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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