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Note 4 - Related Party Transactions
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]
 

4.

Related Party Transactions

 

Our General Partner owns all of the partnership interests in the Operating Partnership. It is the employer of all personnel, owns the working interests and other properties underlying our NPI, and provides day-to-day operational and administrative services to us and the General Partner. In accordance with our partnership agreement, we reimburse the General Partner for certain allocable general and administrative costs, including rent, salaries, and employee equity and benefit plans that are not direct expenses. These types of reimbursements are limited to 5% of distributions, plus certain costs previously paid. All such costs have been below the annual 5% limit amount, including the allowable surplus carryforward, for the years ended December 31, 2023, 2022 and 2021. Additionally, certain reimbursable direct expenses such as professional and regulatory fees, as well as certain general and administrative costs that are related to regulatory matters, are not limited. Significant activity between the Partnership and the Operating Partnership consists of the following:

 

  

In Thousands

 

From/To Operating Partnership

 

2023

  

2022

  

2021

 

Net profits interest receivable

 $8,275  $7,170  $6,822 

Net profits interest revenue

 $34,338  $28,207  $17,596 

General & administrative expenses payable/(receivable)

 $162  $68  $85 

Total general & administrative expenses

 $5,108  $3,399  $571