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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
REVENUE        
Revenue from contracts with customers $ 103,181 $ 136,719 $ 335,135 $ 364,723
Gain (loss) on commodity derivative instruments 31,675 (26,922) 14,838 36,652
TOTAL REVENUE 134,856 109,797 349,973 401,375
OPERATING (INCOME) EXPENSE        
Lease operating expense 2,422 2,615 7,433 8,149
Production costs and ad valorem taxes 12,369 16,441 38,876 41,952
Exploration expense 2,562 1,711 2,579 1,719
Depreciation, depletion, and amortization 11,258 12,367 34,253 33,935
General and administrative 12,801 14,448 40,286 38,950
Accretion of asset retirement obligations 324 254 962 749
(Gain) loss on sale of assets, net 0 (73) 0 (73)
TOTAL OPERATING EXPENSE 41,736 47,763 124,389 125,381
INCOME (LOSS) FROM OPERATIONS 93,120 62,034 225,584 275,994
OTHER INCOME (EXPENSE)        
Interest and investment income 344 511 1,476 1,041
Interest expense (724) (621) (1,979) (2,080)
Other income (expense) (9) 143 (101) (53)
TOTAL OTHER INCOME (EXPENSE) (389) 33 (604) (1,092)
NET INCOME (LOSS) 92,731 62,067 224,980 274,902
Distributions on Series B cumulative convertible preferred units (7,366) (5,250) (22,099) (15,750)
NET INCOME (LOSS) ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON UNITS 85,365 56,817 202,881 259,152
ALLOCATION OF NET INCOME (LOSS):        
General partner interest 0 0 0 0
Common units 85,365 56,817 202,881 259,152
NET INCOME (LOSS) ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON UNITS $ 85,365 $ 56,817 $ 202,881 $ 259,152
NET INCOME (LOSS) ATTRIBUTABLE TO LIMITED PARTNERS PER COMMON UNIT:        
Per common unit (basic) (in dollars per share) $ 0.41 $ 0.27 $ 0.96 $ 1.23
Per common unit (diluted) (in dollars per share) $ 0.41 $ 0.27 $ 0.96 $ 1.22
WEIGHTED AVERAGE COMMON UNITS OUTSTANDING:        
Weighted average common units outstanding (basic) (in shares) 210,687 209,982 210,680 209,963
Weighted average common units outstanding (diluted) (in shares) 210,687 209,982 210,680 224,932
Oil and condensate sales        
REVENUE        
Revenue from contracts with customers $ 63,999 $ 85,724 $ 209,112 $ 208,184
Natural gas and natural gas liquids sales        
REVENUE        
Revenue from contracts with customers 37,039 48,815 115,543 147,857
Lease bonus and other income        
REVENUE        
Revenue from contracts with customers $ 2,143 $ 2,180 $ 10,480 $ 8,682