Kimbell Royalty Partners reports Q3 EPS 22c, consensus 19c

Reports Q3 revenue $83.8M, consensus $80.03M. Reports Q3 run-rate daily production of 23,846 barrels of oil equivalent per day. CEO Robert Ravnaas commented, “Activity on Kimbell’s acreage remained strong with 90 rigs actively drilling on our acreage, which represents 16% market share of all rigs drilling in the lower 48. In addition, lease bonuses during the quarter were the highest in Kimbell’s history and reflect increased operator interest in developing Kimbell’s acreage. Line-of-site wells continue to be well above the number of wells needed to maintain flat production, giving us confidence in the resilience of our production as we wrap-up 2024. More specifically, the number of net DUCs increased by 34% quarter over quarter to 5.1 net DUCs, the second highest level in Kimbell’s history, led by the Permian Basin. We are pleased to declare the Q3 2024 distribution of 41 cents per common unit. We estimate that approximately 100% percent of this distribution is expected to be considered return of capital and not subject to dividend taxes, further enhancing the after-tax return to our common unitholders.”