Latest news with #Kimbell
Yahoo
29-05-2025
- General
- Yahoo
DEA Houston warns of synthetic opioid hitting Houston and surrounding areas
The Brief DEA Houston warns of the synthetic opioid Nitazene, saying it's 25% more potent than fentanyl. DEA Houston says they have seen a major increase in overdoses and seizures in the last year. A mother who lost her son to fentanyl is advocating for change and shares her message for families. HOUSTON - The Houston field office for the Drug Enforcement Agency (DEA) is putting out a serious and stern warning about a synthetic drug called Nitazene that's leading to seizures and overdoses in teens and adults. What they're saying The DEA says Harris, Fort Bend, Montgomery and Brazoria County have all been impacted by Nitazene, which is 25% more potent than fentanyl. Special Agent William Kimbell with the DEA says Nitazene, a killer synthetic drug, has been in our area since 2022. "In the last year, we've become more and more concerned because our number of seizures have gone up in between November and February of this year. We have had a 15% increase of overdoses from Nitazene in Houston," said Special Agent Kimbell. "Nitazene is a typical opioid. It suppresses your breathing, it suppresses your blood pressure, and your body is so suppressed, you can't breathe anymore." Special Agent Kimbell says the drug is impacting people in a wide age range. "We've seen overdoses now from the ages of 17 to 59, so really. If you are buying a pill from someone you don't know, or you are using a pill that you don't know where it came from, it could have Ntazene in it and it's extremely dangerous," said Special Agent Kimbell, "Its synthetic route is very hard to make, and you need lab experience, but we are seeing Nitazene that are made in China, and they are purchased online and smuggled into the US in parcels, and locally, we are seeing drug gangs take fentanyl and Nitazene and pressing it into a what looks like a prescription drug." Why you should care Special Agent Kimbell says Nitazene can be purchased online, using a smartphone. He says, sadly, that's how many kids are getting their hands on it. "We are seeing kids carry that – they can reach a drug dealer that is carrying this type of drug instantly," he said. "Within minutes you can tuck your kids in bed, and they can get on social media, and they can have that stuff delivered to their house." Local perspective Stephanie Roe, who lost her son Tucker at 19 to fentanyl in 2021, has a warning to families and raising awareness through Texas Against Fentanyl. "I watched this come into his life and be introduced as an adolescent, and he couldn't beat it. Ultimately, he used again after his treatment and that resulted in his death," said Roe," Nitazene are incredibly lethal. They have been found to be 20 times stronger than Fentanyl. Roe says it's important for families to talk to their kids and learn more about drug addiction, adding there is a real stigma that needs to be talked about. "The drug demographic is unlike anything we have seen before and these are highly addictive chemicals," Roe said," "You don't think it will happen to our child if you asked me if I would be someone who would lose a child" I would say no way, but the reality is there is no demographic here, its impacting so many people because there is a lack of education and awareness." The Source FOX 26 reporter Leslie DelasBour spoke with Special Agent William Kimbell of the Houston Drug Enforcement Agency and Stephanie Roe, who lost her son to a fentanyl overdose.
Yahoo
09-04-2025
- Automotive
- Yahoo
Used auto sale brokers worry bill awaiting governor's signature could hurt their businesses
A bill waiting on the governor's signature addresses used auto sale brokers, including the requirements for an office. Channel 2 investigative reporter Sophia Choi spoke with auto brokers who say it will put them and others in jeopardy of closing down. Used auto brokers say all the need is a desk, chair, and a filing cabinet to meet current state law. However, House Bill 551 changes that, requiring at least 250 square feet of office space. One broker told Choi that's an unnecessary cost many can't afford. 'It just triples my expenses. Many of my expenses are based on the size of my office, insurance, so forth,' used auto broke Benjamin Franklin Magwood II said. TRENDING STORIES: President Trump pauses tariffs on most nations for 90 days, raises taxes on Chinese imports Convicted killer mistakenly released from Clayton County Jail GA childcare teachers, staff to get $500 bonuses annually Keith Kimbell invested hundreds of thousands in buildings specifically for used auto dealers. Now, the offices are too small to meet the new requirements if the bill is signed into law. 'It's going to cost us millions of dollars because we will no longer replace when a dealer moves. Replace them with a new dealer,' Kimbell said. Georgia State Rep. Todd Jones sponsored the bill, which aims to get rid of bad actors in the industry. 'We needed to come up with some sort of metric in terms of are you a legitimate business,' Jones told Choi. 'I can't run my business out of a broom closet, which is essentially what we saw with some of the bad actors.' But brokers say if the bill becomes law, it's not only the bad actors who will get run out of the business, it'll hurt legitimate used car dealers too. 'The State of Georgia has probably over 4,000 used car brokers, and this bill is being sponsored by big dealerships that want to eliminate their competition,' Kimbell said. The bill is on the Governor's desk awaiting a signature. He still has some time to mull it over. He has until May 14 to make a decision.
Yahoo
27-02-2025
- Business
- Yahoo
Kimbell Royalty Partners Announces Record Fourth Quarter and Full Year 2024 Results
Production Exceeded 25,000 Boe/d (6:1) for First Time Including a Full-Quarter of Acquired Production Activity on Acreage Remains Robust with 91 Active Rigs Drilling Representing 16%1 Market Share of U.S. Land Rig Count Including the Acquired Production Superior Five-Year Annual Average PDP Decline Rate of 14% Requires Only an Estimated 6.5 Net Wells Annually to Maintain Flat Production Compared to 8.1 Net Line-of-Site Wells After Giving Effect to Acquired Production Announces Q4 2024 Cash Distribution of $0.40 per Common Unit Initiates 2025 Operational Guidance with Record High Mid-Point Daily Production FORT WORTH, Texas, Feb. 27, 2025 /PRNewswire/ -- Kimbell Royalty Partners, LP (NYSE: KRP) ("Kimbell" or the "Company"), a leading owner of oil and natural gas mineral and royalty interests in over 130,000 gross wells across 28 states, today announced financial and operating results for the quarter and full year ended December 31, 2024. Fourth Quarter 2024 Highlights Q4 2024 run-rate daily production of 24,082 barrels of oil equivalent ("Boe") per day (6:1) Including a full Q4 2024 impact of production from the Company's $230.4 million acquisition from a private seller (the "Acquired Production"), which closed on January 17, 2025 with an effective date of October 1, 2024, run-rate production was 25,946 Boe per day (6:1) Q4 2024 oil, natural gas and NGL revenues of $69.1 million2 Q4 2024 net loss of approximately $39.3 million and net loss attributable to common units of approximately $37.8 million primarily due to a non-cash ceiling test impairment expense of $56.2 million recorded during the quarter2 Q4 2024 consolidated Adjusted EBITDA of $59.8 million2 As of December 31, 2024, Kimbell's major properties3 had 7.21 net drilled but uncompleted wells ("DUCs") and net permitted locations on its acreage (4.80 net DUCs and 2.41 net permitted locations) compared to an estimated 5.8 net wells needed to maintain flat production As of December 31, 2024 and including the Acquired Production, Kimbell's major properties3 had 8.07 net DUCs and net permitted locations on its acreage (5.44 net DUCs and 2.63 net permitted locations) compared to an estimated 6.5 net wells needed to maintain flat production As of December 31, 2024, Kimbell had 87 rigs actively drilling on its acreage, representing 15% market share of all land rigs drilling in the continental United States as of such time As of December 31, 2024 and including the Acquired Production, Kimbell had 91 rigs actively drilling on its acreage, representing 16% market share of all land rigs drilling in the continental United States as of such time Announced a Q4 2024 cash distribution of $0.40 per common unit, reflecting a payout ratio of 75% of cash available for distribution; implies a 10.2% annualized yield based on the February 26, 2025 closing price of $15.62 per common unit; Kimbell intends to utilize the remaining 25% of its cash available for distribution to repay a portion of the outstanding borrowings under Kimbell's secured revolving credit facility Conservative Balance Sheet with Net Debt to Trailing Twelve Month Consolidated Adjusted EBITDA of 0.8x Initiated full year 2025 guidance with estimated daily production at its mid-point projected at 25,500 Boe/d for the year with a high end projection of 27,000 Boe/d and low end projection of 24,000 Boe/d Robert Ravnaas, Chairman and Chief Executive Officer of Kimbell Royalty GP, LLC, Kimbell's general partner (the "General Partner"), commented, "2024 was another outstanding year for Kimbell. We grew total production 23% compared to 2023, largely due to the contribution of our record $455 million acquisition that closed in Q3 2023, which continues to perform very well. In addition, we paid out $1.75 per common unit in tax-advantaged quarterly distributions during 2024 and paid down approximately $56.0 million on our credit facility by allocating 25% of cash available for distribution for debt-paydown. "More recently, we closed an acquisition from a private seller on certain mineral and royalty interests in properties located under the historic Mabee Ranch in the Midland Basin, further bolstering the Permian Basin as our leading basin in terms of production, active rig count, DUCs, permits and undrilled inventory. Including a full quarter effect from this acquisition in Q4 2024 given its effective date of October 1, 2024, production exceeded 25,000 Boe/d for the first time in Kimbell's history. The acquisition was financed partially from a successful primary equity offering, which was oversubscribed and further broadened Kimbell's institutional ownership and daily trading liquidity. Including the effect of the acquisition, today we are initiating 2025 operational guidance with expected record high mid-point daily production as compared to 2024 operational guidance. "Reflecting on our growth since our IPO, we have now grown production from 3,116 Boe/d to 25,946 Boe/d, an increase of 733%. As evidenced by our track record of ongoing acquisition activity, we expect to continue our role as a major consolidator in the highly fragmented U.S. oil and natural gas royalty sector, which we estimate to be over $700 billion in size. And, as I have stated in the past, there are only a handful of public entities in the U.S. and Canada that have the financial resources, infrastructure, network and technical expertise to complete large-scale, multi-basin acquisitions. We believe that we are still in the early stages of this consolidation and will actively seek out targets that fit within our acquisition profile. We are very excited about the opportunities to expand in the future and to deliver unitholder value for years to come." Fourth Quarter 2024 Distribution and Debt Repayment Today, the Board of Directors of the General Partner (the "Board of Directors") approved a cash distribution payment to common unitholders of 75% of cash available for distribution for the fourth quarter of 2024, or $0.40 per common unit. The distribution will be payable on March 25, 2025 to common unitholders of record at the close of business on March 18, 2025. Kimbell plans to utilize the remaining 25% of cash available for distribution for the fourth quarter of 2024 to pay down a portion of the outstanding borrowings under its secured revolving credit facility. Since May 2020 (excluding the expected upcoming pay-down from the remaining 25% of Q4 2024 projected cash available for distribution), Kimbell has paid down approximately $192.0 million of outstanding borrowings under its secured revolving credit facility by allocating a portion of its cash available for distribution for debt pay-down. Kimbell expects that approximately 100% of its fourth quarter 2024 distribution should not constitute dividends for U.S. federal income tax purposes, but instead are estimated to constitute non-taxable reductions to the basis of each distribution recipient's ownership interest in Kimbell common units. The reduced tax basis will increase unitholders' capital gain (or decrease unitholders' capital loss) when unitholders sell their common units. The Form 8937 containing additional information may be found at under "Investor Relations" section of the site. Kimbell currently believes that the portion that constitutes dividends for U.S. federal income tax purposes will be considered qualified dividends, subject to holding period and certain other conditions, which are subject to a tax rate of 0%, 15% or 20% depending on the income level and tax filing status of a unitholder for 2025. Kimbell believes these estimates are reasonable based on currently available information, but they are subject to change. Financial Highlights Kimbell's fourth quarter 2024 average realized price per Bbl of oil was $69.35, per Mcf of natural gas was $1.88, per Bbl of NGLs was $21.47 and per Boe combined was $31.04. During the fourth quarter of 2024, the Company's total revenues were $66.7 million, net loss was approximately $39.3 million and net loss attributable to common units was approximately $37.8 million, or $0.48 per common unit. There was a non-cash ceiling test impairment expense of $56.2 million recorded during the quarter, primarily related to the decline in commodity prices. Total fourth quarter 2024 consolidated Adjusted EBITDA was $59.8 million (consolidated Adjusted EBITDA is a non-GAAP financial measure. Please see a reconciliation to the nearest GAAP financial measures at the end of this news release). In the fourth quarter of 2024, G&A expense was $9.4 million, $5.6 million of which was Cash G&A expense, or $2.53 per BOE (Cash G&A and Cash G&A per Boe are non-GAAP financial measures. Please see definition under Non-GAAP Financial Measures in the Supplemental Schedules included in this news release). Unit-based compensation in the fourth quarter of 2024, which is a non-cash G&A expense, was $3.8 million or $1.70 per Boe. As of December 31, 2024, Kimbell had approximately $239.2 million in debt outstanding under its secured revolving credit facility, had net debt to fourth quarter 2024 trailing twelve month consolidated Adjusted EBITDA of approximately 0.8x and was in compliance with all financial covenants under its secured revolving credit facility. Kimbell had approximately $310.8 million in undrawn capacity under its secured revolving credit facility as of December 31, 2024. As of December 31, 2024, Kimbell had outstanding 80,969,651 common units and 14,524,120 Class B units. As of February 27, 2025, Kimbell had outstanding 93,715,842 common units and 14,491,540 Class B units. Production Fourth quarter 2024 run-rate average daily production was 24,082 Boe per day (6:1), which was composed of approximately 50% from natural gas (6:1) and approximately 50% from liquids (31% from oil and 19% from NGLs). Including a full Q4 2024 impact of the Acquired Production, the revenues from which will be received by the Company, run-rate production was 25,946 Boe per day (6:1). Operational Update As of December 31, 2024, Kimbell's major properties had 822 gross (4.80 net) DUCs and 561 gross (2.41 net) permitted locations on its acreage. In addition, as of December 31, 2024, Kimbell had 87 rigs actively drilling on its acreage, which represents an approximate 15.2% market share of all land rigs drilling in the continental United States as of such time. Basin Gross DUCs as of December 31, 2024(1) Gross Permits as ofDecember 31, 2024(1) Net DUCs as ofDecember 31, 2024(1) Net Permits as of December 31, 2024(1) Permian 465 384 2.13 1.53 Eagle Ford 73 37 0.52 0.21 Haynesville 48 11 0.56 0.13 Mid-Continent 124 69 1.16 0.32 Bakken 97 56 0.31 0.20 Appalachia 3 3 0.02 0.01 Rockies 12 1 0.10 0.01 Total 822 561 4.80 2.41 (1) These figures pertain only to Kimbell's major properties and do not include possible additional DUCs and permits from Kimbell's minor properties, which generally have a net revenue interest of 0.1% or below and are time consuming to quantify but, in the estimation of Kimbell's management, could add an additional 15% to Kimbell's net inventory. Reserves Ryder Scott Company, L.P. prepared an estimate of Kimbell's proved reserves as of December 31, 2024. Average prices of $75.48 per barrel of oil and $2.13 per MMBtu of natural gas were used in accordance with applicable rules of the Securities and Exchange Commission (the "SEC"). Realized prices with applicable differentials were $73.84 per barrel of oil, $1.57 per Mcf of natural gas and $18.07 per barrel of NGLs. Proved developed reserves at year-end 2024 increased by approximately 3% year-over-year to over 67 MMBoe, reflecting continued development by the operators of Kimbell's acreage. Crude Oil and Condensate (MBbls)Natural Gas (MMcf)Natural Gas Liquids (MBbls)Total (MBOE) Net proved developed reserves at December 31, 2023 19,800204,54211,51965,409Revisions of previous estimates 3,03827,2973,64611,234Purchases of minerals in place ----Production (2,837)(27,586)(1,667)(9,102) Net proved developed reserves at December 31, 2024 20,001204,25313,49867,541 Hedging Update The following provides information concerning Kimbell's hedge book as of December 31, 2024: Fixed Price Swaps as of December 31, 2024 Weighted Average Volumes Fixed PriceOil Nat Gas Oil Nat GasBBL MMBTU $/BBL $/MMBTU 1Q 2025 140,400 1,289,520 $ 71.55 $ 4.32 2Q 2025 140,686 1,310,127 $ 67.64 $ 3.52 3Q 2025 136,068 1,261,964 $ 74.20 $ 3.74 4Q 2025 146,372 1,291,680 $ 68.26 $ 3.68 1Q 2026 146,880 1,296,000 $ 70.38 $ 4.07 2Q 2026 148,512 1,310,400 $ 70.78 $ 3.33 3Q 2026 150,144 1,324,800 $ 66.60 $ 3.42 4Q 2026 150,144 1,324,800 $ 63.33 $ 3.94 Company Initiates 2025 Guidance Kimbell is providing financial and operational guidance ranges for 2025 as follows:Kimbell Royalty Partners LP2025 Net Production - Mboe/d (6:1) 24.0 - 27.0 Oil Production - % of Net Production31 % - 35 % Natural Gas Production - % of Net Production46 % - 50 % Natural Gas Liquids Production - % of Net Production17 % - 21 %Unit Costs ($/boe) Marketing and other deductions$1.40 - $2.20 Depreciation and depletion expense$13.00 - $20.00 G&A Cash G&A $2.45 - $2.65 Non-Cash G&A$1.40 - $1.80 Production and ad valorem taxes - % of Oil, Natural Gas and NGL Revenues7.0 % - 9.0 %Payout Ratio (1) 75 % (1) The Company intends to pay out 75% of its projected cash available for distribution in quarterly distributions and utilize 25% of projected cash available for distribution to pay down a portion of the outstanding borrowings under its secured revolving credit facility each quarter. Conference Call Kimbell Royalty Partners will host a conference call and webcast today at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) to discuss fourth quarter 2024 results. To access the call live by phone, dial 201-389-0869 and ask for the Kimbell Royalty Partners call at least 10 minutes prior to the start time. A telephonic replay will be available through March 6, 2025 by dialing 201-612-7415 and using the conference ID 13750582#. A webcast of the call will also be available live and for later replay on Kimbell's website at under the Events and Presentations tab. Presentation On February 27, 2025, Kimbell posted an updated investor presentation on its website. The presentation may be found at under the Events and Presentations tab. Information on Kimbell's website does not constitute a portion of this news release. About Kimbell Royalty Partners, LP Kimbell (NYSE: KRP) is a leading oil and gas mineral and royalty company based in Fort Worth, Texas. Kimbell owns mineral and royalty interests in over 17 million gross acres in 28 states and in every major onshore basin in the continental United States, including ownership in more than 130,000 gross wells. To learn more, visit Forward-Looking Statements This news release includes forward-looking statements, in particular statements relating to Kimbell's financial, operating and production results and prospects for growth (including financial and operational guidance), drilling inventory, growth potential, identified locations and all other estimates and predictions resulting from Kimbell's portfolio review, the tax treatment of Kimbell's distributions, changes in Kimbell's capital structure, future natural gas and other commodity prices and changes to supply and demand for oil, natural gas and NGLs. These and other forward-looking statements involve risks and uncertainties, including risks that the anticipated benefits of acquisitions are not realized and uncertainties relating to Kimbell's business, prospects for growth and acquisitions and the securities markets generally, as well as risks inherent in oil and natural gas drilling and production activities, including risks with respect to potential declines in prices for oil and natural gas that could result in downward revisions to the value of proved reserves or otherwise cause operators to delay or suspend planned drilling and completion operations or reduce production levels, which would adversely impact cash flow, risks relating to the impairment of oil and natural gas properties, risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and natural gas prices, risks relating to Kimbell's ability to meet financial covenants under its credit agreement or its ability to obtain amendments or waivers to effect such compliance, risks relating to Kimbell's hedging activities, risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations, risks relating to delays in receipt of drilling permits, risks relating to unexpected adverse developments in the status of properties, risks relating to borrowing base redeterminations by Kimbell's lenders, risks relating to the absence or delay in receipt of government approvals or third-party consents, risks relating to acquisitions, dispositions and drop downs of assets, risks relating to Kimbell's ability to realize the anticipated benefits from and to integrate acquired assets, including the Acquired Production, risks relating to tax matters and other risks described in Kimbell's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission (the "SEC"), available at the SEC's website at You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Except as required by law, Kimbell undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this news release. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Kimbell's filings with the SEC. Contact: Rick BlackDennard Lascar Investor Relationskrp@ 529-6600 – Financial statements follow – Kimbell Royalty Partners, LP Condensed Consolidated Balance Sheet (Unaudited, in thousands) December 31,2024 Assets: Current assets Cash and cash equivalents $ 34,168 Oil, natural gas and NGL receivables45,924 Derivative assets2,404 Accounts receivable and other current assets2,771 Total current assets85,267 Property and equipment, net267 Oil and natural gas properties Oil and natural gas properties (full cost method)2,048,712 Less: accumulated depreciation, depletion and impairment(1,023,890) Total oil and natural gas properties, net1,024,822 Right-of-use assets, net3,730 Derivative assets566 Loan origination costs, net5,263 Total assets $ 1,119,915 Liabilities, mezzanine equity and unitholders' equity: Current liabilities Accounts payable $ 6,505 Other current liabilities 5,986 Derivative liabilities255 Total current liabilities 12,746 Operating lease liabilities, excluding current portion3,562 Derivative liabilities879 Long-term debt239,160 Other liabilities73 Total liabilities256,420 Commitments and contingencies Mezzanine equity: Series A preferred units316,002 Kimbell Royalty Partners, LP unitholders' equity: Common units463,496 Class B units726 Total Kimbell Royalty Partners, LP unitholders' equity464,222 Non-controlling interest in OpCo83,271 Total unitholders' equity547,493 Total liabilities, mezzanine equity and unitholders' equity $ 1,119,915 Kimbell Royalty Partners, LP Condensed Consolidated Statements of Operations (Unaudited, in thousands, except per-unit data and unit counts) Three Months EndedThree Months EndedDecember 31, 2024December 31, 2023 RevenueOil, natural gas and NGL revenues $ 69,078$ 83,949 Lease bonus and other income1,785 573 (Loss) gain on commodity derivative instruments, net(4,148) 14,674 Total revenues66,715 99,196 Costs and expenses Production and ad valorem taxes3,951 5,658 Depreciation and depletion expense31,777 36,196 Impairment of oil and natural gas properties 56,155 18,220 Marketing and other deductions4,124 3,387 General and administrative expense9,371 9,116 Total costs and expenses105,378 72,577 Operating (loss) income(38,663) 26,619 Other expenseInterest expense(5,956) (7,465) Net (loss) income before income taxes(44,619) 19,154 Income tax (benefit) expense(5,360) 1,326 Net (loss) income(39,259) 17,828 Distribution and accretion on Series A preferred units(5,296) (5,269) Net loss (income) attributable to non-controlling interests6,777 (2,765) Distributions on Class B units(15) (21) Net (loss) income attributable to common units of Kimbell Royalty Partners, LP $ (37,793)$ 9,773 Basic $ (0.48)$ 0.14 Diluted $ (0.48)$ 0.14 Weighted average number of common units outstandingBasic78,977,450 71,900,028 Diluted116,184,780 115,412,176 Kimbell Royalty Partners, LP Condensed Consolidated Statements of Operations (Unaudited, in thousands, except per-unit data and unit counts) Year EndedYear EndedDecember 31, 2024December 31, 2023 RevenueOil, natural gas and NGL revenues $ 304,606$ 267,585 Lease bonus and other income6,046 5,595 (Loss) gain on commodity derivative instruments, net(1,345) 20,889 Total revenues309,307 294,069 Costs and expenses Production and ad valorem taxes20,406 20,326 Depreciation and depletion expense135,123 96,477 Impairment of oil and natural gas properties 62,119 18,220 Marketing and other deductions16,122 12,565 General and administrative expense38,543 35,678 Consolidated variable interest entities related:General and administrative expense— 928 Total costs and expenses272,313 184,194 Operating income36,994 109,875 Other income (expense)Interest expense(26,696) (25,951) Loss on extinguishment of debt— (480) Other expense— (181) Consolidated variable interest entities related:Interest earned on marketable securities in trust account— 3,509 Net income before income taxes10,298 86,772 Income tax (benefit) expense(772) 3,766 Net income11,070 83,006 Distribution and accretion on Series A preferred units(21,092) (6,310) Net loss (income) attributable to non-controlling interests1,254 (16,465) Distributions on Class B units(71) (89) Net (loss) income attributable to common units of Kimbell Royalty Partners, LP $ (8,839)$ 60,142 Basic $ (0.12)$ 0.93 Diluted $ (0.12)$ 0.91 Weighted average number of common units outstandingBasic76,240,472 66,595,273 Diluted116,048,650 93,057,731 Kimbell Royalty Partners, LPSupplemental Schedules NON-GAAP FINANCIAL MEASURES Adjusted EBITDA, Cash G&A and Cash G&A per Boe are used as supplemental non-GAAP financial measures by management and external users of Kimbell's financial statements, such as industry analysts, investors, lenders and rating agencies. Kimbell believes Adjusted EBITDA is useful because it allows us to more effectively evaluate Kimbell's operating performance and compare the results of Kimbell's operations period to period without regard to its financing methods or capital structure. In addition, management uses Adjusted EBITDA to evaluate cash flow available to pay distributions to Kimbell's unitholders. Kimbell defines Adjusted EBITDA as net income (loss), net of depreciation and depletion expense, interest expense, income taxes, impairment of oil and natural gas properties, non-cash unit based compensation, unrealized gains and losses on derivative instruments, cash distribution from affiliate, equity income (loss) in affiliate, gains and losses on sales of assets and operational impacts of variable interest entities, which include general and administrative expense and interest income. Adjusted EBITDA is not a measure of net income (loss) or net cash provided by operating activities as determined by GAAP. Kimbell excludes the items listed above from net income (loss) in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within Kimbell's industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as historic costs of depreciable assets, none of which are components of Adjusted EBITDA. Adjusted EBITDA should not be considered an alternative to net income, oil, natural gas and natural gas liquids revenues, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Kimbell's computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Kimbell expects that cash available for distribution for each quarter will generally equal its Adjusted EBITDA for the quarter, less cash needed for debt service and other contractual obligations, tax obligations, and fixed charges and reserves for future operating or capital needs that the Board of Directors may determine is appropriate. Kimbell believes Cash G&A and Cash G&A per Boe are useful metrics because they isolate cash costs within overall G&A expense and measure cash costs relative to overall production, which is a widely utilized metric to evaluate operational performance within the energy sector. Cash G&A is defined as general and administrative expenses less unit-based compensation expense. Cash G&A per Boe is defined as Cash G&A divided by total production for a period. Cash G&A should not be considered an alternative to G&A expense presented in accordance with GAAP. Kimbell's computations of Cash G&A and Cash G&A per Boe may not be comparable to other similarly titled measures of other companies. Kimbell Royalty Partners, LPSupplemental Schedules(Unaudited, in thousands) Three Months EndedThree Months EndedDecember 31, 2024December 31, 2023 Reconciliation of net cash provided by operating activitiesto Adjusted EBITDA and cash available for distributionNet cash provided by operating activities $ 56,571$ 59,309 Interest expense5,956 7,465 Income tax (benefit) expense(5,360) 1,326 Impairment of oil and natural gas properties(56,155) (18,220) Amortization of right-of-use assets(89) (85) Amortization of loan origination costs(534) (529) Unit-based compensation(3,763) (3,326) (Loss) gain on derivative instruments, net of settlements(6,744) 15,368 Changes in operating assets and liabilities: Oil, natural gas and NGL revenues receivable(3,051) (2,300) Accounts receivable and other current assets1,101 (1,156) Accounts payable360 505 Other current liabilities4,723 4,368 Operating lease liabilities99 90 Consolidated EBITDA $ (6,886)$ 62,815 Add:Impairment of oil and natural gas properties56,155 18,220 Unit-based compensation3,763 3,326 Loss (gain) on derivative instruments, net of settlements6,744 (15,368) Consolidated Adjusted EBITDA $ 59,776$ 68,993 Adjusted EBITDA attributable to non-controlling interest(9,092) (15,188) Adjusted EBITDA attributable to Kimbell Royalty Partners, LP $ 50,684$ 53,805 Adjustments to reconcile Adjusted EBITDA to cash available for distributionLess:Cash interest expense5,011 5,308 Cash distributions on Series A preferred units4,156 3,802 Cash income tax expense— 2,281 Distributions on Class B units15 21 Cash available for distribution on common units $ 41,502$ 42,393 Kimbell Royalty Partners, LP Supplemental Schedules (Unaudited, in thousands, except for per-unit data and unit counts) Three Months EndedDecember 31, 2024Net loss $ (39,259) Depreciation and depletion expense31,777 Interest expense5,956 Income tax benefit(5,360) Consolidated EBITDA $ (6,886) Impairment of oil and natural gas properties56,155 Unit-based compensation3,763 Loss on derivative instruments, net of settlements6,744 Consolidated Adjusted EBITDA $ 59,776 Adjusted EBITDA attributable to non-controlling interest(9,092) Adjusted EBITDA attributable to Kimbell Royalty Partners, LP $ 50,684Adjustments to reconcile Adjusted EBITDA to cash available for distribution Less: Cash interest expense5,011 Cash distributions on Series A preferred units4,156 Distributions on Class B units15 Cash available for distribution on common units $ 41,502Common units outstanding on December 31, 202480,969,651Common units outstanding on March 18, 2025 Record Date93,715,842Cash available for distribution per common unit outstanding $ 0.44Fourth quarter 2024 distribution declared (1) $ 0.40 (1) The difference between the declared distribution and the cash available for distribution is primarily attributable to Kimbell allocating 25% of cash available for distribution to pay outstanding borrowings under its secured revolving credit facility. Additionally, Kimbell utilized approximately $8.2 million of cash flows expected to be received from the Q1 2025 Acquired Production after the effective date of October 1, 2024, through December 31, 2024, to pay outstanding borrowings under its credit facility and to distribute the additional cash flows to common unitholders. Revenues, production and other financial and operating results from the Q1 2025 acquisition will be reflected in Kimbell's condensed consolidated financial statements from January 17, 2025 onward. Kimbell Royalty Partners, LP Supplemental Schedules (Unaudited, in thousands, except for per-unit data and unit counts) Three Months EndedDecember 31, 2023Net income $ 17,828 Depreciation and depletion expense36,196 Interest expense7,465 Income tax expense1,326 Consolidated EBITDA $ 62,815 Impairment of oil and natural gas properties18,220 Unit-based compensation3,326 Gain on derivative instruments, net of settlements(15,368) Consolidated Adjusted EBITDA $ 68,993 Adjusted EBITDA attributable to non-controlling interest(15,188) Adjusted EBITDA attributable to Kimbell Royalty Partners, LP $ 53,805Adjustments to reconcile Adjusted EBITDA to cash available for distribution Less: Cash interest expense5,308 Cash distributions on Series A preferred units3,802 Cash income tax expense2,281 Distributions on Class B units21 Cash available for distribution on common units $ 42,393Common units outstanding on December 31, 202373,851,458Common units outstanding on March 13, 2024 Record Date74,938,960Cash available for distribution per common unit outstanding $ 0.57Fourth quarter 2023 distribution declared (1) $ 0.43 (1) The difference between the declared distribution and the cash available for distribution is primarily attributable to Kimbell allocating 25% of cash available for distribution to pay outstanding borrowings under its secured revolving credit facility. Kimbell Royalty Partners, LPSupplemental Schedules(Unaudited, in thousands) Three Months EndedDecember 31, 2024Net loss $ (39,259) Depreciation and depletion expense31,777 Interest expense5,956 Income tax benefit(5,360) Consolidated EBITDA $ (6,886) Impairment of oil and natural gas properties56,155 Unit-based compensation3,763 Loss on derivative instruments, net of settlements6,744 Consolidated Adjusted EBITDA $ 59,776Q1 2024 - Q3 2024 Consolidated Adjusted EBITDA (1)203,057 Trailing Twelve Month Consolidated Adjusted EBITDA $ 262,833Long-term debt (as of 12/31/24)239,160 Cash and cash equivalents (as of 12/31/24) (2)(25,000) Net debt (as of 12/31/24) $ 214,160Net Debt to Trailing Twelve Month Consolidated Adjusted EBITDA0.8x (1) Consolidated Adjusted EBITDA for each of the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024 was previously reported in a news release relating to the applicable quarter, and the reconciliation of net income to consolidated Adjusted EBITDA for each quarter is included in the applicable news release. (2) In accordance with Kimbell's secured revolving credit facility, the maximum deduction of cash and cash equivalents to be included in the net debt calculation for compliance purposes is $25 million. _______________________________ 1 Based on Kimbell rig count of 91, which includes the Q1 2025 acquired production, and Baker Hughes U.S. land rig count of 573 as of December 31, 2024.2 Excludes impact from Acquired Production. Revenues and other financial results from the Acquired Production will be reflected in Kimbell's condensed consolidated financial statements from January 17, 2025 closing date onward.3 These figures pertain only to Kimbell's major properties and do not include possible additional DUCs and permits from Kimbell's minor properties, which generally have a net revenue interest of 0.1% or below and are time consuming to quantify but, in the estimation of Kimbell's management, could add an additional 15% to Kimbell's net inventory. 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27-02-2025
- Business
- Yahoo
Kimbell Royalty Partners Announces Filing of 2024 Annual Report on Form 10-K
FORT WORTH, Texas, Feb. 27, 2025 /PRNewswire/ -- Kimbell Royalty Partners, LP (NYSE: KRP) ("Kimbell Royalty Partners" or "Kimbell"), a leading owner of oil and natural gas mineral and royalty interests in over 17 million gross acres in 28 states, today announced the filing of its Annual Report on Form 10-K ("Annual Report") for the fiscal year ended December 31, 2024 with the U.S. Securities and Exchange Commission ("SEC"). Kimbell's Annual Report is available through its website at as well as on the SEC's website at Interested investors may obtain a hard copy of the Annual Report, including Kimbell's complete audited financial statements, free of charge, by sending a request to Kimbell, C/O Dennard Lascar Investor Relations, to: KRP@ or by telephone at (713) 529-6600. About Kimbell Royalty Partners Kimbell (NYSE: KRP) is a leading oil and gas mineral and royalty company based in Fort Worth, Texas. Kimbell owns mineral and royalty interests in over 17 million gross acres in 28 states and in every major onshore basin in the continental United States, including ownership in more than 130,000 gross wells with over 51,000 wells in the Permian Basin. To learn more, visit Contact: Rick Black Dennard Lascar Investor Relations krp@ (713) 529-6600 View original content: SOURCE Kimbell Royalty Partners, LP Sign in to access your portfolio
