Kimbell Royalty Partners, LP reported record financial results for the first quarter ended March 31, 2025, including record oil, natural gas, and NGL revenues, record consolidated Adjusted EBITDA of $75.5 million, and record cash available for distribution. Total revenues for the quarter were $84.2 million, with net income of $25.9 million and net income attributable to common units of $17.9 million, or $0.20 per common unit.
The company's Q1 2025 run-rate daily production was 25,501 Boe/d, and including the full impact of acquired production, it reached 25,841 Boe/d, exceeding the midpoint of its guidance. Kimbell declared a cash distribution of $0.47 per common unit, an 17.5% increase from Q4 2024, with approximately 70% expected to be a non-taxable return of capital.
In significant capital management moves, Kimbell announced that its secured revolving credit facility's borrowing base and aggregate commitments were increased from $550 million to $625 million on May 1, 2025. Additionally, on May 7, 2025, the company redeemed 50% of its outstanding Series A Cumulative Convertible Preferred Units, simplifying its capital structure and reducing its cost of capital. Following these actions and debt pay-down, Kimbell expects its pro forma net debt to trailing twelve-month consolidated Adjusted EBITDA to be approximately 1.5x.
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