Kimbell Royalty reports record Q3 production, boosts distribution to $0.51/unit

Kimbell Royalty Partners, LP

Q3 run-rate production 23,531 Boe/d including full-quarter impact of $455M acquisition closed Sept 13.
Q3 revenues $69.2M (+21.5% QoQ); net income $18.5M, net income attributable to common units $13.6M.
Adjusted EBITDA $55.8M ($71.6M including acquired production from June 1 effective date).
Declared Q3 cash distribution $0.51/unit, payable Nov 20 to holders of record Nov 13; 75% payout ratio.
Raised Q4 2023 production guidance; expects record low cash G&A per BOE; net debt/EBITDA 0.9x.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Kimbell Royalty Partners, LP reported quarter ended September 30, 2023 results: revenue $69.2 million, net income approximately $18.5 million. Guidance raised.

Period: quarter ended September 30, 2023
Revenue: $69.2 million
Net income: approximately $18.5 million
Guidance: raised
Result: reported results

Exact text from the filing

Third Quarter 2023 Highlights · Record Q3 2023 run-rate daily production of 19,777 barrels of oil equivalent (“Boe”) per day (6:1) · Includes 18 days of production from the Company’s $455.0 million acquisition from a private seller (the “Acquired Production”), which closed on September 13, 2023 with an effective production date of June 1, 2023 · Including a full Q3 2023 impact of the Acquired Production, the revenues of which will be received by the Company, run-rate production was 23,531 Boe per day (6:1) · Q3 2023 oil, natural gas and NGL revenues of $69.2 million, an increase of 21.5% from Q2 2023 · Including the Acquired Production from the effective date of June 1, 2023 through September 30, 2023, Q3 2023 oil, natural gas and NGL revenues were $86.5 million · Q3 2023 net income of approximately $18.5 million and net income attributable to common units of approximately $13.6 million, as compared to $17.8 million and $13.5 million, respectively, from Q2 2023 · Q3 2023 consolidated A

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Source: SEC EDGAR

accession 0001104659-23-113583

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