Consolidated Adjusted EBITDA (1)203,233Trailing Twelve Month Consolidated Adjusted EBITDA$268,058Long-term debt (as of 12/31/25)441,500Cash and cash equivalents (as of 12/31/25) (43,977)Net debt (as of 12/31/25)$397,523Net Debt to Trailing Twelve Month Consolidated Adjusted EBITDA1.5x(1) Consolidated Adjusted EBITDA for each of the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025 was previously reported in a news release relating to the applicable quarter, and the reconciliation of net in ...

Core Insights - PrairieSky Royalty Ltd. announced a 2% increase in its annual dividend policy to $1.06 per common share, effective for the first quarter of 2026 [4][10][14] - The company reported a 6% increase in annual oil royalty production, averaging 13,940 barrels per day for the year ended December 31, 2025 [5][6] - Total revenues for the year reached $478.2 million, with royalty production revenue totaling $441.7 million [6][9] Annual Highlights - Annual oil royalty production increased by 6% compared to the end of 2024, with total royalty production averaging 25,855 BOE per day, a 3% increase [6][9] - Funds from operations totaled $353.0 million ($1.50 per share), a decrease of 7% from the previous year, primarily due to a 14% decline in US$ WTI benchmark pricing [6][9] - Corporate proved plus probable reserves increased to 63,932 MBOE, with proved plus probable oil reserves rising by 6.6% to 28,373 Mbbl [6][16] Fourth Quarter Highlights - In Q4 2025, oil royalty production averaged 13,750 barrels per day, a 3% increase over Q4 2024 [6][9] - Total revenues for Q4 2025 were $111.7 million, with royalty production revenue of $102.9 million [9][22] - The company declared a fourth quarter dividend of $60.5 million ($0.26 per share), resulting in a payout ratio of 75% [10][22] Dividend Increase and Declaration - The first quarter 2026 dividend of $0.265 per share will be payable to shareholders of record on March 31, 2026 [4][15] - The annual dividend payout ratio for 2025 was 69%, with cumulative annual dividends declared amounting to $243.4 million [6][10] Operational Performance - Third-party operators spud 200 wells on PrairieSky's royalty acreage in Q4 2025, maintaining a similar level of activity compared to Q4 2024 [8][12] - The Clearwater heavy oil play achieved a production rate of 2,600 barrels per day in Q4 2025, reflecting a compounded annual growth rate of 20% since 2022 [5][6] - The Duvernay light oil play saw a 90% year-over-year increase in average royalty production, reaching approximately 1,175 BOE per day [7][12] Financial Overview - Net debt as of December 31, 2025, was $276.5 million, a decrease of $5.2 million from the previous quarter [6][10] - The company completed acquisitions totaling $99.9 million for the year, primarily targeting light and heavy oil plays in Alberta and Saskatchewan [6][10] - Average realized pricing for crude oil in Q4 2025 was $66.10 per barrel, down from $81.66 in Q4 2024 [22][36]

Core Insights - Legacy Ridge Capital Management reported a 7% net return for the Partnership in 2025, after accounting for a 1% performance fee, despite facing market volatility that impacted performance [1] - The Partnership's concentrated portfolio consists of 10 names, with a dividend yield of approximately 6% [1] - A shift in the calendar end date could have improved returns by over 4%, indicating the unpredictable nature of concentrated value investing [1] Company Focus: Kimbell Royalty Partners, LP - Kimbell Royalty Partners, LP (NYSE:KRP) is a US-based company that owns and acquires mineral and royalty interests in oil and natural gas properties, with a market capitalization of $1.46 billion [2] - As of February 3, 2026, KRP's stock closed at $13.53 per share, with a one-month return of 17.65% but a decline of 12.48% over the past twelve months [2] - KRP owns approximately 158,000 net royalty acres and has interests in over 131,000 wells, producing 25,530 barrels of oil equivalent (BOE) per day, with reserves of 68 million BOE [3] - The company has a production decline rate of approximately 14% and is expected to pay a dividend of $1.43 per share next year, translating to a yield of 10.8% [3]

Core Viewpoint - PrairieSky Royalty Ltd. is set to release its fourth quarter and year-end 2025 results on February 9, 2026, after market close, which will include operating and financial information [1]. Group 1: Financial Results Announcement - The financial results will be available on PrairieSky's website and SEDAR+ [1]. - A conference call for the investment community will take place on February 10, 2026, at 6:30 am MT (8:30 am ET) to discuss the results [2]. Group 2: Company Overview - PrairieSky is a royalty-focused company that generates revenue from oil and natural gas production on its properties [3]. - The company has a diverse portfolio with a long history of generating free cash flow and holds the largest independently-owned fee simple mineral title position in Canada [3]. - PrairieSky's common shares are traded on the Toronto Stock Exchange under the symbol PSK [3].

Group 1 - The analyst has over a decade of experience researching various companies across different sectors, including commodities like oil, natural gas, gold, and copper, as well as technology firms such as Google and Nokia [1] - The analyst has transitioned from writing a personal blog to creating a value investing-focused YouTube channel, where extensive research on hundreds of companies has been conducted [1] - The analyst expresses a particular interest in covering metals and mining stocks, while also being comfortable with other industries such as consumer discretionary/staples, REITs, and utilities [1]

Core Viewpoint - Kimbell Royalty Partners has successfully completed a redetermination and amendment of its secured revolving credit facility, enhancing its capital structure and financial flexibility while lowering borrowing costs [1][2]. Group 1: Financial Details - The maximum facility size has been increased from $750 million to $1.5 billion [1][5]. - The borrowing base and total commitments have been reaffirmed at $625 million, with the maturity date extended to December 16, 2030 [2][5]. - The pricing grid has been reduced by 25 basis points, and a 10 basis point Credit Spread Adjustment has been removed, improving interest rate spreads by a total of 35 basis points [5]. Group 2: Company Overview - Kimbell Royalty Partners is a leading oil and gas mineral and royalty company based in Fort Worth, Texas, owning interests in approximately 17 million gross acres across 28 states [3]. - The company has mineral and royalty interests in over 131,000 gross wells, covering every major onshore basin in the continental United States [3]. Group 3: Management Commentary - The President and CFO of Kimbell emphasized that the refinancing strengthens the capital structure by providing lower borrowing costs and enhanced financial flexibility, reflecting the confidence of their 16 existing bank partners [2].

Financial Data and Key Metrics Changes - Viper Energy reported a 20% increase in oil production per share for Q4 2025 compared to the same quarter last year [3] - The combined base plus variable dividend represents a greater than 6% annualized yield, with a nearly 10% increase relative to the previous quarter [4] - Return of capital per Class A share increased by 48% compared to Q2 [4] Business Line Data and Key Metrics Changes - The company anticipates mid-single-digit organic oil production growth in 2026, implying double-digit year-over-year growth in oil production per share relative to 2025 [3] - Viper's asset base captured almost half of all third-party activity in the Permian Basin over the past three years [29] Market Data and Key Metrics Changes - The company has seen strong activity levels across its asset base despite commodity price volatility [6] - The non-Permian asset sale is expected to provide approximately $610 million in net proceeds, which will be used to pay down debt and enhance the balance sheet [21] Company Strategy and Development Direction - Viper Energy is focused on returning nearly 100% of cash available for distribution to stockholders, with a commitment to buy back shares in the current market environment [5][11] - The company aims to leverage its strong balance sheet and high operating margins to enhance shareholder returns through dividends and share repurchases [4][5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver sustained per share growth with limited operating costs, even during market volatility [8] - The relationship with Diamondback is expected to drive growth for at least the next few years, with a projected interest of 5% to 7% in all of Diamondback's wells [30] Other Important Information - The integration of AI and automation is expected to enhance operational efficiency and data utilization within the company [18][36] - The company is positioned to capitalize on potential acquisition opportunities in the future, despite current market conditions [24] Q&A Session Summary Question: Near-term and 2026 capital allocation following the asset sale - Management indicated that they plan to return nearly 100% of free cash to shareholders and will be aggressive with buybacks due to market dislocation [11] Question: Activity outside of Diamondback - Management confirmed strong activity levels outside of Diamondback, with Viper capturing almost half of all activity in the Permian Basin [13] Question: Contribution of CTO to backlog increase - Management stated that the increase in backlog is evenly mixed between CTO contributions and legacy Viper's performance [17] Question: Tax considerations on asset sale proceeds - Management highlighted a tax hit, estimating net proceeds from the asset sale to be about $610 million, which will be used to pay down debt [21] Question: A&D market outlook - Management noted that while larger strategic acquisitions may be challenging, smaller ground game acquisitions are still viable [24] Question: Growth sustainability in the Permian - Management believes the relationship with Diamondback will support growth for the next few years, despite overall market conditions [30] Question: Valuation of Viper and potential share purchases - Management is open to using free cash to purchase more interest in Viper shares, emphasizing the importance of reducing share count [31] Question: Guidance for 2026 and price sensitivity - Management indicated that guidance for 2026 is based on maintaining current activity levels, with flexibility to adjust based on market conditions [35] Question: Synergies from CTO team and AI integration - Management discussed the benefits of cost savings and automation from the CTO integration, which will enhance operational efficiency [36] Question: Future of variable dividend growth - Management stated that the growth of the variable dividend will depend on market conditions, but they aim to balance buybacks and cash distributions [44]

Core Insights - PrairieSky Royalty Ltd. reported a strong performance in Q3 2025, with oil royalty production volumes increasing by 11% compared to Q3 2024, averaging 14,127 barrels per day [4][6] - The company generated total royalty production revenue of $107.7 million, contributing to funds from operations of $90.0 million, or $0.38 per share, despite a 3% decrease from Q3 2024 due to lower benchmark pricing [5][6] - PrairieSky declared a dividend of $0.26 per share, totaling $60.5 million, with a payout ratio of 67% [6][7] Financial Performance - Total revenues for Q3 2025 reached $114.8 million, including $7.1 million from other revenues, which included $4.8 million from new leasing arrangements [5][6] - Oil royalty production revenue decreased by 3% from Q3 2024, while natural gas royalty production revenue fell by 4% due to lower production volumes and challenging pricing [5][6] - Net debt increased to $281.7 million, up by $39.7 million from June 30, 2025 [6][7] Operational Highlights - The company averaged total royalty production of 25,687 BOE per day, a 5% increase over Q3 2024 [5][6] - There were 201 wells spud on PrairieSky's royalty acreage during the quarter, with a majority being oil wells [8] - Multilateral horizontal drilling contributed significantly, with a record 105 multilateral wells spud in the quarter [4][8] Director Appointment - Ian Dundas has been appointed to the Board of Directors effective January 1, 2026, bringing over 25 years of experience in the oil and gas industry [3][9] Future Outlook - The company anticipates continued growth in royalty production driven by ongoing activity in the Duvernay and Clearwater plays [21]

Core Viewpoint - PrairieSky Royalty Ltd. is set to release its Q3 2025 results on October 20, 2025, after market close, providing key operating and financial information [1] Group 1: Financial Results Announcement - The Q3 2025 results will include financial statements and management's discussion and analysis, available on PrairieSky's website and SEDAR+ [1] - A conference call for the investment community will take place on October 21, 2025, at 6:30 am MT (8:30 am ET) to discuss the results [2] Group 2: Company Overview - PrairieSky is a royalty-focused company that generates revenue from petroleum and natural gas production on its properties [3] - The company has a diverse portfolio with a long history of generating free cash flow and holds the largest independently-owned fee simple mineral title position in Canada [3] - PrairieSky's common shares are traded on the Toronto Stock Exchange under the symbol PSK [3]

Core Viewpoint - Kimbell Royalty Partners, LP will release its third quarter 2025 financial results on November 6, 2025, before market opens, and will declare its distribution concurrently [1]. Group 1: Financial Results Announcement - Kimbell Royalty Partners will announce its third quarter 2025 financial results on November 6, 2025 [1]. - The company will declare its third quarter 2025 distribution at the same time as the earnings release [1]. - A conference call is scheduled for the same day at 10:00 a.m. Central (11:00 a.m. Eastern) to discuss the results [1]. Group 2: Company Overview - Kimbell Royalty Partners is a leading oil and gas mineral and royalty company based in Fort Worth, Texas [3]. - The company owns mineral and royalty interests in over 17 million gross acres across 28 states and in every major onshore basin in the continental United States [3]. - Kimbell has ownership in more than 131,000 gross wells [3].