Kimbell Royalty Partners Declares Fourth Quarter 2021 Distribution

Rhea-AI Summary

Kimbell Royalty Partners (NYSE: KRP) announced a cash distribution of $0.37 per common unit for Q4 2021, representing 75% of the projected cash available for distribution. This payment is scheduled for February 7, 2022, to unitholders on record as of January 31, 2022. Kimbell will allocate the remaining 25% to reduce borrowings under its credit facility, having already reduced its debt by approximately $44.5 million since May 2020. Kimbell owns interests in over 122,000 wells across 28 states, emphasizing its robust position in the oil and gas sector.

Positive

• Declared a cash distribution of $0.37 per common unit for Q4 2021.
• Reduced debt by approximately $44.5 million since May 2020.

Negative

• None.

FORT WORTH, Texas, Jan. 21, 2022 /PRNewswire/ -- Kimbell Royalty Partners, LP (NYSE: KRP) ("Kimbell"), a leading owner of oil and natural gas mineral and royalty interests in more than 122,000 gross wells across 28 states, today announced that the Board of Directors of Kimbell Royalty GP, LLC, Kimbell's general partner, approved a cash distribution payment of 75% of projected cash available for distribution for the fourth quarter of 2021, or $0.37 per common unit.  The distribution will be payable on February 7, 2022 to common unitholders of record at the close of business on January 31, 2022.  Kimbell intends to utilize the remaining 25% of Q4 2021 projected cash available for distribution to pay down a portion of the outstanding borrowings under Kimbell's credit facility.  Since May 2020 (excluding the expected upcoming pay down from the remaining 25% of Q4 2021 projected cash available for distribution), Kimbell has paid down approximately $44.5 million of outstanding borrowings under its credit facility from allocating a portion of its cash available for distribution for debt pay down. 

About Kimbell Royalty Partners

Kimbell (NYSE: KRP) is a leading oil and gas mineral and royalty company based in Fort Worth, Texas.  Kimbell owns mineral and royalty interests in approximately 13 million gross acres in 28 states and in every major onshore basin in the continental United States, including ownership in more than 122,000 gross wells with over 46,000 wells in the Permian Basin.  To learn more, visit kimbellrp.com.

Forward-Looking Statements

This news release includes forward-looking statements, including statements relating to the tax treatment of Kimbell's distributions. These and other forward-looking statements involve risks and uncertainties, including risks and uncertainties relating to Kimbell Royalty Operating, LLC's realized income and depletions deductions and production from the mineral and royalty interests owed by Kimbell Royalty Operating, LLC, Kimbell's business and the securities markets generally 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. 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. 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.

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 cash distribution announced by Kimbell Royalty Partners for Q4 2021?

Kimbell Royalty Partners announced a cash distribution of $0.37 per common unit for Q4 2021.

When will Kimbell Royalty Partners distribute its Q4 2021 cash payment?

The cash distribution will be payable on February 7, 2022, to common unitholders of record as of January 31, 2022.

How much of the Q4 2021 cash will Kimbell use to pay down debt?

Kimbell will use the remaining 25% of the Q4 2021 projected cash available for distribution to reduce borrowings.

How much debt has Kimbell Royalty Partners paid down since May 2020?

Kimbell has paid down approximately $44.5 million of outstanding borrowings under its credit facility since May 2020.