Oil and Natural Gas Properties Acquisitions (Tables)

9 Months Ended

Sep. 30, 2018

Schedule of Fair Values of the Properties Acquired

The following table summarizes the adjusted allocation of the fair value of the assets acquired and the acquisition-related costs as of September 30, 2018:



	Assets Acquired								Cash Consideration Paid¹		Acquisition-Related Costs²
	Proved		Unproved		Net Working Capital		Total Fair Value		Cash Consideration Paid¹		Acquisition-Related Costs²

	(in thousands)
Noble Assets	$	68,877	$	256,542	$	5,917	$	331,336	$	331,336	$	247


¹	Represents cash consideration paid on the Close Date, as adjusted for the $3.2 million purchase price adjustment recorded during the nine months ended September 30, 2018.


²	Acquisition-related costs were expensed and included in the General and administrative expense line item of the consolidated statement of operations for the year ended December 31, 2017.

The following table summarizes these acquisitions which were considered business combinations:



	Assets Acquired								Consideration Paid
	Proved		Unproved		Net Working Capital		Total Fair Value		Cash		Fair Value of Common Units Issued		Acquisition-Related Costs¹

	(in thousands)
January	$	5,135	$	34,008	$	263	$	39,406	$	27,380	$	12,026	$	1,162
June	5,006		45,477		—		50,483		4,802		45,681		1,481
August	3,277		9,984		—		13,261		4,289		8,972		107
September	3,120		—		—		3,120		3,120		—		—
Total fair value	$	16,538	$	89,469	$	263	$	106,270	$	39,591	$	66,679	$	2,750


¹	Acquisition-related costs were expensed and included in the General and administrative expense line item of the consolidated statement of operations for the year ended December 31, 2017.

The following table summarizes these acquisitions which were considered business combinations:



	Assets Acquired								Consideration Paid
	Proved		Unproved		Net Working Capital		Total Fair Value		Cash		Fair Value of Common Units Issued

	(in thousands)
March	$	984	$	21,452	$	133	$	22,569	$	22,569	$	—
June	883		13,688		8		14,579		14,579		—
July	4,349		7,944		215		12,508		3,764		8,744
August	5,000		34,673		74		39,747		26,461		13,286
September	1,176		—		—		1,176		1,176		—
Total fair value	$	12,392	$	77,757	$	430	$	90,579	$	68,549	$	22,030

Schedule of Pro Forma Information From Business Acquisition

The following table presents unaudited pro forma information for the Partnership as if the Noble Acquisition occurred on January 1, 2017.



	Three Months Ended September 30, 2017			Nine Months Ended September 30, 2017

	(in thousands, except per unit amounts)
Revenue and other income	$	98,962		$	363,051
Net income	27,449			154,175
Net income attributable to noncontrolling interests	20			27
Distributions on Series A redeemable preferred units	(666		)	(2,452		)
Distributions on Series B cumulative convertible preferred units	(5,250		)	(15,750		)
Net income attributable to the general partner and common and subordinated units	$	21,553		$	136,000
Allocation of net income:
General partner interest	$	—		$	—
Common units	16,168			84,321
Subordinated units	5,385			51,679
	$	21,553		$	136,000
Net income attributable to limited partners per common and subordinated unit:
Per common unit (basic)	$	0.16		$	0.86
Per subordinated unit (basic)	$	0.06		$	0.54
Per common unit (diluted)	$	0.16		$	0.86
Per subordinated unit (diluted)	$	0.06		$	0.54