Compositions and methods for treating a water and hydrocarbon producing subterranean formation to reduce the water permeability of the formation without reducing the hydrocarbon permeability of the formation are provided. In one embodiment, the method includes providing a treatment fluid including a base fluid and a relative permeability modifier including a polymer of at least one hydrophilic monomer and at least one hydrophobically modified hydrophilic monomer, wherein the polymer includes a sulfonate moiety, and introducing the treatment fluid into at least a portion of a subterranean formation.