In an effort to provide 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. This "indicated price" does not necessarily reflect the contractual terms for such sales and may be affected by transportation costs, location differentials, and quality and gravity adjustments. While the relationship between the Partnership's cash receipts and the timing of the production of oil and natural gas may be described generally, actual cash receipts may be materially impacted by purchasers’ release of suspended funds and by prior period adjustments.
Cash receipts attributable to the Partnership's Royalty Properties during the fourth quarter of 2025 totaled $32.2 million. Approximately 62% of these receipts reflect oil sales during September 2025 through November 2025 and natural gas sales during August 2025 through October 2025, and approximately 38% from prior sales periods. The average indicated prices for oil and natural gas sales attributable to the Royalty Properties during the 2025 fourth quarter were $54.98/bbl and $1.91/mcf, respectively.
Cash receipts attributable to the Partnership's NPI during the fourth quarter of 2025 totaled $4.0 million. Approximately 66% of these receipts reflect oil and natural gas sales during August 2025 through October 2025, and approximately 34% from prior sales periods. The average indicated prices for oil and natural gas sales attributable to the NPI were $54.47/bbl and $2.16/mcf, respectively.
In accordance with our partnership agreement, we bear all general and administrative and other overhead expenses subject to certain limitations. We reimburse our General Partner for certain allocable costs, including rent, wages, salaries and employee benefit plans that are not direct expenses. This reimbursement is limited to an amount equal to the sum of 5% of our distributions plus certain costs previously paid. For the year ended December 31, 2025, the reimbursement amounts actually paid or reserved did not exceed the limitation.
Quoted from the business section of this company’s 10-K filed February 24, 2026. Read the filing