Kimbell Royalty Partners acquires Permian Basin assets from Hatch for $290M in cash and units

Kimbell Royalty Partners, LP

Total consideration ~$290M: $150M cash + 7.27M OpCo common units valued at $140M (based on KRP closing price $19.26).
Acquired assets: ~889 NRA on 230k gross acres, current production ~2,072 Boe/d (58% oil), est. 2023 production ~2,522 Boe/d.
Estimated proved reserves of 14.7 MMBoe; expected to increase oil weighting from 25% to 29% of daily mix.
Transaction expected to be immediately accretive to distributable cash flow per unit; cash G&A per Boe expected to decrease 12%.
Expected close Q4 2022 subject to customary conditions; financing includes potential public equity offering with $76.9M minimum net proceeds.

item 1.01 item 3.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Kimbell Royalty Partners, LP entered into Purchase and Sale Agreement with Hatch Royalty LLC valued at approximately $150 million in cash (effective 2022-11-03).

Action: entry
Agreement: asset purchase
Counterparty: Hatch Royalty LLC
Value: approximately $150 million in cash
Effective: 2022-11-03

Exact text from the filing

On November 3, 2022, Kimbell Royalty Partners, LP, a Delaware limited partnership (“Kimbell”), and Kimbell Royalty Operating, LLC, a Delaware limited liability company (“OpCo” and, together with Kimbell, the “Buyer Parties”), entered into a Purchase and Sale Agreement (the “Purchase Agreement”) with Hatch Royalty LLC, a Delaware limited liability company, (the “Seller”) to acquire certain rights, title and interests in and to certain mineral interests

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Kimbell Royalty Partners, LP filing history →

Source: SEC EDGAR

accession 0001104659-22-114419

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