Kimbell Royalty Partners, LP Announces Third Quarter 2024 Financial and Operating Results

Kimbell Royalty Partners, LP, a leading owner of oil and natural gas mineral and royalty interests across 28 states in the United States, has released its financial and operating results for the quarter ended September 30, 2024.

The highlights of the third quarter of 2024 include a run-rate daily production of 23,846 barrels of oil equivalent per day, with revenues amounting to $71.1 million from oil, natural gas, and NGLs. The net income for the quarter was approximately $25.8 million, with consolidated Adjusted EBITDA of $63.1 million.

Kimbell’s major properties had 7.84 net DUCs and net permitted locations, indicating a strong operational presence with 90 rigs actively drilling on its acreage. The company also announced a cash distribution of $0.41 per common unit for the third quarter of 2024.

The financial highlights for the quarter showed that Kimbell maintained a conservative balance sheet, with net debt to trailing twelve month consolidated Adjusted EBITDA at 0.8x. As of September 30, 2024, Kimbell had approximately $252.2 million in debt outstanding under its secured revolving credit facility and undrawn capacity of $297.8 million.

Kimbell’s operational update indicated a focus on major properties with 831 gross DUCs and 527 gross permitted locations. The company affirmed its financial and operational guidance ranges for 2024 and declared its commitment to enhancing returns to common unitholders.

The news release also indicated Kimbell’s hedging update and plans for debt repayment, showcasing a strategic approach to managing its financial obligations and optimizing its capital structure.

Kimbell’s rigorous financial discipline and operational efficiency underscored a strong performance for the third quarter of 2024, positioning the company for continued growth and value creation for its stakeholders.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Kimbell Royalty Partners’s 8K filing here.