Kimbell Royalty Partners(US:KRP)2025-02-27 20:42Company Overview - Kimbell Royalty Partners offers a unique 101% annualized cash distribution yield[7] - Kimbell has completed over $20 billion in M&A transactions since its IPO in 2017, growing run-rate average daily production by ~8x and returning 66% of $1800/unit IPO price via quarterly cash distributions[15] - Kimbell's net royalty acre position is approximately 158,350 acres[17] Financial Highlights - Kimbell generated $688 million in oil, natural gas, and NGL revenues in Q4 2024[19] - Q4 2024 consolidated Adjusted EBITDA was $598 million[19] - Kimbell's Net Debt to TTM Consolidated Adjusted EBITDA is 08x as of 12/31/2024[17] Asset Base and Operations - Kimbell has interests in over 130,000 gross wells across over 17 million gross acres in the US[15] - Approximately 97% of all onshore rigs in the Lower 48 are in counties where Kimbell holds mineral interest positions[15] - Kimbell has identified 11,510 gross / 7771 net total upside locations on major properties alone as of December 31, 2024[48] Future Outlook - Kimbell estimates that approximately 100% of the distribution to be paid on March 25, 2025, is estimated to constitute non-taxable reductions to the tax basis of each distribution recipient's ownership interest in Kimbell[11] - The minerals industry presents a significant consolidation opportunity with approximately $742 billion in market size[17] - Kimbell estimates that only 65 net wells are needed per year to maintain production, reflecting over 14 years of drilling inventory including the major and minor locations[48]