v3.25.1
Segment Reporting
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We have one reportable segment, our exploration and production of oil, natural gas and natural gas liquids segment (“E&P segment”). Our E&P segment derives revenues from customers by selling oil, natural gas and natural gas liquids under contracts of various terms and durations (See Note 13). The operating segments within the reportable segment have been aggregated based on the similarity of their economic and other characteristics, including product type and services. All of our assets are located in the United States, and all revenues are attributable to United States customers.

The Partnership's Chief Operating Decision Maker ("CODM") is a group of executives, including the Co-Chief Executive Officers. The CODM assesses performance for the E&P segment and decides how to allocate resources based on cash provided by operations which is also reported on the statement of cash flows as consolidated cash provided by operations. The measure of segment assets is reported on the balance sheet as total consolidated assets.

The CODM uses net income to evaluate income generated from segment assets in deciding whether to reinvest profits into the E&P segment or to pay distributions.

Selected financial information related to our one reportable segment is included below:

(in thousands)Three months ended March 31,
20252024
REVENUES
Oil and condensate$64,995 $38,034 
Natural gas liquids8,562 6,502 
Gas10,768 22,903 
Total Revenues84,325 67,439 
EXPENSES
Production42,271 33,083 
Exploration73 123 
Taxes, transportation and other17,881 15,573 
Depreciation, depletion, and amortization21,429 10,517 
Accretion of discount in asset retirement obligation3,813 2,784 
General and administrative2,441 2,654 
Total Expenses87,908 64,734 
OPERATING (LOSS) INCOME(3,583)2,705 
OTHER INCOME
Other income9,517 8,413 
SEGMENT INCOME FROM OPERATIONS$5,934 $11,118 
Reconciliation:
Interest income103 125 
Interest expense(3,621)(976)
Other Expense(3,518)(851)
NET INCOME$2,416 $10,267 
CASH PROVIDED BY OPERATING ACTIVITIES$30,610 $25,197