XML 34 R2.htm IDEA: XBRL DOCUMENT  v2.3.0.11
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Revenues:        
Oil and natural gas sales $ 31,379 $ 53,017 $ 61,948 $ 86,857
Processing and other 274 2,342 472 4,135
Total revenues 31,653 55,359 62,420 90,992
Operating Expenses:        
Production expenses 8,777 22,942 17,551 37,257
Depreciation, depletion and amortization 8,636 14,903 17,211 19,241
Accretion of asset retirement obligations 290 782 557 1,455
Management fees 0 2,855 0 4,970
Acquisition evaluation costs 0 1,042 0 1,042
General and administrative and other 3,344 5,241 6,777 10,630
Bargain purchase gain 0 (1,020) 0 (1,020)
Total operating expenses 21,047 46,745 42,096 73,575
Operating income 10,606 8,614 20,324 17,417
Other income (expense):        
Equity in earnings of Ute Energy, LLC 0 646 0 708
Realized (losses) gains on commodity derivative instruments (42,161) 2,071 (40,852) 2,913
Unrealized gains on commodity derivatives instruments 55,575 44,352 16,732 44,933
Interest expense, net (7,854) (12,015) (9,530) (12,884)
Other expense 0 (166) 0 (409)
Total other income (expense), net 5,560 34,888 (33,650) 35,261
Income (loss) before income taxes 16,166 43,502 (13,326) 52,678
Income tax expense (235) (211) (91) (211)
Net income (loss) 15,931 43,291 (13,417) 52,467
Net income attributable to noncontrolling interest 0 39,850 0 47,206
Net income (loss) attributable to controlling interest 15,931 3,441 (13,417) 5,261
General partner's interest in net income (loss) 16   (13)  
Limited partner's interest in net income (loss) 15,915   (13,404)  
Common unitholders' interest in net income (loss) 12,744   (10,694)  
Subordinated unitholders' interest in net income (loss) $ 3,171   $ (2,710)  
Net income (loss) per limited partner unit:        
Common units (basic and diluted) (in dollars per unit) $ 0.44   $ (0.38)  
Subordinated units (basic and diluted) (in dollars per unit) $ 0.44   $ (0.38)  
Weighted average limited partner units outstanding:        
Common units (basic and diluted) 28,723   28,518  
Subordinated units (basic and diluted) 7,146   7,146