Kimbell Royalty Partners Announces Second Quarter 2024 Results
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) ha riportato risultati solidi per il secondo trimestre del 2024, con una produzione media giornaliera di 24.110 Boe/d, che supera il valore medio della guidance. L'azienda ha annunciato una distribuzione in contante di $0,42 per unità comune, che rappresenta un rendimento annualizzato del 10,2%. I principali punti salienti includono:
- Entrate per petrolio, gas naturale e NGL nel Q2 2024 pari a $77,0 milioni
- Utile netto di $15,2 milioni
- EBITDA consolidato rettificato di $65,8 milioni
- Costo di gestione in contante per BOE a un minimo storico di $2,34
- 91 piattaforme attive che stanno perforando nell'area di Kimbell, rappresentando il 16,3% della quota di mercato delle piattaforme di terra negli Stati Uniti
- Un bilancio conservativo con un rapporto Debito Netto su EBITDA Consolidato Rettificato TTM di 0,9x
Kimbell mantiene una forte posizione operativa con 7,96 DUC netti e posizioni autorizzate, ben al di sopra delle 5,8 trivelle nette necessarie per mantenere una produzione stabile.
Kimbell Royalty Partners (NYSE: KRP) reportó resultados sólidos en el segundo trimestre de 2024, con una producción diaria en tasa de 24,110 Boe/d, superando el punto medio de la guía. La compañía anunció una distribución en efectivo de $0.42 por unidad común, representando un rendimiento anualizado del 10.2%. Los puntos destacados incluyen:
- Ingresos por petróleo, gas natural y NGL en el Q2 2024 de $77.0 millones
- Ingreso neto de $15.2 millones
- EBITDA ajustado consolidado de $65.8 millones
- Costo de G&A en efectivo por BOE en un mínimo histórico de $2.34
- 91 plataformas activas perforando en las tierras de Kimbell, representando el 16.3% de la cuota de mercado de plataformas terrestres en EE.UU.
- Un balance conservador con una relación de Deuda Neta a EBITDA Ajustado Consolidado TTM de 0.9x
Kimbell mantiene una sólida posición operativa con 7.96 DUC netos y ubicaciones autorizadas, muy por encima de los 5.8 pozos netos necesarios para mantener una producción estable.
Kimbell Royalty Partners (NYSE: KRP)는 2024년 2분기 강력한 실적을 보고했으며, 일일 생산량이 24,110 Boe/d로 가이던스 중간값을 초과했습니다. 회사는 각 보통주당 $0.42의 현금 배당금을 발표했으며, 이는 연율 10.2%의 수익률을 나타냅니다. 주요 하이라이트는 다음과 같습니다:
- 2024년 2분기 석유, 천연가스 및 NGL 매출 $77.0 백만
- 순이익 $15.2 백만
- 조정된 EBITDA 합계 $65.8 백만
- BOE당 현금 G&A의 기록적인 저가 $2.34
- Kimbell의 면적에서 91개의 활성 굴삭기가 작업 중이며, 이는 미국 육상 굴삭기의 16.3%의 시장 점유율을 나타냅니다.
- 조정된 EBITDA TTM에 대한 순부채 비율이 0.9x인 보수적인 재무 구조
Kimbell은 7.96개의 순 DUC 및 허가된 장소를 보유하고 있으며, 안정적인 생산을 유지하는 데 필요한 5.8개의 순 굴착 수를 훨씬 초과합니다.
Kimbell Royalty Partners (NYSE: KRP) a annoncé de solides résultats pour le deuxième trimestre de 2024, avec une production quotidienne en rythme de 24 110 Boe/d, dépassant le point médian des prévisions. La société a annoncé une distribution en espèces de 0,42 $ par unité commune, représentant un rendement annualisé de 10,2%. Les points clés incluent :
- Revenus du pétrole, du gaz naturel et des NGL de 77,0 millions $ pour le T2 2024
- Bénéfice net de 15,2 millions $
- EBITDA ajusté consolidé de 65,8 millions $
- Coût G&A en espèces par BOE au plus bas historique de 2,34 $
- 91 forages actifs en cours sur les surfaces de Kimbell, représentant 16,3% de part de marché des forages terrestres aux États-Unis
- Un bilan conservateur avec un ratio de dette nette par rapport à l'EBITDA ajusté consolidé TTM de 0,9x
Kimbell maintient une forte position opérationnelle avec 7,96 DUC nettes et des emplacements autorisés, bien au-dessus des 5,8 puits nets nécessaires pour maintenir une production stable.
Kimbell Royalty Partners (NYSE: KRP) hat starke Ergebnisse für das 2. Quartal 2024 gemeldet, mit einer laufenden täglichen Produktion von 24.110 Boe/d, die den Mittelwert der Prognose übertrifft. Das Unternehmen kündigte eine Barausschüttung von $0,42 pro Stammaktie an, was eine annualisierte Rendite von 10,2% darstellt. Die wichtigsten Highlights sind:
- Einnahmen aus Öl, Erdgas und NGL im Q2 2024 von $77,0 Millionen
- Nettogewinn von $15,2 Millionen
- Konsolidiertes bereinigtes EBITDA von $65,8 Millionen
- Rekordniedriger Cash G&A pro BOE von $2,34
- 91 aktive Bohranlagen, die in Kimbells Liegenschaften gebohrt werden, was 16,3% Marktanteil der US-Landbohranlagen repräsentiert
- Konservative Bilanz mit einem Verhältnis von Nettoverschuldung zum bereinigten konsolidierten EBITDA TTM von 0,9x
Kimbell hat eine starke operative Position mit 7,96 netten DUCs und genehmigten Standorten, weit über den 5,8 netten Bohrungen, die zur Aufrechterhaltung einer stabilen Produktion erforderlich sind.
- Q2 2024 run-rate daily production of 24,110 Boe/d exceeded guidance midpoint
- Record low cash G&A per BOE of $2.34, below low-end of guidance
- 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
- 7.96 net DUCs and permitted locations, above the 5.8 net wells needed to maintain flat production
- Q2 2024 cash distribution of $0.42 per common unit, implying a 10.2% annualized yield
- Decrease in average realized price per Boe to $35.14 compared to previous quarters
Insights
Kimbell Royalty Partners' Q2 2024 results demonstrate a solid performance in a challenging environment for the oil and gas sector. The company's run-rate daily production of 24,110 Boe/d exceeded the mid-point of guidance, indicating strong operational execution. The 16% market share of U.S. land rig count suggests Kimbell's acreage remains attractive to operators.
Financially, the company reported
The announced Q2 2024 cash distribution of
However, investors should note the significant decline in natural gas prices, with the average realized price per Mcf at
Kimbell Royalty Partners' Q2 2024 results highlight the company's strong positioning in the U.S. oil and gas royalty sector. The company's diverse portfolio across 28 states and 129,000 gross wells provides significant exposure to various basins, mitigating regional risks.
The 91 active rigs drilling on Kimbell's acreage, representing a
The inventory of 7.96 net DUCs and permitted locations on major properties, compared to the 5.8 net wells needed to maintain flat production, suggests potential for future production growth. This inventory provides visibility into near-term development activity and potential royalty income.
However, the industry faces challenges, particularly in the natural gas market. The low realized price of
The company's exposure to multiple basins and operators helps mitigate single-basin risks, but also means Kimbell is subject to the broader trends affecting the U.S. oil and gas industry, including potential regulatory changes and the ongoing energy transition.
Q2 2024 Run-Rate Daily Production of 24,110 Boe/d (6:1) Exceeds Mid-Point of Guidance
Activity on Acreage Remains Robust with 91 Active Rigs Drilling Representing
Record Low Cash G&A per BOE Below Low-End of Guidance
Announces Q2 2024 Cash Distribution of
FORT WORTH, Texas, Aug. 1, 2024 /PRNewswire/ -- Kimbell Royalty Partners, LP (NYSE: KRP) ("Kimbell" or the "Company"), a leading owner of oil and natural gas mineral and royalty interests in over 129,000 gross wells across 28 states, today announced financial and operating results for the quarter ended June 30, 2024.
Second Quarter 2024 Highlights
- Q2 2024 run-rate daily production of 24,110 barrels of oil equivalent ("Boe") per day (6:1)
- Q2 2024 oil, natural gas and NGL revenues of
$77.0 million - Q2 2024 net income of approximately
and net income attributable to common units of approximately$15.2 million $8.4 million - Q2 2024 consolidated Adjusted EBITDA of
$65.8 million - Record low cash G&A per BOE of
in Q2 2024, below low-end of guidance reflecting operational discipline and positive operating leverage$2.34 - As of June 30, 2024, Kimbell's major properties2 had 7.96 net drilled but uncompleted wells ("DUCs") and net permitted locations on its acreage (3.82 net DUCs and 4.14 net permitted locations) compared to an estimated 5.8 net wells needed to maintain flat production
- As of June 30, 2024, Kimbell had 91 rigs actively drilling on its acreage, representing
16.3% market share of all land rigs drilling in the continentalUnited States as of such time - Announced a Q2 2024 cash distribution of
per common unit, reflecting a payout ratio of$0.42 75% of cash available for distribution; implies a10.2% annualized yield based on the July 31, 2024 closing price of per common unit; Kimbell intends to utilize the remaining$16.48 25% of its cash available for distribution to repay a portion of the outstanding borrowings under Kimbell's revolving credit facility - Conservative Balance Sheet with Net Debt to Trailing Twelve Month Consolidated Adjusted EBITDA of 0.9x
- Kimbell affirms its financial and operational guidance ranges for 2024 previously disclosed in its Q4 2023 earnings release
1 | Based on Kimbell rig count of 91 and Baker Hughes | |||||||||
2 | These figures pertain only to Kimbell's major properties and do not include possible additional DUCs and permits from Kimbell's minor properties, which generally have a net revenue interest of |
Robert Ravnaas, Chairman and Chief Executive Officer of Kimbell Royalty GP, LLC, Kimbell's general partner (the "General Partner"), commented, "Kimbell's active rig count remains strong with our market share of
"We are pleased to declare the Q2 2024 distribution of
Second Quarter 2024 Distribution and Debt Repayment
Today, the Board of Directors of the General Partner (the "Board of Directors") approved a cash distribution payment to common unitholders of
Kimbell expects that approximately
Financial Highlights
Kimbell's second quarter 2024 average realized price per Bbl of oil was
During the second quarter of 2024, the Company's total revenues were
Total second quarter 2024 consolidated Adjusted EBITDA was
In the second quarter of 2024, G&A expense was
As of June 30, 2024, Kimbell had approximately
As of June 30, 2024, Kimbell had outstanding 80,969,651 common units and 14,524,120 Class B units. As of August 1, 2024, Kimbell had outstanding 80,969,651 common units and 14,524,120 Class B units.
Production
Second quarter 2024 run-rate average daily production was 24,110 Boe per day (6:1), which was composed of approximately
Operational Update
As of June 30, 2024, Kimbell's major properties had 762 gross (3.82 net) DUCs and 672 gross (4.14 net) permitted locations on its acreage. In addition, as of June 30, 2024, Kimbell had 91 rigs actively drilling on its acreage, which represents an approximate
Basin | Gross DUCs as of June 30, 2024(1) | Gross Permits as of June 30, 2024(1) | Net DUCs as of | Net Permits as of June 30, 2024(1) |
Permian | 417 | 416 | 1.93 | 2.44 |
Eagle Ford | 98 | 58 | 0.50 | 0.34 |
Haynesville | 53 | 20 | 0.33 | 0.38 |
Mid-Continent | 130 | 64 | 0.89 | 0.70 |
Bakken | 55 | 102 | 0.10 | 0.23 |
Appalachia | 5 | 3 | 0.01 | 0.01 |
Rockies | 4 | 9 | 0.06 | 0.04 |
Total | 762 | 672 | 3.82 | 4.14 |
(1) These figures pertain only to Kimbell's major properties and do not include possible additional DUCs and permits from Kimbell's minor properties, which generally have a net revenue interest of but, in the estimation of Kimbell's management, could add an additional |
Hedging Update
The following provides information concerning Kimbell's hedge book as of June 30, 2024:
Fixed Price Swaps as of June 30, 2024 | |||||
Weighted Average | |||||
Volumes | Fixed Price | ||||
Oil | Nat Gas | Oil | Nat Gas | ||
BBL | MMBTU | $/BBL | $/MMBTU | ||
3Q 2024 | 142,508 | 1,328,940 | $ 76.88 | $ 3.96 | |
4Q 2024 | 141,588 | 1,332,712 | $ 74.60 | $ 4.19 | |
1Q 2025 | 140,400 | 1,289,520 | $ 71.55 | $ 4.32 | |
2Q 2025 | 140,686 | 1,310,127 | $ 67.64 | $ 3.52 | |
3Q 2025 | 136,068 | 1,261,964 | $ 74.20 | $ 3.74 | |
4Q 2025 | 146,372 | 1,291,680 | $ 68.26 | $ 3.68 | |
1Q 2026 | 146,880 | 1,296,000 | $ 70.38 | $ 4.07 | |
2Q 2026 | 148,512 | 1,310,400 | $ 70.78 | $ 3.33 |
Conference Call
Kimbell Royalty Partners will host a conference call and webcast today at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) to discuss second quarter 2024 results. To access the call live by phone, dial 201-389-0869 and ask for the Kimbell Royalty Partners call at least 10 minutes prior to the start time. A telephonic replay will be available through August 9, 2024 by dialing 201-612-7415 and using the conference ID 13746561#. A webcast of the call will also be available live and for later replay on Kimbell's website at http://kimbellrp.investorroom.com under the Events and Presentations tab.
Presentation
On August 1, 2024, Kimbell posted an updated investor presentation on its website. The presentation may be found at http://kimbellrp.investorroom.com under the Events and Presentations tab. Information on Kimbell's website does not constitute a portion of this news release.
About Kimbell Royalty Partners, LP
Kimbell (NYSE: KRP) is a leading oil and gas mineral and royalty company based in
Forward-Looking Statements
This news release includes forward-looking statements, in particular statements relating to Kimbell's financial, operating and production results and prospects for growth (including financial and operational guidance), drilling inventory, growth potential, identified locations and all other estimates and predictions resulting from Kimbell's portfolio review, the tax treatment of Kimbell's distributions, changes in Kimbell's capital structure, future natural gas and other commodity prices and changes to supply and demand for oil, natural gas and NGLs. These and other forward-looking statements involve risks and uncertainties, including risks that the anticipated benefits of acquisitions are not realized and uncertainties relating to Kimbell's business, prospects for growth and acquisitions and the securities markets generally, as well as risks inherent in oil and natural gas drilling and production activities, including risks with respect to potential declines in prices for oil and natural gas that could result in downward revisions to the value of proved reserves or otherwise cause operators to delay or suspend planned drilling and completion operations or reduce production levels, which would adversely impact cash flow, risks relating to the impairment of oil and natural gas properties, risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and natural gas prices, risks relating to Kimbell's ability to meet financial covenants under its credit agreement or its ability to obtain amendments or waivers to effect such compliance, risks relating to Kimbell's hedging activities, risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations, risks relating to delays in receipt of drilling permits, risks relating to unexpected adverse developments in the status of properties, risks relating to borrowing base redeterminations by Kimbell's lenders, risks relating to the absence or delay in receipt of government approvals or third-party consents, risks relating to acquisitions, dispositions and drop downs of assets, risks relating to Kimbell's ability to realize the anticipated benefits from and to integrate acquired assets, including the Acquired Production, risks relating to tax matters and other risks described in Kimbell's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission (the "SEC"), available at the SEC's website at www.sec.gov. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Except as required by law, Kimbell undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this news release. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Kimbell's filings with the SEC.
Contact:
Rick Black
Dennard Lascar Investor Relations
krp@dennardlascar.com
(713) 529-6600
– Financial statements follow –
Kimbell Royalty Partners, LP Condensed Consolidated Balance Sheet (Unaudited, in thousands) | ||
June 30, | ||
2024 | ||
Assets: | ||
Current assets | ||
Cash and cash equivalents | $ | 30,945 |
Oil, natural gas and NGL receivables | 53,218 | |
Derivative assets | 2,379 | |
Accounts receivable and other current assets | 2,389 | |
Total current assets | 88,931 | |
Property and equipment, net | 444 | |
Oil and natural gas properties | ||
Oil and natural gas properties (full cost method) | 2,048,712 | |
Less: accumulated depreciation, depletion and impairment | (903,996) | |
Total oil and natural gas properties, net | 1,144,716 | |
Right-of-use assets, net | 2,016 | |
Derivative assets | 412 | |
Loan origination costs, net | 6,282 | |
Total assets | $ | 1,242,801 |
Liabilities and unitholders' equity: | ||
Current liabilities | ||
Accounts payable | $ | 6,502 |
Other current liabilities | 8,977 | |
Derivative liabilities | 179 | |
Total current liabilities | 15,658 | |
Operating lease liabilities, excluding current portion | 1,702 | |
Derivative liabilities | 1,098 | |
Long-term debt | 265,760 | |
Other liabilities | 135 | |
Total liabilities | 284,353 | |
Commitments and contingencies | ||
Mezzanine equity: | ||
Series A preferred units | 315,213 | |
Kimbell Royalty Partners, LP unitholders' equity: | ||
Common units | 722,152 | |
Class B units | 726 | |
Total Kimbell Royalty Partners, LP unitholders' equity | 722,878 | |
Non-controlling deficit in OpCo | (79,643) | |
Total unitholders' equity | 643,235 | |
Total liabilities, mezzanine equity and unitholders' equity | $ | 1,242,801 |
Kimbell Royalty Partners, LP Condensed Consolidated Statements of Operations (Unaudited, in thousands, except per-unit data and unit counts)
| |||||
Three Months Ended | Three Months Ended | ||||
June 30, 2024 | June 30, 2023 | ||||
Revenue | |||||
Oil, natural gas and NGL revenues | $ | 76,959 | $ | 56,982 | |
Lease bonus and other income | 660 | 2,041 | |||
(Loss) gain on commodity derivative instruments, net | (1,046) | 1,729 | |||
Total revenues | 76,573 | 60,752 | |||
Costs and expenses | |||||
Production and ad valorem taxes | 5,577 | 5,405 | |||
Depreciation and depletion expense | 33,024 | 19,657 | |||
Marketing and other deductions | 3,828 | 2,908 | |||
General and administrative expense | 10,252 | 7,925 | |||
Consolidated variable interest entities related: | |||||
General and administrative expense | — | 219 | |||
Total costs and expenses | 52,681 | 36,114 | |||
Operating income | 23,892 | 24,638 | |||
Other (expense) income | |||||
Interest expense | (6,946) | (6,341) | |||
Loss on extinguishment of debt | — | (480) | |||
Other expense | — | (181) | |||
Consolidated variable interest entities related: | |||||
Interest earned on marketable securities in trust account | — | 1,070 | |||
Net income before income taxes | 16,946 | 18,706 | |||
Income tax expense | 1,759 | 909 | |||
Net income | 15,187 | 17,797 | |||
Distribution and accretion on Series A preferred units | (5,243) | — | |||
Net income attributable to non-controlling interests | (1,513) | (4,297) | |||
Distributions on Class B units | (21) | (32) | |||
Net income attributable to common units of Kimbell Royalty Partners, LP | $ | 8,410 | $ | 13,468 | |
Basic | $ | 0.11 | $ | 0.24 | |
Diluted | $ | 0.11 | $ | 0.23 | |
Weighted average number of common units outstanding | |||||
Basic | 74,834,777 | 63,274,492 | |||
Diluted | 116,593,560 | 82,959,981 | |||
Kimbell Royalty Partners, LP
Supplemental Schedules
NON-GAAP FINANCIAL MEASURES
Adjusted EBITDA, Cash G&A and Cash G&A per Boe are used as supplemental non-GAAP financial measures by management and external users of Kimbell's financial statements, such as industry analysts, investors, lenders and rating agencies. Kimbell believes Adjusted EBITDA is useful because it allows us to more effectively evaluate Kimbell's operating performance and compare the results of Kimbell's operations period to period without regard to its financing methods or capital structure. In addition, management uses Adjusted EBITDA to evaluate cash flow available to pay distributions to Kimbell's unitholders. Kimbell defines Adjusted EBITDA as net income (loss), net of depreciation and depletion expense, interest expense, income taxes, impairment of oil and natural gas properties, non-cash unit-based compensation, loss on extinguishment of debt, unrealized gains and losses on derivative instruments and operational impacts of variable interest entities, which include general and administrative expense and interest income. Adjusted EBITDA is not a measure of net income (loss) or net cash provided by operating activities as determined by GAAP. Kimbell excludes the items listed above from net income (loss) in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within Kimbell's industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as historic costs of depreciable assets, none of which are components of Adjusted EBITDA. Adjusted EBITDA should not be considered an alternative to net income, oil, natural gas and natural gas liquids revenues, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Kimbell's computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Kimbell expects that cash available for distribution for each quarter will generally equal its Adjusted EBITDA for the quarter, less cash needed for debt service and other contractual obligations, tax obligations, and fixed charges and reserves for future operating or capital needs that the Board of Directors may determine is appropriate.
Kimbell believes Cash G&A and Cash G&A per Boe are useful metrics because they isolate cash costs within overall G&A expense and measure cash costs relative to overall production, which is a widely utilized metric to evaluate operational performance within the energy sector. Cash G&A is defined as general and administrative expenses less unit-based compensation expense. Cash G&A per Boe is defined as Cash G&A divided by total production for a period. Cash G&A should not be considered an alternative to G&A expense presented in accordance with GAAP. Kimbell's computations of Cash G&A and Cash G&A per Boe may not be comparable to other similarly titled measures of other companies.
Kimbell Royalty Partners, LP Supplemental Schedules (Unaudited, in thousands)
| |||||
Three Months Ended | Three Months Ended | ||||
June 30, 2024 | June 30, 2023 | ||||
Reconciliation of net cash provided by operating activities | |||||
to Adjusted EBITDA and cash available for distribution | |||||
Net cash provided by operating activities | $ | 62,883 | $ | 31,519 | |
Interest expense | 6,946 | 6,341 | |||
Income tax expense | 1,759 | 909 | |||
Amortization of right-of-use assets | (87) | (84) | |||
Amortization of loan origination costs | (530) | (493) | |||
Loss on extinguishment of debt | — | (480) | |||
Unit-based compensation | (5,109) | (3,290) | |||
(Loss) Gain on derivative instruments, net of settlements | (3,796) | 2,600 | |||
Changes in operating assets and liabilities: | |||||
Oil, natural gas and NGL revenues receivable | (1,486) | 9,071 | |||
Accounts receivable and other current assets | (460) | 87 | |||
Accounts payable | 353 | (450) | |||
Other current liabilities | (3,651) | (3,176) | |||
Operating lease liabilities | 94 | 85 | |||
Consolidated variable interest entities related: | |||||
Interest earned on marketable securities in Trust Account | — | 1,070 | |||
Other assets and liabilities | — | 995 | |||
Consolidated EBITDA | $ | 56,916 | $ | 44,704 | |
Add: | |||||
Unit-based compensation | 5,109 | 3,290 | |||
Loss on extinguishment of debt | — | 480 | |||
Loss (Gain) on derivative instruments, net of settlements | 3,796 | (2,600) | |||
Consolidated variable interest entities related: | |||||
Interest earned on marketable securities in Trust Account | — | (1,070) | |||
General and administrative expense | — | 219 | |||
Consolidated Adjusted EBITDA | $ | 65,821 | $ | 45,023 | |
Adjusted EBITDA attributable to non-controlling interest | (10,011) | (10,872) | |||
Adjusted EBITDA attributable to Kimbell Royalty Partners, LP | $ | 55,810 | $ | 34,151 | |
Adjustments to reconcile Adjusted EBITDA to cash available | |||||
for distribution | |||||
Less: | |||||
Cash interest expense | 5,620 | 4,442 | |||
Cash distributions on Series A preferred units | 4,111 | — | |||
Distributions on Class B units | 21 | 32 | |||
Cash available for distribution on common units | $ | 46,058 | $ | 29,677 | |
Kimbell Royalty Partners, LP Supplemental Schedules (Unaudited, in thousands, except for per-unit data and unit counts)
| ||
Three Months Ended | ||
June 30, 2024 | ||
Net income | $ | 15,187 |
Depreciation and depletion expense | 33,024 | |
Interest expense | 6,946 | |
Income tax expense | 1,759 | |
Consolidated EBITDA | $ | 56,916 |
Unit-based compensation | 5,109 | |
Loss on derivative instruments, net of settlements | 3,796 | |
Consolidated Adjusted EBITDA | $ | 65,821 |
Adjusted EBITDA attributable to non-controlling interest | (10,011) | |
Adjusted EBITDA attributable to Kimbell Royalty Partners, LP | $ | 55,810 |
Adjustments to reconcile Adjusted EBITDA to cash available | ||
for distribution | ||
Less: | ||
Cash interest expense | 5,620 | |
Cash distributions on Series A preferred units | 4,111 | |
Distributions on Class B units | 21 | |
Cash available for distribution on common units | $ | 46,058 |
Common units outstanding on June 30, 2024 | 80,969,651 | |
Common units outstanding on August 12, 2024 Record Date | 80,969,651 | |
Cash available for distribution per common unit outstanding | $ | 0.57 |
Second quarter 2024 distribution declared (1) | $ | 0.42 |
(1) The difference between the declared distribution and the cash available for distribution is primarily attributable to Kimbell allocating |
Kimbell Royalty Partners, LP Supplemental Schedules (Unaudited, in thousands, except for per-unit data and unit counts)
| ||
Three Months Ended | ||
June 30, 2023 | ||
Net income | $ | 17,797 |
Depreciation and depletion expense | 19,657 | |
Interest expense | 6,341 | |
Income tax expense | 909 | |
Consolidated EBITDA | $ | 44,704 |
Unit-based compensation | 3,290 | |
Loss on extinguishment of debt | 480 | |
Gain on derivative instruments, net of settlements | (2,600) | |
Consolidated variable interest entities related: | ||
Interest earned on marketable securities in Trust Account | (1,070) | |
General and administrative expense | 219 | |
Consolidated Adjusted EBITDA | $ | 45,023 |
Adjusted EBITDA attributable to non-controlling interest | (10,872) | |
Adjusted EBITDA attributable to Kimbell Royalty Partners, LP | $ | 34,151 |
Adjustments to reconcile Adjusted EBITDA to cash available | ||
for distribution | ||
Less: | ||
Cash interest expense | 4,442 | |
Distributions on Class B units | 32 | |
Cash available for distribution on common units | $ | 29,677 |
Common units outstanding on June 30, 2023 | 65,507,635 | |
Common units outstanding on August 14, 2023 Record Date | 65,507,635 | |
Cash available for distribution per common unit outstanding | $ | 0.45 |
Second quarter 2023 distribution declared (1) | $ | 0.39 |
(1) The difference between the declared distribution and the cash available for distribution is primarily attributable to Kimbell allocating | ||
Kimbell Royalty Partners, LP Supplemental Schedules (Unaudited, in thousands)
| ||
Three Months Ended | ||
June 30, 2024 | ||
Net income | $ | 15,187 |
Depreciation and depletion expense | 33,024 | |
Interest expense | 6,946 | |
Income tax expense | 1,759 | |
Consolidated EBITDA | $ | 56,916 |
Unit-based compensation | 5,109 | |
Loss on derivative instruments, net of settlements | 3,796 | |
Consolidated Adjusted EBITDA | $ | 65,821 |
Q3 2023 - Q1 2024 Consolidated Adjusted EBITDA (1) | 210,598 | |
Trailing Twelve Month Consolidated Adjusted EBITDA | $ | 276,419 |
Long-term debt (as of 6/30/24) | 265,760 | |
Cash and cash equivalents (as of 6/30/24) (2) | (25,000) | |
Net debt (as of 6/30/24) | $ | 240,760 |
Net Debt to Trailing Twelve Month Consolidated Adjusted EBITDA | 0.9x | |
(1) Consolidated Adjusted EBITDA for each of the quarters ended September 30, 2023, December 31, 2023 and March 31, 2024 was previously reported in a news release relating to the applicable quarter, and the reconciliation of net income to consolidated Adjusted EBITDA for each quarter is included in the applicable news release. This also includes the trailing twelve months pro forma results from the Q3 2023 acquisition that closed in September 2023 in accordance with Kimbell's secured revolving credit facility. | ||||||||
(2) In accordance with Kimbell's secured revolving credit facility, the maximum deduction of cash and cash equivalents to be included in the net debt calculation for compliance purposes is |
View original content:https://www.prnewswire.com/news-releases/kimbell-royalty-partners-announces-second-quarter-2024-results-302211719.html
SOURCE Kimbell Royalty Partners, LP
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