XML 54 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements Of Operations (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Revenues:        
Oil and natural gas sales $ 61,834 $ 67,327 $ 127,163 $ 129,680
Processing and other 375 553 833 1,031
Total revenues 62,209 67,880 127,996 130,711
Operating Expenses:        
Production expenses 25,747 21,238 48,767 41,036
Depreciation, depletion and amortization 20,540 19,421 40,130 38,330
Accretion of asset retirement obligations 887 666 1,730 1,314
General and administrative 8,771 7,690 17,113 14,239
Acquisition and transaction costs 920   1,008  
Total operating expenses 56,865 49,015 108,748 94,919
Operating income 5,344 18,865 19,248 35,792
Other income (expense):        
Gain (losses) on commodity derivative contracts 98,875 14,446 83,288 (45,306)
Interest expense, net 9,393 15,820 16,865 19,211
Total other income (expense), net 94,511 10,479 73,341 (53,208)
Income (loss) before income taxes 99,855 29,344 92,589 (17,416)
Income tax expense, net (730) (356) (699) (145)
Net income (loss) 99,125 28,988 91,890 (17,561)
Weighted average number of limited partner units outstanding:        
Subordinated units (basic and diluted) (in units) 7,146 [1] 7,146 [1] 7,146 [1] 7,146 [1]
Realized Gain (Loss) [Member]
       
Other income (expense):        
Gain (losses) on commodity derivative contracts 11,896 (43,109) 17,664 (42,114)
Commodity Contract [Member]
       
Other income (expense):        
Gain (losses) on commodity derivative contracts 103,904 [2] 26,299 [2] 90,206 [2] (33,997) [2]
Commodity Contract [Member] | Realized Gain (Loss) [Member]
       
Other income (expense):        
Gain (losses) on commodity derivative contracts 14,222 [2] (42,161) [2] 22,293 [2] (40,852) [2]
Commodity Contract [Member] | Unrealized Gain (Loss) [Member]
       
Other income (expense):        
Gain (losses) on commodity derivative contracts $ 89,682 $ 68,460 $ 67,913 $ 6,855
Limited Partners-Affiliated - Common [Member]
       
Net loss per limited partner unit:        
Unitholders' (basic) (in dollars per unit) $ 2.15 $ 0.44 $ 1.92 $ (0.38)
Unitholders' (diluted) (in dollars per unit) $ 1.67 $ 0.44 $ 1.60 $ (0.38)
Weighted average number of limited partner units outstanding:        
Common units (basic) (in units) 36,114 [1] 28,723 [1] 32,486 [1] 28,518 [1]
Common units (diluted) (in units) 52,780 [1] 28,723 [1] 49,153 [1] 28,518 [1]
Limited Partners-Affiliated - Subordinated [Member]
       
Net loss per limited partner unit:        
Unitholders' (basic) (in dollars per unit) $ 2.12 $ 0.44 $ 1.76 $ (0.38)
Unitholders' (diluted) (in dollars per unit) $ 1.65 $ 0.44 $ 1.50 $ (0.38)
[1] For the three and six months ended June 30, 2012, we had weighted average preferred units outstanding of 16,666,667, which are contingently convertible. These units have a dilutive effect on earnings per unit and have been included in the earnings per share calculation for the three and six months ended June 30, 2012.
[2] Gain (loss) on commodity derivative contracts is located in other income (expense) in the consolidated statement of operations.