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Kimbell Royalty Partners (KRP+0.38%), LP has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenues of $83,785,439, an increase from $67,204,273 in the same quarter the previous year. This growth is attributed to an increase in production volumes.
Oil, natural gas, and NGL revenues were reported at $71,069,593, with the company receiving an average of $78.09 per Bbl of oil, $1.60 per Mcf of natural gas, and $21.49 per Bbl of NGL.
Production and ad valorem taxes decreased to $4,346,922 from $4,986,878, reflecting lower prices received for oil and natural gas production.
Depreciation and depletion expenses increased to $32,155,040 from $23,060,163, primarily due to acquisitions that increased net capitalized oil and natural gas properties.
The company reported a net income of $25,805,447 for the quarter, compared to $18,481,038 in the previous year. The increase is attributed to higher production volumes and gains on commodity derivative instruments.
Interest expense for the quarter was $6,492,127, remaining relatively flat compared to the previous year.
Cash provided by operating activities was $62,416,630, while cash used in investing activities was $175,808, reflecting minimal investment activity during the period.
Kimbell Royalty Partners maintained a secured revolving credit facility with an outstanding balance of $252,159,776 as of September 30, 2024.
The filing also details the issuance of Series A preferred units, which provided gross proceeds of $325 million, used to fund acquisitions.
The company identified a material weakness in its internal controls over financial reporting related to changes in ownership of OpCo. Management is in the process of implementing a remediation plan.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kimbell Royalty Partners Representing Limited Partner Interests quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.