v3.26.3
Segment Reporting
 9 Months Ended
Sep. 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. Additionally, our CODM is provided information on segment income from operations and cash provided by operating activities to evaluate segment performance.

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

 

(in thousands)

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

Oil and condensate

 

$

29,845

 

 

$

66,330

 

 

$

157,857

 

 

$

190,379

 

Natural gas liquids

 

 

10,212

 

 

 

7,504

 

 

 

30,308

 

 

 

23,958

 

Gas

 

 

15,036

 

 

 

27,042

 

 

 

46,076

 

 

 

60,743

 

Total Revenues

 

 

55,093

 

 

 

100,876

 

 

 

234,241

 

 

 

275,080

 

EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

Production

 

 

43,698

 

 

 

47,864

 

 

 

132,888

 

 

 

133,469

 

Exploration

 

 

170

 

 

 

91

 

 

 

404

 

 

 

224

 

Taxes, transportation and other

 

 

18,437

 

 

 

16,648

 

 

 

57,907

 

 

 

49,763

 

Depreciation, depletion, and amortization

 

 

24,226

 

 

 

23,697

 

 

 

77,032

 

 

 

66,810

 

Accretion of discount in asset retirement obligation

 

 

3,219

 

 

 

3,982

 

 

 

10,988

 

 

 

11,623

 

General and administrative

 

 

3,936

 

 

 

4,834

 

 

 

13,501

 

 

 

16,729

 

Total Expenses

 

 

93,686

 

 

 

97,116

 

 

 

292,720

 

 

 

278,618

 

OPERATING (LOSS) INCOME

 

 

(38,593

)

 

 

3,760

 

 

 

(58,479

)

 

 

(3,538

)

OTHER INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

 

11,720

 

 

 

4,984

 

 

 

29,064

 

 

 

20,352

 

SEGMENT (LOSS) INCOME FROM OPERATIONS

 

$

(26,873

)

 

$

8,744

 

 

$

(29,415

)

 

$

16,814

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

308

 

 

 

113

 

 

 

604

 

 

 

516

 

Interest expense

 

 

(5,523

)

 

 

(4,505

)

 

 

(16,842

)

 

 

(10,697

)

Other Expense

 

 

(5,215

)

 

 

(4,392

)

 

 

(16,238

)

 

 

(10,181

)

NET (LOSS) INCOME

 

$

(32,088

)

 

$

4,352

 

 

$

(45,653

)

 

$

6,633

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES

 

$

33,665

 

 

$

28,271

 

 

$

116,173

 

 

$

85,735