金贝尔特许权伙伴 (KRP) 2026年第三季度业绩电话会：创纪录产量与第四季度展望

核心要点

• 2026年第三季度平均日产量环比增长7%，达到创纪录的27,565桶油当量/天，其中包括收购资产贡献的41天产量。
• 石油、天然气及天然气凝析液（NGL）营收合计达9690万美元，合并调整后EBITDA达到8040万美元。
• Kimbell宣布每普通单位派发0.45美元的季度分红，相当于可分配现金的75%。管理层预计其中约76%将被视为资本返还。
• Kimbell旗下区块的作业活动保持强劲，活跃钻机达93台（约占季度末全美陆上钻机总数的16%），且高能见度井数量创历史新高。
• 该公司自2026年6月以来已完成3.67亿美元的收购。管理层表示，预计每笔交易都将提高产量，并增厚每单位可分配现金。
• Kimbell重申了其2026年第四季度的财务和运营指引。受油价上涨以及预计第四季度约84%的石油产量未进行套期保值的支撑，管理层预计第四季度现金流将大幅增加。

关键财务数据

Kimbell计划将剩余25%的可分配现金用于偿还循环信贷借款。管理层表示，0.45美元的分红相当于约11%的年化税收优惠收益率。

业务与运营表现

本季度Kimbell的运营版图持续扩大。其区块内活跃钻机数增加2台至93台，同时高能见度井数量创下历史新高。管理层表示，该库存规模已超过维持现有产量所需的钻井数量，从而为维持产量韧性直至年底并延续至2027年提供了信心支撑。

从营收、产量、钻机数量、已钻未完井（DUC）及获批许可来看，二叠纪盆地仍是Kimbell最大的盆地。管理层预计，在当前石油期货价格曲线下，以石油为主的盆地（尤其是二叠纪盆地）的作业活动将保持强劲。

租赁奖金活动也主要集中在二叠纪盆地。管理层表示，高油价环境通常有助于带动更多租赁活动，但各季度的租赁奖金收入可能会有较大波动。

季度结束后，Kimbell将其担保循环信贷额度下的借款基数及选定承诺额从6.60亿美元提高至7.50亿美元。该公司还发出通知，计划赎回其剩余A系列累积可转换优先单位的50%，预计将于2026年11月16日完成交割。

管理层业绩指引

Kimbell重申了此前于2026年8月24日发布的2026年第四季度财务和运营指引区间。

管理层预计第四季度现金流将出现显著环比增长，理由是油价走高，且预计第四季度约84%的石油产量未进行套期保值。该公司还预计，活跃的钻探活动（尤其是二叠纪盆地）以及创纪录的高能见度井库存，将为2027年的持续开发提供支撑。

管理层在电话会议上并未提供正式的2027年指引。不过，管理层表示，既有区块上持续的作业活动以及二叠纪盆地更多层系的开发，可能为2027年或2028年带来更为积极的前景。

风险与关注事项

• 由于第四季度预计约84%的石油产量未进行套期保值，公司现金流面临较大的油价波动风险敞口。
• 管理层表示，租赁奖金收入呈波浪式出现，其金额可能极少，也可能大幅超出预期。
• 该公司表示，已获许可的油井通常需要6至18个月才能投产，这导致开发时间节点存在不确定性。
• Kimbell将继续寻求收购机会，同时坚持要求交易必须能立即增厚现金流。

分析师问答环节要点

管理层重申，Kimbell打算保持其现有的收购纪律，而不是为了投机性的长期开发潜力预先支付溢价。当正在进行或现有的开发能够为项目估值提供支撑时，公司可能会赋予更深层系更高的价值，但即时的现金流增厚仍是首要考量。

该公司重点提及了洛文县与此前收购的LongPoint资产相关的10个新获批钻井许可。这些井最初并未计入承保估值中，Kimbell拥有其近20%的净收入权益。管理层目前预计可能在2027年第四季度实现首次投产，同时指出从获批许可到投产的历史周期通常在6至18个月之间。

管理层估计，未完井（DUC）和获批井位数量的环比增长中，近期收购与既有资产的内生开发各贡献了约一半。洛文县的这10个获批许可被认为是该增长的主要贡献因素。

关于租赁奖金，管理层建议在财务建模时参考过去四个季度的平均值，并考虑作业活动增加的可能性。市场关注点仍集中在二叠纪盆地，包括作业方目前认为比以往更具价值的开采层系。

业绩电话会议完整实录

完整财报电话会议逐字稿

管理层陈述

Operator

Greetings and welcome to the Kimbell Royalty Partners Third Quarter Earnings Conference Call.

[Operator Instructions]

Note this conference is being recorded. I will now turn the conference over to your host, Zach Vaughan. Please go ahead.

Zach Vaughan

Thank you, operator, and good morning, everyone. Welcome to the Kimbell Royalty Partners conference call to review financial and operational results for the third quarter ended September 30, 2026. This call is also being webcast and can be accessed through the audio link on the Events and Presentations page of the IR section of kimbellrp.com. Information recorded on this call speaks only as of today, November 5, 2026. So please be advised that any time-sensitive information may no longer be accurate as of the date of any replay listening or transcript reading. I would also like to remind you that statements made in today's discussion that are not historical facts, including statements of expectations or future results or future financial performance, are considered forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We will be making forward-looking statements as part of today's call, which, by their nature, are uncertain and outside of the company's control.

Actual results may differ materially. Please refer to today's earnings release for our disclosure on forward-looking statements. These factors and other risks and uncertainties are described in detail in the company's filings with the Securities and Exchange Commission. Management will also refer to non-GAAP measures, including adjusted EBITDA and cash available for distribution. Reconciliations to the nearest GAAP measures can be found at the end of today's earnings release. Kimbell assumes no obligation to publicly update or revise any forward-looking statements. I would now like to turn the call over to Bob Ravnaas, Kimbell Royalty Partners Chairman and Chief Executive Officer. Bob?

Davis Ravnaas

Thank you, Zach, and good morning, everyone. We appreciate you joining us this morning. With me today are several members of our senior management team, including Davis Ravnaas, our President and Chief Financial Officer; Matt Daly, our Chief Operating Officer; and Blaine Rheinsberger, our Controller. To start off, we are pleased to report another outstanding quarter for Kimbell, which included record daily production, an increase in our rig count by two rigs to 93 rigs actively drilling across our acreage, and record line-of-sight wells. It has also been a busy year with M&A, and we have now closed $367 million in acquisitions since June 2026. Each of these deals is expected to add meaningful production, be accretive to cash available for distribution per unit, and drive cash flow growth for years to come.

Production during the quarter grew by 7% quarter-over-quarter, resulting in oil, natural gas, and NGL revenues of approximately $97 million, while cash G&A per BOE remained well within our third quarter guidance range, highlighting the operating leverage of our platform as we continue to grow. Activity on our acreage remains robust, with our rig count representing approximately 16% of all U.S. land rigs at quarter end. In addition, a record number of line-of-sight wells gives us confidence in the resilience of our production as we close out the year and enter 2027. This strong third quarter performance allowed us to declare a Q3 2026 distribution of $0.45 per common unit as we continue to focus on returning value to unitholders. This distribution reflects an annualized tax-advantaged yield of approximately 11%.

Looking ahead, with these recently acquired assets now in our portfolio, we are excited about the earnings power of our extended asset base. With a recent surge in oil prices, not only for the rest of the year, but also for calendar year 2027, as reflected in the futures curve, we expect activity across the Lower 48 to remain strong. We expect to particularly see strong activity across our oil-weighted basins such as the Permian, which is our largest basin by revenue, production, rig count, DUCs, and permits. We also stand to significantly benefit from higher oil prices so far in the fourth quarter, and we expect a material increase in cash flow in the fourth quarter, given that approximately 84% of our estimated fourth quarter oil production is unhedged.

We believe the current futures curve and geopolitical landscape are conducive to incremental activity over time, and we look forward to both the prospects ahead of us and the long-term growth potential of our portfolio. We are bullish about the U.S. oil and natural gas royalty industry and our role as a consolidator in the sector. We continue to believe that the transition from private to public ownership of U.S. oil and natural gas royalties is in the early stages, and we are encouraged by the opportunities in front of us. We intend to continue pursuing accretive acquisitions as we strive to expand our industry-leading portfolio of assets. I'd like to thank all of our employees for their hard work and dedication in driving Kimbell forward and for their role in helping to generate long-term unitholder value. And now I'll turn the call over to Davis.

Unknown Speaker

Thanks, Bob, and good morning, everyone. As Bob mentioned, this was another strong quarter for Kimbell. We set new records for daily production and line-of-sight wells, and activity on our acreage continued to grow. I'll start by reviewing our financial results for the quarter. Oil, natural gas, and NGL revenues totaled $96.9 million during the quarter, which included 41 days of contribution from the acquired production. Third quarter average daily production was 27,565 BOE per day, a new record for Kimbell. On the expense side, third quarter general and administrative expenses were $10.7 million, $6.3 million of which was cash G&A expense, or $2.48 per BOE, near the midpoint of our guidance range and a reflection of our continued operational discipline.

Total third quarter consolidated adjusted EBITDA was $80.4 million. You will find a reconciliation of both consolidated adjusted EBITDA and cash available for distribution at the end of our news release. This morning, we announced a cash distribution of $0.45 per common unit for the third quarter. This represents a cash distribution payment to common unitholders that equates to 75% of cash available for distribution, and the remaining 25% will be used to pay down a portion of the outstanding borrowings under Kimbell's secured revolving credit facility. We estimate that approximately 76% of this distribution will be considered return of capital and not subject to dividend taxes, further enhancing the after-tax return to our common unitholders.

Moving now to our balance sheet and liquidity, at September 30, 2026, we had approximately $535.8 million in debt outstanding under our secured revolving credit facility, which represented a net debt to trailing 12 months consolidated adjusted EBITDA of approximately 1.5x. We also had approximately $124.2 million in undrawn capacity under that facility at quarter end. Subsequent to quarter end, on October 15, we increased the borrowing base and elected commitments on Kimbell's secured revolving credit facility from $660 million to $750 million in connection with our fall redetermination. This increase reflects the growth of our asset base and provides additional financial flexibility and liquidity as we continue to pursue accretive acquisitions.

In addition, on October 16, Kimbell gave notice to redeem 50% of the remaining Series A cumulative convertible preferred units. After closing, which is expected to occur on November 16, the face value of the remaining outstanding preferred units will be less than 3% of Kimbell's $2.8 billion enterprise value. This further simplifies our capital structure and lowers our cost of capital. We continue to maintain a conservative balance sheet and remain very comfortable with our strong financial position, ample liquidity, and the ongoing support of our bank partners. Today, we are also reaffirming our financial and operational guidance ranges for the fourth quarter of 2026.

As a reminder, our outlook for the fourth quarter was included in the guidance release that was issued on August 24, 2026. We are confident about the prospects for continued development through year-end and into 2027, given the number of rigs actively drilling on our acreage, especially in the Permian, higher oil prices, and our record number of line-of-sight wells exceeding our maintenance well count. In closing, we believe Kimbell is very well positioned for the long term. The U.S. oil and natural gas royalty sector is highly fragmented and estimated at over $850 billion in size, giving us a significant runway for continued consolidation. We believe that our capital-light model and diversified portfolio across the leading U.S. basins allows us to generate durable cash flow and deliver attractive returns to unitholders for years to come. With that, operator, we are now ready for questions.

Operator

[Operator Instructions]

And our first question will come from Tim Rezvan with KeyBanc Capital Markets.

分析师问答

Timothy Rezvan

Good morning, folks. Thank you for taking our questions.

Unknown Speaker

Good morning, Tim.

Timothy Rezvan

I want to start – we noticed one of your large peers who operates in the Permian has been acquiring royalties with more of a longer-term focus as the deeper Permian zones get delineated. Some of these transactions are really not accretive on day 1, but have sort of longer-term value. Is that something that Kimbell would sort of entertain as you think about M&A, or are you going to stick with your kind of day-one accretion blueprint?

Unknown Speaker

I think we want to stick to our existing methodology. Obviously the other ventures that are being developed are not lost on us. We have significant exposure to Woodford, Barnett, all of those different zones across all of the acquisitions that we've made. At the time that we made those acquisitions, for the most part, we gave very little, if any, credit to those zones just because they hadn't been developed at the time. It's just part of our conservative underwriting process. We will, however, give credit to them in cases where we see that there is ongoing development or existing development of those benches. So I'd say that it's important to us that every time we make an acquisition that it's immediately accretive to cash flow, but we are going to give increasing value to benches that are being developed at this time.

And I would add that that's been a huge boon to us as we look back at our acquisitions that we've made in the Permian. Again, we gave very little credit to those areas, and we expect to get tremendous benefits from those as they are developed in the future. We do believe in them, and we think it's a very viable play. So...

Timothy Rezvan

Okay, I appreciate the context there. Following up, you mentioned it in your prepared comments, the line-of-sight wells now trending well above your maintenance level. I know you're not going to give a 2027 guide out there, but is there a reason to think that you could have some kind of modest inflection from where you are today, given that stronger visibility on production to come?

Unknown Speaker

Yes, yes. I mean, that was something that was very positive that we noticed across our asset base this quarter. We had 10 new permits come in in Loving County for wells that were not included in our underwriting, that were allocated to the LongPoint acquisition we made years ago. And that kind of feeds in a little bit, Tim, to my previous comment, which is we're starting to see other benches, different spacing being applied to these areas. So we had 10 permits where we have almost a 20% NRI. Of those permits, we have those coming online in the fourth quarter of 2027. It might happen sooner, it might happen later. Our experience with permits is it's usually 6 to 18 months, so midpoint 12 months. If you run the math on that, you can run your own math, but the cash flow associated with 10 20% NRI wells is tremendous. Again, that's something that we didn't pay for at the time of underwriting, so a nice tailwind that we have on that front. If we continue to see activity like that on the acreage that you were talking about in your first question, that would probably indicate some sort of more bullish guidance for 2027 or 2028 going forward.

It's been a really nice development to see.

Timothy Rezvan

All right, that's great. Thank you.

Unknown Speaker

Thank you.

Operator

[Operator Instructions]

And we will go next to Nick Armato with Texas Capital.

Unknown Speaker

Good morning, team. For my first one, lease bonuses were strong again this quarter. Can you help frame your outlook for them moving forward and discuss where you're currently seeing the most leasing activity across the portfolio? Are there any emerging areas where leasing activity suggests operator interest is increasing before it becomes visible on the drill bit?

Unknown Speaker

Yes, great question. You know, in these higher oil price environments, you tend to see greater lease bonuses. For modeling purposes, just to be conservative, I would take a trailing 4-quarter average and apply that going forward, but with maybe a bias towards more activity. It comes in waves. Some quarters we have de minimis lease bonus, some quarters it exceeds our expectations dramatically. I would say that it's mostly focused on the Permian. We're seeing some increased lease bonus activity in other areas as well, but the Permian continues to be the main driver. And again, it's folks that are looking to different benches in the Permian that they now believe have greater value than perhaps they did in the past and therefore justify increased interest in leasing activity. So I think that when you're dealing with a portfolio of assets like ours that are so diverse in nature with broad growth footprints, I would expect that we would continue to see significant leasing activity across those areas.

Unknown Speaker

Perfect. And then maybe just for my follow-up, you saw a meaningful sequential increase in the net DUC count and permit locations, which you've highlighted. Can you maybe just help characterize that increase and how much was attributed to some of the recent acquisitions versus organic increase in activity across the legacy acreage?

Unknown Speaker

It's a combination of both, obviously. I wouldn't have a split in front of me between the acquisition inventory that we've acquired versus organic. I would say the biggest driver of that are the 10 wells, the 10 permits that I mentioned just back on the last call. That was a meaningful boost, and that was on our legacy position, obviously, an acquisition that we made 3 or 4 years ago. So I would say it's evenly split between the two. If I had to handicap it, I'd say that most of that increase in inventory is probably attributable to... I'd say it's about 50/50 between acquisitions and legacy properties.

Unknown Speaker

Perfect. I appreciate it. I'll turn it back to the operator. Thank you.

Unknown Speaker

Thank you.

Operator

And this now concludes our question and answer session. I would like to turn the floor back over to management for closing comments.

Davis Ravnaas

Thank you for joining us this morning. We look forward to speaking with you again next quarter. This completes today's call.

Operator

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

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