Kimbell Royalty Partners Announces Record Fourth Quarter and Full Year 2023 Results
Record Q4 23 Run-Rate Daily Production of 24,332 Boe/d (6:1) Exceeds High End of Guidance; Represents Organic Growth of 3.4% Between Q3 2023 and Q4 2023
Activity on Acreage Remains Robust with 98 Active Rigs Drilling Representing 16%
1
Market Share of
Superior Five-Year Annual Average PDP Decline Rate of 14% Requires Only an Estimated 5.8 Net Wells Annually to Maintain Flat Production Compared to 8.4
Increase in Borrowing Base on Secured Revolving Credit Facility to
Announces Q4 2023 Cash Distribution of
FORT WORTH, Texas,
Fourth Quarter 2023 Highlights
- Record Q4 2024 run-rate daily production of 24,332 barrels of oil equivalent ("Boe") per day (6:1)
- Record Q4 2023 oil, natural gas and NGL revenues of
$83.9 million , an increase of 21.2% from Q3 2023 - Q4 2023 net income of approximately
$17.8 million and net income attributable to common units of approximately$9.8 million , as compared to$18.5 million and$13.6 million , respectively, from Q3 2023 - Record Q4 2023 consolidated Adjusted EBITDA of
$69.0 million , an increase of 23.7% from Q3 2023 - As of
December 31, 2023 , Kimbell's major properties2 had 8.38 net drilled but uncompleted wells ("DUCs") and net permitted locations on its acreage (4.55 net DUCs and 3.83 net permitted locations) compared to an estimated 5.8 net wells needed to maintain flat production - As of
December 31, 2023 , Kimbell had 98 rigs actively drilling on its acreage, down 1 rig from Q3 2023 and representing 16.3% market share of all rigs drilling in the continentalUnited States as of such time - On
December 8, 2023 , the borrowing base and aggregate commitments on Kimbell's secured revolving credit facility were increased from$400 million to$550 million in connection with its Fall redetermination - Announced a Q4 2023 cash distribution of
$0.43 per common unit, reflecting a payout ratio of 75% of cash available for distribution; implies a 11.2% annualized yield based on theFebruary 20, 2024 closing price of$15.38 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 revolving credit facility - Initiated full year 2024 guidance with estimated daily production at its mid-point projected at 24,000 Boe/d for the year
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1 Based on Kimbell rig count of 98 and Baker Hughes |
2 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. |
Robert Ravnaas, Chairman and Chief Executive Officer of
"Q4 2023 reflected significant organic growth relative to Q3 2023 due to a number of high interest wells coming online in the Permian and Haynesville. We expect to continue this operational momentum as we progress through 2024 given that our rig count remains near record highs with 98 rigs actively drilling in the
"Reflecting on our growth since our IPO, we have now grown production from 3,116 Boe/d to 24,332 Boe/d, an increase of 681%. As evidenced by our significant acquisition activity in 2023, we expect to continue our role as a major consolidator in the highly fragmented
Fourth Quarter 2023 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 2023, or
Kimbell expects that approximately 93% of its fourth quarter 2023 distribution should not constitute dividends for
Financial Highlights
Kimbell's fourth quarter 2023 average realized price per Bbl of oil was
During the fourth quarter of 2023, the Company's total revenues were
Total fourth quarter 2023 consolidated Adjusted EBITDA was
In the fourth quarter of 2023, G&A expense was
On
As of
As of
Production
Fourth quarter 2023 average daily production was 25,235 Boe per day (6:1), which consisted of 903 Boe per day related to prior period production recognized in Q4 2023, and 24,332 Boe per day of run-rate production. The 24,332 Boe per day of run-rate production was composed of approximately 50% from natural gas (6:1) and approximately 50% from liquids (33% from oil and 17% from NGLs). The prior period production recognized in Q4 2023 was attributable to past production that came into pay status during the fourth quarter of 2023.
Operational Update
As of
Basin |
Gross DUCs as of |
Gross Permits as of |
|
Net Permits as of |
Permian |
495 |
396 |
2.55 |
2.22 |
|
45 |
61 |
0.33 |
0.47 |
Haynesville |
66 |
30 |
0.51 |
0.37 |
Mid-Continent |
139 |
68 |
0.96 |
0.52 |
Bakken |
55 |
148 |
0.13 |
0.11 |
Appalachia |
3 |
9 |
0.01 |
0.02 |
Rockies |
4 |
15 |
0.06 |
0.12 |
Total |
807 |
727 |
4.55 |
3.83 |
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(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. |
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Reserves
Proved developed reserves at year-end 2023 increased by approximately 41% year-over-year to over 65 MMBoe, reflecting the acquisitions Kimbell made during the year along with continued development by the operators of Kimbell's acreage.
|
|
Crude Oil and |
|
Natural Gas |
|
Natural Gas |
|
Total (MBOE) |
Net proved developed reserves at |
12,355 |
|
160,298 |
|
7,388 |
|
46,459 |
|
|
Revisions of previous estimates |
3,273 |
|
26,068 |
|
814 |
|
8,432 |
|
Purchases of minerals in place |
6,565 |
|
41,560 |
|
4,400 |
|
17,892 |
|
Production |
(2,393) |
|
(23,384) |
|
(1,083) |
|
(7,374) |
Net proved developed reserves at |
19,800 |
|
204,542 |
|
11,519 |
|
65,409 |
Results of Updated Portfolio Review
Kimbell completed an updated review of its portfolio, which as of
Approximately 75% of the total estimated undrilled net inventory is located in the Permian,
Basin |
Gross Major Locations as |
Net Major Locations as of |
Avg. Gross Horizontal |
Permian |
5,216 |
32.14 |
12.0 |
|
1,577 |
14.42 |
6.9 |
Haynesville |
1,022 |
12.90 |
5.9 |
Mid-Continent |
2,440 |
12.64 |
6.8 |
Bakken |
1,708 |
3.59 |
8.5 |
Appalachia |
257 |
2.13 |
7.6 |
Rockies |
197 |
1.27 |
10.5 |
Total |
12,417 |
79.09 |
8.3 |
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(1)
Locations include permits, proven undeveloped (PUD), probable, and possible (per SPE-PRMS reserve definitions based on internal reserves database as of |
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(2)
Gross horizontal wells per drilling spacing unit ("DSU") from internal reserves database as of |
Hedging Update
The following provides information concerning Kimbell's hedge book as of
Fixed Price Swaps as of |
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|
Weighted Average |
|
|
Volumes |
Fixed Price |
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|
Oil |
Nat Gas |
Oil |
Nat Gas |
|
BBL |
MMBTU |
$/BBL |
$/MMBTU |
1Q 2024 |
143,871 |
1,305,213 |
$ 81.92 |
$ 3.91 |
2Q 2024 |
140,959 |
1,318,317 |
$ 82.76 |
$ 3.83 |
3Q 2024 |
142,508 |
1,328,940 |
$ 76.88 |
$ 3.96 |
4Q 2024 |
141,588 |
1,332,712 |
$ 74.60 |
$ 4.19 |
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 |
2024 Guidance
Kimbell is providing financial and operational guidance ranges for 2024 as follows:
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2024 |
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Net Production - Mboe/d (6:1) |
|
22.5 |
- |
25.5 |
Oil Production - % of Net Production |
|
32 % |
- |
36 % |
Natural Gas Production - % of Net Production |
|
48 % |
- |
52 % |
Natural Gas Liquids Production - % of Net Production |
|
14 % |
- |
18 % |
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Unit Costs ($/boe) |
|
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|
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Marketing and other deductions |
|
|
- |
|
Depreciation and depletion expense |
|
|
- |
|
G&A |
|
|
|
|
Cash G&A |
|
|
- |
|
Non-Cash G&A |
|
|
- |
|
Production and ad valorem taxes - % of Oil, Natural Gas and NGL Revenues |
7.0 % |
- |
9.0 % |
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|
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Payout Ratio (1) |
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75 % |
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(1) The Company intends to pay out 75% of its projected cash available for distribution in quarterly |
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distributions and utilize 25% of projected cash available for distribution to pay down a portion of the |
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outstanding borrowings under its secured revolving credit facility each quarter. |
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Conference Call
Presentation
On
About
Kimbell (NYSE: KRP) is a leading oil and gas mineral and royalty company based in
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
Contact:
krp@dennardlascar.com
(713) 529-6600
– Financial statements follow –
Condensed Consolidated Balance Sheet (Unaudited, in thousands) |
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2023 |
|
Assets: |
|
|
Current assets |
|
|
Cash and cash equivalents |
$ |
30,993 |
Oil, natural gas and NGL receivables |
|
59,020 |
Derivative assets |
|
11,428 |
Accounts receivable and other current assets |
|
1,699 |
Total current assets |
|
103,140 |
Property and equipment, net |
|
590 |
Oil and natural gas properties |
|
|
Oil and natural gas properties (full cost method) |
|
2,048,690 |
Less: accumulated depreciation, depletion and impairment |
|
(827,034) |
Total oil and natural gas properties, net |
|
1,221,656 |
Right-of-use assets, net |
|
2,189 |
Derivative assets |
|
2,888 |
Loan origination costs, net |
|
7,326 |
Total assets |
$ |
1,337,789 |
Liabilities and unitholders' equity: |
|
|
Current liabilities |
|
|
Accounts payable |
$ |
6,595 |
Other current liabilities |
|
6,173 |
Derivative liabilities |
|
209 |
Total current liabilities |
|
12,977 |
Operating lease liabilities, excluding current portion |
|
1,888 |
Derivative liabilities |
|
60 |
Long-term debt |
|
294,200 |
Other liabilities |
|
197 |
Total liabilities |
|
309,322 |
Commitments and contingencies |
|
|
Mezzanine equity: |
|
|
Series A preferred units |
|
314,424 |
|
|
|
Common units |
|
670,531 |
Class B units |
|
1,042 |
|
|
671,573 |
Non-controlling interest in OpCo |
|
42,470 |
Total unitholders' equity |
|
714,043 |
Total liabilities, mezzanine equity and unitholders' equity |
$ |
1,337,789 |
Condensed Consolidated Statements of Operations (Unaudited, in thousands, except per-unit data and unit counts) |
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|
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Three Months Ended |
|
Three Months Ended |
||
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Revenue |
|
|
|
|
|
Oil, natural gas and NGL revenues |
$ |
83,949 |
|
$ |
64,421 |
Lease bonus and other income |
|
573 |
|
|
1,034 |
Gain on commodity derivative instruments, net |
|
14,674 |
|
|
3,216 |
Total revenues |
|
99,196 |
|
|
68,671 |
Costs and expenses |
|
|
|
|
|
Production and ad valorem taxes |
|
5,658 |
|
|
2,697 |
Depreciation and depletion expense |
|
36,196 |
|
|
16,726 |
Impairment of oil and natural gas properties |
|
18,220 |
|
|
— |
Marketing and other deductions |
|
3,387 |
|
|
2,744 |
General and administrative expense |
|
9,116 |
|
|
7,190 |
Consolidated variable interest entities related: |
|
|
|
|
|
General and administrative expense |
|
— |
|
|
447 |
Total costs and expenses |
|
72,577 |
|
|
29,804 |
Operating income |
|
26,619 |
|
|
38,867 |
Other income (expense) |
|
|
|
|
|
Equity loss in affiliate |
|
— |
|
|
(989) |
Interest expense |
|
(7,465) |
|
|
(3,950) |
Consolidated variable interest entities related: |
|
|
|
|
|
Interest earned on marketable securities in trust account |
|
— |
|
|
2,208 |
Net income before income taxes |
|
19,154 |
|
|
36,136 |
Income tax expense |
|
1,326 |
|
|
888 |
Net income |
|
17,828 |
|
|
35,248 |
Distribution and accretion on Series A preferred units |
|
(5,269) |
|
|
— |
Net income attributable to non-controlling interests |
|
(2,765) |
|
|
(6,847) |
Distributions on Class B units |
|
(21) |
|
|
(8) |
Net income attributable to common units of |
$ |
9,773 |
|
$ |
28,393 |
|
|
|
|
|
|
Basic |
$ |
0.14 |
|
$ |
0.48 |
Diluted |
$ |
0.14 |
|
$ |
0.48 |
Weighted average number of common units outstanding |
|
|
|
|
|
Basic |
|
71,900,028 |
|
|
59,484,641 |
Diluted |
|
115,412,176 |
|
|
69,913,842 |
Condensed Consolidated Statements of Operations (Unaudited, in thousands, except per-unit data and unit counts) |
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Year Ended |
|
Year Ended |
||
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Revenue |
|
|
|
|
|
Oil, natural gas and NGL revenues |
$ |
267,585 |
|
$ |
281,964 |
Lease bonus and other income |
|
5,595 |
|
|
3,074 |
Gain (loss) on commodity derivative instruments, net |
|
20,889 |
|
|
(36,979) |
Total revenues |
|
294,069 |
|
|
248,059 |
Costs and expenses |
|
|
|
|
|
Production and ad valorem taxes |
|
20,326 |
|
|
16,239 |
Depreciation and depletion expense |
|
96,477 |
|
|
50,086 |
Impairment of oil and natural gas properties |
|
18,220 |
|
|
— |
Marketing and other deductions |
|
12,565 |
|
|
13,383 |
General and administrative expense |
|
35,678 |
|
|
29,129 |
Consolidated variable interest entities related: |
|
|
|
|
|
General and administrative expense |
|
928 |
|
|
2,304 |
Total costs and expenses |
|
184,194 |
|
|
111,141 |
Operating income |
|
109,875 |
|
|
136,918 |
Other income (expense) |
|
|
|
|
|
Equity income in affiliate |
|
— |
|
|
2,669 |
Interest expense |
|
(25,951) |
|
|
(13,818) |
Loss on extinguishment of debt |
|
(480) |
|
|
— |
Other (expense) income |
|
(181) |
|
|
4,043 |
Consolidated variable interest entities related: |
|
|
|
|
|
Interest earned on marketable securities in trust account |
|
3,509 |
|
|
3,721 |
Net income before income taxes |
|
86,772 |
|
|
133,533 |
Income tax expense |
|
3,766 |
|
|
2,739 |
Net income |
|
83,006 |
|
|
130,794 |
Distribution and accretion on Series A preferred units |
|
(6,310) |
|
|
— |
Net income attributable to non-controlling interests |
|
(16,465) |
|
|
(18,823) |
Distributions on Class B units |
|
(89) |
|
|
(42) |
Net income attributable to common units of |
$ |
60,142 |
|
$ |
111,929 |
|
|
|
|
|
|
Basic |
$ |
0.93 |
|
$ |
1.75 |
Diluted |
$ |
0.91 |
|
$ |
1.72 |
Weighted average number of common units outstanding |
|
|
|
|
|
Basic |
|
66,595,273 |
|
|
54,112,595 |
Diluted |
|
93,057,731 |
|
|
65,837,017 |
Supplemental 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.
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|
|
|
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Three Months Ended |
|
Three Months Ended |
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|
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|
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Reconciliation of net cash provided by operating activities |
|
|
|
|
|
to Adjusted EBITDA and cash available for distribution |
|
|
|
|
|
Net cash provided by operating activities |
$ |
59,309 |
|
$ |
38,631 |
Interest expense |
|
7,465 |
|
|
3,950 |
Income tax expense |
|
1,326 |
|
|
888 |
Impairment of oil and natural gas properties |
|
(18,220) |
|
|
— |
Amortization of right-of-use assets |
|
(85) |
|
|
(82) |
Amortization of loan origination costs |
|
(529) |
|
|
(491) |
Equity loss in affiliate |
|
— |
|
|
(989) |
Unit-based compensation |
|
(3,326) |
|
|
(2,982) |
Gain on derivative instruments, net of settlements |
|
15,368 |
|
|
13,029 |
Changes in operating assets and liabilities: |
|
|
|
|
|
Oil, natural gas and NGL revenues receivable |
|
(2,300) |
|
|
606 |
Accounts receivable and other current assets |
|
(1,156) |
|
|
967 |
Accounts payable |
|
505 |
|
|
(336) |
Other current liabilities |
|
4,368 |
|
|
1,509 |
Operating lease liabilities |
|
90 |
|
|
84 |
Consolidated variable interest entities related: |
|
|
|
|
|
Interest earned on marketable securities in Trust Account |
|
— |
|
|
2,208 |
Other assets and liabilities |
|
— |
|
|
(180) |
Consolidated EBITDA |
$ |
62,815 |
|
$ |
56,812 |
Add: |
|
|
|
|
|
Impairment of oil and natural gas properties |
|
18,220 |
|
|
— |
Unit-based compensation |
|
3,326 |
|
|
2,982 |
Gain on derivative instruments, net of settlements |
|
(15,368) |
|
|
(13,029) |
Cash distribution from affiliate |
|
— |
|
|
171 |
Equity loss in affiliate |
|
— |
|
|
989 |
Consolidated variable interest entities related: |
|
|
|
|
|
Interest earned on marketable securities in Trust Account |
|
— |
|
|
(2,208) |
General and administrative expense |
|
— |
|
|
447 |
Consolidated Adjusted EBITDA |
$ |
68,993 |
|
$ |
46,164 |
Adjusted EBITDA attributable to non-controlling interest |
|
(15,188) |
|
|
(8,967) |
Adjusted EBITDA attributable to |
$ |
53,805 |
|
$ |
37,197 |
|
|
|
|
|
|
Adjustments to reconcile Adjusted EBITDA to cash available |
|
|
|
|
|
for distribution |
|
|
|
|
|
Less: |
|
|
|
|
|
Cash interest expense |
|
5,308 |
|
|
2,558 |
Cash distributions on Series A preferred units |
|
3,802 |
|
|
— |
Cash income tax expense |
|
2,281 |
|
|
15 |
Distributions on Class B units |
|
21 |
|
|
8 |
Cash available for distribution on common units |
$ |
42,393 |
|
$ |
34,616 |
Supplemental Schedules (Unaudited, in thousands, except for per-unit data and unit counts) |
||
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
Net income |
$ |
17,828 |
Depreciation and depletion expense |
|
36,196 |
Interest expense |
|
7,465 |
Income tax expense |
|
1,326 |
Consolidated EBITDA |
$ |
62,815 |
Impairment of oil and natural gas properties |
|
18,220 |
Unit-based compensation |
|
3,326 |
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 |
$ |
53,805 |
|
|
|
Adjustments to reconcile Adjusted EBITDA to cash available |
|
|
for distribution |
|
|
Less: |
|
|
Cash interest expense |
|
5,308 |
Cash distributions on Series A preferred units |
|
3,802 |
Cash income tax expense |
|
2,281 |
Distributions on Class B units |
|
21 |
Cash available for distribution on common units |
$ |
42,393 |
|
|
|
Common units outstanding on |
|
73,851,458 |
|
|
|
Common units outstanding on |
|
74,938,960 |
|
|
|
Cash available for distribution per common unit outstanding |
$ |
0.57 |
|
|
|
Fourth 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. |
Supplemental Schedules (Unaudited, in thousands, except for per-unit data and unit counts) |
||
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
Net income |
$ |
35,248 |
Depreciation and depletion expense |
|
16,726 |
Interest expense |
|
3,950 |
Income tax expense |
|
888 |
Consolidated EBITDA |
$ |
56,812 |
Unit-based compensation |
|
2,982 |
Gain on derivative instruments, net of settlements |
|
(13,029) |
Cash distribution from affiliate |
|
171 |
Equity loss in affiliate |
|
989 |
Consolidated variable interest entities related: |
|
|
Interest earned on marketable securities in Trust Account |
|
(2,208) |
General and administrative expense |
|
447 |
Consolidated Adjusted EBITDA |
$ |
46,164 |
Adjusted EBITDA attributable to non-controlling interest |
|
(8,967) |
Adjusted EBITDA attributable to |
$ |
37,197 |
|
|
|
Adjustments to reconcile Adjusted EBITDA to cash available |
|
|
for distribution |
|
|
Less: |
|
|
Cash interest expense |
|
2,558 |
Cash income tax expense |
|
15 |
Distributions on Class B units |
|
8 |
Cash available for distribution on common units |
$ |
34,616 |
|
|
|
Common units outstanding on |
|
64,231,833 |
|
|
|
Common units outstanding on |
|
65,229,995 |
|
|
|
Cash available for distribution per common unit outstanding |
$ |
0.53 |
|
|
|
Fourth quarter 2022 distribution declared (1) |
$ |
0.48 |
|
|
|
|
|
|
(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 cash flows received from the Q4 2022 Acquired Production after the effective date of |
|
||
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
Net income |
$ |
17,828 |
Depreciation and depletion expense |
|
36,196 |
Interest expense |
|
7,465 |
Income tax expense |
|
1,326 |
Consolidated EBITDA |
$ |
62,815 |
Impairment of oil and natural gas properties |
|
18,220 |
Unit-based compensation |
|
3,326 |
Gain on derivative instruments, net of settlements |
|
(15,368) |
Consolidated Adjusted EBITDA |
$ |
68,993 |
|
|
|
Q1 2023 - Q3 2023 Consolidated Adjusted EBITDA (1) |
|
209,221 |
Trailing Twelve Month Consolidated Adjusted EBITDA |
$ |
278,214 |
|
|
|
Long-term debt (as of 12/31/23) |
|
294,200 |
Cash and cash equivalents (as of 12/31/23) (2) |
|
(25,000) |
Net debt (as of 12/31/23) |
$ |
269,200 |
|
|
|
Net Debt to Trailing Twelve Month Consolidated Adjusted EBITDA |
|
1.0x |
|
|
|
|
|
|
(1) Consolidated Adjusted EBITDA for each of the quarters ended |
||
(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 |
View original content:https://www.prnewswire.com/news-releases/kimbell-royalty-partners-announces-record-fourth-quarter-and-full-year-2023-results-302066711.html
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