Kimbell Royalty Partners, LP (NYSE: KRP) reported Q2 EPS of $0.08, $0.05 worse than the analyst estimate of $0.13. Revenue for the quarter came in at $11.25 million versus the consensus estimate of $11.16 million.
“This was a very exciting and transformative quarter for our company,” said Robert Ravnaas, Chairman and Chief Executive Officer of Kimbell Royalty Partners’ general partner.
“In mid-July, we closed the Haymaker Acquisition. This was a transformational acquisition for our company, and we are already pleased with the recent performance of the related acreage. Following the Haymaker Acquisition, we expect our distributable cash flow per unit will continue to increase, and as of August 1, 2018, we had 72 rigs actively working on our combined properties
“Our unitholders benefitted from our continued strong financial performance through an increase in our second quarter distribution, which is our fifth consecutive increase since our initial public offering in February 2017. During the second quarter, crude oil pricing increased, although a decline in pricing for NGLs and natural gas resulted in flat overall pricing for the quarter. Average daily production was also essentially flat versus the first quarter but increased 18% compared to the second quarter a year ago. We expect to begin benefitting from production related to the assets acquired in the Haymaker Acquisition in the third quarter,” Mr. Ravnaas said.
For earnings history and earnings-related data on Kimbell Royalty Partners, LP (KRP) click here.
Kimbell Royalty Partners Company Profile
Kimbell Royalty Partners, LP owns and acquires mineral and royalty interests in oil and natural gas properties in the United States. As of December 31, 2017, the company owned mineral and royalty interests in approximately 3.7 million gross acres and overriding royalty interests in approximately 2 million gross acres.