Kimbell closes $141M Midland Basin acquisition, boosts 2023 production guidance

Kimbell Royalty Partners, LP

Closed acquisition of mineral & royalty interests from MB Minerals for ~$140.8M ($48.8M cash + ~5.4M Opco units + ~0.6M KRP units).
Estimated acquired assets produce ~1,901 Boe/d (1,459 bbl/d oil) concentrated in Howard & Borden counties, Texas.
Updated 2023 guidance: Q2 net production 17.5-19.3 Mboe/d, Q3-Q4 18.1-19.9 Mboe/d, up 7% and 10% at midpoint vs prior guidance.
Oil production mix expected to increase; Permian leading in revenue, production, DUCs, permits, PUDs.
Cash G&A per Boe reduced to $2.85-$3.05 (Q2) and $2.80-$3.00 (Q3-Q4); payout ratio maintained at 75%.

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