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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 that it will release its second quarter 2024 financial results on August 1, 2024, before market open. Concurrently, Kimbell will declare its second quarter 2024 distribution.
The company, which holds oil and natural gas mineral and royalty interests in over 129,000 wells across 28 states, will host a conference call at 10:00 a.m. Central (11:00 a.m. Eastern) on the same day. Interested parties can join the call by dialing 201-389-0869 or accessing the webcast via Kimbell's Investor Relations website. Replay of the call will be available until August 9, 2024.
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.
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