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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
REVENUE        
Oil and condensate sales $ 37,262 $ 34,553 $ 77,736 $ 61,801
Natural gas and natural gas liquids sales 49,903 21,607 97,604 46,719
Gain (loss) on commodity derivative instruments 22,003 (30,733) 44,728 (20,107)
Lease bonus and other income 11,356 15,142 25,038 16,537
TOTAL REVENUE 120,524 40,569 245,106 104,950
OPERATING (INCOME) EXPENSE        
Lease operating expense 4,148 4,283 8,337 9,172
Production costs and ad valorem taxes 11,863 7,012 23,765 14,074
Exploration expense 46 629 608 637
Depreciation, depletion, and amortization 28,900 29,202 55,279 50,923
Impairment of oil and natural gas properties 0 679 0 6,775
General and administrative 17,481 18,134 34,693 35,535
Accretion of asset retirement obligations 253 200 500 474
(Gain) loss on sale of assets, net (7) (92) (931) (4,772)
TOTAL OPERATING EXPENSE 62,684 60,047 122,251 112,818
INCOME (LOSS) FROM OPERATIONS 57,840 (19,478) 122,855 (7,868)
OTHER INCOME (EXPENSE)        
Interest and investment income 33 38 39 191
Interest expense (3,981) (1,443) (7,488) (2,491)
Other income (expense) 282 73 351 107
TOTAL OTHER EXPENSE (3,666) (1,332) (7,098) (2,193)
NET INCOME (LOSS) 54,174 (20,810) 115,757 (10,061)
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS 16 9 7 7
DISTRIBUTIONS ON REDEEMABLE PREFERRED UNITS (672) (1,310) (1,786) (3,114)
NET INCOME (LOSS) ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON AND SUBORDINATED UNITS 53,518 (22,111) 113,978 (13,168)
ALLOCATION OF NET INCOME (LOSS):        
General partner interest 0 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON AND SUBORDINATED UNITS 53,518 (22,111) 113,978 (13,168)
Common Units        
ALLOCATION OF NET INCOME (LOSS):        
Allocation of net income (loss) $ 32,100 $ (7,445) $ 67,617 $ 862
NET INCOME (LOSS) ATTRIBUTABLE TO LIMITED PARTNERS PER COMMON AND SUBORDINATED UNIT:        
Per unit (basic) (in dollars per share) $ 0.33 $ (0.08) $ 0.69 $ 0.01
Weighted average units outstanding (basic) (in shares) 97,990 96,356 97,448 96,418
Per unit (diluted) (in dollars per share) $ 0.33 $ (0.08) $ 0.69 $ 0.01
Weighted average units outstanding (diluted) (in shares) 97,990 96,418 97,448 96,481
DISTRIBUTIONS DECLARED AND PAID:        
Per unit (in dollars per share) $ 0.2875 $ 0.2625 $ 0.575 $ 0.525
Subordinated Units        
ALLOCATION OF NET INCOME (LOSS):        
Allocation of net income (loss) $ 21,418 $ (14,666) $ 46,361 $ (14,030)
NET INCOME (LOSS) ATTRIBUTABLE TO LIMITED PARTNERS PER COMMON AND SUBORDINATED UNIT:        
Per unit (basic) (in dollars per share) $ 0.22 $ (0.15) $ 0.49 $ (0.15)
Weighted average units outstanding (basic) (in shares) 95,388 95,189 95,269 95,092
Per unit (diluted) (in dollars per share) $ 0.22 $ (0.15) $ 0.49 $ (0.15)
Weighted average units outstanding (diluted) (in shares) 95,388 95,092 95,269 95,092
DISTRIBUTIONS DECLARED AND PAID:        
Per unit (in dollars per share) $ 0.18375 $ 0.18375 $ 0.3675 $ 0.3675