Black Stone Minerals, L.P
(NYSE:BSM)

Black Stone Minerals, L.P., together with its subsidiaries, owns and manages oil and natural gas mineral interests. It owns mineral interests in approximately 16.8 million gross acres, nonparticipating royalty interests in 1.8 million gross acres, and overriding royalty interests in 1.7 million gros...

Website: http://www.blackstoneminerals.com

Founded: 1876

IPO Price: $19 (Apr 29, 2015)

Sector: Energy

Industry: Oil & Gas E&P

Energy

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At a glance:

Bull Thesis:

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Main Competitors:

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Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31

revenue
yoy
qoq
oil and condensate sales	54,114,000	46,370,000	57,091,000	55,807,000	50,093,000	59,949,000	63,999,000	73,889,000	71,224,000	80,112,000	85,724,000	61,551,000	60,909,000	85,920,000	80,240,000	94,296,000	75,831,000	75,743,000	61,916,000	53,936,000	44,176,000	36,786,000	34,335,000	25,417,000	52,093,000	63,647,000	68,255,000	74,072,000	57,704,000	77,358,000	82,712,000	77,225,000	72,983,000	50,631,000	41,361,000	37,262,000	40,474,000	37,801,000	42,780,000	34,553,000	27,248,000	36,954,000	44,128,000	46,293,000	36,163,000
natural gas and natural gas liquids sales	63,408,000	44,106,000	43,086,000	46,189,000	58,235,000	42,364,000	37,039,000	36,493,000	42,011,000	52,440,000	48,815,000	41,619,000	57,423,000	110,254,000	137,756,000	111,181,000	75,754,000	83,134,000	73,167,000	56,481,000	42,889,000	42,866,000	29,107,000	30,311,000	36,642,000	42,643,000	41,340,000	53,642,000	61,640,000	78,064,000	63,080,000	53,854,000	53,245,000	48,316,000	45,047,000	49,903,000	47,701,000	37,130,000	38,986,000	21,607,000	25,112,000	23,219,000	32,191,000	28,968,000	31,640,000
lease bonus and other income	6,387,000	4,706,000	5,006,000	4,714,000	6,925,000	1,981,000	2,143,000	4,789,000	3,548,000	3,824,000	2,180,000	2,527,000	3,975,000	2,790,000	3,159,000	2,244,000	4,859,000	2,097,000	2,305,000	7,505,000	2,385,000	1,414,000	1,386,000	1,975,000	4,308,000	13,987,000	3,484,000	6,717,000	5,645,000	7,600,000	12,440,000	11,577,000	4,599,000	4,980,000	12,044,000	11,356,000	13,682,000	5,950,000	9,592,000	15,142,000	1,395,000	7,029,000	4,271,000	8,169,000	3,611,000
revenue from contracts with customers	123,909,000	95,182,000	105,183,000	106,710,000	115,253,000	104,294,000	103,181,000	115,171,000	116,783,000	136,376,000	136,719,000	105,697,000	122,307,000	198,964,000	221,155,000	207,721,000	156,444,000	160,974,000	137,388,000	117,922,000	89,450,000	81,066,000	64,828,000	57,703,000	93,043,000	120,277,000	113,079,000	134,431,000	124,989,000	163,022,000	158,232,000	142,656,000	130,827,000
gain on commodity derivative instruments	-64,550,000	23,521,000	27,287,000	52,784,000	-56,001,000	-20,568,000	31,675,000	-5,547,000	-11,290,000	54,465,000	-26,922,000	11,303,000	52,271,000	31,415,000	-4,726,000	-27,349,000	-120,020,000	18,449,000	-77,561,000	-59,480,000	-27,882,000	-3,640,000	-21,086,000	-19,174,000	90,011,000	-17,249,000	24,290,000	29,187,000	-41,183,000	83,025,000	-18,514,000	-33,347,000	-16,333,000	-8,485,000	-9,341,000	22,003,000	22,725,000	-24,169,000	7,813,000	-30,733,000	10,626,000	32,838,000	56,430,000	-18,627,000	19,647,000
total revenue	59,359,000	118,703,000	132,470,000	159,494,000	59,252,000	83,726,000	134,856,000	109,624,000	105,493,000	190,841,000	109,797,000	117,000,000	174,578,000	230,379,000	216,429,000	180,372,000	36,424,000	179,423,000	59,827,000	58,442,000	61,568,000	77,426,000	43,742,000	38,529,000	183,054,000	103,028,000	137,369,000	163,618,000	83,806,000	246,047,000	139,718,000	109,309,000	114,494,000	95,442,000	89,111,000	120,524,000	124,582,000	56,712,000	99,171,000	40,569,000	64,381,000	100,040,000	137,020,000	64,803,000	91,061,000
operating expense
lease operating expense	1,893,000	2,236,000	2,753,000	2,990,000	2,162,000	2,272,000	2,422,000	2,579,000	2,432,000	3,237,000	2,615,000	2,866,000	2,668,000	3,124,000	2,896,000	3,199,000	3,161,000	3,252,000	3,303,000	3,837,000	2,664,000	3,742,000	3,160,000	3,293,000	3,827,000	4,168,000	4,356,000	3,849,000	5,292,000	5,648,000	4,229,000	4,290,000	4,248,000	4,374,000	4,569,000	4,148,000	4,189,000	4,576,000	5,007,000	4,283,000	4,889,000	5,043,000	4,924,000
production costs and ad valorem taxes	9,200,000	8,878,000	10,935,000	9,026,000	10,185,000	10,701,000	12,369,000	13,469,000	13,038,000	15,027,000	16,441,000	12,844,000	12,667,000	14,924,000	17,856,000	19,504,000	13,949,000	14,340,000	14,331,000	9,296,000	11,842,000	11,637,000	9,905,000	9,555,000	12,376,000	15,614,000	15,877,000	14,450,000	14,592,000	17,425,000	17,641,000	14,373,000	14,925,000	12,160,000	11,549,000	11,863,000	11,902,000	12,163,000	9,228,000	7,012,000	7,062,000	9,517,000	8,175,000	9,819,000	8,256,000
exploration expense	4,625,000	9,624,000	2,151,000	1,749,000	5,110,000	156,000	2,562,000	14,000	3,000	429,000	1,711,000	4,000	4,000	1,000	10,000	2,000	180,000	2,000	5,000	2,000	1,073,000	1,000	4,000	23,000	1,000	25,000	64,000	304,000	4,000	1,161,000	34,000	6,745,000	3,000	2,000	8,000	46,000	562,000	2,000	6,000	629,000	8,000	578,000	1,817,000
depreciation, depletion, and amortization	9,785,000	8,670,000	9,900,000	9,187,000	9,130,000	10,943,000	11,258,000	11,356,000	11,639,000	11,748,000	12,367,000	10,421,000	11,147,000	12,786,000	12,208,000	11,893,000	10,917,000	14,666,000	14,925,000	15,796,000	15,632,000	19,820,000	19,823,000	19,193,000	23,182,000	24,651,000	27,375,000	29,725,000	27,833,000	22,033,750	29,273,000	30,292,000	28,570,000	21,120,750	29,204,000	28,900,000	26,379,000	19,913,500	28,731,000
general and administrative	16,832,000	14,080,000	12,287,000	13,924,000	15,172,000	11,796,000	12,801,000	13,395,000	14,090,000	12,505,000	14,448,000	11,854,000	12,648,000	14,326,000	13,044,000	12,519,000	13,763,000	11,387,000	12,320,000	12,187,000	12,852,000	10,245,000	9,381,000	11,501,000	11,856,000	13,603,000	14,189,000	14,347,000	21,214,000	16,296,000	22,083,000	19,812,000	18,521,000	25,576,000	17,305,000	17,481,000	17,212,000	20,926,000	16,677,000	18,134,000	17,401,000	23,645,000	18,994,000	19,718,000	14,818,000
accretion of asset retirement obligations	389,000	361,000	344,000	337,000	332,000	336,000	324,000	321,000	317,000	293,000	254,000	250,000	245,000	245,000	209,000	205,000	202,000	210,000	273,000	298,000	292,000	295,000	286,000	278,000	272,000	288,000	275,000	277,000	277,000	283,000	278,000	273,000	269,000	266,000	260,000	253,000	247,000	212,000	206,000	200,000	274,000	270,000	265,000	269,000	271,000
total operating expense	42,724,000	43,849,000	38,370,000	37,213,000	42,091,000	36,204,000	41,736,000	41,134,000	41,519,000	43,239,000	47,763,000	38,239,000	39,379,000	45,406,000	46,223,000	47,305,000	42,172,000	43,857,000	42,307,000	41,416,000	44,355,000	45,740,000	18,514,000	43,843,000	102,545,000	58,349,000	62,136,000	62,952,000	69,212,000	75,330,000	73,538,000	75,785,000	66,534,000	72,429,000	62,895,000	62,684,000	59,567,000	60,691,000	59,855,000	60,047,000	52,771,000	149,563,000	82,321,000	186,027,000	70,868,000
income from operations	16,635,000	74,854,000	94,100,000	122,281,000	17,161,000	47,522,000	93,120,000	68,490,000	63,974,000	147,602,000	62,034,000	78,761,000	135,199,000	184,973,000	170,206,000	133,067,000	-5,748,000	135,566,000	17,520,000	17,026,000	17,213,000	31,686,000	25,228,000	-5,314,000	80,509,000	44,679,000	75,233,000	100,666,000	14,594,000	170,717,000	66,180,000	33,524,000	47,960,000	23,013,000	26,216,000	57,840,000	65,015,000	-3,979,000	39,316,000	-19,478,000	11,610,000	-49,523,000	54,699,000	-121,224,000	20,193,000
yoy	-3.07%	57.51%	1.05%	78.54%	-73.18%	-67.80%	50.11%	-13.04%	-52.68%	-20.20%	-63.55%	-40.81%	-2452.11%	36.44%	871.50%	681.55%	-133.39%	327.84%	-30.55%	-420.40%	-78.62%	-29.08%	-66.47%	-105.28%	451.66%	-73.83%	13.68%	200.28%	-69.57%	641.83%	152.44%	-42.04%	-26.23%	-678.36%	-33.32%	-396.95%	459.99%	-91.97%	-28.12%	-83.93%	-42.50%
qoq	-77.78%	-20.45%	-23.05%	612.55%	-63.89%	-48.97%	35.96%	7.06%	-56.66%	137.94%	-21.24%	-41.74%	-26.91%	8.68%	27.91%	-2415.01%	-104.24%	673.78%	2.90%	-1.09%	-45.68%	25.60%	-574.75%	-106.60%	80.19%	-40.61%	-25.26%	589.78%	-91.45%	157.96%	97.41%	-30.10%	108.40%	-12.22%	-54.67%	-11.04%	-1733.95%	-110.12%	-301.85%	-267.77%	-123.44%	-190.54%	-145.12%	-700.33%
operating margin %	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	Infinity%
other income	-34,000	155,000	-7,000	-39,000	120,000	-236,000	-9,000	-4,000	-88,000	-107,000	143,000	-97,000	-99,000	237,000	-58,000	81,000	-45,000	68,000	17,000	31,000	183,000	12,000	168,000	-96,000	-1,000	179,000	365,000	26,000	-98,000	-1,202,000	60,000	409,000	-1,515,000	362,000	-1,000	282,000	69,000	-538,000	41,000	73,000	34,000	669,000	45,000	146,000	50,000
interest and investment income	32,000	55,000	62,000	56,000	64,000	190,000	344,000	462,000	670,000	826,000	511,000	373,000	157,000	31,000	20,000	2,000							1,000	3,000	31,000	22,000	44,000	47,000	46,000	60,000	53,000	37,000	33,000	19,000	-9,000	33,000	6,000	5,000	460,000	38,000	153,000	12,000	18,000	27,000	1,000
interest expense	-3,361,000	-2,837,000	-2,426,000	-2,270,000	-1,397,000	-1,130,000	-724,000	-626,000	-629,000	-674,000	-621,000	-645,000	-814,000	-2,022,000	-1,693,000	-1,362,000	-1,209,000	-1,441,000	-1,359,000	-1,628,000	-1,210,000	-1,353,000	-1,664,000	-2,964,000	-4,427,000	-4,863,000	-5,395,000	-5,652,000	-5,525,000	-5,437,000	-5,518,000	-5,280,000	-4,521,000	-4,034,000	-4,172,000	-3,981,000	-3,507,000	-2,774,000	-2,282,000	-1,443,000	-1,048,000	-888,000	-870,000	-1,715,000	-2,945,000
total other expense	-3,363,000	-2,627,000	-2,371,000	-2,253,000				-168,000	-47,000	45,000	33,000	-369,000	-756,000	-1,754,000	-1,731,000	-1,279,000	-1,254,000	-1,372,000	-1,342,000	-1,597,000	-1,027,000	-1,341,000	-1,495,000	-3,057,000	-4,397,000	-4,662,000	-4,986,000	-5,579,000	-5,577,000	-6,579,000	-5,405,000	-4,834,000	-6,003,000	-3,653,000	-4,182,000	-3,666,000	-3,432,000	-3,307,000	-1,781,000	-1,332,000	-861,000	-207,000	-807,000	-1,542,000	-2,894,000
net income	13,272,000	72,227,000	91,729,000	120,028,000	15,948,000	46,346,000	92,731,000	68,322,000	63,927,000	147,647,000	62,067,000	78,392,000	134,443,000	183,219,000	168,475,000	131,788,000	-7,002,000	134,194,000	16,178,000	15,429,000	16,186,000	30,345,000	23,733,000	-8,371,000	76,112,000	40,017,000	70,247,000	95,087,000	9,017,000	164,138,000	60,775,000	28,690,000	41,957,000	19,360,000	22,034,000	54,174,000	61,583,000	-7,286,000	37,535,000	-20,810,000	10,749,000	-49,730,000	53,892,000	-122,766,000	17,299,000
yoy	-16.78%	55.84%	-1.08%	75.68%	-75.05%	-68.61%	49.40%	-12.85%	-52.45%	-19.42%	-63.16%	-40.52%	-2020.07%	36.53%	941.38%	754.16%	-143.26%	342.23%	-31.83%	-284.31%	-78.73%	-24.17%	-66.21%	-108.80%	744.09%	-75.62%	15.59%	231.43%	-78.51%	747.82%	175.82%	-47.04%	-31.87%	-365.72%	-41.30%	-360.33%	472.92%	-85.35%	-30.35%	-83.05%	-37.86%
qoq	-81.62%	-21.26%	-23.58%	652.62%	-65.59%	-50.02%	35.73%	6.88%	-56.70%	137.88%	-20.82%	-41.69%	-26.62%	8.75%	27.84%	-1982.15%	-105.22%	729.48%	4.85%	-4.68%	-46.66%	27.86%	-383.51%	-111.00%	90.20%	-43.03%	-26.12%	954.53%	-94.51%	170.07%	111.83%	-31.62%	116.72%	-12.14%	-59.33%	-12.03%	-945.22%	-119.41%	-280.37%	-293.60%	-121.61%	-192.28%	-143.90%	-809.67%
net income margin %	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	Infinity%
distributions on series b cumulative convertible preferred units	-7,366,000	-7,367,000	-7,366,000	-7,367,000	-7,366,000	-7,367,000	-7,366,000	-7,366,000	-7,367,000	-6,026,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000
net income attributable to the general partner and common units	5,906,000	64,860,000	84,363,000	112,661,000	8,582,000	38,979,000	85,365,000	60,956,000	56,560,000	141,621,000	56,817,000	73,142,000	129,193,000	177,969,000	163,225,000	126,538,000	-12,252,000	8,010,750	10,928,000	10,179,000	10,936,000
allocation of net income:
general partner interest
common units	5,906,000	64,860,000	84,363,000	112,661,000	8,582,000	38,979,000	85,365,000	60,956,000	56,560,000	141,621,000	56,817,000	73,142,000	129,193,000	177,969,000	163,225,000	126,538,000	-12,252,000	128,944,000	10,928,000	10,179,000	10,936,000	25,095,000	18,483,000	-13,621,000	70,862,000	34,767,000	64,997,000	67,718,000	1,905,000	83,625,000	29,188,000	17,540,000	24,329,000	14,400,000	16,371,000	32,100,000	35,517,000	326,000	23,114,000	-7,445,000	8,320,000
allocation of net income: - sum	5,906,000	64,860,000	84,363,000	112,661,000	8,582,000	38,979,000	85,365,000	60,956,000	56,560,000	141,621,000	56,817,000	73,142,000	129,193,000	177,969,000	163,225,000	126,538,000	-12,252,000	128,944,000	10,928,000	10,179,000	10,936,000	25,095,000	18,483,000	-13,621,000	70,862,000	34,767,000	64,997,000	89,837,000	3,767,000	158,865,000	55,503,000	23,488,000	36,655,000	33,842,000	21,388,000	53,518,000	60,460,000
net income attributable to limited partners per common unit:
per common unit	30	310	400	530	40	190	410	290	270	680	270	350	620	850	780	600	-60	620	50	50	50	120	90	-70	340	140	320	450	20	790	270	170	230	150	160	330	370		240	-80	90
weighted-average common units outstanding:
weighted-average common units outstanding	212,369,000	211,667,000	211,852,000	211,689,000	211,253,000	210,684,000	210,687,000	210,703,000	210,654,000	209,970,000	209,982,000	209,967,000	209,941,000	209,382,000	209,402,000	209,397,000	209,323,000	208,181,000	208,653,000	207,945,000	207,442,000	206,705,000	206,732,000	206,707,000	206,631,000	168,230,000	205,957,000	150,101,000	109,420,000	106,064,000	106,706,000	105,250,000	103,774,000	97,400,000	101,623,000	97,990,000	96,901,000	96,073,000	95,740,000	96,356,000	96,484,000	96,182,000
total other income					-1,213,000	-151,000	-389,000
loss on sale of assets											-73,000					-17,000			-2,850,000				-24,045,000							-1,000			-2,000			-7,000	-924,000	-21,000				-4,853,000	4,000
impairment of oil and natural gas properties																									51,031,000															679,000	6,096,000	92,886,000	24,854,000	118,362,000	13,467,000
net income attributable to the general partner and common and subordinated units																						25,095,000	18,483,000	-13,621,000	70,862,000	34,767,000	64,997,000	89,837,000	3,767,000	158,865,000	55,503,000	23,488,000	36,655,000	33,842,000	21,388,000	53,518,000	60,460,000
subordinated units																												22,119,000	1,862,000	75,240,000	26,315,000	5,948,000	12,326,000	2,377,000	5,017,000	21,418,000	24,943,000	-8,939,000	13,105,000	-14,666,000	623,000
net income attributable to limited partners per common and subordinated unit:
per subordinated unit																										160		390	20	790	270	60	130	20	50	220	260	-100	140	-150	10
weighted-average subordinated units outstanding																										37,740,000		56,104,000	96,329,000	96,099,000	96,329,000	96,329,000	95,395,000	95,149,000	95,388,000	95,388,000	95,149,000	95,138,000	95,189,000	95,189,000	94,995,000	95,057,000
net loss attributable to noncontrolling interests																														-23,000	-22,000	48,000	-27,000	6,750	20,000	16,000	-9,000								-9,000
distributions on series a redeemable preferred units																																	-25,000
distributions declared and paid:
distributions on redeemable preferred units																																		-613,000	-666,000	-672,000	-1,114,000
revenue:
operating expense:
net loss attributable to predecessor																																												16,849,000
net loss attributable to noncontrolling interests subsequent to initial public offering																																						3,750	8,000	9,000		1,123,000	-3,000	140,000
distributions on redeemable preferred units subsequent to initial public offering																																						-1,324,000	-1,324,000	-1,310,000	-1,804,000
net income attributable to the general partner and common and subordinated units subsequent to initial public offering																																						-8,613,000	36,219,000		8,943,000
allocation of net income subsequent to initial public offering attributable to:
allocation of net income subsequent to initial public offering attributable to: - sum																																						5,762,500	36,219,000	-22,111,000	8,943,000	-14,167,750	50,916,000
distributions declared and paid subsequent to initial public offering:
depreciation, depletion and amortization																																								29,202,000	21,721,000	20,884,000	23,288,000	32,235,000	27,891,000
gain on sale of assets																																								-92,000	-4,680,000			-17,000	-7,000
net loss attributable to the general partner and common and subordinated units subsequent to initial public offering																																								-22,111,000
net income attributable to predecessor
net income attributable to noncontrolling interests subsequent to initial public offering																																									-2,000
distributions on preferred units subsequent to initial public offering																																										-1,195,750	-2,973,000
net income attributable to the general partner and limited partners subsequent to initial public offering																																										-14,167,750	50,916,000
common limited partner interests																																										-7,125,500	25,608,000	-54,109,000
subordinated limited partner interests																																										-7,042,250	25,308,000	-53,478,000
net income attributable to limited partners per unit:
per common limited partner unit																																										-75	270	-560	90
weighted-average common limited partner units outstanding																																											96,186,000	96,178,000	167,452,000
per subordinated limited partner unit																																										-75	270	-560
weighted-average subordinated limited partner units outstanding																																											95,057,000	95,057,000
lease operating expenses and other																																												5,641,000	6,172,000
dividends on preferred units subsequent to initial public offering																																												-1,810,000
net loss attributable to the general partner and limited partners subsequent to initial public offering																																												-107,587,000
allocation of net loss subsequent to initial public offering attributable to:
allocation of net loss subsequent to initial public offering attributable to: - sum																																												-107,587,000
net loss attributable to limited partners per unit:
dividends on preferred units																																													-2,909,000
net income attributable to the general partner and limited partners																																													14,381,000
allocation of net income attributable to:
common limited partner interest																																													14,381,000
allocation of net income attributable to: - sum																																													14,381,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31

assets
current assets
cash and cash equivalents	11,612,000	1,478,000	2,864,000	2,519,000	2,424,000	2,519,000	20,963,000	26,669,000	40,456,000	70,282,000	56,030,000	46,666,000	19,150,000	4,307,000	838,000	12,158,000	6,653,000	8,876,000	3,264,000	1,043,000	3,789,000	1,796,000	3,057,000	1,600,000	3,040,000	8,119,000	1,966,000	3,906,000	4,247,000	5,414,000	4,441,000	7,071,000	6,297,000	5,642,000	8,911,000	7,487,000	14,005,000	9,772,000	4,848,000	9,770,000	5,013,000	13,233,000	5,570,000	6,048,000	8,368,000
accrued revenue and accounts receivable	75,352,000	65,572,000	64,367,000	80,025,000	77,937,000
commodity derivative assets	1,826,000	18,864,000	8,507,000	2,111,000	564,000	1,824,000	18,147,000	10,967,000	30,741,000	38,273,000	21,218,000	50,288,000	68,367,000	31,472,000		316,000					315,000	1,149,000	8,569,000	45,522,000	96,278,000	14,790,000	33,054,000	24,441,000	4,012,000	37,970,000				94,000	4,724,000	13,329,000			13,285,000	13,412,000	46,851,000	48,260,000	34,336,000	8,294,000	38,913,000
prepaid expenses and other current assets	6,901,000	9,722,000	6,131,000	8,731,000	7,356,000	3,108,000	2,026,000	3,057,000	2,540,000	2,319,000	1,979,000	2,621,000	2,087,000	1,905,000	2,238,000	2,457,000	1,866,000	1,956,000	1,503,000	2,116,000	1,393,000	1,668,000	1,798,000	2,329,000	1,995,000	1,168,000	1,472,000	1,977,000	1,543,000	1,001,000	1,205,000	1,640,000	1,472,000	1,212,000	1,269,000	1,765,000	1,121,000	1,036,000	1,718,000	2,160,000	1,052,000	856,000	1,404,000	1,863,000	10,523,000
total current assets	95,691,000	95,636,000	85,173,000	93,386,000	88,281,000	78,544,000	109,255,000	114,518,000	146,165,000	193,127,000	166,952,000	171,939,000	183,790,000	173,381,000	160,963,000	155,500,000	107,982,000	107,974,000	93,068,000	71,540,000	64,785,000	66,521,000	61,921,000	221,422,000	159,777,000	102,291,000	121,334,000	126,282,000	113,129,000	157,533,000	117,128,000	107,739,000	100,624,000	87,643,000	83,799,000	94,836,000	90,100,000	78,989,000	84,242,000	78,910,000	97,286,000	103,595,000	93,657,000	70,420,000	108,598,000
property and equipment
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 1,075,256 and 1,063,709 at march 31, 2026 and december 31, 2025, respectively	3,091,255,000
accumulated depreciation, depletion, amortization and impairment	-1,864,956,000
oil and natural gas properties	1,226,299,000	1,224,008,000	1,175,350,000	1,164,286,000	1,140,236,000	1,131,997,000	1,095,265,000	1,094,411,000	1,076,931,000	1,064,495,000	1,058,324,000	1,068,183,000	1,077,844,000	1,086,988,000	1,097,246,000	1,108,756,000	1,123,283,000	1,131,896,000	1,145,188,000	1,161,673,000	1,154,198,000	1,170,486,000	1,190,542,000	1,209,202,000	1,352,982,000	1,431,928,000	1,454,619,000	1,580,115,000	1,584,033,000	1,575,496,000	1,630,203,000	1,554,444,000	1,526,853,000	1,480,771,000	1,155,752,000	1,142,649,000	1,097,384,000	1,044,143,000	1,050,451,000	1,045,157,000	937,885,000	938,415,000	1,051,860,000	1,045,537,000	1,161,512,000
other property and equipment, net of accumulated depreciation of 16,051 and 15,768 at march 31, 2026 and december 31, 2025, respectively	993,000
net property and equipment	1,227,292,000	1,225,134,000	1,176,605,000	1,165,794,000	1,141,904,000	1,134,041,000	1,096,296,000	1,095,287,000	1,077,869,000	1,065,502,000	1,059,414,000	1,069,217,000	1,078,955,000	1,088,247,000	1,098,228,000	1,109,878,000	1,124,545,000	1,133,336,000	1,146,426,000	1,163,066,000	1,155,690,000	1,172,136,000	1,192,347,000	1,211,171,000	1,355,114,000	1,434,228,000	1,457,054,000	1,582,434,000	1,586,386,000	1,575,881,000	1,630,634,000	1,554,912,000	1,527,368,000	1,481,330,000	1,156,271,000	1,143,191,000	1,097,963,000	1,044,671,000	1,050,588,000	1,045,308,000	938,053,000	938,594,000	1,051,927,000	1,046,099,000	1,162,610,000
deferred charges and other long-term assets	15,433,000	14,784,000	8,602,000	8,709,000	8,650,000	6,321,000	7,266,000	7,091,000	7,641,000	8,255,000	7,615,000	9,197,000	8,919,000	9,454,000	11,537,000	7,315,000	6,042,000	6,611,000	7,170,000	7,641,000	5,674,000	5,321,000	5,748,000	6,245,000	7,676,000	8,689,000	17,425,000	15,839,000	12,372,000	16,710,000	6,497,000	6,813,000	7,986,000	7,478,000	6,000,000	12,059,000	11,659,000	5,167,000	2,402,000	2,612,000	10,504,000	19,247,000	15,862,000	2,050,000	3,083,000
total assets	1,338,416,000	1,335,554,000	1,270,380,000	1,267,889,000	1,238,835,000	1,218,906,000	1,212,817,000	1,216,896,000	1,231,675,000	1,266,884,000	1,233,981,000	1,250,353,000	1,271,664,000	1,271,082,000	1,270,728,000	1,272,693,000	1,238,569,000	1,247,921,000	1,246,664,000	1,242,247,000	1,226,149,000	1,243,978,000	1,260,016,000	1,438,838,000	1,522,567,000	1,545,208,000	1,595,813,000	1,724,555,000	1,711,887,000	1,750,124,000	1,754,259,000	1,669,464,000	1,635,978,000	1,576,451,000	1,246,070,000	1,250,086,000	1,199,722,000	1,128,827,000	1,137,232,000	1,126,830,000	1,045,843,000	1,061,436,000	1,161,446,000	1,118,569,000	1,274,291,000
liabilities, mezzanine equity, and equity
current liabilities
accounts payable	2,761,000	2,823,000	2,627,000	6,877,000	4,800,000	5,946,000	3,742,000	5,632,000	5,844,000	6,270,000	4,502,000	5,601,000	4,963,000	6,773,000	3,044,000	3,586,000	2,380,000	5,944,000	2,206,000	3,320,000	2,219,000	3,407,000	3,537,000	2,870,000	563,000	5,309,000	4,574,000	5,911,000	6,639,000	4,149,000	14,595,000	2,952,000	2,282,000	2,464,000	3,659,000	3,533,000	3,949,000	4,142,000	4,833,000	5,160,000	4,127,000	5,036,000	28,108,000	35,332,000	31,080,000
accrued liabilities	7,925,000	19,388,000	13,898,000	12,504,000	11,819,000	17,242,000	13,913,000	10,600,000	7,380,000	17,003,000	13,597,000	10,023,000	6,724,000	19,729,000	18,111,000	13,103,000	5,960,000	17,589,000	13,246,000	9,925,000	8,382,000	15,568,000	12,476,000	10,337,000	8,823,000	22,702,000	17,384,000	39,105,000	38,977,000	60,089,000	58,868,000	52,576,000	35,292,000	52,631,000	38,336,000	39,541,000	38,704,000	50,952,000	39,394,000	36,475,000	48,789,000	58,003,000	18,227,000	15,233,000	12,165,000
commodity derivative liabilities	27,624,000		122,000	7,072,000	46,285,000	3,852,000		9,414,000	12,782,000	1,229,000	14,513,000			3,243,000	48,127,000	106,080,000	138,028,000	51,544,000	114,451,000	80,047,000	44,447,000	19,318,000	3,662,000	311,000		159,000		45,000	1,967,000		40,801,000	36,778,000	17,290,000	4,222,000			4,941,000	16,237,000	137,000	1,835,000				1,108,000	37,000
other current liabilities	2,669,000	2,412,000	2,853,000	2,528,000	2,428,000	3,383,000	1,803,000	1,416,000	1,374,000	1,334,000	1,173,000	1,136,000	1,098,000	989,000	2,249,000	2,048,000	2,070,000	2,063,000	1,635,000	1,792,000	1,736,000	1,654,000	1,623,000	1,634,000	1,412,000	1,633,000	1,058,000	957,000	926,000	528,000	459,000	391,000	350,000	417,000	302,000	203,000
total current liabilities	40,979,000	24,623,000	19,500,000	28,981,000	65,332,000	30,423,000	19,458,000	27,062,000	27,380,000	25,836,000	33,785,000	16,760,000	12,785,000	30,734,000	71,531,000	124,817,000	148,438,000	77,140,000	131,538,000	95,084,000	56,784,000	39,947,000	21,298,000	15,152,000	10,798,000	29,803,000	23,016,000	45,973,000	48,509,000	64,766,000	114,723,000	92,697,000	55,214,000	59,734,000	42,297,000	43,277,000	47,594,000	71,331,000	44,364,000	43,470,000	52,916,000	63,039,000	46,335,000	65,497,000	95,969,000
long–term liabilities
credit facility	187,000,000	154,000,000	95,000,000	99,000,000	63,000,000	25,000,000								10,000,000	60,000,000	86,000,000	69,000,000	89,000,000	99,000,000	96,000,000	111,000,000	121,000,000	147,000,000	323,000,000	388,000,000	394,000,000	413,000,000	436,000,000	435,000,000	410,000,000	402,000,000	421,000,000	436,000,000	388,000,000	362,000,000	393,000,000	388,000,000	316,000,000	299,000,000	285,000,000	116,000,000	66,000,000	43,000,000	6,000,000
accrued incentive compensation	638,000	1,011,000	864,000	788,000	638,000	1,234,000	1,082,000	911,000	802,000	1,699,000	1,368,000	1,086,000	801,000	1,884,000	1,414,000	1,063,000	682,000	838,000	565,000	371,000	243,000	766,000	668,000	580,000	543,000	2,110,000	1,750,000	1,395,000	1,028,000	1,813,000	1,496,000	3,202,000	4,079,000	3,648,000	2,883,000	2,295,000	1,873,000	1,485,000	6,300,000	5,264,000	3,849,000	7,902,000	8,401,000	6,247,000	3,714,000
asset retirement obligations	22,930,000	22,716,000	19,950,000	19,728,000	19,465,000	19,286,000	18,751,000	19,291,000	19,078,000	19,030,000	15,497,000	15,283,000	15,089,000	15,030,000	12,588,000	12,599,000	12,702,000	12,561,000	12,412,000	17,741,000	17,503,000	17,377,000	16,972,000	16,717,000	16,225,000	15,653,000	15,584,000	15,377,000	15,146,000	14,948,000	14,669,000	14,589,000	14,382,000	14,092,000	13,909,000	13,627,000	13,599,000	13,350,000	11,366,000	11,240,000	10,972,000	10,585,000	10,181,000	9,908,000	9,621,000
other long-term liabilities	4,623,000	4,748,000	4,882,000	5,010,000	5,143,000	1,943,000	2,217,000	2,496,000	2,755,000	2,893,000	3,178,000	3,514,000	3,709,000	3,606,000	1,782,000	2,104,000	5,305,000	2,752,000	3,223,000	3,533,000	3,829,000	4,073,000	4,355,000	4,609,000	4,914,000	6,820,000	6,781,000	81,750,000	78,292,000	55,973,000	92,096,000	60,079,000	38,876,000	19,171,000
total liabilities	264,734,000	207,098,000	145,167,000	165,273,000	173,870,000	89,467,000	44,516,000	56,431,000	55,873,000	49,539,000	60,598,000	37,112,000	33,436,000	61,270,000	149,140,000	230,005,000	240,420,000	184,292,000	261,219,000	218,193,000	189,359,000	185,011,000	197,022,000	364,796,000	420,480,000	448,404,000	460,131,000	580,540,000	577,998,000	547,500,000	636,950,000	598,832,000	549,498,000	485,908,000	427,681,000	452,199,000	451,724,000	403,166,000	364,264,000	349,552,000	186,791,000	150,783,000	111,250,000	93,929,000	502,154,000
commitments and contingencies
mezzanine equity
partners' equity – series b cumulative convertible preferred units, 14,711 units outstanding at march 31, 2026 and december 31, 2025, respectively	300,478,000
equity
partners' equity – general partner interest
partners' equity – common units, 212,493 and 211,873 units outstanding at march 31, 2026 and december 31, 2025, respectively	773,204,000
total equity	773,204,000	827,978,000	824,735,000	802,138,000	764,487,000	828,961,000	867,823,000	859,987,000	875,324,000	918,208,000	875,022,000	914,880,000	939,867,000	911,451,000	823,227,000	744,327,000	699,788,000	765,268,000	687,084,000	725,693,000	738,429,000	760,606,000	764,633,000	775,681,000	803,726,000	798,443,000	837,321,000	845,654,000	835,528,000	904,263,000	818,948,000	772,271,000	785,836,000	768,121,000	791,297,000	770,802,000	713,853,000	671,646,000	718,953,000	723,277,000	805,051,000	831,491,000	929,260,000	903,736,000	651,248,000
total liabilities, mezzanine equity, and equity	1,338,416,000	1,335,554,000	1,270,380,000	1,267,889,000	1,238,835,000	1,218,906,000	1,212,817,000	1,216,896,000	1,231,675,000	1,266,884,000	1,233,981,000	1,250,353,000	1,271,664,000	1,271,082,000	1,270,728,000	1,272,693,000	1,238,569,000	1,247,921,000	1,246,664,000	1,242,247,000	1,226,149,000	1,243,978,000	1,260,016,000	1,438,838,000	1,522,567,000	1,545,208,000	1,595,813,000	1,724,555,000	1,711,887,000	1,750,124,000	1,754,259,000	1,669,464,000	1,635,978,000	1,576,451,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 1,063,709 and 973,028 at december 31, 2025 and 2024, respectively		3,079,340,000
accumulated depreciation, depletion, amortization, and impairment		-1,855,332,000				-1,973,460,000	-1,962,614,000	-1,983,801,000	-1,972,524,000	-1,961,899,000	-1,950,326,000	-1,938,140,000	-1,927,896,000	-1,916,919,000	-1,904,294,000	-1,892,235,000	-1,880,493,000	-1,869,731,000	-1,855,218,000	-2,025,503,000	-2,009,867,000	-1,987,332,000	-1,967,661,000	-1,947,455,000	-1,938,773,000	-1,870,412,000	-1,948,866,000	-1,921,674,000	-1,893,461,000	-1,865,692,000	-1,830,906,000	-1,813,070,000	-1,794,006,000	-1,766,842,000	-1,736,695,000	-1,707,534,000	-1,679,267,000	-1,652,930,000	-1,630,119,000	-1,601,401,000	-1,571,587,000	-1,543,796,000
other property and equipment, net of accumulated depreciation of 15,768 and 14,511 at december 31, 2025 and 2024, respectively		1,126,000
long-term liabilities
partners' equity — series b cumulative convertible preferred units, 14,711 and 14,711 units outstanding at december 31, 2025 and 2024, respectively		300,478,000
partners' equity — general partner interest
partners' equity — common units, 211,873 and 210,695 units outstanding at december 31, 2025 and 2024, respectively		827,978,000
restricted cash			3,304,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 1,035,486 and 973,028 at september 30, 2025 and december 31, 2024, respectively			3,174,675,000
accumulated depletion and impairment			-1,999,325,000	-1,989,690,000	-1,980,770,000
other property and equipment, net of accumulated depreciation of 15,502 and 14,551 at september 30, 2025 and december 31, 2024, respectively			1,255,000
partners' equity – series b cumulative convertible preferred units, 14,711 units outstanding at september 30, 2025 and december 31, 2024			300,478,000
partners' equity – common units, 211,854 and 210,695 units outstanding at september 30, 2025 and december 31, 2024, respectively			824,735,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 1,015,395 and 973,028 at june 30, 2025 and december 31, 2024, respectively				3,153,976,000
other property and equipment, net of accumulated depreciation of 15,238 and 14,551 at june 30, 2025 and december 31, 2024, respectively				1,508,000
partners' equity – series b cumulative convertible preferred units, 14,711 units outstanding at june 30, 2025 and december 31, 2024				300,478,000
partners' equity – common units, 211,842 and 210,695 units outstanding at june 30, 2025 and december 31, 2024, respectively				802,138,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 989,725 and 973,028 at march 31, 2025 and december 31, 2024, respectively					3,121,006,000
other property and equipment, net of accumulated depreciation of 14,970 and 14,551 at march 31, 2025 and december 31, 2024, respectively					1,668,000
partners' equity – series b cumulative convertible preferred units, 14,711 units outstanding at march 31, 2025 and december 31, 2024					300,478,000
partners' equity – common units, 211,630 and 210,695 units outstanding at march 31, 2025 and december 31, 2024, respectively					764,487,000
accounts receivable						71,093,000	68,119,000	73,825,000	72,428,000	82,253,000	87,725,000	72,364,000	94,186,000	135,697,000	157,887,000	140,569,000	99,463,000	97,142,000	88,301,000	68,381,000	59,288,000	61,908,000	48,497,000	45,480,000	58,464,000	78,214,000	84,842,000	95,958,000	103,327,000	113,148,000	111,482,000	99,028,000	92,855,000	80,695,000	68,895,000	72,255,000	74,974,000	68,181,000	64,391,000	53,568,000	44,370,000	41,246,000	52,347,000	54,215,000	50,794,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 973,028 and 890,338 at december 31, 2024 and 2023, respectively						3,105,457,000
other property and equipment, net of accumulated depreciation of 14,551 and 14,163 at december 31, 2024 and 2023, respectively						2,044,000
partners' equity — series b cumulative convertible preferred units, 14,711 and 14,711 units outstanding at december 31, 2024 and 2023, respectively						300,478,000
partners' equity — common units, 210,695 and 209,991 units outstanding at december 31, 2024 and 2023, respectively						828,961,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 943,916 and 890,338 at september 30, 2024 and december 31, 2023, respectively							3,057,879,000
other property and equipment, net of accumulated depreciation of 14,453 and 14,163 at september 30, 2024 and december 31, 2023, respectively							1,031,000
partners' equity – series b cumulative convertible preferred units, 14,711 units outstanding at september 30, 2024 and december 31, 2023							300,478,000
partners' equity – common units, 210,688 and 209,991 units outstanding at september 30, 2024 and december 31, 2023, respectively							867,823,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 929,291 and 890,338 at june 30, 2024 and december 31, 2023, respectively								3,078,212,000
other property and equipment, net of accumulated depreciation of 14,349 and 14,163 at june 30, 2024 and december 31, 2023, respectively								876,000
partners' equity – series b cumulative convertible preferred units, 14,711 units outstanding at june 30, 2024 and december 31, 2023								300,478,000
partners' equity – common units, 210,682 and 209,991 units outstanding at june 30, 2024 and december 31, 2023, respectively								859,987,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 913,031 and 890,338 at march 31, 2024 and december 31, 2023, respectively									3,049,455,000
other property and equipment, net of accumulated depreciation of 14,270 and 14,163 at march 31, 2024 and december 31, 2023, respectively									938,000
partners' equity – series b cumulative convertible preferred units, 14,711 units outstanding at march 31, 2024 and december 31, 2023									300,478,000
partners' equity – common units, 210,656 and 209,991 units outstanding at march 31, 2024 and december 31, 2023, respectively									875,324,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 890,338 and 909,344 at december 31, 2023 and 2022, respectively										3,026,394,000
other property and equipment, net of accumulated depreciation of 14,163 and 13,461 at december 31, 2023 and 2022, respectively										1,007,000
partners' equity — series b cumulative convertible preferred units, 14,711 and 14,711 units outstanding at december 31, 2023 and 2022, respectively										299,137,000
partners' equity — common units, 209,991 and 209,407 units outstanding at december 31, 2023 and 2022, respectively										918,208,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 898,768 and 909,344 at september 30, 2023 and december 31, 2022, respectively											3,008,650,000
other property and equipment, net of accumulated depreciation of 13,988 and 13,461 at september 30, 2023 and december 31, 2022, respectively											1,090,000
partners' equity – series b cumulative convertible preferred units, 14,711 units outstanding at september 30, 2023 and december 31, 2022											298,361,000
partners' equity – common units, 209,986 and 209,407 units outstanding at september 30, 2023 and december 31, 2022, respectively											875,022,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 897,836 and 909,344 at june 30, 2023 and december 31, 2022, respectively												3,006,323,000
other property and equipment, net of accumulated depreciation of 13,807 and 13,461 at june 30, 2023 and december 31, 2022, respectively												1,034,000
partners' equity – series b cumulative convertible preferred units, 14,711 units outstanding at june 30, 2023 and december 31, 2022, respectively												298,361,000
partners' equity – common units, 209,968 and 209,407 units outstanding at june 30, 2023 and december 31, 2022, respectively												914,880,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 909,344 and 909,344 at march 31, 2023 and december 31, 2022, respectively													3,005,740,000
other property and equipment, net of accumulated depreciation of 13,630 and 13,461 at march 31, 2023 and december 31, 2022, respectively													1,111,000
partners' equity – series b cumulative convertible preferred units, 14,711 units outstanding at march 31, 2023 and december 31, 2022, respectively													298,361,000
partners' equity – common units, 209,963 and 209,407 units outstanding at march 31, 2023 and december 31, 2022, respectively													939,867,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 909,344 and 937,395 at december 31, 2022 and 2021, respectively														3,003,907,000
other property and equipment, net of accumulated depreciation of 13,461 and 12,931 at december 31, 2022 and 2021, respectively														1,259,000
partners' equity — series b cumulative convertible preferred units, 14,711 and 14,711 units outstanding at december 31, 2022 and 2021, respectively														298,361,000
partners' equity — common units, 209,407 and 208,666 units outstanding at december 31, 2022 and 2021, respectively														911,451,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 925,839 and 937,395 at september 30, 2022 and december 31, 2021, respectively															3,001,540,000
other property and equipment, net of accumulated depreciation of 13,299 and 12,931 at september 30, 2022 and december 31, 2021, respectively															982,000
partners' equity – series b cumulative convertible preferred units, 14,711 units outstanding at september 30, 2022 and december 31, 2021, respectively															298,361,000
partners' equity – common units, 209,402 and 208,666 units outstanding at september 30, 2022 and december 31, 2021, respectively															823,227,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 925,707 and 937,395 at june 30, 2022 and december 31, 2021, respectively																3,000,991,000
other property and equipment, net of accumulated depreciation of 13,150 and 12,931 at june 30, 2022 and december 31, 2021, respectively																1,122,000
partners' equity – series b cumulative convertible preferred units, 14,711 units outstanding at june 30, 2022 and december 31, 2021, respectively																298,361,000
partners' equity – common units, 209,399 and 208,666 units outstanding at june 30, 2022 and december 31, 2021, respectively																744,327,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 937,395 and 937,395 at march 31, 2022 and december 31, 2021, respectively																	3,003,776,000
other property and equipment, net of accumulated depreciation of 13,000 and 12,931 at march 31, 2022 and december 31, 2021, respectively																	1,262,000
partners' equity – series b cumulative convertible preferred units, 14,711 units outstanding at march 31, 2022 and december 31, 2021, respectively																	298,361,000
partners' equity – common units, 209,392 and 208,666 units outstanding at march 31, 2022 and december 31, 2021, respectively																	699,788,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 937,395 and 937,464 at december 31, 2021 and 2020, respectively																		3,001,627,000
other property and equipment, net of accumulated depreciation of 12,931 and 12,292 at december 31, 2021 and 2020, respectively																		1,440,000
partners' equity — series b cumulative convertible preferred units, 14,711 and 14,711 units outstanding at december 31, 2021 and 2020, respectively																		298,361,000
partners' equity — common units, 208,666 and 206,749 units outstanding at december 31, 2021 and 2020, respectively																		765,268,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 947,538 and 937,464 at september 30, 2021 and december 31, 2020, respectively																			3,000,406,000
other property and equipment, net of accumulated depreciation of 12,778 and 12,292 at september 30, 2021 and december 31, 2020, respectively																			1,238,000
partners' equity – series b cumulative convertible preferred units, 14,711 units outstanding at september 30, 2021 and december 31, 2020																			298,361,000
partners' equity – common units, 208,660 and 206,749 units outstanding at september 30, 2021 and december 31, 2020, respectively																			687,084,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 947,509 and 937,464 at june 30, 2021 and december 31, 2020, respectively																				3,187,176,000
other property and equipment, net of accumulated depreciation of 12,613 and 12,292 at june 30, 2021 and december 31, 2020, respectively																				1,393,000
partners' equity – series b cumulative convertible preferred units, 14,711 units outstanding at june 30, 2021 and december 31, 2020																				298,361,000
partners' equity – common units, 208,637 and 206,749 units outstanding at june 30, 2021 and december 31, 2020, respectively																				725,693,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 937,464 at march 31, 2021 and december 31, 2020																					3,164,065,000
other property and equipment, net of accumulated depreciation of 12,453 and 12,292 at march 31, 2021 and december 31, 2020, respectively																					1,492,000
partners' equity – series b cumulative convertible preferred units, 14,711 units outstanding at march 31, 2021 and december 31, 2020																					298,361,000
partners' equity – common units, 207,542 and 206,749 units outstanding at march 31, 2021 and december 31, 2020, respectively																					738,429,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 937,464 and 1,073,447 at december 31, 2020 and 2019, respectively																						3,157,818,000
other property and equipment, net of accumulated depreciation of 12,292 and 11,622 at december 31, 2020 and 2019, respectively																						1,650,000
partners' equity — series b cumulative convertible preferred units, 14,711 and 14,711 units outstanding at december 31, 2020 and 2019, respectively																						298,361,000
partners' equity — common units, 206,749 and 205,960 units outstanding at december 31, 2020 and 2019, respectively																						760,606,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 947,229 and 1,073,447 at september 30, 2020 and december 31, 2019, respectively																							3,158,203,000
other property and equipment, net of accumulated depreciation of 12,132 and 11,622 at september 30, 2020 and december 31, 2019, respectively																							1,805,000
partners' equity – series b cumulative convertible preferred units, 14,711 units outstanding at september 30, 2020 and december 31, 2019																							298,361,000
partners' equity – common units, 206,738 and 205,960 units outstanding at september 30, 2020 and december 31, 2019, respectively																							764,633,000
assets held for sale																								126,491,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 946,232 and 1,073,447 at june 30, 2020 and december 31, 2019, respectively																								3,156,657,000
other property and equipment, net of accumulated depreciation of 11,963 and 11,622 at june 30, 2020 and december 31, 2019, respectively																								1,969,000
partners' equity – series b cumulative convertible preferred units, 14,711 units outstanding at june 30, 2020 and december 31, 2019																								298,361,000
partners' equity – common units, 206,709 and 205,960 units outstanding at june 30, 2020 and december 31, 2019, respectively																								775,681,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 1,073,475 and 1,073,447 at march 31, 2020 and december 31, 2019, respectively																									3,291,755,000
other property and equipment, net of accumulated depreciation of 11,792 and 11,622 at march 31, 2020 and december 31, 2019, respectively																									2,132,000
partners' equity – series b cumulative convertible preferred units, 14,711 units outstanding at march 31, 2020 and december 31, 2019																									298,361,000
partners' equity – common units, 206,695 and 205,960 units outstanding at march 31, 2020 and december 31, 2019, respectively																									803,726,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 1,073,447 and 1,063,883 at december 31, 2019 and 2018, respectively																										3,302,340,000
other property and equipment, net of accumulated depreciation of 11,622 and 11,048 at december 31, 2019 and 2018, respectively																										2,300,000
partners' equity — series b cumulative convertible preferred units, 14,711 and 14,711 units outstanding at december 31, 2019 and 2018, respectively																										298,361,000
partners' equity — common units, 205,960 and 108,363 units outstanding at december 31, 2019 and 2018, respectively																										798,443,000
partners' equity — subordinated units, zero and 96,329 units outstanding at december 31, 2019 and 2018, respectively
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 1,091,660 and 1,063,883 at september 30, 2019 and december 31, 2018, respectively																											3,403,485,000
other property and equipment, net of accumulated depreciation of 11,450 and 11,048 at september 30, 2019 and december 31, 2018, respectively																											2,435,000
partners' equity – series b cumulative convertible preferred units, 14,711 units outstanding at september 30, 2019 and december 31, 2018																											298,361,000
partners' equity – common units, 205,952 and 108,363 units outstanding at september 30, 2019 and december 31, 2018, respectively																											837,321,000
partners' equity – subordinated units, zero and 96,329 units outstanding at september 30, 2019 and december 31, 2018, respectively
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 1,089,576 and 1,063,883 at june 30, 2019 and december 31, 2018, respectively																												3,501,789,000
other property and equipment, net of accumulated depreciation of 11,267 and 11,048 at june 30, 2019 and december 31, 2018, respectively																												2,319,000
partners' equity – series b cumulative convertible preferred units, 14,711 and 14,711 units outstanding at june 30, 2019 and december 31, 2018, respectively																												298,361,000
partners' equity – common units, 205,956 and 108,363 units outstanding at june 30, 2019 and december 31, 2018, respectively																												845,654,000
partners' equity – subordinated units, zero and 96,329 units outstanding at june 30, 2019 and december 31, 2018, respectively
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 1,084,737 and 1,063,883 at march 31, 2019 and december 31, 2018, respectively																													3,477,494,000
other property and equipment, net of accumulated depreciation of 11,115 and 11,048 at march 31, 2019 and december 31, 2018, respectively																													2,353,000
partners' equity – series b cumulative convertible preferred units, 14,711 and 14,711 units outstanding at march 31, 2019 and december 31, 2018, respectively																													298,361,000
partners' equity – common units, 109,377 and 108,363 units outstanding at march 31, 2019 and december 31, 2018, respectively																													679,868,000
partners' equity – subordinated units, 96,329 and 96,329 units outstanding at march 31, 2019 and december 31, 2018, respectively																													155,660,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 1,063,883 and 988,720 at december 31, 2018 and 2017, respectively																														3,441,188,000
other property and equipment, net of accumulated depreciation of 11,048 and 14,433 at december 31, 2018 and 2017, respectively																														385,000
partners' equity — series a redeemable preferred units, zero and 26 units outstanding at december 31, 2018 and 2017, respectively
partners' equity — series b cumulative convertible preferred units, 14,711 and 14,711 units outstanding at december 31, 2018 and 2017, respectively																														298,361,000
partners' equity — common units, 108,363 and 103,456 units outstanding at december 31, 2018 and 2017, respectively																														714,823,000
partners' equity — subordinated units, 96,329 and 95,388 units outstanding at december 31, 2018 and 2017, respectively																														189,440,000
noncontrolling interests																															707,000	731,000	842,000	867,000	904,000	948,000	1,005,000	1,021,000	1,046,000	1,083,000	1,113,000	1,144,000	2,308,000	2,351,000	2,576,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 1,097,373 and 988,720 at september 30, 2018 and december 31, 2017, respectively																															3,461,109,000
other property and equipment, net of accumulated depreciation of 14,565 and 14,433 at september 30, 2018 and december 31, 2017, respectively																															431,000
partners' equity – series a redeemable convertible preferred units, zero and 26 units outstanding at september 30, 2018 and december 31, 2017, respectively
partners' equity – series b cumulative convertible preferred units, 14,711 and 14,711 units outstanding at september 30, 2018 and december 31, 2017, respectively																															298,361,000
partners' equity – common units, 108,330 and 103,456 units outstanding at september 30, 2018 and december 31, 2017, respectively																															657,603,000
partners' equity – subordinated units, 96,329 and 95,388 units outstanding at september 30, 2018 and december 31, 2017, respectively																															160,638,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 1,041,363 and 988,720 at june 30, 2018 and december 31, 2017, respectively																																3,367,514,000
other property and equipment, net of accumulated depreciation of 14,519 and 14,433 at june 30, 2018 and december 31, 2017, respectively																																468,000
partners' equity – series a redeemable convertible preferred units, zero and 26 units outstanding at june 30, 2018 and december 31, 2017, respectively
partners' equity – series b cumulative convertible preferred units, 14,711 and 14,711 units outstanding at june 30, 2018 and december 31, 2017, respectively																																298,361,000
partners' equity – common units, 105,494 and 103,456 units outstanding at june 30, 2018 and december 31, 2017, respectively																																612,502,000
partners' equity – subordinated units, 96,329 and 95,388 units outstanding at june 30, 2018 and december 31, 2017, respectively																																159,038,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 1,018,695 and 988,720 at march 31, 2018 and december 31, 2017, respectively																																	3,320,859,000
other property and equipment, net of accumulated depreciation of 14,471 and 14,433 at march 31, 2018 and december 31, 2017, respectively																																	515,000
partners' equity – series a redeemable convertible preferred units, zero and 26 units outstanding at march 31, 2018 and december 31, 2017, respectively
partners' equity – series b cumulative convertible preferred units, 14,711 and 14,711 units outstanding at march 31, 2018 and december 31, 2017, respectively																																	300,644,000
partners' equity – common units, 104,926 and 103,456 units outstanding at march 31, 2018 and december 31, 2017, respectively																																	614,720,000
partners' equity – subordinated units, 96,329 and 95,388 units outstanding at march 31, 2018 and december 31, 2017, respectively																																	170,274,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 988,720 and 605,736 at december 31, 2017 and 2016, respectively																																		3,247,613,000
other property and equipment, net of accumulated depreciation of 14,433 and 14,327 at december 31, 2017 and 2016, respectively																																		559,000
deferred revenue																																					658,000	518,000	3,082,000	3,477,000	3,054,000	3,257,000	3,333,000	3,427,000	3,813,000
partners' equity — series a redeemable preferred units, 26 and 53 units outstanding at december 31, 2017 and 2016, respectively																																		27,028,000
partners' equity — series b cumulative convertible preferred units, 14,711 and 0 units outstanding at december 31, 2017 and 2016, respectively																																		295,394,000
partners' equity — common units, 103,456 and 95,721 units outstanding at december 31, 2017 and 2016, respectively																																		603,116,000
partners' equity — subordinated units, 95,388 and 95,164 units outstanding at december 31, 2017 and 2016, respectively																																		164,138,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 731,978 and 605,736 at september 30, 2017 and december 31, 2016, respectively																																			2,892,447,000
other property and equipment, net of accumulated depreciation of 14,384 and 14,327 at september 30, 2017 and december 31, 2016, respectively																																			519,000
liabilities, mezzanine equity and equity
other long-term liability																																			6,592,000
partners' equity - convertible redeemable preferred units, 26 and 53 units outstanding at september 30, 2017 and december 31, 2016, respectively																																			27,092,000
partners' equity - general partner interest
partners' equity - common units, 103,324 and 95,721 units outstanding at september 30, 2017 and december 31, 2016, respectively																																			608,998,000
partners' equity - subordinated units, 95,388 and 95,164 units outstanding at september 30, 2017 and december 31, 2016, respectively																																			181,395,000
total liabilities, mezzanine equity and equity																																			1,246,070,000	1,250,086,000	1,199,722,000	1,128,827,000	1,137,232,000	1,126,830,000	1,045,843,000	1,061,436,000	1,161,446,000	1,118,569,000	1,274,291,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 730,435 and 605,736 at june 30, 2017 and december 31, 2016, respectively																																				2,850,183,000
other property and equipment, net of accumulated depreciation of 14,341 and 14,327 at june 30, 2017 and december 31, 2016, respectively																																				542,000
partners' equity - convertible redeemable preferred units, 26 and 53 units outstanding at june 30, 2017 and december 31, 2016, respectively																																				27,085,000
partners' equity - common units, 100,559 and 95,721 units outstanding at june 30, 2017 and december 31, 2016, respectively																																				573,817,000
partners' equity - subordinated units, 95,388 and 95,164 units outstanding at june 30, 2017 and december 31, 2016, respectively																																				196,037,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 671,131 and 605,736 at march 31, 2017 and december 31, 2016, respectively																																					2,776,651,000
other property and equipment, net of accumulated depreciation of 14,369 and 14,327 at march 31, 2017 and december 31, 2016, respectively																																					579,000
partners' equity - convertible redeemable preferred units, 33 and 53 units outstanding at march 31, 2017 and december 31, 2016, respectively																																					34,145,000
partners' equity - common units, 97,696 and 95,721 units outstanding at march 31, 2017 and december 31, 2016, respectively																																					520,052,000
partners' equity - subordinated units, 95,388 and 95,164 units outstanding at march 31, 2017 and december 31, 2016, respectively																																					192,796,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 605,736 and 524,563 at december 31, 2016 and 2015, respectively																																						2,697,073,000
other property and equipment, net of accumulated depreciation of 14,327 and 14,660 at december 31, 2016 and 2015, respectively																																						528,000
partners' equity - redeemable preferred units, 53 and 77 units outstanding at december 31, 2016 and 2015, respectively																																						54,015,000
partners' equity - common units, 95,721 and 96,162 units outstanding at december 31, 2016 and 2015, respectively																																						489,023,000
partners' equity - subordinated units, 95,164 and 95,057 units outstanding at december 31, 2016 and 2015, respectively																																						181,602,000
current assets:
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 620,502 and 524,563 at september 30, 2016 and december 31, 2015, respectively																																							2,680,570,000
other property and equipment, net of accumulated depreciation of 14,706 and 14,660 at september 30, 2016 and december 31, 2015, respectively																																							137,000
current liabilities:
long-term liabilities:
mezzanine equity:
partners' equity - convertible redeemable preferred units, 53 and 77 units outstanding at september 30, 2016 and december 31, 2015, respectively																																							54,015,000
equity:
partners' equity - common units, 95,733 and 96,162 units outstanding at september 30, 2016 and december 31, 2015, respectively																																							510,913,000
partners' equity - subordinated units, 95,189 and 95,057 units outstanding at september 30, 2016 and december 31, 2015, respectively																																							206,994,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 609,783 and 524,563 at june 30, 2016 and december 31, 2015, respectively																																								2,646,558,000
other property and equipment, net of accumulated depreciation of 14,693 and 14,660 at june 30, 2016 and december 31, 2015, respectively																																								151,000
partners' equity - redeemable preferred units, 53 and 77 units outstanding at june 30, 2016 and december 31, 2015, respectively																																								54,001,000
partners' equity - common units, 95,736 and 96,162 units outstanding at june 30, 2016 and december 31, 2015, respectively																																								511,862,000
partners' equity - subordinated units, 95,189 and 95,057 units outstanding at june 30, 2016 and december 31, 2015, respectively																																								210,332,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 530,580 and 524,563 at march 31, 2016 and december 31, 2015, respectively																																									2,509,472,000
other property and equipment, net of accumulated depreciation of 14,676 and 14,660 at march 31, 2016 and december 31, 2015, respectively																																									168,000
partners' equity - redeemable preferred units, 53 and 77 units outstanding at march 31, 2016 and december 31, 2015, respectively																																									54,001,000
partners' equity - common units, 96,861 and 96,162 units outstanding at march 31, 2016 and december 31, 2015, respectively																																									561,860,000
partners' equity - subordinated units, 95,189 and 95,057 units outstanding at march 31, 2016 and december 31, 2015, respectively																																									242,078,000
oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of 524,563 and 626,376 at december 31, 2015 and 2014, respectively																																										2,482,211,000
other property and equipment, net of accumulated depreciation of 14,660 and 12,994 at december 31, 2015 and 2014, respectively																																										179,000
accrued distribution payable to predecessor unitholders																																												13,824,000
partners' equity - redeemable preferred units, 77 and 157 units outstanding at december 31, 2015 and 2014, respectively																																										79,162,000
predecessor equity - common limited partner units, no units and 164,484 units outstanding at december 31, 2015 and 2014, respectively
partners' equity - common units, 96,162 and no units outstanding at december 31, 2015 and 2014, respectively																																										574,648,000
partners' equity - subordinated units, 95,057 and no units outstanding at december 31, 2015 and 2014, respectively																																										255,699,000
oil and natural gas properties, at cost, on the basis of the successful efforts method of accounting, includes unproved properties of 621,140 and 626,376 at september 30, 2015 and december 31, 2014, respectively																																											2,481,864,000
accumulated depreciation, depletion and amortization, including impairment																																											-1,430,004,000	-1,382,428,000	-1,232,584,000
other property and equipment, net of accumulated depreciation of 14,687 and 12,994 at september 30, 2015 and december 31, 2014, respectively																																											67,000
partners' equity - redeemable preferred units, 118 and 157 units outstanding at september 30, 2015 and december 31, 2014, respectively																																											120,936,000
predecessor equity - common limited partner units, no units and 164,484 outstanding at september 30, 2015 and december 31, 2014, respectively
partners' equity - general partner units
partners' equity - common limited partner units, 96,186 and no units outstanding at september 30, 2015 and december 31, 2014, respectively																																											621,796,000
partners' equity - subordinated limited partner units, 95,057 and no units outstanding at september 30, 2015 and december 31, 2014, respectively																																											305,156,000
oil and natural gas properties, at cost, on the basis of the successful efforts method of accounting, includes unproved properties of 574,727 and 626,376 at june 30, 2015 and december 31, 2014, respectively																																												2,427,965,000
other property and equipment, net of accumulated depreciation of 14,124 and 12,994 at june 30, 2015 and december 31, 2014, respectively																																												562,000
partners' equity - redeemable preferred units, 118 and 157 units outstanding at june 30, 2015 and december 31, 2014, respectively																																												120,904,000
predecessor equity - common limited partner units, no units and 164,484 outstanding at june 30, 2015 and december 31, 2014, respectively
partners' equity - common limited partner units, 96,186 and no units outstanding at june 30, 2015 and december 31, 2014, respectively																																												607,210,000
partners' equity - subordinated limited partner units, 95,057 and no units outstanding at june 30, 2015 and december 31, 2014, respectively																																												294,175,000
oil and natural gas properties, at cost, on the basis of the successful efforts method of accounting, includes unproved properties of 625,392 and 626,376 at march 31, 2015 and december 31, 2014, respectively																																													2,394,096,000
other property and equipment, net of accumulated depreciation of 13,558 and 12,994 at march 31, 2015 and december 31, 2014, respectively																																													1,098,000
accrued partners' distribution payable																																													52,724,000
credit facilities																																													389,000,000
partners' equity - redeemable preferred units, 118 and 157 units outstanding at march 31, 2015 and december 31, 2014, respectively																																													120,889,000
partners' equity - common limited partner units, 167,767 and 164,484 units outstanding at march 31, 2015 and december 31, 2014, respectively																																													648,672,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31

cash flows from operating activities
net income	13,272,000	72,227,000	91,729,000	120,028,000	15,948,000	46,346,000	92,731,000	68,322,000	63,927,000	147,647,000	62,067,000	78,392,000	134,443,000	183,219,000	168,475,000	131,788,000	-7,002,000	134,194,000	16,178,000	15,429,000	16,186,000	30,345,000	23,733,000	-8,371,000	76,112,000	40,017,000	70,247,000	95,087,000	9,017,000	164,138,000	60,775,000	28,690,000	41,957,000	19,360,000	22,036,000	54,174,000	61,583,000	-7,286,000			10,749,000	-49,730,000	53,892,000	-122,766,000	17,299,000
adjustments to reconcile net income to net cash from operating activities:
depreciation, depletion, and amortization	9,785,000	8,670,000	9,900,000	9,187,000	9,130,000	10,943,000	11,258,000	11,356,000	11,639,000	11,748,000	12,367,000	10,421,000	11,147,000	12,786,000	12,208,000	11,893,000	10,917,000	14,666,000	14,925,000	15,796,000	15,632,000	19,820,000	19,823,000	19,193,000	23,182,000	24,651,000	27,375,000	29,725,000	27,833,000	34,518,000	29,273,000	30,292,000	28,570,000	30,051,000	29,204,000	28,900,000	26,379,000	22,833,000	28,731,000	29,202,000	21,721,000	20,884,000	23,288,000	32,235,000	27,891,000
accretion of asset retirement obligations	389,000	361,000	344,000	337,000	332,000	336,000	324,000	321,000	317,000	293,000	254,000	250,000	245,000	245,000	209,000	205,000	202,000	210,000	273,000	298,000	292,000	295,000	286,000	278,000	272,000	288,000	275,000	277,000	277,000	283,000	278,000	273,000	269,000	266,000	260,000	253,000	247,000	212,000	206,000	200,000	274,000	270,000	265,000	269,000	271,000
amortization of deferred charges	262,000	255,000	280,000	276,000	274,000	272,000	271,000	268,000	268,000	264,000	262,000	258,000	255,000	913,000	347,000	347,000	347,000	347,000	348,000	627,000	257,000	263,000	262,000	259,000	260,000	262,000	263,000	259,000	257,000	252,000	231,000	217,000	205,000	216,000	225,000	221,000	215,000	277,000	200,000	197,000	197,000	211,000	242,000	241,000	241,000
loss on commodity derivative instruments	64,550,000	-23,521,000	-27,287,000	-52,784,000	56,001,000	20,568,000	-31,675,000	5,547,000	11,290,000	-54,465,000	26,922,000	-11,303,000	-52,271,000	-31,415,000	4,726,000	27,349,000	120,020,000	-18,449,000	77,561,000	59,480,000	27,882,000	3,640,000	21,086,000	19,174,000	-90,011,000	17,249,000	-24,290,000	-29,187,000	41,183,000	-83,025,000	18,514,000	33,347,000	16,333,000	8,485,000	9,341,000	-22,003,000	-22,725,000	24,169,000	-7,812,000					18,627,000	-19,647,000
net cash received on settlement of commodity derivative instruments	-12,244,000	4,540,000	6,914,000	3,146,000	-3,611,000	8,734,000	10,864,000	11,819,000	13,797,000	17,065,000	24,189,000	28,184,000	13,285,000	-40,599,000	-68,871,000	-62,452,000	-31,244,000	-56,938,000	-34,140,000	-17,345,000	-4,523,000	14,555,000	21,288,000	36,552,000	8,954,000	9,542,000	13,646,000	2,931,000	1,743,000	-17,774,000	-9,796,000	-6,290,000	-4,375,000	2,872,000	4,980,000	3,081,000	4,278,000	5,569,000	5,302,000	13,337,000	20,581,000	16,693,000	12,377,000	16,705,000	17,450,000
equity-based compensation	3,551,000	2,397,000	2,208,000	1,960,000	3,055,000	1,799,000	2,177,000	2,205,000	2,383,000	2,417,000	3,777,000	2,517,000	2,118,000	5,579,000	4,534,000	2,724,000	4,551,000	2,513,000	3,172,000	3,071,000	3,462,000	2,322,000	1,825,000	2,474,000	-2,894,000	3,578,000	3,867,000	3,816,000	9,223,000	5,187,000	9,597,000	9,124,000	6,226,000	14,430,000	7,675,000	6,278,000	4,661,000	10,018,000	7,981,000	19,239,000	5,900,000	4,948,000	5,690,000	6,119,000	1,243,000
changes in operating assets and liabilities:
accrued revenue and accounts receivable	-9,775,000	-1,193,000	15,686,000	-2,088,000	-6,860,000
prepaid expenses and other current assets	2,821,000	-3,591,000	2,600,000	-1,375,000	-4,248,000	-1,082,000	1,030,000	-517,000	-220,000	-340,000	641,000	-533,000	-182,000	332,000	220,000	-591,000	90,000	-454,000	613,000	-723,000	275,000	130,000	533,000	-336,000	-827,000	304,000	505,000	-435,000	-541,000	203,000	435,000	-168,000	-260,000	57,000	495,000	-644,000	-85,000	682,000	141,000	-807,000	-196,000	548,000	459,000	-547,000	-365,000
accounts payable, accrued liabilities, and other	-9,949,000	5,570,000	-2,559,000	1,848,000	-5,145,000	6,203,000	829,000	2,520,000	-8,510,000	4,608,000	1,648,000	3,250,000	-13,333,000	4,604,000	3,767,000	7,616,000	-12,975,000	6,198,000	1,701,000	2,094,000	-7,341,000	2,424,000	2,437,000	3,479,000	-14,269,000	3,981,000	2,233,000	1,117,000	-8,522,000	-7,041,000	15,689,000	3,391,000	-565,000
settlement of asset retirement obligations	-102,000	-615,000	-59,000	-59,000	-41,000	-201,000	-292,000	-86,000	-282,000	-28,000	-13,000	-55,000	-140,000	-63,000	-51,000	-370,000	-67,000	-42,000	-27,000	-55,000	-105,000	-49,000	-83,000	-34,000	-53,000	-52,000	-29,000	-259,000	-40,000	-21,000	-51,000	-24,000	-33,000	-115,000	-24,000	-46,000	-43,000	-80,000	-110,000	-73,000	-54,000	-21,000	-17,000	-47,000	-58,000
net cash from operating activities	62,560,000	65,100,000	99,756,000	80,476,000	64,835,000	90,956,000	93,242,000	100,385,000	104,460,000	134,116,000	116,710,000	133,270,000	137,155,000	156,433,000	108,411,000	77,563,000	82,576,000	73,454,000	57,847,000	69,893,000	55,686,000	60,395,000	63,445,000	86,519,000	71,450,000	106,410,000	105,334,000	110,802,000	90,174,000	95,659,000	113,393,000	99,852,000	76,474,000	70,186,000	72,502,000	75,210,000	63,954,000	55,097,000	58,015,000	57,638,000	25,906,000	67,570,000	73,081,000	69,725,000	74,359,000
capital expenditures	-150,000	-136,000	-11,000	-108,000	-43,000	-1,111,000	-259,000	-16,000	-39,000	-92,000	-237,000	-99,000	-22,000	-438,000	-9,000	-10,000	-31,000	-354,000	-11,000	-61,000	-2,000	-6,000	-5,000	-8,000	-2,000	-36,000	-300,000	-116,000	-2,036,000	-6,000	-10,000	0	-5,000	-89,000	0	-3,000	-93,000	-420,000	0	0	-5,000	-85,000	-68,000	0
free cash flows	62,410,000	64,964,000	99,745,000	80,368,000	64,792,000	89,845,000	92,983,000	100,369,000	104,421,000	134,024,000	116,473,000	133,171,000	137,133,000	155,995,000	108,402,000	77,553,000	82,545,000	73,100,000	57,836,000	69,832,000	55,684,000	60,389,000	63,440,000	86,511,000	71,448,000	106,374,000	105,034,000	110,686,000	88,138,000	95,653,000	113,383,000	99,852,000	76,469,000	70,097,000	72,502,000	75,207,000	63,861,000	54,677,000	58,015,000	57,638,000	25,901,000	67,485,000	73,013,000	69,725,000
cash flows from investing activities
acquisitions of oil and natural gas properties	-11,549,000	-48,786,000	-20,276,000	-27,731,000	-10,259,000	-45,213,000	-14,702,000	-26,512,000	-22,966,000	-13,673,000				-17,000				21,000	0			0	0	0	-28,000	-82,000	-2,293,000	-20,730,000	-19,946,000	-17,691,000	-50,321,000	-23,915,000	-32,154,000	-336,637,000	-22,529,000	-18,130,000	-48,371,000	-243,000	-4,553,000	-126,340,000	-10,000,000	-121,000	-52,583,000
additions to oil and natural gas properties	-175,000	-86,000	-228,000	-197,000	-129,000	-102,000	-300,000	-103,000	-285,000	-493,000	-1,217,000	-571,000	-1,932,000	-83,000	-1,739,000	-6,414,000	-3,658,000	-94,000	-1,366,000	-2,415,000	-191,000	254,000	-77,000	-598,000	-3,548,000	-1,176,000	-13,485,000	-18,488,000	-31,633,000	-47,294,000	-46,001,000	-27,425,000	-46,250,000	-17,968,000	-6,777,000	-16,288,000	-17,615,000	-17,140,000	-26,329,000	-11,600,000	-25,110,000	-11,843,000	-9,582,000	-19,207,000	-13,612,000
additions to oil and natural gas properties leasehold costs	-236,000	-6,309,000	-189,000	-1,584,000	-3,036,000	-1,583,000	-1,000	-1,086,000	-753,000	-536,000	0			0				0	-77,000	0	-21,000	-16,000	0			-47,000	-62,000	-637,000	-234,000	-1,624,000	-840,000	-3,275,000	-524,000
purchases of other property and equipment	-150,000	-136,000	-11,000	-108,000	-43,000	-1,111,000	-259,000	-16,000	-39,000	-92,000	-237,000	-99,000	-22,000	-438,000	-9,000	-10,000	-31,000	-354,000	-11,000	-61,000	-2,000	-6,000	-5,000	-8,000	-2,000	-36,000	-300,000	-116,000	-2,036,000	-6,000	-10,000	0	-5,000	-89,000
proceeds from the sale of oil and natural gas properties	121,000	434,000	0	0	400,000	0	2,716,000	0	79,000	0				0	0			1,000				351,000	150,247,000	0	1,266,000	624,000	230,000	318,000	2,000	619,000	7,135,000	503,000	752,000	4,348,000	4,621,000	140,000	1,993,000	21,000	0	144,000	33,000	25,273,000	26,000	0	406,000
net cash from investing activities	-11,989,000	-54,883,000	-20,704,000	-29,620,000	-13,067,000	-48,009,000	-12,546,000	-27,717,000	-23,964,000	-14,794,000	-2,313,000	-679,000	-1,954,000	-538,000	-532,000	-49,000	-96,000	-426,000	-1,137,000	-12,540,000	-214,000	606,000	150,273,000	-1,024,000	1,391,000	210,000	-2,820,000	-21,634,000	-24,379,000	-20,079,000	-52,466,000	-31,093,000	-60,166,000	-337,767,000	-18,115,000	-34,281,000	-64,086,000	-17,782,000	-30,882,000	-137,796,000	-35,082,000	13,224,000	-62,207,000	-28,809,000	-13,206,000
cash flows from financing activities
distributions to common unitholders	-63,700,000	-63,558,000	-63,556,000	-79,363,000	-79,177,000	-79,010,000	-79,008,000	-79,014,000	-99,899,000	-99,746,000	-99,744,000	-99,734,000	-99,600,000		-87,949,000	-83,759,000	-56,462,000		-52,165,000	-36,321,000	-36,272,000
distributions to series b cumulative convertible preferred unitholders	-7,366,000	-7,367,000	-7,366,000	-7,367,000	-7,366,000	-7,367,000	-7,366,000	-7,367,000	-6,026,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000	-5,250,000
repurchases of common units	-2,335,000	-22,000	-466,000	0	-3,289,000	0	0	-68,000	-4,381,000	0	0	0	-5,496,000		0	0	-2,991,000		0	0	-1,957,000		0	-6,000	-5,029,000
borrowings under credit facility	82,000,000	122,000,000	72,000,000	98,000,000	81,000,000	64,000,000	24,000,000	3,000,000	6,000,000	0	0	14,000,000	50,000,000	102,000,000	84,000,000	95,000,000	58,000,000	68,000,000	60,000,000	45,000,000	39,000,000	36,000,000	35,000,000	22,000,000	67,000,000	82,000,000	80,000,000	74,500,000	98,000,000	109,000,000	89,500,000	70,000,000	105,000,000
repayments under credit facility	-49,000,000	-63,000,000	-76,000,000	-62,000,000	-43,000,000	-39,000,000	-24,000,000	-3,000,000	-6,000,000	0	0	-14,000,000	-60,000,000	-152,000,000	-110,000,000	-78,000,000	-78,000,000	-78,000,000	-57,000,000	-60,000,000	-49,000,000	-62,000,000	-211,000,000	-87,000,000	-73,000,000	-101,000,000	-103,000,000	-73,500,000	-73,000,000	-101,000,000	-108,500,000	-85,000,000	-57,000,000
debt issuance costs and other	-36,000	-2,960,000	-15,000	-31,000	-31,000	-14,000	-28,000	-6,000	-16,000	-74,000	-39,000	-91,000	-12,000					0	-74,000											-488,000	1,000
net cash from financing activities	-40,437,000	-14,907,000	-75,403,000	-50,761,000	-51,863,000	-61,391,000	-86,402,000	-86,455,000	-110,322,000	-105,070,000	-105,033,000	-105,075,000	-120,358,000	-152,426,000	-119,199,000	-72,009,000	-84,703,000	-67,416,000	-54,489,000	-60,099,000	-53,479,000	-62,262,000	-212,261,000	-86,935,000	-77,920,000	-100,467,000	-104,454,000	-89,509,000	-66,962,000	-74,607,000	-63,557,000	-67,985,000	-15,653,000	264,312,000	-52,963,000	-47,447,000	4,365,000	-32,391,000	-32,055,000	84,915,000	956,000	-73,131,000	-11,352,000	-43,236,000	-67,588,000
net change in cash and cash equivalents	10,134,000				-95,000	-18,444,000	-5,706,000	-13,787,000	-29,826,000	14,252,000	9,364,000	27,516,000	14,843,000	3,469,000	-11,320,000	5,505,000	-2,223,000	5,612,000	2,221,000	-2,746,000	1,993,000	-1,261,000	1,457,000	-1,440,000	-5,079,000	6,153,000	-1,940,000	-341,000	-1,167,000	973,000	-2,630,000	774,000	655,000	-3,269,000	1,424,000	-6,518,000	4,233,000	4,924,000	-4,922,000	4,757,000	-8,220,000	7,663,000	-478,000	-2,320,000	-6,435,000
cash and cash equivalents – beginning of the period	1,478,000			0	2,519,000		0	0	70,282,000		0	0	4,307,000		0	0	8,876,000		0	0	1,796,000		0	0	8,119,000		0	0	5,414,000		0	0	5,642,000
cash and cash equivalents – end of the period	11,612,000			95,000	2,424,000		-5,706,000	-13,787,000	40,456,000		9,364,000	27,516,000	19,150,000		-11,320,000	5,505,000	6,653,000		2,221,000	-2,746,000	3,789,000		1,457,000	-1,440,000	3,040,000		-1,940,000	-341,000	4,247,000		-2,630,000	774,000	6,297,000
supplemental disclosure
interest paid	3,052,000	2,260,000	2,184,000	1,898,000	1,041,000	781,000	461,000	358,000	361,000	406,000	355,000	387,000	588,000	1,129,000	1,339,000	992,000	872,000	1,094,000	997,000	1,003,000	941,000	1,078,000	1,437,000	2,761,000	4,173,000	4,616,000	5,236,000	5,421,000	5,197,000	5,154,000	5,243,000	5,038,000	4,326,000	3,720,000	3,979,000	3,906,000	3,156,000	2,475,000	2,132,000	1,099,000	829,000	684,000	602,000	1,528,000	2,664,000
common units issued for property acquisitions		0	0
gain on sale of assets																																							0	-92,000	-4,680,000
cash and cash equivalents — beginning of the year
cash and cash equivalents — end of the year
net change in cash, cash equivalents and restricted cash
cash, cash equivalents and restricted cash – beginning of the period
cash, cash equivalents and restricted cash – end of the period
loss on sale of assets										0				0	0			0				0								-1,000	0	0	-2,000	0	0	-7,000	-924,000
accounts receivable						-2,962,000	5,725,000	-1,370,000	9,851,000	4,907,000	-15,331,000	21,889,000	41,588,000	20,832,000	-17,153,000	-40,929,000	-2,263,000	-8,790,000	-19,907,000	-8,779,000	2,620,000	-13,350,000	-3,700,000	13,851,000	19,693,000	6,590,000	11,242,000	7,472,000	9,740,000	-1,542,000	-12,074,000	-6,064,000	-11,851,000	-5,375,000	3,609,000	2,250,000	-6,568,000	-6,615,000	-16,559,000	-3,546,000	-3,039,000	11,101,000	2,604,000	-3,417,000	23,298,000
proceeds from farmouts of oil and natural gas properties														0	1,380,000	6,358,000	3,593,000					23,000	108,000	364,000	3,703,000	927,000	13,090,000	18,019,000	29,468,000	45,917,000	37,571,000	23,019,000	18,015,000
exploratory dry hole expense																		-1,000	0	0	1,049,000					0	0	-1,000	4,000	1,000	41,000
impairment of oil and natural gas properties																						0	0	0	51,031,000													0	0	679,000	6,096,000	92,886,000	24,854,000	118,362,000	13,467,000
distributions to common and subordinated unitholders																						-31,012,000	-31,011,000	-16,679,000	-61,641,000	-76,205,000	-76,204,000	-76,113,000	-75,917,000	-75,773,000	-68,563,000	-53,292,000	-52,493,000
repurchases of common and subordinated units																										-13,000	0	-6,164,000	-10,752,000	-1,508,000	0	-630,000	-8,441,000	-340,000	0	0	-7,845,000		0	-20,495,000	-4,201,000
proceeds from issuance of common units, net of offering costs																										0	0	0	-43,000	2,168,000	29,302,000	8,929,000	138,000
distributions equivalents paid
deferred rent																														481,000	481,000
distributions to series a redeemable preferred unitholders																														0	0	0	-690,000
distributions to noncontrolling interests																														-50,000	-47,000	-62,000	-52,000				-25,000	-28,000	-29,000	-21,000	-33,000	-41,000	-45,000
redemption of series a redeemable preferred units
purchase of noncontrolling interests
distribution equivalents paid																											0
proceeds from issuance of series b cumulative convertible preferred units, net of offering costs
redemptions of series a redeemable preferred units																															0	0	-2,115,000
accounts payable and accrued liabilities																																		355,000	-4,598,000	3,397,000	-2,739,000	6,034,000	2,796,000	-11,045,000	-20,814,000	7,547,000	5,947,000	4,347,000	-6,620,000
deferred revenue																																		-416,000	-701,000	-644,000	-325,000	-695,000	-396,000	424,000	-203,000	-76,000	-94,000	-386,000	-104,000
proceeds from issuance of common units of black stone minerals, l.p., net of offering costs																																										0	-307,000
proceeds from issuance of series b cumulative convertible preferred units of black stone minerals, l.p., net of offering costs
distributions to predecessor unitholders																																										0	-14,173,000
repurchases of predecessor units																																										0
debt issuance costs
non-cash activities
accrued distributions payable to predecessor unitholders
conversion of series a redeemable preferred units
accrued distributions payable to series a redeemable preferred unitholders
accrued distributions payable to series b cumulative convertible preferred unitholders
additions to oil and natural gas properties financed through accounts payable and accrued liabilities
public offering costs capitalized and offset against proceeds from initial public offering																																										0
asset retirement obligations incurred and revisions in estimated costs
accrued distribution equivalent rights																																										6,000
proceeds from farmout of oil and gas properties
borrowings under senior line of credit																																			49,000,000	56,500,000	103,000,000	44,500,000	74,500,000	169,000,000	61,000,000
repayments of borrowings under senior line of credit																																			-80,000,000	-51,500,000	-31,000,000		-60,500,000	0	-11,000,000
distributions to black stone minerals, l.p. common and subordinated unitholders																																			-51,556,000	-45,615,000	-45,404,000	-45,060,000	-45,017,000	-43,002,000	-42,864,000	-50,201,000
distributions to redeemable preferred unitholders																																			-659,000	-833,000	-1,619,000
distributions to non-controlling interests																																			-24,000
proceeds from issuance of common units																																			30,276,000
redemptions of redeemable preferred units																																			0	-6,899,000	-12,742,000		0
loan origination fees																																			0
cash and cash equivalents - beginning of the period																																			0	0	9,772,000		0	0	13,233,000		0	0	14,803,000
cash and cash equivalents - end of the period																																			1,424,000	-6,518,000	14,005,000		-4,922,000	4,757,000	5,013,000		-478,000	-2,320,000	8,368,000
purchase of other property and equipment																																				-3,000	-93,000	-420,000	0	0	-5,000	-85,000	-68,000
payments for capitalized offering costs
repayments under senior line of credit
distributions to preferred unitholders																																						-1,324,000	-1,310,000	-1,805,000	-1,946,000	-3,766,000
redemption of redeemable preferred units
note receivable-officers
repurchase of common and subordinate units
cash and cash equivalents - beginning of the year
cash and cash equivalents - end of the year
accrued predecessor distributions payable																																										0	-14,167,000
conversion of redeemable preferred units																																										0	0	-17,000	-39,223,000
accrued distributions payable for redeemable preferred units
property additions and acquisitions financed through accounts payable and accrued liabilities																																										8,652,000	-7,869,000
asset retirement obligations incurred																																										155,000	25,000	65,000	27,000
liabilities assumed as consideration for oil and natural gas properties acquired
acquisition of oil and natural gas properties financed through issuance of predecessor units
deferred revenue (settled) assumed through acquisition of oil and natural gas properties
cash flows from operating activities:
cash flows from investing activities:
cash flows from financing activities:
net loss
adjustments to reconcile net loss to net cash from operating activities:
gain on commodity derivative instruments																																									-10,626,000	-32,838,000
payments related to initial public offering costs
net (repayments) borrowings under senior line of credit																																												-383,000,000	-5,000,000
repayments of revolving credit facilities
contributions from predecessor unitholders
purchases of noncontrolling interests
contributions through exchange of noncontrolling interests
distributions—property
net repayments under senior line of credit
accrued distributions payable for preferred units																																											32,000
acquisition of oil and natural gas properties financed through issuance of common units
deferred revenue settled through acquisition of oil and natural gas properties
gain on disposal of assets																																												-17,000	-7,000
repurchase of common equity units																																												-2,492,000	-523,000
dividends on preferred units																																												-2,909,000	-3,962,000
accrued public offering costs and prior period costs incurred
distributions to common equity owners																																													-56,483,000
payments incurred for initial public offering																																													-1,620,000
property additions financed through accounts payable and accrued liabilities																																													15,512,000
accrued distributions payable																																													-181,000

Black Stone Minerals, L.P(NYSE:BSM)

Black Stone Minerals, L.P
(NYSE:BSM)