v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
REVENUE        
Revenue from contracts with customers $ 122,122 $ 106,710 $ 246,031 $ 221,963
Gain (loss) on commodity derivative instruments, net 26,850 52,784 (37,700) (3,217)
TOTAL REVENUE 148,972 159,494 208,331 218,746
OPERATING (INCOME) EXPENSE        
Lease operating expense 2,098 2,990 3,991 5,152
Production costs and ad valorem taxes 6,108 9,026 15,308 19,211
Exploration expense 4,825 1,749 9,450 6,859
Depreciation, depletion, and amortization 9,402 9,187 19,187 18,317
General and administrative 16,076 13,924 32,908 29,096
Accretion of asset retirement obligations 393 337 782 669
TOTAL OPERATING EXPENSE 38,902 37,213 81,626 79,304
INCOME FROM OPERATIONS 110,070 122,281 126,705 139,442
OTHER INCOME (EXPENSE)        
Interest and investment income 57 56 89 120
Interest expense (3,816) (2,270) (7,177) (3,667)
Other income (expense), net 47 (39) 13 81
TOTAL OTHER EXPENSE (3,712) (2,253) (7,075) (3,466)
NET INCOME 106,358 120,028 119,630 135,976
Distributions on Series B cumulative convertible preferred units (7,366) (7,367) (14,732) (14,733)
NET INCOME ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON UNITS 98,992 112,661 104,898 121,243
ALLOCATION OF NET INCOME:        
General partner interest 0 0 0 0
Common units 98,992 112,661 104,898 121,243
NET INCOME ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON UNITS $ 98,992 $ 112,661 $ 104,898 $ 121,243
NET INCOME ATTRIBUTABLE TO LIMITED PARTNERS PER COMMON UNIT:        
Per common unit (basic) (in dollars per share) $ 0.47 $ 0.53 $ 0.49 $ 0.57
Per common unit (diluted) (in dollars per share) $ 0.47 $ 0.53 $ 0.49 $ 0.57
WEIGHTED AVERAGE COMMON UNITS OUTSTANDING:        
Weighted average common units outstanding (basic) (in shares) 212,596 211,689 212,483 211,472
Weighted average common units outstanding (diluted) (in shares) 212,596 226,761 212,483 211,472
Oil and condensate sales        
REVENUE        
Revenue from contracts with customers $ 75,151 $ 55,807 $ 129,265 $ 105,900
Natural gas and natural gas liquids sales        
REVENUE        
Revenue from contracts with customers 40,275 46,189 103,683 104,424
Lease bonus and other income        
REVENUE        
Revenue from contracts with customers $ 6,696 $ 4,714 $ 13,083 $ 11,639