KRP · Kimbell Royalty Partners, LP

Kimbell Royalty Partners reported solid Q1 2026 results, with run-rate daily production of 25,522 Boe/d exceeding the midpoint of guidance. Total revenues were $65.5 million, net income was $6.9 million, and consolidated Adjusted EBITDA reached $68.0 million. The company declared a $0.41 per common unit distribution, representing a 75% payout ratio and an 11.2% annualized yield based on the May 6 closing price. Management highlighted robust drilling activity with 85 active rigs on its acreage, capturing 16% of the U.S. land rig count. Cash G&A per BOE of $2.31 came in below the low end of guidance, reflecting operational discipline. The company also repurchased 500,000 common units for $7.3 million during the quarter. Kimbell affirmed its full-year 2026 guidance ranges. The balance sheet remains healthy with net debt to trailing twelve-month Adjusted EBITDA of 1.6x and $184.1 million of undrawn credit capacity. CEO Robert Ravnaas expressed optimism about higher oil prices potentially driving increased activity in oil-weighted basins.