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- **Production Resilience**: Q3 2025 at 25,530 BOE/day, +1% QoQ, despite industry slowdown.
- **Strong Financials**: $62.3M EBITDA, 1.6x net debt ratio, $0.35/unit distribution (100% return of capital).
- **Strategic Positioning**: 16% U.S. rig market share, 50% gas exposure, and 6.5 net DUCs (declining over time).
- **Growth Catalysts**: Mid-Con gas demand, Haynesville inventory, and selective M&A.

**【CEO Summary Section】**
- Q3 2025 production increased 1% QoQ, exceeding the midpoint of 2025 guidance at 25,530 BOE/day.
- 86 active rigs (16% U.S. land rig market share) support flat to growing production, with line-of-sight wells exceeding maintenance needs.
- Cash G&A per BOE was $2.51, below the midpoint of guidance, reflecting operational efficiency.
- $0.35/unit distribution declared, with 100% return of capital and 25% used to reduce debt.

**【CFO Financial Commentary】**
- Q3 revenue: $76.8M; adjusted EBITDA: $62.3M.
- Balance sheet: $448.5M debt, 1.6x net debt/EBITDA, $176.5M undrawn revolver.
- Reaffirmed 2025 guidance despite industry slowdown, citing diversified portfolio and operator activity.

**【Q&A Key Highlights】**
- **Production Outlook**: 2026 expected to be flat or increasing, driven by Mid-Con and Haynesville gas demand.
- **Marketing Expenses**: Q3 spike due to Mid-Con growth; expect normalization near historical averages.
- **M&A Strategy**: Focused on large, accretive deals; Boren acquisition (Jan 2025) outperforming expectations.
- **DUCs**: Maintenance level of 6.5 wells likely to decline as portfolio matures.
- **Gas Exposure**: 50% production from gas, with upside in $4+ gas price environment.

Kimbell Royalty Partners, LP Common Units (KRP) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

KRP

KRP fundamentals

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