Kimbell Royalty Partners announced its financial and operating results for the third quarter ended September 30, 2024, reporting total revenues of $83.8 million and net income of $25.8 million. Net income attributable to common units was $17.4 million, or $0.22 per common unit, marking an increase from the prior year period. Consolidated Adjusted EBITDA reached $63.1 million, reflecting strong cash flow generation.
The company declared a cash distribution of $0.41 per common unit for Q3 2024, representing 75% of cash available for distribution. Kimbell plans to use the remaining 25% for debt reduction, having paid down approximately $179.0 million on its credit facility since May 2020. Approximately 100% of this distribution is expected to be considered a non-taxable return of capital for U.S. federal income tax purposes.
Operationally, Kimbell reported robust activity with 90 rigs actively drilling on its acreage, representing a 16% market share of all U.S. land rigs. Run-rate daily production was 23,846 Boe per day, composed of 52% natural gas and 48% liquids. Net drilled but uncompleted wells (DUCs) increased by 34% quarter over quarter to 5.1 net DUCs, led by the Permian Basin, indicating future production potential.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.