v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 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 June 30,

 

 

Six months ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

Oil and condensate

 

$

130,758

 

 

$

59,054

 

 

$

128,012

 

 

$

124,049

 

Natural gas liquids

 

 

10,761

 

 

 

7,892

 

 

 

20,096

 

 

 

16,454

 

Gas

 

 

9,353

 

 

 

22,933

 

 

 

31,040

 

 

 

33,701

 

Total Revenues

 

 

150,872

 

 

 

89,879

 

 

 

179,148

 

 

 

174,204

 

EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

Production

 

 

41,453

 

 

 

43,334

 

 

 

89,190

 

 

 

85,605

 

Exploration

 

 

126

 

 

 

60

 

 

 

234

 

 

 

133

 

Taxes, transportation and other

 

 

19,708

 

 

 

15,234

 

 

 

39,470

 

 

 

33,115

 

Depreciation, depletion, and amortization

 

 

23,968

 

 

 

21,684

 

 

 

52,806

 

 

 

43,113

 

Accretion of discount in asset retirement obligation

 

 

3,201

 

 

 

3,828

 

 

 

7,769

 

 

 

7,641

 

General and administrative

 

 

4,751

 

 

 

9,454

 

 

 

9,565

 

 

 

11,895

 

Total Expenses

 

 

93,207

 

 

 

93,594

 

 

 

199,034

 

 

 

181,502

 

OPERATING INCOME (LOSS)

 

 

57,665

 

 

 

(3,715

)

 

 

(19,886

)

 

 

(7,298

)

OTHER INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

 

8,488

 

 

 

5,851

 

 

 

17,344

 

 

 

15,368

 

SEGMENT INCOME (LOSS) FROM OPERATIONS

 

$

66,153

 

 

$

2,136

 

 

$

(2,542

)

 

$

8,070

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

197

 

 

 

300

 

 

 

296

 

 

 

403

 

Interest expense

 

 

(5,579

)

 

 

(2,571

)

 

 

(11,319

)

 

 

(6,192

)

Other Expense

 

 

(5,382

)

 

 

(2,271

)

 

 

(11,023

)

 

 

(5,789

)

NET INCOME (LOSS)

 

$

60,771

 

 

$

(135

)

 

$

(13,565

)

 

$

2,281

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH PROVIDED BY OPERATING ACTIVITIES

 

$

49,100

 

 

$

26,854

 

 

$

82,508

 

 

$

57,464