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Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2023
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)(6)

(j)

2023

  

$1,591,010

  

$1,602,354

$808,103

$813,325

$257

$160

$114,117,000

2022

$115,200

$927,277

$115,200

$927,277

$853,172

$853,172

$216

$154

$130,607,000

2021

$115,200

-

$115,200

-

$603,680

603,680

$125

$96

$70,174,000

2020

$115,200

-

$115,200

-

$237,000

237,000

$63

$53

$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 2023 and 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 annual 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 2020 through 2022 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. However, in 2023, Mr. Ehrman and Ms. Moriyama were granted notional units that vest, subject to the NEO’s continued employment, as follows: 33.3% on the first anniversary of the grant date, 33.3% on the second anniversary of the grant date and 33.4% on the third anniversary of the grant date. Accordingly, adjustments were made to the total compensation, as reported in the Summary Compensation Table, for 2023 to determine the CAP to Mr. Ehrman and Ms. Moriyama, as detailed in the table below.
  (6) The industry peer group we selected is comprised of the following companies: Black Stone Minerals, L.P., Viper Energy Partners, L.P., Sitio Royalties Corp., and Kimbell Royalty Partners, L.P.

 

 

      
PEO Total Compensation Amount $ 1,591,010 $ 927,277 $ 115,200 $ 115,200
PEO Actually Paid Compensation Amount $ 1,602,354 927,277 115,200 115,200
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($)

  

2023

  

PEO (2)

     1,591,010       880,010       451,349       440,005                                       1,602,354  
   

Non-PEO NEO’s

     808,103       405,003       207,723       202,502                                       813,325  

2022

  

PEO (1)

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

PEO (2)

     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 (1)

     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 (1)

     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  

 

(1)

 William Casey McManemin served as Chief Executive Officer of the Partnership until his resignation from such position, effective October 1, 2022.

 

(2)

 Bradley J. Ehrman served as the Partnership’s Chief Operating Officer from 2015 to 2022. Mr. Ehrman currently serves as the Chief Executive Officer of the Partnership since his appointment to such position, effective October 1, 2022.

 

 

      
Non-PEO NEO Average Total Compensation Amount $ 808,103 853,172 603,680 237,000
Non-PEO NEO Average Compensation Actually Paid Amount $ 813,325 853,172 603,680 237,000
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 (i) 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., Sitio Royalties Corp., 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 payment date.

 

capvsturgraph.jpg
 

(1)

 William Casey McManemin served as Chief Executive Officer of the Partnership until his resignation from such position, effective October 1, 2022.

 

(2)

 Bradley J. Ehrman served as the Partnership’s Chief Operating Officer from 2015 to 2022. Mr. Ehrman currently serves as the Chief Executive Officer of the Partnership since his appointment to such position, effective October 1, 2022.

 

 

      
Compensation Actually Paid vs. Net Income

CAP VERSUS NET INCOME 2020-2023

 

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.

 

capvsnetgraph.jpg

 

(1)

 William Casey McManemin served as Chief Executive Officer of the Partnership until his resignation from such position, effective October 1, 2022.

 

(2)

 Bradley J. Ehrman served as the Partnership’s Chief Operating Officer from 2015 to 2022. Mr. Ehrman currently serves as the Chief Executive Officer of the Partnership since his appointment to such position, effective October 1, 2022.

 

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 graphical description of the relationship between CAP to our PEO and average CAP to our non-PEO NEO’s and a Company-Selected Measure in accordance with Item 402(v)(5) of Regulation S-K.

      
Total Shareholder Return Amount $ 257 216 125 63
Peer Group Total Shareholder Return Amount 160 154 96 53
Net Income (Loss) 114,117,000 130,607,000 70,174,000 21,867,000
PEO Subtract Stock Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 880,010 400,010    
PEO Add Year-End Fair Value of Equity Awards Granted in the Year that are Outstanding and Unvested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 451,349      
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 440,005 400,010    
NEO Subtract Stock Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 405,003 350,005 396,360  
NEO Add Year-End Fair Value of Equity Awards Granted in the Year that are Outstanding and Unvested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 207,723      
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 $ 202,502 350,005 396,360  
PEO Total Equity Award Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   0    
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    
PEO Actually Paid Compensation Amount   $ 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