| |
Delaware
(State or Other Jurisdiction of
Incorporation or Organization) |
| |
1311
(Primary Standard Industrial
Classification Code Number) |
| |
88-2227812
(I.R.S. Employer
Identification Number) |
|
| |
Large accelerated filer
☐
|
| |
Accelerated filer
☐
|
|
| |
Non-accelerated filer
☒
|
| |
Smaller reporting company
☒
|
|
| | | | |
Emerging growth company
☒
|
|
| | | | | | iii | | | |
| | | | | | v | | | |
| | | | | | 1 | | | |
| | | | | | 15 | | | |
| | | | | | 41 | | | |
| | | | | | 44 | | | |
| | | | | | 55 | | | |
| | | | | | 69 | | | |
| | | | | | 85 | | | |
| | | | | | 134 | | | |
| | | | | | 141 | | | |
| | | | | | 148 | | | |
| | | | | | 156 | | | |
| | | | | | 160 | | | |
| | | | | | 163 | | | |
| | | | | | 167 | | | |
| | | | | | 173 | | | |
| | | | | | 176 | | | |
| | | | | | 176 | | | |
| | | | | | 176 | | | |
| | | | | | 176 | | | |
| | | | | | F-1 | | | |
| | | | | | A-1 | | | |
| | | | | | B-1 | | | |
| | | | | | C-1 | | | |
| | | | | | D-1 | | | |
| | | | | | II-1 | | |
| | | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| |||||||||||||||||||||||||||||||||
|
(in thousands)
|
| |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||||||||
| Statement of Operations Information: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Oil, natural gas, and related product sales
|
| | | $ | 90,194 | | | | | $ | 55,717 | | | | | $ | 263,263 | | | | | $ | 142,632 | | | | | $ | 197,546 | | | | | $ | 28,290 | | | | | $ | 23,283 | | |
| Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | | 6,368 | | | | | | 3,621 | | | | | | 15,840 | | | | | | 8,407 | | | | | | 12,362 | | | | | | 5,147 | | | | | | 2,669 | | |
|
Production taxes
|
| | | | 5,053 | | | | | | 2,506 | | | | | | 14,628 | | | | | | 7,737 | | | | | | 10,808 | | | | | | 1,815 | | | | | | 1,369 | | |
|
Depletion and accretion expense
|
| | | | 39,868 | | | | | | 15,794 | | | | | | 70,529 | | | | | | 45,798 | | | | | | 60,534 | | | | | | 22,130 | | | | | | 17,100 | | |
|
Professional fees
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,552 | | | | | | 790 | | | | | | 939 | | |
|
Management fees
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,878 | | | | | | 3,878 | | | | | | 3,878 | | |
|
General and administrative
|
| | | | 1,776 | | | | | | 1,764 | | | | | | 4,880 | | | | | | 4,978 | | | | | | 832 | | | | | | 498 | | | | | | 144 | | |
|
Organizational expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 21 | | |
|
Total expenses
|
| | | | 53,065 | | | | | | 23,685 | | | | | | 105,877 | | | | | | 66,920 | | | | | | 89,966 | | | | | | 34,258 | | | | | | 26,120 | | |
|
Net operating income (loss)
|
| | | | 37,129 | | | | | | 32,032 | | | | | | 157,386 | | | | | | 75,712 | | | | | | 107,580 | | | | | | (5,968) | | | | | | (2,837) | | |
| Other (expense) income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Gain (loss) on derivative contracts
|
| | | | 6,082 | | | | | | (6,558) | | | | | | (19,147) | | | | | | (18,115) | | | | | | (17,315) | | | | | | 2,928 | | | | | | 137 | | |
|
Interest expense
|
| | | | (476) | | | | | | (353) | | | | | | (1,193) | | | | | | (926) | | | | | | (1,399) | | | | | | (428) | | | | | | (509) | | |
|
Total other income (expense)
|
| | | | 5,606 | | | | | | (6,911) | | | | | | (20,340) | | | | | | (19,041) | | | | | | (18,714) | | | | | | 2,500 | | | | | | (372) | | |
|
Net income (loss)
|
| | | $ | 42,735 | | | | | $ | 25,121 | | | | | $ | 137,046 | | | | | $ | 56,671 | | | | | $ | 88,866 | | | | | $ | (3,468) | | | | | $ | (3,209) | | |
| | | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | | |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
| Statement of Cash Flow Information; | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Net cash provided by operating activities
|
| | | $ | 179,662 | | | | | $ | 91,900 | | | | | $ | 131,715 | | | | | $ | 14,085 | | | | | $ | 8,670 | | |
|
Net cash used in investing activities
|
| | | | (150,655) | | | | | | (124,786) | | | | | | (194,014) | | | | | | (80,868) | | | | | | (83,707) | | |
|
Net cash (used in) provided by financing activities
|
| | | | (29,916) | | | | | | 44,074 | | | | | | 66,980 | | | | | | 66,447 | | | | | | 69,815 | | |
| | | |
As of September 30,
|
| |
As of December 31,
|
| ||||||||||||
| | | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
| Balance Sheet Information: | | | | | | | | | | | | | | | | | | | |
|
Cash
|
| | | $ | 6,410 | | | | | $ | 7,319 | | | | | $ | 2,638 | | |
|
Property and equipment, net
|
| | | | 381,861 | | | | | | 278,391 | | | | | | 172,481 | | |
|
Total assets
|
| | | | 478,121 | | | | | | 356,190 | | | | | | 192,862 | | |
|
Credit facilities
|
| | | | — | | | | | | 29,938 | | | | | | 9,897 | | |
|
Total partner’s capital
|
| | | | 451,342 | | | | | | 314,296 | | | | | | 178,429 | | |
| | | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
|
(in thousands)
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
| Statement of Operations Information: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Oil, natural gas, and related product sales
|
| | | $ | 7,806 | | | | | $ | 8,182 | | | | | $ | 10,257 | | | | | $ | 9,791 | | | | | $ | 13,440 | | |
| Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | | 1,216 | | | | | | 1,426 | | | | | | 1,799 | | | | | | 2,156 | | | | | | 2,980 | | |
|
Production taxes
|
| | | | 512 | | | | | | 506 | | | | | | 627 | | | | | | 619 | | | | | | 865 | | |
|
Depletion and accretion expense
|
| | | | 1,611 | | | | | | 2,533 | | | | | | 3,038 | | | | | | 9,837 | | | | | | 7,262 | | |
|
Impairment expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | 5,725 | | | | | | — | | |
|
Professional fees
|
| | | | — | | | | | | — | | | | | | 218 | | | | | | 302 | | | | | | 665 | | |
|
Management fees
|
| | | | — | | | | | | — | | | | | | — | | | | | | 585 | | | | | | 700 | | |
|
General and administrative
|
| | | | 158 | | | | | | 360 | | | | | | 171 | | | | | | 383 | | | | | | 202 | | |
|
Gain on disposal of oil and natural gas properties
|
| | | | — | | | | | | (1,011) | | | | | | (1,341) | | | | | | (597) | | | | | | (4,910) | | |
|
Total expenses
|
| | | | 3,497 | | | | | | 3,814 | | | | | | 4,512 | | | | | | 19,010 | | | | | | 7,764 | | |
|
Net operating income (loss)
|
| | | | 4,309 | | | | | | 4,368 | | | | | | 5,745 | | | | | | (9,219) | | | | | | 5,676 | | |
| Other (expense) income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
(Loss) gain on derivative contracts
|
| | | | (576) | | | | | | (1,832) | | | | | | (1,842) | | | | | | 1,714 | | | | | | (1,371) | | |
|
Interest expense
|
| | | | (22) | | | | | | (116) | | | | | | (138) | | | | | | (245) | | | | | | (665) | | |
|
Total other (expense) income
|
| | | | (598) | | | | | | (1,948) | | | | | | (1,980) | | | | | | 1,469 | | | | | | (2,036) | | |
|
Net income (loss)
|
| | | $ | 3,711 | | | | | $ | 2,420 | | | | | $ | 3,765 | | | | | $ | (7,750) | | | | | $ | 3,640 | | |
| | | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | | |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
| Statement of Cash Flow Information: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Net cash provided by operating activities
|
| | | $ | 3,977 | | | | | $ | 4,544 | | | | | $ | 5,473 | | | | | $ | 8,152 | | | | | $ | 6,426 | | |
|
Net cash (used in) provided by investing activities
|
| | | | (1,584) | | | | | | 19,454 | | | | | | 21,280 | | | | | | (6,455) | | | | | | 8,154 | | |
|
Net cash used in financing activities
|
| | | | (1,100) | | | | | | (24,300) | | | | | | (27,300) | | | | | | (2,500) | | | | | | (13,241) | | |
| | | |
As of September 30,
|
| |
As of December 31,
|
| ||||||||||||
| | | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
| Balance Sheet Information: | | | | | | | | | | | | | | | | | | | |
|
Cash
|
| | | $ | 2,033 | | | | | $ | 740 | | | | | $ | 1,287 | | |
|
Property and equipment, net
|
| | | | 14,959 | | | | | | 15,046 | | | | | | 37,711 | | |
|
Total assets
|
| | | | 19,687 | | | | | | 16,999 | | | | | | 40,784 | | |
|
Credit facilities
|
| | | | — | | | | | | 1,100 | | | | | | 6,400 | | |
|
Total partner’s capital
|
| | | | 18,685 | | | | | | 14,974 | | | | | | 33,209 | | |
| | | |
Nine Months Ended
September 30, |
| |
Year Ended
December 31, |
| ||||||||||||||||||
|
(in thousands)
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| ||||||||||||
| Statement of Operations Information: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Oil, natural gas, and related product sales
|
| | | $ | 110,013 | | | | | $ | 59,822 | | | | | $ | 82,391 | | | | | $ | 49,017 | | |
| Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | | 13,662 | | | | | | 8,122 | | | | | | 13,128 | | | | | | 13,760 | | |
|
Production taxes
|
| | | | 5,171 | | | | | | 4,505 | | | | | | 5,675 | | | | | | 3,564 | | |
|
Depletion and accretion expense
|
| | | | 26,038 | | | | | | 24,109 | | | | | | 31,090 | | | | | | 47,980 | | |
|
Professional fees
|
| | | | — | | | | | | — | | | | | | 541 | | | | | | 992 | | |
|
Management fees
|
| | | | — | | | | | | — | | | | | | 2,315 | | | | | | 2,185 | | |
|
General and administrative
|
| | | | 2,709 | | | | | | 2,904 | | | | | | 672 | | | | | | 495 | | |
|
Gain on disposal of oil and natural gas properties
|
| | | | — | | | | | | (955) | | | | | | (938) | | | | | | (51) | | |
|
Total expenses
|
| | | | 47,580 | | | | | | 38,685 | | | | | | 52,483 | | | | | | 68,925 | | |
|
Net operating income (loss)
|
| | | | 62,433 | | | | | | 21,137 | | | | | | 29,908 | | | | | | (19,908) | | |
| Other (expense) income | | | | | | | | | | | | | | | | | | | | | | | | | |
|
(Loss) gain on derivative contracts
|
| | | | (11,064) | | | | | | (13,713) | | | | | | (13,232) | | | | | | 8,363 | | |
|
Interest expense
|
| | | | (489) | | | | | | (611) | | | | | | (848) | | | | | | (1,167) | | |
|
Total other (expense) income
|
| | | | (11,553) | | | | | | (14,324) | | | | | | (14,080) | | | | | | 7,196 | | |
|
Net income (loss)
|
| | | $ | 50,880 | | | | | $ | 6,813 | | | | | $ | 15,828 | | | | | $ | (12,712) | | |
| | | |
Nine Months Ended
September 30, |
| |
Year Ended
December 31, |
| ||||||||||||||||||
| | | |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| ||||||||||||
| Statement of Cash Flow Information: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Net cash provided by operating activities
|
| | | $ | 67,718 | | | | | $ | 34,209 | | | | | $ | 43,990 | | | | | $ | 44,569 | | |
|
Net cash used in investing activities
|
| | | | (22,824) | | | | | | (11,344) | | | | | | (13,288) | | | | | | (29,420) | | |
|
Net cash used in financing activities
|
| | | | (20,000) | | | | | | (22,084) | | | | | | (31,191) | | | | | | (11,876) | | |
| | | |
As of September 30,
|
| |
As of December 31,
|
| ||||||||||||
| | | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
| Balance Sheet Information: | | | | | | | | | | | | | | | | | | | |
|
Cash
|
| | | $ | 28,688 | | | | | $ | 3,794 | | | | | $ | 4,283 | | |
|
Property and equipment, net
|
| | | | 151,240 | | | | | | 155,336 | | | | | | 173,600 | | |
|
Total assets
|
| | | | 204,410 | | | | | | 173,541 | | | | | | 186,897 | | |
|
Credit facilities
|
| | | | — | | | | | | 20,000 | | | | | | 22,093 | | |
|
Total partners’ capital
|
| | | | 196,541 | | | | | | 145,661 | | | | | | 158,918 | | |
| | | | | | | | | |
GREP Formation Transaction
|
| |
Business Combination
|
| ||||||||||||||||||||||||||||||||||||||||||
| | | |
Historical
|
| |
Transaction
Accounting Adjustments |
| | | | |
Pro Forma
Combined GREP Formation |
| |
Transaction
Accounting Adjustments |
| | | | |
Pro
Forma Combined |
| |||||||||||||||||||||||||||||||||
|
(in thousands)
|
| |
ENPC
|
| |
Fund I
|
| |
Fund II
|
| |
Fund III
|
| | | ||||||||||||||||||||||||||||||||||||||||
| Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Current Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Cash
|
| | | $ | 104 | | | | | $ | 2,033 | | | | | $ | 28,688 | | | | | $ | 6,410 | | | | | $ | (21) | | | | 2a | | | | $ | 37,110 | | | | | $ | 22,368 | | | | 3a,g | | | | $ | 59,582 | | |
|
Prepaid expenses
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
|
Revenue receivable
|
| | | | — | | | | | | 1,683 | | | | | | 18,808 | | | | | | 54,324 | | | | | | — | | | | | | | | | 74,815 | | | | | | — | | | | | | | | | 74,815 | | |
|
Advances to operators
|
| | | | — | | | | | | — | | | | | | 2,082 | | | | | | 26,230 | | | | | | — | | | | | | | | | 28,312 | | | | | | — | | | | | | | | | 28,312 | | |
|
Other assets
|
| | | | — | | | | | | 962 | | | | | | 2,033 | | | | | | 4,098 | | | | | | — | | | | | | | | | 7,093 | | | | | | — | | | | | | | | | 7,093 | | |
|
Derivative assets – current portion
|
| | | | — | | | | | | 50 | | | | | | 714 | | | | | | 4,376 | | | | | | — | | | | | | | | | 5,140 | | | | | | — | | | | | | | | | 5,140 | | |
|
Contributions receivable
|
| | | | — | | | | | | — | | | | | | — | | | | | | 10 | | | | | | — | | | | | | | | | 10 | | | | | | — | | | | | | | | | 10 | | |
|
Related party receivable
|
| | | | — | | | | | | — | | | | | | 205 | | | | | | — | | | | | | — | | | | | | | | | 205 | | | | | | — | | | | | | | | | 205 | | |
|
Other Receivable
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
|
Total current assets
|
| | | | 104 | | | | | | 4,728 | | | | | | 52,530 | | | | | | 95,448 | | | | | | (21) | | | | | | | | | 152,685 | | | | | | 22,368 | | | | | | | | | 175,157 | | |
| Property and equipment (successful efforts): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Oil and gas properties, successful efforts
method |
| | | | — | | | | | | 45,617 | | | | | | 328,460 | | | | | | 550,163 | | | | | | — | | | | | | | | | 924,240 | | | | | | — | | | | | | | | | 924,240 | | |
|
Accumulated depletion
|
| | | | — | | | | | | (30,658) | | | | | | (177,220) | | | | | | (168,302) | | | | | | — | | | | | | | | | (376,180) | | | | | | — | | | | | | | | | (376,180) | | |
|
Total property and equipment, net
|
| | | | — | | | | | | 14,959 | | | | | | 151,240 | | | | | | 381,861 | | | | | | — | | | | | | | | | 548,060 | | | | | | — | | | | | | | | | 548,060 | | |
|
Cash deposit
|
| | | | — | | | | | | — | | | | | | 300 | | | | | | — | | | | | | — | | | | | | | | | 300 | | | | | | — | | | | | | | | | 300 | | |
|
Derivative assets
|
| | | | — | | | | | | — | | | | | | 340 | | | | | | 812 | | | | | | — | | | | | | | | | 1,152 | | | | | | — | | | | | | | | | 1,152 | | |
|
Investments held in trust account
|
| | | | 416,329 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | (416,329) | | | | 3a | | | | | — | | |
|
Total assets
|
| | | $ | 416,433 | | | | | $ | 19,687 | | | | | $ | 204,410 | | | | | $ | 478,121 | | | | | $ | (21) | | | | | | | | $ | 702,197 | | | | | $ | (393,961) | | | | | | | | $ | 724,669 | | |
|
Liabilities, stock subject to possible redemption, partners’ capital and stockholders’ equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Current Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Accounts payable
|
| | | $ | 126 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | | | $ | — | | | | | $ | — | | | | | | | | $ | 126 | | |
|
Accounts payable – related party
|
| | | | 160 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | 160 | | |
|
Convertible note – related party
|
| | | | 1,549 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | (1,549) | | | | 3b | | | | | — | | |
|
Accrued expenses
|
| | | | 8,552 | | | | | | 652 | | | | | | 5,091 | | | | | | 20,595 | | | | | | (331) | | | | 2a | | | | | 26,007 | | | | | | 29,907 | | | | 3c | | | | | 64,466 | | |
|
Other payable
|
| | | | — | | | | | | 1 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 1 | | | | | | — | | | | | | | | | 1 | | |
|
Derivative liabilities – current
|
| | | | — | | | | | | 29 | | | | | | 558 | | | | | | 3,941 | | | | | | — | | | | | | | | | 4,528 | | | | | | — | | | | | | | | | 4,528 | | |
|
Credit facilities – current
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 310 | | | | 2a | | | | | 310 | | | | | | — | | | | | | | | | 310 | | |
|
Distributions payable
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
|
Related party payable
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
|
Franchise tax payable
|
| | | | 68 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | 68 | | |
|
Income tax payable
|
| | | | 408 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | 408 | | |
|
Total current liabilities
|
| | | | 10,863 | | | | | | 682 | | | | | | 5,649 | | | | | | 24,536 | | | | | | (21) | | | | | | | | | 30,846 | | | | | | 28,358 | | | | | | | | | 70,067 | | |
|
Long-term liabilities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Asset retirement obligations
|
| | | | — | | | | | | 320 | | | | | | 2,220 | | | | | | 2,243 | | | | | | — | | | | | | | | | 4,783 | | | | | | — | | | | | | | | | 4,783 | | |
|
Credit facilities – noncurrent
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
|
Derivative liabilities – noncurrent
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
|
Deferred income taxes
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | 32,617 | | | | 3d | | | | | 32,617 | | |
|
Derivative warrant liabilities
|
| | | | 9,771 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | (143) | | | | 3e | | | | | 9,628 | | |
|
Total liabilities
|
| | | | 20,634 | | | | | | 1,002 | | | | | | 7,869 | | | | | | 26,779 | | | | | | (21) | | | | | | | | | 35,629 | | | | | | 60,832 | | | | | | | | | 117,095 | | |
| | | | | | | | | |
GREP Formation Transaction
|
| |
Business Combination
|
| ||||||||||||||||||||||||||||||||||||||||||
| | | |
Historical
|
| |
Transaction
Accounting Adjustments |
| | | | |
Pro Forma
Combined GREP Formation |
| |
Transaction
Accounting Adjustments |
| | | | |
Pro
Forma Combined |
| |||||||||||||||||||||||||||||||||
|
(in thousands)
|
| |
ENPC
|
| |
Fund I
|
| |
Fund II
|
| |
Fund III
|
| | | ||||||||||||||||||||||||||||||||||||||||
|
Class A common stock subject to possible redemption
|
| | | | 415,433 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | (415,433) | | | | 3f | | | | | — | | |
|
Partners’ capital and stockholders equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | — | | |
|
General partner
|
| | | | — | | | | | | 161 | | | | | | 15,817 | | | | | | 41,614 | | | | | | — | | | | | | | | | 57,592 | | | | | | (57,592) | | | | 3h | | | | | — | | |
|
Limited partners
|
| | | | — | | | | | | 18,524 | | | | | | 180,724 | | | | | | 409,728 | | | | | | — | | | | | | | | | 608,976 | | | | | | (608,976) | | | | 3h | | | | | — | | |
|
Total partners’ capital
|
| | | | — | | | | | | 18,685 | | | | | | 196,541 | | | | | | 451,342 | | | | | | — | | | | | | | | | 666,568 | | | | | | (666,568) | | | | | | | | | — | | |
|
Class A common stock
|
| | | | 0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | (0) | | | | 3f | | | | | — | | |
|
Class B common stock
|
| | | | 0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | (0) | | | | 3f | | | | | — | | |
|
Class F common stock
|
| | | | 0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | (0) | | | | 3f | | | | | — | | |
|
Accumulated deficit
|
| | | | (19,634) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | 19,634 | | | | 3i | | | | | — | | |
|
ParentCo Class A common stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | 1,710 | | | | 3f,g,h | | | | | 1,710 | | |
|
Additional paid in capital
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | 605,864 | | | |
3b,c,d,e,f,g,h,i
|
| | | | 605,864 | | |
|
Total partners’ capital, stock subject to possible redemption and stockholders’ equity
|
| | | | 395,799 | | | | | | 18,685 | | | | | | 196,541 | | | | | | 451,342 | | | | | | — | | | | | | | | | 666,568 | | | | | | (454,793) | | | | | | | | | 607,574 | | |
|
Total liabilities, stock subject to possible
redemption, partners’ capital and stockholders’ equity |
| | | $ | 416,433 | | | | | $ | 19,687 | | | | | $ | 204,410 | | | | | $ | 478,121 | | | | | $ | (21) | | | | | | | | $ | 702,197 | | | | | $ | (393,961) | | | | | | | | $ | 724,669 | | |
| | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | |
GREP Formation Transaction
|
| |
Business Combination
|
| |||||||||||||||||||||||||||||||||
| | | |
Historical
|
| |
Pro Forma
Combined GREP Formation |
| |
Transaction
Accounting Adjustments |
| | | | |
Pro
Forma Combined |
| ||||||||||||||||||||||||||||||
|
(in thousands, except share and per share amounts)
|
| |
ENPC
|
| |
Fund I
|
| |
Fund II
|
| |
Fund III
|
| | ||||||||||||||||||||||||||||||||
| Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Oil, natural gas, and related product sales
|
| | | $ | — | | | | | $ | 7,806 | | | | | $ | 110,013 | | | | | $ | 263,263 | | | | | $ | 381,082 | | | | | $ | — | | | | | | | | $ | 381,082 | | |
| Operating Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | | — | | | | | | 1,216 | | | | | | 13,662 | | | | | | 15,840 | | | | | | 30,718 | | | | | | — | | | | | | | | | 30,718 | | |
|
Production taxes
|
| | | | — | | | | | | 512 | | | | | | 5,171 | | | | | | 14,628 | | | | | | 20,311 | | | | | | — | | | | | | | | | 20,311 | | |
|
Depletion and accretion expense
|
| | | | — | | | | | | 1,611 | | | | | | 26,038 | | | | | | 70,529 | | | | | | 98,178 | | | | | | — | | | | | | | | | 98,178 | | |
|
Impairment expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
|
General and administrative
|
| | | | 8,720 | | | | | | 158 | | | | | | 2,709 | | | | | | 4,880 | | | | | | 7,747 | | | | | | (2,658) | | | | 4a,b | | | | | 13,809 | | |
|
Gain on disposal of oil and natural gas
properties |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
|
Administrative fee – related party
|
| | | | 180 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,399 | | | | 4b | | | | | 7,579 | | |
|
Franchise tax expense
|
| | | | 125 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 125 | | |
|
Total operating expenses
|
| | | | 9,025 | | | | | | 3,497 | | | | | | 47,580 | | | | | | 105,877 | | | | | | 156,954 | | | | | | 4,741 | | | | | | | | | 170,720 | | |
|
Operating Income (Loss)
|
| | | | (9,025) | | | | | | 4,309 | | | | | | 62,433 | | | | | | 157,386 | | | | | | 224,128 | | | | | | (4,741) | | | | | | | | | 210,362 | | |
|
Gain/(loss) on derivative contracts
|
| | | | — | | | | | | (576) | | | | | | (11,064) | | | | | | (19,147) | | | | | | (30,787) | | | | | | — | | | | | | | | | (30,787) | | |
|
Interest expense
|
| | | | — | | | | | | (22) | | | | | | (489) | | | | | | (1,193) | | | | | | (1,704) | | | | | | — | | | | | | | | | (1,704) | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | (2,636) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 39 | | | | 4c | | | | | (2,597) | | |
|
Income from investments held in Trust Account
|
| | | | 2,276 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,276) | | | | 4d | | | | | — | | |
|
Income (Loss) before income taxes
|
| | | | (9,385) | | | | | | 3,711 | | | | | | 50,880 | | | | | | 137,046 | | | | | | 191,637 | | | | | | (6,978) | | | | | | | | | 175,274 | | |
|
Income tax expense
|
| | | | 408 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 43,161 | | | | 4e | | | | | 43,569 | | |
|
Net Income (Loss)
|
| | | $ | (9,793) | | | | | $ | 3,711 | | | | | $ | 50,880 | | | | | $ | 137,046 | | | | | $ | 191,637 | | | | | $ | (50,139) | | | | | | | | $ | 131,705 | | |
| Net income per share (Note 5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Weighted average shares outstanding of Class A common stock, basic and diluted
|
| | | | 42,014,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Basic and diluted net income per share of Class A common stock
|
| | | $ | (0.23) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Weighted average shares outstanding of Class B common stock, basic and diluted
|
| | | | 300,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Basic and diluted net income per share of Class B common stock
|
| | | $ | (0.23) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Weighted average shares outstanding of Class F common stock, basic and diluted
|
| | | | 828,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Basic and diluted net income per share of Class F common stock
|
| | | $ | (0.23) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Weighted average shares outstanding of ParentCo Class A common stock
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 132,923,379 | | |
|
Basic and diluted net income per share of ParentCo Class A common stock
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 0.99 | | |
| | | | | | | | | |
GREP Formation Transaction
|
| |
Business Combination
|
| |||||||||||||||||||||||||||||||||
| | | |
Historical
|
| |
Pro Forma
Combined GREP Formation |
| |
Transaction
Accounting Adjustments |
| | | | |
Pro
Forma Combined |
| ||||||||||||||||||||||||||||||
|
(in thousands, except share and per share amounts)
|
| |
ENPC
|
| |
Fund I
|
| |
Fund II
|
| |
Fund III
|
| |||||||||||||||||||||||||||||||||
| Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Oil, natural gas, and related product sales
|
| | | $ | — | | | | | $ | 10,257 | | | | | $ | 82,391 | | | | | $ | 197,546 | | | | | $ | 290,194 | | | | | $ | — | | | | | | | | $ | 290,194 | | |
| Operating Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | | — | | | | | | 1,799 | | | | | | 13,128 | | | | | | 12,362 | | | | | | 27,289 | | | | | | — | | | | | | | | | 27,289 | | |
|
Production taxes
|
| | | | — | | | | | | 627 | | | | | | 5,675 | | | | | | 10,808 | | | | | | 17,110 | | | | | | — | | | | | | | | | 17,110 | | |
|
Depletion and accretion expense
|
| | | | — | | | | | | 3,038 | | | | | | 31,090 | | | | | | 60,534 | | | | | | 94,662 | | | | | | — | | | | | | | | | 94,662 | | |
|
Impairment expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
|
General and administrative
|
| | | | 1,964 | | | | | | 389 | | | | | | 3,528 | | | | | | 6,262 | | | | | | 10,179 | | | | | | (3,678) | | | | 4f,g | | | | | 8,465 | | |
|
Gain on disposal of oil and natural gas
properties |
| | | | — | | | | | | (1,341) | | | | | | (938) | | | | | | — | | | | | | (2,279) | | | | | | — | | | | | | | | | (2,279) | | |
|
Administrative fee – related party
|
| | | | 240 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,000 | | | | 4g | | | | | 10,240 | | |
|
Franchise tax expense
|
| | | | 159 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 159 | | |
|
Total operating expenses
|
| | | | 2,363 | | | | | | 4,512 | | | | | | 52,483 | | | | | | 89,966 | | | | | | 146,961 | | | | | | 6,322 | | | | | | | | | 155,646 | | |
|
Operating Income (Loss)
|
| | | | (2,363) | | | | | | 5,745 | | | | | | 29,908 | | | | | | 107,580 | | | | | | 143,233 | | | | | | (6,322) | | | | | | | | | 134,548 | | |
|
Gain/(loss) on derivative contracts
|
| | | | — | | | | | | (1,842) | | | | | | (13,232) | | | | | | (17,315) | | | | | | (32,389) | | | | | | — | | | | | | | | | (32,389) | | |
|
Interest expense
|
| | | | — | | | | | | (138) | | | | | | (848) | | | | | | (1,399) | | | | | | (2,385) | | | | | | — | | | | | | | | | (2,385) | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | 3,794 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (55) | | | | 4h | | | | | 3,739 | | |
|
Income from investments held in Trust Account
|
| | | | 41 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (41) | | | | 4i | | | | | — | | |
|
Income (Loss) before income taxes
|
| | | | 1,472 | | | | | | 3,765 | | | | | | 15,828 | | | | | | 88,866 | | | | | | 108,459 | | | | | | (6,418) | | | | | | | | | 103,513 | | |
|
Income tax expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 25,789 | | | | 4j | | | | | 58,406 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 32,617 | | | | 4j | | | | | | | |
|
Net Income (Loss)
|
| | | $ | 1,472 | | | | | $ | 3,765 | | | | | $ | 15,828 | | | | | $ | 88,866 | | | | | $ | 108,459 | | | | | $ | (64,824) | | | | | | | | $ | 45,107 | | |
| Net income per share (Note 5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Weighted average shares outstanding of Class A common stock, basic and diluted
|
| | | | 42,014,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Basic and diluted net income per share of Class A common stock
|
| | | $ | 0.03 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Weighted average shares outstanding of Class B common stock, basic and diluted
|
| | | | 300,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Basic and diluted net income per share of Class B common stock
|
| | | $ | 0.03 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Weighted average shares outstanding of Class F common stock, basic and diluted
|
| | | | 828,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Basic and diluted net income per share of Class F common stock
|
| | | $ | 0.03 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Weighted average shares outstanding of ParentCo Class A common stock
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 132,923,379 | | |
|
Basic and diluted net loss per share of ParentCo Class A common stock
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 0.34 | | |
|
(in thousands, except share and per share information)
|
| |
For the Nine
Months Ended September 30, 2022 |
| |
For the Year Ended
December 31, 2021 |
| ||||||
|
Pro forma net income
|
| | | $ | 131,705 | | | | | $ | 45,107 | | |
|
Weighted average shares outstanding – basic and diluted
|
| | | | 132,923,379 | | | | | | 132,923,379 | | |
|
Net income per share – basic and diluted
|
| | | | 0.99 | | | | | | 0.34 | | |
| Excluded securities:(1) | | | | | | | | | | | | | |
|
Public Warrants
|
| | | | 10,350,000 | | | | | | 10,350,000 | | |
| | | |
As of December 31, 2021
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | |
Productive
Gas Wells |
| |
Productive
Oil Wells |
| |
Average
Daily Production(1) (Boe per day) |
| |
Proved
Reserves (MBoe) |
| |
% Oil
|
| |
% Proved
Developed |
| ||||||||||||||||||||||||||||||
| | | |
Net Acres
|
| |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| |||||||||||||||||||||||||||||||||||||||
| Fund III | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Eagle Ford
|
| | | | 4,519 | | | | | | 8 | | | | | | 1.20 | | | | | | 8 | | | | | | 3.92 | | | | | | 1,195 | | | | | | 6,497 | | | | | | 62% | | | | | | 21% | | |
|
Permian
|
| | | | 6,004 | | | | | | 1 | | | | | | 0.19 | | | | | | 86 | | | | | | 18.89 | | | | | | 6,923 | | | | | | 16,081 | | | | | | 67% | | | | | | 41% | | |
|
Bakken
|
| | | | 1,313 | | | | | | — | | | | | | — | | | | | | 103 | | | | | | 5.17 | | | | | | 264 | | | | | | 954 | | | | | | 70% | | | | | | 100% | | |
|
DJ
|
| | | | 1,475 | | | | | | 68 | | | | | | 2.11 | | | | | | 588 | | | | | | 14.65 | | | | | | 1,905 | | | | | | 3,913 | | | | | | 34% | | | | | | 79% | | |
|
Total
|
| | | | 13,311 | | | | | | 77 | | | | | | 3.50 | | | | | | 785 | | | | | | 42.63 | | | | | | 10,287 | | | | | | 27,445 | | | | | | 61% | | | | | | 43% | | |
| Fund I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Eagle Ford
|
| | | | 748 | | | | | | 62 | | | | | | 0.90 | | | | | | 14 | | | | | | 3.44 | | | | | | 132 | | | | | | 348 | | | | | | 83% | | | | | | 96% | | |
|
Permian
|
| | | | 102 | | | | | | — | | | | | | — | | | | | | 25 | | | | | | 2.28 | | | | | | 217 | | | | | | 147 | | | | | | 75% | | | | | | 100% | | |
|
Bakken
|
| | | | 792 | | | | | | — | | | | | | — | | | | | | 166 | | | | | | 2.65 | | | | | | 228 | | | | | | 422 | | | | | | 61% | | | | | | 92% | | |
|
SCOOP
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 98 | | | | | | — | | | | | | — | | | | | | — | | |
|
Total
|
| | | | 1,642 | | | | | | 62 | | | | | | 0.90 | | | | | | 205 | | | | | | 8.37 | | | | | | 675 | | | | | | 917 | | | | | | 72% | | | | | | 95% | | |
| Fund II | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Eagle Ford
|
| | | | 1,452 | | | | | | 2 | | | | | | 1.70 | | | | | | 73 | | | | | | 9.14 | | | | | | 608 | | | | | | 1,156 | | | | | | 73% | | | | | | 100% | | |
|
Permian
|
| | | | 693 | | | | | | — | | | | | | — | | | | | | 194 | | | | | | 4.53 | | | | | | 524 | | | | | | 1,416 | | | | | | 73% | | | | | | 60% | | |
|
Bakken
|
| | | | 13,046 | | | | | | 1 | | | | | | 0.20 | | | | | | 717 | | | | | | 28.63 | | | | | | 2,462 | | | | | | 4,200 | | | | | | 82% | | | | | | 83% | | |
|
Haynesville
|
| | | | 2,298 | | | | | | 53 | | | | | | 9.43 | | | | | | — | | | | | | — | | | | | | 1,581 | | | | | | 8,576 | | | | | | — | | | | | | 28% | | |
|
Total
|
| | | | 17,489 | | | | | | 56 | | | | | | 11.33 | | | | | | 984 | | | | | | 42.30 | | | | | | 5,175 | | | | | | 15,348 | | | | | | 35% | | | | | | 51% | | |
| | | |
December 31, 2021
|
| |||||||||
| | | |
Proved Reserves
(MBoe)(1) |
| |
% of
Total |
| ||||||
| Fund III | | | | | | | | | | | | | |
|
SEC Proved Reserves:
|
| | | | | | | | | | | | |
|
Developed
|
| | | | 11,934 | | | | | | 43% | | |
|
Undeveloped
|
| | | | 15,511 | | | | | | 57% | | |
|
Total Proved Properties
|
| | | | 27,445 | | | | | | 100% | | |
| Fund I | | | | | | | | | | | | | |
|
SEC Proved Reserves:
|
| | | | | | | | | | | | |
|
Developed
|
| | | | 870 | | | | | | 95% | | |
|
Undeveloped
|
| | | | 47 | | | | | | 5% | | |
|
Total Proved Properties
|
| | | | 917 | | | | | | 100% | | |
| Fund II | | | | | | | | | | | | | |
|
SEC Proved Reserves:
|
| | | | | | | | | | | | |
|
Developed
|
| | | | 7,898 | | | | | | 51% | | |
|
Undeveloped
|
| | | | 7,450 | | | | | | 49% | | |
|
Total Proved Properties
|
| | | | 15,348 | | | | | | 100% | | |
| | | |
SEC Pricing Proved Reserves(1)
|
| |||||||||||||||||||||||||||||||||
| | | |
Reserve Volumes
|
| |
PV-10(3)
|
| ||||||||||||||||||||||||||||||
|
Reserve Category
|
| |
Oil
(MBbls) |
| |
Natural Gas
(MMcf) |
| |
Total
(MBoe)(2) |
| |
%
|
| |
Amount
(In thousands) |
| |
%
|
| ||||||||||||||||||
| Fund III | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
PDP Properties
|
| | | | 5,871 | | | | | | 28,096 | | | | | | 10,554 | | | | | | 38% | | | | | $ | 247,003 | | | | | | 44% | | |
|
PDNP Properties
|
| | | | 944 | | | | | | 2,614 | | | | | | 1,380 | | | | | | 5% | | | | | | 38,779 | | | | | | 7% | | |
|
PUD Properties
|
| | | | 10,046 | | | | | | 32,791 | | | | | | 15,511 | | | | | | 57% | | | | | | 270,100 | | | | | | 49% | | |
|
Total
|
| | | | 16,861 | | | | | | 63,501 | | | | | | 27,445 | | | | | | 100% | | | | | $ | 555,882 | | | | | | 100% | | |
| Fund I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
PDP Properties
|
| | | | 599 | | | | | | 1,319 | | | | | | 819 | | | | | | 89% | | | | | $ | 15,312 | | | | | | 92% | | |
|
PDNP Properties
|
| | | | 31 | | | | | | 118 | | | | | | 51 | | | | | | 6% | | | | | | 726 | | | | | | 4% | | |
|
PUD Properties
|
| | | | 27 | | | | | | 121 | | | | | | 47 | | | | | | 5% | | | | | | 625 | | | | | | 4% | | |
|
Total
|
| | | | 657 | | | | | | 1,558 | | | | | | 917 | | | | | | 100% | | | | | $ | 16,663 | | | | | | 100% | | |
| Fund II | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
PDP Properties
|
| | | | 4,182 | | | | | | 17,615 | | | | | | 7,118 | | | | | | 46% | | | | | $ | 132,450 | | | | | | 64% | | |
|
PDNP Properties
|
| | | | 31 | | | | | | 4,495 | | | | | | 780 | | | | | | 5% | | | | | | 9,437 | | | | | | 5% | | |
|
PUD Properties
|
| | | | 1,087 | | | | | | 38,178 | | | | | | 7,450 | | | | | | 49% | | | | | | 63,798 | | | | | | 31% | | |
|
Total
|
| | | | 5,300 | | | | | | 60,288 | | | | | | 15,348 | | | | | | 100% | | | | | $ | 205,685 | | | | | | 100% | | |
|
Standardized Measure Reconciliation
|
| | | | | | |
| Fund III | | | | | | | |
|
Pre-Tax Present Value of Estimated Future Net Revenues (Pre-Tax PV10%)
|
| | | $ | 555,882 | | |
|
Future Income Taxes, Discounted at 10%
|
| | | | (3,317) | | |
|
Standardized Measure of Discounted Future Net Cash Flows
|
| | | $ | 552,565 | | |
| Fund I | | | | | | | |
|
Pre-Tax Present Value of Estimated Future Net Revenues (Pre-Tax PV10%)
|
| | | $ | 16,663 | | |
|
Future Income Taxes, Discounted at 10%
|
| | | | (89) | | |
|
Standardized Measure of Discounted Future Net Cash Flows
|
| | | $ | 16,574 | | |
| Fund II | | | | | | | |
|
Pre-Tax Present Value of Estimated Future Net Revenues (Pre-Tax PV10%)
|
| | | $ | 205,685 | | |
|
Future Income Taxes, Discounted at 10%
|
| | | | (473) | | |
|
Standardized Measure of Discounted Future Net Cash Flows
|
| | | $ | 205,212 | | |
| | | |
MBoe
|
| |||
| Fund III(1) | | | | | | | |
|
Estimated Proved Undeveloped Reserves at 12/31/2020
|
| | | | 5,290 | | |
|
Revisions of Previous Estimates
|
| | | | 1,088 | | |
|
Extensions, Discoveries and Other Additions
|
| | | | 3,119 | | |
|
Acquisition of Reserves
|
| | | | 7,532 | | |
|
Divestiture of Reserves
|
| | | | — | | |
|
Developed
|
| | | | (1,518) | | |
|
Estimated Proved Undeveloped Reserves at 12/31/2021
|
| | | | 15,511 | | |
| Fund I(2) | | | | | | | |
|
Estimated Proved Undeveloped Reserves at 12/31/2020
|
| | | | 918 | | |
|
Revisions of Previous Estimates
|
| | | | (87) | | |
|
Extensions, Discoveries and Other Additions
|
| | | | 9 | | |
|
Acquisition of Reserves
|
| | | | — | | |
|
Divestiture of Reserves
|
| | | | (769) | | |
|
Developed
|
| | | | (24) | | |
|
Estimated Proved Undeveloped Reserves at 12/31/2021
|
| | | | 47 | | |
| Fund II(3) | | | | | | | |
|
Estimated Proved Undeveloped Reserves at 12/31/2020
|
| | | | 6,590 | | |
|
Revisions of Previous Estimates
|
| | | | 1,887 | | |
|
Extensions, Discoveries and Other Additions
|
| | | | 631 | | |
|
Acquisition of Reserves
|
| | | | — | | |
|
Divestiture of Reserves
|
| | | | (20) | | |
|
Developed
|
| | | | (1,638) | | |
|
Estimated Proved Undeveloped Reserves at 12/31/2021
|
| | | | 7,450 | | |
| | | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| |
Years Ended
December 31, |
| |||||||||||||||||||||||||||||||||
| | | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||||||||
| Fund III | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Net Production:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Oil (MBbl)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Permian
|
| | | | 519 | | | | | | 445 | | | | | | 1,531 | | | | | | 1,340 | | | | | | 1,763 | | | | | | 515 | | | | | | 243 | | |
|
Eagle Ford
|
| | | | 83 | | | | | | 51 | | | | | | 256 | | | | | | 196 | | | | | | 239 | | | | | | 36 | | | | | | 81 | | |
|
Bakken
|
| | | | 29 | | | | | | 14 | | | | | | 91 | | | | | | 40 | | | | | | 57 | | | | | | 75 | | | | | | 62 | | |
|
DJ
|
| | | | 46 | | | | | | 75 | | | | | | 162 | | | | | | 174 | | | | | | 236 | | | | | | — | | | | | | — | | |
|
Total
|
| | | | 677 | | | | | | 585 | | | | | | 2,040 | | | | | | 1,750 | | | | | | 2,295 | | | | | | 626 | | | | | | 386 | | |
|
Natural Gas (MMcf)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Permian
|
| | | | 1,394 | | | | | | 1,266 | | | | | | 3,384 | | | | | | 3,446 | | | | | | 4,586 | | | | | | 954 | | | | | | 325 | | |
|
Eagle Ford
|
| | | | 619 | | | | | | 255 | | | | | | 1,440 | | | | | | 921 | | | | | | 1,181 | | | | | | 1,263 | | | | | | 793 | | |
|
Bakken
|
| | | | 49 | | | | | | 60 | | | | | | 149 | | | | | | 165 | | | | | | 235 | | | | | | 289 | | | | | | 191 | | |
|
DJ
|
| | | | 494 | | | | | | 791 | | | | | | 1,603 | | | | | | 2,031 | | | | | | 2,759 | | | | | | — | | | | | | — | | |
|
Total
|
| | | | 2,556 | | | | | | 2,372 | | | | | | 6,576 | | | | | | 6,563 | | | | | | 8,761 | | | | | | 2,506 | | | | | | 1,309 | | |
|
Total (MBoe)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Permian
|
| | | | 752 | | | | | | 656 | | | | | | 2,095 | | | | | | 1,914 | | | | | | 2,527 | | | | | | 673 | | | | | | 297 | | |
|
Eagle Ford
|
| | | | 186 | | | | | | 94 | | | | | | 496 | | | | | | 349 | | | | | | 436 | | | | | | 246 | | | | | | 213 | | |
|
Bakken
|
| | | | 37 | | | | | | 24 | | | | | | 116 | | | | | | 67 | | | | | | 96 | | | | | | 124 | | | | | | 94 | | |
|
DJ
|
| | | | 128 | | | | | | 207 | | | | | | 429 | | | | | | 513 | | | | | | 696 | | | | | | — | | | | | | — | | |
|
Total
|
| | | | 1,103 | | | | | | 981 | | | | | | 3,136 | | | | | | 2,843 | | | | | | 3,755 | | | | | | 1,043 | | | | | | 604 | | |
|
Oil (Bbl) per day
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Permian
|
| | | | 5,769 | | | | | | 4,945 | | | | | | 5,671 | | | | | | 4,963 | | | | | | 4,829 | | | | | | 1,410 | | | | | | 665 | | |
|
Eagle Ford
|
| | | | 923 | | | | | | 570 | | | | | | 948 | | | | | | 725 | | | | | | 656 | | | | | | 98 | | | | | | 222 | | |
|
Bakken
|
| | | | 326 | | | | | | 160 | | | | | | 337 | | | | | | 147 | | | | | | 156 | | | | | | 206 | | | | | | 170 | | |
|
DJ
|
| | | | 508 | | | | | | 828 | | | | | | 600 | | | | | | 645 | | | | | | 645 | | | | | | — | | | | | | — | | |
|
Total
|
| | | | 7,526 | | | | | | 6,503 | | | | | | 7,556 | | | | | | 6,480 | | | | | | 6,286 | | | | | | 1,714 | | | | | | 1,057 | | |
|
Natural gas (Mcf) per day
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Permian
|
| | | | 15,490 | | | | | | 14,066 | | | | | | 12,530 | | | | | | 12,763 | | | | | | 12,562 | | | | | | 2,614 | | | | | | 890 | | |
|
Eagle Ford
|
| | | | 6,872 | | | | | | 2,831 | | | | | | 5,334 | | | | | | 3,410 | | | | | | 3,237 | | | | | | 3,460 | | | | | | 2,173 | | |
|
Bakken
|
| | | | 548 | | | | | | 665 | | | | | | 552 | | | | | | 610 | | | | | | 643 | | | | | | 792 | | | | | | 524 | | |
|
DJ
|
| | | | 5,488 | | | | | | 8,792 | | | | | | 5,938 | | | | | | 7,525 | | | | | | 7,560 | | | | | | — | | | | | | — | | |
|
Total
|
| | | | 28,398 | | | | | | 26,354 | | | | | | 24,354 | | | | | | 24,308 | | | | | | 24,002 | | | | | | 6,866 | | | | | | 3,587 | | |
|
Total (Boe) per day
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Permian
|
| | | | 8,352 | | | | | | 7,289 | | | | | | 7,759 | | | | | | 7,090 | | | | | | 6,923 | | | | | | 1,845 | | | | | | 813 | | |
|
Eagle Ford
|
| | | | 2,067 | | | | | | 1,042 | | | | | | 1,837 | | | | | | 1,293 | | | | | | 1,195 | | | | | | 674 | | | | | | 584 | | |
|
Bakken
|
| | | | 417 | | | | | | 270 | | | | | | 429 | | | | | | 249 | | | | | | 264 | | | | | | 339 | | | | | | 257 | | |
|
DJ
|
| | | | 1,423 | | | | | | 2,294 | | | | | | 1,590 | | | | | | 1,899 | | | | | | 1,905 | | | | | | — | | | | | | — | | |
|
Total
|
| | | | 12,259 | | | | | | 10,895 | | | | | | 11,615 | | | | | | 10,531 | | | | | | 10,287 | | | | | | 2,858 | | | | | | 1,654 | | |
| | | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| |
Years Ended
December 31, |
| |||||||||||||||||||||||||||||||||
| | | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||||||||
|
Average Sales Prices:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Oil (per Bbl)
|
| | | $ | 90.95 | | | | | $ | 68.99 | | | | | $ | 96.72 | | | | | $ | 59.85 | | | | | $ | 63.47 | | | | | $ | 38.14 | | | | | $ | 53.96 | | |
|
Effect of Gain (Loss) on Settled Oil Derivatives on Average Price (per Bbl)
|
| | | | (7.34) | | | | | | (3.97) | | | | | | (7.54) | | | | | | (1.48) | | | | | | (4.51) | | | | | | 4.05 | | | | | | 1.14 | | |
|
Oil Net of Settled Oil Derivatives (per
Bbl) |
| | | | 83.61 | | | | | | 65.02 | | | | | | 89.18 | | | | | | 58.37 | | | | | | 58.96 | | | | | | 42.19 | | | | | | 55.10 | | |
|
Natural Gas (per Mcf)
|
| | | | 11.19 | | | | | | 6.47 | | | | | | 10.03 | | | | | | 5.78 | | | | | | 5.92 | | | | | | 1.77 | | | | | | 1.89 | | |
|
Effect of Gain (Loss) on Settled
Natural Gas Derivatives on Average Price (per Mcf) |
| | | | (1.71) | | | | | | (0.69) | | | | | | (1.42) | | | | | | (0.69) | | | | | | (0.32) | | | | | | 0.12 | | | | | | 0.34 | | |
|
Natural Gas Net of Settled Natural Gas Derivatives (per Mcf)
|
| | | | 9.48 | | | | | | 5.78 | | | | | | 8.61 | | | | | | 5.09 | | | | | | 5.60 | | | | | | 1.89 | | | | | | 2.23 | | |
|
Realized Price on a Boe Basis Excluding Settled Commodity Derivatives
|
| | | | 81.75 | | | | | | 56.82 | | | | | | 83.95 | | | | | | 50.16 | | | | | | 52.61 | | | | | | 27.12 | | | | | | 38.56 | | |
|
Effect of Gain (Loss) on Settled
Commodity Derivatives on Average Price (per Boe) |
| | | | (8.46) | | | | | | (4.04) | | | | | | (7.89) | | | | | | (2.50) | | | | | | (3.51) | | | | | | 2.72 | | | | | | 0.73 | | |
|
Realized Price on a Boe Basis Including Settled Commodity Derivatives
|
| | | | 73.29 | | | | | | 52.78 | | | | | | 76.06 | | | | | | 47.66 | | | | | | 49.10 | | | | | | 29.84 | | | | | | 39.29 | | |
|
Average Costs:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Production Expenses
(per Boe) |
| | | $ | 5.77 | | | | | $ | 3.69 | | | | | $ | 5.05 | | | | | $ | 2.96 | | | | | $ | 3.29 | | | | | $ | 4.93 | | | | | $ | 4.42 | | |
| | | |
Nine Months Ended
September 30, |
| |
Years Ended
December 31, |
| ||||||||||||||||||||||||
| | | |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
| Fund I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Net Production:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Oil (MBbl)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Eagle Ford
|
| | | | 22 | | | | | | 28 | | | | | | 37 | | | | | | 49 | | | | | | 78 | | |
|
Bakken
|
| | | | 40 | | | | | | 33 | | | | | | 43 | | | | | | 62 | | | | | | 76 | | |
|
Permian
|
| | | | 1 | | | | | | 39 | | | | | | 66 | | | | | | 127 | | | | | | 63 | | |
|
SCOOP
|
| | | | — | | | | | | 7 | | | | | | 16 | | | | | | 10 | | | | | | 15 | | |
|
Total
|
| | | | 63 | | | | | | 107 | | | | | | 162 | | | | | | 248 | | | | | | 232 | | |
|
Natural Gas (MMcf)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Eagle Ford
|
| | | | 21 | | | | | | 53 | | | | | | 68 | | | | | | 106 | | | | | | 178 | | |
|
Bakken
|
| | | | 147 | | | | | | 183 | | | | | | 240 | | | | | | 272 | | | | | | 206 | | |
|
Permian
|
| | | | 3 | | | | | | 68 | | | | | | 77 | | | | | | 217 | | | | | | 145 | | |
|
SCOOP
|
| | | | — | | | | | | 53 | | | | | | 120 | | | | | | 51 | | | | | | 87 | | |
|
Total
|
| | | | 171 | | | | | | 357 | | | | | | 505 | | | | | | 646 | | | | | | 616 | | |
| | | |
Nine Months Ended
September 30, |
| |
Years Ended
December 31, |
| ||||||||||||||||||||||||
| | | |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
|
Total (MBoe)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Eagle Ford
|
| | | | 25 | | | | | | 37 | | | | | | 48 | | | | | | 67 | | | | | | 108 | | |
|
Bakken
|
| | | | 65 | | | | | | 63 | | | | | | 83 | | | | | | 107 | | | | | | 110 | | |
|
Permian
|
| | | | 2 | | | | | | 51 | | | | | | 79 | | | | | | 164 | | | | | | 87 | | |
|
SCOOP
|
| | | | — | | | | | | 16 | | | | | | 36 | | | | | | 18 | | | | | | 29 | | |
|
Total
|
| | | | 92 | | | | | | 167 | | | | | | 246 | | | | | | 356 | | | | | | 334 | | |
|
Oil (Bbl) per day
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Eagle Ford
|
| | | | 81 | | | | | | 105 | | | | | | 101 | | | | | | 134 | | | | | | 214 | | |
|
Bakken
|
| | | | 148 | | | | | | 121 | | | | | | 118 | | | | | | 170 | | | | | | 208 | | |
|
Permian
|
| | | | 5 | | | | | | 145 | | | | | | 182 | | | | | | 349 | | | | | | 173 | | |
|
SCOOP
|
| | | | — | | | | | | 26 | | | | | | 43 | | | | | | 27 | | | | | | 40 | | |
|
Total
|
| | | | 234 | | | | | | 397 | | | | | | 444 | | | | | | 680 | | | | | | 635 | | |
|
Natural gas (Mcf) per day
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Eagle Ford
|
| | | | 76 | | | | | | 196 | | | | | | 186 | | | | | | 290 | | | | | | 487 | | |
|
Bakken
|
| | | | 544 | | | | | | 677 | | | | | | 657 | | | | | | 744 | | | | | | 564 | | |
|
Permian
|
| | | | 12 | | | | | | 254 | | | | | | 211 | | | | | | 596 | | | | | | 398 | | |
|
SCOOP
|
| | | | — | | | | | | 196 | | | | | | 330 | | | | | | 139 | | | | | | 238 | | |
|
Total
|
| | | | 632 | | | | | | 1,323 | | | | | | 1,384 | | | | | | 1,769 | | | | | | 1,687 | | |
|
Total (Boe) per day
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Eagle Ford
|
| | | | 92 | | | | | | 137 | | | | | | 132 | | | | | | 182 | | | | | | 295 | | |
|
Bakken
|
| | | | 240 | | | | | | 234 | | | | | | 228 | | | | | | 294 | | | | | | 302 | | |
|
Permian
|
| | | | 7 | | | | | | 187 | | | | | | 217 | | | | | | 449 | | | | | | 239 | | |
|
SCOOP
|
| | | | — | | | | | | 59 | | | | | | 98 | | | | | | 50 | | | | | | 80 | | |
|
Total
|
| | | | 339 | | | | | | 617 | | | | | | 675 | | | | | | 975 | | | | | | 916 | | |
| Average Sales Prices: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Oil (per Bbl)
|
| | | $ | 94.80 | | | | | $ | 64.45 | | | | | $ | 52.89 | | | | | $ | 36.74 | | | | | $ | 53.74 | | |
|
Effect of Gain (Loss) on Settled Oil Derivatives on Average Price (per Bbl)
|
| | | | (5.81) | | | | | | (11.62) | | | | | | (8.44) | | | | | | 5.83 | | | | | | (0.78) | | |
|
Oil Net of Settled Oil Derivatives (per Bbl)
|
| | | | 88.99 | | | | | | 52.83 | | | | | | 44.45 | | | | | | 42.57 | | | | | | 52.96 | | |
|
Natural Gas (per Mcf)
|
| | | | 10.67 | | | | | | 3.57 | | | | | | 3.32 | | | | | | 1.04 | | | | | | 1.60 | | |
|
Effect of Gain (Loss) on Settled Natural Gas Derivatives on Average Price (per Mcf)
|
| | | | (1.52) | | | | | | (0.15) | | | | | | (1.06) | | | | | | (0.02) | | | | | | 0.04 | | |
|
Natural Gas Net of Settled Natural Gas Derivatives (per Mcf)
|
| | | | 9.15 | | | | | | 3.42 | | | | | | 2.26 | | | | | | 1.02 | | | | | | 1.64 | | |
|
Realized Price on a Boe Basis Excluding Settled Commodity Derivatives
|
| | | | 85.25 | | | | | | 49.08 | | | | | | 41.63 | | | | | | 27.52 | | | | | | 40.19 | | |
|
Effect of Gain (Loss) on Settled Commodity Derivatives on Average Price (per Boe)
|
| | | | (6.84) | | | | | | (7.78) | | | | | | (7.73) | | | | | | 4.03 | | | | | | (0.47) | | |
|
Realized Price on a Boe Basis Including Settled Commodity Derivatives
|
| | | | 78.41 | | | | | | 41.30 | | | | | | 33.90 | | | | | | 31.55 | | | | | | 39.72 | | |
| Average Costs: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Production Expenses (per Boe)
|
| | | $ | 13.28 | | | | | $ | 8.55 | | | | | $ | 7.30 | | | | | $ | 6.06 | | | | | $ | 8.91 | | |
| | | |
Nine Months Ended
September 30, |
| |
Years Ended
December 31, |
| ||||||||||||||||||
| | | |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| ||||||||||||
| Fund II | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Net Production:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Oil (MBbl)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Eagle Ford
|
| | | | 86 | | | | | | 110 | | | | | | 146 | | | | | | 173 | | |
|
Bakken
|
| | | | 345 | | | | | | 530 | | | | | | 678 | | | | | | 590 | | |
|
Permian
|
| | | | 76 | | | | | | 105 | | | | | | 132 | | | | | | 258 | | |
|
Haynesville
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total
|
| | | | 507 | | | | | | 745 | | | | | | 956 | | | | | | 1,021 | | |
|
Natural Gas (MMcf)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Eagle Ford
|
| | | | 156 | | | | | | 357 | | | | | | 456 | | | | | | 315 | | |
|
Bakken
|
| | | | 540 | | | | | | 1,018 | | | | | | 1,323 | | | | | | 930 | | |
|
Permian
|
| | | | 182 | | | | | | 271 | | | | | | 356 | | | | | | 447 | | |
|
Haynesville
|
| | | | 7,836 | | | | | | 2,784 | | | | | | 3,460 | | | | | | 5,450 | | |
|
Total
|
| | | | 8,714 | | | | | | 4,430 | | | | | | 5,595 | | | | | | 7,142 | | |
|
Total (MBoe)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Eagle Ford
|
| | | | 112 | | | | | | 169 | | | | | | 222 | | | | | | 226 | | |
|
Bakken
|
| | | | 435 | | | | | | 700 | | | | | | 899 | | | | | | 745 | | |
|
Permian
|
| | | | 107 | | | | | | 150 | | | | | | 191 | | | | | | 332 | | |
|
Haynesville
|
| | | | 1,306 | | | | | | 464 | | | | | | 577 | | | | | | 908 | | |
|
Total
|
| | | | 1,960 | | | | | | 1,483 | | | | | | 1,889 | | | | | | 2,211 | | |
|
Oil (Bbl) per day
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Eagle Ford
|
| | | | 319 | | | | | | 407 | | | | | | 400 | | | | | | 475 | | |
|
Bakken
|
| | | | 1,276 | | | | | | 1,963 | | | | | | 1,858 | | | | | | 1,615 | | |
|
Permian
|
| | | | 283 | | | | | | 387 | | | | | | 361 | | | | | | 706 | | |
|
Haynesville
|
| | | | 1 | | | | | | 1 | | | | | | 1 | | | | | | 1 | | |
|
Total
|
| | | | 1,879 | | | | | | 2,758 | | | | | | 2,620 | | | | | | 2,797 | | |
|
Natural gas (Mcf) per day
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Eagle Ford
|
| | | | 577 | | | | | | 1,322 | | | | | | 1,250 | | | | | | 863 | | |
|
Bakken
|
| | | | 2,007 | | | | | | 3,770 | | | | | | 3,624 | | | | | | 2,548 | | |
|
Permian
|
| | | | 674 | | | | | | 1,003 | | | | | | 977 | | | | | | 1,225 | | |
|
Haynesville
|
| | | | 29,018 | | | | | | 10,312 | | | | | | 9,478 | | | | | | 14,930 | | |
|
Total
|
| | | | 32,276 | | | | | | 16,407 | | | | | | 15,329 | | | | | | 19,566 | | |
|
Total (Boe) per day
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Eagle Ford
|
| | | | 416 | | | | | | 627 | | | | | | 608 | | | | | | 619 | | |
|
Bakken
|
| | | | 1,610 | | | | | | 2,591 | | | | | | 2,462 | | | | | | 2,040 | | |
|
Permian
|
| | | | 395 | | | | | | 554 | | | | | | 524 | | | | | | 910 | | |
|
Haynesville
|
| | | | 4,837 | | | | | | 1,720 | | | | | | 1,581 | | | | | | 2,489 | | |
|
Total
|
| | | | 7,258 | | | | | | 5,492 | | | | | | 5,175 | | | | | | 6,058 | | |
| | | |
Nine Months Ended
September 30, |
| |
Years Ended
December 31, |
| ||||||||||||||||||
| | | |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| ||||||||||||
|
Average Sales Prices:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Oil (per Bbl)
|
| | | $ | 94.17 | | | | | $ | 64.15 | | | | | $ | 69.30 | | | | | $ | 42.24 | | |
|
Effect of Gain (Loss) on Settled Oil Derivatives on Average Price
(per Bbl) |
| | | | (14.61) | | | | | | (5.82) | | | | | | (7.65) | | | | | | 6.07 | | |
|
Oil Net of Settled Oil Derivatives (per Bbl)
|
| | | | 79.56 | | | | | | 58.33 | | | | | | 61.65 | | | | | | 48.31 | | |
|
Natural Gas (per Mcf)
|
| | | | 7.14 | | | | | | 2.72 | | | | | | 2.88 | | | | | | 0.83 | | |
|
Effect of Gain (Loss) on Settled Natural Gas Derivatives on Average Price (per Mcf)
|
| | | | (0.83) | | | | | | (0.23) | | | | | | (0.50) | | | | | | 0.20 | | |
|
Natural Gas Net of Settled Natural Gas Derivatives (per Mcf)
|
| | | | 6.31 | | | | | | 2.49 | | | | | | 2.38 | | | | | | 1.03 | | |
|
Realized Price on a Boe Basis Excluding Settled Commodity Derivatives
|
| | | | 56.14 | | | | | | 40.34 | | | | | | 43.62 | | | | | | 22.17 | | |
|
Effect of Gain (Loss) on Settled Commodity Derivatives on Average Price (per Boe)
|
| | | | (7.47) | | | | | | (3.61) | | | | | | (5.37) | | | | | | 3.46 | | |
|
Realized Price on a Boe Basis Including Settled Commodity Derivatives
|
| | | | 48.67 | | | | | | 36.73 | | | | | | 38.25 | | | | | | 25.63 | | |
|
Average Costs:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Production Expenses (per Boe)
|
| | | $ | 6.97 | | | | | $ | 5.48 | | | | | $ | 6.95 | | | | | $ | 6.22 | | |
| | | |
December 31,
|
| |||||||||||||||||||||||||||||||||
| | | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||||||||||||||
| | | |
Gross
|
| |
Net(1)
|
| |
Gross
|
| |
Net(1)
|
| |
Gross
|
| |
Net(1)
|
| ||||||||||||||||||
| Fund III | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Productive Development Wells:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Oil
|
| | | | 44 | | | | | | 7.75 | | | | | | 40 | | | | | | 6.75 | | | | | | 54 | | | | | | 10.04 | | |
|
Natural Gas
|
| | | | 2 | | | | | | 0.30 | | | | | | 2 | | | | | | 0.39 | | | | | | 5 | | | | | | 1.00 | | |
| Fund I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Productive Development Wells:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Oil
|
| | | | 16 | | | | | | 0.17 | | | | | | 9 | | | | | | 0.62 | | | | | | 57 | | | | | | 0.62 | | |
|
Natural Gas
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Fund II | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Productive Development Wells:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
|
Oil
|
| | | | 114 | | | | | | 3.08 | | | | | | 84 | | | | | | 5.40 | | | | | | | | | | |||||
|
Natural Gas
|
| | | | 2 | | | | | | 0.29 | | | | | | 4 | | | | | | 0.21 | | | | | | | | | | |||||
| | | |
December 31,
|
| |||||||||||||||||||||||||||||||||
| | | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||||||||||||||
| | | |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| ||||||||||||||||||
| Fund III | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Permian
|
| | | | 36 | | | | | | 7.69 | | | | | | 35 | | | | | | 4.49 | | | | | | 12 | | | | | | 3.47 | | |
|
Eagle Ford
|
| | | | 2 | | | | | | 0.30 | | | | | | 6 | | | | | | 2.65 | | | | | | 8 | | | | | | 2.47 | | |
|
Bakken
|
| | | | 8 | | | | | | 0.06 | | | | | | 1 | | | | | | — | | | | | | 39 | | | | | | 5.10 | | |
|
DJ
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total:
|
| | | | 46 | | | | | | 8.05 | | | | | | 42 | | | | | | 7.14 | | | | | | 59 | | | | | | 11.04 | | |
| Fund I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Eagle Ford
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4 | | | | | | 0.16 | | |
|
Bakken
|
| | | | 16 | | | | | | 0.17 | | | | | | 1 | | | | | | 0.01 | | | | | | 23 | | | | | | 0.32 | | |
|
Permian
|
| | | | — | | | | | | — | | | | | | 8 | | | | | | 0.61 | | | | | | 10 | | | | | | 0.03 | | |
|
SCOOP
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20 | | | | | | 0.11 | | |
|
Total:
|
| | | | 16 | | | | | | 0.17 | | | | | | 9 | | | | | | 0.62 | | | | | | 57 | | | | | | 0.62 | | |
| Fund II | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Bakken
|
| | | | 83 | | | | | | 2.53 | | | | | | 19 | | | | | | 1.86 | | | | | | | | | | | | | | |
|
Permian
|
| | | | 15 | | | | | | 0.04 | | | | | | 44 | | | | | | 0.54 | | | | | | | | | | | | | | |
|
Eagle Ford
|
| | | | 16 | | | | | | 0.51 | | | | | | 21 | | | | | | 3.00 | | | | | | | | | | | | | | |
|
Haynesville
|
| | | | 2 | | | | | | 0.29 | | | | | | 4 | | | | | | 0.21 | | | | | | | | | | | | | | |
|
Total:
|
| | | | 116 | | | | | | 3.37 | | | | | | 88 | | | | | | 5.61 | | | | | | | | | | | | | | |
| | | |
Developed Acreage
|
| |
Undeveloped Acreage
|
| |
Total Acreage
|
| |||||||||||||||||||||||||||
| | | |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| ||||||||||||||||||
| Fund III | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Permian
|
| | | | 12,450 | | | | | | 3,283 | | | | | | 4,181 | | | | | | 2,721 | | | | | | 16,631 | | | | | | 6,004 | | |
|
Bakken
|
| | | | 3,947 | | | | | | 1,313 | | | | | | — | | | | | | — | | | | | | 3,947 | | | | | | 1,313 | | |
|
Eagle Ford
|
| | | | 4,444 | | | | | | 968 | | | | | | 14,307 | | | | | | 3,551 | | | | | | 18,751 | | | | | | 4,519 | | |
|
DJ
|
| | | | 14,537 | | | | | | 1,475 | | | | | | — | | | | | | — | | | | | | 14,537 | | | | | | 1,475 | | |
|
Total:
|
| | | | 35,378 | | | | | | 7,039 | | | | | | 18,488 | | | | | | 6,272 | | | | | | 53,866 | | | | | | 13,311 | | |
| | | |
Developed Acreage
|
| |
Undeveloped Acreage
|
| |
Total Acreage
|
| |||||||||||||||||||||||||||
| | | |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| ||||||||||||||||||
| Fund I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Eagle Ford
|
| | | | 4,724 | | | | | | 748 | | | | | | — | | | | | | — | | | | | | 4,724 | | | | | | 748 | | |
|
Permian
|
| | | | 831 | | | | | | 102 | | | | | | — | | | | | | — | | | | | | 831 | | | | | | 102 | | |
|
Bakken
|
| | | | 26,301 | | | | | | 792 | | | | | | — | | | | | | — | | | | | | 26,301 | | | | | | 792 | | |
|
Total:
|
| | | | 31,856 | | | | | | 1,642 | | | | | | — | | | | | | — | | | | | | 31,856 | | | | | | 1,642 | | |
| Fund II | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Bakken
|
| | | | 140,207 | | | | | | 11,063 | | | | | | 2,303 | | | | | | 1,983 | | | | | | 142,510 | | | | | | 13,046 | | |
|
Permian
|
| | | | 22,452 | | | | | | 693 | | | | | | — | | | | | | — | | | | | | 22,452 | | | | | | 693 | | |
|
Haynesville
|
| | | | 6,245 | | | | | | 2,298 | | | | | | — | | | | | | — | | | | | | 6,245 | | | | | | 2,298 | | |
|
Eagle Ford
|
| | | | 11,659 | | | | | | 1,452 | | | | | | — | | | | | | — | | | | | | 11,659 | | | | | | 1,452 | | |
|
Total:
|
| | | | 180,563 | | | | | | 15,506 | | | | | | 2,303 | | | | | | 1,983 | | | | | | 182,866 | | | | | | 17,489 | | |
| | |||||||||||||||||||||||||||||||||||||
| | | |
Acreage Subject to
Expiration |
| |||||||||
|
Year Ended
|
| |
Gross
|
| |
Net
|
| ||||||
| Fund III | | | | | | | | | | | | | |
|
December 31, 2022
|
| | | | 5,084 | | | | | | 384 | | |
|
December 31, 2023
|
| | | | — | | | | | | — | | |
|
December 31, 2024
|
| | | | 4,681 | | | | | | 2,720 | | |
|
December 31, 2025
|
| | | | — | | | | | | — | | |
|
December 31, 2026 and thereafter
|
| | | | — | | | | | | — | | |
|
Total
|
| | | | 9,765 | | | | | | 3,104 | | |
|
Fund I
|
| | | | — | | | | | | — | | |
| Fund II | | | | | | | | | | | | | |
|
December 31, 2022
|
| | | | 120 | | | | | | 120 | | |
|
December 31, 2023
|
| | | | 2,720 | | | | | | 1,543 | | |
|
December 31, 2024
|
| | | | 320 | | | | | | 320 | | |
|
December 31, 2025
|
| | | | — | | | | | | — | | |
|
December 31, 2026 and thereafter
|
| | | | — | | | | | | — | | |
|
Total
|
| | | | 3,160 | | | | | | 1,983 | | |
| | | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| |
Years Ended
December 31, |
| |||||||||||||||||||||||||||||||||
|
(In thousands, except per Boe data)
|
| |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||||||||
| Fund III | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Depletion of Oil and Natural Gas Properties
|
| | | $ | 39,775 | | | | | $ | 15,794 | | | | | $ | 70,389 | | | | | $ | 45,798 | | | | | $ | 60,477 | | | | | $ | 22,096 | | | | | $ | 17,092 | | |
|
Depletion Expense
(per Boe) |
| | | | 36.05 | | | | | | 16.11 | | | | | | 22.44 | | | | | | 16.11 | | | | | | 16.11 | | | | | | 21.18 | | | | | | 28.30 | | |
| Fund I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Depletion of Oil and Natural Gas Properties
|
| | | | | | | | | | | | | | | $ | 1,576 | | | | | $ | 2,533 | | | | | $ | 3,049 | | | | | $ | 9,752 | | | | | $ | 7,278 | | |
|
Depletion Expense
(per Boe) |
| | | | | | | | | | | | | | | | 17.21 | | | | | | 15.19 | | | | | | 12.38 | | | | | | 27.41 | | | | | | 21.77 | | |
| Fund II | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Depletion of Oil and Natural Gas Properties
|
| | | | | | | | | | | | | | | $ | 25,795 | | | | | $ | 24,109 | | | | | $ | 30,687 | | | | | $ | 47,689 | | | | | | | | |
|
Depletion Expense
(per Boe) |
| | | | | | | | | | | | | | | | 13.16 | | | | | | 16.26 | | | | | | 16.25 | | | | | | 21.57 | | | | | | | | |
| | | |
Nine Months Ended
September 30, |
| |||||||||
| | | |
2022
|
| |
2021
|
| ||||||
| Average NYMEX Prices(1) | | | | | | | | | | | | | |
|
Oil (per Bbl)
|
| | | $ | 98.24 | | | | | $ | 64.99 | | |
|
Natural gas (per Mcf)
|
| | | | 6.70 | | | | | | 3.35 | | |
| | | |
Year Ended
December 31, |
| |||||||||
| | | |
2021
|
| |
2020
|
| ||||||
| Average NYMEX Prices(1) | | | | | | | | | | | | | |
|
Oil (per Bbl)
|
| | | $ | 68.00 | | | | | $ | 39.34 | | |
|
Natural gas (per Mcf)
|
| | | | 4.00 | | | | | | 2.13 | | |
| | | |
Three months ended
September 30, |
| |||||||||
| | | |
2022
|
| |
2021
|
| ||||||
| Net Sales (in thousands): | | | | | | | | | | | | | |
|
Oil sales
|
| | | $ | 61,607 | | | | | $ | 40,376 | | |
|
Natural gas and related product sales
|
| | | | 28,587 | | | | | | 15,341 | | |
|
Revenues
|
| | | | 90,194 | | | | | | 55,717 | | |
| Average Sales Prices: | | | | | | | | | | | | | |
|
Oil (per Bbl)
|
| | | $ | 90.95 | | | | | $ | 68.99 | | |
|
Effect of gain (loss) on settled oil derivatives on average price (per Bbl)
|
| | | | (7.34) | | | | | | (3.97) | | |
|
Oil net of settled oil derivatives (per Bbl)
|
| | | | 83.61 | | | | | | 65.02 | | |
|
Natural gas and related product sales (per Mcf)
|
| | | | 11.19 | | | | | | 6.47 | | |
|
Effect of gain (loss) on settled natural gas derivatives on average price (per Mcf)
|
| | | | (1.71) | | | | | | (0.69) | | |
|
Natural gas and related product sales net of settled natural gas derivatives
(per Mcf) |
| | | | 9.48 | | | | | | 5.78 | | |
|
Realized price on a Boe basis excluding settled commodity derivatives
|
| | | | 81.75 | | | | | | 56.82 | | |
|
Effect of gain (loss) on settled commodity derivatives on average price (per Boe)
|
| | | | (8.46) | | | | | | (4.04) | | |
|
Realized price on a Boe basis including settled commodity derivatives
|
| | | | 73.29 | | | | | | 52.78 | | |
| Operating Expenses (in thousands): | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | $ | 6,368 | | | | | $ | 3,621 | | |
|
Production taxes
|
| | | | 5,053 | | | | | | 2,506 | | |
|
Depletion and accretion expense
|
| | | | 39,868 | | | | | | 15,794 | | |
|
General and administrative
|
| | | | 1,776 | | | | | | 1,764 | | |
|
Total operating expenses
|
| | | | 53,065 | | | | | | 23,685 | | |
| | | |
Three months ended
September 30, |
| |||||||||
| | | |
2022
|
| |
2021
|
| ||||||
| Costs and Expenses (per Boe): | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | $ | 5.77 | | | | | $ | 3.69 | | |
|
Production taxes
|
| | | | 4.58 | | | | | | 2.56 | | |
|
Depletion and accretion
|
| | | | 36.13 | | | | | | 16.11 | | |
|
General and administrative
|
| | | | 1.61 | | | | | | 1.80 | | |
|
Net Producing Wells at Period-End
|
| | | | 58.33 | | | | | | 42.82 | | |
| | | |
Three months ended September 30,
|
| |||||||||
| | | |
2022
|
| |
2021
|
| ||||||
| Production: | | | | | | | | | | | | | |
|
Oil (MBbl)
|
| | | | 677 | | | | | | 585 | | |
|
Natural gas (MMcf)
|
| | | | 2,556 | | | | | | 2,372 | | |
|
Total (MBoe)(1)
|
| | | | 1,103 | | | | | | 981 | | |
| Average Daily Production: | | | | | | | | | | | | | |
|
Oil (Bbl)
|
| | | | 7,526 | | | | | | 6,503 | | |
|
Natural gas (Mcf)
|
| | | | 28,398 | | | | | | 26,354 | | |
|
Total (Boe)(1)
|
| | | | 12,259 | | | | | | 10,895 | | |
| | | |
Nine months ended September 30,
|
| |||||||||
| | | |
2022
|
| |
2021
|
| ||||||
| Net Sales (in thousands): | | | | | | | | | | | | | |
|
Oil sales
|
| | | $ | 197,332 | | | | | $ | 104,700 | | |
|
Natural gas and related product sales
|
| | | | 65,931 | | | | | | 37,932 | | |
|
Revenues
|
| | | | 263,263 | | | | | | 142,632 | | |
| Average Sales Prices: | | | | | | | | | | | | | |
|
Oil (per Bbl)
|
| | | $ | 96.72 | | | | | $ | 59.85 | | |
|
Effect of gain (loss) on settled oil derivatives on average price (per Bbl)
|
| | | | (7.54) | | | | | | (1.48) | | |
|
Oil net of settled oil derivatives (per Bbl)
|
| | | | 89.18 | | | | | | 58.37 | | |
|
Natural gas and related product sales (per Mcf)
|
| | | | 10.03 | | | | | | 5.78 | | |
|
Effect of gain (loss) on settled natural gas derivatives on average price (per Mcf)
|
| | | | (1.42) | | | | | | (0.69) | | |
|
Natural gas and related product sales net of settled natural gas derivatives (per Mcf)
|
| | | | 8.61 | | | | | | 5.09 | | |
|
Realized price on a Boe basis excluding settled commodity derivatives
|
| | | | 83.95 | | | | | | 50.16 | | |
|
Effect of gain (loss) on settled commodity derivatives on average price (per Boe)
|
| | | | (7.89) | | | | | | (2.50) | | |
|
Realized price on a Boe basis including settled commodity derivatives
|
| | | | 76.06 | | | | | | 47.66 | | |
| Operating Expenses (in thousands): | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | $ | 15,840 | | | | | $ | 8,407 | | |
|
Production taxes
|
| | | | 14,628 | | | | | | 7,737 | | |
|
Depletion and accretion expense
|
| | | | 70,529 | | | | | | 45,798 | | |
|
General and administrative
|
| | | | 4,880 | | | | | | 4,978 | | |
|
Total operating expenses
|
| | | | 105,877 | | | | | | 66,920 | | |
| Costs and Expenses (per Boe): | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | $ | 5.05 | | | | | $ | 2.96 | | |
|
Production taxes
|
| | | | 4.66 | | | | | | 2.72 | | |
|
Depletion and accretion
|
| | | | 22.49 | | | | | | 16.11 | | |
|
General and administrative
|
| | | | 1.56 | | | | | | 1.75 | | |
|
Net Producing Wells at Period-End
|
| | | | 58.33 | | | | | | 42.82 | | |
| | | |
Nine months ended September 30,
|
| |||||||||
| | | |
2022
|
| |
2021
|
| ||||||
| Production: | | | | | | | | | | | | | |
|
Oil (MBbl)
|
| | | | 2,040 | | | | | | 1,750 | | |
|
Natural gas (MMcf)
|
| | | | 6,576 | | | | | | 6,563 | | |
|
Total (MBoe)(1)
|
| | | | 3,136 | | | | | | 2,843 | | |
| Average Daily Production: | | | | | | | | | | | | | |
|
Oil (Bbl)
|
| | | | 7,556 | | | | | | 6,480 | | |
|
Natural gas (Mcf)
|
| | | | 24,354 | | | | | | 24,308 | | |
|
Total (Boe)(1)
|
| | | | 11,615 | | | | | | 10,531 | | |
| | | |
Year ended
December 31, |
| |||||||||
| | | |
2021
|
| |
2020
|
| ||||||
| Net Sales (in thousands): | | | | | | | | | | | | | |
|
Oil sales
|
| | | $ | 145,643 | | | | | $ | 23,863 | | |
|
Natural gas and related product sales
|
| | | | 51,903 | | | | | | 4,427 | | |
|
Revenues
|
| | | | 197,546 | | | | | | 28,290 | | |
| Average Sales Prices: | | | | | | | | | | | | | |
|
Oil (per Bbl)
|
| | | $ | 63.47 | | | | | $ | 38.14 | | |
|
Effect of gain (loss) on settled oil derivatives on average price (per Bbl)
|
| | | | (4.51) | | | | | | 4.05 | | |
|
Oil net of settled oil derivatives (per Bbl)
|
| | | | 58.96 | | | | | | 42.19 | | |
|
Natural gas and related product sales (per Mcf)
|
| | | | 5.92 | | | | | | 1.77 | | |
|
Effect of gain (loss) on settled natural gas derivatives on average price (per Mcf)
|
| | | | (0.32) | | | | | | 0.12 | | |
|
Natural gas and related product sales net of settled natural gas derivatives (per Mcf)
|
| | | | 5.60 | | | | | | 1.89 | | |
|
Realized price on a Boe basis excluding settled commodity derivatives
|
| | | | 52.61 | | | | | | 27.12 | | |
|
Effect of gain (loss) on settled commodity derivatives on average price (per Boe)
|
| | | | (3.51) | | | | | | 2.72 | | |
|
Realized price on a Boe basis including settled commodity derivatives
|
| | | | 49.10 | | | | | | 29.84 | | |
| | | |
Year ended
December 31, |
| |||||||||
| | | |
2021
|
| |
2020
|
| ||||||
| Operating Expenses (in thousands): | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | $ | 12,362 | | | | | $ | 5,147 | | |
|
Production taxes
|
| | | | 10,808 | | | | | | 1,815 | | |
|
Depletion and accretion expense
|
| | | | 60,534 | | | | | | 22,130 | | |
|
General and administrative
|
| | | | 6,262 | | | | | | 5,166 | | |
|
Total operating expenses
|
| | | | 89,966 | | | | | | 34,258 | | |
| Costs and Expenses (per Boe): | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | $ | 3.29 | | | | | $ | 4.93 | | |
|
Production taxes
|
| | | | 2.88 | | | | | | 1.74 | | |
|
Depletion and accretion
|
| | | | 16.12 | | | | | | 21.21 | | |
|
General and administrative
|
| | | | 1.67 | | | | | | 4.95 | | |
|
Net Producing Wells at Period-End
|
| | | | 46.13 | | | | | | 17.31 | | |
| | | |
Year ended
December 31, |
| |||||||||
| | | |
2021
|
| |
2020
|
| ||||||
| Production: | | | | | | | | | | | | | |
|
Oil (MBbl)
|
| | | | 2,295 | | | | | | 626 | | |
|
Natural gas (MMcf)
|
| | | | 8,761 | | | | | | 2,506 | | |
|
Total (MBoe)(1)
|
| | | | 3,755 | | | | | | 1,043 | | |
| Average Daily Production: | | | | | | | | | | | | | |
|
Oil (Bbl)
|
| | | | 6,286 | | | | | | 1,714 | | |
|
Natural gas (Mcf)
|
| | | | 24,002 | | | | | | 6,866 | | |
|
Total (Boe)(1)
|
| | | | 10,287 | | | | | | 2,858 | | |
| | | |
Year ended
December 31, |
| |||||||||
| | | |
2020
|
| |
2019
|
| ||||||
| Net Sales (in thousands): | | | | | | | | | | | | | |
|
Oil sales
|
| | | $ | 23,863 | | | | | $ | 20,811 | | |
|
Natural gas and related product sales
|
| | | | 4,427 | | | | | | 2,472 | | |
|
Revenues
|
| | | | 28,290 | | | | | | 23,283 | | |
| Average Sales Prices: | | | | | | | | | | | | | |
|
Oil (per Bbl)
|
| | | $ | 38.14 | | | | | $ | 53.96 | | |
|
Effect of gain (loss) on settled oil derivatives on average price (per Bbl)
|
| | | | 4.05 | | | | | | 1.14 | | |
|
Oil net of settled oil derivatives (per Bbl)
|
| | | | 42.19 | | | | | | 55.10 | | |
|
Natural gas and related product sales (per Mcf)
|
| | | | 1.77 | | | | | | 1.89 | | |
|
Effect of gain (loss) on settled natural gas derivatives on average price (per Mcf)
|
| | | | 0.12 | | | | | | 0.34 | | |
|
Natural gas and related product sales net of settled natural gas derivatives (per Mcf)
|
| | | | 1.89 | | | | | | 2.23 | | |
|
Realized price on a Boe basis excluding settled commodity derivatives
|
| | | | 27.12 | | | | | | 38.56 | | |
|
Effect of gain (loss) on settled commodity derivatives on average price (per Boe)
|
| | | | 2.72 | | | | | | 0.73 | | |
|
Realized price on a Boe basis including settled commodity derivatives
|
| | | | 29.84 | | | | | | 39.29 | | |
| Operating Expenses (in thousands): | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | $ | 5,147 | | | | | $ | 2,669 | | |
|
Production taxes
|
| | | | 1,815 | | | | | | 1,369 | | |
|
Depletion and accretion expense
|
| | | | 22,130 | | | | | | 17,100 | | |
|
General and administrative
|
| | | | 5,166 | | | | | | 4,961 | | |
|
Organizational expenses
|
| | | | — | | | | | | 21 | | |
|
Total operating expenses
|
| | | | 34,258 | | | | | | 26,120 | | |
| Costs and Expenses (per Boe): | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | $ | 4.93 | | | | | $ | 4.42 | | |
|
Production taxes
|
| | | | 1.74 | | | | | | 2.27 | | |
|
Depletion and accretion
|
| | | | 21.21 | | | | | | 28.32 | | |
|
General and administrative
|
| | | | 4.95 | | | | | | 8.22 | | |
|
Organizational expenses
|
| | | | — | | | | | | 0.03 | | |
|
Net Producing Wells at Period-End
|
| | | | 17.31 | | | | | | 11.04 | | |
| | | |
Year ended December 31,
|
| |||||||||
| | | |
2020
|
| |
2019
|
| ||||||
| Production: | | | | | | | | | | | | | |
|
Oil (MBbl)
|
| | | | 626 | | | | | | 386 | | |
|
Natural gas (MMcf)
|
| | | | 2,506 | | | | | | 1,309 | | |
|
Total (MBoe)(1)
|
| | | | 1,043 | | | | | | 604 | | |
| Average Daily Production: | | | | | | | | | | | | | |
|
Oil (Bbl)
|
| | | | 1,714 | | | | | | 1,057 | | |
|
Natural gas (Mcf)
|
| | | | 6,866 | | | | | | 3,587 | | |
|
Total (Boe)(1)
|
| | | | 2,858 | | | | | | 1,654 | | |
| | | |
Nine months ended September 30,
|
| |||||||||
|
(in thousands)
|
| |
2022
|
| |
2021
|
| ||||||
|
Net Cash Provided by Operating Activities
|
| | | $ | 179,662 | | | | | $ | 91,900 | | |
|
Net Cash Used in Investing Activities
|
| | | | (150,655) | | | | | | (124,786) | | |
|
Net Cash (Used in)/Provided by Financing Activities
|
| | | | (29,916) | | | | | | 44,074 | | |
|
Net Change in Cash
|
| | | $ | (909) | | | | | $ | 11,188 | | |
| | | |
Year ended December 31,
|
| |||||||||||||||
|
(in thousands)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
|
Net Cash Provided by Operating Activities
|
| | | $ | 131,715 | | | | | $ | 14,085 | | | | | $ | 8,670 | | |
|
Net Cash Used in Investing Activities
|
| | | | (194,014) | | | | | | (80,868) | | | | | | (83,707) | | |
|
Net Cash Provided by Financing Activities
|
| | | | 66,980 | | | | | | 66,447 | | | | | | 69,815 | | |
|
Net Change in Cash
|
| | | $ | 4,681 | | | | | $ | (336) | | | | | $ | (5,222) | | |
| | | |
Nine months ended September 30,
|
| |||||||||
| | | |
2022
|
| |
2021
|
| ||||||
| Net Sales (in thousands): | | | | | | | | | | | | | |
|
Oil sales
|
| | | $ | 5,984 | | | | | $ | 6,908 | | |
|
Natural gas and related product sales
|
| | | | 1,822 | | | | | | 1,274 | | |
|
Revenues
|
| | | | 7,806 | | | | | | 8,182 | | |
| Average Sales Prices: | | | | | | | | | | | | | |
|
Oil (per Bbl)
|
| | | $ | 94.80 | | | | | $ | 64.45 | | |
|
Effect of gain (loss) on settled oil derivatives on average price (per Bbl)
|
| | | | (5.81) | | | | | | (11.62) | | |
|
Oil net of settled oil derivatives (per Bbl)
|
| | | | 88.99 | | | | | | 52.83 | | |
|
Natural gas and related product sales (per Mcf)
|
| | | | 10.67 | | | | | | 3.57 | | |
|
Effect of gain (loss) on settled natural gas derivatives on average price (per Mcf)
|
| | | | (1.52) | | | | | | (0.15) | | |
|
Natural gas and related product sales net of settled natural gas derivatives (per Mcf)
|
| | | | 9.15 | | | | | | 3.42 | | |
|
Realized price on a Boe basis excluding settled commodity derivatives
|
| | | | 85.25 | | | | | | 49.08 | | |
|
Effect of gain (loss) on settled commodity derivatives on average price (per Boe)
|
| | | | (6.84) | | | | | | (7.78) | | |
|
Realized price on a Boe basis including settled commodity derivatives
|
| | | | 78.41 | | | | | | 41.30 | | |
| Operating Expenses (in thousands): | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | $ | 1,216 | | | | | $ | 1,426 | | |
|
Production taxes
|
| | | | 512 | | | | | | 506 | | |
|
Depletion and accretion
|
| | | | 1,611 | | | | | | 2,533 | | |
|
General and administrative
|
| | | | 158 | | | | | | 360 | | |
|
Gain on disposal of oil and natural gas properties
|
| | | | — | | | | | | (1,011) | | |
|
Total operating expenses
|
| | | | 3,497 | | | | | | 3,814 | | |
| Costs and Expenses (per Boe): | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | $ | 13.28 | | | | | $ | 8.55 | | |
|
Production taxes
|
| | | | 5.59 | | | | | | 3.04 | | |
|
Depletion and accretion
|
| | | | 17.59 | | | | | | 15.19 | | |
|
General and administrative
|
| | | | 1.73 | | | | | | 2.16 | | |
|
Gain on disposal of oil and natural gas properties
|
| | | | — | | | | | | (6.06) | | |
|
Net Producing Wells at Period-End
|
| | | | 10.03 | | | | | | 9.50 | | |
| | | |
Nine months ended September 30,
|
| |||||||||
| | | |
2022
|
| |
2021
|
| ||||||
| Production: | | | | | | | | | | | | | |
|
Oil (MBbl)
|
| | | | 63 | | | | | | 107 | | |
|
Natural gas (MMcf)
|
| | | | 171 | | | | | | 357 | | |
|
Total (MBoe)(1)
|
| | | | 92 | | | | | | 167 | | |
| Average Daily Production: | | | | | | | | | | | | | |
|
Oil (Bbl)
|
| | | | 234 | | | | | | 397 | | |
|
Natural gas (Mcf)
|
| | | | 632 | | | | | | 1,323 | | |
|
Total (Boe)(1)
|
| | | | 339 | | | | | | 617 | | |
| | | |
Year ended December 31,
|
| |||||||||
| | | |
2021
|
| |
2020
|
| ||||||
| Net Sales (in thousands): | | | | | | | | | | | | | |
|
Oil sales
|
| | | $ | 8,580 | | | | | $ | 9,120 | | |
|
Natural gas and related product sales
|
| | | | 1,677 | | | | | | 671 | | |
|
Revenues
|
| | | | 10,257 | | | | | | 9,791 | | |
| Average Sales Prices: | | | | | | | | | | | | | |
|
Oil (per Bbl)
|
| | | $ | 52.89 | | | | | $ | 36.74 | | |
|
Effect of gain (loss) on settled oil derivatives on average price (per Bbl)
|
| | | | (8.44) | | | | | | 5.83 | | |
| | | |
Year ended
December 31, |
| |||||||||
| | | |
2021
|
| |
2020
|
| ||||||
|
Oil net of settled oil derivatives (per Bbl)
|
| | | | 44.45 | | | | | | 42.57 | | |
|
Natural gas and related product sales (per Mcf)
|
| | | | 3.32 | | | | | | 1.04 | | |
|
Effect of gain (loss) on settled natural gas derivatives on average price (per Mcf)
|
| | | | (1.06) | | | | | | (0.02) | | |
|
Natural gas and related product sales net of settled natural gas derivatives (per Mcf)
|
| | | | 2.26 | | | | | | 1.02 | | |
|
Realized price on a Boe basis excluding settled commodity derivatives
|
| | | | 41.63 | | | | | | 27.52 | | |
|
Effect of gain (loss) on settled commodity derivatives on average price (per Boe)
|
| | | | (7.73) | | | | | | 4.03 | | |
|
Realized price on a Boe basis including settled commodity derivatives
|
| | | | 33.90 | | | | | | 31.55 | | |
| Operating Expenses (in thousands): | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | $ | 1,799 | | | | | $ | 2,156 | | |
|
Production taxes
|
| | | | 627 | | | | | | 619 | | |
|
Depletion and accretion
|
| | | | 3,038 | | | | | | 9,837 | | |
|
Loss on impairment
|
| | | | — | | | | | | 5,725 | | |
|
General and administrative
|
| | | | 389 | | | | | | 1,270 | | |
|
Gain on disposal of oil and natural gas properties
|
| | | | (1,341) | | | | | | (597) | | |
|
Total operating expenses
|
| | | | 4,512 | | | | | | 19,010 | | |
| Costs and Expenses (per Boe): | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | $ | 7.30 | | | | | $ | 6.06 | | |
|
Production taxes
|
| | | | 2.54 | | | | | | 1.74 | | |
|
Depletion and accretion
|
| | | | 12.33 | | | | | | 27.65 | | |
|
General and administrative
|
| | | | 1.58 | | | | | | 3.57 | | |
|
Gain on disposal of oil and natural gas properties
|
| | | | (5.44) | | | | | | (1.68) | | |
|
Net Producing Wells at Period-End
|
| | | | 9.3 | | | | | | 12.4 | | |
| | | |
Year ended December 31,
|
| |||||||||
| | | |
2021
|
| |
2020
|
| ||||||
| Production: | | | | | | | | | | | | | |
|
Oil (MBbl)
|
| | | | 162 | | | | | | 248 | | |
|
Natural gas (MMcf)
|
| | | | 505 | | | | | | 646 | | |
|
Total (MBoe)(1)
|
| | | | 246 | | | | | | 356 | | |
| Average Daily Production: | | | | | | | | | | | | | |
|
Oil (Bbl)
|
| | | | 444 | | | | | | 680 | | |
| | | |
Year ended
December 31, |
| |||||||||
| | | |
2021
|
| |
2020
|
| ||||||
|
Natural gas (Mcf)
|
| | | | 1,384 | | | | | | 1,769 | | |
|
Total (Boe)(1)
|
| | | | 675 | | | | | | 975 | | |
| | |||||||||||||
| | | |
Year ended
December 31, |
| |||||||||
| | | |
2020
|
| |
2019
|
| ||||||
| Net Sales (in thousands): | | | | | | | | | | | | | |
|
Oil sales
|
| | | $ | 9,120 | | | | | $ | 12,455 | | |
|
Natural gas and related product sales
|
| | | | 671 | | | | | | 985 | | |
|
Revenues
|
| | | | 9,791 | | | | | | 13,440 | | |
| Average Sales Prices: | | | | | | | | | | | | | |
|
Oil (per Bbl)
|
| | | $ | 36.74 | | | | | $ | 53.74 | | |
|
Effect of gain (loss) on settled oil derivatives on average price (per Bbl)
|
| | | | 5.83 | | | | | | (0.78) | | |
|
Oil net of settled oil derivatives (per Bbl)
|
| | | | 42.57 | | | | | | 52.96 | | |
|
Natural gas and related product sales (per Mcf)
|
| | | | 1.04 | | | | | | 1.60 | | |
|
Effect of gain (loss) on settled natural gas derivatives on average price (per Mcf)
|
| | | | (0.02) | | | | | | 0.04 | | |
|
Natural gas and related product sales net of settled natural gas derivatives
(per Mcf) |
| | | | 1.02 | | | | | | 1.64 | | |
|
Realized price on a Boe basis excluding settled commodity derivatives
|
| | | | 27.52 | | | | | | 40.19 | | |
|
Effect of gain (loss) on settled commodity derivatives on average price (per Boe)
|
| | | | 4.03 | | | | | | (0.47) | | |
|
Realized price on a Boe basis including settled commodity derivatives
|
| | | | 31.55 | | | | | | 39.72 | | |
| Operating Expenses (in thousands): | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | $ | 2,156 | | | | | $ | 2,980 | | |
|
Production taxes
|
| | | | 619 | | | | | | 865 | | |
|
Depletion and accretion
|
| | | | 9,837 | | | | | | 7,262 | | |
|
Loss on impairment
|
| | | | 5,725 | | | | | | — | | |
|
General and administrative
|
| | | | 1,270 | | | | | | 1,567 | | |
|
Gain on disposal of oil and natural gas properties
|
| | | | (597) | | | | | | (4,910) | | |
|
Total expenses
|
| | | | 19,010 | | | | | | 7,764 | | |
| | | |
Year ended
December 31, |
| |||||||||
| | | |
2020
|
| |
2019
|
| ||||||
| Costs and Expenses (per Boe): | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | $ | 6.06 | | | | | $ | 8.91 | | |
|
Production taxes
|
| | | | 1.74 | | | | | | 2.59 | | |
|
Depletion and accretion
|
| | | | 27.65 | | | | | | 21.72 | | |
|
General and administrative
|
| | | | 3.57 | | | | | | 4.69 | | |
|
Gain on disposal of oil and natural gas properties
|
| | | | (1.68) | | | | | | (14.68) | | |
|
Net Producing Wells at Period-End
|
| | | | 12.4 | | | | | | 12.3 | | |
| | | |
Year ended
December 31, |
| |||||||||
| | | |
2020
|
| |
2019
|
| ||||||
| Production: | | | | | | | | | | | | | |
|
Oil (MBbl)
|
| | | | 248 | | | | | | 232 | | |
|
Natural gas (MMcf)
|
| | | | 646 | | | | | | 616 | | |
|
Total (MBoe)(1)
|
| | | | 356 | | | | | | 334 | | |
| Average Daily Production: | | | | | | | | | | | | | |
|
Oil (Bbl)
|
| | | | 680 | | | | | | 635 | | |
|
Natural gas (Mcf)
|
| | | | 1,769 | | | | | | 1,687 | | |
|
Total (Boe)(1)
|
| | | | 975 | | | | | | 916 | | |
| | | |
Nine months ended
September 30, |
| |||||||||
|
(in thousands)
|
| |
2022
|
| |
2021
|
| ||||||
|
Net Cash Provided by Operating Activities
|
| | | $ | 3,977 | | | | | $ | 4,544 | | |
|
Net Cash (Used in) Provided by Investing Activities
|
| | | | (1,584) | | | | | | 19,454 | | |
|
Net Cash Used in Financing Activities
|
| | | | (1,100) | | | | | | (24,300) | | |
|
Net Change in Cash
|
| | | $ | 1,293 | | | | | $ | (302) | | |
| | | |
Year ended December 31,
|
| |||||||||||||||
|
(in thousands)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
|
Net Cash Provided by Operating Activities
|
| | | $ | 5,473 | | | | | $ | 8,152 | | | | | $ | 6,426 | | |
| | | |
Year ended December 31,
|
| |||||||||||||||
|
(in thousands)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
|
Net Cash Provided by (Used in) Investing Activities
|
| | | | 21,280 | | | | | | (6,455) | | | | | | 8,154 | | |
|
Net Cash Used in Financing Activities
|
| | | | (27,300) | | | | | | (2,500) | | | | | | (13,241) | | |
|
Net Change in Cash
|
| | | $ | (547) | | | | | $ | (803) | | | | | $ | 1,339 | | |
| | |||||||||||||||||||
| | | |
Nine months ended
September 30, |
| |||||||||
| | | |
2022
|
| |
2021
|
| ||||||
| Net Sales (in thousands): | | | | | | | | | | | | | |
|
Oil sales
|
| | | $ | 47,772 | | | | | $ | 47,763 | | |
|
Natural gas and related product sales
|
| | | | 62,241 | | | | | | 12,059 | | |
|
Revenues
|
| | | | 110,013 | | | | | | 59,822 | | |
| Average Sales Prices: | | | | | | | | | | | | | |
|
Oil (per Bbl)
|
| | | $ | 94.17 | | | | | $ | 64.15 | | |
|
Effect of gain (loss) on settled oil derivatives on average price (per Bbl)
|
| | | | (14.61) | | | | | | (5.82) | | |
|
Oil net of settled oil derivatives (per Bbl)
|
| | | | 79.56 | | | | | | 58.33 | | |
|
Natural gas and related product sales (per Mcf)
|
| | | | 7.14 | | | | | | 2.72 | | |
|
Effect of gain (loss) on settled natural gas derivatives on average price (per Mcf)
|
| | | | (0.83) | | | | | | (0.23) | | |
|
Natural gas and related product sales net of settled natural gas derivatives (per Mcf)
|
| | | | 6.31 | | | | | | 2.49 | | |
|
Realized price on a Boe basis excluding settled commodity derivatives
|
| | | | 56.14 | | | | | | 40.34 | | |
|
Effect of gain (loss) on settled commodity derivatives on average price (per Boe)
|
| | | | (7.47) | | | | | | (3.61) | | |
|
Realized price on a Boe basis including settled commodity derivatives
|
| | | | 48.67 | | | | | | 36.73 | | |
| | | |
Nine months ended
September 30, |
| |||||||||
| | | |
2022
|
| |
2021
|
| ||||||
| Operating Expenses (in thousands): | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | $ | 13,662 | | | | | $ | 8,122 | | |
|
Production taxes
|
| | | | 5,171 | | | | | | 4,505 | | |
|
Depletion and accretion
|
| | | | 26,038 | | | | | | 24,109 | | |
|
General and administrative
|
| | | | 2,709 | | | | | | 2,904 | | |
|
Gain on disposal of oil and natural gas properties
|
| | | | — | | | | | | (955) | | |
|
Total operating expenses
|
| | | | 47,580 | | | | | | 38,685 | | |
| Costs and Expenses (per Boe): | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | $ | 6.97 | | | | | $ | 5.48 | | |
|
Production taxes
|
| | | | 2.64 | | | | | | 3.04 | | |
|
Depletion and accretion
|
| | | | 13.29 | | | | | | 16.26 | | |
|
General and administrative
|
| | | | 1.38 | | | | | | 1.96 | | |
|
Gain on disposal of oil and natural gas properties
|
| | | | — | | | | | | (0.64) | | |
|
Net Producing Wells at Period-End
|
| | | | 55.48 | | | | | | 51.41 | | |
| | | |
Nine months ended
September 30, |
| |||||||||
| | | |
2022
|
| |
2021
|
| ||||||
| Production: | | | | | | | | | | | | | |
|
Oil (MBbl)
|
| | | | 507 | | | | | | 745 | | |
|
Natural gas (MMcf)
|
| | | | 8,714 | | | | | | 4,430 | | |
|
Total (MBoe)(1)
|
| | | | 1,960 | | | | | | 1,483 | | |
| Average Daily Production: | | | | | | | | | | | | | |
|
Oil (Bbl)
|
| | | | 1,879 | | | | | | 2,758 | | |
|
Natural gas (Mcf)
|
| | | | 32,276 | | | | | | 16,407 | | |
|
Total (Boe)(1)
|
| | | | 7,258 | | | | | | 5,492 | | |
| | | |
Year ended December 31,
|
| |||||||||
| | | |
2021
|
| |
2020
|
| ||||||
| Net Sales (in thousands): | | | | | | | | | | | | | |
|
Oil sales
|
| | | $ | 66,275 | | | | | $ | 43,125 | | |
|
Natural gas and related product sales
|
| | | | 16,116 | | | | | | 5,892 | | |
|
Revenues
|
| | | | 82,391 | | | | | | 49,017 | | |
| Average Sales Prices: | | | | | | | | | | | | | |
|
Oil (per Bbl)
|
| | | $ | 69.30 | | | | | $ | 42.24 | | |
|
Effect of gain (loss) on settled oil derivatives on average price (per Bbl)
|
| | | | (7.65) | | | | | | 6.07 | | |
|
Oil net of settled oil derivatives (per Bbl)
|
| | | | 61.65 | | | | | | 48.31 | | |
|
Natural gas and related product sales (per Mcf)
|
| | | | 2.88 | | | | | | 0.83 | | |
|
Effect of gain (loss) on settled natural gas derivatives on average price (per Mcf)
|
| | | | (0.50) | | | | | | 0.20 | | |
|
Natural gas and related product sales net of settled natural gas derivatives (per Mcf)
|
| | | | 2.38 | | | | | | 1.03 | | |
|
Realized price on a Boe basis excluding settled commodity derivatives
|
| | | | 43.62 | | | | | | 22.17 | | |
|
Effect of gain (loss) on settled commodity derivatives on average price (per Boe)
|
| | | | (5.37) | | | | | | 3.46 | | |
|
Realized price on a Boe basis including settled commodity derivatives
|
| | | | 38.25 | | | | | | 25.63 | | |
| Operating Expenses (in thousands): | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | $ | 13,128 | | | | | $ | 13,760 | | |
|
Production taxes
|
| | | | 5,675 | | | | | | 3,564 | | |
|
Depletion and accretion
|
| | | | 31,090 | | | | | | 47,980 | | |
|
General and administrative
|
| | | | 3,528 | | | | | | 3,672 | | |
|
Gain on disposal of oil and natural gas properties
|
| | | | (938) | | | | | | (51) | | |
|
Total operating expenses
|
| | | | 52,483 | | | | | | 68,925 | | |
| Costs and Expenses (per Boe): | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | $ | 6.95 | | | | | $ | 6.22 | | |
|
Production taxes
|
| | | | 3.00 | | | | | | 1.61 | | |
|
Depletion and accretion
|
| | | | 16.46 | | | | | | 21.70 | | |
|
General and administrative
|
| | | | 1.87 | | | | | | 1.66 | | |
| | | |
Year ended
December 31, |
| |||||||||
| | | |
2021
|
| |
2020
|
| ||||||
|
Gain on disposal of oil and natural gas properties
|
| | | | (0.50) | | | | | | (0.02) | | |
|
Net Producing Wells at Period-End
|
| | | | 53.63 | | | | | | 52.01 | | |
| | | |
Year ended December 31,
|
| |||||||||
| | | |
2021
|
| |
2020
|
| ||||||
| Production: | | | | | | | | | | | | | |
|
Oil (MBbl)
|
| | | | 956 | | | | | | 1,021 | | |
|
Natural gas (MMcf)
|
| | | | 5,595 | | | | | | 7,142 | | |
|
Total (MBoe)(1)
|
| | | | 1,889 | | | | | | 2,211 | | |
| Average Daily Production: | | | | | | | | | | | | | |
|
Oil (Bbl)
|
| | | | 2,620 | | | | | | 2,797 | | |
|
Natural gas (Mcf)
|
| | | | 15,329 | | | | | | 19,566 | | |
|
Total (Boe)(1)
|
| | | | 5,175 | | | | | | 6,058 | | |
| | | |
Nine Months Ended
September 30, |
| |||||||||
|
(in thousands)
|
| |
2022
|
| |
2021
|
| ||||||
|
Net Cash Provided by Operating Activities
|
| | | $ | 67,718 | | | | | $ | 34,209 | | |
|
Net Cash Used in Investing Activities
|
| | | | (22,824) | | | | | | (11,344) | | |
|
Net Cash Used in Financing Activities
|
| | | | (20,000) | | | | | | (22,084) | | |
|
Net Change in Cash
|
| | | $ | 24,894 | | | | | $ | 781 | | |
| | | |
Year Ended December 31,
|
| |||||||||
|
(in thousands)
|
| |
2021
|
| |
2020
|
| ||||||
|
Net Cash Provided by Operating Activities
|
| | | $ | 43,990 | | | | | $ | 44,569 | | |
| | | |
Year Ended December 31,
|
| |||||||||
|
(in thousands)
|
| |
2021
|
| |
2020
|
| ||||||
|
Net Cash Used in Investing Activities
|
| | | | (13,288) | | | | | | (29,420) | | |
|
Net Cash Used in Financing Activities
|
| | | | (31,191) | | | | | | (11,876) | | |
|
Net Change in Cash
|
| | | $ | (489) | | | | | $ | 3,273 | | |
| | |||||||||||||
|
Name
|
| |
Age
|
| |
Position
|
|
| Luke C. Brandenberg | | |
37
|
| | President and Chief Executive Officer | |
| Tyler S. Farquharson | | |
40
|
| | Chief Financial Officer | |
| Matthew Miller | | |
38
|
| | Director and Co-Chairman of the Board | |
| Griffin Perry | | |
39
|
| | Director and Co-Chairman of the Board | |
| Amanda N. Coussens | | |
42
|
| | Director | |
| Thaddeus Darden | | |
36
|
| | Director | |
| Michele J. Everard | | |
71
|
| | Director | |
| Kirk Lazarine | | |
69
|
| | Director | |
| John McCartney | | |
70
|
| | Director | |
|
Name
|
| |
Principal Position
|
|
| Luke C. Brandenberg | | | President and Chief Executive Officer | |
| Tyler S. Farquharson | | | Chief Financial Officer | |
|
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Stock
Awards ($) |
| |
All other
compensation ($) |
| |
Total
($) |
| |||||||||||||||
|
Luke C. Brandenberg,
President and Chief Executive Officer
|
| | | | 2022 | | | | | | 71,371(1) | | | | | | — | | | | | | — | | | | | | 71,371 | | |
|
Tyler S. Farquharson,
Chief Financial Officer
|
| | | | 2022 | | | | | | 68,871(2) | | | | | | — | | | | | | — | | | | | | 68,871 | | |
|
Name
|
| |
Fees Earned or
Paid in Cash(1) |
| |
Stock Awards
|
| |
Total
|
| |||||||||
|
Amanda N. Coussens(2)
|
| | | $ | 16,386 | | | | | | — | | | | | $ | 16,386 | | |
|
Thaddeus Darden
|
| | | $ | 13,654 | | | | | | — | | | | | $ | 13,654 | | |
|
Michele J. Everard
|
| | | $ | 13,654 | | | | | | — | | | | | $ | 13,654 | | |
|
Kirk Lazarine
|
| | | $ | 13,654 | | | | | | — | | | | | $ | 13,654 | | |
|
John McCartney
|
| | | $ | 13,654 | | | | | | — | | | | | $ | 13,654 | | |
|
Matthew Miller
|
| | | $ | 13,654 | | | | | | — | | | | | $ | 13,654 | | |
|
Griffin Perry
|
| | | $ | 13,654 | | | | | | — | | | | | $ | 13,654 | | |
|
Name of selling securityholder
|
| |
Number of
shares of Common Stock Owned Prior to Offering |
| |
Maximum
Number of shares of Common Stock to be Sold Pursuant to this Prospectus |
| |
Number of
shares of Common Stock Owned After Offering |
| |||||||||
|
ENPC Holdings II, LLC(1)
|
| | | | 1,174,106(2) | | | | | | 1,174,106 | | | | | | 0 | | |
|
GREP Holdco II LLC(3)(4)
|
| | | | 9,507,742 | | | | | | 9,507,742 | | | | | | 0 | | |
|
GREP Holdco II-B Holdings LLC(3)(4)
|
| | | | 14,050,471 | | | | | | 14,050,471 | | | | | | 0 | | |
|
GREP Holdco III-A LLC(4)(5)
|
| | | | 28,847,450 | | | | | | 28,847,450 | | | | | | 0 | | |
|
GREP Holdco III-B Holdings LLC(4)(5)
|
| | | | 66,233,134 | | | | | | 66,233,134 | | | | | | 0 | | |
|
Griffin Perry
|
| | | | 5,725 | | | | | | 5,725 | | | | | | 0 | | |
|
Matthew Miller
|
| | | | 17,175 | | | | | | 17,175 | | | | | | 0 | | |
|
Thaddeus and Lee Ellen Darden(6)
|
| | | | 29,884 | | | | | | 29,884 | | | | | | 0 | | |
|
Kirk Lazarine
|
| | | | 5,725 | | | | | | 5,725 | | | | | | 0 | | |
|
Richard Boyce
|
| | | | 21,429 | | | | | | 21,429 | | | | | | 0 | | |
|
Michael M. Calbert
|
| | | | 21,429 | | | | | | 21,429 | | | | | | 0 | | |
|
Gisel Ruiz
|
| | | | 21,429 | | | | | | 21,429 | | | | | | 0 | | |
|
Boylston Real Assets Fund, LP
|
| | | | 257,616 | | | | | | 257,616 | | | | | | 0 | | |
|
Bryan Harlan
|
| | | | 26,770 | | | | | | 14,312 | | | | | | 12,458 | | |
|
Charles G. King, Jr.
|
| | | | 3,586 | | | | | | 1,717 | | | | | | 1,869 | | |
|
Name of selling securityholder
|
| |
Number of
shares of Common Stock Owned Prior to Offering |
| |
Maximum
Number of shares of Common Stock to be Sold Pursuant to this Prospectus |
| |
Number of
shares of Common Stock Owned After Offering |
| |||||||||
|
Christopher Carter and Julia Dawn Cheek
|
| | | | 1,717 | | | | | | 1,717 | | | | | | 0 | | |
|
Corinne A. Hutchinson
|
| | | | 11,954 | | | | | | 5,725 | | | | | | 6,229 | | |
|
Covert Family Limited Partnership
|
| | | | 207,927 | | | | | | 114,496 | | | | | | 93,431 | | |
|
Flying W5 LP
|
| | | | 47,310 | | | | | | 28,624 | | | | | | 18,686 | | |
|
Gore Creek Private Fund S2B LLC
|
| | | | 572,480 | | | | | | 572,480 | | | | | | 0 | | |
|
Grey Rock Energy Partners GP II-A, L.P.
|
| | | | 19,434 | | | | | | 19,434 | | | | | | 0 | | |
|
Gringotts 5404 LLC
|
| | | | 57,248 | | | | | | 57,248 | | | | | | 0 | | |
|
Hunstable 2015 Family Trust
|
| | | | 28,624 | | | | | | 28,624 | | | | | | 0 | | |
|
Jacob Novak
|
| | | | 410,815 | | | | | | 286,240 | | | | | | 124,575 | | |
|
James McMahan
|
| | | | 14,312 | | | | | | 14,312 | | | | | | 0 | | |
|
Joe C. Thompson, Jr. “F” Trust
|
| | | | 176,784 | | | | | | 114,496 | | | | | | 62,288 | | |
|
John W. Bender
|
| | | | 14,816 | | | | | | 8,587 | | | | | | 6,229 | | |
|
Mary T. Wolf “F” Trust
|
| | | | 90,912 | | | | | | 28,624 | | | | | | 62,288 | | |
|
Michael Randolph
|
| | | | 9,091 | | | | | | 2,862 | | | | | | 6,229 | | |
|
Missouri Department of Transportation
|
| | | | 572,480 | | | | | | 572,480 | | | | | | 0 | | |
|
Reaser Family Acquisition Trust Two
|
| | | | 143,120 | | | | | | 143,120 | | | | | | 0 | | |
|
Robert G. Baty, Jr.
|
| | | | 1,456 | | | | | | 1,145 | | | | | | 311 | | |
|
Stewart Hunter
|
| | | | 56,150 | | | | | | 34,349 | | | | | | 21,801 | | |
|
The Hayden Company
|
| | | | 57,248 | | | | | | 57,248 | | | | | | 0 | | |
|
The Williamsburg Corporation
|
| | | | 57,248 | | | | | | 57,248 | | | | | | 0 | | |
|
Thomas Houston Duncan
|
| | | | 2,862 | | | | | | 2,862 | | | | | | 0 | | |
|
Three Angel Investments LLC
|
| | | | 57,248 | | | | | | 57,248 | | | | | | 0 | | |
|
University of Richmond
|
| | | | 858,721 | | | | | | 858,721 | | | | | | 0 | | |
|
Carnegie Corporation of New York
|
| | | | 858,721 | | | | | | 858,721 | | | | | | 0 | | |
|
Georgetown University
|
| | | | 686,977 | | | | | | 686,977 | | | | | | 0 | | |
|
Gore Creek Private Fund S1B (TE) LLC
|
| | | | 57,248 | | | | | | 57,248 | | | | | | 0 | | |
|
Grey Rock Energy Partners GP II-B, L.P.
|
| | | | 23,502 | | | | | | 23,502 | | | | | | 0 | | |
|
Regents of the University of Michigan
|
| | | | 1,717,445 | | | | | | 1,717,445 | | | | | | 0 | | |
|
The Metropolitan Museum of Art
|
| | | | 1,431,201 | | | | | | 1,431,201 | | | | | | 0 | | |
|
Adam Griffin
|
| | | | 1,431 | | | | | | 1,431 | | | | | | 0 | | |
|
David Eric Holley
|
| | | | 1,431 | | | | | | 1,431 | | | | | | 0 | | |
|
Kent A. Bowker Geological Consulting LLC
|
| | | | 2,862 | | | | | | 2,862 | | | | | | 0 | | |
|
Northwestern University
|
| | | | 20,541 | | | | | | 14,312 | | | | | | 6,229 | | |
|
Privateer LTCG, LP
|
| | | | 338,723 | | | | | | 77,285 | | | | | | 261,438 | | |
|
Ryan Riggelson
|
| | | | 572 | | | | | | 572 | | | | | | 0 | | |
|
Vanderhider Family Partnership LTD
|
| | | | 57,248 | | | | | | 57,248 | | | | | | 0 | | |
|
William Scott Eads
|
| | | | 572 | | | | | | 572 | | | | | | 0 | | |
|
Grey Rock Energy Partners GP, L.P.
|
| | | | 25,912 | | | | | | 25,912 | | | | | | 0 | | |
| | | |
Granite Ridge
Common Stock |
| |||||||||
|
Name of Beneficial Owners
|
| |
Number of
Shares |
| |
Percent
|
| ||||||
| Fund II(1)(3)(4) | | | | | 23,601,149 | | | | | | 17.7% | | |
| Fund III(2)(3)(4) | | | | | 95,080,584 | | | | | | 71.3% | | |
|
Luke C. Brandenberg(4)
|
| | | | — | | | | | | — | | |
|
Tyler S. Farquharson(4)
|
| | | | — | | | | | | — | | |
|
Matthew Miller(3)(4)
|
| | | | 17,175 | | | | | | * | | |
|
Griffin Perry(3)(4)
|
| | | | 5,725 | | | | | | * | | |
|
Amanda N. Coussens(4)
|
| | | | — | | | | | | — | | |
|
Thaddeus Darden(4)(5)
|
| | | | 29,884 | | | | | | * | | |
|
Michele Everard(4)
|
| | | | — | | | | | | — | | |
|
Kirk Lazarine(4)
|
| | | | 5,725 | | | | | | * | | |
|
John McCartney(4)
|
| | | | — | | | | | | — | | |
|
All officers, directors and director nominees of Granite Ridge as a group (nine individuals)
|
| | | | 58,509 | | | | | | * | | |
| | | |
Page
|
| |||
| Condensed Financial Statements (Unaudited) of Executive Network Partnering Corporation | | | | | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | | |
| Audited Financial Statements of Executive Network Partnering Corporation | | | | | | | |
| | | | | F-24 | | | |
| | | | | F-25 | | | |
| | | | | F-26 | | | |
| | | | | F-27 | | | |
| | | | | F-28 | | | |
| | | | | F-29 | | | |
|
Condensed Combined Financial Statements (Unaudited) of Grey Rock Energy Fund III-A, LP (Predecessor)
|
| | | | | | |
| | | | | F-45 | | | |
| | | | | F-46 | | | |
| | | | | F-47 | | | |
| | | | | F-48 | | | |
| | | | | F-49 | | | |
| Audited Financial Statements of Grey Rock Energy Fund III-A, LP (Predecessor) | | | | | | | |
| | | | | F-62 | | | |
| | | | | F-63 | | | |
| | | | | F-64 | | | |
| | | | | F-65 | | | |
| | | | | F-66 | | | |
| | | | | F-67 | | | |
| | | |
Page
|
| |||
| Condensed Consolidated Financial Statements (Unaudited) of Grey Rock Energy Fund, LP | | | | | | | |
| | | | | F-85 | | | |
| | | | | F-86 | | | |
| | | | | F-87 | | | |
| | | | | F-88 | | | |
| | | | | F-89 | | | |
| Audited Financial Statements of Grey Rock Energy Fund, LP | | | | | | | |
| | | | | F-100 | | | |
| | | | | F-101 | | | |
| | | | | F-102 | | | |
| | | | | F-103 | | | |
| | | | | F-104 | | | |
| | | | | F-105 | | | |
| Condensed Combined Financial Statements (Unaudited) of Grey Rock Energy Fund II, LP | | | | | | | |
| | | | | F-122 | | | |
| | | | | F-123 | | | |
| | | | | F-124 | | | |
| | | | | F-125 | | | |
| | | | | F-126 | | | |
| Audited Financial Statements of Grey Rock Energy Fund II, LP | | | | | | | |
| | | | | F-138 | | | |
| | | | | F-140 | | | |
| | | | | F-141 | | | |
| | | | | F-142 | | | |
| | | | | F-143 | | | |
| | | | | F-144 | | | |
| | | |
September 30,
2022 |
| |
December 31,
2021 |
| ||||||
| | | |
(Unaudited)
|
| | | | | | | |||
| Assets: | | | | | | | | | | | | | |
| Current assets: | | | | | | | | | | | | | |
|
Cash
|
| | | $ | 103,949 | | | | | $ | 93,862 | | |
|
Prepaid expenses
|
| | | | — | | | | | | 206,980 | | |
|
Total current assets
|
| | | | 103,949 | | | | | | 300,842 | | |
|
Investments held in Trust Account
|
| | | | 416,329,383 | | | | | | 414,052,978 | | |
|
Total Assets
|
| | | $ | 416,433,332 | | | | | $ | 414,353,820 | | |
|
Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit:
|
| | | | | | | | | | | | |
| Current liabilities: | | | | | | | | | | | | | |
|
Accounts payable
|
| | | $ | 126,086 | | | | | $ | 68,735 | | |
|
Accounts payable – related party
|
| | | | 160,000 | | | | | | — | | |
|
Accrued expenses
|
| | | | 8,551,883 | | | | | | 953,135 | | |
|
Franchise tax payable
|
| | | | 68,389 | | | | | | 174,603 | | |
|
Income tax payable
|
| | | | 407,567 | | | | | | — | | |
|
Convertible note – related party
|
| | | | 1,548,481 | | | | | | — | | |
|
Total current liabilities
|
| | | | 10,862,406 | | | | | | 1,196,473 | | |
|
Convertible note – related party, long term
|
| | | | — | | | | | | 430,000 | | |
|
Derivative warrant liabilities
|
| | | | 9,771,325 | | | | | | 7,135,560 | | |
|
Total Liabilities
|
| | | | 20,633,731 | | | | | | 8,762,033 | | |
| Commitments and Contingencies | | | | | | | | | | | | | |
|
Class A common stock subject to possible redemption; $0.0001 par value; 41,400,000 shares issued and outstanding at $10.03 and $10.00 per share redemption value as of September 30, 2022 and December 31, 2021, respectively
|
| | | | 415,433,227 | | | | | | 414,000,000 | | |
| Stockholders’ Deficit: | | | | | | | | | | | | | |
|
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued
or outstanding as of September 30, 2022 and December 31, 2021 |
| | | | — | | | | | | — | | |
|
Class A common stock, $0.0001 par value; 380,000,000 shares authorized; 614,000 shares issued and outstanding as of September 30, 2022 and December 31, 2021, net of shares subject to possible redemption
|
| | | | 61 | | | | | | 61 | | |
|
Class B common stock, $0.0001 par value; 1,000,000 shares authorized; 300,000 shares issued and outstanding as of September 30, 2022 and December 31, 2021
|
| | | | 30 | | | | | | 30 | | |
|
Class F common stock, $0.0001 par value; 50,000,000 shares authorized; 828,000 shares issued and outstanding as of September 30, 2022 and December 31, 2021
|
| | | | 83 | | | | | | 83 | | |
|
Accumulated deficit
|
| | | | (19,633,800) | | | | | | (8,408,387) | | |
|
Total stockholders’ deficit
|
| | | | (19,633,626) | | | | | | (8,408,213) | | |
|
Total Liabilities, Class A Common Stock Subject to Possible Redemption and
Stockholders’ Deficit |
| | | $ | 416,433,332 | | | | | $ | 414,353,820 | | |
| | | |
For the Three Months Ended
September 30, |
| |
For the Nine Months Ended
September 30, |
| ||||||||||||||||||
| | | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
| Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
|
General and administrative expenses
|
| | | $ | 204,115 | | | | | $ | 308,210 | | | | | $ | 8,719,899 | | | | | $ | 849,209 | | |
|
Administrative fee – related party
|
| | | | 60,000 | | | | | | 60,000 | | | | | | 180,000 | | | | | | 180,000 | | |
|
Franchise tax expense
|
| | | | 50,411 | | | | | | 50,411 | | | | | | 125,360 | | | | | | 149,589 | | |
|
Loss from operations
|
| | | | (314,526) | | | | | | (418,621) | | | | | | (9,025,259) | | | | | | (1,178,798) | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | (211,605) | | | | | | 1,482,770 | | | | | | (2,635,765) | | | | | | 2,421,945 | | |
|
Income from investments held in Trust Account
|
| | | | 1,775,512 | | | | | | 1,134 | | | | | | 2,276,405 | | | | | | 30,970 | | |
|
Income (loss) before income tax expense
|
| | | | 1,249,381 | | | | | | 1,065,283 | | | | | | (9,384,619) | | | | | | 1,274,117 | | |
|
Income tax expense
|
| | | | 362,272 | | | | | | — | | | | | | 407,567 | | | | | | — | | |
|
Net income (loss)
|
| | | $ | 887,109 | | | | | $ | 1,065,283 | | | | | $ | (9,792,186) | | | | | $ | 1,274,117 | | |
|
Weighted average shares outstanding of Class A common stock, basic and diluted
|
| | | | 42,014,000 | | | | | | 42,014,000 | | | | | | 42,014,000 | | | | | | 42,014,000 | | |
|
Basic and diluted net income (loss) per share of Class A common stock
|
| | | $ | 0.02 | | | | | $ | 0.02 | | | | | $ | (0.23) | | | | | $ | 0.03 | | |
|
Weighted average shares outstanding of Class B common stock, basic and diluted
|
| | | | 300,000 | | | | | | 300,000 | | | | | | 300,000 | | | | | | 300,000 | | |
|
Basic and diluted net income (loss) per share of Class B common stock
|
| | | $ | 0.02 | | | | | $ | 0.02 | | | | | $ | (0.23) | | | | | $ | 0.03 | | |
|
Weighted average shares outstanding of Class F common stock, basic and diluted
|
| | | | 828,000 | | | | | | 828,000 | | | | | | 828,000 | | | | | | 828,000 | | |
|
Basic and diluted net income (loss) per share of Class F common stock
|
| | | $ | 0.02 | | | | | $ | 0.02 | | | | | $ | (0.23) | | | | | $ | 0.03 | | |
| | | |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| ||||||||||||||||||||||||||||||||||||||||||
| | | |
Class A
|
| |
Class B
|
| |
Class F
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
|
Balance – December 31, 2021
|
| | | | 614,000 | | | | | $ | 61 | | | | | | 300,000 | | | | | $ | 30 | | | | | | 828,000 | | | | | $ | 83 | | | | | $ | — | | | | | $ | (8,408,387) | | | | | $ | (8,408,213) | | |
|
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,322,933 | | | | | | 3,322,933 | | |
|
Balance – March 31, 2022 (unaudited)
|
| | | | 614,000 | | | | | | 61 | | | | | | 300,000 | | | | | | 30 | | | | | | 828,000 | | | | | | 83 | | | | | | — | | | | | | (5,085,454) | | | | | | (5,085,280) | | |
|
Increase in redemption value of
Class A common stock subject to possible redemption |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (70,397) | | | | | | (70,397) | | |
|
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (14,002,228) | | | | | | (14,002,228) | | |
|
Balance – June 30, 2022 (unaudited)
|
| | | | 614,000 | | | | | | 61 | | | | | | 300,000 | | | | | | 30 | | | | | | 828,000 | | | | | | 83 | | | | | | — | | | | | | (19,158,079) | | | | | | (19,157,905) | | |
|
Increase in redemption value of
Class A common stock subject to possible redemption |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,362,830) | | | | | | (1,362,830) | | |
|
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 887,109 | | | | | | 887,109 | | |
|
Balance – September 30, 2022 (unaudited)
|
| | | | 614,000 | | | | | $ | 61 | | | | | | 300,000 | | | | | $ | 30 | | | | | | 828,000 | | | | | $ | 83 | | | | | $ | — | | | | | $ | (19,633,800) | | | | | $ | (19,633,626) | | |
| | | |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| ||||||||||||||||||||||||||||||||||||||||||
| | | |
Class A
|
| |
Class B
|
| |
Class F
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
|
Balance – December 31, 2020
|
| | | | 614,000 | | | | | $ | 61 | | | | | | 300,000 | | | | | $ | 30 | | | | | | 828,000 | | | | | $ | 83 | | | | | $ | — | | | | | $ | (9,880,718) | | | | | $ | (9,880,544) | | |
|
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,621,543 | | | | | | 1,621,543 | | |
|
Balance – March 31, 2021 (unaudited)
|
| | | | 614,000 | | | | | | 61 | | | | | | 300,000 | | | | | | 30 | | | | | | 828,000 | | | | | | 83 | | | | | | — | | | | | | (8,259,175) | | | | | | (8,259,001) | | |
|
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,422,012) | | | | | | (1,422,012) | | |
|
Balance – June 30, 2021 (unaudited)
|
| | | | 614,000 | | | | | | 61 | | | | | | 300,000 | | | | | | 30 | | | | | | 828,000 | | | | | | 83 | | | | | | — | | | | | | (9,681,187) | | | | | | (9,681,013) | | |
|
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,074,586 | | | | | | 1,074,586 | | |
|
Balance – September 30, 2021 (unaudited)
|
| | | | 614,000 | | | | | $ | 61 | | | | | | 300,000 | | | | | $ | 30 | | | | | | 828,000 | | | | | $ | 83 | | | | | $ | — | | | | | $ | (8,606,601) | | | | | $ | (8,606,427) | | |
| | | |
For the Nine Months Ended
September 30, |
| |||||||||
| | | |
2022
|
| |
2021
|
| ||||||
| Cash Flows from Operating Activities: | | | | | | | | | | | | | |
|
Net income (loss)
|
| | | $ | (9,792,186) | | | | | $ | 1,274,117 | | |
|
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
| | | | | | | | | | | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | 2,635,765 | | | | | | (2,421,945) | | |
|
Interest income from investments held in Trust Account
|
| | | | (2,276,405) | | | | | | (30,970) | | |
| Changes in assets and liabilities: | | | | | | | | | | | | | |
|
Prepaid expenses
|
| | | | 206,980 | | | | | | 150,417 | | |
|
Accounts payable
|
| | | | 57,351 | | | | | | 157,199 | | |
|
Accounts payable – related party
|
| | | | 160,000 | | | | | | — | | |
|
Accrued expenses
|
| | | | 7,598,748 | | | | | | (94,681) | | |
|
Franchise tax payable
|
| | | | (106,214) | | | | | | 86,359 | | |
|
Income tax payable
|
| | | | 407,567 | | | | | | — | | |
|
Net cash used in operating activities
|
| | | | (1,108,394) | | | | | | (879,504) | | |
| Cash Flows from Financing Activities: | | | | | | | | | | | | | |
|
Proceeds from convertible note – related party
|
| | | | 1,118,481 | | | | | | 180,000 | | |
|
Net cash provided by financing activities
|
| | | | 1,118,481 | | | | | | 180,000 | | |
|
Net change in cash
|
| | | | 10,087 | | | | | | (699,504) | | |
|
Cash – beginning of the period
|
| | |
|
93,862
|
| | | |
|
888,097
|
| |
|
Cash – end of the period
|
| | | $ | 103,949 | | | | | $ | 188,593 | | |
| | | |
For the Three Months Ended
September 30, 2022 |
| |
For the Three Months Ended
September 30, 2021 |
| ||||||||||||||||||||||||||||||
| | | |
Class A
|
| |
Class B
|
| |
Class F
|
| |
Class A
|
| |
Class B
|
| |
Class F
|
| ||||||||||||||||||
| Basic net income per common stock: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Allocation of net income
|
| | | $ | 874,750 | | | | | $ | 6,246 | | | | | $ | 17,239 | | | | | $ | 1,037,430 | | | | | $ | 7,408 | | | | | $ | 20,445 | | |
| Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Weighted average common stock outstanding, basic and diluted
|
| | | | 42,014,000 | | | | | | 300,000 | | | | | | 828,000 | | | | | | 42,014,000 | | | | | | 300,000 | | | | | | 828,000 | | |
|
Basic and diluted net income per share of common stock
|
| | | $ | 0.02 | | | | | $ | 0.02 | | | | | $ | 0.02 | | | | | $ | 0.02 | | | | | $ | 0.02 | | | | | $ | 0.02 | | |
| | | |
For the Nine Months Ended
September 30, 2022 |
| |
For the Nine Months Ended
September 30, 2021 |
| ||||||||||||||||||||||||||||||
| | | |
Class A
|
| |
Class B
|
| |
Class F
|
| |
Class A
|
| |
Class B
|
| |
Class F
|
| ||||||||||||||||||
|
Basic net (loss) income per common stock:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Allocation of net (loss) income
|
| | | $ | (9,525,322) | | | | | $ | (68,016) | | | | | $ | (187,722) | | | | | $ | 1,240,804 | | | | | $ | 8,860 | | | | | $ | 24,453 | | |
| Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Weighted average common stock outstanding, basic and diluted
|
| | | | 42,014,000 | | | | | | 300,000 | | | | | | 828,000 | | | | | | 42,014,000 | | | | | | 300,000 | | | | | | 828,000 | | |
|
Basic and diluted net (loss) income per share of common stock
|
| | | $ | (0.23) | | | | | $ | (0.23) | | | | | $ | (0.23) | | | | | $ | 0.03 | | | | | $ | 0.03 | | | | | $ | 0.03 | | |
| |
Gross proceeds from Initial Public Offering
|
| | | $ | 414,000,000 | | |
| | Less: | | | | | | | |
| |
Fair value of Public Warrants at issuance
|
| | | | (13,558,500) | | |
| |
Offering costs allocated to Class A common stock subject to possible redemption
|
| | | | (4,588,064) | | |
| | Plus: | | | | | | | |
| |
Accretion on Class A common stock subject to possible redemption value
|
| | | | 18,146,564 | | |
| |
Class A common stock subject to possible redemption as of December 31, 2021 and March 31, 2022
|
| | | | 414,000,000 | | |
| |
Increase in redemption value of Class A common stock subject to redemption
|
| | | | 70,397 | | |
| |
Class A common stock subject to possible redemption as of June 30, 2022
|
| | | | 414,070,397 | | |
| |
Increase in redemption value of Class A common stock subject to redemption
|
| | | | 1,373,955 | | |
| |
Class A common stock subject to possible redemption as of September 30, 2022
|
| | | $ | 415,444,352 | | |
| | | |
Fair Value Measured as of September 30, 2022
|
| |||||||||||||||||||||
| | | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Investments held in Trust Account – U.S. Treasury Securities
|
| | | $ | 416,329,383 | | | | | $ | — | | | | | $ | — | | | | | $ | 416,329,383 | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Warrant liabilities – Public Warrants
|
| | | $ | 9,625,500 | | | | | $ | — | | | | | $ | — | | | | | $ | 9,625,500 | | |
|
Warrant liabilities – Private Placement Warrants
|
| | | $ | — | | | | | $ | — | | | | | $ | 145,825 | | | | | $ | 145,825 | | |
| | | |
Fair Value Measured as of December 31, 2021
|
| |||||||||||||||||||||
| | | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Investments held in Trust Account – U.S. Treasury Securities
|
| | | $ | 414,052,978 | | | | | $ | — | | | | | $ | — | | | | | $ | 414,052,978 | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Warrant liabilities – Public Warrants
|
| | | $ | 7,027,650 | | | | | $ | — | | | | | $ | — | | | | | $ | 7,027,650 | | |
|
Warrant liabilities – Private Placement Warrants
|
| | | $ | — | | | | | $ | — | | | | | $ | 107,910 | | | | | $ | 107,910 | | |
| | | |
September 30,
2022 |
| |
December 31,
2021 |
| ||||||
|
Exercise price
|
| | | $ | 11.50 | | | | | $ | 11.50 | | |
|
Stock Price
|
| | | $ | 9.98 | | | | | $ | 9.81 | | |
|
Term (in years)
|
| | | | 5.00 | | | | | | 5.00 | | |
|
Volatility
|
| | | | 8.50% | | | | | | 14.20% | | |
|
Risk-free interest rate
|
| | | | 4.06% | | | | | | 1.34% | | |
|
Dividend yield
|
| | | | 0.00% | | | | | | 0.00% | | |
|
Probability of success
|
| | | | 90.00% | | | | | | 80.00% | | |
| |
Level 3 warrant liabilities as of December 31, 2021
|
| | | $ | 107,910 | | |
| |
Change in fair value of warrant liabilities
|
| | | | (60,325) | | |
| |
Level 3 warrant liabilities as of March 31, 2022
|
| | | | 47,585 | | |
| |
Change in fair value of warrant liabilities
|
| | | | 93,635 | | |
| |
Level 3 warrant liabilities as of June 30, 2022
|
| | | | 141,220 | | |
| |
Change in fair value of warrant liabilities
|
| | | | 4,605 | | |
| |
Level 3 warrant liabilities as of September 30, 2022
|
| | | $ | 145,825 | | |
| |
Level 3 warrant liabilities as of December 31, 2020
|
| | | $ | 165,780 | | |
| |
Change in fair value of warrant liabilities
|
| | | | (30,700) | | |
| |
Level 3 warrant liabilities as of March 31, 2021
|
| | | | 135,080 | | |
| |
Change in fair value of warrant liabilities
|
| | | | 23,025 | | |
| |
Level 3 warrant liabilities as of June 30, 2021
|
| | | | 158,105 | | |
| |
Change in fair value of warrant liabilities
|
| | | | (33,770) | | |
| |
Level 3 warrant liabilities as of September 30, 2021
|
| | | $ | 124,335 | | |
| | | |
December 31,
|
| |||||||||
| | | |
2021
|
| |
2020
|
| ||||||
| Assets: | | | | | | | | | | | | | |
| Current assets: | | | | | | | | | | | | | |
|
Cash
|
| | | $ | 93,862 | | | | | $ | 888,097 | | |
|
Prepaid expenses
|
| | | | 206,980 | | | | | | 440,771 | | |
|
Total current assets
|
| | | | 300,842 | | | | | | 1,328,868 | | |
|
Investments held in Trust Account
|
| | | | 414,052,978 | | | | | | 414,011,571 | | |
|
Total Assets
|
| | | $ | 414,353,820 | | | | | $ | 415,340,439 | | |
|
Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit:
|
| | | | | | | | | | | | |
| Current liabilities: | | | | | | | | | | | | | |
|
Accounts payable
|
| | | $ | 68,735 | | | | | $ | 80,044 | | |
|
Accrued expenses
|
| | | | 953,135 | | | | | | 107,000 | | |
|
Franchise tax payable
|
| | | | 174,603 | | | | | | 104,159 | | |
|
Total current liabilities
|
| | | | 1,196,473 | | | | | | 291,203 | | |
|
Convertible note – related party
|
| | | | 430,000 | | | | | | — | | |
|
Derivative warrant liabilities
|
| | | | 7,135,560 | | | | | | 10,929,780 | | |
|
Total Liabilities
|
| | | | 8,762,033 | | | | | | 11,220,983 | | |
| Commitments and Contingencies | | | | | | | | | | | | | |
|
Class A common stock subject to possible redemption; $0.0001 par value;
41,400,000 shares issued and outstanding at $10.00 per share redemption value as of December 31, 2021 and 2020(1) |
| | | | 414,000,000 | | | | | | 414,000,000 | | |
| Stockholders’ Deficit: | | | | | | | | | | | | | |
|
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued
or outstanding as of December 31, 2021 and 2020 |
| | | | — | | | | | | — | | |
|
Class A common stock, $0.0001 par value; 380,000,000 shares authorized; 614,000 shares issued and outstanding as of December 31, 2021 and 2020(1)
|
| | | | 61 | | | | | | 61 | | |
|
Class B common stock, $0.0001 par value; 1,000,000 shares authorized; 300,000 shares issued and outstanding as of December 31, 2021 and 2020(1)
|
| | | | 30 | | | | | | 30 | | |
|
Class F common stock, $0.0001 par value; 50,000,000 shares authorized; 828,000 shares issued and outstanding as of December 31, 2021 and
2020 |
| | | | 83 | | | | | | 83 | | |
|
Additional paid-in capital
|
| | | | — | | | | | | — | | |
|
Accumulated deficit
|
| | | | (8,408,387) | | | | | | (9,880,718) | | |
|
Total stockholders’ deficit
|
| | | | (8,408,213) | | | | | | (9,880,544) | | |
|
Total Liabilities, Class A Common Stock Subject to Possible Redemption and
Stockholders’ Deficit |
| | | $ | 414,353,820 | | | | | $ | 415,340,439 | | |
|
Operating expenses
|
| |
For the Year Ended
December 31, 2021 |
| |
For the Period from
June 22, 2020 (Inception) through December 31, 2020 |
| ||||||
|
General and administrative expenses
|
| | | $ | 1,964,225 | | | | | $ | 172,982 | | |
|
Administrative fee – related party
|
| | | | 240,000 | | | | | | 80,000 | | |
|
Franchise tax expense
|
| | | | 159,071 | | | | | | 104,159 | | |
|
Loss from operations
|
| | | | (2,363,296) | | | | | | (357,141) | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | 3,794,220 | | | | | | 2,835,950 | | |
|
Offering costs associated with derivative warrant liabilities
|
| | | | — | | | | | | (182,130) | | |
|
Income from investments held in Trust Account
|
| | | | 41,407 | | | | | | 11,571 | | |
|
Net income
|
| | | $ | 1,472,331 | | | | | $ | 2,308,250 | | |
|
Weighted average shares outstanding of Class A common stock, basic and diluted(1)
|
| | | | 42,014,000 | | | | | | 22,857,358 | | |
|
Basic and diluted net income per share of Class A common stock
|
| | | $ | 0.03 | | | | | $ | 0.10 | | |
|
Weighted average shares outstanding of Class B common stock, basic and diluted(2)
|
| | | | 300,000 | | | | | | 300,000 | | |
|
Basic and diluted net income per share of Class B common stock
|
| | | $ | 0.03 | | | | | $ | 0.10 | | |
|
Weighted average shares outstanding of Class F common stock, basic and diluted(3)
|
| | | | 828,000 | | | | | | 778,756 | | |
|
Basic and diluted net income per share of Class F common stock
|
| | | $ | 0.03 | | | | | $ | 0.10 | | |
| | | |
FOR THE YEAR ENDED DECEMBER 31, 2021
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| ||||||||||||||||||||||||||||||||||||||||||
| | | |
Class A(1)
|
| |
Class B(2)
|
| |
Class F(3)
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
|
Balance – December 31, 2020
|
| | | | 614,000 | | | | | $ | 61 | | | | | | 300,000 | | | | | $ | 30 | | | | | | 828,000 | | | | | $ | 83 | | | | | $ | — | | | | | $ | (9,880,718) | | | | | $ | (9,880,544) | | |
|
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,472,331 | | | | | | 1,472,331 | | |
|
Balance – December 31, 2021
|
| | | | 614,000 | | | | | $ | 61 | | | | | | 300,000 | | | | | $ | 30 | | | | | | 828,000 | | | | | $ | 83 | | | | | $ | — | | | | | $ | (8,408,387) | | | | | $ | (8,408,213) | | |
| | | |
FOR THE PERIOD FROM JUNE 22, 2020 (INCEPTION) THROUGH DECEMBER 31, 2020
|
| | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| | | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Class A(1)
|
| |
Class B(2)
|
| |
Class F(3)
|
| | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
| | | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| | | | ||||||||||||||||||||||||||||||||||||||||||
|
Balance – June 22, 2020 (inception)
|
| | | | — | | | | | $ | — | | | | |
|
—
|
| | | | $ | — | | | | |
|
—
|
| | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | ||||||
|
Issuance of Class B common
stock to Sponsor |
| | | | — | | | | | | — | | | | | | 300,000 | | | | | | 30 | | | | | | — | | | | | | — | | | | | | 18,720 | | | | | | — | | | | | | 18,750 | | | | | | ||||||
|
Issuance of Class F common
stock to Sponsor |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 828,000 | | | | | | 83 | | | | | | 6,167 | | | | | | — | | | | | | 6,250 | | | | | | ||||||
|
Sale of 614,000 Private
Placement CAPSTM, net of fair value of Private Placement Warrants |
| | | | 614,000 | | | | | | 61 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,932,709 | | | | | | — | | | | | | 5,932,770 | | | | | | ||||||
|
Accretion on Class A common stock subject to possible redemption amount
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,957,596) | | | | | | (12,188,968) | | | | | | (18,146,564) | | | | | | ||||||
|
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,308,250 | | | | | | 2,308,250 | | | | | | ||||||
|
Balance – December 31, 2020
|
| | | | 614,000 | | | | | $ | 61 | | | | | | 300,000 | | | | | $ | 30 | | | | | | 828,000 | | | | | $ | 83 | | | | | $ | — | | | | | $ | (9,880,718) | | | | | $ | (9,880,544) | | | | | | ||||||
| | | |
For the Year Ended
December 31, 2021 |
| |
For the Period
from June 22, 2020 (Inception) through December 31, 2020 |
| ||||||
| Cash Flows from Operating Activities: | | | | | | | | | | | | | |
|
Net income
|
| | | $ | 1,472,331 | | | | | $ | 2,308,250 | | |
|
Adjustments to reconcile net income to net cash used in operating activities:
|
| | | | | | | | | | | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | (3,794,220) | | | | | | (2,835,950) | | |
|
General and administrative expenses paid by related party under note
payable |
| | | | — | | | | | | 29,287 | | |
|
Offering costs associated with derivative warrant liabilities
|
| | | | — | | | | | | 182,130 | | |
|
Interest income from investments held in Trust Account
|
| | | | (41,407) | | | | | | (11,571) | | |
| Changes in assets and liabilities: | | | | | | | | | | | | | |
|
Prepaid expenses
|
| | | | 233,791 | | | | | | (440,771) | | |
|
Accounts payable
|
| | | | (11,309) | | | | | | 80,044 | | |
|
Accrued expenses
|
| | | | 846,135 | | | | | | 22,000 | | |
|
Franchise tax payable
|
| | | | 70,444 | | | | | | 104,159 | | |
|
Net cash used in operating activities
|
| | | | (1,224,235) | | | | | | (562,422) | | |
|
Cash Flows from Investing Activities
|
| | | | | | | | | | | | |
|
Cash deposited in Trust Account
|
| | | | — | | | | | | (414,000,000) | | |
|
Net cash used in investing activities
|
| | | | — | | | | | | (414,000,000) | | |
| Cash Flows from Financing Activities: | | | | | | | | | | | | | |
|
Proceeds received from initial public offering, gross
|
| | | | — | | | | | | 414,000,000 | | |
|
Proceeds received from private placement
|
| | | | — | | | | | | 6,140,000 | | |
|
Proceeds from Convertible note – related party
|
| | | | 430,000 | | | | | | — | | |
|
Repayment of note payable to related party
|
| | | | — | | | | | | (171,450) | | |
|
Offering costs paid
|
| | | | — | | | | | | (4,518,031) | | |
|
Net cash provided by financing activities
|
| | | | 430,000 | | | | | | 415,450,519 | | |
|
Net change in cash
|
| | | | (794,235) | | | | | | 888,097 | | |
|
Cash – beginning of the period
|
| | |
|
888,097
|
| | | |
|
—
|
| |
|
Cash – end of the period
|
| | | $ | 93,862 | | | | | $ | 888,097 | | |
| Supplemental disclosure of noncash activities: | | | | | | | | | | | | | |
|
Offering costs paid in exchange for issuance of Class B common stock to Sponsor
|
| | | $ | — | | | | | $ | 18,750 | | |
|
Offering costs paid in exchange for issuance of Class F common stock to Sponsor
|
| | | $ | — | | | | | $ | 6,250 | | |
|
Offering costs included in accrued expenses
|
| | | $ | — | | | | | $ | 85,000 | | |
|
Offering costs paid through note payable
|
| | | $ | — | | | | | $ | 142,163 | | |
| | | |
For the Year Ended December 31, 2021
|
| |
For the Period from June 22, 2020
(Inception) through December 31, 2020 |
| ||||||||||||||||||||||||||||||
| | | |
Class A
|
| |
Class B
|
| |
Class F
|
| |
Class A
|
| |
Class B
|
| |
Class F
|
| ||||||||||||||||||
| Basic net income per common stock: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Allocation of net income
|
| | | $ | 1,433,835 | | | | | $ | 10,238 | | | | | $ | 28,258 | | | | | $ | 2,204,221 | | | | | $ | 28,931 | | | | | $ | 75,098 | | |
| Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Weighted average common stock outstanding, basic and diluted
|
| | | | 42,014,000 | | | | | | 300,000 | | | | | | 828,000 | | | | | | 22,857,358 | | | | | | 300,000 | | | | | | 778,756 | | |
|
Basic and diluted net income per share of common stock
|
| | | $ | 0.03 | | | | | $ | 0.03 | | | | | $ | 0.03 | | | | | $ | 0.10 | | | | | $ | 0.10 | | | | | $ | 0.10 | | |
| |
Gross proceeds from Initial Public Offering
|
| | | $ | 414,000,000 | | |
| | Less: | | | | | | | |
| |
Fair value of Public Warrants at issuance
|
| | | | (13,558,500) | | |
| |
Offering costs allocated to Class A common stock subject to possible redemption
|
| | | | (4,588,064) | | |
| | Plus: | | | | | | | |
| |
Accretion on Class A common stock subject to possible redemption value
|
| | | | 18,146,564 | | |
| |
Class A common stock subject to possible redemption
|
| | | $ | 414,000,000 | | |
| | | |
Fair Value Measured as of December 31, 2021
|
| |||||||||||||||||||||
| | | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Investments held in Trust Account – U.S. Treasury Securities
|
| | | $ | 414,052,978 | | | | | $ | — | | | | | $ | — | | | | | $ | 414,052,978 | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Warrant liabilities – Public Warrants
|
| | | $ | 7,027,650 | | | | | $ | — | | | | | $ | — | | | | | $ | 7,027,650 | | |
|
Warrant liabilities – Private Placement Warrants
|
| | | $ | — | | | | | $ | — | | | | | $ | 107,910 | | | | | $ | 107,910 | | |
| | | |
Fair Value Measured as of December 31, 2020
|
| |||||||||||||||||||||
| | | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Investments held in Trust Account – U.S. Treasury Securities
|
| | | $ | 414,011,571 | | | | | $ | — | | | | | $ | — | | | | | $ | 414,011,571 | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Warrant liabilities – Public Warrants
|
| | | $ | 10,764,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 10,764,000 | | |
|
Warrant liabilities – Private Placement Warrants
|
| | | $ | — | | | | | $ | — | | | | | $ | 165,780 | | | | | $ | 165,780 | | |
| | | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
|
Exercise price
|
| | | $ | 11.50 | | | | | $ | 11.50 | | |
|
Stock Price
|
| | | $ | 9.81 | | | | | $ | 10.01 | | |
|
Term (in years)
|
| | | | 5.00 | | | | | | 5.00 | | |
|
Volatility
|
| | | | 14.20% | | | | | | 17.00% | | |
|
Risk-free interest rate
|
| | | | 1.34% | | | | | | 0.56% | | |
|
Dividend yield
|
| | | | 0.00% | | | | | | 0.00% | | |
|
Probability of success
|
| | | | 80.00% | | | | | | 100.00% | | |
| |
Level 3 warrant liabilities as of June 22, 2020 (inception)
|
| | | $ | — | | |
| |
Issuance of Public and Private Placement Warrants
|
| | | | 13,765,730 | | |
| |
Transfer of Public Warrants to Level 1
|
| | | | (12,109,500) | | |
| |
Change in fair value of derivative warrant liabilities
|
| | | | (1,490,450) | | |
| |
Level 3 warrant liabilities as of December 31, 2020
|
| | | | 165,780 | | |
| |
Change in fair value of derivative warrant liabilities
|
| | | | (57,870) | | |
| |
Level 3 warrant liabilities as of December 31, 2021
|
| | | $ | 107,910 | | |
| | | |
For the Year Ended
December 31, 2021 |
| |
For the Period
from June 22, 2020 (Inception) through December 31, 2020 |
| ||||||
| Current | | | | | | | | | | | | | |
|
Federal
|
| | | $ | (24,709) | | | | | $ | (19,444) | | |
|
State
|
| | | | — | | | | | | — | | |
| Deferred | | | | | | | | | | | | | |
|
Federal
|
| | | | (462,887) | | | | | | (53,126) | | |
|
State
|
| | | | — | | | | | | — | | |
|
Valuation allowance
|
| | | | 487,596 | | | | | | 72,570 | | |
|
Income tax provision
|
| | | $ | — | | | | | $ | — | | |
| | | |
As of December 31,
|
| |||||||||
| | | |
2021
|
| |
2020
|
| ||||||
| Deferred tax assets: | | | | | | | | | | | | | |
|
Start-up/Organization costs
|
| | | $ | 516,013 | | | | | $ | 53,126 | | |
|
Net operating loss carryforwards
|
| | | | 44,153 | | | | | | 19,444 | | |
|
Total deferred tax assets
|
| | | | 560,166 | | | | | | 72,570 | | |
|
Valuation allowance
|
| | | | (560,166) | | | | | | (72,570) | | |
|
Deferred tax asset, net of allowance
|
| | | $ | — | | | | | $ | — | | |
| | | |
For the Year Ended
December 31, 2021 |
| |
For the Period
from June 22, 2020 (Inception) through December 31, 2020 |
| ||||||
|
Statutory federal income tax rate
|
| | | | 21.0% | | | | | | 21.0% | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | (54.1)% | | | | | | (25.8)% | | |
|
Offering costs associated with derivative warrant liabilities
|
| | | | 0.0% | | | | | | 1.7% | | |
|
Change in valuation allowance
|
| | | | 33.1% | | | | | | 3.1% | | |
|
Income tax expenses (benefit)
|
| | | | 0.0% | | | | | | 0.0% | | |
| | | |
As of September 30,
2022 |
| |
As of December 31,
2021 |
| ||||||
|
(in thousands)
|
| |
(Unaudited)
|
| | | | | | | |||
| ASSETS | | | | | | | | | | | | | |
| Current assets: | | | | | | | | | | | | | |
|
Cash
|
| | | $ | 6,410 | | | | | $ | 7,319 | | |
|
Revenue receivable
|
| | | | 54,324 | | | | | | 32,697 | | |
|
Advances to operators
|
| | | | 26,230 | | | | | | 37,150 | | |
|
Other assets
|
| | | | 4,098 | | | | | | 70 | | |
|
Other Receivable
|
| | | | — | | | | | | 469 | | |
|
Derivative assets
|
| | | | 4,376 | | | | | | — | | |
|
Contributions receivable
|
| | | | 10 | | | | | | 94 | | |
|
Total current assets
|
| | | | 95,448 | | | | | | 77,799 | | |
| Property and equipment: | | | | | | | | | | | | | |
|
Oil and gas properties, successful efforts method
|
| | | | 550,163 | | | | | | 376,657 | | |
|
Accumulated depletion
|
| | | | (168,302) | | | | | | (98,266) | | |
|
Total property and equipment, net
|
| | | | 381,861 | | | | | | 278,391 | | |
| Long-term assets: | | | | | | | | | | | | | |
|
Derivative assets
|
| | | | 812 | | | | | | — | | |
|
Total long-term assets
|
| | | | 812 | | | | | | — | | |
|
TOTAL ASSETS
|
| | | $ | 478,121 | | | | | $ | 356,190 | | |
| LIABILITIES AND PARTNERS’ CAPITAL | | | | | | | | | | | | | |
| Current liabilities: | | | | | | | | | | | | | |
|
Accrued expenses
|
| | | $ | 20,595 | | | | | $ | 6,640 | | |
|
Derivative liabilities
|
| | | | 3,941 | | | | | | 3,953 | | |
|
Credit facilities
|
| | | | — | | | | | | 29,938 | | |
|
Total current liabilities
|
| | | | 24,536 | | | | | | 40,531 | | |
| Long-term liabilities: | | | | | | | | | | | | | |
|
Derivative liabilities
|
| | | | — | | | | | | 400 | | |
|
Asset retirement obligations
|
| | | | 2,243 | | | | | | 963 | | |
|
Total long-term liabilities
|
| | | | 2,243 | | | | | | 1,363 | | |
|
TOTAL LIABILITIES
|
| | | | 26,779 | | | | | | 41,894 | | |
| Commitments and contingencies (Note 8) | | | | | | | | | | | | | |
| Partners’ capital: | | | | | | | | | | | | | |
|
General partner
|
| | | | 41,614 | | | | | | 15,462 | | |
|
Limited partners
|
| | | | 409,728 | | | | | | 298,834 | | |
|
Total partners’ capital
|
| | | | 451,342 | | | | | | 314,296 | | |
|
TOTAL LIABILITIES AND PARTNERS’ CAPITAL
|
| | | $ | 478,121 | | | | | $ | 356,190 | | |
| | | |
Three months ended September 30,
|
| |
Nine months ended September 30,
|
| ||||||||||||||||||
|
(in thousands)
|
| |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
| REVENUES | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Oil, natural gas, and related product sales
|
| | | $ | 90,194 | | | | | $ | 55,717 | | | | | $ | 263,263 | | | | | $ | 142,632 | | |
| EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | | 6,368 | | | | | | 3,621 | | | | | | 15,840 | | | | | | 8,407 | | |
|
Production taxes
|
| | | | 5,053 | | | | | | 2,506 | | | | | | 14,628 | | | | | | 7,737 | | |
|
Depletion and accretion expense
|
| | | | 39,868 | | | | | | 15,794 | | | | | | 70,529 | | | | | | 45,798 | | |
|
General and administrative
|
| | | | 1,776 | | | | | | 1,764 | | | | | | 4,880 | | | | | | 4,978 | | |
|
Total expenses
|
| | | | 53,065 | | | | | | 23,685 | | | | | | 105,877 | | | | | | 66,920 | | |
|
Net operating income
|
| | | | 37,129 | | | | | | 32,032 | | | | | | 157,386 | | | | | | 75,712 | | |
| OTHER INCOME/(EXPENSE) | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Gain/(loss) on derivative contracts
|
| | | | 6,082 | | | | | | (6,558) | | | | | | (19,147) | | | | | | (18,115) | | |
|
Interest expense
|
| | | | (476) | | | | | | (353) | | | | | | (1,193) | | | | | | (926) | | |
|
Total other income/(expense)
|
| | | | 5,606 | | | | | | (6,911) | | | | | | (20,340) | | | | | | (19,041) | | |
|
NET INCOME
|
| | | $ | 42,735 | | | | | $ | 25,121 | | | | | $ | 137,046 | | | | | $ | 56,671 | | |
|
(in thousands)
|
| |
General Partner
|
| |
Limited Partners
|
| |
Total
|
| |||||||||
|
Balance at December 31, 2021
|
| | | $ | 15,462 | | | | | $ | 298,834 | | | | | $ | 314,296 | | |
|
Net (loss)/income
|
| | | | (29) | | | | | | 27,874 | | | | | | 27,845 | | |
|
Carried interest reallocation
|
| | | | 7,168 | | | | | | (7,168) | | | | | | — | | |
|
Balance at March 31, 2022
|
| | | | 22,601 | | | | | | 319,540 | | | | | | 342,141 | | |
|
Net income
|
| | | | 218 | | | | | | 66,248 | | | | | | 66,466 | | |
|
Carried interest reallocation
|
| | | | 11,801 | | | | | | (11,801) | | | | | | — | | |
|
Balance at June 30, 2022
|
| | | | 34,620 | | | | | | 373,987 | | | | | | 408,607 | | |
|
Net income
|
| | | | 340 | | | | | | 42,395 | | | | | | 42,735 | | |
|
Carried interest reallocation
|
| | | | 6,654 | | | | | | (6,654) | | | | | | — | | |
|
Balance at September 30, 2022
|
| | | $ | 41,614 | | | | | $ | 409,728 | | | | | $ | 451,342 | | |
|
(in thousands)
|
| |
General Partner
|
| |
Limited Partners
|
| |
Total
|
| |||||||||
|
Balance at December 31, 2020
|
| | | $ | 657 | | | | | $ | 177,772 | | | | | $ | 178,429 | | |
|
Net income
|
| | | | 51 | | | | | | 15,459 | | | | | | 15,510 | | |
|
Balance at March 31, 2021
|
| | | | 708 | | | | | | 193,231 | | | | | | 193,939 | | |
|
Net (loss)/income
|
| | | | (219) | | | | | | 16,259 | | | | | | 16,040 | | |
|
Partners’ contributions
|
| | | | 62 | | | | | | 19,938 | | | | | | 20,000 | | |
|
Balance at June 30, 2021
|
| | | | 551 | | | | | | 229,428 | | | | | | 229,979 | | |
|
Net (loss)/income
|
| | | | (73) | | | | | | 25,194 | | | | | | 25,121 | | |
|
Carried interest reallocation
|
| | | | 12,856 | | | | | | (12,856) | | | | | | — | | |
|
Balance at September 30, 2021
|
| | | $ | 13,334 | | | | | $ | 241,766 | | | | | $ | 255,100 | | |
| | | |
Nine months ended September 30,
|
| |||||||||
|
(in thousands)
|
| |
2022
|
| |
2021
|
| ||||||
| Operating activities: | | | | | | | | | | | | | |
|
Net income
|
| | | $ | 137,046 | | | | | $ | 56,671 | | |
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
| | | | | | | | | | | | |
|
Depletion and accretion expense
|
| | | | 70,529 | | | | | | 45,798 | | |
|
Change in unrealized (gain) loss on derivative contracts
|
| | | | (5,600) | | | | | | 11,010 | | |
|
Amortization of loan origination costs
|
| | | | 62 | | | | | | 31 | | |
|
Increase (decrease) in cash attributable to changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
|
Revenue receivable
|
| | | | (21,627) | | | | | | (22,941) | | |
|
Prepaid expenses
|
| | | | (4,028) | | | | | | — | | |
|
Other assets
|
| | | | 469 | | | | | | (469) | | |
|
Accrued expenses
|
| | | | 2,811 | | | | | | 1,800 | | |
|
Net cash provided by operating activities
|
| | | | 179,662 | | | | | | 91,900 | | |
| Investing activities: | | | | | | | | | | | | | |
|
Acquisition of proved oil and gas properties
|
| | | | (31,258) | | | | | | (67,012) | | |
|
Proceeds from the disposal of oil and gas properties
|
| | | | 741 | | | | | | 3,041 | | |
|
Refund of advances to operators
|
| | | | 971 | | | | | | 2,298 | | |
|
Development of oil and gas properties
|
| | | | (121,109) | | | | | | (63,113) | | |
|
Net cash used in investing activities
|
| | | | (150,655) | | | | | | (124,786) | | |
| Financing activities: | | | | | | | | | | | | | |
|
Proceeds from borrowings on credit facilities
|
| | | | 16,000 | | | | | | 46,000 | | |
|
Repayments of borrowings on credit facilities
|
| | | | (46,000) | | | | | | (22,000) | | |
|
Partners’ contributions, net of change in contributions receivable
|
| | | | 84 | | | | | | 20,074 | | |
|
Net cash (used in)/provided by financing activities
|
| | | | (29,916) | | | | | | 44,074 | | |
|
Net (decrease)/increase in cash
|
| | | | (909) | | | | | | 11,188 | | |
|
Cash at beginning of period
|
| | | | 7,319 | | | | | | 2,638 | | |
|
Cash at end of period
|
| | | $ | 6,410 | | | | | $ | 13,826 | | |
| Supplemental disclosure of cash flow information: | | | | | | | | | | | | | |
|
Cash paid during the year for interest
|
| | | $ | 317 | | | | | $ | 392 | | |
| Supplemental disclosure of non cash investing activities: | | | | | | | | | | | | | |
|
Oil and natural gas property development costs in accrued expenses
|
| | | $ | 15,757 | | | | | $ | 561 | | |
|
Acquired and assumed asset retirement obligations
|
| | | $ | 633 | | | | | $ | — | | |
|
Revision of asset retirement costs
|
| | | $ | 507 | | | | | $ | — | | |
|
Advances to operators applied to development of oil and natural gas properties
|
| | | $ | 54,147 | | | | | $ | 24,880 | | |
| | | |
Three months ended September 30, 2022
|
| |||||||||||||||||||||
|
(in thousands)
|
| |
Eagle Ford
|
| |
Permian
|
| |
Denver-Julesberg
|
| |
Bakken
|
| ||||||||||||
|
Revenues
|
| | | $ | 11,891 | | | | | $ | 65,997 | | | | | $ | 8,271 | | | | | $ | 4,035 | | |
| | | |
Three months ended September 30, 2021
|
| |||||||||||||||||||||
|
(in thousands)
|
| |
Eagle Ford
|
| |
Permian
|
| |
Denver-Julesberg
|
| |
Bakken
|
| ||||||||||||
|
Revenues
|
| | | $ | 4,575 | | | | | $ | 39,252 | | | | | $ | 10,726 | | | | | $ | 1,164 | | |
| | | |
Nine months ended September 30, 2022
|
| |||||||||||||||||||||
|
(in thousands)
|
| |
Eagle Ford
|
| |
Permian
|
| |
Denver-Julesberg
|
| |
Bakken
|
| ||||||||||||
|
Revenues
|
| | | $ | 35,978 | | | | | $ | 186,853 | | | | | $ | 30,370 | | | | | $ | 10,062 | | |
| | | |
Nine months ended September 30, 2021
|
| |||||||||||||||||||||
|
(in thousands)
|
| |
Eagle Ford
|
| |
Permian
|
| |
Denver-Julesberg
|
| |
Bakken
|
| ||||||||||||
|
Revenues
|
| | | $ | 22,002 | | | | | $ | 97,926 | | | | | $ | 19,801 | | | | | $ | 2,903 | | |
| | | | | | | | | |
Contract Prices
|
| ||||||
|
Period
|
| |
Type of Contract
|
| |
(Volume/Month)
|
| |
Range
|
| |
Weighted
Average |
| |||
|
Oct 2022 – Dec 2023
|
| |
Producer 3-way (crude oil)
|
| |
34,413 – 612
|
| |
$113.10 – $40.00
|
| | | $ | 75.16 | | |
|
Oct 2022 – Dec 2022
|
| |
Collar (crude oil)
|
| |
33,886 – 5,448
|
| |
$112.75 – $85.00
|
| | | $ | 97.24 | | |
|
Nov 2022 – Mar 2023
|
| |
Producer 3-way (natural gas)
|
| |
128,912 – 3,813
|
| |
$8.44 – $3.00
|
| | | $ | 5.13 | | |
|
Nov 2022 – Jun 2023
|
| |
Collar (natural gas)
|
| |
90,941 – 11,036
|
| |
$9.05 – $2.90
|
| | | $ | 5.48 | | |
| | | |
September 30, 2022
|
| |
September 30, 2022
|
| ||||||||||||||||||
| | | |
Derivative assets
|
| |
Derivative liabilities
|
| ||||||||||||||||||
|
(in thousands)
|
| |
Current
portion |
| |
Noncurrent
portion |
| |
Current
portion |
| |
Noncurrent
portion |
| ||||||||||||
| Primary underlying risk | | | | | | | | | | | | | | | | | | | | | | | | | |
| Commodity price | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | 4,581 | | | | | $ | 812 | | | | | $ | (1,865) | | | | | $ | — | | |
|
Natural gas
|
| | | | (205) | | | | | | — | | | | | | (2,076) | | | | | | — | | |
|
Total
|
| | | $ | 4,376 | | | | | $ | 812 | | | | | $ | (3,941) | | | | | $ | — | | |
| | | |
Three months ended September 30, 2022
|
| |||||||||||||||
|
(in thousands)
|
| |
Realized loss
|
| |
Change in
unrealized gain/(loss) |
| |
Total
|
| |||||||||
| Primary underlying risk | | | | | | | | | | | | | | | | | | | |
| Commodity price | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | (4,971) | | | | | $ | 16,571 | | | | | $ | 11,600 | | |
|
Natural gas
|
| | | | (4,360) | | | | | | (1,158) | | | | | | (5,518) | | |
|
Total
|
| | | $ | (9,331) | | | | | $ | 15,413 | | | | | $ | 6,082 | | |
| | | |
Nine months ended September 30, 2022
|
| |||||||||||||||
|
(in thousands)
|
| |
Realized loss
|
| |
Change in
unrealized gain/(loss) |
| |
Total
|
| |||||||||
| Primary underlying risk | | | | | | | | | | | | | | | | | | | |
| Commodity price | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | (15,388) | | | | | $ | 7,404 | | | | | $ | (7,984) | | |
|
Natural gas
|
| | | | (9,359) | | | | | | (1,804) | | | | | | (11,163) | | |
|
Total
|
| | | $ | (24,747) | | | | | $ | 5,600 | | | | | $ | (19,147) | | |
| | | |
December 31, 2021
|
| |
December 31, 2021
|
| ||||||||||||||||||
| | | |
Derivative assets
|
| |
Derivative liabilities
|
| ||||||||||||||||||
|
(in thousands)
|
| |
Current
portion |
| |
Noncurrent
portion |
| |
Current
portion |
| |
Noncurrent
portion |
| ||||||||||||
| Primary underlying risk | | | | | | | | | | | | | | | | | | | | | | | | | |
| Commodity price | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | — | | | | | $ | — | | | | | $ | (3,465) | | | | | $ | (411) | | |
|
Natural gas
|
| | | | — | | | | | | — | | | | | | (488) | | | | | | 11 | | |
|
Total
|
| | | $ | — | | | | | $ | — | | | | | $ | (3,953) | | | | | $ | (400) | | |
| | | |
Three months ended September 30, 2021
|
| |||||||||||||||
|
(in thousands)
|
| |
Realized loss
|
| |
Change in
unrealized gain/(loss) |
| |
Total
|
| |||||||||
| Primary underlying risk | | | | | | | | | | | | | | | | | | | |
| Commodity price | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | (2,324) | | | | | $ | 721 | | | | | $ | (1,603) | | |
|
Natural gas
|
| | | | (1,635) | | | | | | (3,320) | | | | | | (4,955) | | |
|
Total
|
| | | $ | (3,959) | | | | | $ | (2,599) | | | | | $ | (6,558) | | |
| | | |
Nine months ended September 30, 2021
|
| |||||||||||||||
|
(in thousands)
|
| |
Realized loss
|
| |
Change in
unrealized loss |
| |
Total
|
| |||||||||
| Primary underlying risk | | | | | | | | | | | | | | | | | | | |
| Commodity price | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | (2,583) | | | | | $ | (6,775) | | | | | $ | (9,358) | | |
|
Natural gas
|
| | | | (4,522) | | | | | | (4,235) | | | | | | (8,757) | | |
|
Total
|
| | | $ | (7,105) | | | | | $ | (11,010) | | | | | $ | (18,115) | | |
|
(in thousands)
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
September 30,
2022 |
| ||||||||||||
| Assets (at fair value): | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Derivative contracts
|
| | | $ | — | | | | | $ | 5,188 | | | | | $ | — | | | | | $ | 5,188 | | |
| Liabilities (at fair value): | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Derivative contracts
|
| | | $ | — | | | | | $ | (3,941) | | | | | $ | — | | | | | $ | (3,941) | | |
|
(in thousands)
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
December 31,
2021 |
| ||||||||||||
| Liabilities (at fair value): | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Derivative contracts
|
| | | $ | — | | | | | $ | (4,353) | | | | | $ | — | | | | | $ | (4,353) | | |
| | | |
September 30, 2022
|
| |
December 31, 2021
|
| ||||||||||||||||||
|
(in thousands)
|
| |
Carrying Value
|
| |
Fair Value
|
| |
Carrying Value
|
| |
Fair Value
|
| ||||||||||||
| Liabilities (at fair value): | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Revolving Credit Facility
|
| | | $ | — | | | | | $ | — | | | | | $ | 29,938 | | | | | $ | 29,938 | | |
| | | |
December 31,
|
| |||||||||
| | | |
2021
|
| |
2020
|
| ||||||
| ASSETS | | | | | | | | | | | | | |
| Current assets: | | | | | | | | | | | | | |
|
Cash
|
| | | $ | 7,319,365 | | | | | $ | 2,637,558 | | |
|
Revenue receivable
|
| | | | 32,697,273 | | | | | | 9,499,185 | | |
|
Advances to operators
|
| | | | 37,149,729 | | | | | | 8,170,656 | | |
|
Other assets
|
| | | | 69,436 | | | | | | — | | |
|
Other Receivable
|
| | | | 468,596 | | | | | | — | | |
|
Contributions receivable
|
| | | | 93,687 | | | | | | 73,541 | | |
|
Total current assets
|
| | | | 77,798,086 | | | | | | 20,380,940 | | |
| Property and equipment: | | | | | | | | | | | | | |
|
Oil and natural gas properties, successful efforts method
|
| | | | 376,657,406 | | | | | | 211,705,035 | | |
|
Accumulated depletion
|
| | | | (98,265,958) | | | | | | (39,223,565) | | |
|
Total property and equipment, net
|
| | | | 278,391,448 | | | | | | 172,481,470 | | |
|
TOTAL ASSETS
|
| | | $ | 356,189,534 | | | | | $ | 192,862,410 | | |
| LIABILITIES AND PARTNERS’ CAPITAL | | | | | | | | | | | | | |
| Current liabilities: | | | | | | | | | | | | | |
|
Accrued expenses
|
| | | $ | 6,639,039 | | | | | $ | 3,819,158 | | |
|
Derivative liabilities – current portion
|
| | | | 3,952,787 | | | | | | 213,093 | | |
|
Credit facilities – current portion
|
| | | | 29,938,307 | | | | | | — | | |
|
Total current liabilities
|
| | | | 40,530,133 | | | | | | 4,032,251 | | |
| Long-term liabilities: | | | | | | | | | | | | | |
|
Credit facilities
|
| | | | — | | | | | | 9,897,179 | | |
|
Derivative liabilities
|
| | | | 400,285 | | | | | | — | | |
|
Asset retirement obligations
|
| | | | 963,428 | | | | | | 503,543 | | |
|
Total long-term liabilities
|
| | | | 1,363,713 | | | | | | 10,400,722 | | |
| Commitments and contingencies (Note 9) | | | | | | | | | | | | | |
| Partners’ capital: | | | | | | | | | | | | | |
|
General partner
|
| | | | 15,462,283 | | | | | | 657,346 | | |
|
Limited partners
|
| | | | 298,833,405 | | | | | | 177,772,091 | | |
|
Total partners’ capital
|
| | | | 314,295,688 | | | | | | 178,429,437 | | |
|
TOTAL LIABILITIES AND PARTNERS’ CAPITAL
|
| | | $ | 356,189,534 | | | | | $ | 192,862,410 | | |
| | | |
Year ended December 31,
|
| |||||||||||||||
| | | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| REVENUES | | | | | | | | | | | | | | | | | | | |
|
Oil, natural gas, and related product sales
|
| | | $ | 197,545,818 | | | | | $ | 28,290,460 | | | | | $ | 23,282,767 | | |
| EXPENSES | | | | | | | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | | 12,361,625 | | | | | | 5,146,922 | | | | | | 2,668,218 | | |
|
Production taxes
|
| | | | 10,807,624 | | | | | | 1,815,408 | | | | | | 1,368,712 | | |
|
Depletion and accretion expense
|
| | | | 60,533,801 | | | | | | 22,130,049 | | | | | | 17,100,435 | | |
|
Professional fees
|
| | | | 1,552,702 | | | | | | 790,010 | | | | | | 939,246 | | |
|
Management fees
|
| | | | 3,877,500 | | | | | | 3,877,500 | | | | | | 3,877,500 | | |
|
General and administrative
|
| | | | 832,573 | | | | | | 498,209 | | | | | | 143,939 | | |
|
Organizational expenses
|
| | | | — | | | | | | — | | | | | | 21,496 | | |
|
Total expenses
|
| | | | 89,965,825 | | | | | | 34,258,098 | | | | | | 26,119,546 | | |
|
Net operating income/(loss)
|
| | | | 107,579,993 | | | | | | (5,967,638) | | | | | | (2,836,779) | | |
| OTHER EXPENSE | | | | | | | | | | | | | | | | | | | |
|
Gain/(loss) on derivative contracts
|
| | | | (17,314,944) | | | | | | 2,928,004 | | | | | | 137,440 | | |
|
Interest expense
|
| | | | (1,398,798) | | | | | | (428,187) | | | | | | (509,242) | | |
|
Total other income/(expense)
|
| | | | (18,713,742) | | | | | | 2,499,817 | | | | | | (371,802) | | |
|
NET INCOME/(LOSS)
|
| | | $ | 88,866,251 | | | | | $ | (3,467,821) | | | | | $ | (3,208,581) | | |
| | | |
General Partner
|
| |
Limited Partner
|
| |
Total
|
| |||||||||
|
Balance at December 31, 2018
|
| | | $ | 176,012 | | | | | $ | 58,429,824 | | | | | $ | 58,605,836 | | |
|
Net income/(loss)
|
| | | | 34,607 | | | | | | (3,243,188) | | | | | | (3,208,581) | | |
|
Partners’ contributions
|
| | | | 157,164 | | | | | | 53,342,839 | | | | | | 53,500,003 | | |
|
Balance at December 31, 2019
|
| | | $ | 367,783 | | | | | $ | 108,529,475 | | | | | $ | 108,897,258 | | |
|
Net income/(loss)
|
| | | | 62,790 | | | | | | (3,530,611) | | | | | | (3,467,821) | | |
|
Partners’ contributions
|
| | | | 226,773 | | | | | | 72,773,227 | | | | | | 73,000,000 | | |
|
Balance at December 31, 2020
|
| | | $ | 657,346 | | | | | $ | 177,772,091 | | | | | $ | 178,429,437 | | |
|
Net income
|
| | | | 288,107 | | | | | | 88,578,144 | | | | | | 88,866,251 | | |
|
Partners’ contributions
|
| | | | 146,004 | | | | | | 46,853,996 | | | | | | 47,000,000 | | |
|
Carried interest reallocation
|
| | | | 14,370,826 | | | | | | (14,370,826) | | | | | | — | | |
|
Balance at December 31, 2021
|
| | | $ | 15,462,283 | | | | | $ | 298,833,405 | | | | | $ | 314,295,688 | | |
| | | |
Year Ended December,
|
| |||||||||||||||
| | | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| Operating activities: | | | | | | | | | | | | | | | | | | | |
|
Net income/(loss)
|
| | | $ | 88,866,251 | | | | | $ | (3,467,821) | | | | | $ | (3,208,581) | | |
|
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
|
| | | | | | | | | | | | | | | | | | |
|
Depletion and accretion expense
|
| | | | 60,533,801 | | | | | | 22,130,049 | | | | | | 17,100,434 | | |
|
Unrealized (gain)/loss on derivative contracts
|
| | | | 4,139,979 | | | | | | (90,190) | | | | | | 303,283 | | |
|
Amortization of loan origination costs
|
| | | | 41,128 | | | | | | 41,127 | | | | | | 20,564 | | |
|
Increase/(decrease) in cash attributable to changes in operating assets and liabilities:
|
| | | | | | | | | | | | | | | | | | |
|
Revenue receivable
|
| | | | (23,198,088) | | | | | | (4,644,088) | | | | | | (4,789,329) | | |
|
Other assets
|
| | | | (69,436) | | | | | | — | | | | | | — | | |
|
Accrued expenses
|
| | | | 1,402,522 | | | | | | 116,027 | | | | | | (756,545) | | |
|
Net cash provided by operating activities
|
| | | | 131,716,157 | | | | | | 14,085,104 | | | | | | 8,669,826 | | |
| Investing activities: | | | | | | | | | | | | | | | | | | | |
|
Acquisition of proved oil and gas properties
|
| | | | (83,181,294) | | | | | | (13,263,947) | | | | | | (34,868,314) | | |
|
Proceeds from the disposal of oil and gas properties
|
| | | | 3,027,165 | | | | | | — | | | | | | — | | |
|
Refund of advances to operators
|
| | | | 3,248,808 | | | | | | — | | | | | | — | | |
|
Development of oil and gas properties
|
| | | | (117,108,883) | | | | | | (67,603,965) | | | | | | (48,838,994) | | |
|
Net cash used in investing activities
|
| | | | (194,014,204) | | | | | | (80,867,912) | | | | | | (83,707,308) | | |
| Financing activities: | | | | | | | | | | | | | | | | | | | |
|
Proceeds from borrowing
|
| | | | 52,000,000 | | | | | | 26,000,000 | | | | | | 21,335,488 | | |
|
Repayments of borrowing
|
| | | | (32,000,000) | | | | | | (32,500,000) | | | | | | (5,000,000) | | |
|
Partners’ contributions, net of change in contributions receivable
|
| | | | 46,979,854 | | | | | | 72,946,652 | | | | | | 53,479,810 | | |
|
Net cash provided by financing activities
|
| | | | 66,979,854 | | | | | | 66,446,652 | | | | | | 69,815,298 | | |
|
Net increase/(decrease) in cash
|
| | | | 4,681,807 | | | | | | (336,156) | | | | | | (5,222,184) | | |
|
Cash at beginning of year
|
| | | | 2,637,558 | | | | | | 2,973,714 | | | | | | 8,195,898 | | |
|
Cash at end of year
|
| | | $ | 7,319,365 | | | | | $ | 2,637,558 | | | | | $ | 2,973,714 | | |
| Supplemental disclosure of cash flow information | | | | | | | | | | | | | | | | | | | |
|
Cash paid during the year for interest
|
| | | $ | 740,331 | | | | | $ | 482,903 | | | | | $ | 482,903 | | |
| Supplemental disclosure of non cash investing activities | | | | | | | | | | | | | | | | | | | |
|
Acquired and assumed asset retirement obligations
|
| | | $ | 36,893 | | | | | $ | 138,150 | | | | | $ | 209,622 | | |
|
Revision of asset retirement obligations
|
| | | $ | 439,763 | | | | | $ | 63,160 | | | | | $ | 2,905 | | |
|
Oil and natural gas property development costs in accrued expenses
|
| | | $ | 4,612,322 | | | | | $ | 3,194,963 | | | | | $ | 679,009 | | |
| | | |
Year Ended December 31, 2021
|
| |||||||||||||||||||||
| | | |
Eagle Ford
|
| |
Permian
|
| |
Denver-Julesburg
|
| |
Bakken
|
| ||||||||||||
|
Revenues
|
| | | $ | 26,091,370 | | | | | $ | 137,802,417 | | | | | $ | 29,190,615 | | | | | $ | 4,461,416 | | |
| | | |
Year Ended December 31, 2020
|
| |||||||||||||||||||||
| | | |
Eagle Ford
|
| |
Permian
|
| |
Denver-Julesburg
|
| |
Bakken
|
| ||||||||||||
|
Revenues
|
| | | $ | 3,607,702 | | | | | $ | 21,906,740 | | | | | $ | — | | | | | $ | 2,776,018 | | |
| | | |
Year Ended December 31, 2019
|
| |||||||||||||||||||||
| | | |
Eagle Ford
|
| |
Permian
|
| |
Denver-Julesburg
|
| |
Bakken
|
| ||||||||||||
| Revenues | | | | $ | 6,038,886 | | | | | $ | 13,899,122 | | | | | $ | — | | | | | $ | 3,344,759 | | |
|
Year
|
| |
Type of Contract
|
| |
(Volume/Month)
|
| |
Contract Prices
|
| ||||||
| |
Range
|
| |
Weighted
Average |
| |||||||||||
|
Jan 2022 – Jun 2023
|
| |
Producer 3-way (crude oil)
|
| |
58,165 – 2,340
|
| |
$87.50 – $40.00
|
| | | $ | 61.31 | | |
|
Feb 2022 – Mar 2023
|
| |
Producer 3-way (natural gas)
|
| |
195,124 – 26,519
|
| |
$7.85 – $1.90
|
| | | $ | 3.66 | | |
|
Feb 2022 – Dec 2022
|
| |
Collar (natural gas)
|
| |
141,473 – 37,042
|
| |
$4.33 – $2.80
|
| | | $ | 3.45 | | |
|
Year
|
| | | | | | | |
Contract Prices
|
| ||||||
| |
Type of Contract
|
| |
(Volume/Month)
|
| |
Range
|
| |
Weighted
Average |
| |||||
|
Jan 2021 – Dec 2021
|
| |
Collar (crude oil)
|
| |
4,257 – 1,779
|
| |
$46.65 – $32.50
|
| | | $ | 39.58 | | |
|
Jan 2021 – Dec 2021
|
| |
Producer 3-way (crude oil)
|
| |
35,290 – 9,215
|
| |
$58.25 – $34.06
|
| | | $ | 44.71 | | |
|
Feb 2021 – Jun 2021
|
| |
Collar (natural gas)
|
| |
66,182 – 38,186
|
| |
$3.48 – $2.15
|
| | | $ | 2.75 | | |
|
Jul 2021 – Dec 2021
|
| |
Short swap (natural gas)
|
| |
36,354 – 30,699
|
| |
$2.81
|
| | | $ | 2.81 | | |
|
Feb 2021 – Apr 2022
|
| |
Producer 3-way (natural gas)
|
| |
39,885 – 10,579
|
| |
$3.63 – $2.00
|
| | | $ | 2.79 | | |
| | | |
Derivative
assets |
| |
Derivative
liabilities |
| |
Total loss from
derivative instruments |
| |||||||||
| Primary underlying risk Commodity price | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | — | | | | | $ | (3,876,240) | | | | | $ | (13,937,479) | | |
|
Natural gas
|
| | | | — | | | | | | (476,832) | | | | | | (3,377,465) | | |
|
Total
|
| | | $ | — | | | | | $ | (4,353,072) | | | | | $ | (17,314,944) | | |
| | | |
Realized loss
|
| |
Unrealized loss
|
| |
Total
|
| |||||||||
| Primary underlying risk Commodity price | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | (10,350,846) | | | | | $ | (3,586,633) | | | | | $ | (13,937,479) | | |
|
Natural gas
|
| | | | (2,824,119) | | | | | | (553,346) | | | | | | (3,377,465) | | |
|
Total
|
| | | $ | (13,174,965) | | | | | $ | (4,139,979) | | | | | $ | (17,314,944) | | |
| | | |
Derivative
assets |
| |
Derivative
liabilities |
| |
Total gain from
derivative instruments |
| |||||||||
| Primary underlying risk Commodity price | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | — | | | | | $ | (289,606) | | | | | $ | 2,621,558 | | |
|
Natural gas
|
| | | | 76,513 | | | | | | — | | | | | | 306,446 | | |
|
Total
|
| | | $ | 76,513 | | | | | $ | (289,606) | | | | | $ | 2,928,004 | | |
| | | |
Realized gain
|
| |
Unrealized gain
|
| |
Total
|
| |||||||||
| Primary underlying risk Commodity price | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | 2,535,138 | | | | | $ | 86,420 | | | | | $ | 2,621,558 | | |
|
Natural gas
|
| | | | 302,676 | | | | | | 3,770 | | | | | | 306,446 | | |
|
Total
|
| | | $ | 2,837,814 | | | | | $ | 90,190 | | | | | $ | 2,928,004 | | |
| | | |
Realized gain
|
| |
Unrealized
(loss)/gain |
| |
Total
|
| |||||||||
| Primary underlying risk Commodity price | | | | | |||||||||||||||
|
Crude oil
|
| | | $ | 423,033 | | | | | $ | (376,027) | | | | | $ | 47,006 | | |
|
Natural gas
|
| | | | 17,690 | | | | | | 72,744 | | | | | | 90,434 | | |
|
Total
|
| | | $ | 440,723 | | | | | $ | (303,283) | | | | | $ | 137,440 | | |
| | | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
December 31,
2021 |
| ||||||||||||
| Liabilities (at fair value): | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Derivative
|
| | | $ | — | | | | | $ | (4,353,072) | | | | | $ | — | | | | | $ | (4,353,072) | | |
| | | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
December 31,
2020 |
| ||||||||||||
| Liabilities (at fair value): | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Derivative
|
| | | $ | — | | | | | $ | (213,093) | | | | | $ | — | | | | | $ | (213,093) | | |
| | | |
December 31, 2021
|
| |
December 31, 2020
|
| ||||||||||||||||||
| | | |
Carrying Value
|
| |
Fair Value
|
| |
Carrying Value
|
| |
Fair Value
|
| ||||||||||||
| Liabilities (not at fair value): | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Revolving credit facility
|
| | | $ | 29,938,307 | | | | | $ | 29,938,307 | | | | | $ | 9,897,179 | | | | | $ | 9,897,179 | | |
| | | |
December 31,
2020 |
| |||
| Fair value of proved assets acquired and liabilities assumed | | | | | | | |
|
Proved oil and gas properties(1)
|
| | | $ | 1,766,581 | | |
|
Less: Asset retirement obligations
|
| | | | (3,031) | | |
|
Net assets acquired
|
| | | | 1,763,550 | | |
|
Cash consideration transferred (including liabilities assumed)
|
| | | $ | 1,763,550 | | |
| | | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
|
Asset retirement obligations, beginning of year
|
| | | $ | 503,543 | | | | | $ | 267,791 | | | | | $ | 46,835 | | |
|
Additions to capitalized asset retirement obligations
|
| | | | 439,762 | | | | | | 138,151 | | | | | | 209,622 | | |
|
Revisions to asset retirement costs
|
| | | | (36,893) | | | | | | 63,160 | | | | | | 2,905 | | |
|
Accretion of discount
|
| | | | 57,016 | | | | | | 34,441 | | | | | | 8,429 | | |
|
Asset retirement obligations, end of year
|
| | | $ | 963,428 | | | | | $ | 503,543 | | | | | $ | 267,791 | | |
| | | |
General Partner
|
| |
Limited Partner
|
| |
Total
|
| |||||||||
|
Committed capital
|
| | | $ | 750,000 | | | | | $ | 240,680,450 | | | | | $ | 241,430,450 | | |
|
Less: Unfunded committed capital
|
| | | | 120,867 | | | | | | 5,289,019 | | | | | | 5,409,886 | | |
|
Funded Capital Contributions
|
| | | $ | 629,133 | | | | | $ | 235,391,431 | | | | | $ | 236,020,564 | | |
| | | |
General Partner
|
| |
Limited Partner
|
| |
Total
|
| |||||||||
|
Committed capital
|
| | | $ | 750,000 | | | | | $ | 240,680,450 | | | | | $ | 241,430,450 | | |
|
Less: Unfunded committed capital
|
| | | | 245,127 | | | | | | 52,144,613 | | | | | | 52,389,740 | | |
|
Funded Capital Contributions
|
| | | $ | 504,873 | | | | | $ | 188,535,837 | | | | | $ | 189,040,710 | | |
| | | |
Natural Gas
(MMcf) |
| |
Oil
(MBbl) |
| |
MBoe
|
| |||||||||
|
Proved Developed and Undeveloped Reserves at December 31, 2018
|
| | | | 13,148 | | | | | | 4,722 | | | | | | 6,914 | | |
|
Revisions of Previous Estimates
|
| | | | (7,494) | | | | | | (1,681) | | | | | | (2,930) | | |
|
Extensions, Discoveries and Other Additions
|
| | | | 1,704 | | | | | | 917 | | | | | | 1,201 | | |
|
Acquisition of Reserves
|
| | | | 19,686 | | | | | | 1,788 | | | | | | 5,069 | | |
| Production | | | | | (1,309) | | | | | | (386) | | | | | | (604) | | |
|
Proved Developed and Undeveloped Reserves at December 31, 2019
|
| | | | 25,735 | | | | | | 5,360 | | | | | | 9,650 | | |
|
Revisions of Previous Estimates
|
| | | | (10,129) | | | | | | (101) | | | | | | (1,790) | | |
|
Extensions, Discoveries and Other Additions
|
| | | | 950 | | | | | | 798 | | | | | | 956 | | |
|
Acquisition of Reserves
|
| | | | 8,615 | | | | | | 3,918 | | | | | | 5,353 | | |
|
Production
|
| | | | (2,506) | | | | | | (626) | | | | | | (1,043) | | |
|
Proved Developed and Undeveloped Reserves at December 31, 2020
|
| | | | 22,665 | | | | | | 9,349 | | | | | | 13,126 | | |
|
Revisions of Previous Estimates
|
| | | | 1,838 | | | | | | 186 | | | | | | 493 | | |
|
Extensions, Discoveries and Other Additions
|
| | | | 8,505 | | | | | | 1,948 | | | | | | 3,365 | | |
|
Acquisition of Reserves
|
| | | | 39,254 | | | | | | 7,673 | | | | | | 14,216 | | |
|
Production
|
| | | | (8,761) | | | | | | (2,295) | | | | | | (3,755) | | |
|
Proved Developed and Undeveloped Reserves at December 31, 2021
|
| | | | 63,501 | | | | | | 16,861 | | | | | | 27,445 | | |
| | | |
Natural Gas
(MMcf) |
| |
Oil
(MBbl) |
| |
MBoe
|
| |||||||||
| Proved Developed Reserves: | | | | | | | | | | | | | | | | | | | |
|
December 31, 2018
|
| | | | 442 | | | | | | 530 | | | | | | 604 | | |
|
December 31, 2019
|
| | | | 8,381 | | | | | | 2,177 | | | | | | 3,574 | | |
|
December 31, 2020
|
| | | | 15,479 | | | | | | 5,256 | | | | | | 7,836 | | |
|
December 31, 2021
|
| | | | 30,710 | | | | | | 6,815 | | | | | | 11,934 | | |
| Proved Undeveloped Reserves: | | | | | | | | | | | | | | | | | | | |
|
December 31, 2018
|
| | | | 12,706 | | | | | | 4,192 | | | | | | 6,310 | | |
|
December 31, 2019
|
| | | | 17,354 | | | | | | 3,183 | | | | | | 6,076 | | |
|
December 31, 2020
|
| | | | 7,186 | | | | | | 4,093 | | | | | | 5,290 | | |
|
December 31, 2021
|
| | | | 32,791 | | | | | | 10,046 | | | | | | 15,511 | | |
| | | |
December 31,
|
| |||||||||||||||
| | | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| | | |
(In thousands)
|
| |||||||||||||||
|
Future cash inflows
|
| | | $ | 1,428,934 | | | | | $ | 391,069 | | | | | $ | 345,651 | | |
|
Future production costs
|
| | | | (381,379) | | | | | | (145,370) | | | | | | (92,391) | | |
|
Future development costs
|
| | | | (175,771) | | | | | | (66,800) | | | | | | (89,055) | | |
|
Future income tax expense
|
| | | | (5,272) | | | | | | (1,893) | | | | | | (1,592) | | |
|
Future net cash flows
|
| | | | 866,512 | | | | | | 177,006 | | | | | | 162,613 | | |
|
10% discount for estimated timing of cash flows
|
| | | | (313,947) | | | | | | (71,106) | | | | | | (78,244) | | |
|
Standardized measure of discounted future net cash flows
|
| | | $ | 552,565 | | | | | $ | 105,900 | | | | | $ | 84,369 | | |
| | | |
December 31,
|
| |||||||||||||||
| | | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| | | |
(In thousands)
|
| |||||||||||||||
|
Balance, beginning of year
|
| | | $ | 105,900 | | | | | $ | 84,369 | | | | | $ | 80,986 | | |
|
Sales of oil and natural gas produced, net of production costs
|
| | | | (174,377) | | | | | | (21,328) | | | | | | (19,246) | | |
|
Extensions and discoveries
|
| | | | 43,615 | | | | | | 7,579 | | | | | | 14,068 | | |
|
Previously estimated development cost incurred during the period
|
| | | | 12,545 | | | | | | 21,346 | | | | | | 18,317 | | |
|
Net change of prices and production costs
|
| | | | 185,875 | | | | | | (42,576) | | | | | | (20,175) | | |
|
Change in future development costs
|
| | | | (2,877) | | | | | | 4,157 | | | | | | (1,745) | | |
|
Revisions of quantity and timing estimates
|
| | | | 15,854 | | | | | | (10,497) | | | | | | (27,921) | | |
|
Accretion of discount
|
| | | | 10,702 | | | | | | 8,516 | | | | | | 8,190 | | |
|
Change in income taxes
|
| | | | (2,194) | | | | | | (332) | | | | | | 125 | | |
|
Acquisition of Reserves
|
| | | | 332,947 | | | | | | 60,676 | | | | | | 33,708 | | |
|
Other
|
| | | | 24,575 | | | | | | (6,010) | | | | | | (1,938) | | |
|
Balance, end of period
|
| | | $ | 552,565 | | | | | $ | 105,900 | | | | | $ | 84,369 | | |
| | | |
(Unaudited)
|
| | | | | | | |||
|
(in thousands)
|
| |
As of September 30,
2022 |
| |
As of December 31,
2021 |
| ||||||
| ASSETS | | | | | | | | | | | | | |
| Current assets: | | | | | | | | | | | | | |
|
Cash
|
| | | $ | 2,033 | | | | | $ | 740 | | |
|
Revenue receivable
|
| | | | 1,683 | | | | | | 1,199 | | |
|
Prepaid expenses
|
| | | | — | | | | | | 14 | | |
|
Derivative assets
|
| | | | 50 | | | | | | — | | |
|
Other assets
|
| | | | 962 | | | | | | — | | |
|
Total current assets
|
| | | | 4,728 | | | | | | 1,953 | | |
| Property and equipment: | | | | | | | | | | | | | |
|
Oil and gas properties, successful efforts method
|
| | | | 45,617 | | | | | | 44,128 | | |
|
Accumulated depletion
|
| | | | (30,658) | | | | | | (29,082) | | |
|
Total property and equipment, net
|
| | | | 14,959 | | | | | | 15,046 | | |
|
TOTAL ASSETS
|
| | | $ | 19,687 | | | | | $ | 16,999 | | |
| LIABILITIES AND PARTNERS’ CAPITAL | | | | | | | | | | | | | |
| Current liabilities: | | | | | | | | | | | | | |
|
Accrued expenses
|
| | | $ | 652 | | | | | $ | 636 | | |
|
Other payable
|
| | | | 1 | | | | | | 12 | | |
|
Derivative liabilities
|
| | | | 29 | | | | | | 29 | | |
|
Total current liabilities
|
| | | | 682 | | | | | | 677 | | |
| Long-term liabilities: | | | | | | | | | | | | | |
|
Credit facilities
|
| | | | — | | | | | | 1,100 | | |
|
Asset retirement obligations
|
| | | | 320 | | | | | | 248 | | |
|
Total long-term liabilities
|
| | | | 320 | | | | | | 1,348 | | |
|
TOTAL LIABILITIES
|
| | | | 1,002 | | | | | | 2,025 | | |
| Commitments and contingencies (Note 8) | | | | | | | | | | | | | |
| Partners’ capital: | | | | | | | | | | | | | |
|
General partner
|
| | | | 161 | | | | | | 129 | | |
|
Limited partners
|
| | | | 18,524 | | | | | | 14,845 | | |
|
Total partners’ capital
|
| | | | 18,685 | | | | | | 14,974 | | |
|
TOTAL LIABILITIES AND PARTNERS’ CAPITAL
|
| | | $ | 19,687 | | | | | $ | 16,999 | | |
| | | |
Nine months ended September 30,
|
| |||||||||
|
(in thousands)
|
| |
2022
|
| |
2021
|
| ||||||
| REVENUES | | | | | | | | | | | | | |
|
Oil, natural gas, and related product sales
|
| | | $ | 7,806 | | | | | $ | 8,182 | | |
| EXPENSES | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | | 1,216 | | | | | | 1,426 | | |
|
Production taxes
|
| | | | 512 | | | | | | 506 | | |
|
Depletion and accretion expense
|
| | | | 1,611 | | | | | | 2,533 | | |
|
General and administrative
|
| | | | 158 | | | | | | 360 | | |
|
Gain on disposal of oil and natural gas properties
|
| | | | — | | | | | | (1,011) | | |
|
Total expenses
|
| | | | 3,497 | | | | | | 3,814 | | |
|
Net operating income
|
| | | | 4,309 | | | | | | 4,368 | | |
| OTHER EXPENSE | | | | | | | | | | | | | |
|
Loss on derivative contracts
|
| | | | (576) | | | | | | (1,832) | | |
|
Interest expense
|
| | | | (22) | | | | | | (116) | | |
|
Total other expense
|
| | | | (598) | | | | | | (1,948) | | |
|
NET INCOME
|
| | | $ | 3,711 | | | | | $ | 2,420 | | |
|
(in thousands)
|
| |
General Partner
|
| |
Limited Partners
|
| |
Total
|
| |||||||||
|
Balance at December 31, 2021
|
| | | $ | 129 | | | | | $ | 14,845 | | | | | $ | 14,974 | | |
|
Net income
|
| | | | 32 | | | | | | 3,679 | | | | | | 3,711 | | |
|
Balance at September 30, 2022
|
| | | $ | 161 | | | | | $ | 18,524 | | | | | $ | 18,685 | | |
|
(in thousands)
|
| |
General Partner
|
| |
Limited Partners
|
| |
Total
|
| |||||||||
|
Balance at December 31, 2020
|
| | | $ | 307 | | | | | $ | 32,902 | | | | | $ | 33,209 | | |
|
Net income
|
| | | | 21 | | | | | | 2,399 | | | | | | 2,420 | | |
|
Partners’ distributions
|
| | | | (210) | | | | | | (21,790) | | | | | | (22,000) | | |
|
Balance at September 30, 2021
|
| | | $ | 118 | | | | | $ | 13,511 | | | | | $ | 13,629 | | |
| | | |
Nine months ended September 30,
|
| |||||||||
|
(in thousands)
|
| |
2022
|
| |
2021
|
| ||||||
| Operating activities: | | | | | | | | | | | | | |
|
Net income
|
| | | $ | 3,711 | | | | | $ | 2,420 | | |
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
| | | | | | | | | | | | |
|
Depletion and accretion expense
|
| | | | 1,611 | | | | | | 2,533 | | |
|
Change in unrealized (gain) loss on derivative contracts
|
| | | | (50) | | | | | | 535 | | |
|
Gain on disposal of oil and gas properties
|
| | | | — | | | | | | (1,011) | | |
|
Increase (decrease) in cash attributable to changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
|
Revenue receivable
|
| | | | (484) | | | | | | 120 | | |
|
Prepaid expenses
|
| | | | 14 | | | | | | — | | |
|
Other assets
|
| | | | (962) | | | | | | — | | |
|
Other receivable
|
| | | | — | | | | | | (27) | | |
|
Accrued expenses
|
| | | | 148 | | | | | | (26) | | |
|
Other payable
|
| | | | (11) | | | | | | — | | |
|
Net cash provided by operating activities
|
| | | | 3,977 | | | | | | 4,544 | | |
| Investing activities: | | | | | | | | | | | | | |
|
Refund of advances to operators
|
| | | | — | | | | | | 237 | | |
|
Proceeds from disposal of oil and natural gas properties
|
| | | | — | | | | | | 22,224 | | |
|
Development of oil and natural gas properties
|
| | | | (1,584) | | | | | | (3,007) | | |
|
Net cash (used in)/provided by investing activities
|
| | | | (1,584) | | | | | | 19,454 | | |
| Financing activities: | | | | | | | | | | | | | |
|
Partners’ distributions
|
| | | | — | | | | | | (22,000) | | |
|
Repayments of borrowings on credit facilities
|
| | | | (1,100) | | | | | | (2,300) | | |
|
Net cash (used in)/provided by financing activities
|
| | | | (1,100) | | | | | | (24,300) | | |
|
Net increase/(decrease) in cash
|
| | | | 1,293 | | | | | | (302) | | |
|
Cash at beginning of period
|
| | | | 740 | | | | | | 1,287 | | |
|
Cash at end of period
|
| | | $ | 2,033 | | | | | $ | 985 | | |
| Supplemental disclosure of cash flow information: | | | | | | | | | | | | | |
|
Cash paid during the year for interest
|
| | | $ | 14 | | | | | $ | 107 | | |
| Supplemental disclosure of non cash investing activities: | | | | | | | | | | | | | |
|
Change in oil and natural gas property development costs in accrued expenses
|
| | | $ | 157 | | | | | $ | 320 | | |
|
Acquired and assumed asset retirement obligations
|
| | | $ | 5 | | | | | $ | — | | |
|
Revision of asset retirement costs
|
| | | $ | 32 | | | | | $ | — | | |
|
Advances to operators applied to development of oil and natural gas properties
|
| | | $ | — | | | | | $ | 332 | | |
| | | |
Nine months ended September 30, 2022
|
| |||||||||||||||||||||
|
(in thousands)
|
| |
Eagle Ford
|
| |
Permian
|
| |
SCOOP/Stack
|
| |
Bakken
|
| ||||||||||||
|
Revenues
|
| | | $ | 138 | | | | | $ | 5,356 | | | | | $ | — | | | | | $ | 2,312 | | |
| | | |
Nine months ended September 30, 2021
|
| |||||||||||||||||||||
|
(in thousands)
|
| |
Eagle Ford
|
| |
Permian
|
| |
SCOOP/Stack
|
| |
Bakken
|
| ||||||||||||
|
Revenues
|
| | | $ | 1,769 | | | | | $ | 3,072 | | | | | $ | 702 | | | | | $ | 2,639 | | |
| | | | | | | | | |
Contract Prices
|
| ||||||
|
Periods
|
| |
Type of Contract
|
| |
(Volume/Month)
|
| |
Range
|
| |
Weighted Average
|
| |||
|
Oct 2022 – Sep 2023
|
| |
Producer 3-way (crude oil)
|
| |
2,942 – 1,223
|
| |
$91.50 – $57.50
|
| | | $ | 76.93 | | |
|
Jan 2023 – Mar 2023
|
| |
Producer 3-way (natural gas)
|
| |
6,363 – 6,098
|
| |
$10.00 – $3.80
|
| | | $ | 6.12 | | |
|
Nov 2022 – Dec 2022
|
| |
Collar (natural gas)
|
| |
6,652 – 1,223
|
| |
$6.05 – $4.35
|
| | | $ | 5.20 | | |
| | | |
September 30, 2022
|
| |
September 30, 2022
|
| ||||||||||||||||||
| | | |
Derivative assets
|
| |
Derivative liabilities
|
| ||||||||||||||||||
|
(in thousands)
|
| |
Current
portion |
| |
Noncurrent
portion |
| |
Current
portion |
| |
Noncurrent
portion |
| ||||||||||||
| Primary underlying risk | | | | | | | | | | | | | | | | | | | | | | | | | |
| Commodity price | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | 50 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
|
Natural gas
|
| | | | — | | | | | | — | | | | | | (29) | | | | | | — | | |
|
Total
|
| | | $ | 50 | | | | | $ | — | | | | | $ | (29) | | | | | $ | — | | |
| | | |
Nine months ended September 30, 2022
|
| |||||||||||||||
|
(in thousands)
|
| |
Realized loss
|
| |
Change in
unrealized gain |
| |
Total
|
| |||||||||
| Primary underlying risk | | | | | | | | | | | | | | | | | | | |
| Commodity price | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | (367) | | | | | $ | 50 | | | | | $ | (317) | | |
|
Natural gas
|
| | | | (259) | | | | | | — | | | | | | (259) | | |
|
Total
|
| | | $ | (626) | | | | | $ | 50 | | | | | $ | (576) | | |
| | | |
December 31, 2021
|
| |
December 31, 2021
|
| ||||||||||||||||||
| | | |
Derivative assets
|
| |
Derivative liabilities
|
| ||||||||||||||||||
|
(in thousands)
|
| |
Current
portion |
| |
Noncurrent
portion |
| |
Current
portion |
| |
Noncurrent
portion |
| ||||||||||||
| Primary underlying risk | | | | | | | | | | | | | | | | | | | | | | | | | |
| Commodity price | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
|
Natural gas
|
| | | | — | | | | | | — | | | | | | (29) | | | | | | — | | |
|
Total
|
| | | $ | — | | | | | $ | — | | | | | $ | (29) | | | | | $ | — | | |
| | | |
Nine months ended September 30, 2021
|
| |||||||||||||||
|
(in thousands)
|
| |
Realized loss
|
| |
Change in
unrealized loss |
| |
Total
|
| |||||||||
| Primary underlying risk | | | | | | | | | | | | | | | | | | | |
| Commodity price | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | (1,245) | | | | | $ | (305) | | | | | $ | (1,550) | | |
|
Natural gas
|
| | | | (52) | | | | | | (230) | | | | | | (282) | | |
|
Total
|
| | | $ | (1,297) | | | | | $ | (535) | | | | | $ | (1,832) | | |
|
(in thousands)
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
September 30,
2022 |
| ||||||||||||
| Assets (at fair value): | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Derivative contracts
|
| | | $ | — | | | | | $ | 50 | | | | | $ | — | | | | | $ | 50 | | |
| Liabilities (at fair value): | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Derivative contracts
|
| | | $ | — | | | | | $ | (29) | | | | | $ | — | | | | | $ | (29) | | |
| | | |
September 30, 2022
|
| |
December 31, 2021
|
| ||||||||||||||||||
|
(in thousands)
|
| |
Carrying Value
|
| |
Fair Value
|
| |
Carrying Value
|
| |
Fair Value
|
| ||||||||||||
| Liabilities (at fair value): | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Revolving Credit Facility
|
| | | $ | — | | | | | $ | — | | | | | $ | 1,100 | | | | | $ | 1,100 | | |
| | | |
December 31,
|
| |||||||||
| | | |
2021
|
| |
2020
|
| ||||||
| ASSETS | | | | | | | | | | | | | |
| Current assets: | | | | | | | | | | | | | |
|
Cash
|
| | | $ | 740,353 | | | | | $ | 1,287,022 | | |
|
Revenue receivable
|
| | | | 1,198,723 | | | | | | 1,216,502 | | |
|
Advances to operators
|
| | | | — | | | | | | 569,130 | | |
|
Prepaid expenses
|
| | | | 14,064 | | | | | | — | | |
|
Total current assets
|
| | | | 1,953,140 | | | | | | 3,072,654 | | |
| Property and equipment: | | | | | | | | | | | | | |
|
Oil and gas properties, successful efforts method
|
| | | | 44,128,011 | | | | | | 83,121,938 | | |
|
Accumulated depletion
|
| | | | (29,081,723) | | | | | | (45,411,435) | | |
|
Total property and equipment, net
|
| | | | 15,046,288 | | | | | | 37,710,503 | | |
|
TOTAL ASSETS
|
| | | $ | 16,999,428 | | | | | $ | 40,783,157 | | |
| LIABILITIES AND PARTNERS’ CAPITAL | | | | | | | | | | | | | |
| Current liabilities: | | | | | | | | | | | | | |
|
Accrued expenses
|
| | | $ | 636,568 | | | | | $ | 593,008 | | |
|
Other payable
|
| | | | 11,557 | | | | | | — | | |
|
Derivative liabilities
|
| | | | 29,235 | | | | | | 93,176 | | |
|
Credit facilities – current portion
|
| | | | — | | | | | | 6,400,000 | | |
|
Total current liabilities
|
| | | | 677,360 | | | | | | 7,086,184 | | |
| Long-term liabilities: | | | | | | | | | | | | | |
|
Credit facilities
|
| | | | 1,100,000 | | | | | | — | | |
|
Asset retirement obligations
|
| | | | 247,603 | | | | | | 487,534 | | |
|
Total long-term liabilities
|
| | | | 1,347,603 | | | | | | 487,534 | | |
| Commitments and contingencies (Note 9) | | | | | | | | | | | | | |
| Partners’ capital: | | | | | | | | | | | | | |
|
General partner
|
| | | | 129,186 | | | | | | 307,145 | | |
|
Limited partners
|
| | | | 14,845,279 | | | | | | 32,902,294 | | |
|
Total partners’ capital
|
| | | | 14,974,465 | | | | | | 33,209,439 | | |
|
TOTAL LIABILITIES AND PARTNERS’ CAPITAL
|
| | | $ | 16,999,428 | | | | | $ | 40,783,157 | | |
| | | |
Year ended December 31,
|
| |||||||||||||||
| | | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| REVENUES | | | | | | | | | | | | | | | | | | | |
|
Oil, natural gas, and related product sales
|
| | | $ | 10,256,668 | | | | | $ | 9,790,740 | | | | | $ | 13,440,061 | | |
| EXPENSES | | | | | | | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | | 1,798,287 | | | | | | 2,155,973 | | | | | | 2,979,445 | | |
|
Production taxes
|
| | | | 627,451 | | | | | | 619,188 | | | | | | 864,964 | | |
|
Depletion and accretion expense
|
| | | | 3,037,694 | | | | | | 9,837,019 | | | | | | 7,261,480 | | |
|
Loss on Impairment
|
| | | | — | | | | | | 5,724,923 | | | | | | — | | |
|
Professional fees
|
| | | | 218,167 | | | | | | 301,920 | | | | | | 665,476 | | |
|
Management fees
|
| | | | — | | | | | | 584,534 | | | | | | 700,092 | | |
|
General and administrative
|
| | | | 170,843 | | | | | | 383,472 | | | | | | 201,985 | | |
|
Gain on disposal of oil and natural gas properties
|
| | | | (1,340,727) | | | | | | (597,177) | | | | | | (4,909,782) | | |
|
Total expenses
|
| | | | 4,511,715 | | | | | | 19,009,852 | | | | | | 7,763,660 | | |
|
Net operating income/(loss)
|
| | | | 5,744,953 | | | | | | (9,219,112) | | | | | | 5,676,401 | | |
| OTHER INCOME/(EXPENSE) | | | | | | | | | | | | | | | | | | | |
|
Gain/(loss) on derivative contracts
|
| | | | (1,841,779) | | | | | | 1,714,111 | | | | | | (1,370,842) | | |
|
Interest expense
|
| | | | (138,148) | | | | | | (244,797) | | | | | | (665,893) | | |
|
Total other income/(expense)
|
| | | | (1,979,927) | | | | | | 1,469,314 | | | | | | (2,036,735) | | |
|
NET INCOME/(LOSS)
|
| | | $ | 3,765,026 | | | | | $ | (7,749,798) | | | | | $ | 3,639,666 | | |
| | | |
General
Partner |
| |
Limited
Partner |
| |
Total
|
| |||||||||
|
Balance at December 31, 2018
|
| | | $ | 392,782 | | | | | $ | 44,167,794 | | | | | $ | 44,560,576 | | |
|
Net income
|
| | | | 36,918 | | | | | | 3,602,748 | | | | | | 3,639,666 | | |
|
Partners’ distributions
|
| | | | (61,600) | | | | | | (7,179,405) | | | | | | (7,241,005) | | |
|
Balance at December 31, 2019
|
| | | $ | 368,100 | | | | | $ | 40,591,137 | | | | | $ | 40,959,237 | | |
|
Net loss
|
| | | | (60,955) | | | | | | (7,688,843) | | | | | | (7,749,798) | | |
|
Balance at December 31, 2020
|
| | | $ | 307,145 | | | | | $ | 32,902,294 | | | | | $ | 33,209,439 | | |
|
Net income
|
| | | | 32,029 | | | | | | 3,732,997 | | | | | | 3,765,026 | | |
|
Partners’ distributions
|
| | | | (209,988) | | | | | | (21,790,012) | | | | | | (22,000,000) | | |
|
Balance at December 31, 2021
|
| | | $ | 129,186 | | | | | $ | 14,845,279 | | | | | $ | 14,974,465 | | |
| | | |
Year Ended December,
|
| |||||||||||||||
| | | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| Operating activities: | | | | | | | | | | | | | | | | | | | |
|
Net income/(loss)
|
| | | $ | 3,765,026 | | | | | $ | (7,749,798) | | | | | $ | 3,639,666 | | |
|
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
|
| | | | | | | | | | | | | | | | | | |
|
Depletion and accretion expense
|
| | | | 3,037,694 | | | | | | 9,837,019 | | | | | | 7,261,480 | | |
|
Loss on impairment
|
| | | | — | | | | | | 5,724,923 | | | | | | — | | |
|
Unrealized (gain)/loss on derivative contracts
|
| | | | (63,941) | | | | | | (280,264) | | | | | | 1,213,314 | | |
|
Gain on disposal of oil and gas properties
|
| | | | (1,340,727) | | | | | | (597,177) | | | | | | (4,909,782) | | |
|
Amortization of loan origination costs
|
| | | | — | | | | | | — | | | | | | 9,782 | | |
|
Increase (decrease) in cash attributable to changes in operating assets and liabilities:
|
| | | | | | | | | | | | | | | | | | |
|
Revenue receivable
|
| | | | 17,779 | | | | | | 637,086 | | | | | | 156,742 | | |
|
Accrued expenses
|
| | | | 60,403 | | | | | | (527,963) | | | | | | 162,933 | | |
|
Prepaid expenses
|
| | | | (14,064) | | | | | | — | | | | | | | | |
|
Other receivable
|
| | | | — | | | | | | 1,107,746 | | | | | | (1,107,746) | | |
|
Other payable
|
| | | | 11,557 | | | | | | — | | | | | | — | | |
|
Net cash provided by operating activities
|
| | | | 5,473,727 | | | | | | 8,151,572 | | | | | | 6,426,389 | | |
| Investing activities: | | | | | | | | | | | | | | | | | | | |
|
Refund of advances to operators
|
| | | | 237,051 | | | | | | — | | | | | | 772,522 | | |
|
Proceeds from the disposal of oil and gas properties
|
| | | | 24,460,000 | | | | | | 596,260 | | | | | | 11,351,176 | | |
|
Development of oil and gas properties
|
| | | | (3,417,447) | | | | | | (7,051,096) | | | | | | (3,969,824) | | |
|
Net cash provided by/(used in) investing activities
|
| | | | 21,279,604 | | | | | | (6,454,836) | | | | | | 8,153,874 | | |
| Financing activities: | | | | | | | | | | | | | | | | | | | |
|
Proceed from borrowing on credit facilities
|
| | | | — | | | | | | 2,000,000 | | | | | | 3,700,000 | | |
|
Repayments of borrowing on credit facilities
|
| | | | (5,300,000) | | | | | | (4,500,000) | | | | | | (9,700,000) | | |
|
Partners’ distributions
|
| | | | (22,000,000) | | | | | | — | | | | | | (7,241,005) | | |
|
Net cash used in financing activities
|
| | | | (27,300,000) | | | | | | (2,500,000) | | | | | | (13,241,005) | | |
|
Net increase/(decrease) in cash
|
| | | | (546,669) | | | | | | (803,264) | | | | | | 1,339,258 | | |
|
Cash at beginning of year
|
| | | | 1,287,022 | | | | | | 2,090,286 | | | | | | 751,028 | | |
|
Cash at end of year
|
| | | $ | 740,353 | | | | | $ | 1,287,022 | | | | | $ | 2,090,286 | | |
| Supplemental disclosure of cash flow information | | | | | | | | | | | | | | | | | | | |
|
Cash paid during the year for interest
|
| | | $ | 133,537 | | | | | $ | 234,097 | | | | | $ | 630,609 | | |
| Supplemental disclosure of non-cash investing activities | | | | | | | | | | | | | | | | | | | |
|
Revision of asset retirement costs
|
| | | $ | 64,050 | | | | | $ | 118,667 | | | | | $ | (99,608) | | |
|
Acquired and assumed asset retirement obligations
|
| | | $ | — | | | | | $ | 15,733 | | | | | $ | 2,639 | | |
|
Disposal of asset retirement obligations
|
| | | $ | 164,179 | | | | | $ | — | | | | | $ | — | | |
|
Oil and natural gas property development costs in accrued expenses
|
| | | $ | 288,539 | | | | | $ | 305,382 | | | | | $ | 30,642 | | |
| | | |
Year Ended December 31, 2021
|
| |||||||||||||||||||||
| | | |
Eagle Ford
|
| |
Permian
|
| |
SCOOP/STACK
|
| |
Bakken
|
| ||||||||||||
|
Revenues
|
| | | $ | 2,609,559 | | | | | $ | 2,626,345 | | | | | $ | 831,382 | | | | | $ | 4,189,382 | | |
| | | |
Year Ended December 31, 2020
|
| |||||||||||||||||||||
| | | |
Eagle Ford
|
| |
Permian
|
| |
SCOOP/STACK
|
| |
Bakken
|
| ||||||||||||
|
Revenues
|
| | | $ | 1,934,198 | | | | | $ | 5,194,153 | | | | | $ | 460,290 | | | | | $ | 2,202,099 | | |
| | | |
Year Ended December 31, 2019
|
| |||||||||||||||||||||
| | | |
Eagle Ford
|
| |
Permian
|
| |
SCOOP/STACK
|
| |
Bakken
|
| ||||||||||||
|
Revenues
|
| | | $ | 4,756,331 | | | | | $ | 3,743,718 | | | | | $ | 1,103,707 | | | | | $ | 3,836,305 | | |
| | | | | | | | | |
Contract Prices
|
| ||||||
|
Year
|
| |
Type of Contract
|
| |
(Volume/Month)
|
| |
Range
|
| |
Weighted
Average |
| |||
|
Feb 2022 – Jun 2022
|
| |
Producer 3-way (natural gas)
|
| |
12,436 – 10,189
|
| |
$3.63 – $1.90
|
| | | $ | 2.65 | | |
| | | | | | | | | |
Contract Prices
|
| ||||||
|
Year
|
| |
Type of Contract
|
| |
(Volume/Month)
|
| |
Range
|
| |
Weighted
Average |
| |||
|
Jan 2021 – Dec 2021
|
| |
Producer 3-way (crude oil)
|
| |
8,725 – 5,365
|
| |
$57.08 – $37.53
|
| | | $ | 47.59 | | |
|
Jan 2021 – Dec 2021
|
| |
Collar (crude oil)
|
| |
5,037 – 2,981
|
| |
46.00 – 32.50
|
| | | | 39.25 | | |
|
Feb 2021 – Apr 2022
|
| |
Producer 3-way (natural gas)
|
| |
12,844 – 11,468
|
| |
3.63 – 2.00
|
| | | | 2.74 | | |
|
Feb 2021 – Jun 2021
|
| |
Collar (natural gas)
|
| |
16,540 – 10,398
|
| |
3.48 – 2.15
|
| | | | 2.77 | | |
|
Apr 2021 – Dec 2021
|
| |
Short Swaps (natural gas)
|
| |
15,385 – 5,462
|
| |
2.79
|
| | | | 2.79 | | |
| | | | | | | | | |
Contract Prices
|
| ||||||
|
Year
|
| |
Type of Contract
|
| |
(Volume/Month)
|
| |
Range
|
| |
Weighted
Average |
| |||
|
Jan 2020 – Dec 2021
|
| |
Collar (crude oil)
|
| |
11,583 – 4,712
|
| |
$60.24 – $50.70
|
| | | $ | 55.37 | | |
|
Jan 2020 – Dec 2021
|
| |
Short Puts (crude oil)
|
| |
5,739 – 2,085
|
| |
42.77 – 42.00
|
| | | | 42.23 | | |
|
Jan 2020 – Dec 2021
|
| |
Short Swaps (crude oil)
|
| |
1,735 – 1,055
|
| |
56.30
|
| | | | 56.30 | | |
|
Feb 2020 – Mar 2021
|
| |
Collar (natural gas)
|
| |
19,860 – 11,468
|
| |
3.37 – 2.00
|
| | | | 2.66 | | |
|
Feb 2020 – Mar 2021
|
| |
Short Puts (natural gas)
|
| |
14,298 – 5,964
|
| |
2.40 – 1.80
|
| | | | 1.94 | | |
| | | |
Derivative
assets |
| |
Derivative
liabilities |
| |
Total loss from
derivative instruments |
| |||||||||
| Primary underlying risk Commodity price | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | — | | | | | $ | — | | | | | $ | (1,368,686) | | |
|
Natural gas
|
| | | | — | | | | | | (29,235) | | | | | | (473,093) | | |
|
Total
|
| | | $ | — | | | | | $ | (29,235) | | | | | $ | (1,841,779) | | |
| | | |
Realized loss
|
| |
Unrealized gain
|
| |
Total
|
| |||||||||
| Primary underlying risk Commodity price | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | (1,368,686) | | | | | $ | — | | | | | $ | (1,368,686) | | |
|
Natural gas
|
| | | | (537,034) | | | | | | 63,941 | | | | | | (473,093) | | |
|
Total
|
| | | $ | (1,905,720) | | | | | $ | 63,941 | | | | | $ | (1,841,779) | | |
| | | |
Derivative
assets |
| |
Derivative
liabilities |
| |
Total gain/(loss) from
derivative instruments |
| |||||||||
| Primary underlying risk Commodity price | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | — | | | | | $ | (115,729) | | | | | $ | 1,734,122 | | |
|
Natural gas
|
| | | | 22,553 | | | | | | — | | | | | | (20,011) | | |
|
Total
|
| | | $ | 22,553 | | | | | $ | (115,729) | | | | | $ | 1,714,111 | | |
| | | |
Realized
loss |
| |
Unrealized
gain |
| |
Total
|
| |||||||||
| Primary underlying risk Commodity price | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | 1,447,805 | | | | | $ | 286,317 | | | | | $ | 1,734,122 | | |
|
Natural gas
|
| | | | (13,958) | | | | | | (6,053) | | | | | | (20,011) | | |
|
Total
|
| | | $ | 1,433,847 | | | | | $ | 280,264 | | | | | $ | 1,714,111 | | |
| | | |
Realized
loss |
| |
Unrealized
gain |
| |
Total
|
| |||||||||
| Primary underlying risk | | | | | | | | | | | | | | | | | | | |
| Commodity price | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | (181,701) | | | | | $ | (1,241,355) | | | | | $ | (1,423,056) | | |
|
Natural gas
|
| | | | 24,173 | | | | | | 28,041 | | | | | | 52,214 | | |
|
Total
|
| | | $ | (157,528) | | | | | $ | (1,213,314) | | | | | $ | (1,370,842) | | |
| | | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
December 31,
2021 |
| ||||||||||||
|
Liabilities (at fair value):
Derivative |
| | | $ | — | | | | | $ | (29,235) | | | | | $ | — | | | | | $ | (29,235) | | |
| | | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
December 31,
2020 |
| ||||||||||||
| Liabilities (at fair value): | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Derivative
|
| | | $ | — | | | | | $ | (93,176) | | | | | $ | — | | | | | $ | (93,176) | | |
| | | |
December 31, 2021
|
| |
December 31, 2020
|
| ||||||||||||||||||
| | | |
Carrying
Value |
| |
Fair Value
|
| |
Carrying
Value |
| |
Fair Value
|
| ||||||||||||
| Liabilities (not at fair value): | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Revolving credit facility
|
| | | $ | 1,100,000 | | | | | $ | 1,100,000 | | | | | $ | 6,400,000 | | | | | $ | 6,400,000 | | |
| | | |
2021
|
| |
2020
|
| ||||||
|
Asset retirement obligations, beginning of year
|
| | | $ | 487,534 | | | | | $ | 268,273 | | |
|
Liabilities incurred during the period
|
| | | | 48 | | | | | | 15,733 | | |
|
Revision of estimates
|
| | | | (64,098) | | | | | | 118,667 | | |
|
Accretion of discount during the period
|
| | | | (11,702) | | | | | | 84,861 | | |
|
Disposals or settlements
|
| | | | (164,179) | | | | | | — | | |
|
Asset retirement obligations, end of year
|
| | | $ | 247,603 | | | | | $ | 487,534 | | |
| | | |
General Partner
|
| |
Limited Partner
|
| |
Total
|
| |||||||||
|
Committed capital
|
| | | $ | 416,000 | | | | | $ | 48,485,000 | | | | | $ | 48,901,000 | | |
|
Less: Unfunded committed capital
|
| | | | 24,575 | | | | | | 603,060 | | | | | | 627,635 | | |
|
Funded Capital Contributions
|
| | | $ | 391,425 | | | | | $ | 47,881,940 | | | | | $ | 48,273,365 | | |
| | | |
Natural Gas
(MMcf) |
| |
Oil
(MBbl) |
| |
MBoe
|
| |||||||||
|
Proved Developed and Undeveloped Reserves at December 31, 2018
|
| | | | 7,862 | | | | | | 3,908 | | | | | | 5,218 | | |
|
Revisions of Previous Estimates
|
| | | | (4,107) | | | | | | (1,938) | | | | | | (2,622) | | |
|
Extensions, Discoveries and Other Additions
|
| | | | 2,061 | | | | | | 797 | | | | | | 1,140 | | |
|
Divestiture of Reserves
|
| | | | (345) | | | | | | (121) | | | | | | (178) | | |
|
Production
|
| | | | (616) | | | | | | (232) | | | | | | (334) | | |
|
Proved Developed and Undeveloped Reserves at December 31, 2019
|
| | | | 4,855 | | | | | | 2,414 | | | | | | 3,224 | | |
|
Revisions of Previous Estimates
|
| | | | (1,013) | | | | | | (724) | | | | | | (893) | | |
|
Extensions, Discoveries and Other Additions
|
| | | | 505 | | | | | | 266 | | | | | | 349 | | |
|
Production
|
| | | | (646) | | | | | | (248) | | | | | | (356) | | |
|
Proved Developed and Undeveloped Reserves at December 31, 2020
|
| | | | 3,701 | | | | | | 1,708 | | | | | | 2,324 | | |
|
Revisions of Previous Estimates
|
| | | | 637 | | | | | | 173 | | | | | | 280 | | |
|
Extensions, Discoveries and Other Additions
|
| | | | 27 | | | | | | 6 | | | | | | 11 | | |
|
Divestiture of Reserves
|
| | | | (2,302) | | | | | | (1,068) | | | | | | (1,452) | | |
|
Production
|
| | | | (505) | | | | | | (162) | | | | | | (246) | | |
|
Proved Developed and Undeveloped Reserves at December 31, 2021
|
| | | | 1,558 | | | | | | 657 | | | | | | 917 | | |
| | | |
Natural Gas
(MMcf) |
| |
Oil
(MBbl) |
| |
MBoe
|
| |||||||||
| Proved Developed Reserves: | | | | | | | | | | | | | | | | | | | |
|
December 31, 2018
|
| | | | 3,492 | | | | | | 1,744 | | | | | | 2,326 | | |
|
December 31, 2019
|
| | | | 2,685 | | | | | | 1,380 | | | | | | 1,828 | | |
|
December 31, 2020
|
| | | | 2,127 | | | | | | 1,052 | | | | | | 1,406 | | |
|
December 31, 2021
|
| | | | 1,437 | | | | | | 630 | | | | | | 870 | | |
| Proved Undeveloped Reserves: | | | | | | | | | | | | | | | | | | | |
|
December 31, 2018
|
| | | | 4,370 | | | | | | 2,164 | | | | | | 2,892 | | |
|
December 31, 2019
|
| | | | 2,170 | | | | | | 1,034 | | | | | | 1,396 | | |
|
December 31, 2020
|
| | | | 1,574 | | | | | | 656 | | | | | | 918 | | |
|
December 31, 2021
|
| | | | 121 | | | | | | 27 | | | | | | 47 | | |
| | | |
December 31,
|
| | | |||||||||||||||||||
| | | |
2021
|
| |
2020
|
| |
2019
|
| | | |||||||||||||
| | | |
(In thousands)
|
| | | | | | | |||||||||||||||
|
Future cash inflows
|
| | | $ | 48,311 | | | | | $ | 71,009 | | | | | $ | 136,241 | | | | | ||||
|
Future production costs
|
| | | | (20,308) | | | | | | (27,973) | | | | | | (45,465) | | | | | ||||
|
Future development costs
|
| | | | (1,304) | | | | | | (9,338) | | | | | | (22,918) | | | | | ||||
|
Future income tax expense
|
| | | | (150) | | | | | | (320) | | | | | | (557) | | | | | ||||
|
Future net cash flows
|
| | | | 26,549 | | | | | | 33,378 | | | | | | 67,301 | | | | | ||||
|
10% discount for estimated timing of cash flows
|
| | | | (9,975) | | | | | | (13,385) | | | | | | (31,211) | | | | | ||||
|
Standardized measure of discounted future net cash flows
|
| | | $ | 16,574 | | | | | $ | 19,993 | | | | | $ | 36,090 | | | | | ||||
| | | |
December 31,
|
| | | |||||||||||||||||||
| | | |
2021
|
| |
2020
|
| |
2019
|
| | | |||||||||||||
| | | |
(In thousands)
|
| | | | | | | |||||||||||||||
|
Balance, beginning of period
|
| | | $ | 19,993 | | | | | $ | 36,090 | | | | | $ | 75,766 | | | | | ||||
|
Sales of oil and natural gas produced, net of production costs
|
| | | | (7,831) | | | | | | (7,016) | | | | | | (9,596) | | | | | ||||
|
Extensions and discoveries
|
| | | | 172 | | | | | | 3,986 | | | | | | 9,877 | | | | | ||||
|
Previously estimated development cost incurred during the period
|
| | | | 14 | | | | | | 3,341 | | | | | | 3,148 | | | | | ||||
|
Net change of prices and production costs
|
| | | | 10,056 | | | | | | (12,807) | | | | | | (14,153) | | | | | ||||
|
Change in future development costs
|
| | | | (289) | | | | | | 4,869 | | | | | | 3,737 | | | | | ||||
|
Revisions of quantity and timing estimates
|
| | | | 5,660 | | | | | | (10,630) | | | | | | (39,825) | | | | | ||||
|
Accretion of discount
|
| | | | 2,018 | | | | | | 3,637 | | | | | | 7,622 | | | | | ||||
|
Change in income taxes
|
| | | | 99 | | | | | | 93 | | | | | | 176 | | | | | ||||
|
Divestiture of Reserves
|
| | | | (13,107) | | | | | | — | | | | | | (1,646) | | | | | ||||
|
Other
|
| | | | (211) | | | | | | (1,570) | | | | | | 984 | | | | | ||||
|
Balance, end of period
|
| | | $ | 16,574 | | | | | $ | 19,993 | | | | | $ | 36,090 | | | | | ||||
| | | |
(Unaudited)
|
| | | | | | | |||
|
(in thousands)
|
| |
As of September 30,
2022 |
| |
As of December 31,
2021 |
| ||||||
| ASSETS | | | | | | | | | | | | | |
| Current assets: | | | | | | | | | | | | | |
|
Cash
|
| | | $ | 28,688 | | | | | $ | 3,794 | | |
|
Revenue receivable
|
| | | | 18,808 | | | | | | 13,402 | | |
|
Related party receivable
|
| | | | 205 | | | | | | — | | |
|
Advances to operators
|
| | | | 2,082 | | | | | | 667 | | |
|
Other assets
|
| | | | 2,033 | | | | | | 42 | | |
|
Derivative assets
|
| | | | 714 | | | | | | — | | |
|
Total current assets
|
| | | | 52,530 | | | | | | 17,905 | | |
| Property and equipment: | | | | | | | | | | | | | |
|
Oil and gas properties, successful efforts method
|
| | | | 328,460 | | | | | | 306,761 | | |
|
Accumulated depletion
|
| | | | (177,220) | | | | | | (151,425) | | |
|
Total property and equipment, net
|
| | | | 151,240 | | | | | | 155,336 | | |
| Long-term assets: | | | | | | | | | | | | | |
|
Cash deposit
|
| | | | 300 | | | | | | 300 | | |
|
Derivative assets
|
| | | | 340 | | | | | | — | | |
|
Total long-term assets
|
| | | | 640 | | | | | | 300 | | |
|
TOTAL ASSETS
|
| | | $ | 204,410 | | | | | $ | 173,541 | | |
| LIABILITIES AND PARTNERS’ CAPITAL | | | | | | | | | | | | | |
| Current liabilities: | | | | | | | | | | | | | |
|
Accrued expenses
|
| | | $ | 5,091 | | | | | $ | 3,055 | | |
|
Credit facilities
|
| | | | — | | | | | | 20,000 | | |
|
Related party payable
|
| | | | — | | | | | | 2 | | |
|
Derivative liabilities
|
| | | | 558 | | | | | | 2,844 | | |
|
Total current liabilities
|
| | | | 5,649 | | | | | | 25,901 | | |
| Long-term liabilities: | | | | | | | | | | | | | |
|
Derivative liabilities
|
| | | | — | | | | | | 229 | | |
|
Asset retirement obligations
|
| | | | 2,220 | | | | | | 1,750 | | |
|
Total long-term liabilities
|
| | | | 2,220 | | | | | | 1,979 | | |
|
TOTAL LIABILITIES
|
| | | | 7,869 | | | | | | 27,880 | | |
| Commitments and contingencies (Note 8) | | | | | | | | | | | | | |
| Partners’ capital: | | | | | | | | | | | | | |
|
General partner
|
| | | | 15,817 | | | | | | 1,508 | | |
|
Limited partners
|
| | | | 180,724 | | | | | | 144,153 | | |
|
Total partners’ capital
|
| | | | 196,541 | | | | | | 145,661 | | |
|
TOTAL LIABILITIES AND PARTNERS’ CAPITAL
|
| | | $ | 204,410 | | | | | $ | 173,541 | | |
| | | |
Nine months ended September 30,
|
| |||||||||
|
(in thousands)
|
| |
2022
|
| |
2021
|
| ||||||
| REVENUES | | | | | | | | | | | | | |
|
Oil, natural gas, and related product sales
|
| | | $ | 110,013 | | | | | $ | 59,822 | | |
| EXPENSES | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | | 13,662 | | | | | | 8,122 | | |
|
Production taxes
|
| | | | 5,171 | | | | | | 4,505 | | |
|
Depletion and accretion expense
|
| | | | 26,038 | | | | | | 24,109 | | |
|
General and administrative
|
| | | | 2,709 | | | | | | 2,904 | | |
|
Gain on disposal of oil and natural gas properties
|
| | | | — | | | | | | (955) | | |
|
Total expenses
|
| | | | 47,580 | | | | | | 38,685 | | |
|
Net operating income
|
| | | | 62,433 | | | | | | 21,137 | | |
| OTHER EXPENSE | | | | | | | | | | | | | |
|
Loss on derivative contracts
|
| | | | (11,064) | | | | | | (13,713) | | |
|
Interest expense
|
| | | | (489) | | | | | | (611) | | |
|
Total other expense
|
| | | | (11,553) | | | | | | (14,324) | | |
|
NET INCOME
|
| | | $ | 50,880 | | | | | $ | 6,813 | | |
|
(in thousands)
|
| |
General Partner
|
| |
Limited Partners
|
| |
Total
|
| |||||||||
|
Balance at December 31, 2021
|
| | | $ | 1,508 | | | | | $ | 144,153 | | | | | $ | 145,661 | | |
|
Net income
|
| | | | 380 | | | | | | 50,500 | | | | | | 50,880 | | |
|
Carried interest reallocation
|
| | | | 13,929 | | | | | | (13,929) | | | | | | — | | |
|
Balance at September 30, 2022
|
| | | $ | 15,817 | | | | | $ | 180,724 | | | | | $ | 196,541 | | |
|
(in thousands)
|
| |
General Partner
|
| |
Limited Partners
|
| |
Total
|
| |||||||||
|
Balance at December 31, 2020
|
| | | $ | 1,553 | | | | | $ | 157,365 | | | | | $ | 158,918 | | |
|
Net (loss)/income
|
| | | | (380) | | | | | | 7,193 | | | | | | 6,813 | | |
|
Partners’ distributions
|
| | | | (135) | | | | | | (25,845) | | | | | | (25,980) | | |
|
Balance at September 30, 2021
|
| | | $ | 1,038 | | | | | $ | 138,713 | | | | | $ | 139,751 | | |
| | | |
Nine months ended September 30,
|
| |||||||||
|
(in thousands)
|
| |
2022
|
| |
2021
|
| ||||||
| Operating activities: | | | | | | | | | | | | | |
|
Net income
|
| | | $ | 50,880 | | | | | $ | 6,813 | | |
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
| | | | | | | | | | | | |
|
Depletion and accretion expense
|
| | | | 26,038 | | | | | | 24,109 | | |
|
Change in unrealized (gain) loss on derivative contracts
|
| | | | (3,569) | | | | | | 8,365 | | |
|
Gain on disposal of oil and natural gas properties
|
| | | | — | | | | | | (955) | | |
|
Amortization of loan origination costs
|
| | | | — | | | | | | 7 | | |
|
Increase (decrease) in cash attributable to changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
|
Revenue receivable
|
| | | | (5,406) | | | | | | (3,840) | | |
|
Related party receivable
|
| | | | (205) | | | | | | — | | |
|
Other assets
|
| | | | (1,991) | | | | | | — | | |
|
Other payable
|
| | | | — | | | | | | 5 | | |
|
Accrued expenses
|
| | | | 1,973 | | | | | | (291) | | |
|
Related party payable
|
| | | | (2) | | | | | | (4) | | |
|
Net cash provided by operating activities
|
| | | | 67,718 | | | | | | 34,209 | | |
| Investing activities: | | | | | | | | | | | | | |
|
Acquisition of proved oil and natural gas properties
|
| | | | (1,600) | | | | | | — | | |
|
Refund of advances to operators
|
| | | | — | | | | | | 337 | | |
|
Proceeds from the disposal of oil and natural gas properties
|
| | | | 6 | | | | | | 2,009 | | |
|
Development of oil and natural gas properties
|
| | | | (21,230) | | | | | | (13,690) | | |
|
Net cash used in investing activities
|
| | | | (22,824) | | | | | | (11,344) | | |
| Financing activities: | | | | | | | | | | | | | |
|
Proceeds from borrowings on credit facilities
|
| | | | — | | | | | | 8,000 | | |
|
Repayments of borrowings on credit facilities
|
| | | | (20,000) | | | | | | (4,100) | | |
|
Partners’ distributions, net of change in distributions payable
|
| | | | — | | | | | | (25,984) | | |
|
Net cash used in financing activities
|
| | | | (20,000) | | | | | | (22,084) | | |
|
Net increase in cash
|
| | | | 24,894 | | | | | | 781 | | |
|
Cash and restricted cash at beginning of period
|
| | | | 4,094 | | | | | | 4,583 | | |
|
Cash and restricted cash end of period
|
| | | $ | 28,988 | | | | | $ | 5,364 | | |
| Supplemental disclosure of cash flow information: | | | | | | | | | | | | | |
|
Cash paid during the period for interest
|
| | | $ | 393 | | | | | $ | 302 | | |
| Supplemental disclosure of non cash investing activities: | | | | | | | | | | | | | |
|
Revision of asset retirement costs
|
| | | $ | 96 | | | | | $ | — | | |
|
Acquired and assumed asset retirement obligations
|
| | | $ | 130 | | | | | $ | — | | |
|
Change in oil and natural gas property development costs in accounts payable and accrued expenses
|
| | | $ | 1,412 | | | | | $ | 952 | | |
|
Advances to operators applied to development of oil and natural gas properties
|
| | | $ | 1,628 | | | | | $ | 379 | | |
|
Cash and restricted cash:
|
| | | | | | | | | | | | |
|
Cash
|
| | | $ | 28,688 | | | | | $ | 5,064 | | |
|
Restricted cash included in cash deposit
|
| | | | 300 | | | | | | 300 | | |
|
Total cash and restricted cash
|
| | | $ | 28,988 | | | | | $ | 5,364 | | |
| | | |
Nine months ended September 30, 2022
|
| |||||||||||||||||||||
|
(in thousands)
|
| |
Eagle Ford
|
| |
Permian
|
| |
Haynesville
|
| |
Bakken
|
| ||||||||||||
|
Revenues
|
| | | $ | 10,830 | | | | | $ | 9,561 | | | | | $ | 52,223 | | | | | $ | 37,399 | | |
| | | |
Nine months ended September 30, 2021
|
| |||||||||||||||||||||
|
(in thousands)
|
| |
Eagle Ford
|
| |
Permian
|
| |
Haynesville
|
| |
Bakken
|
| ||||||||||||
|
Revenues
|
| | | $ | 9,113 | | | | | $ | 8,255 | | | | | $ | 8,080 | | | | | $ | 34,374 | | |
| | | | | | | | | |
Contract Prices
|
| |||
|
Periods
|
| |
Type of Contract
|
| |
(Volume/Month)
|
| |
Range
|
| |
Weighted Average
|
|
|
Oct 2022 – Dec 2023
|
| |
Producer 3-way (crude oil)
|
| |
11,656 – 489
|
| |
$113.10 – $40.00
|
| |
$75.47
|
|
|
Oct 2022 – Dec 2022
|
| |
Collar (crude oil)
|
| |
6,795 – 709
|
| |
$112.75 – $85.00
|
| |
$95.77
|
|
|
Nov 2022 – Mar 2023
|
| |
Producer 3-way (natural gas)
|
| |
238,915 – 4,645
|
| |
$17.10 – $2.50
|
| |
$8.49
|
|
|
Nov 2022 – June 2023
|
| |
Collar (natural gas)
|
| |
99,132 – 41,547
|
| |
$10.50 – $2.90
|
| |
$6.68
|
|
| | | |
September 30, 2022
|
| |
September 30, 2022
|
| ||||||||||||||||||
| | | |
Derivative assets
|
| |
Derivative liabilities
|
| ||||||||||||||||||
|
(in thousands)
|
| |
Current
portion |
| |
Noncurrent
portion |
| |
Current
portion |
| |
Noncurrent
portion |
| ||||||||||||
| Primary underlying risk | | | | | | | | | | | | | | | | | | | | | | | | | |
| Commodity price | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | 714 | | | | | $ | 340 | | | | | $ | — | | | | | $ | — | | |
|
Natural gas
|
| | | | — | | | | | | — | | | | | | (558) | | | | | | — | | |
|
Total
|
| | | $ | 714 | | | | | $ | 340 | | | | | $ | (558) | | | | | $ | — | | |
| | | |
Nine months ended September 30, 2022
|
| |||||||||||||||
|
(in thousands)
|
| |
Realized loss
|
| |
Change in
unrealized gain |
| |
Total
|
| |||||||||
| Primary underlying risk | | | | | | | | | | | | | | | | | | | |
| Commodity price | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | (7,410) | | | | | $ | 3,414 | | | | | $ | (3,996) | | |
|
Natural gas
|
| | | | (7,223) | | | | | | 155 | | | | | | (7,068) | | |
|
Total
|
| | | $ | (14,633) | | | | | $ | 3,569 | | | | | $ | (11,064) | | |
| | | |
December 31, 2021
|
| |
December 31, 2021
|
| ||||||||||||||||||
| | | |
Derivative assets
|
| |
Derivative liabilities
|
| ||||||||||||||||||
|
(in thousands)
|
| |
Current
portion |
| |
Noncurrent
portion |
| |
Current
portion |
| |
Noncurrent
portion |
| ||||||||||||
| Primary underlying risk | | | | | | | | | | | | | | | | | | | | | | | | | |
| Commodity price | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | — | | | | | $ | — | | | | | $ | (2,131) | | | | | $ | (229) | | |
|
Natural gas
|
| | | | — | | | | | | — | | | | | | (713) | | | | | | — | | |
|
Total
|
| | | $ | — | | | | | $ | — | | | | | $ | (2,844) | | | | | $ | (229) | | |
| | | |
Nine months ended September 30, 2021
|
| |||||||||||||||
|
(in thousands)
|
| |
Realized loss
|
| |
Change in
unrealized loss |
| |
Total
|
| |||||||||
| Primary underlying risk | | | | | | | | | | | | | | | | | | | |
| Commodity price | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | (4,330) | | | | | $ | (4,485) | | | | | $ | (8,815) | | |
|
Natural gas
|
| | | | (1,018) | | | | | | (3,880) | | | | | | (4,898) | | |
|
Total
|
| | | $ | (5,348) | | | | | $ | (8,365) | | | | | $ | (13,713) | | |
|
(in thousands)
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
September 30,
2022 |
| ||||||||||||
| Assets (at fair value): | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Derivative contracts
|
| | | $ | — | | | | | $ | 1,054 | | | | | $ | — | | | | | $ | 1,054 | | |
| Liabilities (at fair value): | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Derivative contracts
|
| | | $ | — | | | | | $ | (558) | | | | | $ | — | | | | | $ | (558) | | |
|
(in thousands)
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
December 31,
2021 |
| ||||||||||||
| Liabilities (at fair value): | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Derivative contracts
|
| | | $ | — | | | | | $ | (3,073) | | | | | $ | — | | | | | $ | (3,073) | | |
| | | |
September 30, 2022
|
| |
December 31, 2021
|
| ||||||||||||||||||
|
(in thousands)
|
| |
Carrying Value
|
| |
Fair Value
|
| |
Carrying Value
|
| |
Fair Value
|
| ||||||||||||
| Liabilities (at fair value): | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Revolving Credit Facility
|
| | | $ | — | | | | | $ | — | | | | | $ | 20,000 | | | | | $ | 20,000 | | |
| | | |
December 31,
|
| |||||||||
| | | |
2021
|
| |
2020
|
| ||||||
| ASSETS | | | | | | | | | | | | | |
| Current assets: | | | | | | | | | | | | | |
|
Cash
|
| | | $ | 3,794,175 | | | | | $ | 4,282,991 | | |
|
Revenue receivable
|
| | | | 13,401,534 | | | | | | 7,979,754 | | |
|
Advances to operators
|
| | | | 667,420 | | | | | | 712,685 | | |
|
Other assets
|
| | | | 41,775 | | | | | | — | | |
|
Derivative assets
|
| | | | — | | | | | | 20,818 | | |
|
Total current assets
|
| | | | 17,904,904 | | | | | | 12,996,248 | | |
| Property and equipment: | | | | | | | | | | | | | |
|
Oil and natural gas properties, successful efforts method
|
| | | | 306,761,326 | | | | | | 294,315,288 | | |
|
Accumulated depletion
|
| | | | (151,425,252) | | | | | | (120,715,183) | | |
|
Total property and equipment, net
|
| | | | 155,336,074 | | | | | | 173,600,105 | | |
| Long-term assets: | | | | | | | | | | | | | |
|
Cash deposit
|
| | | | 300,000 | | | | | | 300,000 | | |
|
Total long-term assets
|
| | | | 300,000 | | | | | | 300,000 | | |
|
TOTAL ASSETS
|
| | | $ | 173,540,978 | | | | | $ | 186,896,353 | | |
| LIABILITIES AND PARTNERS’ CAPITAL | | | | | | | | | | | | | |
| Current liabilities: | | | | | | | | | | | | | |
|
Accrued expenses
|
| | | $ | 3,055,246 | | | | | $ | 3,751,309 | | |
|
Credit facilities – current portion
|
| | | | 20,000,000 | | | | | | — | | |
|
Related party payable
|
| | | | 2,460 | | | | | | 4,244 | | |
|
Derivative liabilities – current portion
|
| | | | 2,843,968 | | | | | | — | | |
|
Distributions payable
|
| | | | — | | | | | | 6,272 | | |
|
Total current liabilities
|
| | | | 25,901,674 | | | | | | 3,761,825 | | |
| Long-term liabilities: | | | | | | | | | | | | | |
|
Credit facilities
|
| | | | — | | | | | | 22,093,476 | | |
|
Derivative liabilities
|
| | | | 228,697 | | | | | | — | | |
|
Asset retirement obligations
|
| | | | 1,750,374 | | | | | | 2,123,417 | | |
|
Total long-term liabilities
|
| | | | 1,979,071 | | | | | | 24,216,893 | | |
| Commitments and contingencies (Note 9) | | | | | | | | | | | | | |
| Partners’ capital: | | | | | | | | | | | | | |
|
General partner
|
| | | | 1,507,630 | | | | | | 1,552,748 | | |
|
Limited partners
|
| | | | 144,152,603 | | | | | | 157,364,887 | | |
|
Total partners’ capital
|
| | | | 145,660,233 | | | | | | 158,917,635 | | |
|
TOTAL LIABILITIES AND PARTNERS’ CAPITAL
|
| | | $ | 173,540,978 | | | | | $ | 186,896,353 | | |
| | | |
Year ended December 31,
|
| |||||||||
| | | |
2021
|
| |
2020
|
| ||||||
| REVENUES | | | | | | | | | | | | | |
|
Oil, natural gas, and related product sales
|
| | | $ | 82,390,919 | | | | | $ | 49,017,143 | | |
| EXPENSES | | | | | | | | | | | | | |
|
Lease operating expenses
|
| | | | 13,128,031 | | | | | | 13,760,216 | | |
|
Production taxes
|
| | | | 5,675,224 | | | | | | 3,564,671 | | |
|
Depletion and accretion expense
|
| | | | 31,089,394 | | | | | | 47,979,505 | | |
|
Professional fees
|
| | | | 541,457 | | | | | | 991,537 | | |
|
Management fees
|
| | | | 2,315,236 | | | | | | 2,184,827 | | |
|
General and administrative
|
| | | | 671,018 | | | | | | 495,844 | | |
|
Gain on disposal of oil and natural gas properties
|
| | | | (937,776) | | | | | | (51,236) | | |
|
Total expenses
|
| | | | 52,482,584 | | | | | | 68,925,364 | | |
|
Net operating income/(loss)
|
| | | | 29,908,335 | | | | | | (19,908,221) | | |
| OTHER EXPENSE | | | | | | | | | | | | | |
|
Gain/(loss) on derivative contracts
|
| | | | (13,231,883) | | | | | | 8,363,451 | | |
|
Interest expense
|
| | | | (848,854) | | | | | | (1,167,729) | | |
|
Total other income/(expense)
|
| | | | (14,080,737) | | | | | | 7,195,722 | | |
|
NET INCOME/(LOSS)
|
| | | $ | 15,827,598 | | | | | $ | (12,712,499) | | |
| | | |
General
Partner |
| |
Limited
Partner |
| |
Total
|
| |||||||||
|
Balance at December 31, 2019
|
| | | $ | 5,400,965 | | | | | $ | 169,111,846 | | | | | $ | 174,512,811 | | |
|
Net loss
|
| | | | (4,040) | | | | | | (12,708,459) | | | | | | (12,712,499) | | |
|
Partners’ contributions
|
| | | | 51,635 | | | | | | 9,948,365 | | | | | | 10,000,000 | | |
|
Partners’ distributions
|
| | | | (66,522) | | | | | | (12,816,155) | | | | | | (12,882,677) | | |
|
Carried interest reallocation
|
| | | | (3,829,290) | | | | | | 3,829,290 | | | | | | — | | |
|
Balance at December 31, 2020
|
| | | $ | 1,552,748 | | | | | $ | 157,364,887 | | | | | $ | 158,917,635 | | |
|
Net income
|
| | | | 105,062 | | | | | | 15,722,536 | | | | | | 15,827,598 | | |
|
Partners’ distributions
|
| | | | (150,180) | | | | | | (28,934,820) | | | | | | (29,085,000) | | |
|
Balance at December 31, 2021
|
| | | $ | 1,507,630 | | | | | $ | 144,152,603 | | | | | $ | 145,660,233 | | |
| | | |
Year Ended December,
|
| |||||||||
| | | |
2021
|
| |
2020
|
| ||||||
| Operating activities: | | | | | | | | | | | | | |
|
Net income/(loss)
|
| | | $ | 15,827,598 | | | | | $ | (12,712,499) | | |
|
Adjustments to reconcile net income/(loss) to net cash provided by operating
activities: |
| | | | | | | | | | | | |
|
Depletion and accretion
|
| | | | 31,112,120 | | | | | | 47,979,505 | | |
|
Unrealized (gain)/loss on derivative contracts
|
| | | | 3,093,483 | | | | | | (722,525) | | |
|
Gain on disposal of oil and gas properties
|
| | | | (937,776) | | | | | | (51,236) | | |
|
Amortization of loan origination costs
|
| | | | 6,524 | | | | | | 66,636 | | |
|
Increase (decrease) in cash attributable to changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
|
Revenue receivable
|
| | | | (5,421,780) | | | | | | 9,539,182 | | |
|
Accrued expenses
|
| | | | 354,037 | | | | | | 218,628 | | |
|
Other receivable
|
| | | | — | | | | | | 247,142 | | |
|
Other assets
|
| | | | (41,775) | | | | | | — | | |
|
Related party payable
|
| | | | (1,784) | | | | | | 4,244 | | |
|
Net cash provided by operating activities
|
| | | | 43,990,647 | | | | | | 44,569,077 | | |
| Investing activities: | | | | | | | | | | | | | |
|
Acquisition of proved oil and gas properties
|
| | | | (27,722) | | | | | | (4,639,005) | | |
|
Proceeds from the disposal of oil and gas properties
|
| | | | 1,956,160 | | | | | | 51,236 | | |
|
Refunds from advances to operators
|
| | | | 333,614 | | | | | | — | | |
|
Development of oil and gas properties
|
| | | | (15,550,243) | | | | | | (24,832,294) | | |
|
Net cash used in investing activities
|
| | | | (13,288,191) | | | | | | (29,420,063) | | |
| Financing activities: | | | | | | | | | | | | | |
|
Proceeds from borrowing
|
| | | | 10,000,000 | | | | | | 8,500,000 | | |
|
Repayments of borrowing
|
| | | | (12,100,000) | | | | | | (17,500,000) | | |
|
Partners’ contributions
|
| | | | — | | | | | | 10,000,000 | | |
|
Partners’ distributions, net of change in distributions payable
|
| | | | (29,091,272) | | | | | | (12,876,405) | | |
|
Net cash used in financing activities
|
| | | | (31,191,272) | | | | | | (11,876,405) | | |
|
Net increase/(decrease) in cash
|
| | | | (488,816) | | | | | | 3,272,609 | | |
|
Cash and restricted cash at beginning of year
|
| | | | 4,282,991 | | | | | | 1,010,382 | | |
|
Cash and restricted cash end of year
|
| | | $ | 3,794,175 | | | | | $ | 4,282,991 | | |
| Supplemental disclosure of cash flow information | | | | | | | | | | | | | |
|
Cash paid during the year for interest
|
| | | $ | 762,158 | | | | | $ | 545,730 | | |
| Supplemental disclosure of non cash investing activities | | | | | | | | | | | | | |
|
Revision of asset retirement costs
|
| | | $ | 768,348 | | | | | $ | (632,209) | | |
|
Acquired and assumed asset retirement obligations
|
| | | $ | 24,949 | | | | | $ | 175,450 | | |
|
Oil and natural gas property development costs in accounts payable and
accrued expenses |
| | | $ | 1,349,907 | | | | | $ | 2,245,735 | | |
|
Cash and restricted cash:
|
| | | | | | | | | | | | |
|
Cash
|
| | | $ | 3,794,175 | | | | | $ | 4,282,991 | | |
|
Restricted cash included in Cash Deposit
|
| | | $ | 300,000 | | | | | $ | 300,000 | | |
| | | |
Year Ended December 31, 2021
|
| |||||||||||||||||||||
| | | |
Eagle Ford
|
| |
Permian
|
| |
Haynesville
|
| |
Bakken
|
| ||||||||||||
|
Net Revenues
|
| | | $ | 12,196,699 | | | | | $ | 10,751,034 | | | | | $ | 12,039,176 | | | | | $ | 47,404,010 | | |
| | | |
Year Ended December 31, 2020
|
| |||||||||||||||||||||
| | | |
Eagle Ford
|
| |
Permian
|
| |
Haynesville
|
| |
Bakken
|
| ||||||||||||
|
Net Revenues
|
| | | $ | 7,012,502 | | | | | $ | 10,103,716 | | | | | $ | 9,109,651 | | | | | $ | 22,791,274 | | |
| | | | | | | | | |
Contract Prices
|
| ||||||
|
Year
|
| |
Type of Contract
|
| |
(Volume/Month)
|
| |
Range
|
| |
Weighted
Average |
| |||
|
Jan 2022 – Mar 2023
|
| |
Producer 3-way (crude oil)
|
| |
36,873 – 3,405
|
| |
$80.00 – $40.00
|
| | | $ | 56.42 | | |
|
Feb 2022 – Dec 2022
|
| |
Producer 3-way (natural gas)
|
| |
13,5470 – 12,768
|
| |
9.40 – 1.90
|
| | | | 2.93 | | |
|
Feb 2022 – Dec 2022
|
| |
Collar (natural gas)
|
| |
105,611 – 56,304
|
| |
4.95 – 2.90
|
| | | | 3.90 | | |
|
Year
|
| |
Type of Contract
|
| |
(Volume/Month)
|
| |
Contract Prices
|
| ||||||
| |
Range
|
| |
Weighted
Average |
| |||||||||||
|
Jan 2021 – Dec 2021
|
| |
Producer 3-way (crude oil)
|
| |
21,997 – 11,245
|
| |
$58.25 – $38.41
|
| | | $ | 47.57 | | |
|
Jan 2021 – Dec 2021
|
| |
Collar (crude oil)
|
| |
26,828 – 13,852
|
| |
46.00 – 32.50
|
| | | | 39.25 | | |
|
Feb 2021 – Apr 2021
|
| |
Producer 3-way (natural gas)
|
| |
186,000 – 119,524
|
| |
3.63 – 2.00
|
| | | | 2.71 | | |
|
Feb 2021 – Jun 2021
|
| |
Collar (natural gas)
|
| |
176,337 – 132,245
|
| |
3.30 – 2.15
|
| | | | 2.55 | | |
|
Jul 2021 – Dec 2021
|
| |
Short swaps (natural gas)
|
| |
177,244 – 133,798
|
| |
2.81
|
| | | | 2.81 | | |
| | | |
Derivative
Assets |
| |
Derivative
liabilities |
| |
Total loss from
derivative instruments |
| |||||||||
| Primary underlying risk Commodity price | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | — | | | | | $ | (2,359,833) | | | | | $ | (9,579,070) | | |
|
Natural gas
|
| | | | — | | | | | | (712,832) | | | | | | (3,652,813) | | |
|
Total
|
| | | $ | — | | | | | $ | (3,072,665) | | | | | $ | (13,231,883) | | |
| | | |
Realized loss
|
| |
Unrealized loss
|
| |
Total
|
| |||||||||
| Primary underlying risk Commodity price | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | (7,314,940) | | | | | $ | (2,264,130) | | | | | $ | (9,579,070) | | |
|
Natural gas
|
| | | | (2,823,460) | | | | | | (829,353) | | | | | | (3,652,813) | | |
|
Total
|
| | | $ | (10,138,400) | | | | | $ | (3,093,483) | | | | | $ | (13,231,883) | | |
| | | |
Derivative
Assets |
| |
Derivative
liabilities |
| |
Total gain from
derivative instruments |
| |||||||||
| Primary underlying risk Commodity price | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | — | | | | | $ | (95,703) | | | | | $ | 7,247,779 | | |
|
Natural gas
|
| | | | 116,521 | | | | | | — | | | | | | 1,115,672 | | |
|
Total
|
| | | $ | 116,521 | | | | | $ | (95,703) | | | | | $ | 8,363,451 | | |
| | | |
Realized gain
|
| |
Unrealized gain
|
| |
Total
|
| |||||||||
| Primary underlying risk Commodity price | | | | | | | | | | | | | | | | | | | |
|
Crude oil
|
| | | $ | 6,196,918 | | | | | $ | 1,050,861 | | | | | $ | 7,247,779 | | |
|
Natural gas
|
| | | | 1,444,008 | | | | | | (328,336) | | | | | | 1,115,672 | | |
|
Total
|
| | | $ | 7,640,926 | | | | | $ | 722,525 | | | | | $ | 8,363,451 | | |
| | | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
December 31,
2021 |
| ||||||||||||
| Liabilities (at fair value): | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Derivative
|
| | | $ | — | | | | | $ | (3,072,665) | | | | | $ | — | | | | | $ | (3,072,665) | | |
| | | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
December 31,
2021 |
| ||||||||||||
| Assets (at fair value): | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Derivative
|
| | | $ | — | | | | | $ | 20,818 | | | | | $ | — | | | | | $ | 20,818 | | |
| | | |
December 31, 2021
|
| |
December 31, 2020
|
| ||||||||||||||||||
| | | |
Carrying Value
|
| |
Fair Value
|
| |
Carrying Value
|
| |
Fair Value
|
| ||||||||||||
| Liabilities (not at fair value): | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Revolving credit facility
|
| | | $ | 20,000,000 | | | | | $ | 20,000,000 | | | | | $ | 22,093,476 | | | | | $ | 22,093,476 | | |
| | | |
December 31,
2020 |
| |||
| Fair value of proved assets acquired and liabilities assumed | | | | | | | |
|
Proved oil and gas properties(1)
|
| | | $ | 3,176,122 | | |
|
Less: Asset retirement obligations
|
| | | | (126,691) | | |
|
Net assets acquired
|
| | | | 3,049,431 | | |
|
Consideration transferred (including liabilities assumed)
|
| | | $ | 3,049,431 | | |
| | | |
2021
|
| |
2020
|
| ||||||
|
Asset retirement obligations, beginning of year
|
| | | $ | 2,123,417 | | | | | $ | 1,024,948 | | |
|
Additions to capitalized asset retirement obligations
|
| | | | 24,949 | | | | | | 175,449 | | |
|
Revisions to asset retirement costs
|
| | | | (768,348) | | | | | | 632,209 | | |
|
Accretion of discount
|
| | | | 402,050 | | | | | | 290,811 | | |
|
Disposals and settlements
|
| | | | (31,694) | | | | | | — | | |
|
Asset retirement obligations, end of year
|
| | | $ | 1,750,374 | | | | | $ | 2,123,417 | | |
| | | |
General Partner
|
| |
Limited Partner
|
| |
Total
|
| |||||||||
|
Committed capital
|
| | | $ | 750,000 | | | | | $ | 144,500,000 | | | | | $ | 145,250,000 | | |
|
Less: Unfunded committed capital
|
| | | | 64,802 | | | | | | 6,685,238 | | | | | | 6,750,040 | | |
|
Funded Capital Contributions
|
| | | $ | 685,198 | | | | | $ | 137,814,762 | | | | | $ | 138,499,960 | | |
| | | |
Natural Gas
(MMcf) |
| |
Oil
(MBbl) |
| |
MBoe
|
| |||||||||
|
Proved Developed and Undeveloped Reserves at December 31, 2019
|
| | | | 86,158 | | | | | | 8,733 | | | | | | 23,093 | | |
|
Revisions of Previous Estimates
|
| | | | (31,805) | | | | | | (2,742) | | | | | | (8,043) | | |
|
Extensions, Discoveries and Other Additions
|
| | | | 1,379 | | | | | | 365 | | | | | | 595 | | |
|
Divestiture of Reserves
|
| | | | (95) | | | | | | (65) | | | | | | (81) | | |
|
Acquisition of Reserves
|
| | | | 62 | | | | | | 135 | | | | | | 145 | | |
|
Production
|
| | | | (7,142) | | | | | | (1,021) | | | | | | (2,211) | | |
|
Proved Developed and Undeveloped Reserves at December 31, 2020
|
| | | | 48,557 | | | | | | 5,405 | | | | | | 13,498 | | |
|
Revisions of Previous Estimates
|
| | | | 16,489 | | | | | | 292 | | | | | | 3,041 | | |
|
Extensions, Discoveries and Other Additions
|
| | | | 888 | | | | | | 589 | | | | | | 737 | | |
|
Divestiture of Reserves
|
| | | | (51) | | | | | | (30) | | | | | | (39) | | |
|
Production
|
| | | | (5,595) | | | | | | (956) | | | | | | (1,889) | | |
|
Proved Developed and Undeveloped Reserves at December 31, 2021
|
| | | | 60,288 | | | | | | 5,300 | | | | | | 15,348 | | |
| | | |
Natural Gas
(MMcf) |
| |
Oil
(MBbl) |
| |
MBoe
|
| |||||||||
| Proved Developed Reserves: | | | | | | | | | | | | | | | | | | | |
|
December 31, 2019
|
| | | | 29,636 | | | | | | 5,947 | | | | | | 10,886 | | |
|
December 31, 2020
|
| | | | 18,979 | | | | | | 3,745 | | | | | | 6,908 | | |
|
December 31, 2021
|
| | | | 22,110 | | | | | | 4,213 | | | | | | 7,898 | | |
| Proved Undeveloped Reserves: | | | | | | | | | | | | | | | | | | | |
|
December 31, 2019
|
| | | | 56,522 | | | | | | 2,786 | | | | | | 12,207 | | |
|
December 31, 2020
|
| | | | 29,578 | | | | | | 1,660 | | | | | | 6,590 | | |
|
December 31, 2021
|
| | | | 38,178 | | | | | | 1,087 | | | | | | 7,450 | | |
| | | |
December 31,
|
| |||||||||
| | | |
2021
|
| |
2020
|
| ||||||
| | | |
(In thousands)
|
| |||||||||
|
Future cash inflows
|
| | | $ | 530,180 | | | | | $ | 251,346 | | |
|
Future production costs
|
| | | | (164,426) | | | | | | (98,309) | | |
|
Future development costs
|
| | | | (45,962) | | | | | | (39,413) | | |
|
Future income tax expense
|
| | | | (801) | | | | | | (420) | | |
|
Future net cash flows
|
| | | | 318,991 | | | | | | 113,204 | | |
|
10% discount for estimated timing of cash flows
|
| | | | (113,779) | | | | | | (43,514) | | |
|
Standardized measure of discounted future net cash flows
|
| | | $ | 205,212 | | | | | $ | 69,690 | | |
| | | |
December 31,
|
| |||||||||
| | | |
2021
|
| |
2020
|
| ||||||
| | | |
(In thousands)
|
| |||||||||
|
Balance, beginning of period
|
| | | $ | 69,690 | | | | | $ | 189,835 | | |
|
Sales of oil and natural gas produced, net of production costs
|
| | | | (63,588) | | | | | | (31,692) | | |
|
Extensions and discoveries
|
| | | | 14,236 | | | | | | 3,010 | | |
|
Previously estimated development cost incurred during the period
|
| | | | 9,483 | | | | | | 5,981 | | |
|
Net change of prices and production costs
|
| | | | 136,694 | | | | | | (68,907) | | |
|
Change in future development costs
|
| | | | (667) | | | | | | 6,028 | | |
|
Revisions of quantity and timing estimates
|
| | | | 28,644 | | | | | | (48,496) | | |
|
Accretion of discount
|
| | | | 6,994 | | | | | | 19,037 | | |
|
Change in income taxes
|
| | | | (220) | | | | | | 279 | | |
|
Acquisition of Reserves
|
| | | | — | | | | | | 2,272 | | |
|
Divestiture of Reserves
|
| | | | (482) | | | | | | (1,094) | | |
|
Other
|
| | | | 4,428 | | | | | | (5,663) | | |
|
Balance, end of period
|
| | | $ | 205,212 | | | | | $ | 69,690 | | |
| | | |
Net Reserves
|
| |
Future Net Revenue (M$)
|
| ||||||||||||||||||
|
Category
|
| |
Oil
(MBBL) |
| |
Gas
(MMCF) |
| |
Total
|
| |
Present Worth
at 10% |
| ||||||||||||
|
Proved Developed Producing
|
| | | | 599.4 | | | | | | 1,319.3 | | | | | | 24,854.7 | | | | | | 15,397.1 | | |
|
Proved Developed Non-Producing
|
| | | | 31.0 | | | | | | 118.0 | | | | | | 1,222.2 | | | | | | 726.5 | | |
|
Proved Undeveloped
|
| | | | 26.8 | | | | | | 121.1 | | | | | | 1,072.6 | | | | | | 626.6 | | |
|
Total Proved
|
| | | | 657.2 | | | | | | 1,558.4 | | | | | | 27,149.5 | | | | | | 16,750.3 | | |
| | | |
Net Reserves
|
| |
Future Net Revenue (M$)
|
| ||||||||||||||||||
|
Category
|
| |
Oil
(MBBL) |
| |
Gas
(MMCF) |
| |
Total
|
| |
Present Worth
at 10% |
| ||||||||||||
|
Proved Developed Producing
|
| | | | 4,182.4 | | | | | | 17,615.1 | | | | | | 205,271.3 | | | | | | 133,019.7 | | |
|
Proved Developed Non-Producing
|
| | | | 31.1 | | | | | | 4,494.4 | | | | | | 11,445.9 | | | | | | 9,443.7 | | |
|
Proved Undeveloped
|
| | | | 1,086.8 | | | | | | 38,178.3 | | | | | | 105,869.4 | | | | | | 63,824.3 | | |
|
Total Proved
|
| | | | 5,300.3 | | | | | | 60,287.8 | | | | | | 322,586.6 | | | | | | 206,287.7 | | |
| | | |
Net Reserves
|
| |
Future Net Revenue (M$)
|
| ||||||||||||||||||
|
Category
|
| |
Oil
(MBBL) |
| |
Gas
(MMCF) |
| |
Total
|
| |
Present Worth
at 10% |
| ||||||||||||
|
Proved Developed Producing
|
| | | | 5,871.2 | | | | | | 28,095.6 | | | | | | 350,251.9 | | | | | | 247,307.0 | | |
|
Proved Developed Non-Producing
|
| | | | 944.2 | | | | | | 2,614.5 | | | | | | 56,625.2 | | | | | | 38,785.0 | | |
|
Proved Undeveloped
|
| | | | 10,045.9 | | | | | | 32,790.6 | | | | | | 468,689.8 | | | | | | 270,209.2 | | |
|
Total Proved
|
| | | | 16,861.3 | | | | | | 63,500.8 | | | | | | 875,566.7 | | | | | | 556,301.1 | | |
| | | |
Amount
to be paid |
| |||
|
SEC registration fee
|
| | | $ | 146,457.99 | | |
|
Accounting fees and expenses
|
| | | | * | | |
|
Legal fees and expenses
|
| | | | * | | |
|
Printing and miscellaneous expenses
|
| | | | * | | |
|
Total
|
| | | | * | | |
| |
Signatures
|
| |
Title
|
| |
Date
|
|
| |
/s/ Luke C. Brandenberg
Luke C. Brandenberg
|
| |
President and Chief Executive Officer
(Principal Executive Officer) |
| |
January 10, 2023
|
|
| |
/s/ Tyler S. Farquharson
Tyler S. Farquharson
|
| |
Chief Financial Officer
(Principal Accounting and Financial Officer) |
| |
January 10, 2023
|
|
| |
*
Matthew Miller
|
| |
Director and Co-Chairman of the Board
|
| |
January 10, 2023
|
|
| |
*
Griffin Perry
|
| |
Director and Co-Chairman of the Board
|
| |
January 10, 2023
|
|
| |
*
Amanda N. Coussens
|
| |
Director
|
| |
January 10, 2023
|
|
| |
*
Thaddeus Darden
|
| |
Director
|
| |
January 10, 2023
|
|
| |
*
Michele J. Everard
|
| |
Director
|
| |
January 10, 2023
|
|
| |
*
Kirk Lazarine
|
| |
Director
|
| |
January 10, 2023
|
|
| |
*
John McCartney
|
| |
Director
|
| |
January 10, 2023
|
|
| |
* By:
/s/ Luke C. Brandenberg
Luke C. Brandenberg
Attorney-in-Fact |
| | | ||||
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the use in the Prospectus constituting a part of this Registration Statement on Amendment No. 2 to Form S-1 of our report dated March 30, 2022, relating to the financial statements of Executive Network Partnering Corporation which is contained in that Prospectus. We also consent to the reference to our firm under the caption “Experts” in the Prospectus.
| /s/ WithumSmith+Brown, PC | |
| New York, New York | |
| January 10, 2023 |
Exhibit 23.2
Consent of Independent Registered Accounting Firm
We agree to the inclusion in the Amendment No. 2 to Form S-1 Registration Statement dated January 10, 2023, of our report, dated May 16, 2022, on our audits of the consolidated financial statements of Grey Rock Energy Fund, LP and its subsidiaries as of December 31, 2021 and 2020, and for each of the years in the three-year period ended December 31, 2021. We also consent to the references to our firm under the caption “Experts”.
/s/ FORVIS, LLP
(Formerly, BKD, llp)
Dallas, Texas
January 10, 2023
Exhibit 23.3
Consent of Independent Auditors
We agree to the inclusion in the Amendment No. 2 to Form S-1 Registration Statement dated January 10, 2023, of our report, dated April 29, 2022, on our audits of the combined financial statements of Grey Rock Energy Fund II, L.P. and its subsidiaries, Grey Rock Energy Fund II-B, LP, Grey Rock Energy Fund II-B Holdings, L.P. and its subsidiaries and Grey Rock Preferred Limited Partner II, L.P. as of December 31, 2021 and 2020, and for the years then ended. We also consent to the references to our firm under the caption “Experts”.
/s/ FORVIS, LLP
(Formerly, BKD, llp)
Dallas, Texas
January 10, 2023
Exhibit 23.4
Consent of Independent Registered Accounting Firm
We agree to the inclusion in the Amendment No. 2 to Form S-1 Registration Statement dated January 10, 2023, of our report, dated September 9, 2022, on our audits of the combined financial statements of Grey Rock Energy Fund III-A, LP and its subsidiaries, Grey Rock Energy Fund III-B, LP, Grey Rock Energy Fund III-B Holdings, LP and its subsidiaries and Grey Rock Preferred Limited Partner III, L.P. as of December 31, 2021, and 2020, and for each of the years in the three-year period ended December 31, 2021. We also consent to the references to our firm under the caption “Experts”.
/s/ FORVIS, LLP
(Formerly, BKD, llp)
Dallas, Texas
January 10, 2023
Exhibit 23.5
CONSENT OF INDEPENDENT PETROLEUM ENGINEERS AND GEOLOGISTS
We hereby consent to the inclusion in or incorporation by reference into the Registration Statement on Form S-1 of Granite Ridge Resources, Inc. (the "Registration Statement") of (1) our report prepared for Grey Rock Energy Management, LLC dated May 6, 2022, with respect to estimates of reserves and future net revenue to the Grey Rock Energy Fund, LP interest, as of December 31, 2021, in certain oil and gas properties located in North Dakota and Texas; (2) our report prepared for Grey Rock Energy Management, LLC dated May 9, 2022, with respect to estimates of reserves and future net revenue to the interest of Grey Rock Energy Fund II, LP; Grey Rock Energy Fund II-B, LP; and Grey Rock Energy Fund II-B Holdings, LP, as of December 31, 2021, in certain oil and gas properties located in Louisiana, Montana, North Dakota, Texas, and Wyoming; and (3) our report prepared for Grey Rock Energy Management, LLC dated May 10, 2022, with respect to estimates of reserves and future net revenue to the interest of Grey Rock Energy Fund III-A, LP; Grey Rock Energy Fund III-B, LP; and Grey Rock Energy Fund III-B Holdings, LP, as of December 31, 2021, in certain oil and gas properties located in Colorado, New Mexico, North Dakota, and Texas. We also consent to all references to our firm, including the reference to us under the heading "Experts", in the Registration Statement.
| NETHERLAND, SEWELL & ASSOCIATES, INC. | ||
| By: | /s/ Eric J. Stevens | |
| Eric J. Stevens, P.E. | ||
| President and Chief Operating Officer | ||
| Dallas, Texas | ||
| January 10, 2023 | ||