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COMMODITY DERIVATIVE FINANCIAL INSTRUMENTS
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
COMMODITY DERIVATIVE FINANCIAL INSTRUMENTS COMMODITY DERIVATIVE FINANCIAL INSTRUMENTS
The Partnership’s ongoing operations expose it to changes in the market price for oil and natural gas. To mitigate the inherent commodity price risk associated with its operations, the Partnership uses oil and natural gas commodity derivative financial instruments. From time to time, such instruments may include variable-to-fixed-price swaps, costless collars, fixed-price contracts and other contractual arrangements. A fixed-price swap contract between the Partnership and the counterparty specifies a fixed commodity price and a future settlement date. A costless collar contract between the Partnership and the counterparty specifies a floor and a ceiling commodity price and a future settlement date. The Partnership enters into oil and natural gas derivative contracts that contain netting arrangements with each counterparty. The Partnership does not enter into derivative instruments for speculative purposes.
As of September 30, 2024, the Partnership’s open derivative contracts consisted of fixed-price swap contracts. The Partnership has not designated any of its contracts as fair value or cash flow hedges. Accordingly, the changes in the fair value of the contracts are included in the consolidated statement of operations in the period of the change. All derivative gains and losses from the Partnership’s derivative contracts have been recognized in revenue in the Partnership's accompanying consolidated statements of operations. Derivative instruments that have not yet been settled in cash are reflected as either derivative assets or liabilities in the Partnership’s accompanying consolidated balance sheets as of September 30, 2024 and December 31, 2023. See "Note 5 - Fair Value Measurements" for additional information.    
The Partnership's derivative contracts expose it to credit risk in the event of nonperformance by counterparties that may adversely impact the fair value of the Partnership's commodity derivative assets. While the Partnership does not require its derivative contract counterparties to post collateral, the Partnership does evaluate the credit standing of such counterparties as deemed appropriate. This evaluation includes reviewing a counterparty’s credit rating and latest financial information. As of September 30, 2024, the Partnership had seven counterparties, all of which are rated Baa2 or better by Moody’s and are lenders under the Credit Facility.
The tables below summarize the fair values and classifications of the Partnership’s derivative instruments, as well as the gross recognized derivative assets, liabilities, and amounts offset in the consolidated balance sheets as of each date:
September 30, 2024
ClassificationBalance Sheet LocationGross
Fair Value		Effect of Counterparty NettingNet Carrying Value on Balance Sheet
  (in thousands)
Assets:
    
Current asset
Commodity derivative assets$19,178 $(1,031)$18,147 
Long-term asset
Deferred charges and other long-term assets3,458 (2,904)554 
 Total assets
 $22,636 $(3,935)$18,701 
Liabilities:
    
Current liability
Commodity derivative liabilities$1,031 $(1,031)$— 
Long-term liability
Commodity derivative liabilities5,912 (2,904)3,008 
Total liabilities
 $6,943 $(3,935)$3,008 
December 31, 2023
ClassificationBalance Sheet LocationGross
Fair Value		Effect of Counterparty NettingNet Carrying Value on Balance Sheet
  (in thousands)
Assets:
    
Current asset
Commodity derivative assets$41,485 $(3,212)$38,273 
Long-term asset
Deferred charges and other long-term assets498 (126)372 
 Total assets
 $41,983 $(3,338)$38,645 
Liabilities:
    
Current liability
Commodity derivative liabilities$4,441 $(3,212)$1,229 
Long-term liability
Commodity derivative liabilities207 (126)81 
Total liabilities
 $4,648 $(3,338)$1,310 
Changes in the fair values of the Partnership’s derivative instruments (both assets and liabilities) are presented on a net basis in the accompanying consolidated statements of operations and consolidated statements of cash flows and consist of the following for the periods presented:
 Three Months Ended September 30,Nine Months Ended September 30,
Derivatives not designated as hedging instruments2024202320242023
(in thousands)
Beginning fair value of commodity derivative instruments$(5,118)$51,046 $37,335 $28,941 
Gain (loss) on oil derivative instruments25,444 (36,013)988 (21,232)
Gain (loss) on natural gas derivative instruments6,231 9,091 13,850 57,884 
Net cash paid (received) on settlements of oil derivative instruments3,852 (2,659)9,257 (4,431)
Net cash paid (received) on settlements of natural gas derivative instruments(14,716)(21,530)(45,737)(61,227)
Net change in fair value of commodity derivative instruments20,811 (51,111)(21,642)(29,006)
Ending fair value of commodity derivative instruments$15,693 $(65)$15,693 $(65)
The Partnership had the following open derivative contracts for oil as of September 30, 2024:
 Weighted Average Price (Per Bbl)Range (Per Bbl)
Period and Type of ContractVolume (Bbl)LowHigh
Oil Swap Contracts:    
2024    
Third Quarter190,000 $71.45 $67.00 $81.00 
Fourth Quarter570,000 71.45 67.00 81.00 
2025
First Quarter555,000 $71.22 $70.02 $73.15 
Second Quarter555,000 71.22 70.02 73.15 
Third Quarter555,000 71.22 70.02 73.15 
Fourth Quarter555,000 71.22 70.02 73.15 
2026
First Quarter120,000 $65.85 $65.52 $66.23 
Second Quarter120,000 65.85 65.52 66.23 
Third Quarter120,000 65.85 65.52 66.23 
Fourth Quarter120,000 65.85 65.52 66.23 
The Partnership had the following open derivative contracts for natural gas as of September 30, 2024:
 Weighted Average Price (Per MMBtu)Range (Per MMBtu)
Period and Type of ContractVolume (MMBtu)LowHigh
Natural Gas Swap Contracts:    
2024    
Fourth Quarter10,580,000 $3.55 $3.00 $3.76 
2025
First Quarter10,800,000 $3.36 $3.02 $3.65 
Second Quarter10,920,000 3.36 3.02 3.65 
Third Quarter11,040,000 3.45 3.34 3.65 
Fourth Quarter11,040,000 3.45 3.34 3.65 
2026
First Quarter7,200,000 $3.52 $3.50 $3.57 
Second Quarter7,280,000 3.52 3.50 3.57 
Third Quarter7,360,000 3.52 3.50 3.57 
Fourth Quarter7,360,000 3.52 3.50 3.57 
The Partnership entered into the following derivative contracts for oil subsequent to September 30, 2024:
 Weighted Average Price (Per Bbl)Range (Per Bbl)
Period and Type of ContractVolume (Bbl)LowHigh
Oil Swap Contracts:    
2026
First Quarter60,000 $67.18 $67.00 $67.35 
Second Quarter60,000 67.18 67.00 67.35 
Third Quarter60,000 67.18 67.00 67.35 
Fourth Quarter60,000 67.18 67.00 67.35