a Recurring BasisCertain assets and liabilities are reported at fair value on a recurring basis, including the Partnership’s derivative instruments and investment, which is included in other assets on the consolidated balance sheets. The Partnership measures its investment utilizing the fair value option, and as such the investment is classified as Level 1 in the fair value hierarchy. The fair values of the Partnership’s fixed price swaps, fixed price basis swaps and costless collars are measured internally using established commodity futures price strips for the underlying commodity provided by a reputable third party, the contracted notional volumes, and time to maturity. These valuations are Level 2 inputs.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consist of the following:


	June 30,		December 31,
	2020		2019
	(In thousands)
Interest payable	$	4,391	$	6,718
Ad valorem taxes payable	3,324		5,632
Derivatives payable	4,627		—
Other	97		932
Total accrued liabilities	$	12,439	$	13,282

Recent Accounting Pronouncements

Standard

Description

Date of Adoption

Effect on Financial Statements or Other Significant Matters

Recently Adopted Pronouncements

ASU 2016-13, “Financial Instruments - Credit Losses”

Q1 2020

Pronouncements Not Yet Adopted

ASU 2019-12, “Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes”

This update is intended to simplify the accounting for income taxes by removing certain exceptions and by clarifying and amending existing guidance.

Q1 2021

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table disaggregates the Partnership’s total royalty income by product type:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(In thousands)
Oil income	$	27,617	$	65,863	$	99,817	$	117,850
Natural gas income	1,234		(1,074)		1,578		2,765
Natural gas liquids income	3,593		5,653		7,878		10,255
Total royalty income	$	32,444	$	70,442	$	109,273	$	130,870

OIL AND NATURAL GAS INTERESTS (Tables)

6 Months Ended

Jun. 30, 2020

Extractive Industries [Abstract]

Aggregate capitalized costs related to oil and natural gas production activities

Oil and natural gas interests include the following:


	June 30,		December 31,
	2020		2019

	(In thousands)
Oil and natural gas interests:
Subject to depletion	$	1,453,385	$	1,316,692
Not subject to depletion	1,480,346		1,551,767
Gross oil and natural gas interests	2,933,731		2,868,459
Accumulated depletion and impairment	(373,898)		(326,474)
Oil and natural gas interests, net	2,559,833		2,541,985
Land	5,688		5,688
Property, net of accumulated depletion and impairment	$	2,565,521	$	2,547,673

DEBT (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of Maturities of Long-Term Debt


	June 30,		December 31,
	2020		2019
	(In thousands)
5.375% Senior Notes due 2027	$	485,938	$	500,000
Revolving credit facility	153,500		96,500
Unamortized debt issuance costs	(2,237)		(2,458)
Unamortized discount costs	(6,694)		(7,268)
Total long-term debt	$	630,507	$	586,774

UNITHOLDERS’ EQUITY AND PARTNERSHIP DISTRIBUTIONS (Tables)

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Schedule of change in ownership interest

The following table summarizes the ownership interest in subsidiary changes during the period:


	Six Months Ended June 30, 2019
	(In thousands)
Net income attributable to the Partnership	$	36,044

Change in ownership of consolidated subsidiaries due to purchase of subsidiary shares in 2019 offering	(71,195)




Change from net loss attributable to the Partnership's shareholders and transfers to non-controlling interest	$	(35,151)

Schedule of cash distributions

The following table presents information regarding cash distributions approved by the board of directors of the General Partner for the periods presented:

Amount per Common Unit

Declaration Date

Unitholder Record Date

Payment Date

Q4 2019

0.45

February 7, 2020

February 21, 2020

February 28, 2020

Q1 2020

0.10

April 30, 2020

May 14, 2020

May 21, 2020

EARNINGS PER COMMON UNIT (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Schedule of basic and diluted net income per common unit

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(In thousands, except per unit amounts)
Net (loss) income attributable to the period	$	(21,752)	$	2,265	$	(163,921)	$	36,044
Less: net loss allocated to participating securities⁽¹⁾	(4)		(21)		(24)		(63)
Net (loss) income attributable to common unitholders	$	(21,756)	$	2,244	$	(163,945)	$	35,981


Weighted average common units outstanding:
Basic weighted average common units outstanding	67,831		62,628		67,827		59,058
Effect of dilutive securities:
Potential common units issuable⁽²⁾	—		36		—		36
Diluted weighted average common units outstanding	67,831		62,664		67,827		59,094
Net (loss) income per common unit, basic	$	(0.32)	$	0.04	$	(2.42)	$	0.61
Net (loss) income per common unit, diluted	$	(0.32)	$	0.04	$	(2.42)	$	0.61

(1) Distribution equivalent rights granted to employees are considered participating securities.

DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

As of June 30, 2020, the Partnership had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed.


	2020
Swaps	Volume	Fixed Price Swap (per Bbl/MMBtu)
Oil swaps - WTI Cushing (Bbls)	184,000	$	27.45


Oil basis swaps - WTI Midland-Cushing (Bbls)	736,000	$	(2.60)

Natural gas basis swaps - Waha Hub (MMBtu)	4,600,000	$	(2.07)


Collars - WTI Cushing	2020		2021
Volume (Bbls)	2,576,000		3,650,000
Floor price (per Bbl)	$	28.86	$	30.00
Ceiling price (per Bbl)	$	32.33	$	43.05


Deferred premium call options - WTI Cushing	2020
Volume (Bbls)	736,000
Premium	$	1.89
Strike price (per Bbl)	$	45.00

Schedule of netting offsets of derivative assets and liabilities


	June 30, 2020
	(In thousands)
Gross derivative assets	$	13,084
Amounts netted	(13,084)
Net derivative assets	$	—

Gross derivative liabilities	$	52,915
Amounts netted	(13,084)
Net derivative liabilities	$	39,831

Schedule of derivative instruments included in the consolidated balance sheet


	June 30, 2020
	(In thousands)
Current assets: derivative instruments	$	—
Noncurrent assets: derivative instruments	—
Total assets	$	—
Current liabilities: derivative instruments	$	33,956
Noncurrent liabilities: derivative instruments	5,875
Total liabilities	$	39,831

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


	Three Months Ended June 30, 2020						Six Months Ended June 30,
	2020		2019		2020		2019
	(In thousands)
Loss on derivative instruments	$	(34,443)	$	—	$	(42,385)	$	—
Net cash payments on derivatives	$	(2,101)	$	—	$	(2,554)	$	—

- Definition

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

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+ Details

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Consolidated Balance Sheets

The following table provides fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019:


	June 30, 2020										December 31, 2019
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
	(In thousands)
Assets:
Investment	$	12,680	$	—	$	—	$	19,357	$	—	$	—


Liabilities:
Derivative instruments	$	—	$	(39,831)	$	—	$	—	$	—	$	—

Fair Value, Assets Measured on Recurring and Nonrecurring Basis

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


	June 30, 2020						December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Debt:
Revolving credit facility	$	153,500	$	153,500	$	96,500	$	96,500
5.375% Senior Notes due 2027⁽¹⁾	$	477,007	$	476,462	$	490,274	$	521,100

(1) The carrying value includes associated deferred loan costs and any discount.

ORGANIZATION AND BASIS OF PRESENTATION (Details) - Viper Energy Partners LP - Diamondback Energy, Inc.	1 Months Ended	6 Months Ended
	Mar. 31, 2019	Jun. 30, 2020
Limited Partners' Capital Account [Line Items]
Percent of General Partner interest		100.00%
Percent of limited partnership interest	54.00%	58.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Accounting Policies [Abstract]
Allowance for doubtful accounts						$ 0
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Change in ownership of consolidated subsidiaries, net			$ 18,925,000
Non-Controlling Interest
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Change in ownership of consolidated subsidiaries, net			90,120,000
Limited Partner
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Change in ownership of consolidated subsidiaries, net	$ 0	$ 0		$ 0	$ (71,195,000)
Limited Partner \| Common Units
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Change in ownership of consolidated subsidiaries, net			$ (71,195,000)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Accrued Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Interest payable	$ 4,391	$ 6,718
Ad valorem taxes payable	3,324	5,632
Derivatives payable	4,627	0
Other	97	932
Total accrued liabilities	$ 12,439	$ 13,282

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Royalty income	$ 32,444	$ 70,442	$ 109,273	$ 130,870
Oil income
Disaggregation of Revenue [Line Items]
Royalty income	27,617	65,863	99,817	117,850
Natural gas income
Disaggregation of Revenue [Line Items]
Royalty income	1,234	(1,074)	1,578	2,765
Natural gas liquids income
Disaggregation of Revenue [Line Items]
Royalty income	$ 3,593	$ 5,653	$ 7,878	$ 10,255

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

ACQUISITIONS (Details) $ in Millions	6 Months Ended
ACQUISITIONS (Details) $ in Millions	Jun. 30, 2020 USD ($) a	Jun. 30, 2019 USD ($) a	Dec. 31, 2019 a
Business Acquisition [Line Items]
Mineral properties, net royalty acres	24,714		24,304
Mineral interests in Permian Basin
Business Acquisition [Line Items]
Mineral interests acquired, gross acres (in acre)	4,948
Mineral interests acquired, net royalty acres (in acre)	410
Aggregate purchase price \| $	$ 63.4
Miscellaneous Mineral Interests Acquired
Business Acquisition [Line Items]
Mineral interests acquired, net royalty acres (in acre)		1,028
Aggregate purchase price \| $		$ 126.9

OIL AND NATURAL GAS INTERESTS (Details) $ in Thousands	Jun. 30, 2020 USD ($) a	Dec. 31, 2019 USD ($) a
Oil and natural gas interests:
Subject to depletion	$ 1,453,385	$ 1,316,692
Not subject to depletion	1,480,346	1,551,767
Gross oil and natural gas interests	2,933,731	2,868,459
Accumulated depletion and impairment	(373,898)	(326,474)
Oil and natural gas interests, net	2,559,833	2,541,985
Land	5,688	5,688
Property, net	$ 2,565,521	$ 2,547,673
Mineral properties, net royalty acres \| a	24,714	24,304

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Oct. 16, 2019
Line of Credit Facility [Line Items]
Unamortized debt issuance costs	$ (2,237)	$ (2,458)
Unamortized discount costs	(6,694)	(7,268)
Total long-term debt	630,507	586,774
5.375 % Senior Notes due 2027
Line of Credit Facility [Line Items]
Long term debt gross	485,938	500,000
5.375 % Senior Notes due 2027 \| Senior Notes
Line of Credit Facility [Line Items]
Long term debt gross	485,900
Debt instrument, interest rate, stated percentage			5.375%
Revolving credit facility
Line of Credit Facility [Line Items]
Long term debt gross	$ 153,500	$ 96,500

DEBT - Narrative (Details)		3 Months Ended	6 Months Ended
DEBT - Narrative (Details)	Oct. 16, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2020 USD ($) redetermindation	Dec. 31, 2019 USD ($)	Jul. 20, 2018 USD ($)
Revolving credit facility
Line of Credit Facility [Line Items]
Debt outstanding		$ 153,500,000	$ 153,500,000	$ 96,500,000
Credit facility maximum borrowing capacity					$ 2,000,000,000.0
Credit facility borrowing base		580,000,000.0	$ 580,000,000.0		$ 775,000,000.0
Number of interim redeterminations that may be requested \| redetermindation			3
Period of redeterminations of borrowing base			12 months
Credit facility remaining borrowing capacity		$ 426,500,000	$ 426,500,000
Weighted average interest rate		2.41%	2.82%
5.375 % Senior Notes due 2027
Line of Credit Facility [Line Items]
Debt outstanding		$ 485,938,000	$ 485,938,000	$ 500,000,000
5.375 % Senior Notes due 2027 \| Senior Notes
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 500,000,000.0
Debt instrument, interest rate, stated percentage	5.375%
Proceeds from issuance of senior long-term debt	$ 490,000,000.0
Debt repurchased		14,100,000	14,100,000
Debt outstanding		$ 485,900,000	$ 485,900,000
5.375 % Senior Notes due 2027 \| Senior Notes \| Minimum
Line of Credit Facility [Line Items]
Discount rate		97.50%	97.50%
5.375 % Senior Notes due 2027 \| Senior Notes \| Maximum
Line of Credit Facility [Line Items]
Discount rate		98.50%	98.50%

UNITHOLDERS’ EQUITY AND PARTNERSHIP DISTRIBUTIONS - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Mar. 31, 2019	Mar. 31, 2020	Jun. 30, 2020	Jul. 31, 2020	Dec. 31, 2019
Limited Partners' Capital Account [Line Items]
Dedication period remaining		2 years	4 years
Cash Distribution
Limited Partners' Capital Account [Line Items]
Percentage of cash available		25.00%
Cash distributions, period after end of each quarter			60 days
Common Units
Limited Partners' Capital Account [Line Items]
Limited partners' capital account, units issued (in shares)			67,831,342		67,805,707
Limited partners' capital account, units outstanding (in shares)			67,831,342		67,805,707
Common Units \| Follow-on Public Offering
Limited Partners' Capital Account [Line Items]
Common units issued in public offerings (in shares)	10,925,000
Net proceeds from offering	$ 340.6
Common Units \| Over-Allotment Option
Limited Partners' Capital Account [Line Items]
Common units issued in public offerings (in shares)	1,425,000
Common Units \| Diamondback Energy, Inc.
Limited Partners' Capital Account [Line Items]
Limited partners' capital account, units outstanding (in shares)			731,500
Class B Units
Limited Partners' Capital Account [Line Items]
Limited partners' capital account, units issued (in shares)			90,709,946		90,709,946
Limited partners' capital account, units outstanding (in shares)			90,709,946	90,709,946	90,709,946
Class B Units \| Diamondback Energy, Inc.
Limited Partners' Capital Account [Line Items]
Limited partners' capital account, units outstanding (in shares)			90,709,946
Viper Energy Partners LP \| Diamondback Energy, Inc.
Limited Partners' Capital Account [Line Items]
Percent of limited partnership interest	54.00%		58.00%

UNITHOLDERS’ EQUITY AND PARTNERSHIP DISTRIBUTIONS - Ownership Interest in Subsidiary Changes (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net (loss) income attributable to the period	$ (21,752)	$ 2,265		$ (163,921)	$ 36,044
Change in ownership of consolidated subsidiaries due to purchase of subsidiary shares in 2019 offering			$ 18,925
Limited Partner
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net (loss) income attributable to the period					36,044
Change in ownership of consolidated subsidiaries due to purchase of subsidiary shares in 2019 offering	$ 0	$ 0		$ 0	(71,195)
Change from net loss attributable to the Partnership's shareholders and transfers to non-controlling interest					$ (35,151)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 45
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+ Details

UNITHOLDERS’ EQUITY AND PARTNERSHIP DISTRIBUTIONS - Partnership Distributions (Details) - $ / shares	Apr. 30, 2020	Feb. 07, 2020
Cash Distribution
Limited Partners' Capital Account [Line Items]
Cash distributions, amount per common unit (in USD per unit)	$ 0.10	$ 0.45

EARNINGS PER COMMON UNIT (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net (loss) income attributable to the period	$ (21,752)	$ 2,265	$ (163,921)	$ 36,044
Less: net income allocated to participating securities	(4)	(21)	(24)	(63)
Net (loss) income attributable to common unitholders	$ (21,756)	$ 2,244	$ (163,945)	$ 35,981
Basic weighted average common units outstanding (in shares)	67,831,000	62,628,000	67,827,000	59,058,000
Effect of dilutive securities:
Effect of dilutive securities: Potential common units issuable (in shares)	0	36,000	0	36,000
Diluted weighted average common units outstanding (in shares)	67,831,000	62,664,000	67,827,000	59,094,000
Net income per common unit, basic (in USD per share)	$ (0.32)	$ 0.04	$ (2.42)	$ 0.61
Net income per common unit, diluted (in USD per share)	$ (0.32)	$ 0.04	$ (2.42)	$ 0.61
Anti-dilutive for potentially dilute basic earnings per common unit (in shares)	0		0

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	0.00%	0.40%	(986.60%)	(39.50%)
Discrete income tax benefit related to deferred taxes recorded during the period			$ 142.5	$ 35.2

DERIVATIVES - Open Derivative Positions (Details)	6 Months Ended
DERIVATIVES - Open Derivative Positions (Details)	Jun. 30, 2020 MMBTU $ / bbl $ / MMBTU bbl
Oil swaps - WTI Cushing (Bbls)
Derivative [Line Items]
Volume (Bbls) \| bbl	184,000
Fixed Price Swap (per Bbl/MMBtu)	27.45
Oil basis swaps - WTI Midland-Cushing (Bbls)
Derivative [Line Items]
Volume (Bbls) \| bbl	736,000
Fixed Price Swap (per Bbl/MMBtu)	(2.60)
Collars - WTI (Cushing) 2020
Derivative [Line Items]
Volume (Bbls) \| bbl	2,576,000
Floor price (per Bbl)	28.86
Ceiling price (per Bbl)	32.33
Collars - WTI (Cushing) 2021
Derivative [Line Items]
Volume (Bbls) \| bbl	3,650,000
Floor price (per Bbl)	30.00
Ceiling price (per Bbl)	43.05
Natural Gas Swaps Waha Hub 2020
Derivative [Line Items]
Volume, energy measure (MMBtu) \| MMBTU	4,600,000
Fixed Price Swap (per Bbl/MMBtu) \| $ / MMBTU	(2.07)
Deferred Premium Call Options - WTI (Cushing)
Derivative [Line Items]
Volume (Bbls) \| bbl	736,000
Premium	1.89
Strike price (per Bbl)	45.00

DERIVATIVES - Offsetting Derivative Instruments (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross derivative assets	$ 13,084
Amounts netted in the Consolidated Balance Sheet	(13,084)
Total assets	0
Gross amounts of liabilities presented in the Consolidated Balance Sheet	52,915
Amounts netted in the Consolidated Balance Sheet	(13,084)
Total liabilities	$ 39,831

DERIVATIVES - Derivative Assets and Liabilities on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Current assets: derivative instruments	$ 0
Noncurrent assets: derivative instruments	0
Total assets	0
Current liabilities: derivative instruments	33,956	$ 0
Noncurrent liabilities: derivative instruments	5,875	$ 0
Total liabilities	$ 39,831

DERIVATIVES - Gains and Losses on Derivative Instruments Included in Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Loss on derivative instruments	$ (34,443)	$ 0	$ (42,385)	$ 0
Net cash payments on derivatives	$ (2,101)	$ 0	$ (2,554)	$ 0

FAIR VALUE MEASUREMENTS - Changes in Fair Value of the Partnership's Investment (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Liabilities:
Derivative instruments	$ 39,831
Fair Value, Recurring \| Fair Value, Inputs, Level 1
Assets:
Investment	12,680	$ 19,357
Liabilities:
Derivative instruments	0	0
Fair Value, Recurring \| Fair Value, Inputs, Level 2
Assets:
Investment	0	0
Liabilities:
Derivative instruments	(39,831)	0
Fair Value, Recurring \| Fair Value, Inputs, Level 3
Assets:
Investment	0	0
Liabilities:
Derivative instruments	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Fair Value of Financial Instruments Not Recorded at Fair Value (Details) - Fair Value, Nonrecurring - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Carrying Value \| 5.375 % Senior Notes due 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	$ 477,007	$ 490,274
Carrying Value \| Revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	153,500	96,500
Fair Value \| 5.375 % Senior Notes due 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	476,462	521,100
Fair Value \| Revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	$ 153,500	$ 96,500

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 29, 2020	Apr. 30, 2020	Feb. 07, 2020	Jul. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
5.375 % Senior Notes due 2027
Subsequent Event [Line Items]
Long term debt gross					$ 485,938	$ 500,000
5.375 % Senior Notes due 2027 \| Senior Notes
Subsequent Event [Line Items]
Debt repurchased					14,100
Long term debt gross					$ 485,900
5.375 % Senior Notes due 2027 \| Senior Notes \| Subsequent Event
Subsequent Event [Line Items]
Debt repurchased				$ 6,000
Discount rate				98.50%
Long term debt gross				$ 479,900
Cash Distribution
Subsequent Event [Line Items]
Cash distributions, amount per common unit (in USD per unit)		$ 0.10	$ 0.45
Cash Distribution \| Subsequent Event
Subsequent Event [Line Items]
Cash distributions, amount per common unit (in USD per unit)	$ 0.03