XML 51 R4.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues:        
Oil and gas sales $ 15,908 $ 23,825 $ 55,411 $ 72,354
Gain (loss) on hedging activities   458   (1,456)
Total revenue 15,908 24,283 55,411 70,898
Operating expenses:        
Production and ad valorem taxes 891 1,326 2,940 3,854
Marketing and transportation 584 493 1,933 1,487
Amortization of royalty interests in oil and natural gas properties 3,184 4,494 9,624 13,179
General, administrative and other 3,168 1,132 8,728 7,013
Total operating expenses 7,827 7,445 23,225 25,533
Operating income 8,081 16,838 32,186 45,365
Other income (expense):        
Gain on the sale of assets       41,382
Other income 58 38 134 39
Interest expense (650) (557) (1,838) (1,600)
Total other income (expense) (592) (519) (1,704) 39,821
Income before income taxes 7,489 16,319 30,482 85,186
Provision for income taxes 1,132 810 3,920 810
Income from continuing operations 6,357 15,509 26,562 84,376
Income from discontinued operations   91   2,139
Net income 6,357 15,600 26,562 86,515
Net income attributable to non-controlling interests (3,473) (2,933) (14,540) (3,028)
Net income attributable to common shareholders/unitholders $ 2,884 $ 12,667 $ 12,022 $ 83,487
Earnings per common share:        
Common shares (basic and diluted) $ 0.06 $ 0.06 [1] $ 0.26 $ 0.06 [1]
Weighted average number of shares outstanding:        
Common shares (basic and diluted) 45,899 45,855 45,871 45,855
[1] Subsequent to the issuance of the Company's Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2018, the Company's management determined that net income attributable to non-controlling interests, net of tax, had been excluded from the numerator in the calculation of Earnings per common share (diluted). As a result, Earnings per common share (diluted) for the three months ended September 30, 2018 has been adjusted from $0.03 previously reported to $0.06.