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Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure      
Pay vs Performance Disclosure, Table

PAY VERSUS PERFORMANCE

 

As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive compensation actually paid and certain financial performance of our Company. The following table shows the total compensation for our Named Executive Officers for the past three fiscal years as set forth in the Summary Compensation Table, the “compensation actually paid,” or “CAP”, to our CEO (also referred to as the principal executive officer or “PEO”) and, on an average basis, our non-PEO Named Executive Officers (in each case, as determined under SEC rules), our Total Unitholder Return (“TSR”), and the TSR of our industry peer group over the same period, and our net income.(1)

 

 

 

 

 

 

Value of Initial Fixed $100

Investment Based On:

 

Year

 

Summary

Compensation Table

Total for PEO

 

Compensation

Actually Paid to PEO

 

Average Summary

Compensation

Table Total for

Non-PEO Named

Executive Officers

 

Average

Compensation

Actually Paid

to Non-PEO

Named

Executive Officers

Total

Unitholder

Return

 

Peer Group

Total

Unitholder

Return

 

Net Income

 

 

(a)

(b)(3)

(c)(4)

(d)

(e)(5)

(f)(2)

(g)(5)

(h)

(i)

(j)

2022

$115,200

$927,277

$115,200

$927,277

$853,172

$853,172

$340

$173

$130,607,000

2021

$115,200

-

$115,200

-

$603,680

603,680

$197

$110

$70,174,000

2020

$115,200

-

$115,200

-

$237,000

237,000

$100

$60

$21,867,000

 

Because we do not use any financial or non-financial performance measures to link executive compensation actually paid to company performance, we have not included a tabular list of the most important performance measures in accordance with Item 402(v)(6) of Regulation S-K.

Narrative Disclosure to Pay vs. Performance Table.

 

 

(1)

We do not use any financial performance measures to link executive compensation actually paid to company performance.  Accordingly, we have not included a Company-Selected Measure in the pay versus performance tabular disclosure below.
 

(2)

Non-PEO Named Executive Officers total in columns (f) and (g) include the total compensation for Leslie Moriyama and Casey McManemin for 2022 and Leslie Moriyama and Bradley Ehrman for 2021 and 2020.
 

(3)

The dollar amounts reported in column (b) are the amounts of total compensation reported for William Casey McManemin who served as Chief Executive Officer of the Partnership until his resignation from such position, effective October 1, 2022.
 

(4)

The dollar amounts reported in column (c) are the amounts of total compensation reported for Bradley J. Ehrman who has served as the Chief Executive Officer of the Partnership since his appointment to such position, effective October 1, 2022.
 

(5)

The dollar amounts reported represent the amount of CAP to the applicable Named Executive Officer, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, no adjustments were made to total compensation, as reported in the Summary Compensation Table, for each year to determine the compensation actually paid because our Named Executive Officers were either granted common units that were fully vested as of the date of grant or, in the case of Mr. McManemin, did not receive any stock awards.
 

(6)

Because we do not use any financial or non-financial performance measures to link executive compensation actually paid to company performance, we have not included a tabular list of the most important performance measures in accordance with Item 402(v)(6) of Regulation S-K.
   
PEO Total Compensation Amount $ 927,277 $ 115,200 $ 115,200
PEO Actually Paid Compensation Amount $ 927,277 115,200 115,200
Adjustment To PEO Compensation, Footnote
Year Executive(s)   Summary Compensation Table Total($)     Subtract Stock Awards($)     Add Year-End Fair Value of Equity Awards Granted in the Year that are Outstanding and Unvested ($)     Add Amount Equal to Fair Value as of the Vesting Date for Awards Granted and Vested in Covered Fiscal Year ($)     Add Amount Equal to Change as of the End of Fiscal Year from End of Prior Fiscal Year in Fair Value of Awards Granted in any Prior Fiscal Year that are  Outstanding and Unvested Equity Awards($)     Add Amount Equal to Change as of the Vesting Date from the End of Prior Fiscal Year in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year($)     Subtract Fair Value as of the End of the Prior Year of any Equity Awards Granted in a Prior Year that Failed to Meet Vesting Conditions in the Year($)     Total Equity Award Adjustments($)     CAP($)  

2022

PEO

     115,200       N/A       N/A       N/A       N/A       N/A       N/A       N/A       115,200  
 

PEO

     927,277       400,010       N/A       400,010       N/A       N/A       N/A       0       927,277  
 

Non-PEO NEOs

     853,172       350,005       N/A       350,005       N/A       N/A       N/A       0       853,172  

2021

PEO

     115,200       N/A       N/A       N/A       N/A       N/A       N/A       N/A       115,200  
 

Non-PEO NEOs

     603,680       396,360       N/A       396,360       N/A       N/A       —       0       603,680  

2020

PEO

     115,200       N/A       N/A       N/A       N/A       N/A       N/A       N/A       115,200  
 

Non-PEO NEOs

     237,000       N/A       N/A       N/A       N/A       N/A       N/A       0       237,000  

 

    
Non-PEO NEO Average Total Compensation Amount $ 853,172 603,680 237,000
Non-PEO NEO Average Compensation Actually Paid Amount $ 853,172 603,680 237,000
Compensation Actually Paid vs. Total Shareholder Return

CAP AND TOTAL UNITHOLDER RETURN

 

The following graph illustrates the relationship between the CAP to our PEO and the average CAP to our non-PEO NEO’s and both (1) the Partnership’s cumulative total unitholder return on our common units and (ii) the Partnership’s cumulative return of an industry peer group selected by us. The industry peer group we selected is comprised of the following companies: Black Stone Minerals, L.P., Viper Energy Partners, L.P., and Kimbell Royalty Partners, L.P. Cumulative total returns presented below assume a $100 investment on December 31, 2019. Distributions or dividends reinvested has been assumed on the last trading day of each quarter. (6)

 

graph1.jpg

 

    
Compensation Actually Paid vs. Net Income

CAP VERSUS NET INCOME 2020-2022

 

The following graph illustrates the relationship between the CAP to our PEO and the average CAP to our non-PEO NEO’s and the net income of the Partnership for each year presented below.

 

graph2.jpg
 
    
Total Shareholder Return Amount $ 340 197 100
Peer Group Total Shareholder Return Amount 173 110 60
Net Income (Loss) 130,607,000 70,174,000 21,867,000
PEO Subtract Stock Awards [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 400,010    
PEO Add Amount Equal to Fair Value as of the Vesting Date for Awards Granted and Vested in Covered Fiscal Year [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 400,010    
PEO Total Equity Award Adjustments [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0    
NEO Subtract Stock Awards [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 350,005 396,360  
NEO Add Amount Equal to Fair Value as of the Vesting Date for Awards Granted and Vested in Covered Fiscal Year [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 350,005 396,360  
NEO Total Equity Award Adjustments [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
NEO Subtract Fair Value as of the End of the Prior Year of any Equity Awards Granted in a Prior Year that Failed to Meet Vesting Conditions in the Year [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount   0  
Former PEO [Member]      
Pay vs Performance Disclosure      
PEO Total Compensation Amount 115,200 115,200 115,200
PEO Actually Paid Compensation Amount $ 115,200 $ 115,200 $ 115,200
William Casey McManemin [Member]      
Pay vs Performance Disclosure      
PEO Name William Casey McManemin    
Bradley J. Ehrman [Member]      
Pay vs Performance Disclosure      
PEO Name Bradley J. Ehrman