Kimbell Royalty Partners, LP (KRP) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Kimbell Royalty Partners first quarter earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Rick Black. Thank you. You may begin.

各位好，歡迎參加 Kimbell Royalty Partners 第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。現在很榮幸為各位介紹主持人 Rick Black。謝謝。您可以開始了。

Thank you, operator, and good morning, everyone. Welcome to the Kimbell Royalty Partners conference call to review financial and operational results for the first quarter, which ended March 31, 2026.

謝謝接線員，各位早安。歡迎參加 Kimbell Royalty Partners 電話會議，回顧截至 2026 年 3 月 31 日止第一季的財務與營運成果。

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, May 7, 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.

本次電話會議亦提供網路直播，可透過 kimbellrp.com 投資人關係（IR）專區「活動與簡報」頁面的音訊連結收聽。今日（2026 年 5 月 7 日）通話中所記錄之資訊僅以今日為準。因此請注意，任何具時效性的資訊，在日後收聽重播或閱讀逐字稿時可能已不再準確。

I would also like to remind you that the statements made in today's discussion that are not historical facts, including statements of operational expectations or future events 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.

我也要提醒各位，今日討論中非屬歷史事實之陳述，包括營運預期、未來事件或未來財務表現之陳述，均屬《1995 年私人證券訴訟改革法》安全港條款所界定的前瞻性陳述。

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 press 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.

我們在今日電話會議中將作出前瞻性陳述；其本質具有不確定性，且不在公司控制範圍內。實際結果可能存在重大差異。請參閱今日的財報新聞稿，以了解我們對前瞻性陳述的揭露。上述因素及其他風險與不確定性，已在公司向美國證券交易委員會（SEC）提交的文件中詳加說明。

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.

管理層亦將提及非 GAAP 指標，包括調整後 EBITDA 及可供分配現金。與最接近 GAAP 指標之調節表可於今日財報新聞稿末尾查閱。Kimbell 不承擔公開更新或修訂任何前瞻性陳述之義務。

I would now like to turn the call over to Bob Ravnaas, Kimbell Royalty Partners' Chairman and CEO. Bob?

接下來我想把電話交給 Kimbell Royalty Partners 董事長兼執行長 Bob Ravnaas。Bob？

Thank you, Rick, 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 Blayne Rhynsburger, our Controller.

謝謝你，Rick，各位早安。感謝各位今天早上加入我們。今天與我一同出席的還有多位高階管理團隊成員，包括總裁兼財務長 Davis Ravnaas、營運長 Matt Daly，以及財務主管（Controller）Blayne Rhynsburger。

To start off, we are pleased to report strong first quarter results and robust drilling activity across our acreage. Our production exceeded the midpoint of our guidance, demonstrating once again the resilience of our high-quality, diversified and low decline production base.

首先，我們很高興報告第一季表現強勁，且我們資產範圍內的鑽井活動相當活躍。我們的產量超過指引區間的中位數，再次展現我們高品質、多元化且低遞減的生產基礎之韌性。

Our active rig count remains strong with 85 rigs drilling across our acreage, representing a market share of US land rigs at 16%. This favorable first quarter performance allowed us to declare a Q1 2026 distribution of $0.41 per common unit, up 11% from Q4 2025 as we continue to focus on returning value to unitholders. This distribution reflects an annualized tax advantage yield of approximately 11% based on yesterday's closing price.

我們的在役鑽機數仍維持強勁，在我們的資產範圍內共有 85 座鑽機進行鑽井，約占美國陸上鑽機市場份額的 16%。第一季的優異表現使我們得以宣布 2026 年第一季每普通單位配發 0.41 美元，較 2025 年第四季增加 11%，我們將持續專注於為單位持有人創造價值。以昨日收盤價計算，此次配發反映的年化稅務優勢殖利率約為 11%。

As we look to the remainder of 2026, higher oil prices to support a modest uptick in activity across our oil-weighted basins. Many operators are likely to accelerate the completion of DUCs to capture improved pricing while gradually increasing rig counts over time.

展望 2026 年剩餘期間，較高的油價可望支撐我們以原油為主之盆地活動小幅回升。許多營運商可能會加速完成 DUC（已鑽未完井）井，以把握改善的價格，同時隨時間逐步提高鑽機數。

While oil prices have been volatile in recent weeks due to macro uncertainty stemming from the Middle East conflict, they remain elevated when compared to historical levels, and we believe the current forward strip is conducive to incremental activity.

儘管近幾週因中東衝突引發的總體不確定性使油價波動，但與歷史水準相比仍處於高位，我們認為目前的遠期價格曲線有利於帶動增量活動。

We remain bullish about the US oil and natural gas royalty industry and our role as a leading consolidator in the sector. We are encouraged by the opportunities in front of us and look forward to continuing our growth 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.

我們仍看好美國石油與天然氣權利金產業，以及我們作為該領域領先整合者的角色。我們對眼前的機會感到振奮，並期待在持續成長的同時，努力擴大我們業界領先的資產組合。我要感謝所有員工的辛勤付出與投入，推動 Kimbell 持續前進，並協助創造長期的單位持有人價值。接下來把電話交給 Davis。

Thanks, Bob. Good morning, everyone. As Bob mentioned, this is another strong quarter for Kimbell. I'll now start by reviewing our financial results for the first quarter. Oil, natural gas and NGL revenues totaled $82.9 million during the first quarter and run rate production was 25,522 BOE per day, which exceeded the midpoint of our guidance.

謝謝，Bob。各位早安。如 Bob 所提，這又是 Kimbell 表現強勁的一季。我先回顧第一季的財務結果。第一季原油、天然氣與 NGL（天然氣液）收入合計 8,290 萬美元，且運行率產量為每日 25,522 BOE，超過我們指引的中位數。

On the expense side, first quarter general and administrative expenses were $9.4 million, $5.3 million of which was cash G&A expense or $2.31 per BOE, well below our guidance range and a reflection of our continued operational discipline and positive operating leverage. Total first quarter consolidated adjusted EBITDA was $68 million.

在費用方面，第一季一般及行政費用為 940 萬美元，其中 530 萬美元為現金 G&A 費用，或每 BOE 2.31 美元，明顯低於我們的指引區間，反映我們持續的營運紀律與正向的營運槓桿。第一季合併調整後 EBITDA 總計為 6,800 萬美元。

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 $0.41 per common unit for the first quarter of 2026. We estimate that approximately 72% of this distribution is expected to be return of capital and not subject to dividend taxes, further enhancing the after-tax return to our common unitholders.

您可在新聞稿末尾找到合併調整後 EBITDA 與可供分配現金的調節表。今天早上，我們宣布 2026 年第一季每普通單位現金配發 0.41 美元。我們估計此配發約有 72% 預期將被視為資本返還（return of capital），不需繳納股利稅，進一步提升普通單位持有人的稅後報酬。

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.

這相當於將可供分配現金的 75% 以現金配發給普通單位持有人，其餘 25% 將用於償還 Kimbell 擔保循環信用融資額度項下部分未償借款。

I'd also like to point out that during the first quarter, we repurchased and canceled 500,000 units of the company's common stock for an aggregate purchase price of approximately $7.3 million at an average price of $14.60 per unit.

我也想指出，第一季期間我們以約 730 萬美元的總買回金額，按每單位平均 14.60 美元回購並註銷公司 500,000 個普通單位。

This reflects our confidence in the underlying strength of the business and our view that the shares were trading below intrinsic value, making the repurchase an efficient use of capital while maintaining balance sheet discipline. Moving now to our balance sheet and liquidity.

這反映我們對業務基本面實力的信心，以及我們認為股價低於內在價值；在維持資產負債表紀律的同時，回購是有效率的資本運用。接下來談我們的資產負債表與流動性。

At March 31, 2026, we had approximately $440.9 million in debt outstanding under our secured revolving credit facility, which represented a net debt to trailing 12-month consolidated adjusted EBITDA of approximately 1.6 times. We also had approximately $184.1 million in undrawn capacity under the secured revolving credit facility as of March 31, 2026.

截至 2026 年 3 月 31 日，我們在擔保循環信用融資額度項下的未償債務約為 4.409 億美元，淨負債對過去 12 個月合併調整後 EBITDA 約為 1.6 倍。截至 2026 年 3 月 31 日，我們在該擔保循環信用融資額度項下尚有約 1.841 億美元的未動用額度。

We continue to maintain a conservative balance sheet and remain very comfortable with our strong financial position and enhanced flexibility. Today, we are also affirming our financial and operational guidance ranges for 2026.

我們持續維持保守的資產負債表，對我們強健的財務狀況與提升的彈性仍感到非常安心。今天我們也重申 2026 年的財務與營運指引區間。

As a reminder, our 2026 guidance outlook was included in the Q4 2025 earnings release. We remain confident about the prospects for continued development in 2026, given the number of rigs actively drilling on our acreage, especially in the Permian as well as our line-of-site wells exceeding our maintenance well count.

提醒各位，我們對 2026 年的指引展望已包含於 2025 年第四季財報新聞稿中。鑑於我們資產範圍內仍有多座鑽機積極鑽井，特別是在二疊紀盆地（Permian），以及我們視線範圍內（line-of-sight）的井數高於維持產量所需的井數，我們對 2026 年持續開發的前景仍具信心。

In closing, we are excited about our position as a leading consolidator in the highly fragmented US oil and natural gas royalty sector, which we estimate exceeds $850 billion in size, Long-term demand for US energy is expected to continue to grow, and we are well positioned to benefit through our diversified portfolio of high-quality royalty assets across the leading US basins. With that, operator, we are now ready for questions.

最後，我們對自身作為高度分散的美國石油與天然氣權利金產業之領先整合者的定位感到振奮；我們估計該產業規模超過 8,500 億美元。美國能源的長期需求預期將持續成長，而我們透過橫跨美國主要盆地的多元化高品質權利金資產組合，已具備良好條件受惠。接下來，接線員，我們準備開始提問。

(Operator instructions)

(接線員指示)

Tim Rezvan, KeyBanc Capital Markets.

Tim Rezvan，KeyBanc Capital Markets。

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

各位早安。謝謝你們回答我們的問題。

Good morning, Tim.

早安，Tim。

I want to start, I know about two thirds of your line-of-site wells are in the Permian and sort of a group think that, that will be the basin that would be the first mover given the call for oil globally. But I was curious kind of what you're seeing sort of elsewhere in your portfolio? Are you seeing any increases in other places such as the Mid-Con where there's less natural gas constraints?

我想先從這裡開始，我知道你們約三分之二的可視井位（line-of-sight wells）在二疊紀盆地（Permian），而且市場上某種程度有一種共識認為，鑑於全球對石油的需求呼聲，那裡會是最先啟動的盆地。但我也好奇，你們在投資組合的其他地方看到什麼情況？你們是否看到其他地區的增長，例如天然氣限制較少的 Mid-Con？

Yeah, absolutely. We're seeing activity actually, strangely enough, we're seeing an uptick in the Bakken for the first time in a while. We're seeing activity in the Eagle Ford. Yes, on the Mid-Con, which is obviously on a relative basis, a larger contributor to our overall portfolio. But yes, we would expect to see the preponderance of increased activity in the Permian.

是的，絕對有。我們確實看到活動在增加，說來有點意外，我們看到巴肯（Bakken）出現一段時間以來的首次回升。我們也看到鷹堡（Eagle Ford）的活動。是的，在 Mid-Con 也是，顯然相對而言它對我們整體投資組合的貢獻更大。但沒錯，我們預期增加的活動仍將主要集中在二疊紀盆地（Permian）。

Good to know. Thank you. And then when I last spoke with you all in March, you gave the comments that your peers have echoed that higher oil prices should bring sellers to the table and help with M&A. We saw a large peer announce a sizable transaction earlier this week. So I was just wondering if we could kind of get your lay the land on the M&A front and sort of what you're seeing and maybe what's got you excited?

了解，很有幫助。謝謝。另外，上次我在三月和你們通話時，你們提到（你們的同業也呼應）較高的油價應該會讓賣方更願意上桌，並有助於併購（M&A）。我們看到本週稍早有一家大型同業宣布了一筆相當可觀的交易。所以我想請你們談談目前併購市場的整體情況，你們看到了什麼，以及有哪些讓你們感到興奮的地方？

Yeah, great question. There are a couple of packages in the market now. We try to look at everything that we can. We'd like to believe that we go to look at pretty much every sizable acquisition out there. Nothing imminent to report, but of course, actively evaluating opportunities. I would say that the increase in oil price, to your point, makes sellers more willing to transact -- at the same time, working against that to a certain extent is the volatility.

是的，問得很好。目前市場上有幾個資產包在出售。我們會盡量看所有我們能看的案子。我們希望我們幾乎會去看市面上每一筆具規模的收購機會。目前沒有任何迫在眉睫、可以對外報告的事項，但我們當然在積極評估機會。我會說，油價上漲如你所言，確實讓賣方更願意成交——同時，在某種程度上與此相抵的是價格波動性。

So we've seen a few groups walk away because they have a more bullish view on what oil prices are going to do versus others. So I think what we'll see happen is once we reach some sort of minimized level of volatility and people have a little bit more of an agreement between the buy side and the sell side on where the new equilibrium is to speak, I think that's when you'll start seeing a larger volume of transactions occur.

因此我們看到有些團隊選擇退出，因為他們對油價走勢的看法更偏多，與其他人不同。所以我認為，一旦我們達到某種波動性降低的程度，且買方與賣方對新的均衡水準（new equilibrium）有更多共識時，你就會開始看到更大量的交易發生。

Okay, that makes sense. And if I could sneak one last one in. We noticed the repurchases in the first quarter. If we see where the stock is today, it's been a tough month for the industry here. it's trading below kind of the average first quarter repurchase price, and we also see WTI at [$91] here. So how are you thinking about repurchases versus debt paydown, call it, in the next couple of quarters?

好的，這很合理。如果我可以再塞最後一題。我們注意到你們第一季有進行庫藏股回購。以目前股價來看，這個月對產業而言相當艱難；股價交易水準低於第一季平均回購價格，而我們也看到 WTI 在這裡是[$91]。所以接下來幾季，你們如何在回購與償還債務之間做取捨？

Yeah, great question. We want to be opportunistic. We've seen periods of time where our stock has traded down for inexplicable reasons. And so we had a conversation at the management and Board level about putting a program in place. Obviously, we started with a relatively modest repurchase, but we do have the authorization to do something that's more meaningful.

是的，問得很好。我們希望把握機會、採取機動策略。我們曾看到一些時期，我們的股價因為難以解釋的原因而下跌。因此我們在管理層與董事會層級討論後，決定建立一個回購計畫。顯然，我們先從相對溫和的回購規模開始，但我們確實已獲授權，可以做更有意義的規模。

So I think we'll be opportunistic over time, trying to take advantage of inefficiencies and dislocations in our stock price where we believe that our shareholders would benefit from -- on a long-term basis from a repurchase I will say that we are not -- we do not intend to divert the 75% payout to our dividends for repurchases.

所以我認為，隨著時間推進，我們會伺機而動，試圖利用我們股價中的低效率與錯位；在我們看來，從長期角度，回購能讓股東受益。我也要說明，我們不——我們不打算把原本 75% 的配發（payout）從股利挪去做回購。

So that would -- and I know you know this, but I'm just saying this for the benefit of others on the call, it would be a trade-off between debt paydown and repurchases of our stock with the 25% component of our free cash. That's what we're going to be weighing going forward.

所以——我知道你了解，但我也為了讓電話會議上的其他人清楚說明——這會是在我們自由現金流的 25% 那一部分中，在償債與回購股票之間做取捨。這就是我們接下來要權衡的方向。

Okay, I appreciate the answers. Thank you.

好的，感謝你的回答。謝謝。

Thank you.

謝謝。

Nick Armato, Texas Capital.

Nick Armato，Texas Capital。

Good morning, all, and thanks for taking my questions. Maybe for my first one, on your outlook for the remainder of the year, you delivered a strong quarter on both the oil and gas side, which puts you roughly at the midpoint for the full year guide. Do you think that there's some upside to this given your strong performance in the first quarter and the stronger commodity environment that we're seeing?

各位早安，謝謝讓我提問。先問第一題，關於你們對今年剩餘時間的展望：你們在油與氣兩端都交出強勁的一季表現，這讓你們大致落在全年指引的中位數附近。考量第一季的強勁表現以及我們看到更強的商品環境，你認為指引是否有上行空間？

I do. I would like to believe that you'll see increased activity. We're certainly hearing -- we're hearing from other operators in their comments this quarter that they expect some improvement in drilling rates over the course of this year. I think some are more in a wait-and-see approach. Others are being a little bit more aggressive.

我認為有。我希望你會看到活動增加。我們確實聽到——從其他營運商本季的評論中聽到——他們預期今年鑽井速度會有所改善。我想有些人採取較觀望的態度。另一些則更積極一些。

We're hearing from private operators that they're going to be more aggressive than the public operators, which has traditionally been the case historically.

我們也聽到民營營運商會比上市公司更積極，這在歷史上一直是常態。

So yes, we try to be conservative always when issuing guidance and when reaffirming it. But I do see -- just given the precipitous rise in oil prices this year, all things being equal, we may see or we could expect to see increased drilling activity across our portfolio.

所以是的，我們在發布指引與重申指引時一向力求保守。但我確實看到——鑑於今年油價的急劇上升，在其他條件相同的情況下，我們可能會看到，或可預期在我們的投資組合各區域出現更多鑽井活動。

Perfect. Thanks for all the color. Maybe for my follow-up, how do you all generally think about the cycle times for the conversion of DUCs to production and permits to DUCs? And maybe more specifically, do you think the stronger commodity environment will change those time lines versus maybe six months ago?

很好。謝謝你提供這麼多細節。接著問追問：你們一般如何看待 DUC 轉為投產，以及許可（permits）轉為 DUC 的週期時間？更具體地說，你認為更強的商品環境會改變這些時間表，相較於大約六個月前？

That's a great question. I would say that historically, and I'll turn that over to Bob to add some comments. I guess I'll make one point. Traditionally, we've seen DUCs come online on average within six months and permits, let's call it, up to a year. So that's how we think about it is on an average basis.

這是個很好的問題。我會說，從歷史來看——我也會請 Bob 補充一些看法。我先講一點。傳統上，我們看到 DUC 平均在六個月內上線投產，而許可（permits）則大概到一年左右。所以我們是以平均值的角度這樣看待。

But to your point, probably more activity sooner rather than later just given how quickly -- and I know that's subject to internal operational issues that some of these operators have in terms of accessing the services they need. But in a higher price environment, at least in the past, we've seen those time lines accelerate.

但如你所說，考量到油價上升的速度，活動可能會更早而不是更晚發生——當然這也取決於一些營運商內部的作業問題，例如取得所需服務的能力。但在較高價格環境下，至少過去我們看到這些時間表會加快。

We've also seen more rapid permitting activity in higher-priced environments. And our net DUC and permit inventory, by the way, doesn't even include our minor properties, which may contribute up to an additional 20% to our inventory.

我們也在高油價環境下看到更快速的許可申請活動。順帶一提，我們的淨 DUC 與許可庫存並不包含我們的小型資產（minor properties），而那些可能會讓我們的庫存再增加多達 20%。

So we feel very good about the near-term line of sight on development on the properties and feel even better in today's higher oil price environment that those numbers could improve and that the time lines could accelerate. But Bob, anything you'd add on development cadence in this environment?

因此，我們對這些資產近期可視的開發進度感到非常有信心；而在今天更高的油價環境下，我們更有信心這些數字可能改善、時間表可能加速。不過 Bob，你對於在這種環境下的開發節奏還有什麼要補充的嗎？

Nope. I agree with everything you said.

沒有。我同意你說的每一點。

Perfect. Super helpful. Thanks for taking my questions. I'll turn it back to the operator.

太好了。非常有幫助。謝謝回答我的問題。我把時間交回給主持人。

This concludes the question-and-answer session. I would like to turn the floor back over to Bob Ravnaas for closing comments.

問答環節到此結束。我想把時間交回給 Bob Ravnaas 作結語。

We thank you all for joining us this morning, and we look forward to speaking with you again next quarter. This completes today's call.

感謝各位今天早上加入我們，我們期待在下個季度再次與各位交流。今天的電話會議到此結束。

This concludes state teleconference. You may disconnect your lines at this time.

本次電話會議到此結束。您現在可以掛斷電話。