Kimbell Royalty Partners acquires Midland Basin mineral assets for ~$143.1M

Kimbell Royalty Partners, LP

Consideration: $48.8M cash, ~5.4M OpCo units valued at $85.4M, and ~0.6M KRP units valued at $8.9M.
Acquired 806 net royalty acres on ~60,000 gross acres in Northern Midland Basin; est. 1,901 Boe/d (77% oil), 5.3 MMBoe proved reserves, 3 active rigs.
Expected to be immediately accretive to distributable cash flow per unit and reduce cash G&A per Boe by ~11%.
Pro forma net leverage ~1.0x; est. NTM cash flow of $43.3M at strip pricing implies 3.3x transaction multiple.
Expected to increase daily production to >19,000 Boe/d and oil weighting from 29% to 34%.

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 0.95

Kimbell Royalty Partners, LP entered into Purchase and Sale Agreement with MB Minerals, L.P., Barry K. Clark, Michael F. Dignam Jr., Thomas A. Medary, Wayne A. Psencik valued at approximately $48.8 million in cash and the issuance of (a) 5,369,218 OpCo Common Units and an equal (effective 2023-04-11).

Action: entry
Agreement: asset purchase
Counterparty: MB Minerals, L.P., Barry K. Clark, Michael F. Dignam Jr., Thomas A. Medary, Wayne A. Psencik
Value: approximately $48.8 million in cash and the issuance of (a) 5,369,218 OpCo Common Units and an equal
Effective: 2023-04-11

Exact text from the filing

nd, together with Kimbell, the “Buyer Parties”), entered into a Purchase and Sale Agreement (the “Purchase Agreement”) with MB Minerals, L.P., a Delaware limited partnership (“MB Minerals”), Barry K.

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Kimbell Royalty Partners, LP filing history →

Source: SEC EDGAR

accession 0001104659-23-044316

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