v3.26.1
COMMODITY DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value and Classification of Derivative Instruments
The tables below summarize the fair values and classifications of the Partnership’s derivative instruments, as well as the gross recognized derivative assets, liabilities, and amounts offset in the consolidated balance sheets as of each date:
June 30, 2026
ClassificationBalance Sheet LocationGross
Fair Value		Effect of Counterparty NettingNet Carrying Value on Balance Sheet
(in thousands)
Assets:
Current asset
Commodity derivative assets, net$16,843 $(6,995)$9,848 
Long-term asset
Deferred charges and other long-term assets6,906 (1,554)5,352 
 Total assets
$23,749 $(8,549)$15,200 
Liabilities:
Current liability
Commodity derivative liabilities, net$12,818 $(6,995)$5,823 
Long-term liability
Commodity derivative liabilities, net4,626 (1,554)3,072 
Total liabilities
$17,444 $(8,549)$8,895 
December 31, 2025
ClassificationBalance Sheet LocationGross
Fair Value		Effect of Counterparty NettingNet Carrying Value on Balance Sheet
(in thousands)
Assets:
Current asset
Commodity derivative assets, net$24,930 $(6,066)$18,864 
Long-term asset
Deferred charges and other long-term assets4,325 (196)4,129 
 Total assets
$29,255 $(6,262)$22,993 
Liabilities:
Current liability
Commodity derivative liabilities, net$6,066 $(6,066)$— 
Long-term liability
Commodity derivative liabilities, net196 (196)— 
Total liabilities
$6,262 $(6,262)$— 
Schedule of Changes in Fair Value of Company's Commodity Derivative Instruments
Changes in the fair values of the Partnership’s derivative instruments (both assets and liabilities), as well as net cash paid or received on settlements, are presented on a net basis in the accompanying consolidated statements of operations within Gain (loss) on commodity derivative instruments, net and consist of the following for the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
Derivatives not designated as hedging instruments2026202520262025
(in thousands)
Beginning fair value of commodity derivative instruments$(29,313)$(65,999)$22,993 $(13,609)
Gain (loss) on oil derivative instruments12,519 17,224 (52,717)16,411 
Gain (loss) on natural gas derivative instruments14,331 35,560 15,017 (19,628)
Net cash paid (received) on settlements of oil derivative instruments19,352 (4,038)16,061 (3,656)
Net cash paid (received) on settlements of natural gas derivative instruments(10,584)892 4,951 4,121 
Net change in fair value of commodity derivative instruments35,618 49,638 (16,688)(2,752)
Ending fair value of commodity derivative instruments$6,305 $(16,361)$6,305 $(16,361)
Schedule of Open Derivative Contracts for Oil and Natural Gas
The Partnership had the following open derivative contracts for oil as of June 30, 2026:
Weighted Average Price (Per Bbl)Range (Per Bbl)
Period and Type of ContractVolume (Bbl)LowHigh
Oil Swap Contracts:
2026
Second Quarter205,000 $64.39 $62.00 $67.35 
Third Quarter615,000 64.39 62.00 67.35 
Fourth Quarter615,000 64.39 62.00 67.35 
2027
First Quarter450,000 $62.83 $58.13 $76.28 
Second Quarter450,000 62.83 58.13 76.28 
Third Quarter450,000 62.83 58.13 76.28 
Fourth Quarter450,000 62.83 58.13 76.28 
The Partnership entered into the following derivative contracts for oil subsequent to June 30, 2026:
Weighted Average Price (Per Bbl)Range (Per Bbl)
Period and Type of ContractVolume (Bbl)LowHigh
Oil Swap Contracts:
2027
First Quarter30,000 $69.95 $69.95 $69.95 
Second Quarter30,000 69.95 69.95 69.95 
Third Quarter30,000 69.95 69.95 69.95 
Fourth Quarter30,000 69.95 69.95 69.95 

The Partnership had the following open derivative contracts for natural gas as of June 30, 2026:
Weighted Average Price (Per MMBtu)Range (Per MMBtu)
Period and Type of ContractVolume (MMBtu)LowHigh
Natural Gas Swap Contracts:
2026
Third Quarter12,880,000 $3.73 $3.50 $4.46 
Fourth Quarter12,880,000 3.73 3.50 4.46 
2027
First Quarter7,200,000 $3.91 $3.77 $4.00 
Second Quarter7,280,000 3.91 3.77 4.00 
Third Quarter7,360,000 3.91 3.77 4.00 
Fourth Quarter7,360,000 3.91 3.77 4.00