What changed in this filing

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Item 1. Financial Statements

2023-08-03 compared with 2023-05-04 · 85 added, 76 removed, 242 unchanged (40% of the section changed)

7 unchanged sentences

Cash and cash equivalents

$ 44,999  

$ 40,754  

Trade and other receivables

12,562  

14,543  

Net profits interest receivable - related party

Total current assets

62,172  

62,467  

Oil and natural gas properties (full cost method)

473,012  

472,974  

Accumulated full cost depletion

105,670  

112,250  

Leasehold improvements

1 unchanged sentence

Operating lease right-of-use asset

$ 169,295  

$ 176,243  

LIABILITIES AND PARTNERSHIP CAPITAL

1 unchanged sentence

Accounts payable and other current liabilities

$ 3,234  

$ 3,131  

Operating lease liability

5 unchanged sentences

General Partner

164,219  

170,842  

Total partnership capital

164,538  

171,518  

Total liabilities and partnership capital

$ 169,295  

$ 176,243  

The accompanying notes are an integral part of these condensed consolidated financial statements.

4 unchanged sentences

Three Months Ended

Six Months Ended

Operating revenues

16 unchanged sentences

(In Thousands)

Three Months Ended March 31, 2022

Three Months Ended June 30, 2022

Balance at April 1, 2022

$ 1,209  

$ 162,118  

$ 163,327  

37,555  

36,071  

37,324  

Distributions ($ 0.753926 per Unit)

Balance at June 30, 2022

$ 1,497  

$ 169,876  

$ 171,373  

37,555  

Three Months Ended June 30, 2023

Balance at April 1, 2023

$ 164,219  

$ 164,538  

38,372  

19,148  

19,804  

Distributions ($ 0.989656 per Unit)

Balance at June 30, 2023

$ 145,392  

$ 145,332  

38,372  

Six Months Ended June 30, 2022

Balance at January 1, 2022

8 unchanged sentences

Distributions ($ 1.393213 per Unit)

Balance at March 31, 2022

Balance at June 30, 2022

$ 1,497  

2 unchanged sentences

37,555  

Three Months Ended March 31, 2023

Six Months Ended June 30, 2023

Balance at January 1, 2023

5 unchanged sentences

Distributions ($ 1.873995 per Unit)

Balance at March 31, 2023

Balance at June 30, 2023

$ 145,392  

6 unchanged sentences

(In Thousands)

Three Months Ended

Six Months Ended

Net cash provided by operating activities

3 unchanged sentences

Distributions paid to General Partner and unitholders

Increase in cash and cash equivalents

Increase (decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of period

1 unchanged sentence

Non-cash investing and financing activities:

Fair value of common units issued for acquisitions of oil and natural gas properties

Fair value of common units issued for acquisition of oil and natural gas properties

The accompanying notes are an integral part of these condensed consolidated financial statements.

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The unaudited condensed consolidated financial statements do not include all of the disclosures required for complete annual financial statements prepared in conformity with U.S.

Therefore, the accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Partnership’s 2022 Annual Report on Form 10 -K.

The accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal and recurring adjustments unless indicated otherwise) that are, in the opinion of management, necessary for the fair presentation of our financial position and operating results for the interim period.

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Multiple variants emerged in 2021 and became highly transmissible, which contributed to pricing volatility during 2021 to date.

The financial results of companies in the oil and natural gas industry have been impacted materially as a result of changing market conditions.

While in May 2023, the WHO determined that COVID- 19 is now an established and ongoing health issue which no longer constitutes a public health emergency of international concern, the financial results of companies in the oil and natural gas industry have been impacted materially as a result of changing market conditions.

Such circumstances generally increase uncertainty in the Partnership’s accounting estimates.

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As a result of the invasion, various economic and trade sanctions have been implemented by countries and private market participants on Russia which have resulted in a lower worldwide supply of oil and natural gas, contributing to a sharp increase in market prices for these commodities in the first half of 2022 followed by a slight softening in oil prices during the second half of 2022 due to higher inflation and rising interest rates.

During the first quarter of 2023, with the exception of a decline of oil prices in March in reaction to the U.S.

regional bank instability, oil prices remained generally in line with those seen in the later portion of 2022.

Despite this slowing of the global economic recovery, demand and market prices for oil and natural gas remain strong, due in part to the ongoing Russian invasion of Ukraine along with rising energy use.

However, the sanctions imposed against Russia, and other measures, as well as the existing and potential further responses from Russia or other countries to such sanctions, supply chain disruptions, tensions and military actions, could adversely affect the global economy and financial markets and could adversely affect our business, financial condition and results of operations.

Despite the decline in oil prices during the first six months of 2023, demand and market prices for oil and natural gas remain resilient, due in part to global travel trending towards pre-COVID- 19 levels and the recently announced OPEC+ production cuts.

While oil prices are now consistent with price levels before the Russia-Ukraine conflict, potential further responses from Russia or other countries to the sanctions imposed on Russia, supply chain disruptions, tensions and military actions, could adversely affect the global economy, cause volatility in the financial markets and could adversely affect our business, financial condition and results of operations.

We remain unable to predict events that may lead to future price volatility and the near-term energy outlook remains subject to heightened levels of uncertainty.

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While conditions have significantly improved with the increase in domestic vaccination programs, a reduction in global constraints and the reduced spread of COVID- 19 overall, the long term impact of COVID- 19 remains uncertain as responses to COVID- 19 and newly emerging variants continue to evolve.

Additional actions may be required in response to the COVID- 19 pandemic on a national, state, and local level by governmental authorities, and such actions may further adversely affect general and local economic conditions, particularly if there is a resurgence in the spread of the COVID- 19.

Although the WHO in May 2023 determined that COVID- 19 is now an established and ongoing health issue which no longer constitutes a public health emergency of international concern, additional actions may be required in response to the COVID- 19 pandemic on a national, state, and local level by governmental authorities, and such actions may further adversely affect general and local economic conditions if there is a resurgence in the spread of the COVID- 19.

We cannot predict the long-term impact of these events on our liquidity, financial position, results of operations or cash flows due to uncertainties including the severity of COVID- 19 or any of the ongoing variants, and the effect the virus will have on the demand for oil and natural gas.

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Acquisitions for Units

On July 12, 2023, pursuant to a non-taxable contribution and exchange agreement with multiple unrelated third parties, the Partnership acquired mineral and royalty interests totaling approximately 900 net royalty acres located in 13 counties and parishes across Louisiana, New Mexico, and Texas in exchange for 343,750 common units representing limited partnership interests in the Partnership valued at $ 11.0 million and issued pursuant to the Partnership’s registration statement on Form S- 4.

On September 30, 2022, pursuant to a non-taxable contribution and exchange agreement with Excess Energy, LLC, a Texas limited liability company (“Excess”), the Partnership acquired mineral, royalty and overriding royalty interests totaling approximately 2,100 net royalty acres located in 12 counties across Texas and New Mexico in exchange for 816,719 common units representing limited partnership interests in the Partnership valued at $ 20.4 million and issued pursuant to the Partnership's registration statement on Form S- 4.

2 unchanged sentences

Accordingly, the cost of the acquisition was allocated on a relative fair value basis and transaction costs were capitalized as a component of the cost of the assets acquired.

Final settlement net cash received, net of capitalized transaction costs paid, of $ 0.5 million is included in net cash contributed in acquisitions on the condensed consolidated statement of cash flows for the three months ended March 31, 2023.

The condensed consolidated balance sheet as of December 31, 2022 includes $ 19.0 million of net oil and natural gas properties acquired in the transaction.

4 unchanged sentences

Accordingly, the cost of the acquisition was allocated on a relative fair value basis and transaction costs were capitalized as a component of the cost of the assets acquired.

Contributed cash delivered at closing, net of capitalized transaction costs paid, of $ 0.7 million is included in net cash contributed in acquisitions on the condensed consolidated statement of cash flows for the three months ended March 31, 2022.

Contributed cash delivered at closing and final settlement net cash received, net of capitalized transaction costs paid, of $ 0.9 million is included in net cash contributed in acquisitions on the condensed consolidated statement of cash flows for the six months ended June 30, 2022.

The condensed consolidated balance sheet as of December 31, 2022 includes $ 14.0 million of net proved oil and natural gas properties acquired in the transaction.

2 unchanged sentences

Distributions to Holders of Common Units

The distribution for the first quarter of 2023 will be paid on 38,371,493 common units.

The first quarter 2023 distribution of $ 0.989656 per common unit will be paid on May 11, 2023.

The distribution for the first quarter of 2022 was paid on 37,554,774 common units.

Our partnership agreement requires the second quarter 2023 distribution to be paid by August 14, 2023.

The distribution for the second quarter of 2023 will be paid on 38,715,243 common units.

The second quarter 2023 distribution of $ 0.676818 per common unit will be paid on August 10, 2023.

The distribution for the second quarter of 2022 was paid on 37,554,774 common units.

Our partnership agreement requires the third quarter 2023 distribution to be paid by November 14, 2023.

MANAGEMENT ’

2 unchanged sentences

For a description of limitations inherent in forward-looking statements, see page 1 of this Quarterly Report on Form 10-Q.

This discussion, which presents our results of operations for the three months ended March 31, 2023 and March 31, 2022, should be read in conjunction with our Condensed Consolidated Financial Statements and the accompanying notes.

This discussion, which presents our results of operations for the three and six months ended June 30, 2023 and June 30, 2022, should be read in conjunction with our unaudited condensed consolidated financial statements and the accompanying notes.

We intend for this discussion to provide the reader with information that will assist in understanding our financial statements, the changes in certain key items in those financial statements from period to period, and the primary factors that accounted for those changes.

2 unchanged sentences

We currently own Royalty Properties in 592 counties and parishes in 28 states.

As of March 31, 2023, we own a net profits overriding royalty interest (referred to as the Net Profits Interest, or “NPI”) in various properties owned by Dorchester Minerals Operating LP (the “Operating Partnership”), a Delaware limited partnership owned directly and indirectly by our General Partner.

As of June 30, 2023, we own a net profits overriding royalty interest (referred to as the Net Profits Interest, or “NPI”) in various properties owned by Dorchester Minerals Operating LP (the “Operating Partnership”), a Delaware limited partnership owned directly and indirectly by our General Partner.

We receive monthly payments from the NPI equaling 96.97% of the net profits actually realized by the Operating Partnership from these properties in the preceding month.

1 unchanged sentence

In the event the NPI has a deficit of cumulative revenue versus cumulative costs, the deficit will be borne solely by the Operating Partnership.

From a cash perspective, as of March 31, 2023, the NPI was in a surplus position and had outstanding capital commitments, primarily in the Bakken region, equaling cash on hand of $6.0 million.

From a cash perspective, as of June 30, 2023, the NPI was in a surplus position and had outstanding capital commitments, primarily in the Bakken region, equaling cash on hand of $6.3 million.

Commodity Price Risks

8 unchanged sentences

Additionally, multiple variants emerged in 2021 and became highly transmissible, which contributed to additional pricing and demand volatility during 2021 to date.

However, conditions have significantly improved since 2022 with the increase in domestic vaccination programs, a reduction in global constraints and a reduced spread of COVID-19 overall.

Nevertheless, the long term impact of COVID-19 remains uncertain as responses to COVID-19 and newly emerging variants continue to evolve. 

However, conditions have significantly improved since 2022 with the increase in domestic vaccination programs, a reduction in global constraints and a reduced spread of COVID-19 overall and in May 2023, the WHO determined that COVID-19 is now an established and ongoing health issue which no longer constitutes a public health emergency of international concern.

Nevertheless, the long term impact of COVID-19 remains uncertain.

Furthermore, in February 2022, Russian military forces invaded Ukraine leading to various trade and economic sanctions being implemented by countries and private market participants on Russia which have resulted in a global supply shortage of oil and natural gas.

2 unchanged sentences

regional bank instability, oil prices remained generally in line with those seen in the later portion of 2022.

Despite the decline in oil prices during the first six months of 2023, demand and market prices for oil and natural gas remain resilient, due in part to global travel trending towards pre-COVID-19 levels and the recently announced OPEC+ production cuts.

However, commodity prices have historically been volatile, and we cannot predict events which may lead to future fluctuations in these prices.

Additional actions may be required in response to the COVID-19 pandemic on a national, state and local level by governmental authorities, and such actions may further adversely affect general and local economic conditions (including further closures of businesses), particularly if there is a resurgence in the spread of COVID-19.

The ultimate duration and effect of COVID-19 remain uncertain.

Although the WHO in May 2023 determined that COVID-19 is now an established and ongoing health issue which no longer constitutes a public health emergency of international concern, additional actions may be required in response to the COVID-19 pandemic on a national, state, and local level by governmental authorities, and such actions may further adversely affect general and local economic conditions if there is a resurgence in the spread of the COVID-19.

The long term effects of COVID-19 remain uncertain.

Similarly, the length, impact and outcome of the ongoing military conflict between Russia and Ukraine is highly unpredictable and could lead to significant market disruptions and increased volatility in oil and natural gas prices and supply of energy resources along with instability in the global commodity and financial markets. 

5 unchanged sentences

Accordingly, the cost of the acquisition was allocated on a relative fair value basis and transaction costs were capitalized as a component of the cost of the assets acquired.

Final settlement net cash received, net of capitalized transaction costs paid, of $0.5 million is included in net cash contributed in acquisitions on the condensed consolidated statement of cash flows for the three months ended March 31, 2023. 

Final settlement net cash received, net of capitalized transaction costs paid, of $0.5 million is included in net cash contributed in acquisitions on the condensed consolidated statement of cash flows for the six months ended June 30, 2023. 

On March 31, 2022, pursuant to a non-taxable contribution and exchange agreement with multiple unrelated third parties, the Partnership acquired mineral and royalty interests representing approximately 3,600 net royalty acres located in 13 counties across Colorado, Louisiana, Ohio, Oklahoma, Pennsylvania, West Virginia and Wyoming in exchange for 570,000 common units representing limited partnership interests in the Partnership valued at $14.8 million and issued pursuant to the Partnership’s registration statement on Form S-4.

2 unchanged sentences

Accordingly, the cost of the acquisition was allocated on a relative fair value basis and transaction costs were capitalized as a component of the cost of the assets acquired.

Contributed cash delivered at closing, net of capitalized transaction costs paid, of $0.7 million is included in net cash contributed in acquisitions on the condensed consolidated statement of cash flows for the three months ended March 31, 2022.

Three Months Ended March 31, 2023 as compared to Three Months Ended March 31,  

Contributed cash delivered at closing and final settlement net cash received, net of capitalized transaction costs paid, of $0.9 million is included in net cash contributed in acquisitions on the condensed consolidated statement of cash flows for the six months ended June 30, 2022.

Three and Six Months Ended June 30, 2023 as compared to Three and Six Months Ended June 30,  

Our period-to-period changes in net income and cash flows from operating activities are principally determined by changes in oil and natural gas sales volumes and prices, and to a lesser extent, by capital expenditures deducted under the NPI calculation.

2 unchanged sentences

Three Months Ended

Six Months Ended

Accrual basis sales volumes:

3 unchanged sentences

NPI oil sales (mbbls)

Accrual basis average sales prices:

Accrual basis average sales price:

Royalty Properties natural gas sales ($/mcf)

3 unchanged sentences

Both oil and natural gas sales price changes reflected in the table above resulted from changing market conditions.

The decrease in oil sales volumes attributable to our Royalty Properties from the first quarter of 2022 to the same period of 2023 is primarily a result of lower suspense releases on new wells in the Permian Basin and Rockies and decreased production in the Permian Basin, Bakken region, and Rockies, partially offset by higher suspense releases on new wells in the Bakken region.

The increase in natural gas sales volumes attributable to our Royalty Properties from the first quarter of 2022 to the same period of 2023 is primarily a result of higher suspense releases on new wells in South Texas, East Texas, and Mid-Continent, partially offset by lower suspense releases on new wells in the Southeast and decreased production in the Bakken region.

The increase in oil and natural gas sales volumes attributable to our NPI properties from the first quarter of 2022 to the same period of 2023 is primarily a result of higher suspense releases on new wells and increased production in the Permian Basin, partially offset by lower suspense releases on new wells and natural production declines in the Bakken region. 

Operating costs, including production taxes, decreased 17% from the first quarter of 2022 to the same period of 2023.

The decrease is primarily a result of lower proportionate production taxes due to lower Royalty Properties oil sales volumes and lower oil and natural gas sales prices, partially offset by higher natural gas sales volumes and higher ad valorem taxes.

Depreciation, depletion and amortization increased 49% from the first quarter of 2022 to the same period of 2023.

The increase in oil sales volumes attributable to our Royalty Properties from the second quarter of 2022 to the same period of 2023 is primarily a result of higher suspense releases on new wells in the Permian Basin and Bakken region, partially offset by decreased production and lower suspense releases on new wells in the Rockies.

The decrease in oil sales volumes attributable to our Royalty Properties from the first six months of 2022 to the same period of 2023 is primarily a result of decreased production in the Permian Basin, Rockies, and Bakken region and lower suspense releases on new wells in the Rockies, partially offset by higher suspense releases on new wells in the Permian Basin and Bakken region.

The increase in natural gas sales volumes attributable to our Royalty Properties from the second quarter of 2022 to the same period of 2023 is primarily a result of increased production and higher suspense releases on new wells in the Permian Basin and South Texas, partially offset by decreased production in the Fayetteville Shale, Rockies, and Southeast.

The increase in natural gas sales volumes attributable to our Royalty Properties from the first six months of 2022 to the same period of 2023 is primarily a result of higher suspense releases on new wells in the Permian Basin, South Texas, and East Texas, partially offset by decreased production in the Bakken region and Southeast and lower suspense releases on new wells in the Rockies and Southeast.

The increases in oil and natural gas sales volumes attributable to our NPI properties from the second quarter of 2022 to the same period of 2023 are primarily a result of increased production in the Permian Basin and higher suspense releases on new wells in the Bakken region, partially offset by decreased production in the Bakken region and lower suspense releases on new wells in the Permian Basin.

The increase in oil and natural gas sales volumes attributable to our NPI properties from the first six months of 2022 to the same period of 2023 is primarily a result of higher suspense releases on new wells in the Permian Basin in the first quarter of 2023 and increased production in the Permian Basin year to date, partially offset by decreased production in the Bakken region.

Operating costs, including production taxes, decreased 28% from the second quarter of 2022 to the same period of 2023 and 23% from the first six months of 2022 to the same period of 2023.

The decreases are primarily a result of lower proportionate production taxes due to lower Royalty Properties oil and natural gas sales prices.

Depreciation, depletion and amortization increased 12% from the second quarter of 2022 to the same period of 2023 and 30% from the first six months of 2022 to the same period of 2023.

We adjust our depletion rate each quarter for significant changes in our estimates of oil and natural gas reserves, including recent acquisitions.

General and administrative expenses increased 34% from the first quarter of 2022 to the same period of 2023.

The increase is primarily a result of higher compensation expenses due to market adjustments and increased professional service fees.

Net cash provided by operating activities increased 36% from the first quarter of 2022 to the same period of 2023.

The increase is primarily a result of higher NPI payment receipts.

General and administrative expenses increased 75% from the second quarter of 2022 to the same period of 2023 and 52% from the first six months of 2022 to the same period of 2023.

The increases are primarily a result of higher compensation expenses due to market adjustments, increased professional service fees, and one-time, non-recurring professional services expenses of $1.2 million related to an unsuccessful acquisition in the second quarter of 2023.

Net cash provided by operating activities remained consistent from the first six months of 2022 to the same period of 2023 primarily due to higher NPI payment receipts, partially offset by lower Royalties revenue receipts, net of production taxes and operating expenses.

In an effort to provide the reader with information concerning prices of oil and natural gas sales that correspond to our quarterly distributions, management calculates the average price by dividing gross revenues received by the net volumes of the corresponding product without regard to the timing of the production to which such sales may be attributable.

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prior period adjustments.

Cash receipts attributable to our Royalty Properties during the first quarter of 2023 totaled $24.6 million.

Approximately 76% of these receipts reflect oil sales during December 2022 through February 2023 and natural gas sales during November 2022 through January 2023, and approximately 24% from prior sales periods.

The average indicated prices for oil and natural gas sales cash receipts attributable to the Royalty Properties during the first quarter of 2023 were $68.92/bbl and $4.77/mcf, respectively.

Cash receipts attributable to our Net Profits Interest during the first quarter of 2023 totaled $17.5 million.

Approximately 31% of these receipts reflect oil and natural gas sales during November 2022 through January 2023, and approximately 69% from prior sales periods.

The average indicated prices for oil and natural gas sales cash receipts attributable to the NPI properties during the first quarter of 2023 were $74.29/bbl and $4.51/mcf, respectively.

Cash receipts attributable to our Royalty Properties during the second quarter of 2023 totaled $23.2 million.

Approximately 71% of these receipts reflect oil sales during March 2023 through May 2023 and natural gas sales during February 2023 through April 2023, and approximately 29% from prior sales periods.

The average indicated prices for oil and natural gas sales cash receipts attributable to the Royalty Properties during the second quarter of 2023 were $67.54/bbl and $2.23/mcf, respectively.

Cash receipts attributable to our Net Profits Interest during the second quarter of 2023 totaled $5.1 million.

Approximately 65% of these receipts reflect oil and natural gas sales during February 2023 through April 2023, and approximately 35% from prior sales periods.

The average indicated prices for oil and natural gas sales cash receipts attributable to the NPI properties during the second quarter of 2023 were $68.19/bbl and $2.97/mcf, respectively.

Liquidity and Capital Resources

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Under the third amendment to the Office Lease, monthly rental payments range from $25,000 to $30,000.

Future maturities of Office Lease liabilities representing monthly cash rental payment obligations as of March 31, 2023 are summarized as follows:

Future maturities of Office Lease liabilities representing monthly cash rental payment obligations as of June 30, 2023 are summarized as follows:

Total lease payments

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(as defined in Section 514 of the Internal Revenue Code of 1986, as amended).

We currently expect to have sufficient liquidity to fund our distributions to unitholders and operations despite potential material uncertainties that may impact us as a result of the spread of COVID-19 and any ongoing variants and increased oil and natural gas market volatility caused by the Russian invasion of Ukraine and the recent rise in inflation and interest rates. Although demand and market prices for oil and natural gas have remained strong due to the rising energy use and worldwide shortage of oil due to sanctions implemented on Russia, we cannot predict events that may lead to future price volatility.

Our ability to fund future distributions to unitholders may be affected by the prevailing economic conditions in the oil and natural gas market and other financial and business factors, including the evolution of COVID-19 and any ongoing variants, along with the military conflict between Russia and Ukraine which are beyond our control.

If market conditions were to change due to declines in oil prices or uncertainty created by COVID-19 or any ongoing variants and our revenues were reduced significantly or our operating costs were to increase significantly, our cash flows and liquidity could be reduced. Despite the significant improvement in conditions since the beginning of the COVID-19 pandemic, the current economic environment is volatile, and therefore, we cannot predict the ultimate impact that COVID-19 or the ongoing military conflict between Russia and Ukraine will have on our liquidity or cash flows.

We currently expect to have sufficient liquidity to fund our distributions to unitholders and operations despite potential material uncertainties that may impact us as a result of the ongoing military conflict between Russian and Ukraine and the rise during 2022 and 2023 in inflation and interest rates. Although demand and market prices for oil and natural gas remain resilient due in part to global travel trending towards pre-COVID-19 levels and the recently announced OPEC+ production cuts, we cannot predict events that may lead to future price volatility.

Our ability to fund future distributions to unitholders may be affected by the prevailing economic conditions in the oil and natural gas market and other financial and business factors, including the possible resurgence of COVID-19 and any ongoing variants, along with the military conflict between Russia and Ukraine which are beyond our control.

If market conditions were to change due to declines in oil prices or uncertainty created by a resurgence of COVID-19 or any ongoing variants and our revenues were reduced significantly or our operating costs were to increase significantly, our cash flows and liquidity could be reduced. Despite the significant improvement in conditions since the beginning of the COVID-19 pandemic, the current economic environment is volatile, and therefore, we cannot predict the ultimate long-term impact that COVID-19 or the ongoing military conflict between Russia and Ukraine will have on our liquidity or cash flows.

Liquidity and Working Capital

Cash and cash equivalents totaled $45.0 million at March 31, 2023 and $40.8 million at December 31, 2022.

Cash and cash equivalents totaled $35.3 million at June 30, 2023 and $40.8 million at December 31, 2022.

Critical Accounting Policies and Estimates

As of March 31, 2023, there have been no significant changes to our critical accounting policies and related estimates previously disclosed in our 2022 Annual Report on Form 10-K.

As of June 30, 2023, there have been no significant changes to our critical accounting policies and related estimates previously disclosed in our Annual Report.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no significant changes in our exposure to market risk during the three months ended March 31, 2023.

For a discussion of our exposure to market risk, refer to Item 7A of Part I of the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2022 

There have been no significant changes in our exposure to market risk during the three months ended June 30, 2023.

For a discussion of our exposure to market risk, refer to Item 7A of Part I of the Partnership’s Annual Report for the year ended December 31, 2022.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements