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Kimbell Royalty Partners, LP (NYSE: KRP) is a prominent oil and gas mineral and royalty company based in Fort Worth, Texas. Managed by its general partner, Kimbell Royalty GP, LLC, the company owns mineral and royalty interests in approximately 17 million gross acres across 28 states. This includes interests in more than 129,000 gross wells, with over 50,000 wells located in the prolific Permian Basin.
Kimbell's portfolio spans major onshore basins in the continental United States, including the Permian Basin, Mid-Continent, Terryville/Cotton Valley/Haynesville, Appalachian Basin, Eagle Ford, Bakken/Williston Basin, and DJ Basin/Rockies/Niobrara. The company's revenues are derived primarily from royalty payments received from operators based on the sale of oil, natural gas, and natural gas liquids (NGLs) produced on its properties.
Recent achievements highlight Kimbell's robust performance. In the third quarter of 2023, the company set new records in production, rig count, and permits, achieving a significant shift towards liquids in its production mix. Kimbell's strategic acquisitions and efficient operations have resulted in record-breaking production levels and solid financial health, with reported revenues of $67.2 million and a net income of approximately $18.5 million for the same quarter.
Kimbell has also strengthened its financial position by paying down significant portions of its secured revolving credit facility, with a total reduction of approximately $119.8 million since May 2020. Moreover, the company declared a Q3 2023 distribution of $0.51 per common unit, reflecting a 31% increase from the previous quarter.
Looking forward, Kimbell's ongoing projects and operational updates indicate strong future prospects. The company continues to maintain a high market share of the U.S. land rig count and has secured an increased borrowing base and total commitments under its revolving credit facility, enhancing liquidity and financial flexibility.
Kimbell Royalty Partners remains committed to delivering long-term value to its unitholders through strategic acquisitions, efficient production, and sound financial management. To learn more about Kimbell Royalty Partners, visit their website at www.kimbellrp.com.
Kimbell Royalty Partners (NYSE: KRP) has announced the filing of its 2024 Annual Report on Form 10-K with the SEC. The company, which owns oil and natural gas mineral and royalty interests across over 17 million gross acres in 28 states, has made the report accessible through its investor relations website and the SEC website. Interested investors can also request a free hard copy of the Annual Report, including complete audited financial statements, through Dennard Lascar Investor Relations.
Kimbell Royalty Partners (NYSE: KRP) reported record Q4 2024 results, with production exceeding 25,000 Boe/d for the first time. The company achieved Q4 2024 run-rate daily production of 24,082 Boe per day, with total revenues of $66.7 million.
Key highlights include:
- Q4 2024 consolidated Adjusted EBITDA of $59.8 million
- Announced Q4 2024 cash distribution of $0.40 per common unit (10.2% annualized yield)
- 91 active rigs representing 16% market share of U.S. land rig count
- Conservative balance sheet with Net Debt to TTM Consolidated Adjusted EBITDA of 0.8x
The company reported a Q4 2024 net loss of $39.3 million, primarily due to a non-cash ceiling test impairment expense of $56.2 million. For 2025, KRP initiated guidance with estimated daily production projected at 25,500 Boe/d (mid-point), with a range of 24,000-27,000 Boe/d.
Kimbell Royalty Partners (NYSE: KRP) has completed the previously announced $230 million acquisition of mineral and royalty interests in the Midland Basin. The transaction, funded through a combination of public offering of common units and credit facility borrowings, includes assets producing approximately 1,842 Boe/d as of October 1, 2024.
The Acquired Assets are located under the historic Mabee Ranch, with interests concentrated in Martin County (63%) and Andrews County (37%). The production mix includes 1,125 Bbl/d of oil, 410 Bbl/d of NGLs, and 1,842 Mcf/d of natural gas. Kimbell will receive all cash flow from production since October 1, 2024, while accounting recognition begins January 17, 2025.
Kimbell Royalty Partners (NYSE: KRP) has announced the pricing of its upsized public offering of 10,000,000 common units at $14.90 per unit, expecting to raise approximately $149.0 million in gross proceeds. The offering includes an option for underwriters to purchase up to 1,500,000 additional units.
The offering is scheduled to close on January 9, 2025. Kimbell plans to use the net proceeds to repay outstanding borrowings under its revolving credit facility. The company intends to fund the cash portion of its pending Boren Minerals acquisition and related expenses through future borrowings under the same facility.
The offering is being managed by multiple financial institutions, with Citigroup, J.P. Morgan, RBC Capital Markets, BofA Securities, and Mizuho acting as joint-bookrunning managers.
Kimbell Royalty Partners (NYSE: KRP) has announced a public offering of 9,000,000 common units representing partner interests, with an additional option for underwriters to purchase up to 1,350,000 units. The net proceeds will be used to repay outstanding borrowings under its revolving credit facility. The company plans to fund the cash portion of its pending Boren Minerals acquisition through future borrowings under the same facility.
The offering is being managed by Citigroup, J.P. Morgan, and RBC Capital Markets as lead book-running managers. The common units will be issued under an effective shelf registration statement on Form S-3 previously filed with the SEC.
Kimbell Royalty Partners (KRP) has agreed to acquire mineral and royalty interests in the Midland Basin for approximately $231 million. The acquisition includes assets under the Mabee Ranch, spanning over 68,000 gross acres with approximately 875 gross producing wells operated by major companies including ConocoPhillips, Diamondback Energy, and ExxonMobil.
The transaction can be funded through either all cash or a combination of $207 million in cash and 1.4 million KRP common units valued at $24 million. The acquired assets are expected to produce approximately 1,842 Boe per day (60% oil, 17% natural gas, 23% NGL) in 2025, generating an estimated $30.9 million in cash flow. The deal is expected to increase daily production by 8% and decrease cash G&A per Boe by 7%.
The acquisition is expected to close in Q1 2025, with an effective date of October 1, 2024. Post-acquisition, KRP will have over 17 million gross acres, 130,000 gross wells, and 92 active rigs, representing approximately 16% of total active land rigs in the continental United States.
Kimbell Royalty Partners (NYSE: KRP), which owns oil and natural gas mineral and royalty interests across more than 129,000 gross wells in 28 states, has scheduled its fourth quarter 2024 earnings release for Thursday, February 27, 2025, before market opening. The company will simultaneously announce its Q4 2024 distribution.
A conference call is scheduled for the same day at 10:00 a.m. Central Time, accessible via phone (201-389-0869) or webcast through Kimbell's Investor Relations website. A replay will be available until March 6th using conference ID 13750582#.
Kimbell Royalty Partners (NYSE: KRP), which owns oil and natural gas mineral and royalty interests in over 129,000 gross wells across 28 states, has announced its participation in four upcoming investor conferences. The company's management will attend the Bank of America Global Energy Conference in Houston (Nov 12-13), TD Securities Energy Conference in New York City (Nov 19-20), Wolfe Inaugural Global Energy Conference virtually (Nov 21), and Mizuho Power, Energy & Infrastructure Conference in New York City (Dec 9-10).
Kimbell Royalty Partners announced its Q3 2024 results. Key highlights include:
Daily production of 23,846 Boe/d, $71.1 million in oil, natural gas, and NGL revenues, and a net income of $25.8 million. The company declared a cash distribution of $0.41 per common unit, reflecting a 10% annualized yield.
Kimbell's major properties had 5.13 net DUCs and 2.71 net permitted locations, with 90 active rigs representing 16% of the U.S. land rig count. The company reported a 34% increase in net DUCs, led by the Permian Basin. Lease bonuses hit record highs, indicating increased operator activity. Adjusted EBITDA was $63.1 million.
As of September 30, 2024, Kimbell had $252.2 million in debt and a net debt to trailing twelve month Adjusted EBITDA ratio of 0.8x. The company had $297.8 million in undrawn credit capacity. Kimbell affirmed its 2024 guidance and noted that approximately 100% of the Q3 distribution is expected to be considered a return of capital for tax purposes.
Kimbell Royalty Partners, LP (NYSE: KRP), a leading owner of oil and natural gas mineral and royalty interests, has announced the date for its third quarter 2024 earnings release and conference call. The company will release its financial results on Thursday, November 7, 2024, before the market opens. Kimbell will also declare its third quarter 2024 distribution concurrently with the earnings release.
A conference call is scheduled for the same day at 10:00 a.m. Central (11:00 a.m. Eastern). Investors can participate by phone by dialing 201-389-0869 at least 10 minutes before the call. A replay will be available through November 14th by dialing 201-612-7415 and using the conference ID: 13748350#. Alternatively, investors can connect to the webcast via the Events and Presentations page of Kimbell's Investor Relations website.
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