SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2019

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 16—SUBSEQUENT EVENTS

The Partnership has evaluated events that occurred subsequent to September 30, 2019 in the preparation of its condensed consolidated financial statements.

On November 6, 2019, the Partnership completed the acquisition of various mineral and royalty interests in Oklahoma in a transaction valued at $9.9 million. The assets acquired consist of approximately 279,680 gross acres and 186 net royalty acres.

On November 6, 2019, the Partnership paid a quarterly cash distribution on the Series A Preferred Units of $1.9 million for the quarter ended September 30, 2019.

On November 8, 2019, the Operating Company paid  a quarterly cash distribution of $0.428494 to holders of OpCo Common Units. As to the Partnership, $0.008494 of the distribution corresponds to a tax payment made by the Partnership from cash reserves in the third quarter of 2019. The third quarter 2019 tax payment made by the Partnership was generated by a gross income allocation related to the Series A Preferred Units, which were issued in connection with the Haymaker Acquisition. Under the limited liability company agreement of the Operating Company, the Partnership is not reimbursed by the Operating Company for federal income taxes paid by the Partnership.

On November 8, 2019, the Partnership paid a quarterly cash distribution to each Class B unitholder equal to 2.0% of such unitholder’s respective Class B Contribution, resulting in a total quarterly distribution of approximately $23,388 for the quarter ended September 30, 2019.

On October 25, 2019 the Board of Directors declared a quarterly cash distribution of $0.42 per common unit for the quarter ended September 30, 2019. The distribution will be paid on November 11, 2019 to common unitholders of record as of the close of business on November 4, 2019.