$DMLP
DORCHESTER MINERALS, L.P.

2019 Q1 Form 10-K Financial Statement

#000143774919003623 Filed on February 28, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 2017 Q4
Revenue $19.03M $73.28M $19.53M
YoY Change 19.82% 27.9% 81.84%
Cost Of Revenue $1.612M $5.510M $1.280M
YoY Change 28.34% 18.75% 40.66%
Gross Profit $17.42M $67.77M $18.25M
YoY Change 19.09% 28.69% 85.66%
Gross Profit Margin 91.53% 92.48% 93.45%
Selling, General & Admin $1.133M $4.910M $1.170M
YoY Change -23.45% -0.41% 14.71%
% of Gross Profit 6.5% 7.25% 6.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.307M $8.947M $2.860M
YoY Change 5.63% -3.82% 47.42%
% of Gross Profit 13.24% 13.2% 15.67%
Operating Expenses $3.440M $2.762M $4.020M
YoY Change -6.01% 12.28% 35.81%
Operating Profit $13.98M $65.01M $14.23M
YoY Change 27.46% 29.5% 107.13%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $13.98M $53.91M $14.23M
YoY Change 27.55% 40.32% 107.13%
Income Tax
% Of Pretax Income
Net Earnings $13.98M $53.91M $14.23M
YoY Change 27.51% 40.3% 107.13%
Net Earnings / Revenue 73.45% 73.57% 72.86%
Basic Earnings Per Share
Diluted Earnings Per Share $432.0K $1.670M $440.7K
COMMON SHARES
Basic Shares Outstanding 32.28M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.91M $18.30M $13.80M
YoY Change 29.25% 32.61% 68.29%
Cash & Equivalents $19.91M $18.30M $13.83M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $7.105M $6.600M $11.50M
Other Receivables $4.976M $5.200M $0.00
Total Short-Term Assets $31.99M $30.10M $25.36M
YoY Change 21.83% 18.5% 71.46%
LONG-TERM ASSETS
Property, Plant & Equipment $100.2M $57.80M $66.70M
YoY Change 55.11% -13.34% 27.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $100.2M $57.80M $66.69M
YoY Change 55.17% -13.21% 27.22%
TOTAL ASSETS
Total Short-Term Assets $31.99M $30.10M $25.36M
Total Long-Term Assets $100.2M $57.80M $66.69M
Total Assets $132.2M $87.90M $92.05M
YoY Change 45.53% -4.46% 36.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.257M $400.0K $600.0K
YoY Change 61.21% -33.33% 100.0%
Accrued Expenses $301.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.558M $500.0K $637.0K
YoY Change 81.42% -16.67% 131.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.417M $800.0K $700.0K
YoY Change 302.83% 14.29%
Total Long-Term Liabilities $2.417M $800.0K $700.0K
YoY Change 302.83% 14.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.558M $500.0K $637.0K
Total Long-Term Liabilities $2.417M $800.0K $700.0K
Total Liabilities $4.975M $1.300M $1.301M
YoY Change 141.74% 0.0% 373.09%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $127.2M $86.60M $90.70M
YoY Change
Total Liabilities & Shareholders Equity $132.2M $87.90M $92.05M
YoY Change 45.53% -4.46% 36.95%

Cashflow Statement

Concept 2019 Q1 2018 2017 Q4
OPERATING ACTIVITIES
Net Income $13.98M $53.91M $14.23M
YoY Change 27.51% 40.3% 107.13%
Depreciation, Depletion And Amortization $2.307M $8.947M $2.860M
YoY Change 5.63% -3.82% 47.42%
Cash From Operating Activities $17.69M $62.52M $12.76M
YoY Change 22.12% 42.01% 89.88%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$40.00K -$950.0K
YoY Change -100.0% -96.23%
Acquisitions
YoY Change
Other Investing Activities $1.169M -$20.00K $0.00
YoY Change 2238.0% -104.55%
Cash From Investing Activities $1.169M -$60.00K -$950.0K
YoY Change 6394.44% -90.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -17.24M -58.01M -9.540M
YoY Change 33.21% 53.47% 19.25%
NET CHANGE
Cash From Operating Activities 17.69M 62.52M 12.76M
Cash From Investing Activities 1.169M -60.00K -950.0K
Cash From Financing Activities -17.24M -58.01M -9.540M
Net Change In Cash 18.86M 62.46M 2.270M
YoY Change 30.03% 43.89% -277.34%
FREE CASH FLOW
Cash From Operating Activities $17.69M $62.52M $12.76M
Capital Expenditures $0.00 -$40.00K -$950.0K
Free Cash Flow $17.69M $62.56M $13.71M
YoY Change 21.87% 38.76%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 3.6pt 0pt 0pt; text-align: left; text-indent: 18pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;">Concentration of Credit Risks&#x2014;</div>Our<div style="display: inline; font-style: italic;"> </div>Partnership, as a royalty and NPI owner, has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> control over the volumes or method of sale of oil and natural gas produced and sold from the Royalty Properties and NPIs. It is believed that the loss of any single customer would <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material adverse effect on the consolidated results of our operations.</div></div></div></div></div></div></div></div>
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CY2018 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="width: 18pt;">&nbsp;</td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.</div></div></div> </td> <td style="vertical-align: top;"> <div style=" text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">New Accounting Pronouncements</div></div> </td> </tr> </table> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" margin: 0pt 14.4pt 0pt 0pt; text-align: left; text-indent: 18pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;In <div style="display: inline; font-style: italic; font-style: normal; font-weight: inherit;"> May 2014, </div>the Financial Accounting Standards Board (&#x201c;FASB&#x201d;) issued Accounting Standards Update (&#x201c;ASU&#x201d;) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> Revenue from Contracts with Customers (&#x201c;ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09&#x201d;</div>), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The guidance requires entities to recognize revenue using the following <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div>-step model: identify the contract with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue as the entity satisfies each performance obligation.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" margin: 0pt 14.4pt 0pt 0pt; text-align: left; text-indent: 18pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">On <div style="display: inline; font-style: italic; font-style: normal; font-weight: inherit;"> January 1, 2018, </div>we adopted ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> using the full retrospective method. The Partnership completed its review of a representative sample of revenue contracts covering its material revenue streams and determined that there is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact to its consolidated financial statements, results of operations or liquidity. When comparing the Partnership&#x2019;s historical revenue recognition to the newly applied revenue recognition under Accounting Standards Codification (&#x201c;ASC&#x201d;) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> change to the amount or timing of revenue recognized. Therefore, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> quantitative adjustment was required to be made to the prior periods presented in these unaudited condensed consolidated financial statements after the adoption of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606.</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" margin: 0pt 14.4pt 0pt 0pt; text-align: left; text-indent: 18pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">In <div style="display: inline; font-style: italic; font-style: normal; font-weight: inherit;"> February 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div>-Leases (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>), (&#x201c;ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02&#x201d;</div>) as updated by ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,</div> Codification Improvements to Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842,</div> Leases, which requires lessees to record most leases on the balance sheet. Under the new guidance, lease classification as either a finance lease or an operating lease will determine how lease-related revenue and expense are recognized. The guidance is effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-style: normal; font-weight: inherit;"> December 15, 2018, </div>including interim periods within those fiscal years. The new guidance does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> apply to leases to explore for or use minerals, oil, natural gas and similar resources.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" margin: 0pt 14.4pt 0pt 0pt; text-align: left; text-indent: 18pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">In <div style="display: inline; font-style: italic; font-style: normal; font-weight: inherit;"> January 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01,</div> Land Easement Practical Expedient for Transition to Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> (&#x201c;ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01&#x201d;</div>). ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01</div> affects entities with land easements that exist or expired before an entity&#x2019;s adoption of FASB ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> &#x2013; Leases (&#x201c;ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842&#x201d;</div>). ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01</div> provides an optional transition practical expedient to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> evaluate under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> land easements that exist or expired before the entity&#x2019;s adoption of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> and that were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> previously accounted for as leases under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div> &#x2013; Leases. An entity that elects the practical expedient will be required to evaluate new or modified land easement arrangements under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> upon adoption of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842.</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; text-indent: 18pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Based on its current commitments, the Company will be required to recognize a lease asset and lease liability related to its office lease commitment upon adoption of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842.</div> The Company plans to apply certain practical expedients provided in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> that, among other things, allow entities <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to reassess contracts that commenced prior to the adoption of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> and to carryover the conclusions reached under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div> - Leases. Upon lease commencement, the Company concluded its office lease was an operating lease under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div> and will therefore, recognize a right-to-use asset and an offsetting lease liability related to its office lease upon adoption of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> in the range of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.3</div> million to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.5</div> million. The adoption of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on the Company&#x2019;s statements of income or statements of cash flows. In preparation for the adoption of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842,</div> the Company has implemented internal controls to identify contracts that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>contain a lease.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"></div></div>
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CY2017Q4 us-gaap General Partners Capital Account
GeneralPartnersCapitalAccount
1782000
CY2016 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0
CY2017 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0
CY2018 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0
CY2018 us-gaap Incentive Distribution Policy Managing Member Or General Partner Description
IncentiveDistributionPolicyManagingMemberOrGeneralPartnerDescription
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 3.6pt 0pt 0pt; text-align: left; text-indent: 18pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;">General Partner&#x2014;</div>Our<div style="display: inline; font-style: italic;"> </div>general partner is Dorchester Minerals Management LP, referred to in these Notes as &#x201c;our general partner.&#x201d; Our general partner owns all of the partnership interests in Dorchester Minerals Operating LP, the operating partnership. See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> <div style="display: inline; font-style: italic;">&#x2014;</div>Related Party Transactions. The general partner is allocated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1%</div> of our Royalty Properties&#x2019; net revenues and Net Profits Interest net proceeds actually received by the operating partnership, respectively.</div></div></div></div></div></div></div></div>
CY2018 us-gaap Increase Decrease In Due From Related Parties
IncreaseDecreaseInDueFromRelatedParties
-132000
CY2017 us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
1727000
CY2016 us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
1693000
CY2018 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-178000
CY2017 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
455000
CY2016 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-252000
CY2018 us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
191000
CY2017 us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
702000
CY2016 us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
23000
CY2017 us-gaap Increase Decrease In Due From Related Parties
IncreaseDecreaseInDueFromRelatedParties
3105000
CY2016 us-gaap Increase Decrease In Due From Related Parties
IncreaseDecreaseInDueFromRelatedParties
-780000
CY2018 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
345000
CY2017 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
385000
CY2016 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
272000
CY2018Q4 us-gaap Liabilities
Liabilities
1276000
CY2017Q4 us-gaap Liabilities
Liabilities
1301000
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
87923000
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
92047000
CY2018Q4 us-gaap Liabilities Current
LiabilitiesCurrent
486000
CY2017Q4 us-gaap Liabilities Current
LiabilitiesCurrent
637000
CY2018Q4 us-gaap Limited Partners Capital Account
LimitedPartnersCapitalAccount
84821000
CY2017Q4 us-gaap Limited Partners Capital Account
LimitedPartnersCapitalAccount
88964000
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-60000
CY2017 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-616000
CY2016 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
CY2018 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
62524000
CY2017 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
44028000
CY2016 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
28278000
CY2018 us-gaap Net Income Loss
NetIncomeLoss
53907000
CY2017 us-gaap Net Income Loss
NetIncomeLoss
38424000
CY2016 us-gaap Net Income Loss
NetIncomeLoss
20967000
CY2018 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
1966000
CY2017 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
1341000
CY2016 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
736000
CY2018 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
51941000
CY2017 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
37083000
CY2016 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
20231000
CY2018Q4 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
25
CY2018Q4 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
306335000
CY2017Q4 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
297442000
CY2018Q4 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
363205000
CY2017Q4 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
363186000
CY2018Q4 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
56870000
CY2017Q4 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
65744000
CY2018 us-gaap Operating Expenses
OperatingExpenses
2762000
CY2017 us-gaap Operating Expenses
OperatingExpenses
2460000
CY2016 us-gaap Operating Expenses
OperatingExpenses
1733000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
3520000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
254000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
344000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
338000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
332000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
2252000
CY2018 us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
41000
CY2017 us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
1056000
CY2018 us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
CY2017 us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
23183000
CY2016 us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
CY2018Q4 us-gaap Partners Capital
PartnersCapital
86647000
CY2017Q4 us-gaap Partners Capital
PartnersCapital
90746000
CY2015Q4 us-gaap Partners Capital
PartnersCapital
73171000
CY2016Q4 us-gaap Partners Capital
PartnersCapital
66936000
CY2017 us-gaap Partners Capital Account Acquisitions
PartnersCapitalAccountAcquisitions
23183000
CY2016 us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
27202000
CY2017 us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
37797000
CY2018 us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
58006000
CY2016 us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
CY2018 us-gaap Production Tax Expense
ProductionTaxExpense
2749000
CY2017 us-gaap Production Tax Expense
ProductionTaxExpense
2175000
CY2016 us-gaap Production Tax Expense
ProductionTaxExpense
1360000
CY2018 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
73278000
CY2017 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
57291000
CY2016 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
37557000
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; text-indent: 18pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;">Estimates</div><div style="display: inline; font-style: italic;"> </div><div style="display: inline; font-style: italic;">&#x2014;</div><div style="display: inline; font-style: italic;"> </div>The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. For example, estimates of uncollected revenues and unpaid expenses from Royalty Properties and net profits overriding royalty interests (referred to as the Net Profits Interests, or &#x201c;NPIs&#x201d;) operated by non-affiliated entities are particularly subjective due to our inability to gain accurate and timely information. Therefore, actual results could differ from those estimates.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" margin: 0pt 3.6pt 0pt 0pt; text-align: left; text-indent: 18pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The discounted present value of our proved oil and natural gas reserves is a major component of the ceiling test calculation and requires many subjective judgments. Estimates of reserves are forecasts based on engineering and geological analyses. Different reserve engineers could reach different conclusions as to estimated quantities of oil and natural gas reserves based on the same information. The passage of time provides more qualitative and quantitative information regarding reserve estimates, and revisions are made to prior estimates based on updated information. However, there can be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> assurance that more significant revisions will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be necessary in the future. Significant downward revisions could result in an impairment representing a non-cash charge to income. In addition to the impact on the calculation of the ceiling test, estimates of proved reserves are also a major component of the calculation of depletion. See the discussion under <div style="display: inline; font-style: italic;">Oil and Natural Gas Properties</div>.</div></div></div></div></div></div></div></div>
CY2018 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
32280000
CY2017 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
31488000
CY2016 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
30675000

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