Document and Entity Information
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6 Months Ended | |||
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Jun. 30, 2015
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Aug. 07, 2015
Common Units
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Aug. 07, 2015
Subordinate Units
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Aug. 07, 2015
Preferred Units
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Document Information [Line Items] | ||||
Document Type | 10-Q | |||
Amendment Flag | false | |||
Document Period End Date | Jun. 30, 2015 | |||
Document Fiscal Year Focus | 2015 | |||
Document Fiscal Period Focus | Q2 | |||
Trading Symbol | BSM | |||
Entity Registrant Name | Black Stone Minerals, L.P. | |||
Entity Central Index Key | 0001621434 | |||
Current Fiscal Year End Date | --12-31 | |||
Entity Filer Category | Non-accelerated Filer | |||
Entity Partnership Units Outstanding | 96,185,592 | 95,057,312 | 117,963 |
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CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified |
Jun. 30, 2015
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Dec. 31, 2014
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Oil and natural gas properties, unproved property costs | $ 574,727 | $ 626,376 |
Other property and equipment accumulated depreciation and amortization | $ 14,124 | $ 12,994 |
Preferred Units
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Partners' equity, preferred units, outstanding | 117,963 | 157,203 |
Common Units
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Partners' equity, limited partner units, outstanding | 96,186,000 | 0 |
Common Units | Predecessor
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Partners' equity, limited partner units, outstanding | 0 | 164,484,000 |
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Partners' equity, limited partner units, outstanding | 95,057,000 | 0 |
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Business and Basis of Presentation
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Jun. 30, 2015
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Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Business and Basis of Presentation | NOTE 1—BUSINESS AND BASIS OF PRESENTATION Description of the business: Black Stone Minerals, L.P. (“BSM”) is a publicly traded Delaware limited partnership formed on September 16, 2014. On May 6, 2015, BSM completed its initial public offering (the “IPO”) of 22,500,000 common units representing limited partner interests at a price to the public of $19.00 per common unit. BSM received proceeds of $391.5 million from the sale of its common units, net of underwriting discount, structuring fee, and estimated offering expenses (including costs previously incurred and capitalized). BSM used the net proceeds from the IPO to repay substantially all indebtedness outstanding under its credit facility. On May 1, 2015, BSM’s common units began trading on the New York Stock Exchange under the symbol “BSM.” Black Stone Minerals Company, L.P., a Delaware limited partnership, and its subsidiaries (collectively referred to as “BSMC” or the “Predecessor”) own oil and natural gas mineral interests in the United States. In connection with the IPO, BSMC was merged into a wholly owned subsidiary of BSM, with BSMC as the surviving entity. Pursuant to the merger, the Class A and Class B common units representing limited partner interests of the Predecessor were converted into an aggregate of 72,574,715 common units and 95,057,312 subordinated units of BSM at a conversion ratio of 12.9465:1 for 0.4329 common units and 0.5671 subordinated units, and the preferred units of BSMC were converted into an aggregate of 117,963 preferred units of BSM at a conversion ratio of one to one. The merger is accounted for as a combination of entities under common control with assets and liabilities transferred at their carrying amounts in a manner similar to a pooling of interests. Unless otherwise stated or the context otherwise indicates, all references to the “Company” or similar expressions for time periods prior to the IPO refer to Black Stone Minerals Company, L.P. and its subsidiaries, the Predecessor, for accounting purposes. For time periods subsequent to the IPO, these terms refer to Black Stone Minerals, L.P. and its subsidiaries. In addition to mineral interests, the Company’s assets include nonparticipating and overriding royalty interests. These non-cost-bearing interests are collectively referred to as “mineral and royalty interests.” As of June 30, 2015, the Company’s mineral and royalty interests are located in most of the major onshore oil and natural gas producing basins spread across 41 states and 62 onshore oil and natural gas producing basins of the continental U.S. The Company also owns non-operated working interests in certain oil and natural gas properties. Basis of presentation: The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S. and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These unaudited interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all disclosures required for financial statements prepared in conformity with U.S. GAAP. Accordingly, the accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the Company’s annual consolidated financial statements and related notes included in its final prospectus (the “Prospectus”) dated April 30, 2015 and filed with the SEC, pursuant to Rule 424(b) under the Securities Act of 1933 (the “Securities Act”), on May 1, 2015. The financial statements include the consolidated results of the Company. BSM’s general partner, Black Stone Minerals GP, L.L.C., is a wholly owned subsidiary. All intercompany balances and transactions have been eliminated. Certain reclassifications have been made to the prior periods presented to conform to the current period financial statement presentation. The reclassifications have no effect on the consolidated financial position, results of operations, or cash flows of the Company. In the opinion of management, all material adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for the periods presented have been reflected. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results to be expected for the full year. The Company evaluates the significant terms of its investments to determine the method of accounting to be applied to each respective investment. Investments in which the Company has less than a 20% ownership interest and does not have control or exercise significant influence are accounted for under the cost method. The Company’s cost method investment is included in deferred charges and other long-term assets in the consolidated balance sheets. Investments in which the Company exercises control are consolidated, and the noncontrolling interests of such investments, which are not attributable directly or indirectly to the Company, are presented as a separate component of net income and equity in the accompanying consolidated financial statements. The consolidated financial statements include undivided interests in oil and natural gas property rights. The Company accounts for its share of oil and natural gas property rights by reporting its proportionate share of assets, liabilities, revenues, costs, and cash flows within the relevant lines on the accompanying consolidated balance sheets, statements of operations, and statements of cash flows. Segment reporting: The Company operates in a single operating and reportable segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company’s chief executive officer has been determined to be the chief operating decision maker and allocates resources and assesses performance based upon financial information at the consolidated level. |
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Summary of Significant Accounting Policies
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Jun. 30, 2015
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Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant accounting policies: Our significant accounting policies are disclosed in Note 2 of the consolidated financial statements for the years ended December 31, 2014 and 2013 included in the Prospectus. There have been no changes in such policies or the application of such policies during the six months ended June 30, 2015. New accounting pronouncements: In May 2014, the Financial Accounting Standards Board (the “FASB”) issued an accounting standards update on a comprehensive new revenue recognition standard that will supersede Accounting Standards Codification (“ASC”) 605, Revenue Recognition. The new accounting guidance creates a framework under which an entity will allocate the transaction price to separate performance obligations and recognize revenue when each performance obligation is satisfied. Under the new standard, entities will be required to use judgment and make estimates, including identifying performance obligations in a contract, estimating the amount of variable consideration to include in the transaction price, allocating the transaction price to each separate performance obligation, and determining when an entity satisfies its performance obligations. The standard allows for either “full retrospective” adoption, meaning that the standard is applied to all of the periods presented with a cumulative catch-up as of the earliest period presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements with a cumulative catch-up as of the current period. In July 2015, the FASB decided to defer the original effective date by one year to be effective for annual reporting periods beginning after December 15, 2017 instead of December 15, 2016 for public entities. The Company is still evaluating the impact that the new accounting guidance will have on its consolidated financial statements and related disclosures and has not yet determined the method by which it will adopt the standard. In April 2015, the FASB issued an accounting standards update that requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying value of that debt liability, consistent with debt discounts. The guidance is effective retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The Company does not expect the impact of adopting this guidance will be material to the Company’s consolidated financial statements and related disclosures. In April 2015, the FASB issued an accounting standards update that specifies that for purposes of calculating historical earnings per unit under the two-class method, the earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated entirely to the general partner. In that circumstance, the previously reported earnings per unit of the limited partners (which is typically the earnings per unit measure presented in the financial statements) would not change as a result of the dropdown transaction. Qualitative disclosures about how the rights to the earnings (losses) differ before and after the dropdown transaction occurs for purposes of computing earnings per unit under the two-class method also are required. The guidance is effective retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect the impact of adopting this guidance will be material to the Company’s consolidated financial statements and related disclosures.
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Asset Retirement Obligations
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Asset Retirement Obligations | NOTE 3—ASSET RETIREMENT OBLIGATIONS The asset retirement obligation (“ARO”) liability reflects the present value of estimated costs of dismantlement, removal, site reclamation, and similar activities associated with the Company’s oil and natural gas properties. The Company utilizes current retirement costs to estimate the expected cash outflows for retirement obligations. The Company estimates the ultimate productive life of its properties, a risk-adjusted discount rate, and an inflation factor in order to determine the current present value of this obligation. To the extent future revisions to these assumptions impact the present value of the existing ARO liability, a corresponding adjustment is made to the oil and natural gas property balance. The following table describes changes to the Company’s ARO liability during the period:
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Derivatives and Financial Instruments
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Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Financial Instruments | NOTE 4—DERIVATIVES AND FINANCIAL INSTRUMENTS The Company’s ongoing operations expose it to changes in the market price for oil and natural gas. To mitigate these price fluctuations, the Company uses commodity derivative instruments. From time to time, such instruments may include fixed-price contracts, variable-to-fixed-price swaps, costless collars, and other contractual arrangements. The Company does not enter into derivative instruments for speculative purposes. Costless collars are a combination of a purchased put option and a sold call option, in which the premiums net to zero. With a costless collar, the counterparty is required to make a payment to the Company if the settlement price for any settlement period is below the exercise price of the purchased put. The Company is required to make a payment to the counterparty if the settlement price for any settlement period is above the exercise price for the sold call of the collar. The settlement paid or received is the difference between the market price on the settlement date and the related exercise price. The Company has also entered into commodity derivative instruments in the form of fixed price swap contracts. A fixed-price-swap contract between the Company and the counterparty specifies a fixed commodity price and a future settlement date. The Company will receive from, or pay to, the counterparty the difference between the fixed swap price and the market price on the settlement date. All derivative instruments that have not yet been settled in cash are reflected as either assets or liabilities in the Company’s accompanying consolidated balance sheets as of June 30, 2015 and December 31, 2014. See Note 5 – Fair Value Measurement for further discussion. The table below summarizes the fair value and classification of the Company’s derivative instruments:
Changes in the fair values of the Company’s derivative instruments (both assets and liabilities) are presented on a net basis in the accompanying consolidated statements of operations. Changes in the fair value of the Company’s commodity derivative instruments (both assets and liabilities) are as follows:
The Company had the following open derivative contracts for oil as of June 30, 2015:
The Company had the following open derivative contracts for natural gas as of June 30, 2015:
The Company entered into the following derivative contracts for oil subsequent to June 30, 2015:
The Company entered into the following derivative contracts for natural gas subsequent to June 30, 2015:
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Fair Value Measurement
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Jun. 30, 2015
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | NOTE 5—FAIR VALUE MEASUREMENT ASC 820, Fair Value Measurement, defines fair value as the amount at which an asset (or liability) could be sold (or transferred) in an orderly transaction between market participants at the measurement date. Further, ASC 820 establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value, and includes certain disclosure requirements. Fair value estimates are based on either (i) actual market data or (ii) assumptions that other market participants would use in pricing an asset or liability, including estimates of risk. ASC 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows: Level 1—Unadjusted quoted prices for identical assets or liabilities in active markets. Level 2—Quoted prices for similar assets or liabilities in non-active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3—Inputs that are unobservable and significant to the fair value measurement (including the Company’s own assumptions in determining fair value). A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. There were no transfers into, or out of, the three levels of the fair value hierarchy for the six months ended June 30, 2015 or the year ended December 31, 2014. Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company estimated the fair value of derivative instruments using the market approach via a model that uses inputs that are observable in the market or can be derived from, or corroborated by, observable data. See Note 4 – Derivatives and Financial Instruments for further discussion. The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis:
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The determination of the fair values of proved and unproved properties acquired in purchase transactions are prepared by estimating discounted-cash-flow projections. The factors used to determine fair value include estimates of economic reserves, future operating and development costs, future commodity prices, and a market-based weighted-average cost of capital. Oil and natural gas properties are measured at fair value on a nonrecurring basis using the income approach. Proved and unproved oil and natural gas properties are reviewed for impairment when events and circumstances indicate a possible decline in the recoverability of the carrying value of those properties. Significant Level 3 assumptions used to determine fair value include estimates of proved reserves, future commodity prices, the timing and amount of future production and capital expenditures, and a discount rate commensurate with the risk associated with the respective oil and natural gas properties. The Company’s estimates of fair value have been determined at discrete points in time based on relevant market data. These estimates involve uncertainty and cannot be determined with precision. There were no significant changes in valuation techniques or related inputs as of June 30, 2015 or December 31, 2014. The following table presents information about the Company’s assets measured at fair value on a nonrecurring basis:
The estimated fair value of all debt as of June 30, 2015 and December 31, 2014 approximated the carrying value. These fair values, which are Level 3 measurements, were estimated based on the Company’s incremental borrowing rates for similar types of borrowing arrangements, when quoted market prices were not available. The estimated fair values of the Company’s financial instruments are not necessarily indicative of the amounts that would be realized in a current market exchange. |
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Related Party Transactions
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Jun. 30, 2015
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Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 6—RELATED PARTY TRANSACTIONS The Predecessor executed promissory notes dated April 15, 2010, in the amount of $0.5 million to certain officers of the Predecessor. The promissory notes related to the acquisition of a partnership interest in a former affiliate by the officers, and the notes were collateralized by a security interest in the Predecessor. The aggregate outstanding note balance and interest receivable of $0.1 million was received during the six months ended June 30, 2014.
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Commitments and Contingencies
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Jun. 30, 2015
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Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 7—COMMITMENTS AND CONTINGENCIES Environmental Matters The Company’s business includes activities that are subject to U.S. federal, state, and local environmental regulations with regard to air, land, and water quality and other environmental matters. The Company does not consider the estimated remediation costs that could result from any environmental site assessments to be significant to the consolidated financial statements and no provision for potential remediation costs has been made. Litigation From time to time, the Company is involved in legal actions and claims arising in the ordinary course of business. The Company believes existing claims as of June 30, 2015 will be resolved without material adverse effect to the Company’s consolidated financial statements. |
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Credit Facility
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Jun. 30, 2015
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Debt Disclosure [Abstract] | |
Credit Facility | NOTE 8—CREDIT FACILITY The Company’s amended credit agreement (the “Senior Line of Credit”) has a maximum credit amount of $1.0 billion. All unpaid principal and interest for the Senior Line of Credit is due February 3, 2017. The borrowing base was $700.0 million at December 31, 2014. Our semi-annual borrowing base redetermination process resulted in a decrease of the borrowing base to $600.0 million, effective April 10, 2015. The amount of the borrowing base is derived from the value of the Company’s oil and natural gas properties determined by the lender syndicate using pricing assumptions that often differ from strip prices. Drawings on the Senior Line of Credit are used for the acquisition of oil and natural gas properties and for other general business purposes. On January 23, 2015, the Senior Line of Credit was amended and restated. Borrowings under the Senior Line of Credit bear interest at LIBOR plus a margin between 1.50% and 2.50%, or prime rate plus a margin between 0.50% and 1.50%, with the margin depending on the borrowing base utilization percentage of the loan. The prime rate is determined to be the higher of the financial institution’s prime rate or the federal funds effective rate plus 0.50% per annum. The weighted-average interest rate of the Senior Line of Credit was 3.75% and 2.41% as of June 30, 2015 and December 31, 2014, respectively. Accrued interest is payable at the end of each calendar quarter or at the end of each interest period, unless the interest period is longer than 90 days in which case interest is payable at the end of every 90-day period. In addition, a commitment fee is payable at the end of each calendar quarter based on either a rate of 0.375% if the borrowing base utilization percentage is less than 50%, or 0.50% per annum if the borrowing base utilization percentage is equal to or greater than 50%. The Senior Line of Credit is secured by a majority of the Company’s oil and natural gas production and assets. The Senior Line of Credit contains various limitations on future borrowings, leases, hedging, and sales of assets. Additionally, the Senior Line of Credit requires the Company to maintain a current ratio of not less than 1.0:1.0 and a ratio of total debt to EBITDAX (Earnings before Interest, Taxes, Depreciation, Amortization, and Exploration) of not more than 3.5:1.0. As of June 30, 2015, the Company was in compliance with all financial covenants in the Senior Line of Credit. The aggregate principal balance outstanding was $6.0 million and $394.0 million at June 30, 2015 and December 31, 2014, respectively. The unused portion of the available borrowings under the Senior Line of Credit was $594.0 million and $306.0 million at June 30, 2015 and December 31, 2014, respectively. Refer to Note 1 – Business and Basis of Presentation for a discussion of the use of proceeds from the IPO. |
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Incentive Compensation
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Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incentive Compensation | NOTE 9—INCENTIVE COMPENSATION Effective May 6, 2015, the Company’s general partner adopted a long-term incentive plan (the “2015 LTIP”), pursuant to which non-employee directors of the Company’s general partner and certain employees and consultants of the Company and its affiliates are eligible to receive awards with respect to the Company’s common or subordinated units. In connection with the IPO, outstanding restricted common units in the Predecessor were exchanged for restricted common and subordinated units in the Company under the 2015 LTIP. Additionally, a provision contained in certain of the Predecessor’s restricted unit agreements that allowed award recipients to request cash settlement for up to 50% of their restricted unit awards granted prior to December 31, 2014 was removed; as such, these awards are no longer classified as liability awards. The Company’s general partner currently intends to grant new equity-based awards under the 2015 LTIP only with respect to common units. The 2015 LTIP permits the grant of unit options, unit appreciation rights, restricted units, unit awards, phantom units, distribution equivalent rights either in tandem with an award or as a separate award, cash awards, and other unit-based awards. On May 6, 2015, in conjunction with the adoption of the 2015 LTIP, the Board of Directors of the Company’s general partner (the “Board”) approved a grant of awards to each of the Company’s executive officers, certain other employees, and each of the non-employee directors of the Company’s general partner. These awards consisted of restricted common units, restricted performance units (in the form of phantom units) with distribution equivalent rights, fully vested common units, and cash awards. The grants included 1,034,013 restricted common units subject to limitations on transferability, customary forfeiture provisions, and service-based graded vesting requirements through April 1, 2019. The holders of restricted common unit awards have all of the rights of a common unitholder, including non-forfeitable distribution rights with respect to their restricted common units. The grant-date fair value of these awards, net of estimated forfeitures, is recognized ratably using the straight-line attribution method. The Board also approved a grant of 947,142 restricted performance units that are subject to both performance-based and service-based vesting provisions. The number of common units issued to a recipient upon vesting of a restricted performance unit will be calculated based on performance against certain metrics that relate to the Company’s performance over each of the four 12-month performance periods commencing April 1, 2015. The target number of common units subject to each restricted performance unit is one; however, based on the achievement of performance criteria, the number of common units that may be received in settlement of each restricted performance unit can range from zero to two times the target number. The restricted performance units are eligible to become earned as follows: 16.66%, 16.67%, and 16.67% of the performance units may become earned in each of the 12-month performance periods that end on March 31, 2016, March 31, 2017 and March 31, 2018, respectively. The remaining 50% of the restricted performance units are eligible to become earned during the final 12-month performance period that ends on March 31, 2019. If the performance criteria are not met for the final performance period, the awards allow for a make-up period ending on March 31, 2020. Compensation expense related to the restricted performance unit awards is determined by multiplying the number of common units underlying such awards that, based on the Company’s estimate, are likely to vest, by the grant-date fair value and recognized using the accelerated attribution method. Distribution equivalent rights for the restricted performance unit awards that are expected to vest are charged to partners’ capital. Additionally, non-employee directors of the Company’s general partner received a one-time grant totaling 63,156 fully vested common units. Cash awards totaling $2.7 million with service-based graded vesting requirements through March 31, 2019 were also granted to certain other employees. The table below summarizes incentive compensation expense recorded in general and administrative expenses in the consolidated statements of operations for the three and six months ended June 30, 2015 and 2014, respectively.
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Redeemable Preferred Units
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Jun. 30, 2015
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Equity [Abstract] | |
Redeemable Preferred Units | NOTE 10—REDEEMABLE PREFERRED UNITS The Company has 117,963 and 157,203 preferred units outstanding with a book value of $120.9 million and $161.2 million as of June 30, 2015 and December 31, 2014, respectively, which includes accrued dividends of $2.9 million and $4.0 million as of June 30, 2015 and December 31, 2014, respectively. The redeemable preferred units are classified as mezzanine equity on the consolidated balance sheets since redemption is outside the control of the Company. The preferred units are entitled to an annual dividend coupon of 10% of the funded capital of the preferred units, payable on a quarterly basis in arrears. The Company accrued dividends on the preferred units of $2.9 million and $3.9 million for the quarters ended June 30, 2015 and 2014, respectively. The preferred units are convertible into common and subordinated units at any time at the option of the preferred unitholders. The preferred units have an adjusted conversion price of $14.2683 and an adjusted conversion rate of 30.3431 common units and 39.7427 subordinated units per preferred unit, which reflects the reverse split described in Note 1 – Business and Basis of Presentation and the capital restructuring related to the IPO. The owners of the preferred units could elect to have the Company redeem up to 25% per year of their initial balance of preferred units at face value, plus any accrued and unpaid dividends, on December 31 of each year from 2014 to 2017. The Company shall have the right, at its sole option, to redeem an amount of preferred units equal to the units being redeemed by an owner of preferred units on each December 31. Any amount of a given year’s 25% of preferred units not redeemed on December 31 shall automatically convert to common and subordinated units on January 1 of the following year. For the six months ended June 30, 2015, 39,240 preferred units totaling $39.2 million were converted into the equivalent of 1,190,664 common units and 1,559,502 subordinated units on an adjusted basis, which included the automatic conversion on January 1, 2015.
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Earnings Per Unit
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Jun. 30, 2015
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Unit | NOTE 11—EARNINGS PER UNIT We apply the two-class method for purposes of calculating earnings per unit (“EPU”). The holders of the Company’s restricted common and subordinated units have all the rights of a unitholder, including non-forfeitable distribution rights. As participating securities, the restricted common and subordinated units are included in the calculation of basic earnings per unit. For the periods presented, the amount of earnings allocated to these participating units was not material. Net income (loss) attributable to the Company is allocated to our general partner and the common and subordinated unitholders in proportion to their pro rata ownership after giving effect to distributions, if any, declared during the period. The redeemable preferred units could be converted into 3.6 million common units and 4.7 million subordinated units as of June 30, 2015, and 4.8 million common units and 6.2 million subordinated units, on an adjusted basis, as of June 30, 2014. At June 30, 2015 and 2014, if the redeemable preferred units were converted to common and subordinated units, the effect would be anti-dilutive. Therefore, the redeemable preferred units are not included in the diluted EPU calculation. The Company’s restricted performance unit awards are contingently issuable units that are considered in the calculation of diluted EPU. The Company assesses the number of units that would be issuable, if any, under the terms of the arrangement if the end of the reporting period were the end of the contingency period. As of June 30, 2015, there were no units related to the Company’s restricted performance unit awards included in the calculation of diluted EPU. The following table sets forth the computation of basic and diluted earnings per common and subordinated unit:
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Subsequent Events
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Jun. 30, 2015
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Subsequent Events [Abstract] | |
Subsequent Events | NOTE 12—SUBSEQUENT EVENTS On July 15, 2015, the Company closed a transaction to purchase mineral and royalty interests in the Permian Basin for $7.8 million. On August 12, 2015, the Board approved a prorated distribution for the period May 6, 2015 through June 30, 2015 of $0.1615 per unit for common and subordinated unitholders. Distributions will be payable on August 27, 2015 to unitholders of record at the close of business on August 20, 2015. |
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Summary of Significant Accounting Policies (Policies)
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6 Months Ended |
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Jun. 30, 2015
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Accounting Policies [Abstract] | |
New Accounting Pronouncements | New accounting pronouncements: In May 2014, the Financial Accounting Standards Board (the “FASB”) issued an accounting standards update on a comprehensive new revenue recognition standard that will supersede Accounting Standards Codification (“ASC”) 605, Revenue Recognition. The new accounting guidance creates a framework under which an entity will allocate the transaction price to separate performance obligations and recognize revenue when each performance obligation is satisfied. Under the new standard, entities will be required to use judgment and make estimates, including identifying performance obligations in a contract, estimating the amount of variable consideration to include in the transaction price, allocating the transaction price to each separate performance obligation, and determining when an entity satisfies its performance obligations. The standard allows for either “full retrospective” adoption, meaning that the standard is applied to all of the periods presented with a cumulative catch-up as of the earliest period presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements with a cumulative catch-up as of the current period. In July 2015, the FASB decided to defer the original effective date by one year to be effective for annual reporting periods beginning after December 15, 2017 instead of December 15, 2016 for public entities. The Company is still evaluating the impact that the new accounting guidance will have on its consolidated financial statements and related disclosures and has not yet determined the method by which it will adopt the standard. In April 2015, the FASB issued an accounting standards update that requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying value of that debt liability, consistent with debt discounts. The guidance is effective retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The Company does not expect the impact of adopting this guidance will be material to the Company’s consolidated financial statements and related disclosures. In April 2015, the FASB issued an accounting standards update that specifies that for purposes of calculating historical earnings per unit under the two-class method, the earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated entirely to the general partner. In that circumstance, the previously reported earnings per unit of the limited partners (which is typically the earnings per unit measure presented in the financial statements) would not change as a result of the dropdown transaction. Qualitative disclosures about how the rights to the earnings (losses) differ before and after the dropdown transaction occurs for purposes of computing earnings per unit under the two-class method also are required. The guidance is effective retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect the impact of adopting this guidance will be material to the Company’s consolidated financial statements and related disclosures. |
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Asset Retirement Obligations (Tables)
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Jun. 30, 2015
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Schedule of Change in Asset Retirement Obligation Liability | The following table describes changes to the Company’s ARO liability during the period:
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Derivatives and Financial Instruments (Tables)
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Jun. 30, 2015
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Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Fair Value and Classification of Derivative Instruments | The table below summarizes the fair value and classification of the Company’s derivative instruments:
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Changes in Fair Value of Company's Commodity Derivative Instruments | Changes in the fair value of the Company’s commodity derivative instruments (both assets and liabilities) are as follows:
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Oil and Natural Gas
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Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Open Derivative Contracts for Oil and Natural Gas | The Company had the following open derivative contracts for oil as of June 30, 2015:
The Company had the following open derivative contracts for natural gas as of June 30, 2015:
The Company entered into the following derivative contracts for oil subsequent to June 30, 2015:
The Company entered into the following derivative contracts for natural gas subsequent to June 30, 2015:
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Fair Value Measurement (Tables)
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Jun. 30, 2015
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis:
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Schedule of Assets Measured at Fair Value on a Nonrecurring Basis | The following table presents information about the Company’s assets measured at fair value on a nonrecurring basis:
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No authoritative reference available. No definition available.
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X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Incentive Compensation (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2015
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Incentive Compensation Expense | The table below summarizes incentive compensation expense recorded in general and administrative expenses in the consolidated statements of operations for the three and six months ended June 30, 2015 and 2014, respectively.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Earnings Per Unit (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2015
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic and Diluted Earnings per Common and Subordinated Unit | The following table sets forth the computation of basic and diluted earnings per common and subordinated unit:
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Business and Basis of Presentation - Additional Information (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
6 Months Ended | 0 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2015
|
Jun. 30, 2015
U.S.
States
Basins
|
Jun. 30, 2015
Common Units
|
May 06, 2015
Common Units
Predecessor
|
May 06, 2015
Common Units
IPO
Limited Partner
|
May 06, 2015
Subordinate Units
Predecessor
|
May 06, 2015
Preferred Units
Predecessor
|
|
Limited Partners Capital Account [Line Items] | |||||||
Issuance of common units for initial public offering, net of offering costs, units | 22,500,000 | 22,500,000 | |||||
Price per common unit (in dollars per unit) | $ 19.00 | ||||||
Proceeds from sale of common units, net of offering expenses and underwriting discounts and commissions | $ 391.5 | ||||||
Units exchanged in merger | 72,574,715 | 95,057,312 | 117,963 | ||||
Units conversion ratio as part of merger | 12.9465 | 12.9465 | 1 | ||||
Number of states major onshore oil and natural gas basins located | 41 | ||||||
Number of onshore oil and natural gas producing basins | 62 | ||||||
Cost basis, ownership percentage | 20.00% |
X | ||||||||||
- Definition
Cost method investments maximum ownership percentage for accounting purposes. No definition available.
|
X | ||||||||||
- Definition
Number of onshore oil and natural gas producing basins. No definition available.
|
X | ||||||||||
- Definition
Partners capital account units conversion ratio. No definition available.
|
X | ||||||||||
- Definition
Partners capital account units exchanged in merger. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Asset Retirement Obligations - Schedule of Change in Asset Retirement Obligation Liability (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
Asset Retirement Obligation Disclosure [Abstract] | ||||
Beginning asset retirement obligations | $ 9,381 | |||
Liabilities incurred | 92 | 62 | ||
Liabilities settled | (105) | |||
Accretion expense | 269 | 148 | 540 | 295 |
Ending asset retirement obligations | $ 9,908 | $ 9,908 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The net cash outflow or inflow from derivative instruments during the period No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Derivatives and Financial Instruments - Summary of Open Derivative Contracts for Oil and Natural Gas (Details) (Not Designated as Hedging Instrument)
|
6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2015
Oil
Q2 2015
2015 Collar Contracts
Call Options
bbl
|
Jun. 30, 2015
Oil
Q2 2015
2015 Collar Contracts
Put Options
bbl
|
Jun. 30, 2015
Oil
Q2 2015
Swap Contracts
Swap
bbl
|
Jun. 30, 2015
Oil
Q3 2015
2015 Collar Contracts
Call Options
bbl
|
Jun. 30, 2015
Oil
Q3 2015
2015 Collar Contracts
Put Options
bbl
|
Jun. 30, 2015
Oil
Q3 2015
Swap Contracts
Swap
bbl
|
Aug. 13, 2015
Oil
Q3 2015
Swap Contracts
Swap
Subsequent Events
bbl
|
Jun. 30, 2015
Oil
Q4 2015
2015 Collar Contracts
Call Options
bbl
|
Jun. 30, 2015
Oil
Q4 2015
2015 Collar Contracts
Put Options
bbl
|
Jun. 30, 2015
Oil
Q4 2015
Swap Contracts
Swap
bbl
|
Aug. 13, 2015
Oil
Q4 2015
Swap Contracts
Swap
Subsequent Events
bbl
|
Jun. 30, 2015
Oil
2016
Swap Contracts
Swap
bbl
|
Aug. 13, 2015
Oil
2016
Swap Contracts
Swap
Subsequent Events
bbl
|
Jun. 30, 2015
Oil
2017
Swap Contracts
Swap
bbl
|
Aug. 13, 2015
Oil
2017
Swap Contracts
Swap
Subsequent Events
bbl
|
Jun. 30, 2015
Natural Gas
Q3 2015
Swap Contracts
Swap
MMBTU
|
Aug. 13, 2015
Natural Gas
Q3 2015
Swap Contracts
Swap
Subsequent Events
MMBTU
|
Jun. 30, 2015
Natural Gas
Q4 2015
Swap Contracts
Swap
MMBTU
|
Aug. 13, 2015
Natural Gas
Q4 2015
Swap Contracts
Swap
Subsequent Events
MMBTU
|
Jun. 30, 2015
Natural Gas
2016
Swap Contracts
Swap
MMBTU
|
Aug. 13, 2015
Natural Gas
2016
Swap Contracts
Swap
Subsequent Events
MMBTU
|
Jun. 30, 2015
Natural Gas
2017
Swap Contracts
Swap
MMBTU
|
Aug. 13, 2015
Natural Gas
2017
Swap Contracts
Swap
Subsequent Events
MMBTU
|
|
Derivative [Line Items] | |||||||||||||||||||||||
Derivative Contract, Volume | 92,000 | 92,000 | 108,000 | 161,000 | 161,000 | 405,000 | 20,000 | 30,000 | 30,000 | 471,000 | 60,000 | 1,638,000 | 141,000 | 343,000 | 360,000 | ||||||||
Derivative Contract, Volume | 7,590,000 | 280,000 | 6,900,000 | 700,000 | 22,940,000 | 1,310,000 | 4,640,000 | 5,010,000 | |||||||||||||||
Derivative Contract, Weighted Average Price | 102.73 | 86.14 | 57.69 | 102.45 | 84.88 | 58.99 | 46.88 | 102.00 | 85.00 | 60.60 | 48.13 | 58.21 | 50.95 | 63.28 | 53.95 | 3.09 | 2.80 | 3.25 | 2.94 | 3.18 | 3.12 | 3.49 | 3.18 |
Derivative Contract, Price Range Low | 101.00 | 84.00 | 55.60 | 102.00 | 84.00 | 56.76 | 46.86 | 102.00 | 85.00 | 59.00 | 47.39 | 54.80 | 48.54 | 62.87 | 52.73 | 2.84 | 2.80 | 2.88 | 2.82 | 3.03 | 3.00 | 3.43 | 3.14 |
Derivative Contract, Price Range High | 104.00 | 90.00 | 58.77 | 103.55 | 87.00 | 60.22 | 46.90 | 102.00 | 85.00 | 61.71 | 49.18 | 63.07 | 53.30 | 63.65 | 54.38 | 3.22 | 2.80 | 3.53 | 3.11 | 3.41 | 3.35 | 3.52 | 3.46 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Nonrecurring Basis (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Jun. 30, 2015
|
Jun. 30, 2015
|
Jun. 30, 2015
Fair Value Measurements, Nonrecurring Basis
|
Dec. 31, 2014
Fair Value Measurements, Nonrecurring Basis
|
Jun. 30, 2015
Fair Value Measurements, Nonrecurring Basis
Level 3
|
Dec. 31, 2014
Fair Value Measurements, Nonrecurring Basis
Level 3
|
|
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||||
Impaired oil and natural gas properties, Fair Value Measurements | $ 89,671 | $ 81,864 | ||||
Impaired oil and natural gas properties, Net Book Value | 221,500 | 199,794 | ||||
Impaired oil and natural gas properties, Impairment | $ 118,362 | $ 131,829 | $ 131,829 | $ 117,930 |
X | ||||||||||
- Definition
Net book value of certain impaired oil and gas properties under successful efforts method of accounting prior to impairment charges. No definition available.
|
X | ||||||||||
- Definition
Oil and gas property successful effort method net fair value disclosure. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Related Party Transactions - Additional Information (Details) (Predecessor, Officer, USD $)
In Millions, unless otherwise specified |
0 Months Ended | |
---|---|---|
Apr. 15, 2010
|
Jun. 30, 2014
|
|
Predecessor | Officer
|
||
Related Party Transaction [Line Items] | ||
Promissory note, executed amount | $ 0.5 | |
Promissory notes receivable | $ 0.1 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Commitments and Contingencies - Additional Information (Details) (USD $)
|
Jun. 30, 2015
|
---|---|
Commitments And Contingencies Disclosure [Abstract] | |
Provision for remediation costs | $ 0 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Credit Facility - Additional Information (Details) (USD $)
|
6 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2015
|
Dec. 31, 2014
|
Jun. 30, 2015
Senior Line of Credit
|
Apr. 10, 2015
Senior Line of Credit
|
Dec. 31, 2014
Senior Line of Credit
|
Jun. 28, 2013
Senior Line of Credit
|
Jun. 30, 2015
Senior Line of Credit
Minimum
|
Jun. 30, 2015
Senior Line of Credit
Maximum
|
Jan. 23, 2015
Senior Line of Credit
LIBOR Plus Margin Rate
Minimum
|
Jan. 23, 2015
Senior Line of Credit
LIBOR Plus Margin Rate
Maximum
|
Jan. 23, 2015
Senior Line of Credit
Prime Rate Plus Margin Rate
Minimum
|
Jan. 23, 2015
Senior Line of Credit
Prime Rate Plus Margin Rate
Maximum
|
Jan. 23, 2015
Senior Line of Credit
Federal funds effective rate
|
Jun. 30, 2015
Senior Line of Credit
Borrowing Base Utilization Percentage Less Than 50%
|
Jun. 30, 2015
Senior Line of Credit
Borrowing Base Utilization Percentage Equal to or Greater Than 50%
|
|
Line Of Credit Facility [Line Items] | |||||||||||||||
Line of credit, maximum borrowing capacity | $ 1,000,000,000 | ||||||||||||||
Line of credit, borrowing base | 600,000,000 | 700,000,000 | |||||||||||||
Line of credit facility, expiration date | Feb. 03, 2017 | ||||||||||||||
Line of credit, interest rate | 1.50% | 2.50% | 0.50% | 1.50% | 0.50% | ||||||||||
Line of credit, prime rate description | The prime rate is determined to be the higher of the financial institution’s prime rate or the federal funds effective rate plus 0.50% per annum | ||||||||||||||
Line of credit, weighted average interest rate | 3.75% | 2.41% | |||||||||||||
Line of credit, accrued interest periodic payments | Accrued interest is payable at the end of each calendar quarter or at the end of each interest period, unless the interest period is longer than 90 days in which case interest is payable at the end of every 90-day period. | ||||||||||||||
Line of credit facility, frequency of commitment fee payment | Commitment fee is payable at the end of each calendar | ||||||||||||||
Line of credit, commitment fee payable rate | 0.375% | 0.50% | |||||||||||||
Line of credit, current ratio | 100.00% | ||||||||||||||
Line of credit, ratio of total debt to EBITDAX | 350.00% | ||||||||||||||
Credit facilities | 6,000,000 | 394,000,000 | 6,000,000 | 394,000,000 | |||||||||||
Line of credit, unused portion of current borrowing base | $ 594,000,000 | $ 306,000,000 |
X | ||||||||||
- Definition
Current ratio. No definition available.
|
X | ||||||||||
- Definition
Debt to earnings before interest taxes depreciation amortization and exploration ratio. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
Cash settlement percentage of restricted unit awards granted. No definition available.
|
X | ||||||||||
- Definition
Incentive compensation cash award granted. No definition available.
|
X | ||||||||||
- Definition
Number of targeted common units with each performance unit maximum. No definition available.
|
X | ||||||||||
- Definition
Number of targeted common units with each performance unit minimum. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Incentive Compensation - Summary of Incentive Compensation Expense (Details) (2015 LTIP, General and administrative expenses, USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Cash—long-term incentive plan | $ 4,029 | $ 2,506 | $ 7,480 | $ 5,725 |
Total incentive compensation expense | 9,628 | 4,772 | 14,842 | 12,317 |
Restricted common and subordinated units
|
||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Equity-based compensation | 2,668 | 1,716 | 3,950 | 3,432 |
Restricted Performance Units
|
||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Equity-based compensation | 1,260 | 1,260 | ||
Board of Director | Common Units
|
||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total incentive compensation expense | $ 1,671 | $ 550 | $ 2,152 | $ 3,160 |
X | ||||||||||
- Definition
Incentive compensation cash. No definition available.
|
X | ||||||||||
- Definition
Incentive compensation expense. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Redeemable Preferred Units - Additional Information (Details) (USD $)
|
0 Months Ended | 3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|---|
Jan. 02, 2015
|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
|
Dec. 31, 2014
|
|
Class Of Stock [Line Items] | |||||
Preferred units, outstanding value | $ 120,904,000 | $ 120,904,000 | $ 161,165,000 | ||
Dividends on preferred units | 1,810,000 | ||||
Preferred Units
|
|||||
Class Of Stock [Line Items] | |||||
Partners' equity, preferred units, outstanding | 117,963 | 117,963 | 157,203 | ||
Preferred units, outstanding value | 120,900,000 | 120,900,000 | 161,200,000 | ||
Accrued dividends | 2,900,000 | 2,900,000 | 4,000,000 | ||
Preferred units dividend coupon rate | 10.00% | ||||
Dividends on preferred units | 2,900,000 | 3,900,000 | |||
Adjusted conversion price | $ 14.2683 | $ 14.2683 | |||
Preferred units, redemption terms | The owners of the preferred units could elect to have the Company redeem up to 25% per year of their initial balance of preferred units at face value, plus any accrued and unpaid dividends, on December 31 of each year from 2014 to 2017. The Company shall have the right, at its sole option, to redeem an amount of preferred units equal to the units being redeemed by an owner of preferred units on each December 31. Any amount of a given year’s 25% of preferred units not redeemed on December 31 shall automatically convert to common and subordinated units on January 1 of the following year. | ||||
Redemption percentage | 25.00% | ||||
Preferred units redemption period start date | Dec. 31, 2014 | ||||
Preferred units redemption period end date | Dec. 31, 2017 | ||||
Number of preferred units converted | 39,223 | 39,240 | 39,240 | ||
Conversion of preferred units to common units | $ 39,200,000 | $ 39,200,000 | |||
Common Units
|
|||||
Class Of Stock [Line Items] | |||||
Adjusted conversion rate | 30.3431 | ||||
Conversion of preferred units | 1,190,148 | 1,190,664 | |||
Subordinate Units
|
|||||
Class Of Stock [Line Items] | |||||
Adjusted conversion rate | 39.7427 | ||||
Conversion of preferred units | 1,558,826 | 1,559,502 |
X | ||||||||||
- Definition
Convertible preferred units, conversion price. No definition available.
|
X | ||||||||||
- Definition
Convertible preferred units, conversion ratio. No definition available.
|
X | ||||||||||
- Definition
Convertible preferred units, redemption percentage. No definition available.
|
X | ||||||||||
- Definition
Number of convertible preferred stock converted to other securities. No definition available.
|
X | ||||||||||
- Definition
Preferred units redemption period end date. No definition available.
|
X | ||||||||||
- Definition
Preferred units redemption period start date. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Earnings Per Unit - Additional Information (Details)
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6 Months Ended | |
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Jun. 30, 2015
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Jun. 30, 2014
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Restricted Performance Units
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Earnings Per Share Basic [Line Items] | ||
Number of performance units award included in calculation of diluted EPU | 0 | |
Common Units
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Earnings Per Share Basic [Line Items] | ||
Units issuable upon conversion of preferred units excluded from the calculation of diluted EPU | 3,600,000 | 4,800,000 |
Subordinate Units
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Earnings Per Share Basic [Line Items] | ||
Units issuable upon conversion of preferred units excluded from the calculation of diluted EPU | 4,700,000 | 6,200,000 |
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Subsequent Events - Additional Information (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
6 Months Ended | 0 Months Ended | ||||
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Jun. 30, 2015
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Jun. 30, 2014
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Aug. 13, 2015
Subsequent Events
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Jul. 15, 2015
Subsequent Events
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Aug. 13, 2015
Subsequent Events
Common Units
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Aug. 13, 2015
Subsequent Events
Subordinate Units
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Subsequent Event [Line Items] | ||||||
Purchase of mineral and royalty interest | $ 9,574 | $ 29,431 | $ 7,800 | |||
Distribution declaration date | Aug. 12, 2015 | |||||
Distribution date of record | Aug. 20, 2015 | |||||
Distribution date | Aug. 27, 2015 | |||||
Prorated quarterly cash distribution declared | $ 0.1615 | $ 0.1615 |
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