Kimbell Royalty Partners LP

NYSE:KRPUnited States

Nov 7, 2024

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• Kimbell Royalty Partners Shares Rise After Q3 Net Income, Revenue Increase, from 1:30PM ET on Thursday Nov 07, 2024 by MT Newswires

  1:30PM ET on Thursday Nov 07, 2024 by MT Newswires
  Companies Mentioned: KRP
  01:30 PM EST, 11/07/2024 (MT Newswires) -- Kimbell Royalty Partners (KRP) shares were up more than 3% in recent trading on Thursday after the company posted higher Q3 net income and revenue that also beat expectations. The company reported Q3 net in...

• -- Earnings Flash (KRP) KIMBELL ROYALTY PARTNERS LP Posts Q3 Revenue $83.8M, from 7:07AM ET on Thursday Nov 07, 2024 by MT Newswires

  7:07AM ET on Thursday Nov 07, 2024 by MT Newswires
  Companies Mentioned: KRP
  07:07 AM EST, 11/07/2024 (MT Newswires) -- ...

• *DJ Kimbell Royalty Partners 3Q Rev $83.8M >KRP, from 7:00AM ET on Thursday Nov 07, 2024 by Dow Jones

  7:00AM ET on Thursday Nov 07, 2024 by Dow Jones
  Companies Mentioned: KRP

• Kimbell Royalty Partners Announces Third Quarter 2024 Results, from 7:00AM ET on Thursday Nov 07, 2024 by Dow Jones

  7:00AM ET on Thursday Nov 07, 2024 by Dow Jones
  Companies Mentioned: KRP
  ================ Adjustments to reconcile Adjusted EBITDA to cash available for distribution Less: Cash interest expense 5,123 Cash distributions on Series A preferred units 4,156 Distributions on Class B units 15 Cash available for distribution on common units $ 44,228 ================ Common units outstanding on September 30, 2024 80,969,651 Common units outstanding on November 18, 2024 Record Date 80,969,651 Cash available for distribution per common unit outstanding $ 0.55 Third quarter 2024 distribution declared (1) $ 0.41 (1) The difference between the declared distribution and the cash available for distribution is primarily attributable to Kimbell allocating 25% of cash available for distribution to pay outstanding borrowings under its secured revolving credit facility. Kimbell Royalty Partners, LP Supplemental Schedules (Unaudited, in thousands, except for per-unit data and unit counts) Three Months Ended September 30, 2023 -------------------- Net income $ 18,481 Depreciation and depletion expense 23,060 Interest expense 6,681 Income tax expense 128 Consolidated EBITDA $ 48,350 ---------------- Unit-based compensation 3,326 Loss on derivative instruments, net of settlements 4,098 ---------------- Consolidated Adjusted EBITDA $ 55,774 Adjusted EBITDA attributable to non-controlling interest (12,279) Adjusted EBITDA attributable to Kimbell Royalty Partners, LP $ 43,495 ================ Adjustments to reconcile Adjusted EBITDA to cash available for distribution Less: Cash interest expense 4,645 Cash distributions on Series A preferred units 750 Distributions on Class B units 21 Cash available for distribution on common units $ 38,079 ================ Common units outstanding on September 30, 2023 73,851,458 Common units outstanding on November 13, 2023 Record Date 73,851,458 Cash available for distribution per common unit outstanding $ 0.52 Third quarter 2023 distribution declared (1) $ 0.51 (1) The difference between the declared distribution and the cash available for distribution is primarily attributable to Kimbell allocating 25% of cash available for distribution to pay outstanding borrowings under its secured revolving credit facility. Additionally, Kimbell utilized approximately $12.4 million of cash flows received from the Q3 2023 Acquired Production after the effective date of June 1, 2023, but prior to the closing date of September 13, 2023, to pay outstanding borrowings under its credit facility and to distribute the additional cash flows to common unitholders. Revenues, production and other financial and operating results from the Q3 2023 acquisition are reflected in Kimbell's condensed consolidated financial statements from September 13, 2023 onward. Kimbell Royalty Partners, LP Supplemental Schedules (Unaudited, in thousands) Three Months Ended September 30, 2024 -------------------- Net income $ 25,805 Depreciation and depletion expense 32,155 Interest expense 6,492 Income tax expense 1,907 Consolidated EBITDA $ 66,359 ---------------- Unit-based compensation 3,830 Gain on derivative instruments, net of settlements (7,066) Consolidated Adjusted EBITDA $ 63,123 ================ Q4 2023 - Q2 2024 Consolidated Adjusted EBITDA (1) 208,927 Trailing Twelve Month Consolidated Adjusted EBITDA $ 272,050 ================ Long-term debt (as of 9/30/24) 252,160 Cash and cash equivalents (as of 9/30/24) (2) (25,000) ---------------- Net debt (as of 9/30/24) $ 227,160 ================ Net Debt to Trailing Twelve Month Consolidated Adjusted 0.8x EBITDA ================ (1) Consolidated Adjusted EBITDA for each of the quarters ended December 31, 2023, March 31, 2024 and June 30, 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. (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 $25 million.