The following is a summary of the Kimbell Royalty Partners, LP (KRP) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Kimbell Royalty Partners reported Q3 2024 oil, natural gas, and NGL revenues of $71.1 million.

• Net income for the quarter was approximately $25.8 million, with net income attributable to common units at approximately $17.4 million, or $0.22 per common unit.

• Third quarter cash distribution was declared at $0.41 per common unit, with total cash distributed to common unitholders equating to 75% of cash available for distribution.

Business Progress:

• Drilling activity in Q3 was robust with 90 rigs actively drilling on Kimbell's acreage, indicating a substantial 16% market share.

• Record number of lease bonuses were received, reflecting increased operator interest in developing Kimbell's acreage.

• The number of net Drilled but Uncompleted wells (DUCs) increased by 34% quarter-over-quarter to 5.1 net DUCs, especially led by activity in the Permian Basin.

• Plans are in place to redeem at least half of the Apollo Preferred Stock in May 2025 to optimize cost savings.

Opportunities:

• Continued robust development is anticipated due to the high number of rigs actively drilling, particularly in the Permian Basin.

Risks:

• Discussed the possibility of readdressing the timing of redeeming the preferred stock depending on future oil and gas market conditions.

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