Black Stone Minerals (BSM) 10-Q 1 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Oct. 28, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-37362
Entity Registrant Name	Black Stone Minerals, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-1846692
Entity Address, Address Line One	1001 Fannin Street, Suite 2020
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	(713)
Local Phone Number	445-3200
Title of 12(b) Security	Common Units Representing Limited Partner Interests
Trading Symbol	BSM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Smaller reporting company	false
Emerging growth company	false
Entity shell company	false
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001621434
Current Fiscal Year End Date	--12-31
Common units
Entity Information [Line Items]
Entity Partnership Units Outstanding (in shares)		209,406,927
Preferred Units
Entity Information [Line Items]
Entity Partnership Units Outstanding (in shares)		14,711,219

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
CURRENT ASSETS
Cash and cash equivalents	$ 838	$ 8,876
Accounts receivable	157,887	97,142
Commodity derivative assets	0	0
Prepaid expenses and other current assets	2,238	1,956
TOTAL CURRENT ASSETS	160,963	107,974
PROPERTY AND EQUIPMENT
Oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of $925,839 and $937,395 at September 30, 2022 and December 31, 2021, respectively	3,001,540	3,001,627
Accumulated depreciation, depletion, amortization, and impairment	(1,904,294)	(1,869,731)
Oil and natural gas properties, net	1,097,246	1,131,896
Other property and equipment, net of accumulated depreciation of $13,299 and $12,931 at September 30, 2022 and December 31, 2021, respectively	982	1,440
NET PROPERTY AND EQUIPMENT	1,098,228	1,133,336
DEFERRED CHARGES AND OTHER LONG-TERM ASSETS	11,537	6,611
TOTAL ASSETS	1,270,728	1,247,921
CURRENT LIABILITIES
Accounts payable	3,044	5,944
Accrued liabilities	18,111	17,589
Commodity derivative liabilities	48,127	51,544
Other current liabilities	2,249	2,063
TOTAL CURRENT LIABILITIES	71,531	77,140
LONG–TERM LIABILITIES
Credit facility	60,000	89,000
Accrued incentive compensation	1,414	838
Commodity derivative liabilities	1,825	2,001
Asset retirement obligations	12,588	12,561
Other long-term liabilities	1,782	2,752
TOTAL LIABILITIES	149,140	184,292
COMMITMENTS AND CONTINGENCIES (Note 7)
EQUITY
Partners' equity – general partner interest	0	0
TOTAL EQUITY	823,227	765,268
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY	1,270,728	1,247,921
Series B Cumulative Convertible Preferred Units
MEZZANINE EQUITY
Partners' equity – Series B cumulative convertible preferred units, 14,711 units outstanding at September 30, 2022 and December 31, 2021, respectively	298,361	298,361
Common units
EQUITY
Partners' equity – common units, 209,402 and 208,666 units outstanding at September 30, 2022 and December 31, 2021, respectively	$ 823,227	$ 765,268

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Unproved properties	$ 925,839	$ 937,395
Accumulated depreciation	$ 13,299	$ 12,931
Series B Cumulative Convertible Preferred Units
Partners' equity, preferred units, outstanding (in shares)	14,711	14,711
Common units
Partners' equity - units, outstanding (in shares)	209,402	208,666

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUE
Revenue from contracts with customers	$ 221,155	$ 137,388	$ 585,320	$ 344,760
Gain (loss) on commodity derivative instruments	(4,726)	(77,561)	(152,095)	(164,923)
TOTAL REVENUE	216,429	59,827	433,225	179,837
OPERATING (INCOME) EXPENSE
Lease operating expense	2,896	3,303	9,256	9,804
Production costs and ad valorem taxes	17,856	14,331	51,309	35,469
Exploration expense	10	5	192	1,080
Depreciation, depletion, and amortization	12,208	14,925	35,018	46,353
General and administrative	13,044	12,320	39,326	37,359
Accretion of asset retirement obligations	209	273	616	863
(Gain) loss on sale of assets, net	0	(2,850)	(17)	(2,850)
TOTAL OPERATING EXPENSE	46,223	42,307	135,700	128,078
INCOME (LOSS) FROM OPERATIONS	170,206	17,520	297,525	51,759
OTHER INCOME (EXPENSE)
Interest and investment income	20	0	22	0
Interest expense	(1,693)	(1,359)	(4,264)	(4,197)
Other income (expense)	(58)	17	(22)	231
TOTAL OTHER EXPENSE	(1,731)	(1,342)	(4,264)	(3,966)
NET INCOME (LOSS)	168,475	16,178	293,261	47,793
Distributions on Series B cumulative convertible preferred units	(5,250)	(5,250)	(15,750)	(15,750)
NET INCOME (LOSS) ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON UNITS	163,225	10,928	277,511	32,043
ALLOCATION OF NET INCOME (LOSS):
General partner interest	0	0	0	0
Common units	163,225	10,928	277,511	32,043
NET INCOME (LOSS) ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON UNITS	$ 163,225	$ 10,928	$ 277,511	$ 32,043
NET INCOME (LOSS) ATTRIBUTABLE TO LIMITED PARTNERS PER COMMON UNIT:
Per common unit (basic) (in dollars per share)	$ 0.78	$ 0.05	$ 1.33	$ 0.15
Per common unit (diluted) (in dollars per share)	$ 0.75	$ 0.05	$ 1.31	$ 0.15
Weighted average common units outstanding (basic) (in shares)	209,402	208,653	209,374	208,018
Weighted average common units outstanding (diluted) (in shares)	224,371	208,653	224,343	208,018
Oil and condensate sales
REVENUE
Revenue from contracts with customers	$ 80,240	$ 61,916	$ 250,367	$ 160,028
Natural gas and natural gas liquids sales
REVENUE
Revenue from contracts with customers	137,756	73,167	324,691	172,537
Lease bonus and other income
REVENUE
Revenue from contracts with customers	$ 3,159	$ 2,305	$ 10,262	$ 12,195

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common units	Partners' equity — common units	Series B cumulative convertible preferred units on an as-converted basis	Series B cumulative convertible preferred units on an as-converted basis Partners' equity — common units
Beginning balance (in shares) at Dec. 31, 2020		206,749
Beginning balance at Dec. 31, 2020	$ 760,606		$ 760,606
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of common units (in shares)		(223)
Repurchases of common units	(1,957)		(1,957)
Restricted units granted, net of forfeitures (in shares)		1,016
Equity–based compensation	5,353		5,353
Distributions	(36,272)		(36,272)
Charges to partners' equity for accrued distribution equivalent rights	(237)		(237)
Distributions on Series B cumulative convertible preferred units				$ (5,250)	$ (5,250)
Net income (loss)	16,186		16,186
Ending balance (in shares) at Mar. 31, 2021		207,542
Ending balance at Mar. 31, 2021	738,429		738,429
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted units granted, net of forfeitures (in shares)		7
Issuance of common units for property acquisitions (in shares)		1,088
Issuance of common units for property acquisitions	10,766		10,766
Equity–based compensation	2,820		2,820
Distributions	(36,321)		(36,321)
Charges to partners' equity for accrued distribution equivalent rights	(180)		(180)
Distributions on Series B cumulative convertible preferred units				(5,250)	(5,250)
Net income (loss)	15,429		15,429
Ending balance (in shares) at Jun. 30, 2021		208,637
Ending balance at Jun. 30, 2021	725,693		725,693
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted units granted, net of forfeitures (in shares)		23
Equity–based compensation	2,903		2,903
Distributions	(52,165)		(52,165)
Charges to partners' equity for accrued distribution equivalent rights	(275)		(275)
Distributions on Series B cumulative convertible preferred units				(5,250)	(5,250)
Net income (loss)	16,178		16,178
Ending balance (in shares) at Sep. 30, 2021		208,660
Ending balance at Sep. 30, 2021	687,084		687,084
Beginning balance (in shares) at Dec. 31, 2021		208,666
Beginning balance at Dec. 31, 2021	765,268		765,268
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of common units (in shares)		(262)
Repurchases of common units	(2,991)		(2,991)
Restricted units granted, net of forfeitures (in shares)		988
Equity–based compensation	6,659		6,659
Distributions	(56,462)		(56,462)
Charges to partners' equity for accrued distribution equivalent rights	(434)		(434)
Distributions on Series B cumulative convertible preferred units				(5,250)	(5,250)
Net income (loss)	(7,002)		(7,002)
Ending balance (in shares) at Mar. 31, 2022		209,392
Ending balance at Mar. 31, 2022	699,788		699,788
Beginning balance (in shares) at Dec. 31, 2021		208,666
Beginning balance at Dec. 31, 2021	765,268		765,268
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity–based compensation					15,800
Ending balance (in shares) at Sep. 30, 2022		209,402
Ending balance at Sep. 30, 2022	823,227		823,227
Beginning balance (in shares) at Mar. 31, 2022		209,392
Beginning balance at Mar. 31, 2022	699,788		699,788
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted units granted, net of forfeitures (in shares)		7
Equity–based compensation	2,273		2,273
Distributions	(83,759)		(83,759)
Charges to partners' equity for accrued distribution equivalent rights	(513)		(513)
Distributions on Series B cumulative convertible preferred units				(5,250)	(5,250)
Net income (loss)	131,788		131,788
Ending balance (in shares) at Jun. 30, 2022		209,399
Ending balance at Jun. 30, 2022	744,327		744,327
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted units granted, net of forfeitures (in shares)		3
Equity–based compensation	4,084		4,084		5,300
Distributions	(87,949)		(87,949)
Charges to partners' equity for accrued distribution equivalent rights	(460)		(460)
Distributions on Series B cumulative convertible preferred units				$ (5,250)	$ (5,250)
Net income (loss)	168,475		168,475
Ending balance (in shares) at Sep. 30, 2022		209,402
Ending balance at Sep. 30, 2022	$ 823,227		$ 823,227

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 293,261	$ 47,793
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, and amortization	35,018	46,353
Accretion of asset retirement obligations	616	863
Amortization of deferred charges	1,041	1,232
(Gain) loss on commodity derivative instruments	152,095	164,923
Net cash (paid) received on settlement of commodity derivative instruments	(162,567)	(56,008)
Equity-based compensation	11,809	9,705
Exploratory dry hole expense	0	1,049
(Gain) loss on sale of assets, net	(17)	(2,850)
Changes in operating assets and liabilities:
Accounts receivable	(60,345)	(26,066)
Prepaid expenses and other current assets	(281)	165
Accounts payable, accrued liabilities, and other	(1,592)	(3,546)
Settlement of asset retirement obligations	(488)	(187)
NET CASH PROVIDED BY OPERATING ACTIVITIES	268,550	183,426
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of oil and natural gas properties	(132)	(10,064)
Additions to oil and natural gas properties	(11,811)	(3,972)
Additions to oil and natural gas properties leasehold costs	(32)	(98)
Purchases of other property and equipment	(50)	(74)
Proceeds from the sale of oil and natural gas properties	17	317
Proceeds from farmouts of oil and natural gas properties	11,331	0
NET CASH USED IN INVESTING ACTIVITIES	(677)	(13,891)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings under credit facility	237,000	144,000
Repayments under credit facility	(266,000)	(166,000)
Debt issuance costs and other	0	(3,602)
NET CASH USED IN FINANCING ACTIVITIES	(275,911)	(168,067)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(8,038)	1,468
CASH AND CASH EQUIVALENTS – beginning of the period	8,876	1,796
CASH AND CASH EQUIVALENTS – end of the period	838	3,264
SUPPLEMENTAL DISCLOSURE
Interest paid	3,203	2,941
Common units
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to unitholders	(228,170)	(124,758)
Repurchases of common units	(2,991)	(1,957)
Preferred Units
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to unitholders	$ (15,750)	$ (15,750)

BUSINESS AND BASIS OF PRESENTAT

BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS AND BASIS OF PRESENTATION	BUSINESS AND BASIS OF PRESENTATION Description of the Business Black Stone Minerals, L.P. (“BSM” or the “Partnership”) is a publicly traded Delaware limited partnership that owns oil and natural gas mineral interests, which make up the vast majority of the asset base. The Partnership's assets also include nonparticipating royalty interests and overriding royalty interests. These interests, which are substantially non-cost-bearing, are collectively referred to as “mineral and royalty interests.” The Partnership’s mineral and royalty interests are located in 41 states in the continental United States ("U.S."), including all of the major onshore producing basins. The Partnership also owns non-operated working interests in certain oil and natural gas properties. The Partnership's common units trade on the New York Stock Exchange under the symbol "BSM." Basis of Presentation The accompanying unaudited interim consolidated financial statements of the Partnership have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These unaudited interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all disclosures required for financial statements prepared in conformity with GAAP. Accordingly, the accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the Partnership’s consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2021 ("2021 Annual Report on Form 10-K"). The unaudited interim consolidated financial statements include the consolidated results of the Partnership. The results of operations for the nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year. In the opinion of management, all adjustments, which are of a normal and recurring nature, necessary for the fair presentation of the financial results for all periods presented have been reflected. All intercompany balances and transactions have been eliminated. The Partnership evaluates the significant terms of its investments to determine the method of accounting to be applied to each respective investment. Investments in which the Partnership has less than a 20% ownership interest and does not have control or exercise significant influence are accounted for using fair value or cost minus impairment if fair value is not readily determinable. Investments in which the Partnership exercises control are consolidated, and the noncontrolling interests of such investments, which are not attributable directly or indirectly to the Partnership, are presented as a separate component of net income (loss) and equity. The unaudited interim consolidated financial statements include undivided interests in oil and natural gas property rights. The Partnership accounts for its share of oil and natural gas property rights by reporting its proportionate share of assets, liabilities, revenues, costs, and cash flows within the relevant lines on the accompanying unaudited interim consolidated balance sheets, statements of operations, and statements of cash flows. Segment Reporting The Partnership operates in a single operating and reportable segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. The Partnership’s chief executive officer has been determined to be the chief operating decision maker and allocates resources and assesses performance based upon financial information at the consolidated level.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies Significant accounting policies are disclosed in the Partnership’s 2021 Annual Report on Form 10-K. There have been no changes in such policies or the application of such policies during the nine months ended September 30, 2022. Accounts Receivable The following table presents information about the Partnership's accounts receivable: September 30, 2022 December 31, 2021 (in thousands) Accounts receivable: Revenues from contracts with customers $ 150,909 $ 93,005 Other 6,978 4,137 Total accounts receivable $ 157,887 $ 97,142

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES	9 Months Ended
	Sep. 30, 2022
Extractive Industries [Abstract]
OIL AND NATURAL GAS PROPERTIES	OIL AND NATURAL GAS PROPERTIES Acquisitions Acquisitions of proved oil and natural gas properties and working interests are generally considered business combinations and are recorded at their estimated fair value as of the acquisition date. Acquisitions that consist of all or substantially all unproved oil and natural gas properties are generally considered asset acquisitions and are recorded at cost. In May 2021, the Partnership closed an acquisition of mineral and royalty acreage in the northern Midland Basin for total consideration of $20.8 million. The purchase price consisted of $10.0 million in cash and $10.8 million in common units of the Partnership. The cash consideration was funded with borrowings under the Credit Facility (as defined in Note 6 - Credit Facility) and funds from operating activities. The transaction was accounted for as a business combination with the assets acquired recorded at their estimated fair values as of the acquisition date. The assets acquired consisted of $4.9 million of proved oil and natural gas properties, $15.6 million of unproved oil and natural gas properties, and $0.3 million of net working capital. The Partnership had no material acquisition activity during the nine months ended September 30, 2022. Divestitures In the third quarter of 2021, the Partnership closed on the divestiture of its wholly owned subsidiary, TLW Investments, L.L.C. ("TLW"), effective September 1, 2021 for total proceeds of $0.2 million. TLW holds non-operating working interests and overriding royalty interests primarily located in Oklahoma and Texas. TLW's assets and liabilities consisted of oil and natural gas properties with a net book value of $3.0 million and asset retirement obligations with a book value of $5.7 million at the time of sale. The Partnership had no material divestiture activity during the nine months ended September 30, 2022. Farmout Agreements The Partnership has entered into farmout arrangements designed to reduce its working interest capital expenditures and thereby significantly lower its capital spending other than for mineral and royalty interest acquisitions. Under these agreements, the Partnership conveyed its rights to participate in certain non-operated working interest opportunities to external capital providers while retaining value from these interests in the form of additional royalty income or retained economic interests. In 2017, the Partnership entered into farmout arrangements with Canaan Resource Partners ("Canaan") and Pivotal Petroleum Partners ("Pivotal") in the Shelby Trough area of East Texas where the Partnership owns a concentrated, relatively high-interest royalty position. This area was under active development by XTO Energy Inc. ("XTO") in San Augustine County, Texas and BPX Energy in Angelina County, Texas through 2019. These farmout agreements were superseded and replaced by the new farmout agreements discussed below. San Augustine Farmout In March 2021, BSM and XTO reached an agreement to partition jointly owned working interests in the Brent Miller development area in San Augustine County. Under the partition agreement, BSM and XTO exchanged working interests in certain existing and proposed drilling units, resulting in each company holding 100% of the working interests in their respective partitioned units. In May 2021, BSM and Aethon Energy ("Aethon") entered into an agreement to develop certain of the Partnership's undeveloped acreage in San Augustine County, including the working interests resulting from the partition agreement discussed above. The agreement provides for minimum well commitments by Aethon in exchange for reduced royalty rates and exclusive access to BSM's mineral and leasehold acreage in the contract area. The agreement calls for a minimum of five wells to be drilled in the initial program year, which began in the third quarter of 2021, ten wells to be drilled in the second and third program years, and, beginning with the fourth program year, a minimum of twelve wells per year thereafter. The Partnership's development agreement with Aethon and related drilling commitments covering its San Augustine County acreage is independent of the development agreement and associated commitments covering Angelina County discussed below. In May 2021, the Partnership entered into a new farmout agreement (the "Canaan Farmout") with Canaan and in December 2021, the Partnership entered into a farmout agreement (the "Azul Farmout") with Azul-SA, LLC ("Azul"). In April 2022, the Partnership amended the Canaan Farmout and entered into a farmout agreement (the "JWM Farmout") with JWM Oil & Gas LLC ("JWM"). These agreements cover all of the Partnership's share of working interests under active development by Aethon in San Augustine County, Texas and continue for a ten The following tables present the working interests each farmout partner will earn within the contract area under the San Augustine farmout agreements: Brent Miller Area Farmout Partner % of Partnership's Working Interest Maximum % on an 8/8ths basis Canaan 64.0 % 32.0 % Azul 20.0 % 10.0 % JWM 16.0 % 8.0 % Total 100.0 % 50.0 % Other Areas Farmout Partner % of Partnership's Working Interest Maximum % on an 8/8ths basis Canaan 40.0 % 10.0 % Azul 50.0 % 12.5 % JWM 10.0 % 2.5 % Total 100.0 % 25.0 % Angelina Farmout In May 2020, the Partnership entered into a development agreement with Aethon to develop certain portions of the area forfeited by BPX Energy in Angelina County, Texas. The agreement provides for minimum well commitments by Aethon in exchange for reduced royalty rates and exclusive access to the Partnership's mineral and leasehold acreage in the contract area. The agreement calls for a minimum of four wells to be drilled in the initial program year, which began in the third quarter of 2020, ten wells to be drilled in the second program year, and, beginning with the third program year, fifteen wells per year thereafter. In November 2020, the Partnership entered into a new farmout agreement (the "Pivotal Farmout") with Pivotal. The Pivotal Farmout covers the Partnership's share of working interest under active development by Aethon in Angelina County, Texas and continues until April 2028, unless earlier terminated in accordance to the terms of the agreement. Pivotal will earn 100% of the Partnership's working interest (ranging from approximately 12.5% to 25% on an 8/8ths basis) in wells drilled and operated by Aethon within the contract area subject to the agreement. Pivotal is obligated to fund the development of all wells drilled by Aethon in the initial program year and thereafter, Pivotal has certain rights and options to continue funding the Partnership's working interests for the duration of the Pivotal Farmout. Once Pivotal achieves a specified payout for a designated well group, the Partnership will obtain a majority of the original working interest in such well group. As of September 30, 2022, sixteen wells have been spud by Aethon in the contract area subject to the Pivotal Farmout. Impairment of Oil and Natural Gas Properties Proved and unproved oil and natural gas properties are reviewed for impairment when events and circumstances indicate a possible decline in the recoverability of the carrying value of those properties. When assessing producing properties for impairment, the Partnership compares the expected undiscounted projected future cash flows of the producing properties to the carrying amount of the producing properties to determine recoverability. When the carrying amount exceeds its estimated undiscounted future cash flows, the carrying amount is written down to its fair value, which is measured as the present value of the projected future cash flows of such properties.

COMMODITY DERIVATIVE FINANCIAL

COMMODITY DERIVATIVE FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
COMMODITY DERIVATIVE FINANCIAL INSTRUMENTS	COMMODITY DERIVATIVE FINANCIAL INSTRUMENTS The Partnership’s ongoing operations expose it to changes in the market price for oil and natural gas. To mitigate the inherent commodity price risk associated with its operations, the Partnership uses oil and natural gas commodity derivative financial instruments. From time to time, such instruments may include variable-to-fixed-price swaps, costless collars, fixed-price contracts and other contractual arrangements. A fixed-price swap contract between the Partnership and the counterparty specifies a fixed commodity price and a future settlement date. A costless collar contract between the Partnership and the counterparty specifies a floor and a ceiling commodity price and a future settlement date. The Partnership enters into oil and natural gas derivative contracts that contain netting arrangements with each counterparty. The Partnership does not enter into derivative instruments for speculative purposes. As of September 30, 2022, the Partnership’s open derivative contracts consisted of fixed-price swap contracts. The Partnership has not designated any of its contracts as fair value or cash flow hedges. Accordingly, the changes in the fair value of the contracts are included in the consolidated statement of operations in the period of the change. All derivative gains and losses from the Partnership’s derivative contracts have been recognized in revenue in the Partnership's accompanying consolidated statements of operations. Derivative instruments that have not yet been settled in cash are reflected as either derivative assets or liabilities in the Partnership’s accompanying consolidated balance sheets as of September 30, 2022 and December 31, 2021. See Note 5 - Fair Value Measurements for further discussion. The Partnership's derivative contracts expose it to credit risk in the event of nonperformance by counterparties that may adversely impact the fair value of the Partnership's commodity derivative assets. While the Partnership does not require its derivative contract counterparties to post collateral, the Partnership does evaluate the credit standing of such counterparties as deemed appropriate. This evaluation includes reviewing a counterparty’s credit rating and latest financial information. As of September 30, 2022, the Partnership had seven counterparties, all of which are rated Baa1 or better by Moody’s and are lenders under the Credit Facility. The tables below summarize the fair values and classifications of the Partnership’s derivative instruments, as well as the gross recognized derivative assets, liabilities, and amounts offset in the consolidated balance sheets as of each date: September 30, 2022 Classification Balance Sheet Location Gross Effect of Counterparty Netting Net Carrying Value on Balance Sheet (in thousands) Assets: Current asset Commodity derivative assets $ 15,678 $ (15,678) $ — Long-term asset Deferred charges and other long-term assets 9,008 (2,129) 6,879 Total assets $ 24,686 $ (17,807) $ 6,879 Liabilities: Current liability Commodity derivative liabilities $ 63,805 $ (15,678) $ 48,127 Long-term liability Commodity derivative liabilities 3,954 (2,129) 1,825 Total liabilities $ 67,759 $ (17,807) $ 49,952 December 31, 2021 Classification Balance Sheet Location Gross Effect of Counterparty Netting Net Carrying Value on Balance Sheet (in thousands) Assets: Current asset Commodity derivative assets $ — $ — $ — Long-term asset Deferred charges and other long-term assets — — — Total assets $ — $ — $ — Liabilities: Current liability Commodity derivative liabilities $ 51,544 $ — $ 51,544 Long-term liability Commodity derivative liabilities 2,001 — 2,001 Total liabilities $ 53,545 $ — $ 53,545 Changes in the fair values of the Partnership’s derivative instruments (both assets and liabilities) are presented on a net basis in the accompanying consolidated statements of operations and consolidated statements of cash flows and consist of the following for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, Derivatives not designated as hedging instruments 2022 2021 2022 2021 (in thousands) Beginning fair value of commodity derivative instruments $ (107,218) $ (85,511) $ (53,545) $ (20,017) Gain (loss) on oil derivative instruments 32,022 (10,227) (33,096) (69,296) Gain (loss) on natural gas derivative instruments (36,748) (67,334) (118,999) (95,627) Net cash paid (received) on settlements of oil derivative instruments 23,275 20,811 65,512 41,223 Net cash paid (received) on settlements of natural gas derivative instruments 45,596 13,329 97,055 14,785 Net change in fair value of commodity derivative instruments 64,145 (43,421) 10,472 (108,915) Ending fair value of commodity derivative instruments $ (43,073) $ (128,932) $ (43,073) $ (128,932) The Partnership had the following open derivative contracts for oil as of September 30, 2022: Weighted Average Price (Per Bbl) Range (Per Bbl) Period and Type of Contract Volume (Bbl) Low High Oil Swap Contracts: 2022 Third Quarter 220,000 $ 66.47 $ 55.29 $ 83.91 Fourth Quarter 660,000 66.47 55.29 83.91 2023 First Quarter 510,000 $ 79.16 $ 73.00 $ 85.93 Second Quarter 420,000 80.84 73.00 89.50 Third Quarter 420,000 80.84 73.00 89.50 Fourth Quarter 420,000 80.84 73.00 89.50 The Partnership had the following open derivative contracts for natural gas as of September 30, 2022: Weighted Average Price (Per MMBtu) Range (Per MMBtu) Period and Type of Contract Volume (MMBtu) Low High Natural Gas Swap Contracts: 2022 Fourth Quarter 9,000,000 $ 3.12 $ 2.80 $ 4.30 2023 First Quarter 9,000,000 $ 5.07 $ 3.28 $ 6.59 Second Quarter 8,190,000 5.15 3.28 6.59 Third Quarter 8,280,000 5.15 3.28 6.59 Fourth Quarter 8,280,000 5.15 3.28 6.59 The Partnership entered into the following derivative contracts for oil subsequent to September 30, 2022: Weighted Average Price (Per Bbl) Range (Per Bbl) Period and Type of Contract Volume (Bbl) Low High Oil Swap Contracts: 2023 First Quarter 60,000 $ 77.50 $ 77.50 $ 77.50 Second Quarter 60,000 77.50 77.50 77.50 Third Quarter 60,000 77.50 77.50 77.50 Fourth Quarter 60,000 77.50 77.50 77.50

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair value is defined as the amount at which an asset (or liability) could be bought (or incurred) or sold (or settled) in an orderly transaction between market participants at the measurement date. Further, ASC 820, Fair Value Measurement , establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value, and includes certain disclosure requirements. Fair value estimates are based on either (i) actual market data or (ii) assumptions that other market participants would use in pricing an asset or liability, including estimates of risk. ASC 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows: Level 1 —Unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 —Quoted prices for similar assets or liabilities in non-active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 —Inputs that are unobservable and significant to the fair value measurement (including the Partnership’s own assumptions in determining fair value). A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The carrying value of the Partnership's cash and cash equivalents, receivables, and payables approximate fair value due to the short-term nature of the instruments. The estimated carrying value of all debt as of September 30, 2022 and December 31, 2021 approximated the fair value due to variable market rates of interest. These debt fair values, which are Level 3 measurements, were estimated based on the Partnership’s incremental borrowing rates for similar types of borrowing arrangements, when quoted market prices were not available. The estimated fair values of the Partnership’s financial instruments are not necessarily indicative of the amounts that would be realized in a current market exchange. Assets and Liabilities Measured at Fair Value on a Recurring Basis The Partnership estimated the fair value of commodity derivative financial instruments using the market approach via a model that uses inputs that are observable in the market or can be derived from, or corroborated by, observable data. See Note 4 - Commodity Derivative Financial Instruments for further discussion. The following table presents information about the Partnership’s assets and liabilities measured at fair value on a recurring basis: Fair Value Measurements Using Effect of Counterparty Netting Total Level 1 Level 2 Level 3 (in thousands) As of September 30, 2022 Financial Assets Commodity derivative instruments $ — $ 24,686 $ — $ (17,807) $ 6,879 Financial Liabilities Commodity derivative instruments $ — $ 67,759 $ — $ (17,807) $ 49,952 As of December 31, 2021 Financial Assets Commodity derivative instruments $ — $ — $ — $ — $ — Financial Liabilities Commodity derivative instruments $ — $ 53,545 $ — $ — $ 53,545 Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis Nonfinancial assets and liabilities measured at fair value on a non-recurring basis include certain nonfinancial assets and liabilities as may be acquired in a business combination and measurements of oil and natural gas property values for assessment of impairment. The determination of the fair values of proved and unproved properties acquired in business combinations are estimated by discounting projected future cash flows. The factors used to determine fair value include estimates of economic reserves, future operating and development costs, future commodity prices, timing of future production, and a risk-adjusted discount rate. The Partnership has designated these measurements as Level 3. The Partnership’s fair value assessments for recent acquisitions are included in Note 3 - Oil and Natural Gas Properties. Oil and natural gas properties are measured at fair value on a non-recurring basis using the income approach when assessing for impairment. The factors used to determine fair value include estimates of proved reserves, future commodity prices, timing of future production, operating costs, future capital expenditures, and a risk-adjusted discount rate. The Partnership’s estimates of fair value have been determined at discrete points in time based on relevant market data. These estimates involve uncertainty, particularly in the current volatile market, and cannot be determined with precision. Changes to these estimates, particularly related to economic reserves, future commodity prices, and timing of future production could result in additional impairment charges in the future. There were no significant changes in valuation techniques or related inputs as of September 30, 2022 or December 31, 2021.

CREDIT FACILITY

CREDIT FACILITY	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
CREDIT FACILITY	CREDIT FACILITY The Partnership maintains a senior secured revolving credit agreement, as amended (the “Credit Facility”). The Credit Facility has an aggregate maximum credit amount of $1.0 billion. The commitment of the lenders equals the least of the aggregate maximum credit amount, the then-effective borrowing base, and the aggregate elected commitment, as it may be adjusted from time to time. The amount of the borrowing base is redetermined semi-annually, usually in October and April, and is derived from the value of the Partnership’s oil and natural gas properties as determined by the lender syndicate using pricing assumptions that often differ from the current market for future prices. The Partnership and the lenders (at the direction of two-thirds of the lenders) each have discretion to request a borrowing base redetermination one time between scheduled redeterminations. The Partnership also has the right to request a redetermination following the acquisition of oil and natural gas properties in excess of 10% of the value of the borrowing base immediately prior to such acquisition. The October 2021 and April 2022 borrowing base redeterminations reaffirmed the borrowing base at $400.0 million. In October 2022, the Partnership revised and amended the Credit Facility to extend the maturity date from November 1, 2024 to October 31, 2027. Concurrent with the Credit Facility amendment, the borrowing base under the Credit Facility was increased to $550.0 million and the Partnership elected to lower commitments under the Credit Facility from $400.0 million to $375.0 million. No other significant terms were changed as part of the amendment. Please see Item 5 of Part II of this quarterly report for a more detailed description of the amendment to the Credit Facility. The next semi-annual redetermination is scheduled for April 2023. Outstanding borrowings under the Credit Facility bear interest at a floating rate elected by the Partnership equal to an alternative base rate (which is equal to the greatest of the Prime Rate, the Federal Funds effective rate plus 0.50%, or 1-month LIBOR plus 1.00%) or LIBOR, in each case, plus the applicable margin. As of December 31, 2021 and September 30, 2022, the applicable margin for the alternative base rate ranged from 1.50% to 2.50% and the applicable margin for LIBOR ranged from 2.50% to 3.50%, depending on the borrowings outstanding in relation to the borrowing base. In October 2022, the Credit Facility was amended to replace the LIBOR rate with the secured overnight financing rate published by the Federal Reserve Bank of New York ("SOFR"). The weighted-average interest rate of the Credit Facility was 5.50% and 2.61% as of September 30, 2022 and December 31, 2021, respectively. Accrued interest is payable at the end of each calendar quarter or at the end of each interest period, unless the interest period is longer than 90 days, in which case interest is payable at the end of every 90-day period. In addition, a commitment fee is payable at the end of each calendar quarter based on either a rate of 0.375% if the borrowing base utilization percentage is less than 50%, or 0.500% per annum if the borrowing base utilization percentage is equal to or greater than 50%. The Credit Facility is secured by substantially all of the Partnership’s oil and natural gas production and assets. The Credit Facility contains various limitations on future borrowings, leases, hedging, and sales of assets. Additionally, the Credit Facility requires the Partnership to maintain a current ratio of not less than 1.0:1.0 and a ratio of total debt to EBITDAX (Earnings before Interest, Taxes, Depreciation, Amortization, and Exploration) of not more than 3.5:1.0. Distributions are not permitted if there is a default under the Credit Facility (including the failure to satisfy one of the financial covenants), if the availability under the Credit Facility is less than 10% of the lenders' commitments, or if total debt to EBITDAX is greater than 3.0. As of September 30, 2022, the Partnership was in compliance with all financial covenants in the Credit Facility. The aggregate principal balance outstanding was $60.0 million and $89.0 million at September 30, 2022 and December 31, 2021, respectively. The unused portion of the available borrowings under the Credit Facility were $340.0 million and $311.0 million at September 30, 2022 and December 31, 2021, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Environmental Matters The Partnership’s business includes activities that are subject to U.S. federal, state, and local environmental regulations with regard to air, land, and water quality and other environmental matters. The Partnership does not consider the potential remediation costs that could result from issues identified in any environmental site assessments to be significant to the consolidated financial statements, and no provision for potential remediation costs has been recorded.

INCENTIVE COMPENSATION

INCENTIVE COMPENSATION	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
INCENTIVE COMPENSATION	INCENTIVE COMPENSATION The table below summarizes incentive compensation expense recorded in the General and administrative line item of the consolidated statements of operations for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Cash—short and long-term incentive plans $ 1,422 $ 2,118 $ 4,381 $ 5,232 Equity-based compensation—restricted common units 1,054 1,073 3,030 3,059 Equity-based compensation—restricted performance units 2,949 1,762 7,186 5,620 Board of Directors incentive plan 531 337 1,593 1,026 Total incentive compensation expense $ 5,956 $ 5,290 $ 16,190 $ 14,937

PREFERRED UNITS

PREFERRED UNITS	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
PREFERRED UNITS	PREFERRED UNITS Series B Cumulative Convertible Preferred Units On November 28, 2017, the Partnership issued and sold in a private placement 14,711,219 Series B cumulative convertible preferred units representing limited partner interests in the Partnership for a cash purchase price of $20.3926 per Series B cumulative convertible preferred unit, resulting in total proceeds of approximately $300.0 million. The Series B cumulative convertible preferred units are entitled to an annual distribution of 7%, payable on a quarterly basis in arrears. The Series B cumulative convertible preferred units may be converted by each holder at its option, in whole or in part, into common units on a one-for-one basis at the purchase price of $20.3926, adjusted to give effect to any accrued but unpaid accumulated distributions on the applicable Series B cumulative convertible preferred units through the most recent declaration date. However, the Partnership shall not be obligated to honor any request for such conversion if such request does not involve an underlying value of common units of at least $10.0 million based on the closing trading price of common units on the trading day immediately preceding the conversion notice date, or such lesser amount to the extent such exercise covers all of a holder's Series B cumulative convertible preferred units. The Series B cumulative convertible preferred units had a carrying value of $298.4 million, including accrued distributions of $5.3 million, as of September 30, 2022 and December 31, 2021. The Series B cumulative convertible preferred units are classified as mezzanine equity on the consolidated balance sheets since certain provisions of redemption are outside the control of the Partnership. The Partnership has the option to redeem the Series B cumulative convertible preferred units for a 90-day period beginning on November 28, 2023 at a redemption price of $21.41 per Series B cumulative convertible preferred unit. Thereafter, the Partnership may redeem the Series B cumulative convertible preferred units at par within a 90-day period on each second anniversary following November 28, 2023.

EARNINGS PER UNIT

EARNINGS PER UNIT	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
EARNINGS PER UNIT	EARNINGS PER UNIT The Partnership applies the two-class method for purposes of calculating earnings per unit (“EPU”). The holders of the Partnership’s restricted common units have all the rights of a unitholder, including non-forfeitable distribution rights. As participating securities, the restricted common units are included in the calculation of basic earnings per unit. For the periods presented, the amount of earnings allocated to these participating units was not material. Net income (loss) attributable to the Partnership is allocated to the Partnership’s general partner and the common unitholders in proportion to their pro rata ownership after giving effect to distributions, if any, declared during the period. The Partnership assesses the Series B cumulative convertible preferred units on an as-converted basis for the purpose of calculating diluted EPU. The Partnership’s restricted performance unit awards are contingently issuable units that are considered in the calculation of diluted EPU. The Partnership assesses the number of units that would be issuable, if any, under the terms of the arrangement if the end of the reporting period were the end of the contingency period. The following table sets forth the computation of basic and diluted earnings per common unit: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands, except per unit amounts) NET INCOME (LOSS) $ 168,475 $ 16,178 $ 293,261 $ 47,793 Distributions on Series B cumulative convertible preferred units (5,250) (5,250) (15,750) (15,750) NET INCOME (LOSS) ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON UNITS $ 163,225 $ 10,928 $ 277,511 $ 32,043 ALLOCATION OF NET INCOME (LOSS): General partner interest $ — $ — $ — $ — Common units 163,225 10,928 277,511 32,043 $ 163,225 $ 10,928 $ 277,511 $ 32,043 NET INCOME (LOSS) ATTRIBUTABLE TO LIMITED PARTNERS PER COMMON UNIT: Per common unit (basic) $ 0.78 $ 0.05 $ 1.33 $ 0.15 Per common unit (diluted) 1 $ 0.75 $ 0.05 $ 1.31 $ 0.15 WEIGHTED AVERAGE COMMON UNITS OUTSTANDING: Weighted average common units outstanding (basic) 209,402 208,653 209,374 208,018 Effect of dilutive securities 14,969 — 14,969 — Weighted average common units outstanding (diluted) 224,371 208,653 224,343 208,018 1 For the Three Months Ended September 30, 2022 and the Nine Months Ended September 30, 2022, diluted net income (loss) attributable to common units included distributions on Series B cumulative convertible preferred units of $5.3 million and $15.8 million, respectively. The following units of potentially dilutive securities were excluded from the computation of diluted weighted average units outstanding because their inclusion would be anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Potentially dilutive securities (common units): Series B cumulative convertible preferred units on an as-converted basis — 14,969 — 14,969

COMMON UNITS

COMMON UNITS	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
COMMON UNITS	NOTE 11 - COMMON UNITS Common Units The common units represent limited partner interests in the Partnership. The holders of common units are entitled to participate in distributions and exercise the rights and privileges provided to limited partners holding common units under the partnership agreement. The partnership agreement restricts unitholders’ voting rights by providing that any units held by a person or group that owns 15% or more of any class of units then outstanding, other than the limited partners in Black Stone Minerals Company, L.P. prior to the IPO, their transferees, persons who acquired such units with the prior approval of the Board, holders of Series B cumulative convertible preferred units in connection with any vote, consent or approval of the Series B cumulative convertible preferred units as a separate class, and persons who own 15% or more of any class as a result of any redemption or purchase of any other person's units or similar action by the Partnership or any conversion of the Series B cumulative convertible preferred units at the Partnership's option or in connection with a change of control, may not vote on any matter. The partnership agreement generally provides that any distributions are paid each quarter in the following manner: • first , to the holders of the Series B cumulative convertible preferred units in an amount equal to 7% per annum, subject to certain adjustments; and • second , to the holders of common units. The following table provides information about the Partnership's per unit distributions to common unitholders: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Distributions declared and paid per common unit $ 0.4200 $ 0.2500 $ 1.0900 $ 0.6000 Common Unit Repurchase Program On November 5, 2018, the Board authorized the repurchase of up to $75.0 million in common units. The repurchase program authorizes the Partnership to make repurchases on a discretionary basis as determined by management, subject to market conditions, applicable legal requirements, available liquidity, and other appropriate factors. The Partnership made no repurchases under this program for the nine months ended September 30, 2022. As of September 30, 2022, the Partnership has repurchased $4.2 million in common units under the repurchase program since inception. The repurchase program is funded from the Partnership's cash on hand or availability on the Credit Facility. Any repurchased units are canceled.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On October 19, 2022, the Board approved a distribution for the three months ended September 30, 2022 of $0.45 per common unit. Distributions will be payable on November 17, 2022 to unitholders of record at the close of business on November 10, 2022. In October 2022 the Partnership revised and amended the Credit Facility to extend the maturity date from November 1, 2024 to October 31, 2027. Concurrent with the Credit Facility amendment, the borrowing base under the Credit Facility was increased to $550.0 million and the Partnership elected to lower commitments under the Credit Facility from $400.0 million to $375.0 million. No other significant terms were changed as part of the amendment. Please see Item 5 of Part II of this quarterly report for a more detailed description of the amendment to the Credit Facility.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements of the Partnership have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These unaudited interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all disclosures required for financial statements prepared in conformity with GAAP. Accordingly, the accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the Partnership’s consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2021 ("2021 Annual Report on Form 10-K"). The unaudited interim consolidated financial statements include the consolidated results of the Partnership. The results of operations for the nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year. In the opinion of management, all adjustments, which are of a normal and recurring nature, necessary for the fair presentation of the financial results for all periods presented have been reflected. All intercompany balances and transactions have been eliminated. The Partnership evaluates the significant terms of its investments to determine the method of accounting to be applied to each respective investment. Investments in which the Partnership has less than a 20% ownership interest and does not have control or exercise significant influence are accounted for using fair value or cost minus impairment if fair value is not readily determinable. Investments in which the Partnership exercises control are consolidated, and the noncontrolling interests of such investments, which are not attributable directly or indirectly to the Partnership, are presented as a separate component of net income (loss) and equity. The unaudited interim consolidated financial statements include undivided interests in oil and natural gas property rights. The Partnership accounts for its share of oil and natural gas property rights by reporting its proportionate share of assets, liabilities, revenues, costs, and cash flows within the relevant lines on the accompanying unaudited interim consolidated balance sheets, statements of operations, and statements of cash flows.
Segment Reporting	Segment Reporting The Partnership operates in a single operating and reportable segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. The Partnership’s chief executive officer has been determined to be the chief operating decision maker and allocates resources and assesses performance based upon financial information at the consolidated level.
Earnings Per Unit	The Partnership applies the two-class method for purposes of calculating earnings per unit (“EPU”). The holders of the Partnership’s restricted common units have all the rights of a unitholder, including non-forfeitable distribution rights. As participating securities, the restricted common units are included in the calculation of basic earnings per unit. For the periods presented, the amount of earnings allocated to these participating units was not material. Net income (loss) attributable to the Partnership is allocated to the Partnership’s general partner and the common unitholders in proportion to their pro rata ownership after giving effect to distributions, if any, declared during the period.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Tables)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Schedule of Accounts Receivable	The following table presents information about the Partnership's accounts receivable: September 30, 2022 December 31, 2021 (in thousands) Accounts receivable: Revenues from contracts with customers $ 150,909 $ 93,005 Other 6,978 4,137 Total accounts receivable $ 157,887 $ 97,142

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES (Tables)	9 Months Ended
	Sep. 30, 2022
Extractive Industries [Abstract]
Business Combination, Segment Allocation	The following tables present the working interests each farmout partner will earn within the contract area under the San Augustine farmout agreements: Brent Miller Area Farmout Partner % of Partnership's Working Interest Maximum % on an 8/8ths basis Canaan 64.0 % 32.0 % Azul 20.0 % 10.0 % JWM 16.0 % 8.0 % Total 100.0 % 50.0 % Other Areas Farmout Partner % of Partnership's Working Interest Maximum % on an 8/8ths basis Canaan 40.0 % 10.0 % Azul 50.0 % 12.5 % JWM 10.0 % 2.5 % Total 100.0 % 25.0 %

COMMODITY DERIVATIVE FINANCIA_2

COMMODITY DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Fair Value and Classification of Derivative Instruments	The tables below summarize the fair values and classifications of the Partnership’s derivative instruments, as well as the gross recognized derivative assets, liabilities, and amounts offset in the consolidated balance sheets as of each date: September 30, 2022 Classification Balance Sheet Location Gross Effect of Counterparty Netting Net Carrying Value on Balance Sheet (in thousands) Assets: Current asset Commodity derivative assets $ 15,678 $ (15,678) $ — Long-term asset Deferred charges and other long-term assets 9,008 (2,129) 6,879 Total assets $ 24,686 $ (17,807) $ 6,879 Liabilities: Current liability Commodity derivative liabilities $ 63,805 $ (15,678) $ 48,127 Long-term liability Commodity derivative liabilities 3,954 (2,129) 1,825 Total liabilities $ 67,759 $ (17,807) $ 49,952 December 31, 2021 Classification Balance Sheet Location Gross Effect of Counterparty Netting Net Carrying Value on Balance Sheet (in thousands) Assets: Current asset Commodity derivative assets $ — $ — $ — Long-term asset Deferred charges and other long-term assets — — — Total assets $ — $ — $ — Liabilities: Current liability Commodity derivative liabilities $ 51,544 $ — $ 51,544 Long-term liability Commodity derivative liabilities 2,001 — 2,001 Total liabilities $ 53,545 $ — $ 53,545
Changes in Fair Value of Company's Commodity Derivative Instruments	Changes in the fair values of the Partnership’s derivative instruments (both assets and liabilities) are presented on a net basis in the accompanying consolidated statements of operations and consolidated statements of cash flows and consist of the following for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, Derivatives not designated as hedging instruments 2022 2021 2022 2021 (in thousands) Beginning fair value of commodity derivative instruments $ (107,218) $ (85,511) $ (53,545) $ (20,017) Gain (loss) on oil derivative instruments 32,022 (10,227) (33,096) (69,296) Gain (loss) on natural gas derivative instruments (36,748) (67,334) (118,999) (95,627) Net cash paid (received) on settlements of oil derivative instruments 23,275 20,811 65,512 41,223 Net cash paid (received) on settlements of natural gas derivative instruments 45,596 13,329 97,055 14,785 Net change in fair value of commodity derivative instruments 64,145 (43,421) 10,472 (108,915) Ending fair value of commodity derivative instruments $ (43,073) $ (128,932) $ (43,073) $ (128,932)
Summary of Open Derivative Contracts	The Partnership had the following open derivative contracts for oil as of September 30, 2022: Weighted Average Price (Per Bbl) Range (Per Bbl) Period and Type of Contract Volume (Bbl) Low High Oil Swap Contracts: 2022 Third Quarter 220,000 $ 66.47 $ 55.29 $ 83.91 Fourth Quarter 660,000 66.47 55.29 83.91 2023 First Quarter 510,000 $ 79.16 $ 73.00 $ 85.93 Second Quarter 420,000 80.84 73.00 89.50 Third Quarter 420,000 80.84 73.00 89.50 Fourth Quarter 420,000 80.84 73.00 89.50 The Partnership had the following open derivative contracts for natural gas as of September 30, 2022: Weighted Average Price (Per MMBtu) Range (Per MMBtu) Period and Type of Contract Volume (MMBtu) Low High Natural Gas Swap Contracts: 2022 Fourth Quarter 9,000,000 $ 3.12 $ 2.80 $ 4.30 2023 First Quarter 9,000,000 $ 5.07 $ 3.28 $ 6.59 Second Quarter 8,190,000 5.15 3.28 6.59 Third Quarter 8,280,000 5.15 3.28 6.59 Fourth Quarter 8,280,000 5.15 3.28 6.59 The Partnership entered into the following derivative contracts for oil subsequent to September 30, 2022: Weighted Average Price (Per Bbl) Range (Per Bbl) Period and Type of Contract Volume (Bbl) Low High Oil Swap Contracts: 2023 First Quarter 60,000 $ 77.50 $ 77.50 $ 77.50 Second Quarter 60,000 77.50 77.50 77.50 Third Quarter 60,000 77.50 77.50 77.50 Fourth Quarter 60,000 77.50 77.50 77.50

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table presents information about the Partnership’s assets and liabilities measured at fair value on a recurring basis: Fair Value Measurements Using Effect of Counterparty Netting Total Level 1 Level 2 Level 3 (in thousands) As of September 30, 2022 Financial Assets Commodity derivative instruments $ — $ 24,686 $ — $ (17,807) $ 6,879 Financial Liabilities Commodity derivative instruments $ — $ 67,759 $ — $ (17,807) $ 49,952 As of December 31, 2021 Financial Assets Commodity derivative instruments $ — $ — $ — $ — $ — Financial Liabilities Commodity derivative instruments $ — $ 53,545 $ — $ — $ 53,545

INCENTIVE COMPENSATION (Tables)

INCENTIVE COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Incentive Compensation Expense	The table below summarizes incentive compensation expense recorded in the General and administrative line item of the consolidated statements of operations for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Cash—short and long-term incentive plans $ 1,422 $ 2,118 $ 4,381 $ 5,232 Equity-based compensation—restricted common units 1,054 1,073 3,030 3,059 Equity-based compensation—restricted performance units 2,949 1,762 7,186 5,620 Board of Directors incentive plan 531 337 1,593 1,026 Total incentive compensation expense $ 5,956 $ 5,290 $ 16,190 $ 14,937

EARNINGS PER UNIT (Tables)

EARNINGS PER UNIT (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings per Common and Subordinated Unit	The following table sets forth the computation of basic and diluted earnings per common unit: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands, except per unit amounts) NET INCOME (LOSS) $ 168,475 $ 16,178 $ 293,261 $ 47,793 Distributions on Series B cumulative convertible preferred units (5,250) (5,250) (15,750) (15,750) NET INCOME (LOSS) ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON UNITS $ 163,225 $ 10,928 $ 277,511 $ 32,043 ALLOCATION OF NET INCOME (LOSS): General partner interest $ — $ — $ — $ — Common units 163,225 10,928 277,511 32,043 $ 163,225 $ 10,928 $ 277,511 $ 32,043 NET INCOME (LOSS) ATTRIBUTABLE TO LIMITED PARTNERS PER COMMON UNIT: Per common unit (basic) $ 0.78 $ 0.05 $ 1.33 $ 0.15 Per common unit (diluted) 1 $ 0.75 $ 0.05 $ 1.31 $ 0.15 WEIGHTED AVERAGE COMMON UNITS OUTSTANDING: Weighted average common units outstanding (basic) 209,402 208,653 209,374 208,018 Effect of dilutive securities 14,969 — 14,969 — Weighted average common units outstanding (diluted) 224,371 208,653 224,343 208,018 1 For the Three Months Ended September 30, 2022 and the Nine Months Ended September 30, 2022, diluted net income (loss) attributable to common units included distributions on Series B cumulative convertible preferred units of $5.3 million and $15.8 million, respectively.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following units of potentially dilutive securities were excluded from the computation of diluted weighted average units outstanding because their inclusion would be anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Potentially dilutive securities (common units): Series B cumulative convertible preferred units on an as-converted basis — 14,969 — 14,969

COMMON UNITS (Tables)

COMMON UNITS (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Distributions Made to Limited Partner, by Distribution	The following table provides information about the Partnership's per unit distributions to common unitholders: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Distributions declared and paid per common unit $ 0.4200 $ 0.2500 $ 1.0900 $ 0.6000

BUSINESS AND BASIS OF PRESENT_2

BUSINESS AND BASIS OF PRESENTATION - Narrative (Details)	Sep. 30, 2022 state
Limited Partners Capital Account [Line Items]
Cost basis, ownership percentage	20%
U.S.
Limited Partners Capital Account [Line Items]
Number of states major onshore oil and natural gas basins located	41

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 157,887	$ 97,142
Revenues from contracts with customers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	150,909	93,005
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 6,978	$ 4,137

OIL AND NATURAL GAS PROPERTIE_2

OIL AND NATURAL GAS PROPERTIES - Acquisitions (Details) - Mineral And Royalty Acreage In Northern Midland Basin $ in Millions	1 Months Ended
	May 31, 2021 USD ($)
Business Acquisition [Line Items]
Total consideration	$ 20.8
Purchase price, cash	10
Common unit consideration for acquisition	10.8
Proved oil and natural gas properties	4.9
Unproved oil and natural gas properties	15.6
Net working capital	$ 0.3

OIL AND NATURAL GAS PROPERTIE_3

OIL AND NATURAL GAS PROPERTIES - Divestitures (Details) - USD ($) $ in Thousands		9 Months Ended
	Sep. 01, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestures		$ 17	$ 317
Disposal Group, Disposed of by Sale, Not Discontinued Operations | TWL Investments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestures	$ 200
Book value of divestures	3,000
Book value of asset retirement obligation	$ 5,700

OIL AND NATURAL GAS PROPERTIE_4

OIL AND NATURAL GAS PROPERTIES - Farmout Agreements (Details) - well	1 Months Ended				3 Months Ended
	May 31, 2023	May 31, 2021	Mar. 31, 2021	Nov. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2022
Asset Acquisition [Line Items]
Partnership agreement term (in years)		10 years
Farmout Agreement | XTO Energy Inc. | San Augustine County, Texas
Asset Acquisition [Line Items]
Partition agreement, ownership interest in partitioned drilling units, percent			100%
Farmout Agreement | Aethon Energy | San Augustine County, Texas
Asset Acquisition [Line Items]
Exploratory wells, expected to be drilled, initial program year					5
Exploratory wells, expected to be drilled					10
Exploratory wells, expected to be drilled per year					12
Farmout Agreement | Azul-SA, LLC And Canaan Resource Partners | San Augustine County, Texas
Asset Acquisition [Line Items]
Oil, productive well, number of wells, net							6
Farmout Agreement | Pivotal | Angelina County, Texas
Asset Acquisition [Line Items]
Exploratory wells, expected to be drilled, initial program year						4
Exploratory wells, expected to be drilled						10
Farmout Agreement | Pivotal | Angelina County, Texas | Forecast
Asset Acquisition [Line Items]
Exploratory wells, expected to be drilled per year	15
Farmout Agreement | Second Pivotal Farmout | Angelina County, Texas
Asset Acquisition [Line Items]
Oil, productive well, number of wells, net							16
Asset acquisition, ownership interest, in wells operated by others, percent				100%
Farmout Agreement | Second Pivotal Farmout | Angelina County, Texas | Minimum
Asset Acquisition [Line Items]
Asset acquisition, ownership interest, in wells operated by others, gross, percent				12.50%
Farmout Agreement | Second Pivotal Farmout | Angelina County, Texas | Maximum
Asset Acquisition [Line Items]
Asset acquisition, ownership interest, in wells operated by others, gross, percent				25%

OIL AND NATURAL GAS PROPERTIE_5

OIL AND NATURAL GAS PROPERTIES - Ownership Interest (Details)	1 Months Ended
	May 31, 2021
Partitioned Acreage From XTO
Asset Acquisition [Line Items]
Asset acquisition, ownership interest, in wells operated by others, percent	100%
Asset acquisition, ownership interest, gross, percent	50%
Other
Asset Acquisition [Line Items]
Asset acquisition, ownership interest, in wells operated by others, percent	100%
Asset acquisition, ownership interest, gross, percent	25%
Canaan Resource Partners | San Augustine County, Texas | Partitioned Acreage From XTO | Farmout Agreement
Asset Acquisition [Line Items]
Asset acquisition, ownership interest, in wells operated by others, percent	64%
Canaan Resource Partners | San Augustine County, Texas | Partitioned Acreage From XTO | Farmout Agreement | Maximum
Asset Acquisition [Line Items]
Asset acquisition, ownership interest, gross, percent	32%
Canaan Resource Partners | San Augustine County, Texas | Other | Farmout Agreement
Asset Acquisition [Line Items]
Asset acquisition, ownership interest, in wells operated by others, percent	40%
Asset acquisition, ownership interest, gross, percent	10%
Azul-SA, LLC | San Augustine County, Texas | Partitioned Acreage From XTO | Farmout Agreement
Asset Acquisition [Line Items]
Asset acquisition, ownership interest, in wells operated by others, percent	20%
Azul-SA, LLC | San Augustine County, Texas | Partitioned Acreage From XTO | Farmout Agreement | Maximum
Asset Acquisition [Line Items]
Asset acquisition, ownership interest, gross, percent	10%
Azul-SA, LLC | San Augustine County, Texas | Other | Farmout Agreement
Asset Acquisition [Line Items]
Asset acquisition, ownership interest, in wells operated by others, percent	50%
Azul-SA, LLC | San Augustine County, Texas | Other | Farmout Agreement | Maximum
Asset Acquisition [Line Items]
Asset acquisition, ownership interest, gross, percent	12.50%
JWM Oil & Gas LLC | San Augustine County, Texas | Partitioned Acreage From XTO | Farmout Agreement
Asset Acquisition [Line Items]
Asset acquisition, ownership interest, in wells operated by others, percent	16%
JWM Oil & Gas LLC | San Augustine County, Texas | Partitioned Acreage From XTO | Farmout Agreement | Maximum
Asset Acquisition [Line Items]
Asset acquisition, ownership interest, gross, percent	8%
JWM Oil & Gas LLC | San Augustine County, Texas | Other | Farmout Agreement
Asset Acquisition [Line Items]
Asset acquisition, ownership interest, in wells operated by others, percent	10%
JWM Oil & Gas LLC | San Augustine County, Texas | Other | Farmout Agreement | Maximum
Asset Acquisition [Line Items]
Asset acquisition, ownership interest, gross, percent	2.50%

OIL AND NATURAL GAS PROPERTIE_6

OIL AND NATURAL GAS PROPERTIES - Impairment of Oil and Gas Properties (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Extractive Industries [Abstract]
Impairment of oil and natural gas properties	$ 0	$ 0

COMMODITY DERIVATIVE FINANCIA_3

COMMODITY DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details)	Sep. 30, 2022 counterparty
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of counterparties	7

COMMODITY DERIVATIVE FINANCIA_4

COMMODITY DERIVATIVE FINANCIAL INSTRUMENTS - Summary of Fair Value and Classification of Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivatives Fair Value [Line Items]
Gross fair value, assets	$ 24,686	$ 0
Effect of counterparty netting, assets	(17,807)	0
Total net carrying value on balance sheet, assets	6,879	0
Gross fair value, liabilities	67,759	53,545
Effect of counterparty netting, liabilities	(17,807)	0
Total net carrying value on balance sheet, liabilities	49,952	53,545
Commodity derivative assets
Derivatives Fair Value [Line Items]
Gross fair value, assets	15,678	0
Effect of counterparty netting, assets	(15,678)	0
Total net carrying value on balance sheet, assets	0	0
Deferred charges and other long-term assets
Derivatives Fair Value [Line Items]
Gross fair value, assets	9,008	0
Effect of counterparty netting, assets	(2,129)	0
Total net carrying value on balance sheet, assets	6,879	0
Commodity derivative liabilities, current
Derivatives Fair Value [Line Items]
Gross fair value, liabilities	63,805	51,544
Effect of counterparty netting, liabilities	(15,678)	0
Total net carrying value on balance sheet, liabilities	48,127	51,544
Commodity derivative liabilities, long-term
Derivatives Fair Value [Line Items]
Gross fair value, liabilities	3,954	2,001
Effect of counterparty netting, liabilities	(2,129)	0
Total net carrying value on balance sheet, liabilities	$ 1,825	$ 2,001

COMMODITY DERIVATIVE FINANCIA_5

COMMODITY DERIVATIVE FINANCIAL INSTRUMENTS - Changes in Fair Value of Company's Commodity Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivatives not designated as hedging instruments
Gain (loss) on commodity derivative instruments	$ (4,726)	$ (77,561)	$ (152,095)	$ (164,923)
Net cash paid (received) on settlements of derivative instruments			162,567	56,008
Not Designated as Hedging Instrument
Derivatives not designated as hedging instruments
Beginning fair value of commodity derivative instruments	(107,218)	(85,511)	(53,545)	(20,017)
Net change in fair value of commodity derivative instruments	64,145	(43,421)	10,472	(108,915)
Ending fair value of commodity derivative instruments	(43,073)	(128,932)	(43,073)	(128,932)
Not Designated as Hedging Instrument | Oil
Derivatives not designated as hedging instruments
Gain (loss) on commodity derivative instruments	32,022	(10,227)	(33,096)	(69,296)
Net cash paid (received) on settlements of derivative instruments	23,275	20,811	65,512	41,223
Not Designated as Hedging Instrument | Natural gas and natural gas liquids sales
Derivatives not designated as hedging instruments
Gain (loss) on commodity derivative instruments	(36,748)	(67,334)	(118,999)	(95,627)
Net cash paid (received) on settlements of derivative instruments	$ 45,596	$ 13,329	$ 97,055	$ 14,785

COMMODITY DERIVATIVE FINANCIA_6

COMMODITY DERIVATIVE FINANCIAL INSTRUMENTS - Summary of Open Derivative Contracts for Oil and Natural Gas (Details) - 9 months ended Sep. 30, 2022 - Not Designated as Hedging Instrument - Swap - Swaps Contract bbl in Thousands, MMBTU in Thousands	MMBTU $ / bbl bbl	$ / MMBTU
Oil | Third Quarter 2022
Derivative [Line Items]
Derivative contract, volume (in Bbl) | bbl	220
Derivative contract, weighted average price (in USD per Bbl or MMBtu) | $ / bbl	66.47
Derivative contract, price range low (in USD per Bbl or MMBtu) | $ / bbl	55.29
Derivative contract, price range high (in USD per Bbl or MMBtu) | $ / bbl	83.91
Oil | Fourth Quarter 2022
Derivative [Line Items]
Derivative contract, volume (in Bbl) | bbl	660
Derivative contract, weighted average price (in USD per Bbl or MMBtu) | $ / bbl	66.47
Derivative contract, price range low (in USD per Bbl or MMBtu) | $ / bbl	55.29
Derivative contract, price range high (in USD per Bbl or MMBtu) | $ / bbl	83.91
Oil | First Quarter 2023
Derivative [Line Items]
Derivative contract, volume (in Bbl) | bbl	510
Derivative contract, volume (in MMBtu) | MMBTU	60
Derivative contract, weighted average price (in USD per Bbl or MMBtu)	79.16	77.50
Derivative contract, price range low (in USD per Bbl or MMBtu)	73	77.50
Derivative contract, price range high (in USD per Bbl or MMBtu)	85.93	77.50
Oil | Second Quarter 2023
Derivative [Line Items]
Derivative contract, volume (in Bbl) | bbl	420
Derivative contract, volume (in MMBtu) | MMBTU	60
Derivative contract, weighted average price (in USD per Bbl or MMBtu)	80.84	77.50
Derivative contract, price range low (in USD per Bbl or MMBtu)	73	77.50
Derivative contract, price range high (in USD per Bbl or MMBtu)	89.50	77.50
Oil | Third Quarter 2023
Derivative [Line Items]
Derivative contract, volume (in Bbl) | bbl	420
Derivative contract, volume (in MMBtu) | MMBTU	60
Derivative contract, weighted average price (in USD per Bbl or MMBtu)	80.84	77.50
Derivative contract, price range low (in USD per Bbl or MMBtu)	73	77.50
Derivative contract, price range high (in USD per Bbl or MMBtu)	89.50	77.50
Oil | Fourth Quarter 2023
Derivative [Line Items]
Derivative contract, volume (in Bbl) | bbl	420
Derivative contract, volume (in MMBtu) | MMBTU	60
Derivative contract, weighted average price (in USD per Bbl or MMBtu)	80.84	77.50
Derivative contract, price range low (in USD per Bbl or MMBtu)	73	77.50
Derivative contract, price range high (in USD per Bbl or MMBtu)	89.50	77.50
Natural gas and natural gas liquids sales | Fourth Quarter 2022
Derivative [Line Items]
Derivative contract, volume (in MMBtu) | MMBTU	9,000
Derivative contract, weighted average price (in USD per Bbl or MMBtu)		3.12
Derivative contract, price range low (in USD per Bbl or MMBtu)		2.80
Derivative contract, price range high (in USD per Bbl or MMBtu)		4.30
Natural gas and natural gas liquids sales | First Quarter 2023
Derivative [Line Items]
Derivative contract, volume (in MMBtu) | MMBTU	9,000
Derivative contract, weighted average price (in USD per Bbl or MMBtu)		5.07
Derivative contract, price range low (in USD per Bbl or MMBtu)		3.28
Derivative contract, price range high (in USD per Bbl or MMBtu)		6.59
Natural gas and natural gas liquids sales | Second Quarter 2023
Derivative [Line Items]
Derivative contract, volume (in MMBtu) | MMBTU	8,190
Derivative contract, weighted average price (in USD per Bbl or MMBtu)		5.15
Derivative contract, price range low (in USD per Bbl or MMBtu)		3.28
Derivative contract, price range high (in USD per Bbl or MMBtu)		6.59
Natural gas and natural gas liquids sales | Third Quarter 2023
Derivative [Line Items]
Derivative contract, volume (in MMBtu) | MMBTU	8,280
Derivative contract, weighted average price (in USD per Bbl or MMBtu)		5.15
Derivative contract, price range low (in USD per Bbl or MMBtu)		3.28
Derivative contract, price range high (in USD per Bbl or MMBtu)		6.59
Natural gas and natural gas liquids sales | Fourth Quarter 2023
Derivative [Line Items]
Derivative contract, volume (in MMBtu) | MMBTU	8,280
Derivative contract, weighted average price (in USD per Bbl or MMBtu)		5.15
Derivative contract, price range low (in USD per Bbl or MMBtu)		3.28
Derivative contract, price range high (in USD per Bbl or MMBtu)		6.59

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gross fair value, assets	$ 24,686	$ 0
Effect of counterparty netting, assets	(17,807)	0
Total net carrying value on balance sheet, assets	6,879	0
Gross fair value, liabilities	67,759	53,545
Effect of counterparty netting, liabilities	(17,807)	0
Total net carrying value on balance sheet, liabilities	49,952	53,545
Commodity Derivative Instruments | Fair Value Measurements, Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Effect of counterparty netting, assets	(17,807)	0
Total net carrying value on balance sheet, assets	6,879	0
Effect of counterparty netting, liabilities	(17,807)	0
Total net carrying value on balance sheet, liabilities	49,952	53,545
Commodity Derivative Instruments | Fair Value Measurements, Recurring Basis | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gross fair value, assets	0	0
Gross fair value, liabilities	0	0
Commodity Derivative Instruments | Fair Value Measurements, Recurring Basis | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gross fair value, assets	24,686	0
Gross fair value, liabilities	67,759	53,545
Commodity Derivative Instruments | Fair Value Measurements, Recurring Basis | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gross fair value, assets	0	0
Gross fair value, liabilities	$ 0	$ 0

CREDIT FACILITY (Details)

CREDIT FACILITY (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Oct. 31, 2022	Apr. 30, 2022	Oct. 31, 2021
Line Of Credit Facility [Line Items]
Current ratio	1
Credit facility	$ 60,000	$ 89,000
Senior Line of Credit | Revolving Credit Facility
Line Of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,000,000
Right to request a redetermination, acquisition of properties in excess of value of borrowing base (percent)	10%
Borrowing base				$ 400,000	$ 400,000
Accordion feature, increase limit	$ 400,000
Weighted average interest rate (percent)	5.50%	2.61%
Interest payable, term	90 days
Borrowing base threshold (percent)	50%
Percentage of availability of lenders' commitments, distributions not permitted	10%
Ratio of total debt to EBITDAX, distributions not permitted	3
Credit facility	$ 60,000	$ 89,000
Unused portion of current borrowing base	$ 340,000	$ 311,000
Senior Line of Credit | Revolving Credit Facility | Subsequent Event
Line Of Credit Facility [Line Items]
Borrowing base			$ 550,000
Accordion feature, increase limit			$ 375,000
Senior Line of Credit | Revolving Credit Facility | Federal Funds
Line Of Credit Facility [Line Items]
Interest rate (percent)	0.50%
Senior Line of Credit | Revolving Credit Facility | LIBOR Plus Margin Rate
Line Of Credit Facility [Line Items]
Interest rate (percent)	1%
Senior Line of Credit | Revolving Credit Facility | Borrowing Base Utilization Percentage Less Than 50%
Line Of Credit Facility [Line Items]
Commitment fee payable rate (percent)	0.375%
Senior Line of Credit | Revolving Credit Facility | Borrowing Base Utilization Percentage Equal to or Greater Than 50%
Line Of Credit Facility [Line Items]
Commitment fee payable rate (percent)	0.50%
Senior Line of Credit | Revolving Credit Facility | Minimum
Line Of Credit Facility [Line Items]
Interest payable, term	90 days
Current ratio	1
Senior Line of Credit | Revolving Credit Facility | Minimum | LIBOR Plus Margin Rate
Line Of Credit Facility [Line Items]
Interest rate (percent)	2.50%	2.50%
Senior Line of Credit | Revolving Credit Facility | Minimum | Prime Rate Plus Margin Rate
Line Of Credit Facility [Line Items]
Interest rate (percent)	1.50%	1.50%
Senior Line of Credit | Revolving Credit Facility | Maximum
Line Of Credit Facility [Line Items]
Ratio of total debt to EBITDAX	3.5
Senior Line of Credit | Revolving Credit Facility | Maximum | LIBOR Plus Margin Rate
Line Of Credit Facility [Line Items]
Interest rate (percent)	3.50%	3.50%
Senior Line of Credit | Revolving Credit Facility | Maximum | Prime Rate Plus Margin Rate
Line Of Credit Facility [Line Items]
Interest rate (percent)	2.50%	2.50%

INCENTIVE COMPENSATION - Summar

INCENTIVE COMPENSATION - Summary of Incentive Compensation Expense (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) MMBoe $ / shares shares	Sep. 30, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Mboe per day | MMBoe			42,000
Current ratio			1
Performance Cash Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation			$ 5,000
Performance Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation			$ 16,400
Grant of stock units (in shares) | shares			1,412,008
Weighted-average grant date fair value (in units per share) | $ / shares			$ 11.58
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash—short and long-term incentive plans	$ 1,422	$ 2,118	$ 4,381	$ 5,232
Incentive compensation expense	5,956	5,290	16,190	14,937
General and administrative expenses | Restricted Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	1,054	1,073	3,030	3,059
General and administrative expenses | Restricted Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	2,949	1,762	7,186	5,620
General and administrative expenses | Common units | Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive compensation expense	$ 531	$ 337	$ 1,593	$ 1,026

PREFERRED UNITS (Details)

PREFERRED UNITS (Details) $ / shares in Units, $ in Thousands			9 Months Ended
	Nov. 28, 2023 $ / shares	Nov. 28, 2017 USD ($) $ / shares shares	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Forecast
Class of Stock [Line Items]
Redemption period (in days)	90 days
Redemption price (in dollars per share) | $ / shares	$ 21.41
Series B Cumulative Convertible Preferred Units
Class of Stock [Line Items]
Shares, price per share (in dollars per share) | $ / shares		$ 20.3926
Proceeds from issuance of convertible preferred stock		$ 300,000
Preferred units distribution rate		7%	7%
Preferred unit conversion ratio		1
Minimum underlying value for conversion trigger		$ 10,000
Preferred units, outstanding value			$ 298,361	$ 298,361
Accrued distributions			$ 5,300	$ 5,300
Series B Cumulative Convertible Preferred Units | Noble Acquisition
Class of Stock [Line Items]
Number of shares issued (in shares) | shares		14,711,219

EARNINGS PER UNIT - Computation

EARNINGS PER UNIT - Computation of Basic and Diluted Earnings per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
NET INCOME (LOSS)	$ 168,475			$ 16,178			$ 293,261	$ 47,793
Distributions on Series B cumulative convertible preferred units	(5,250)			(5,250)			(15,750)	(15,750)
NET INCOME (LOSS) ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON UNITS	163,225			10,928			277,511	32,043
ALLOCATION OF NET INCOME (LOSS):
General partner interest	0			0			0	0
Common units	163,225			10,928			277,511	32,043
NET INCOME (LOSS) ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON UNITS	$ 163,225			$ 10,928			$ 277,511	$ 32,043
NET INCOME (LOSS) ATTRIBUTABLE TO LIMITED PARTNERS PER COMMON UNIT:
Per common unit (basic) (in dollars per share)	$ 0.78			$ 0.05			$ 1.33	$ 0.15
Per common unit (diluted) (in dollars per share)	$ 0.75			$ 0.05			$ 1.31	$ 0.15
WEIGHTED AVERAGE COMMON UNITS OUTSTANDING:
Weighted average common units outstanding (basic) (in shares)	209,402			208,653			209,374	208,018
Effect of dilutive securities (in shares)	14,969			0			14,969	0
Weighted average units outstanding (diluted) (in shares)	224,371			208,653			224,343	208,018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity–based compensation	$ 4,084	$ 2,273	$ 6,659	$ 2,903	$ 2,820	$ 5,353
Partners' equity — common units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity–based compensation	4,084	$ 2,273	$ 6,659	$ 2,903	$ 2,820	$ 5,353
Partners' equity — common units | Series B cumulative convertible preferred units on an as-converted basis
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity–based compensation	$ 5,300						$ 15,800

EARNINGS PER UNIT - Potentially

EARNINGS PER UNIT - Potentially Dilutive Securities Excluded from the Computation of Diluted Weighted Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Series B cumulative convertible preferred units on an as-converted basis | Common units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Units issuable upon conversion of preferred units excluded from the calculation of diluted EPU (in shares)	0	14,969	0	14,969

COMMON UNITS - Narrative (Detai

COMMON UNITS - Narrative (Details) - USD ($) $ in Millions		9 Months Ended
	Nov. 28, 2017	Sep. 30, 2022	Nov. 05, 2018
November 2018 Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount			$ 75
Series B Cumulative Convertible Preferred Units
Class of Stock [Line Items]
Preferred units minimum voting rights rate (percent)		15%
Preferred units distribution rate	7%	7%
Common units | November 2018 Repurchase Program
Class of Stock [Line Items]
Treasury stock, acquired (in shares)		0
Treasury stock, value, acquired, cost method		$ 4.2

COMMON UNITS - Per share distri

COMMON UNITS - Per share distributions to common and subordinated unitholders (Details) - Common units - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Class of Stock [Line Items]
Distributions paid per common unit (in dollars per share)	$ 0.4200	$ 0.2500	$ 1.0900	$ 0.6000
Distributions declared per common unit (in dollars per share)	$ 0.4200	$ 0.2500	$ 1.0900	$ 0.6000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		9 Months Ended
	Oct. 19, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Oct. 31, 2022	Apr. 30, 2022	Oct. 31, 2021
Revolving Credit Facility | Senior Line of Credit
Subsequent Event [Line Items]
Current borrowing capacity							$ 400	$ 400
Accordion feature, increase limit		$ 400		$ 400
Common units
Subsequent Event [Line Items]
Quarterly cash distribution declared (in dollars per share)		$ 0.4200	$ 0.2500	$ 1.0900	$ 0.6000
Subsequent Event | Revolving Credit Facility | Senior Line of Credit
Subsequent Event [Line Items]
Current borrowing capacity						$ 550
Accordion feature, increase limit						$ 375
Subsequent Event | Common units
Subsequent Event [Line Items]
Quarterly cash distribution declared (in dollars per share)	$ 0.45