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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) announced the filing of its Annual Report on Form 10-K for the fiscal year ending December 31, 2020, with the U.S. SEC. The report details Kimbell's ownership of mineral and royalty interests across over 13 million acres and more than 97,000 wells in 28 states, including over 41,000 in the Permian Basin. The Annual Report, containing audited financial statements, is accessible on Kimbell's website and the SEC's site. Investors may obtain a hard copy by contacting Kimbell's investor relations.
Kimbell Royalty Partners (NYSE: KRP) reported its Q4 2020 results, posting a daily production of 14,062 Boe, with revenues of $25.9 million, a 6% increase from Q3 2020. The net loss for Q4 was $93.8 million due to a non-cash impairment expense of $92.9 million. The company actively drilled 39 rigs, achieving a 30% increase in drilling activity compared to Q3. Kimbell amended its credit facility, raising commitments by 18%. A Q4 cash distribution of $0.19 per common unit reflects a 75% payout ratio. The company anticipates stable production for 2021 and focuses on strategically consolidating in the oil and gas royalty sector.
On January 22, 2021, Kimbell Royalty Partners (NYSE: KRP) announced a fourth-quarter 2020 cash distribution of $0.19 per common unit, representing 75% of projected cash available for distribution. The payment will be issued on February 8, 2021, to unitholders of record by February 1, 2021. Additionally, Kimbell plans to allocate 25% of the cash for distribution to reduce outstanding borrowings, having previously paid down $21.2 million in 2020. The average crude oil price was reported at $42.45, a 3.8% increase, while natural gas prices rose 26.5% to $2.53.
Kimbell Royalty Partners (KRP) will release its fourth quarter 2020 financial results on February 25, 2021, before the market opens, with a live conference call scheduled for 10:00 a.m. Central (11:00 a.m. Eastern). The company, based in Fort Worth, Texas, owns interests in over 96,000 gross wells across 28 states, including significant holdings in the Permian Basin. Investors can access the conference call via phone or webcast through Kimbell's Investor Relations website.
Kimbell Royalty Partners (NYSE: KRP) reported its Q3 2020 financial results, highlighting a daily production of 14,160 Boe, with revenues of $24.3 million, a significant 45% increase from Q2 2020. However, the company faced a net loss of $25.7 million, mainly due to a $22.2 million non-cash impairment expense. Kimbell declared a cash distribution of $0.19 per common unit, representing a 12.4% annualized yield. The company has 794 drilled but uncompleted wells and 30 active drilling rigs, holding a 12% market share in U.S. land rigs.
Kimbell Royalty Partners, LP (NYSE: KRP) announced a third-quarter 2020 cash distribution of $0.19 per common unit, representing 75% of projected cash available for distribution. The payment is set for November 9, 2020, to unitholders of record by November 2, 2020. Kimbell will allocate the remaining 25% to reduce outstanding debt under its credit facility. Additionally, Kimbell noted significant increases in commodity prices, with WTI Crude Oil averaging $40.89 and Natural Gas at $2.00. The annualized cash yield stands at 12.3% based on the October 23 closing price.
Kimbell Royalty Partners, LP (NYSE: KRP) will release its third quarter 2020 financial results on November 5, 2020, before market opens. A live conference call is scheduled for 10:00 a.m. Central on the same day. Kimbell, based in Fort Worth, Texas, manages oil and natural gas royalty interests across more than 96,000 gross wells in 28 states. Investors can join the call by phone or via webcast on Kimbell's Investor Relations site.
Kimbell Royalty Partners, LP (NYSE: KRP), based in Fort Worth, Texas, announced its participation in the Credit Suisse Oil & Gas Royalty Mineral Investor Day on September 16, 2020. The company is a prominent owner of oil and natural gas mineral and royalty interests, controlling rights in more than 13 million gross acres across 28 states and having stakes in over 96,000 gross wells, including 40,000 wells in the Permian Basin. To learn more, visit Kimbell's website.
Kimbell Royalty Partners, LP (NYSE: KRP) announced its Q2 2020 results, reporting a net loss of $76.8 million, significantly impacted by a $65.5 million non-cash impairment due to weak commodity prices. Daily production averaged 14,069 Boe per day, a 7% decline from Q1 2020. Revenue dropped to $16.8 million, reflecting challenges from the COVID-19 pandemic. The company raised its cash distribution payout ratio to 75% and issued a distribution of $0.13 per common unit. Despite current economic challenges, Kimbell feels optimistic about recovery prospects and its differentiated royalty model.
Kimbell Royalty Partners (NYSE: KRP) announced a cash distribution of $0.13 per common unit for Q2 2020, a 75% payout ratio of projected cash available for distribution. This reflects a significant increase from 50% in Q1 2020. The distribution will be paid on August 10, 2020, to unitholders on record as of August 3, 2020. Despite a recovery in commodity prices and U.S. economic indicators, Kimbell's management acknowledged ongoing risks, particularly from COVID-19. The company also plans to use 25% of cash for debt repayment.
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