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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.