v3.26.1
Segment Reporting
3 Months Ended
Mar. 31, 2026
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,

 

 

 

 

2026

 

 

2025

 

 

REVENUES

 

 

 

 

 

 

 

Oil and condensate

 

$

(2,746

)

 

$

64,995

 

 

Natural gas liquids

 

 

9,335

 

 

 

8,562

 

 

Gas

 

 

21,687

 

 

 

10,768

 

 

Total Revenues

 

 

28,276

 

 

 

84,325

 

 

EXPENSES

 

 

 

 

 

 

 

Production

 

 

47,737

 

 

 

42,271

 

 

Exploration

 

 

108

 

 

 

73

 

 

Taxes, transportation and other

 

 

19,762

 

 

 

17,881

 

 

Depreciation, depletion, and amortization

 

 

28,838

 

 

 

21,429

 

 

Accretion of discount in asset retirement obligation

 

 

4,568

 

 

 

3,813

 

 

General and administrative

 

 

4,814

 

 

 

2,441

 

 

Total Expenses

 

 

105,827

 

 

 

87,908

 

 

OPERATING LOSS

 

 

(77,551

)

 

 

(3,583

)

 

OTHER INCOME

 

 

 

 

 

 

 

Other income

 

 

8,856

 

 

 

9,517

 

 

SEGMENT (LOSS) INCOME FROM OPERATIONS

 

$

(68,695

)

 

$

5,934

 

 

 

 

 

 

 

 

 

 

Reconciliation:

 

 

 

 

 

 

 

Interest income

 

 

99

 

 

 

103

 

 

Interest expense

 

 

(5,740

)

 

 

(3,621

)

 

Other Expense

 

 

(5,641

)

 

 

(3,518

)

 

NET (LOSS) INCOME

 

$

(74,336

)

 

$

2,416

 

 

 

 

 

 

 

 

 

 

CASH PROVIDED BY OPERATING ACTIVITIES

 

$

33,408

 

 

$

30,610