Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 12, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Atlas Growth Partners, L.P. | |
Entity Central Index Key | 0001572702 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
No Trading Symbol Flag | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Title of 12(g) Security | Common units representing limited partner interests; warrants to purchase common units at an exercise price of $10.00 per common unit | |
Entity File Number | 000-55603 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 80-0906030 | |
Entity Address, Address Line One | 2400 Market Street | |
Entity Address, Address Line Two | Suite 230 | |
Entity Address, City or Town | Philadelphia | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19103 | |
City Area Code | 800 | |
Local Phone Number | 674-2614 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Units Outstanding | 23,300,410 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 1,559 | $ 1,380 |
Accounts receivable | 934 | 669 |
Prepaid expenses and other | 224 | 83 |
Total current assets | 2,717 | 2,132 |
Property, plant and equipment, net | 4,534 | 4,782 |
Total assets | 7,251 | 6,914 |
Current liabilities: | ||
Accounts payable | 593 | 623 |
Accrued liabilities | 3,375 | 2,329 |
Total current liabilities | 3,968 | 2,952 |
Asset retirement obligations | 244 | 235 |
Commitments and contingencies (Note 5) | ||
Partners’ Capital: | ||
General partner’s interest | (3,987) | (3,973) |
Common limited partners’ interests | 3,890 | 4,564 |
Common limited partners’ warrants | 3,136 | 3,136 |
Total partners’ capital | 3,039 | 3,727 |
Total liabilities and partners’ capital | $ 7,251 | $ 6,914 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues: | ||||
Total revenues | $ 1,030 | $ 335 | $ 2,001 | $ 1,336 |
Costs and expenses: | ||||
Gas and oil production | 379 | 308 | 629 | 742 |
General and administrative | 299 | 656 | 663 | 783 |
General and administrative – affiliate | 570 | 748 | 1,140 | 1,570 |
Depreciation, depletion and amortization | 126 | 165 | 257 | 594 |
Asset impairment | 4,020 | |||
Total costs and expenses | 1,374 | 1,877 | 2,689 | 7,709 |
Net loss | (344) | (1,542) | (688) | (6,373) |
Allocation of net loss attributable to common limited partners and the general partner: | ||||
Common limited partners’ interest | (337) | (1,511) | (674) | (6,246) |
General partner’s interest | $ (7) | $ (31) | $ (14) | $ (127) |
Net loss attributable to common limited partners per unit: | ||||
Basic and Diluted | $ (0.01) | $ (0.06) | $ (0.03) | $ (0.27) |
Weighted average common limited partner units outstanding: | ||||
Basic and Diluted | 23,300 | 23,300 | 23,300 | 23,300 |
Natural Gas | ||||
Revenues: | ||||
Revenues | $ 12 | $ 10 | $ 42 | $ 23 |
Oil | ||||
Revenues: | ||||
Revenues | 967 | 307 | 1,854 | 1,262 |
NGLs | ||||
Revenues: | ||||
Revenues | $ 51 | $ 18 | $ 105 | $ 51 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - USD ($) $ in Thousands | Total | General Partner's InterestGeneral Class A | Common Limited Partners' Interests | Common Limited Partners' Warrants |
Balance at Dec. 31, 2019 | $ 11,364 | $ (3,821) | $ 12,049 | $ 3,136 |
Balance (units) at Dec. 31, 2019 | 100 | 23,300,410 | 2,330,041 | |
Net loss | (4,831) | $ (96) | $ (4,735) | |
Balance at Mar. 31, 2020 | 6,533 | $ (3,917) | $ 7,314 | $ 3,136 |
Balance (units) at Mar. 31, 2020 | 100 | 23,300,410 | 2,330,041 | |
Balance at Dec. 31, 2019 | 11,364 | $ (3,821) | $ 12,049 | $ 3,136 |
Balance (units) at Dec. 31, 2019 | 100 | 23,300,410 | 2,330,041 | |
Net loss | (6,373) | |||
Balance at Jun. 30, 2020 | 4,991 | $ (3,948) | $ 5,803 | $ 3,136 |
Balance (units) at Jun. 30, 2020 | 100 | 23,300,410 | 2,330,041 | |
Balance at Mar. 31, 2020 | 6,533 | $ (3,917) | $ 7,314 | $ 3,136 |
Balance (units) at Mar. 31, 2020 | 100 | 23,300,410 | 2,330,041 | |
Net loss | (1,542) | $ (31) | $ (1,511) | |
Balance at Jun. 30, 2020 | 4,991 | $ (3,948) | $ 5,803 | $ 3,136 |
Balance (units) at Jun. 30, 2020 | 100 | 23,300,410 | 2,330,041 | |
Balance at Dec. 31, 2020 | 3,727 | $ (3,973) | $ 4,564 | $ 3,136 |
Balance (units) at Dec. 31, 2020 | 100 | 23,300,410 | 2,330,041 | |
Net loss | (344) | $ (7) | $ (337) | |
Balance at Mar. 31, 2021 | 3,383 | $ (3,980) | $ 4,227 | $ 3,136 |
Balance (units) at Mar. 31, 2021 | 100 | 23,300,410 | 2,330,041 | |
Balance at Dec. 31, 2020 | 3,727 | $ (3,973) | $ 4,564 | $ 3,136 |
Balance (units) at Dec. 31, 2020 | 100 | 23,300,410 | 2,330,041 | |
Net loss | (688) | |||
Balance at Jun. 30, 2021 | 3,039 | $ (3,987) | $ 3,890 | $ 3,136 |
Balance (units) at Jun. 30, 2021 | 100 | 23,300,410 | 2,330,041 | |
Balance at Mar. 31, 2021 | 3,383 | $ (3,980) | $ 4,227 | $ 3,136 |
Balance (units) at Mar. 31, 2021 | 100 | 23,300,410 | 2,330,041 | |
Net loss | (344) | $ (7) | $ (337) | |
Balance at Jun. 30, 2021 | $ 3,039 | $ (3,987) | $ 3,890 | $ 3,136 |
Balance (units) at Jun. 30, 2021 | 100 | 23,300,410 | 2,330,041 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (688) | $ (6,373) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation, depletion and amortization | 257 | 594 |
Asset impairment | 4,020 | |
Changes in operating assets and liabilities: | ||
Accounts receivable, prepaid expenses and other | (406) | 78 |
Advances to/from affiliates | 486 | |
Accounts payable and accrued liabilities | 1,016 | 352 |
Net cash provided by (used in) operating activities | 179 | (843) |
Net change in cash and cash equivalents | 179 | (843) |
Cash and cash equivalents, beginning of period | 1,380 | 2,239 |
Cash and cash equivalents, end of period | $ 1,559 | $ 1,396 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | NOTE 1 – BASIS OF PRESENTATION Atlas Growth Partners, L.P. (the “Company”) is a Delaware limited partnership and an independent developer and producer of natural gas, crude oil and NGLs with operations primarily focused in the Eagle Ford Shale in south Texas. Our general partner, Atlas Growth Partners GP, LLC owns 100% of our general partner units (which are entitled to receive 2% of the cash distributed by us without any obligation to make further capital contributions) and all of the incentive distribution rights through which it manages and controls us. On July 12, 2021, the Company, through its wholly owned subsidiary, Atlas Growth Eagle Ford, LLC, a Texas limited liability company (“Seller”), entered into a purchase and sale agreement (the “PSA”) with Texas American Resources II, LLC, a Delaware limited liability company (“Buyer”), pursuant to which Seller will sell certain oil and gas properties, interests and related assets (the “Assets”) and will retain certain liabilities related to the Assets (the “Excluded Liabilities”), while Buyer will assume certain liabilities related to the Assets (the “Assumed Liabilities”) (the “Transaction”). The aggregate purchase price of the Assets is $4.8 million. The PSA contains customary representations and warranties from the parties and each party has agreed to certain covenants, including providing certain post-closing indemnities related to the Excluded Liabilities, with respect to Seller, and the Assumed Liabilities, with respect to Buyer. Consummation of the transactions contemplated by the PSA is subject to customary mutual conditions of the respective parties. The PSA may be terminated at any time prior to the consummation of the Transaction by mutual written consent of Seller and Buyer and in certain other limited circumstances, including if the closing of the transactions contemplated in the PSA has not occurred by September 30, 2021. The PSA and the Transaction have been approved by the Board of Directors (the “Board”) of Atlas Growth Partners GP, LLC, a Delaware limited liability company and the general partner of the Company (the “General Partner”), and the sole member of the General Partner. On July 12, 2021, prior to the execution of the PSA, the Board of the General Partner and the sole member of the General Partner, each determined that it was in the best interests of the Company and its limited partners that the Company be dissolved, wound up and terminated. Pursuant to the First Amended and Restated Partnership Agreement of Limited Partnership of the Company, dated as of April 5, 2016 (the “Partnership Agreement”), the General Partner of the Company has sole discretion to dissolve, wind up and terminate the Company. The Board authorized and directed the General Partner, on behalf of itself and the Company, to take all necessary or advisable steps to dissolve, wind up and terminate the Company, including the execution and performance of the PSA. The General Partner will act as liquidator of the Company and will carry out the dissolution, winding up and termination of the Company. The assets of the Company, including the proceeds received in the Transaction, will, after satisfaction of the Company’s liabilities, be distributed pursuant to the terms of the Partnership Agreement and the Delaware Revised Uniform Limited Partnership Act. Through May 1, 2020, Atlas Energy Group, LLC (“ATLS”), a Delaware limited liability company, managed and controlled us through its 2.1% limited partner interest in us and its 80% member interest in our general partner. Current and former members of ATLS management owned the remaining 20% member interest in our general partner. On May 1, 2020, pursuant to an Exchange Agreement by and among Riverstone Credit Partners – Direct, L.P. (“Riverstone”) and other lenders (collectively, the “Lenders”), ATLS and New Atlas Holdings, LLC (the “Borrower”, and together with ATLS and the other guarantors, the “Loan Parties”), ATLS transferred (the “Debt Exchange”) assets to the Lenders that included (i) its 80.01% membership interest in the general partner of the Company, and (ii) 500,010 common units representing limited partner interests in the Company. As of the date of the Debt Exchange, approximately $108,431,309 in principal amount of loans remained outstanding, which obligation was terminated in the Debt Exchange. As a result of the Debt Exchange and related transactions, Riverstone, in its capacity as a Lender, received an approximate 61% membership interest in our General Partner, and, as a result, now has the ability to control the Company’s management and operations and appoint all of the members of the Board of our General Partner. The interests of our Limited Partners were not affected, altered or otherwise modified by the Debt Exchange. At June 30 , 2021 , we had 23,300,410 common limited partner units issued and outstanding. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting and include all adjustments that are necessary for a fair presentation of our condensed consolidated results of operations, financial condition and cash flows for the periods shown, including normal, recurring accruals and other items. The condensed consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year. The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. Principles of Consolidation Our condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries. Transactions between us and other ATLS managed operations have been identified in the condensed consolidated financial statements as transactions between affiliates, where applicable. All intercompany transactions have been eliminated. Beginning May 1, 2020, we have no continuing common ownership or corporate affiliation with ATLS and its affiliates. We will continue to identify any transaction between us and other ATLS managed operations as transactions between affiliates for all historical periods. Use of Estimates The preparation of our condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities that exist at the date of our condensed consolidated financial statements, as well as the reported amounts of revenue and costs and expenses during the reporting periods. Our condensed consolidated financial statements are based on a number of significant estimates, including revenue and expense accruals and depletion of gas and oil properties. The oil and gas industry principally conducts its business by processing actual transactions as many as 60 days after the month of delivery. Consequently, the most recent two months’ financial results may be recorded using estimated volumes and contract market prices. Actual results may differ from those estimates. Liquidity For the six months ended June 30, 2021 and 2020, we had net losses of $0.7 million and $6.4 million, respectively, and cash provided by operating activities of $0.2 million and cash used in operating activities of $0.8 million, respectively. With the Company’s negative working capital of $1.3 million as of June 30, 2021, the Company may not have sufficient resources to fund operations into 2022. Beginning in March 2020, significant price decline and price volatility for oil and gas products emerged in the market. We have been and could continue to be directly impacted by these price changes if demand and prices remain depressed for an extended period of time. Given the volatility and uncertainty, we may be at risk of being able to identify and secure a party to gather and purchase our products. A significant number of our product sales are short-term in nature with contract terms of one year or less, though generally subject to customary evergreen clauses. To date, we have been able to sell our production and we continue to identify multiple purchasers. However, should these parties become unwilling to purchase our production, we will need to work to identify other purchasers in the area to gather and purchase our oil and gas products. Failure to identify other purchasers and storage facilities, may result in the potential shut-in of the field. The financial statement impact, change in price and expected time for these changes is not estimable but could result in significant decreases in oil and gas operations. Our primary sources of liquidity are cash generated by gas and oil production and their subsequent sale. Our primary cash requirements, in addition to normal operating expenses, are for management fees and capital expenditures, which we expect to fund through operating cash flow. Accordingly, our sources of liquidity are currently not sufficient to satisfy our current obligations. The significant risks and uncertainties related to our inability to satisfy our current liabilities raise substantial doubt about our ability to continue as a going concern. If these liabilities are called, we will not have sufficient liquidity to repay all of our outstanding liabilities, and as a result, there would be substantial doubt regarding our ability to continue as a going concern. As discussed above, on July 12, 2021 t he Board authorized and directed the General Partner, on behalf of itself and the Company , to take all necessary or advisable steps to dissolve, wind up and terminate the Company , including the execution and performance of the PSA. As the Board approval of the dissolution, wind up and termination and of the PSA occurred in July 2021, our condensed consolidated financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities and commitments in the normal course of business. Our condensed consolidated financial statements do not include any adjustments that might result from the outcome of the going concern uncertainty. If we cannot continue as a going concern, adjustments to the carrying values and classification of our assets and liabilities and the reported amounts of income and expenses could be required and could be material. Property, Plant and Equipment Property, plant and equipment are stated at cost or, upon acquisition of a business, at the fair value of the assets acquired. Maintenance and repairs which generally do not extend the useful life of an asset for two years or more through the replacement of critical components are expensed as incurred. Major renewals and improvements which generally extend the useful life of an asset for two years or more through the replacement of critical components are capitalized. Depreciation and amortization expense is based on cost less the estimated salvage value primarily using the straight-line method over the asset’s estimated useful life. When entire pipeline systems, gas plants or other property and equipment are retired or sold, any gain or loss is included in our results of operations. We follow the successful efforts method of accounting for oil and gas producing activities. Exploratory drilling costs are capitalized pending determination of whether a well is successful. Exploratory wells subsequently determined to be dry holes are charged to expense. Costs resulting in exploratory discoveries and all development costs, whether successful or not, are capitalized. Geological and geophysical costs to enhance or evaluate development of proved fields or areas are capitalized. All other geological and geophysical costs, delay rentals and unsuccessful exploratory wells are expensed. Oil and NGLs are converted to gas equivalent basis (“Mcfe”) at the rate of one barrel to six Mcf of natural gas. Mcf is defined as one thousand cubic feet. Our depletion expense is determined on a field-by-field basis using the units-of-production method. Depletion rates for leasehold acquisition costs are based on estimated proved reserves, and depletion rates for well and related equipment costs are based on proved developed reserves associated with each field. Depletion rates are determined based on reserve quantity estimates and the capitalized costs of undeveloped and developed producing properties. We also consider the estimated salvage value in our calculation of depletion. Capitalized costs of developed producing properties in each field are aggregated to include our costs of property interests in proportionately consolidated joint venture wells, wells drilled solely by us for our interests, properties purchased and working interests with other outside operators. Upon the sale or retirement of a complete field of a proved property, the cost is eliminated from the property accounts, and the resultant gain or loss is reclassified to our condensed consolidated statements of operations. Upon the sale of an individual well, we credit the proceeds to accumulated depreciation and depletion within our condensed consolidated balance sheet. Upon our sale of an entire interest in an unproved property where the property had been assessed for impairment individually, a gain or loss is recognized in our condensed consolidated statements of operations. If a partial interest in an unproved property is sold, any funds received are accounted for as a reduction of the cost in the interest retained. Support equipment and other are carried at cost and consist primarily of pipelines, processing and compression facilities, and gathering systems and related support equipment. We compute depreciation of support equipment and other using the straight-line balance method over the estimated useful life of each asset type, which is 15-20 years. Segment Reporting We derive revenue from our gas and oil production. The production facilities associated with our oil and gas production have been aggregated into one reportable segment because the facilities have similar long-term economic characteristics, products and types of customers. Oil, Natural Gas, and NGL Revenues Our revenues are derived from the sale of oil, natural gas, and NGLs, which is recognized in the period that the performance obligations are satisfied. We generally consider the delivery of each unit (Bbl or MMBtu) to be separately identifiable and the delivery of each unit represents a distinct performance obligation that is satisfied at a point-in-time once control of the product has been transferred to the customer upon delivery to an agreed upon delivery point. Transfer of control typically occurs when the products are delivered to the purchaser and title has transferred. Revenue is recognized net of royalties due to third parties in an amount that reflects the consideration we expect to receive in exchange for those products. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, and that are collected by us from a customer, are excluded from revenue. Payment is generally received one month after the sale has occurred. Our oil production is primarily sold under market-sensitive contracts that are typically priced at a differential to the New York Mercantile Exchange (“NYMEX”) price or at purchaser posted prices for the producing area. For oil contracts, we generally record sales based on the net amount received. Our natural gas production is primarily sold under market-sensitive contracts that are typically priced at a differential to the published natural gas index price for the producing area due to the natural gas quality and the proximity to major consuming markets. For natural gas contracts, we generally record wet gas sales (which consist of natural gas and NGLs based on end products after processing) at the wellhead or inlet of the plant as revenues net of transportation, gathering and processing expenses if the processor is the customer and there is no redelivery of commodities to us at the tailgate of the plant. Conversely, we generally record residual natural gas and NGL sales at the tailgate of the plant on a gross basis along with the associated transportation, gathering and processing expenses if the processor is a service provider and there is redelivery of commodities to us at the tailgate of the plant. All facts and circumstances of an arrangement are considered and judgment is often required in making this determination. Transaction Price Allocated to Remaining Performance Obligations A significant number of our product sales are short-term in nature with contract terms of one year or less, though generally subject to customary evergreen clauses pursuant to which these contracts typically automatically renew under the same terms and conditions. For those contracts, we have utilized the practical expedient that exempts us from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. For product sales that have a contract term greater than one year, we have utilized the practical expedient that exempts us from disclosure of the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under these sales contracts, each unit of product generally represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. Currently, our product sales that have a contractual term greater than one year have no long-term fixed consideration. Contract Balances Under our sales contracts, customers are invoiced once performance obligations have been satisfied, at which point our right to payment is unconditional. Accordingly, our product sales contracts do not give rise to contract assets or liabilities. Accounts receivable attributable to our revenue contracts with customers was $0.7 million and $0.5 million, respectively, at June 30, 2021 and December 31, 2020. Net Loss Per Common Unit Basic net loss attributable to common limited partners per unit is computed by dividing net loss attributable to common limited partners (which is determined after the deduction of the general partner’s interest) by the weighted average number of common limited partner units outstanding during the period. The following is a reconciliation of net loss allocated to the common limited partners for purposes of calculating net loss attributable to common limited partners per unit (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net loss $ (344 ) $ (1,542 ) $ (688 ) $ (6,373 ) Less: General partner’s interest (7 ) (31 ) (14 ) (127 ) Net loss attributable to common limited partners $ (337 ) $ (1,511 ) $ (674 ) $ (6,246 ) Diluted net loss attributable to common limited partners per unit is calculated by dividing net loss attributable to common limited partners by the sum of the weighted average number of common limited partner units outstanding and the dilutive effect of common limited partner warrants, as calculated by the treasury stock method. The following table sets forth the reconciliation of our weighted average number of common units used to compute basic net loss attributable to common limited partners per unit with those used to compute diluted net loss attributable to common limited partners per unit (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Weighted average number of common units – basic 23,300 23,300 23,300 23,300 Add effect of dilutive awards (1) — — — — Weighted average number of common units – diluted 23,300 23,300 23,300 23,300 (1) For each of the three and six months ended June 30, 2021 and 2020, 2,330,000 common limited partner warrants were excluded from the computation of diluted earnings attributable to common limited partners per unit, because the inclusion of units issuable upon the exercise of the warrants would have been anti-dilutive. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | NOTE 3 – PROPERTY, PLANT AND EQUIPMENT The following is a summary of property, plant and equipment at the dates indicated (in thousands): June 30, 2021 December 31, 2020 Natural gas and oil properties: Proved properties $ 137,627 $ 137,627 Support equipment and other 3,188 3,188 140,815 140,815 Less – accumulated depreciation, depletion, amortization and impairment (136,281 ) (136,033 ) $ 4,534 $ 4,782 For the six months ended June 30, 2020, we recognized $4.0 million of impairment related to our proved oil and gas properties in the Eagle Ford operating area, which were impaired due to lower forecasted production performance and commodity prices. There was no impairment recorded during the three and six month period ended June 30, 2021 or the three month period ended June 30, 2020. During the six months ended June 30, 2021 and 2020, we did not have any non-cash investing activity capital expenditures. |
Certain Relationships and Relat
Certain Relationships and Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Certain Relationships and Related Party Transactions | NOTE 4 – CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS On June 19, 2020, affiliates of Titan (as defined below) closed on the sale of their Eagle Ford Shale assets with Texas American Resources Corporation II (“TARC”) for $13.2 million based on a May 1, 2020 effective date. In connection with the transaction, we entered into a contract operator agreement with TARC, whereby TARC operates certain oil and gas properties and provides other services to the Company related to our properties. On May 1, 2020, pursuant to an Exchange Agreement by and among the Lenders and the Loan Parties, ATLS transferred assets to the Lenders that included (i) its 80.01% membership interest in the general partner of the Company, and (ii) 500,010 common units representing limited partner interests in the Company. As of the date of the Debt Exchange, approximately $108,431,309 in principal amount of loans remained outstanding, which obligation was terminated in the Debt Exchange. As a result of the Debt Exchange and related transactions, Riverstone, in its capacity as a Lender, received an approximate 61% membership interest in our general partner, and, as a result, now has the ability to control the Company’s management and operations and appoint all of the members of the Board of our general partner. The interests of the Limited Partners of the Company were not affected, altered or otherwise modified by the Debt Exchange. In connection with the Debt Exchange, the Company entered into that certain engagement letter (the “Slotterback Engagement Letter”), dated as of April 29, 2020 by and between the Company and PhiCap Advisors, LLC (“PCA”), pursuant to which the Company pays PCA $25,000 per month and PCA provides financial, advisory and consultation services to the Company. The Slotterback Engagement Letter may be terminated at any time by either party upon seven days written notice. The Slotterback Engagement Letter also provides for a transaction fee equal to 2.0% of the gross purchase price of the sale of the Company’s Eagle Ford Assets provided PCA is still engaged at the time of the closing of such transaction. In connection with the Debt Exchange, the Company entered into that certain engagement letter (the “Walker Engagement Letter”), dated as of April 30, 2020, by and between the Company and Westbrook Energy Partners, LLC (“Westbrook”), pursuant to which the Company pays Westbrook $8,000 per month and Westbrook provides technical and advisory services to the Company. The Walker Engagement Letter may be terminated by either party upon seven days written notice. Relationship with general partner . Our general partner receives an annual management fee in connection with its management of us equivalent to 1% of capital contributions per annum. During both of the three months ended June 30, 2021 and 2020, we paid a management fee of $0.6 $1.1 Relationship with ATLS . We do not directly employ any persons to manage or operate our business. These functions were historically provided by employees of ATLS and/or its affiliates, including Titan Energy, LLC (“Titan”). Our general partner receives an annual management fee in connection with its management of us equivalent to 1% of capital contributions per annum. Other indirect costs, such as rent for offices, were allocated by Titan at the direction of ATLS based on the number of its employees who devoted their time to activities on our behalf. Historically, we reimbursed ATLS at cost for direct costs incurred on our behalf and all necessary and reasonable costs allocated to us by ATLS. All of the costs paid or payable to ATLS and our general partner discussed above were included in general and administrative expenses – affiliate in the condensed consolidated statements of operations. As of June 30, 2021 and December 31, 2020, we had no payables to ATLS related to the management fee, direct costs or allocated indirect costs, which were recorded in advances from affiliates in the condensed consolidated balance sheets. Beginning May 1, 2020, we have no continuing common ownership or corporate affiliation with ATLS and its affiliates. Relationship with Titan . Prior to May 1, 2020, at the direction of ATLS, we reimbursed Titan for direct costs, such as salaries and wages, charged to us based on ATLS employees who incurred time to activities on our behalf and indirect costs, such as rent and other general and administrative costs, allocated to us based on the number of ATLS employees who devoted their time to activities on our behalf. As of June 30, 2021 and December 31, 2020, we had no receivables from Titan related to the direct costs, indirect cost allocation, and timing of funding of cash accounts for reimbursement of operating activities and capital expenditures, which were recorded in advances to/from affiliates in the condensed consolidated balance sheets. Beginning May 1, 2020, we have no continuing common ownership or corporate affiliation with ATLS and its affiliates. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 5 – COMMITMENTS AND CONTINGENCIES General Commitments As of June 30, 2021, the Company has engagement letters to receive financial, advisory and consultation services and technical and advisory services. Each of these engagement letters can be terminated by either party upon seven days written notice . As of June 30, 2021, we did not have any commitments related to our drilling and completion and capital expenditures. Legal Proceedings We and our subsidiaries are parties to various routine legal proceedings arising in the ordinary course of business. Our management believes that none of these actions, individually or in the aggregate, will have a material adverse effect on our financial condition or results of operations. Environmental Matters We and our subsidiaries are subject to various federal, state and local laws and regulations relating to the protection of the environment. We have established procedures for the ongoing evaluation of our and our subsidiaries’ operations, to identify potential environmental exposures and to comply with regulatory policies and procedures. Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and do not contribute to current or future revenue generation are expensed. Liabilities are recorded when environmental assessments and/or clean-ups are probable, and the costs can be reasonably estimated. We and our subsidiaries maintain insurance which may cover in whole or in part certain environmental expenditures. We and our subsidiaries had no environmental matters requiring specific disclosure or requiring the recognition of a liability as of June 30, 2021 or |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting and include all adjustments that are necessary for a fair presentation of our condensed consolidated results of operations, financial condition and cash flows for the periods shown, including normal, recurring accruals and other items. The condensed consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year. The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. |
Principles of Consolidation | Principles of Consolidation Our condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries. Transactions between us and other ATLS managed operations have been identified in the condensed consolidated financial statements as transactions between affiliates, where applicable. All intercompany transactions have been eliminated. Beginning May 1, 2020, we have no continuing common ownership or corporate affiliation with ATLS and its affiliates. We will continue to identify any transaction between us and other ATLS managed operations as transactions between affiliates for all historical periods. |
Use of Estimates | Use of Estimates The preparation of our condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities that exist at the date of our condensed consolidated financial statements, as well as the reported amounts of revenue and costs and expenses during the reporting periods. Our condensed consolidated financial statements are based on a number of significant estimates, including revenue and expense accruals and depletion of gas and oil properties. The oil and gas industry principally conducts its business by processing actual transactions as many as 60 days after the month of delivery. Consequently, the most recent two months’ financial results may be recorded using estimated volumes and contract market prices. Actual results may differ from those estimates. |
Liquidity | Liquidity For the six months ended June 30, 2021 and 2020, we had net losses of $0.7 million and $6.4 million, respectively, and cash provided by operating activities of $0.2 million and cash used in operating activities of $0.8 million, respectively. With the Company’s negative working capital of $1.3 million as of June 30, 2021, the Company may not have sufficient resources to fund operations into 2022. Beginning in March 2020, significant price decline and price volatility for oil and gas products emerged in the market. We have been and could continue to be directly impacted by these price changes if demand and prices remain depressed for an extended period of time. Given the volatility and uncertainty, we may be at risk of being able to identify and secure a party to gather and purchase our products. A significant number of our product sales are short-term in nature with contract terms of one year or less, though generally subject to customary evergreen clauses. To date, we have been able to sell our production and we continue to identify multiple purchasers. However, should these parties become unwilling to purchase our production, we will need to work to identify other purchasers in the area to gather and purchase our oil and gas products. Failure to identify other purchasers and storage facilities, may result in the potential shut-in of the field. The financial statement impact, change in price and expected time for these changes is not estimable but could result in significant decreases in oil and gas operations. Our primary sources of liquidity are cash generated by gas and oil production and their subsequent sale. Our primary cash requirements, in addition to normal operating expenses, are for management fees and capital expenditures, which we expect to fund through operating cash flow. Accordingly, our sources of liquidity are currently not sufficient to satisfy our current obligations. The significant risks and uncertainties related to our inability to satisfy our current liabilities raise substantial doubt about our ability to continue as a going concern. If these liabilities are called, we will not have sufficient liquidity to repay all of our outstanding liabilities, and as a result, there would be substantial doubt regarding our ability to continue as a going concern. As discussed above, on July 12, 2021 t he Board authorized and directed the General Partner, on behalf of itself and the Company , to take all necessary or advisable steps to dissolve, wind up and terminate the Company , including the execution and performance of the PSA. As the Board approval of the dissolution, wind up and termination and of the PSA occurred in July 2021, our condensed consolidated financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities and commitments in the normal course of business. Our condensed consolidated financial statements do not include any adjustments that might result from the outcome of the going concern uncertainty. If we cannot continue as a going concern, adjustments to the carrying values and classification of our assets and liabilities and the reported amounts of income and expenses could be required and could be material. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost or, upon acquisition of a business, at the fair value of the assets acquired. Maintenance and repairs which generally do not extend the useful life of an asset for two years or more through the replacement of critical components are expensed as incurred. Major renewals and improvements which generally extend the useful life of an asset for two years or more through the replacement of critical components are capitalized. Depreciation and amortization expense is based on cost less the estimated salvage value primarily using the straight-line method over the asset’s estimated useful life. When entire pipeline systems, gas plants or other property and equipment are retired or sold, any gain or loss is included in our results of operations. We follow the successful efforts method of accounting for oil and gas producing activities. Exploratory drilling costs are capitalized pending determination of whether a well is successful. Exploratory wells subsequently determined to be dry holes are charged to expense. Costs resulting in exploratory discoveries and all development costs, whether successful or not, are capitalized. Geological and geophysical costs to enhance or evaluate development of proved fields or areas are capitalized. All other geological and geophysical costs, delay rentals and unsuccessful exploratory wells are expensed. Oil and NGLs are converted to gas equivalent basis (“Mcfe”) at the rate of one barrel to six Mcf of natural gas. Mcf is defined as one thousand cubic feet. Our depletion expense is determined on a field-by-field basis using the units-of-production method. Depletion rates for leasehold acquisition costs are based on estimated proved reserves, and depletion rates for well and related equipment costs are based on proved developed reserves associated with each field. Depletion rates are determined based on reserve quantity estimates and the capitalized costs of undeveloped and developed producing properties. We also consider the estimated salvage value in our calculation of depletion. Capitalized costs of developed producing properties in each field are aggregated to include our costs of property interests in proportionately consolidated joint venture wells, wells drilled solely by us for our interests, properties purchased and working interests with other outside operators. Upon the sale or retirement of a complete field of a proved property, the cost is eliminated from the property accounts, and the resultant gain or loss is reclassified to our condensed consolidated statements of operations. Upon the sale of an individual well, we credit the proceeds to accumulated depreciation and depletion within our condensed consolidated balance sheet. Upon our sale of an entire interest in an unproved property where the property had been assessed for impairment individually, a gain or loss is recognized in our condensed consolidated statements of operations. If a partial interest in an unproved property is sold, any funds received are accounted for as a reduction of the cost in the interest retained. Support equipment and other are carried at cost and consist primarily of pipelines, processing and compression facilities, and gathering systems and related support equipment. We compute depreciation of support equipment and other using the straight-line balance method over the estimated useful life of each asset type, which is 15-20 years. |
Segment Reporting | Segment Reporting We derive revenue from our gas and oil production. The production facilities associated with our oil and gas production have been aggregated into one reportable segment because the facilities have similar long-term economic characteristics, products and types of customers. |
Oil, Natural Gas, and NGL Revenues | Oil, Natural Gas, and NGL Revenues Our revenues are derived from the sale of oil, natural gas, and NGLs, which is recognized in the period that the performance obligations are satisfied. We generally consider the delivery of each unit (Bbl or MMBtu) to be separately identifiable and the delivery of each unit represents a distinct performance obligation that is satisfied at a point-in-time once control of the product has been transferred to the customer upon delivery to an agreed upon delivery point. Transfer of control typically occurs when the products are delivered to the purchaser and title has transferred. Revenue is recognized net of royalties due to third parties in an amount that reflects the consideration we expect to receive in exchange for those products. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, and that are collected by us from a customer, are excluded from revenue. Payment is generally received one month after the sale has occurred. Our oil production is primarily sold under market-sensitive contracts that are typically priced at a differential to the New York Mercantile Exchange (“NYMEX”) price or at purchaser posted prices for the producing area. For oil contracts, we generally record sales based on the net amount received. Our natural gas production is primarily sold under market-sensitive contracts that are typically priced at a differential to the published natural gas index price for the producing area due to the natural gas quality and the proximity to major consuming markets. For natural gas contracts, we generally record wet gas sales (which consist of natural gas and NGLs based on end products after processing) at the wellhead or inlet of the plant as revenues net of transportation, gathering and processing expenses if the processor is the customer and there is no redelivery of commodities to us at the tailgate of the plant. Conversely, we generally record residual natural gas and NGL sales at the tailgate of the plant on a gross basis along with the associated transportation, gathering and processing expenses if the processor is a service provider and there is redelivery of commodities to us at the tailgate of the plant. All facts and circumstances of an arrangement are considered and judgment is often required in making this determination. |
Transaction Price Allocated to Remaining Performance Obligations | Transaction Price Allocated to Remaining Performance Obligations A significant number of our product sales are short-term in nature with contract terms of one year or less, though generally subject to customary evergreen clauses pursuant to which these contracts typically automatically renew under the same terms and conditions. For those contracts, we have utilized the practical expedient that exempts us from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. For product sales that have a contract term greater than one year, we have utilized the practical expedient that exempts us from disclosure of the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under these sales contracts, each unit of product generally represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. Currently, our product sales that have a contractual term greater than one year have no long-term fixed consideration. |
Contract Balances | Contract Balances Under our sales contracts, customers are invoiced once performance obligations have been satisfied, at which point our right to payment is unconditional. Accordingly, our product sales contracts do not give rise to contract assets or liabilities. Accounts receivable attributable to our revenue contracts with customers was $0.7 million and $0.5 million, respectively, at June 30, 2021 and December 31, 2020. |
Net Loss Per Common Unit | Net Loss Per Common Unit Basic net loss attributable to common limited partners per unit is computed by dividing net loss attributable to common limited partners (which is determined after the deduction of the general partner’s interest) by the weighted average number of common limited partner units outstanding during the period. The following is a reconciliation of net loss allocated to the common limited partners for purposes of calculating net loss attributable to common limited partners per unit (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net loss $ (344 ) $ (1,542 ) $ (688 ) $ (6,373 ) Less: General partner’s interest (7 ) (31 ) (14 ) (127 ) Net loss attributable to common limited partners $ (337 ) $ (1,511 ) $ (674 ) $ (6,246 ) Diluted net loss attributable to common limited partners per unit is calculated by dividing net loss attributable to common limited partners by the sum of the weighted average number of common limited partner units outstanding and the dilutive effect of common limited partner warrants, as calculated by the treasury stock method. The following table sets forth the reconciliation of our weighted average number of common units used to compute basic net loss attributable to common limited partners per unit with those used to compute diluted net loss attributable to common limited partners per unit (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Weighted average number of common units – basic 23,300 23,300 23,300 23,300 Add effect of dilutive awards (1) — — — — Weighted average number of common units – diluted 23,300 23,300 23,300 23,300 (1) For each of the three and six months ended June 30, 2021 and 2020, 2,330,000 common limited partner warrants were excluded from the computation of diluted earnings attributable to common limited partners per unit, because the inclusion of units issuable upon the exercise of the warrants would have been anti-dilutive. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Net Loss Reconciliation | The following is a reconciliation of net loss allocated to the common limited partners for purposes of calculating net loss attributable to common limited partners per unit (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net loss $ (344 ) $ (1,542 ) $ (688 ) $ (6,373 ) Less: General partner’s interest (7 ) (31 ) (14 ) (127 ) Net loss attributable to common limited partners $ (337 ) $ (1,511 ) $ (674 ) $ (6,246 ) |
Reconciliation of Weighted Average Number of Common Units | The following table sets forth the reconciliation of our weighted average number of common units used to compute basic net loss attributable to common limited partners per unit with those used to compute diluted net loss attributable to common limited partners per unit (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Weighted average number of common units – basic 23,300 23,300 23,300 23,300 Add effect of dilutive awards (1) — — — — Weighted average number of common units – diluted 23,300 23,300 23,300 23,300 (1) For each of the three and six months ended June 30, 2021 and 2020, 2,330,000 common limited partner warrants were excluded from the computation of diluted earnings attributable to common limited partners per unit, because the inclusion of units issuable upon the exercise of the warrants would have been anti-dilutive. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Summary of Property, Plant and Equipment | The following is a summary of property, plant and equipment at the dates indicated (in thousands): June 30, 2021 December 31, 2020 Natural gas and oil properties: Proved properties $ 137,627 $ 137,627 Support equipment and other 3,188 3,188 140,815 140,815 Less – accumulated depreciation, depletion, amortization and impairment (136,281 ) (136,033 ) $ 4,534 $ 4,782 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) - USD ($) | Jul. 12, 2021 | May 01, 2020 | Jun. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Common Limited Partners' Interests | |||||||||
Basis Of Presentation [Line Items] | |||||||||
Partners' capital account, units | 23,300,410 | 23,300,410 | 23,300,410 | 23,300,410 | 23,300,410 | 23,300,410 | 23,300,410 | ||
Common units, issued | 23,300,410 | 23,300,410 | |||||||
Common units, outstanding | 23,300,410 | 23,300,410 | |||||||
ATLS | |||||||||
Basis Of Presentation [Line Items] | |||||||||
General partner ownership interest | 80.00% | ||||||||
Common limited partner ownership interest | 2.10% | ||||||||
General partners remaining ownership interest | 20.00% | ||||||||
ATLS | Lenders | |||||||||
Basis Of Presentation [Line Items] | |||||||||
General partner ownership interest | 80.01% | ||||||||
Partners' capital account, units | 500,010 | ||||||||
Principal amount of loans remained outstanding | $ 108,431,309 | ||||||||
Atlas Growth Eagle Ford, LLC | Texas American Resources II, LLC | Purchase and Sale Agreement | |||||||||
Basis Of Presentation [Line Items] | |||||||||
Aggregate purchase price of assets | $ 4,800,000 | ||||||||
Lenders | |||||||||
Basis Of Presentation [Line Items] | |||||||||
General partner ownership interest | 61.00% | ||||||||
Atlas Growth Partners GP, LLC | |||||||||
Basis Of Presentation [Line Items] | |||||||||
Percentage of cash distribution | 2.00% | ||||||||
Atlas Growth Partners GP, LLC | ATLS | |||||||||
Basis Of Presentation [Line Items] | |||||||||
General partner ownership interest | 100.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2021USD ($)Segment | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Significant Accounting Policies [Line Items] | |||||||
Net loss | $ (344) | $ (344) | $ (1,542) | $ (4,831) | $ (688) | $ (6,373) | |
Cash used in operating activities | $ 179 | (843) | |||||
Number of reportable segments | Segment | 1 | ||||||
Accounts receivable to revenue contracts with customers | $ 700 | $ 700 | $ 500 | ||||
Minimum | |||||||
Significant Accounting Policies [Line Items] | |||||||
Estimated useful life of assets | 15 years | ||||||
Maximum | |||||||
Significant Accounting Policies [Line Items] | |||||||
Estimated useful life of assets | 20 years | ||||||
Liquidity | |||||||
Significant Accounting Policies [Line Items] | |||||||
Net loss | $ 700 | 6,400 | |||||
Cash used in operating activities | 200 | $ 800 | |||||
Working capital | $ 1,300 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Schedule of Net Loss Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accounting Policies [Abstract] | ||||||
Net loss | $ (344) | $ (344) | $ (1,542) | $ (4,831) | $ (688) | $ (6,373) |
Less: General partner’s interest | (7) | (31) | (14) | (127) | ||
Net loss attributable to common limited partners | $ (337) | $ (1,511) | $ (674) | $ (6,246) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Reconciliation of Weighted Average Number of Common Units) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accounting Policies [Abstract] | ||||
Weighted average number of common units – basic | 23,300,000 | 23,300,000 | 23,300,000 | 23,300,000 |
Weighted average number of common units – diluted | 23,300,000 | 23,300,000 | 23,300,000 | 23,300,000 |
Antidilutive securities excluded from computation of diluted net income (loss) attributable to common limited partners outstanding units | 2,330,000 | 2,330,000 | 2,330,000 | 2,330,000 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Summary of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Abstract] | ||
Proved properties | $ 137,627 | $ 137,627 |
Support equipment and other | 3,188 | 3,188 |
Total gross property, plant and equipment | 140,815 | 140,815 |
Less – accumulated depreciation, depletion, amortization and impairment | (136,281) | (136,033) |
Property, plant and equipment, Net, Total | $ 4,534 | $ 4,782 |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Property Plant And Equipment [Line Items] | ||||
Asset impairment of oil and gas properties | $ 4,020,000 | |||
Non-cash investing activity capital expenditures | $ 0 | 0 | ||
Eagle Ford Acquisition | Proved Oil and Gas Properties | ||||
Property Plant And Equipment [Line Items] | ||||
Asset impairment of oil and gas properties | $ 0 | $ 0 | $ 0 | $ 4,000,000 |
Certain Relationships and Rel_2
Certain Relationships and Related Party Transactions - Additional Information (Details) - USD ($) | May 01, 2020 | Apr. 29, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Apr. 30, 2020 |
PCA | Slotterback Engagement Letter | ||||||||
Related Party Transaction [Line Items] | ||||||||
Amount payable per month for providing financial, advisory and consultation services | $ 25,000 | |||||||
Termination period of agreement | The Slotterback Engagement Letter may be terminated at any time by either party upon seven days written notice. | |||||||
PCA | Slotterback Engagement Letter | Eagle Ford Assets | ||||||||
Related Party Transaction [Line Items] | ||||||||
Transaction fee percentage of gross purchase price of sale of asset | 2.00% | |||||||
Westbrook | Walker Engagement Letter | ||||||||
Related Party Transaction [Line Items] | ||||||||
Termination period of agreement | The Walker Engagement Letter may be terminated by either party upon seven days written notice. | |||||||
Amount payable per month for providing technical and advisory services | $ 8,000 | |||||||
Atlas Growth Parnters GP, LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of capital contribution | 1.00% | 1.00% | ||||||
Payment for management fee | $ 600,000 | $ 600,000 | $ 1,100,000 | $ 1,100,000 | ||||
Atlas Growth Parnters GP, LLC | Accrued Liabilities | ||||||||
Related Party Transaction [Line Items] | ||||||||
Payable to related party | 2,900,000 | 2,900,000 | ||||||
ATLS | ||||||||
Related Party Transaction [Line Items] | ||||||||
Advances to affiliates | 0 | 0 | $ 0 | |||||
Titan | ||||||||
Related Party Transaction [Line Items] | ||||||||
Advances to affiliates | $ 0 | $ 0 | $ 0 | |||||
ATLS and Borrower | ||||||||
Related Party Transaction [Line Items] | ||||||||
General partner ownership interest | 61.00% | |||||||
TARC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Sale of properties | $ 13,200,000 | |||||||
Lenders | ATLS and Borrower | ||||||||
Related Party Transaction [Line Items] | ||||||||
General partner ownership interest | 80.01% | |||||||
Partners' capital account, units | 500,010 | |||||||
Principal amount of loans remained outstanding | $ 108,431,309 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Long-term purchase commitment, amount | $ 0 | |
Accrual for environmental loss contingencies | $ 0 | $ 0 |