Kimbell Royalty Partners (KRP) Q3 2026 earnings summary

Executive summary

• Record Q3 production averaged 27,565 Boe/d; post-acquisition run-rate production reached 28,910 Boe/d.

• Acquisitions closed since June 2026 totaled $367 million; acquired assets are expected to add production and be accretive to cash available for distribution per unit.

• Declared a $0.45 per-unit distribution and reaffirmed Q4 2026 financial and operational guidance.

Financial highlights

• Q3 oil, natural gas and NGL revenue was $96.9 million; total revenue was $86.3 million after a $13.1 million net derivative loss.

• Q3 consolidated Adjusted EBITDA was $80.4 million, including $11.8 million of net derivative losses; net income was $17.3 million and net income attributable to common units was $12.4 million.

• Cash available for distribution on common units was $57.4 million versus $43.5 million a year earlier; Q3 Adjusted EBITDA attributable to common-unit interests was $68.2 million versus $53.9 million.

• Q3 cash G&A was $6.3 million, or $2.48/Boe; total G&A was $10.7 million, including $4.4 million of non-cash unit-based compensation.

Outlook and guidance

• Reaffirmed Q4 net production guidance of 27.7–30.7 Mboe/d on a 6:1 basis; oil is projected at 32%–36%, natural gas at 43%–47% and NGLs at 19%–23% of production.

• Management expected a material Q4 cash-flow increase at current oil prices, with 84% of estimated Q4 oil production unhedged.

• Q4 guidance assumes 25% of expected cash available for distribution will repay the RBL facility and includes the planned 50% redemption of remaining preferred units; no 2027 guidance was issued.

• Record major-property inventory of 9.37 net DUCs and permits exceeded the estimated 8.20 net wells needed to maintain flat production; 10 Loving County permits with nearly 20% NRI each could come online in Q4 2027.