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OIL AND NATURAL GAS PROPERTIES | 12 Months Ended
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Dec. 31, 2025
OIL AND NATURAL GAS PROPERTIES |
OIL AND NATURAL GAS PROPERTIES | NOTE 6—OIL AND NATURAL GAS PROPERTIES Oil and natural gas properties consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | December 31, | ​ | December 31,
​ | ​ | 2025 | ​ | 2024
​ | ​ | (In thousands)
Oil and natural gas properties | ​ | ​ | ​ | ​ | ​ | ​
Proved properties | ​ | $ | 2,097,281 | ​ | $ | 1,933,512
Unevaluated properties | ​ | ​ | 174,189 | ​ | ​ | 115,200
Less: accumulated depreciation, depletion and impairment | ​ | ​ | (1,148,157) | ​ | ​ | (1,023,890)
Total oil and natural gas properties | ​ | $ | 1,123,313 | ​ | $ | 1,024,822
​ | ​ | ​ | ​ | ​ | ​ | ​
Costs not subject to depletion | ​ | ​ | ​ | ​ | ​ | ​
Incurred in 2025 | ​ | $ | 116,500 | ​ | ​ | ​
Incurred in 2024 | ​ | ​ | — | ​ | ​ | ​
Incurred in 2023 | ​ | ​ | 57,689 | ​ | ​ | ​
Prior | ​ | ​ | — | ​ | ​ | ​
Total costs not subject to depletion | ​ | $ | 174,189 | ​ | ​ | ​
​ The net capitalized costs of proved oil and natural gas properties are subject to a full-cost ceiling limitation for which the costs are not allowed to exceed their related estimated future net revenues discounted at 10%. Unevaluated properties are assessed on a periodic basis for possible impairment based on the following factors, among others: economic and market conditions, operators’ intent to drill, remaining lease term, geological and geophysical evaluations, operators’ drilling results and activity, the assignment of proved reserves and the economic viability of operator development if proved reserves are assigned. Costs associated with unevaluated properties are excluded from the full cost pool until a determination as to the existence of proved developed reserves is able to be made. During any period in which these factors indicate an impairment, all or a portion of the associated leasehold costs are transferred to the full cost pool and are then subject to amortization and to the full cost ceiling test. The Partnership did not record an impairment on its oil and natural gas properties for the year ended December 31, 2025. As a result of its full cost ceiling analysis, the Partnership recorded an impairment on its oil and natural gas properties of $62.1 million and $18.2 million during the years ended December 31, 2024 and 2023. The impairments were primarily attributed to the decline in the 12-month average price of oil and natural gas. Depletion expense for the years ended December 31, 2025, 2024 and 2023 was $124.3 million, $134.7 million and $96.1 million, respectively. For the years ended December 31, 2025, 2024 and 2023, the average depletion rate per barrel was $13.22, $14.80 and $13.03, respectively.

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