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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), 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.
Kimbell Royalty Partners (NYSE: KRP) reported strong Q2 2024 results, with run-rate daily production of 24,110 Boe/d, exceeding guidance midpoint. The company announced a cash distribution of $0.42 per common unit, representing a 10.2% annualized yield. Key highlights include:
- Q2 2024 oil, natural gas, and NGL revenues of $77.0 million
- Net income of $15.2 million
- Consolidated Adjusted EBITDA of $65.8 million
- Record low cash G&A per BOE of $2.34
- 91 active rigs drilling on Kimbell's acreage, representing 16.3% market share of U.S. land rigs
- Conservative balance sheet with Net Debt to TTM Consolidated Adjusted EBITDA of 0.9x
Kimbell maintains a strong operational position with 7.96 net DUCs and permitted locations, well above the 5.8 net wells needed to maintain flat production.
Kimbell Royalty Partners (NYSE: KRP) announced that it will release its second quarter 2024 financial results on August 1, 2024, before market open. Concurrently, Kimbell will declare its second quarter 2024 distribution.
The company, which holds oil and natural gas mineral and royalty interests in over 129,000 wells across 28 states, will host a conference call at 10:00 a.m. Central (11:00 a.m. Eastern) on the same day. Interested parties can join the call by dialing 201-389-0869 or accessing the webcast via Kimbell's Investor Relations website. Replay of the call will be available until August 9, 2024.
Kimbell Royalty Partners (NYSE: KRP) announced the passing of Ben J. Fortson, a board member with nearly 60 years of experience in the oil and gas industry.
Fortson was President and CEO of Fortson Oil Company since 1986 and served as Chief Investment Officer and Executive Vice President of the Kimbell Art Foundation since 1975. He began investing in oil and natural gas minerals and royalties in the late 1990s on behalf of the Kimbell Art Foundation, which was a significant sponsor of Kimbell Royalty Partners.
Fortson played a important role in the creation of Kimbell Royalty Partners, from its initial public offering in February 2017 to his tenure as a board member until 2024. His contributions, including his investing skills and vision, were key to the company's success.
Chairman and CEO Robert Ravnaas expressed deep sadness at Fortson's passing, highlighting his wise counsel, sense of humor, and friendship.
Kimbell Royalty Partners (NYSE: KRP) announced record first-quarter 2024 results with impressive daily production, revenue, and EBITDA figures. The company achieved a 1.4% increase in production and a 4.2% increase in revenue from Q4 2023. Kimbell also reported a Q1 2024 cash distribution of $0.49 per common unit and a conservative balance sheet with low debt levels. The company affirms its financial and operational guidance for 2024, reflecting confidence in the industry and long-term shareholder value.
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