Reports Q4 revenue $99.2M, consensus $83.85M. There was a non-cash ceiling test impairment expense of $18.2M recorded during the quarter, primarily related to the decline in commodity prices. Robert Ravnaas, Chairman and CEO of Kimbell Royalty GP, Kimbell’s general partner, commented, “2023 was another record year for Kimbell. We completed our largest acquisition to date during 2023, which was not only immediately accretive to distributable cash flow per common unit, but also bolstered the Permian as the leading basin for the Company in terms of production, active rig count, DUCs, permits and undrilled inventory. Furthermore, the borrowing base and elected commitments on the Company’s revolving credit facility increased to $550 million, further enhancing our liquidity and conservative capital structure. Finally, the Company paid out $1.73 per common unit in tax-advantaged quarterly distributions during 2023 and paid down approximately $49.9M on its credit facility by allocating 25% of cash available for distribution for debt-paydown.
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