$KRP

Kimbell Royalty Partners, LP

CIK:0001657788|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Gain (loss) on commodity derivative instruments, net	$ 6,112	$ 9,339	$ (12,566)	$ 3,286
Total revenues	112,477	86,548	178,021	170,757
Costs and expenses
Production and ad valorem taxes	8,207	5,715	14,096	11,090
Depreciation and depletion expense	30,206	30,458	59,505	61,576
Marketing and other deductions	4,163	3,016	9,331	7,518
General and administrative expense	10,220	9,573	19,609	19,210
Total costs and expenses	52,796	48,762	102,541	99,394
Operating income	59,681	37,786	75,480	71,363
Other expense
Interest expense	(8,404)	(8,947)	(16,558)	(15,569)
Other expense				(12)
Net income before income taxes	51,277	28,839	58,922	55,782
Income tax expense	3,978	2,167	4,681	3,257
Net income	47,299	26,672	54,241	52,525
Distribution and accretion on Series A preferred units	(2,628)	(24,337)	(5,227)	(29,540)
Net income and distributions and accretion on Series A preferred units attributable to non-controlling interests	(6,251)	(314)	(6,617)	(3,088)
Distribution to Class B unitholders	(9)	(14)	(18)	(28)
Net income attributable to common units of Kimbell Royalty Partners, LP	$ 38,411	$ 2,007	$ 42,379	$ 19,869
Net income per unit attributable to common units of Kimbell Royalty Partners, LP
Net income per unit attributable to common units Kimbell Royalty Partners, LP (Basic) (in dollar per share)	$ 0.4	$ 0.02	$ 0.45	$ 0.22
Net income per unit attributable to common units Kimbell Royalty Partners, LP (Diluted) (in dollar per share)	$ 0.4	$ 0.02	$ 0.45	$ 0.22
Weighted average number of common units outstanding
Weighted average number of common units outstanding Basic (in units)	96,307	91,170	94,725	90,430
Weighted average number of common units outstanding Diluted (in units)	118,876	122,924	118,818	125,277
Oil, natural gas and NGL revenues
Revenue	$ 103,046	$ 74,695	$ 185,931	$ 164,646
Lease bonus and other income
Revenue	$ 3,319	$ 2,514	$ 4,656	$ 2,825

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 54,241	$ 52,525
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and depletion expense	59,505	61,576
Amortization of right-of-use assets	182	171
Amortization of loan origination costs	1,004	1,113
Unit-based compensation	8,423	7,985
Forfeiture of restricted units		(57)
Loss (gain) on derivative instruments, net of settlements	9,497	(1,535)
Changes in operating assets and liabilities:
Oil, natural gas and NGL receivables	(17,103)	(2,065)
Accounts receivable and other current assets	(467)	809
Accounts payable	933	(941)
Other current liabilities	1,692	7,034
Operating lease liabilities	(173)	(141)
Net cash provided by operating activities	117,734	126,474
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(96)	(552)
Proceeds from sale of property and equipment		13
Purchase of oil and natural gas properties	(44,263)	(222,752)
Net cash used in investing activities	(44,359)	(223,291)
CASH FLOWS FROM FINANCING ACTIVITIES
Common units repurchased under buyback program	(14,670)
Proceeds from equity offering, net of issuance costs		163,575
Contributions from Class B unitholders	346
Redemption of Class B contributions on converted units	(268)	(2)
Redemption of Series A preferred units		(179,908)
Distribution to common unitholders	(77,319)	(81,255)
Distribution to OpCo unitholders	(7,001)	(12,607)
Distribution to Series A preferred unitholders	(4,862)	(9,710)
Distribution to Class B unitholders	(18)	(28)
Borrowings on long-term debt	65,100	254,136
Repayments on long-term debt	(27,900)	(31,200)
Payment of loan origination costs	(644)	(747)
Restricted units repurchased for tax withholding	(5,185)	(5,081)
Net cash (used in) provided by financing activities	(72,421)	97,173
NET INCREASE IN CASH AND CASH EQUIVALENTS	954	356
CASH AND CASH EQUIVALENTS, beginning of period	43,977	34,168
CASH AND CASH EQUIVALENTS, end of period	44,931	34,524
Supplemental cash flow information:
Cash paid for interest	15,561	11,391
Cash paid for taxes	4,750	219
Non-cash investing and financing activities:
Units issued in exchange for oil and natural gas properties	101,856
Deemed distribution to Series A preferred units	391	673
Distribution on Series A preferred units in accounts payable	$ 2,431	2,431
Recognition of tenant improvement asset		63
Right-of-use assets obtained in exchange for operating lease liabilities		$ 1,224

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 44,931	$ 43,977
Oil, natural gas and NGL receivables	53,685	36,582
Derivative assets	292	6,504
Accounts receivable and other current assets	1,886	1,420
Total current assets	100,794	88,483
Property and equipment, net	655	629
Oil and natural gas properties
Oil and natural gas properties, using full cost method of accounting ($190,380 and $174,189 excluded from depletion at June 30, 2026 and December 31, 2025, respectively)	2,417,589	2,271,470
Less: accumulated depreciation, depletion and impairment	(1,207,591)	(1,148,157)
Total oil and natural gas properties, net	1,209,998	1,123,313
Right-of-use assets, net	4,424	4,606
Derivative assets	984	2,587
Loan origination costs, net	9,362	9,722
Total assets	1,326,217	1,229,340
Current liabilities
Accounts payable	4,051	3,144
Other current liabilities	8,789	7,097
Derivative liabilities	961
Total current liabilities	13,801	10,241
Operating lease liabilities, excluding current portion	4,238	4,411
Derivative liabilities	749	28
Long-term debt	478,700	441,500
Total liabilities	497,488	456,180
Commitments and contingencies (Note 16)
Mezzanine equity:
Series A preferred units (162,500 units issued and outstanding as of June 30, 2026 and December 31, 2025)	159,184	158,793
Kimbell Royalty Partners, LP unitholders' equity:
Common units (98,652,268 units and 93,396,488 units issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)	575,049	531,121
Class B units (16,051,322 units and 14,491,540 units issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)	802	724
Total Kimbell Royalty Partners, LP unitholders' equity	575,851	531,845
Non-controlling interest in OpCo	93,694	82,522
Total unitholders' equity	669,545	614,367
Total liabilities, mezzanine equity and unitholders' equity	$ 1,326,217	$ 1,229,340