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Kimbell Royalty Partners (KRP) investor relations material

Kimbell Royalty Partners Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary6 Nov, 2025

Executive summary

  • Q3 2025 run-rate daily production reached 25,530 Boe/d, up 1% sequentially and exceeding guidance midpoint, with 86 active rigs representing 16% of U.S. land rig count.

  • Revenues totaled $76.8 million from oil, natural gas, and NGLs, with net income of $22.3 million and Adjusted EBITDA of $62.3 million.

  • Declared a Q3 2025 distribution of $0.35 per common unit, representing a 10.5%–10.7% annualized yield, with 75% payout ratio and 25% allocated to debt repayment.

  • Portfolio spans over 131,000 gross wells and 12.3–17 million gross acres, with diversified, high-margin assets across all major U.S. basins.

  • Boren Acquisition in January 2025 added significant Midland Basin assets for $230.4 million, funded by equity and credit facility.

Financial highlights

  • Q3 2025 oil, natural gas, and NGL revenues were $76.8 million; total revenues including other items were $80.6 million.

  • Net income for Q3 2025 was $22.3 million; net income attributable to common units was $17.0 million ($0.19 per unit).

  • Adjusted EBITDA for Q3 2025 was $62.3 million; cash available for distribution on common units was $43.5 million.

  • Cash G&A per Boe was $2.51, below guidance midpoint; unit-based compensation was $1.78 per Boe.

  • Average realized prices: oil $64.21/Bbl, natural gas $2.47/Mcf, NGLs $21.74/Bbl, combined $32.14/Boe.

Outlook and guidance

  • Affirmed full-year 2025 financial and operational guidance, with production for the first nine months averaging 25,574 Boe/d.

  • Over 14 years of drilling inventory and 91.42 net upside locations identified, supporting sustainable growth.

  • Net DUC and permit inventory of 7.07 net wells exceeds the 6.5 net wells needed annually to maintain flat production.

  • Confident in maintaining or growing production into 2026, citing strong rig activity and positive Q4 indications.

  • Hedging program in place with fixed price swaps for oil and gas through Q3 2027, covering about 15% of current production.

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Frequently asked questions

Kimbell Royalty Partners, LP is a limited partnership focused on acquiring and managing oil and natural gas mineral and royalty interests across the United States. The company’s portfolio includes interests in producing and non-producing properties in key resource basins such as the Permian Basin, Eagle Ford Shale, and Bakken Shale. Kimbell generates revenue from royalty income based on production volumes and commodity prices, without bearing the operational costs associated with drilling or production. The company is headquartered in Fort Worth, Texas, and its shares are listed on the NYSE.

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