Kimbell Royalty Partners Announces Increase in Borrowing Base and Elected Commitments from $400 Million to $550 Million

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Kimbell Royalty Partners, LP (NYSE: KRP) announced a 37.5% increase in borrowing base and total commitments under its revolving credit facility, from $400 million to $550 million. The company's undrawn capacity would have been $239.6 million as of September 30, 2023. This enhancement provides Kimbell with greater flexibility and liquidity, reflecting significant growth over the last year.

FORT WORTH, Texas, Dec. 11, 2023 /PRNewswire/ -- Kimbell Royalty Partners, LP (NYSE: KRP) ("Kimbell" or the "Company"), a leading owner of oil and natural gas mineral and royalty interests in more than 127,000 gross wells across 28 states, today is pleased to announce an increase of the borrowing base and total commitments under the Company's revolving credit facility.  In connection with the Fall 2023 redetermination under the senior secured reserve-based revolving credit facility, the borrowing base and aggregate elected commitments increased from $400 million to $550 million, an increase of 37.5%.    

At September 30, 2023, Kimbell had outstanding borrowings of $310.4 million under its revolving credit facility and $89.6 million of undrawn capacity.  If the increases in the borrowing base and commitments had been effective on September 30, 2023, the Company's undrawn capacity under the revolving credit facility would have been $239.6 million.

Davis Ravnaas, President and Chief Financial Officer of the Company's general partner, said, "We are pleased with the increased borrowing base and commitments under our revolving credit facility, which enhances Kimbell's flexibility and liquidity.  We received unanimous support from our existing lenders, and Kimbell expanded its bank syndicate from 10 to 14 lenders.  I'd like to thank our banking partners for their continued support, and for playing a key role in facilitating our significant growth over the last year."

About Kimbell Royalty Partners

Kimbell (NYSE: KRP) is a leading oil and natural gas mineral and royalty company based in Fort Worth, Texas.  Kimbell owns mineral and royalty interests in approximately 17 million gross acres in 28 states and in every major onshore basin in the continental United States, including ownership in more than 127,000 gross wells with over 49,000 wells in the Permian Basin. To learn more, visit http://www.kimbellrp.com.

Contact:

Rick Black
Dennard Lascar Investor Relations
krp@dennardlascar.com
(713) 529-6600

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SOURCE Kimbell Royalty Partners, LP

FAQ

What is the recent announcement from Kimbell Royalty Partners, LP (NYSE: KRP)?

Kimbell Royalty Partners, LP (NYSE: KRP) announced an increase in borrowing base and total commitments under its revolving credit facility from $400 million to $550 million.

How many gross wells does Kimbell Royalty Partners, LP (NYSE: KRP) own mineral and royalty interests in?

Kimbell Royalty Partners, LP (NYSE: KRP) owns mineral and royalty interests in more than 127,000 gross wells across 28 states.

Who is the President and Chief Financial Officer of Kimbell Royalty Partners, LP (NYSE: KRP)?

Davis Ravnaas is the President and Chief Financial Officer of Kimbell Royalty Partners, LP (NYSE: KRP).

What was the outstanding borrowings of Kimbell Royalty Partners, LP (NYSE: KRP) under its revolving credit facility as of September 30, 2023?

Kimbell Royalty Partners, LP (NYSE: KRP) had outstanding borrowings of $310.4 million under its revolving credit facility as of September 30, 2023.

How many lenders are in Kimbell Royalty Partners, LP (NYSE: KRP)'s bank syndicate?

Kimbell Royalty Partners, LP (NYSE: KRP) expanded its bank syndicate from 10 to 14 lenders.