The following is a summary of the Kimbell Royalty Partners, LP (KRP) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Kimbell's Q1 2024 revenues were reported at $87.5 million, marking a 4.2% increase from Q4 2023.

• EBITDA for Q1 2024 reached a record high of $74.1 million, rising approximately 7.4% from the previous quarter.

• The declared cash distribution for the first quarter was $0.49 per common unit, showing a 14% increase quarter over quarter.

• Net income in Q1 2024 was approximately $9.3 million, with net income attributable to common units amounting to about $3.2 million or $0.04 per common unit.

• At the end of Q1 2024, their debt balance stood at around $285.4 million whilst maintaining about $264.6 million undrawn on their revolving credit facility.

Business Progress:

• Kimbell set new quarterly records in daily production, revenue, and EBITDA during the first quarter of the year.

• There was a reported strong organic production growth exceeding the midpoint guidance.

• With rig activity nearing record levels on Kimbell's acreage, they anticipate resilient production throughout 2024.

• Given the active drilling on their land and the expected development activity in 2024 – especially in the Permian – robust development continuity is anticipated.

• -Kimbell remains optimistic about their leading role as a consolidator in the U.S. oil and gas industry.

More details: Kimbell Royalty IR

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