Kimbell Royalty Partners LP
For the period ended Sep 30, 2024. Filed Nov 8, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 8, 2024
KRP$15.15+0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Nine Months Ended September 30, | ||||||
| | | 2024 | 2023 | |||
| CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | |
| Net income | | $50,328,915 | | $65,177,607 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | |
| Depreciation and depletion expense | | | 103,345,780 | | | 60,280,666 |
| Impairment of oil and natural gas properties | | | 5,963,575 | | | — |
| Amortization of right-of-use assets | | | 260,292 | | | 251,175 |
| Amortization of loan origination costs | | | 1,592,712 | | | 1,414,074 |
| Loss on extinguishment of debt | | | — | | | 480,244 |
| Unit-based compensation | | | 12,621,991 | | | 9,785,631 |
| Loss (gain) on derivative instruments, net of settlements | | | 5,467,679 | | | (11,002,749) |
| Changes in operating assets and liabilities: | | | | | | |
| Oil, natural gas and NGL receivables | | | 10,045,443 | | | (14,326,575) |
| Accounts receivable and other current assets | | | 28,839 | | | 707,259 |
| Accounts payable | | | 270,708 | | | 1,014,264 |
| Other current liabilities | | | 4,701,685 | | | 5,631,591 |
| Operating lease liabilities | | | (282,800) | | | (258,430) |
| Consolidated variable interest entities related: | | | | | | |
| Interest earned on marketable securities in trust account | | | — | | | (3,508,691) |
| Other assets and liabilities | | | — | | | (687,353) |
| Net cash provided by operating activities | | | 194,344,819 | | | 114,958,713 |
| CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | |
| Purchases of property and equipment | | | (154,203) | | | (107,420) |
| Purchase of oil and natural gas properties | | | (21,605) | | | (490,135,551) |
| Proceeds from trust of variable interest entity | | | — | | | 930,850 |
| Consolidated variable interest entities related: | | | | | | |
| Cash paid for transaction costs | | | — | | | 31,553 |
| Cash received from investments held in trust | | | — | | | 243,167,434 |
| Net cash used in investing activities | | | (175,808) | | | (246,113,134) |
| CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | |
| Proceeds from the issuance of Series A preferred units, net of issuance costs | | | — | | | 313,950,000 |
| Proceeds from equity offering, net of issuance costs | | | — | | | 110,711,383 |
| Contributions from Class B unitholders | | | — | | | 268,461 |
| Redemption of Class B contributions on converted units | | | (316,159) | | | (316) |
| Distribution to common unitholders | | | (102,682,011) | | | (82,708,380) |
| Distribution to OpCo unitholders | | | (25,777,830) | | | (20,919,002) |
| Distribution on Series A preferred units | | | (14,611,791) | | | — |
| Distribution on Class B units | | | (56,218) | | | (67,939) |
| Borrowings on long-term debt | | | 4,959,776 | | | 201,084,089 |
| Repayments on long-term debt | | | (47,000,000) | | | (123,700,000) |
| Payment of loan origination costs | | | (57,123) | | | (4,942,188) |
| Restricted units repurchased for tax withholding | | | (4,914,149) | | | (4,851,962) |
| Consolidated variable interest entities related: | | | | | | |
| Redemption of Kimbell Tiger Acquisition Corporation equity units | | | — | | | (243,167,434) |
| Net cash (used in) provided by financing activities | | | (190,455,505) | | | 145,656,712 |
| NET INCREASE IN CASH AND CASH EQUIVALENTS | | | 3,713,506 | | | 14,502,291 |
| CASH AND CASH EQUIVALENTS, beginning of period | | | 30,992,670 | | | 25,026,568 |
| CASH AND CASH EQUIVALENTS, end of period | | $34,706,176 | | $39,528,859 | ||
CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued)
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Nine Months Ended September 30, | ||||||
| | | 2024 | 2023 | |||
| Supplemental cash flow information: | | | | | | |
| Cash paid for interest | | $19,366,963 | | $16,920,473 | ||
| Non-cash investing and financing activities: | | | | | | |
| Units issued in exchange for oil and natural gas properties | | $— | | $92,038,856 | ||
| Noncash deemed distribution to Series A preferred units | | $1,183,928 | | $78,929 | ||
| Distribution on Series A preferred units in accounts payable | | $4,901,639 | | $— | ||
| Recognition of tenant improvement asset | | $93,750 | | $93,750 | ||
| Consolidated variable interest entities related: | | | | | | |
| Reduction of deferred underwriting commission associated with redemption of Kimbell Tiger Acquisition Corporation equity units | | $— | | $(8,050,000) | ||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.