FORT WORTH, Texas, Oct. 25, 2019 /PRNewswire/
-- Kimbell Royalty Partners, LP (NYSE: KRP) ("Kimbell"), a
leading owner of oil and natural gas mineral and royalty interests
in more than 92,000 gross producing wells across 28 states,
today announced that the Board of Directors of Kimbell Royalty
GP, LLC, its general partner, has approved a cash distribution of
$0.42 per common unit for the third
quarter of 2019. The distribution will be payable on
November 11, 2019 to common
unitholders of record at the close of business on November 4, 2019. Kimbell has a
distribution policy to pay out all available cash (as defined in
its partnership agreement) each quarter. Kimbell's distributions
may vary based on certain factors including, but not limited to,
the price of oil, natural gas and natural gas liquids and
production from Kimbell's royalty assets, as well as cash needed
for debt service obligations, fixed charges and reserves for future
operating or capital needs.
Kimbell Royalty
Partners - Supplemental Distribution Data
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Percent
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Q2 19
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Q3 19
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Change
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WTI Average Crude Oil
Price(1)
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$59.78
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$56.37
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(5.7%)
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Henry Hub Average
Natural Gas Price (1)
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$2.56
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$2.38
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(7.0%)
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Common Unit
Distribution Declared
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$0.39
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$0.42
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7.7%
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Annualized Cash
Yield (2)
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12.3%
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DISTRIBUTIONS TO
COMMON UNITHOLDERS EXPECTED TO BE SUBSTANTIALLY FREE OF
DIVIDEND
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INCOME TAXES AND
INSTEAD CONSIDERED A RETURN OF CAPITAL THROUGH
2022(3)
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(1)
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Average commodity
prices are from EIA. Crude oil prices are in dollars per
barrel and natural gas prices are in dollars per million
Btu.
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(2)
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Based on the closing
price of Kimbell common units on October 25,
2019.
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(3)
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Moreover, less than
25% of distributions paid to common unitholders for the subsequent
three years (2023 to 2025) are expected to be taxable dividend
income. Please refer to the press release issued on May 13,
2019 for more information concerning the expected federal income
tax treatment of distributions to common unitholders.
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Kimbell Royalty Partners, LP
Kimbell (NYSE: KRP) is a leading oil and gas mineral and royalty
company based in Fort Worth,
Texas. Kimbell owns mineral and royalty interests in
approximately 13 million gross acres in 28 states and in every
major onshore basin in the continental United States, including ownership in more
than 92,000 gross producing wells with over 40,000 wells in the
Permian Basin. To learn more, visit http://www.kimbellrp.com.
Forward-Looking Statements
This news release includes forward-looking statements. These
forward-looking statements involve numerous risks and
uncertainties, including risks and uncertainties relating to the
tax treatment of our distributions, our business and the securities
markets generally. When considering these forward-looking
statements, you should keep in mind the risk factors and other
cautionary statements in our filings with the Securities and
Exchange Commission (SEC), available at the SEC's website at
www.sec.gov. Except as required by law, Kimbell Royalty
Partners, LP undertakes no obligation and does not intend to update
these forward-looking statements to reflect events or circumstances
occurring after this news release. You are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date of this news release.
Contact:
Rick Black
Dennard Lascar Investor
Relations
krp@dennardlascar.com
(713) 529-6600
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SOURCE Kimbell Royalty Partners, LP