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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
REVENUE        
Revenue from contracts with customers $ 134,431 $ 142,656 $ 259,420 $ 273,483
Gain (loss) on commodity derivative instruments 29,187 (33,347) (11,996) (49,680)
TOTAL REVENUE 163,618 109,309 247,424 223,803
OPERATING (INCOME) EXPENSE        
Lease operating expense 3,849 4,290 9,141 8,538
Production costs and ad valorem taxes 14,450 14,373 29,042 29,298
Exploration expense 304 6,745 308 6,748
Depreciation, depletion, and amortization 29,725 30,292 57,558 58,862
General and administrative 14,347 19,812 35,561 38,333
Accretion of asset retirement obligations 277 273 554 542
(Gain) loss on sale of assets, net 0 0 0 (2)
TOTAL OPERATING EXPENSE 62,952 75,785 132,164 142,319
INCOME (LOSS) FROM OPERATIONS 100,666 33,524 115,260 81,484
OTHER INCOME (EXPENSE)        
Interest and investment income 47 37 93 70
Interest expense (5,652) (5,280) (11,177) (9,801)
Other income (expense) 26 409 (72) (1,106)
TOTAL OTHER EXPENSE (5,579) (4,834) (11,156) (10,837)
NET INCOME (LOSS) 95,087 28,690 104,104 70,647
Net (income) loss attributable to noncontrolling interests 0 48 0 22
Distributions on Series A redeemable preferred units 0 0 0 (25)
Distributions on Series B cumulative convertible preferred units (5,250) (5,250) (10,500) (10,500)
NET INCOME (LOSS) ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON AND SUBORDINATED UNITS 89,837 23,488 93,604 60,144
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 89,837 23,488 93,604 60,144
Common Units        
ALLOCATION OF NET INCOME (LOSS):        
Allocation of net income (loss) $ 67,718 $ 17,540 $ 69,611 $ 41,877
NET INCOME (LOSS) ATTRIBUTABLE TO LIMITED PARTNERS PER COMMON AND SUBORDINATED UNIT:        
Per unit (basic) (in dollars per share) $ 0.45 $ 0.17 $ 0.54 $ 0.40
Weighted average units outstanding (basic) (in shares) 150,101 105,250 129,873 104,516
Per unit (diluted) (in dollars per share) $ 0.44 $ 0.17 $ 0.54 $ 0.40
Weighted average units outstanding (diluted) (in shares) 165,070 105,250 129,873 104,516
Subordinated Units        
ALLOCATION OF NET INCOME (LOSS):        
Allocation of net income (loss) $ 22,119 $ 5,948 $ 23,993 $ 18,267
NET INCOME (LOSS) ATTRIBUTABLE TO LIMITED PARTNERS PER COMMON AND SUBORDINATED UNIT:        
Per unit (basic) (in dollars per share) $ 0.39 $ 0.06 $ 0.32 $ 0.19
Weighted average units outstanding (basic) (in shares) 56,104 96,329 76,105 95,864
Per unit (diluted) (in dollars per share) $ 0.39 $ 0.06 $ 0.32 $ 0.19
Weighted average units outstanding (diluted) (in shares) 56,104 96,329 76,105 95,864
Oil and condensate sales        
REVENUE        
Revenue from contracts with customers $ 74,072 $ 77,225 $ 131,776 $ 150,208
Natural gas and natural gas liquids sales        
REVENUE        
Revenue from contracts with customers 53,642 53,854 115,282 107,099
Lease bonus and other income        
REVENUE        
Revenue from contracts with customers $ 6,717 $ 11,577 $ 12,362 $ 16,176