$KRP
Kimbell Royalty Partners, LP

2020 Q2 Form 10-Q Financial Statement

#000155837020009642 Filed on August 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $12.80M $31.94M
YoY Change -59.91% 198.19%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.865M $6.220M
YoY Change 10.36% 14.98%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.03M $12.31M
YoY Change -2.31% 258.93%
% of Gross Profit
Operating Expenses $6.865M $6.220M
YoY Change 10.36% -29.71%
Operating Profit -$75.13M -$18.42M
YoY Change 307.95%
Interest Expense $1.666M $1.442M
YoY Change 15.53% -400.34%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$76.79M -$19.86M
YoY Change 286.7% -1538.96%
Income Tax $0.00 $507.8K
% Of Pretax Income
Net Earnings -$48.03M -$11.76M
YoY Change 308.46% -952.06%
Net Earnings / Revenue -375.13% -36.82%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.340M -$380.1K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.30M $16.90M
YoY Change -33.14% 103.61%
Cash & Equivalents $11.26M $16.89M
Short-Term Investments
Other Short-Term Assets $3.200M $2.000M
YoY Change 60.0%
Inventory
Prepaid Expenses
Receivables $12.20M $19.20M
Other Receivables $0.00 $0.00
Total Short-Term Assets $26.65M $38.10M
YoY Change -30.06% 150.66%
LONG-TERM ASSETS
Property, Plant & Equipment $1.231M $827.9M
YoY Change -99.85% 295.75%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.148M
YoY Change
Other Assets $0.00 $0.00
YoY Change -100.0%
Total Long-Term Assets $668.7M $830.6M
YoY Change -19.49% 254.82%
TOTAL ASSETS
Total Short-Term Assets $26.65M $38.10M
Total Long-Term Assets $668.7M $830.6M
Total Assets $695.4M $868.7M
YoY Change -19.96% 248.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.190M $1.200M
YoY Change -0.82% -76.92%
Accrued Expenses $200.0K $0.00
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.883M $5.400M
YoY Change 8.94% -21.74%
LONG-TERM LIABILITIES
Long-Term Debt $171.7M $87.30M
YoY Change 96.68% 103.02%
Other Long-Term Liabilities $3.300M $900.0K
YoY Change 266.67% 50.0%
Total Long-Term Liabilities $175.0M $88.20M
YoY Change 98.41% 102.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.883M $5.400M
Total Long-Term Liabilities $175.0M $88.20M
Total Liabilities $180.9M $458.6M
YoY Change -60.54% 809.92%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $371.3M $410.1M
YoY Change
Total Liabilities & Shareholders Equity $695.4M $868.7M
YoY Change -19.95% 248.46%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$48.03M -$11.76M
YoY Change 308.46% -952.06%
Depreciation, Depletion And Amortization $12.03M $12.31M
YoY Change -2.31% 258.93%
Cash From Operating Activities $14.76M $23.33M
YoY Change -36.73% 238.12%
INVESTING ACTIVITIES
Capital Expenditures -$87.22M -$570.0K
YoY Change 15201.75% 1800.0%
Acquisitions
YoY Change
Other Investing Activities $9.910M $0.00
YoY Change -100.0%
Cash From Investing Activities -$77.31M -$570.0K
YoY Change 13463.16% -94.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $15.00M
YoY Change
Cash From Financing Activities 59.33M -19.43M
YoY Change -405.35% -483.99%
NET CHANGE
Cash From Operating Activities 14.76M 23.33M
Cash From Investing Activities -77.31M -570.0K
Cash From Financing Activities 59.33M -19.43M
Net Change In Cash -3.220M 3.330M
YoY Change -196.7% 122.0%
FREE CASH FLOW
Cash From Operating Activities $14.76M $23.33M
Capital Expenditures -$87.22M -$570.0K
Free Cash Flow $102.0M $23.90M
YoY Change 326.69% 244.88%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;"><i style="font-style:italic;">Unless the context otherwise requi</i><i style="font-style:italic;">res, references to “Kimbell Royalty Partners, LP,” the “Partnership,” or like terms refer to Kimbell Royalty Partners, LP and its subsidiaries. References to the “Operating Company” refer to Kimbell Royalty Operating, LLC. References to the “General Partner” refer to Kimbell Royalty GP, LLC. References to “Kimbell Operating” refer to Kimbell Operating Company, LLC, a wholly owned subsidiary of the General Partner. References to the “Sponsors” refer to affiliates of the Partnership’s founders, Ben J. Fortson, Robert D. Ravnaas, Brett G. Taylor and Mitch S. Wynne, respectively. References to the “Contributing Parties” refer to all entities and individuals, including certain affiliates of the Sponsors, that contributed, directly or indirectly, certain mineral and royalty interests to the Partnership. </i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">NOTE 1—ORGANIZATION</b><b style="font-weight:bold;"> AND BASIS OF PRESENTATION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 10pt 0pt;"><i style="font-style:italic;">Organization</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">Kimbell Royalty Partners, LP is a Delaware limited partnership formed in 2015 to own and acquire mineral and royalty interests in oil and natural gas properties throughout the United States. Effective as of September 24, 2018, the Partnership has elected to be taxed as a corporation for United States federal income tax purposes. As an owner of mineral and royalty interests, the Partnership is entitled to a portion of the revenues received from the production of oil, natural gas and associated natural gas liquids (“NGL”) from the acreage underlying its interests, net of post-production expenses and taxes. The Partnership is not obligated to fund drilling and completion costs, lease operating expenses or plugging and abandonment costs at the end of a well’s productive life. The Partnership’s primary business objective is to provide increasing cash distributions to unitholders resulting from acquisitions from third parties, its Sponsors and the Contributing Parties and from organic growth through the continued development by working interest owners of the properties in which it owns an interest.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><i style="font-style:italic;">Basis of Presentation</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. As a result, the accompanying unaudited interim condensed consolidated financial statements do not include all disclosures required for complete annual financial statements prepared in conformity with GAAP. Accordingly, the accompanying unaudited interim condensed consolidated financial statements and related notes should be read in conjunction with the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2019, which contains a summary of the Partnership’s significant accounting policies and other disclosures. In the opinion of the Partnership’s management, the unaudited interim condensed consolidated financial statements contain all adjustments necessary to fairly present the financial position and results of operations for the interim periods in accordance with GAAP and all adjustments are of a normal recurring nature. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">Preparation of the Partnership’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and notes. Actual results could differ from those estimates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><i style="font-style:italic;">Segment Reporting</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">The Partnership operates in a <span style="-sec-ix-hidden:Hidden_FzQl-0i6vUGaq8On9Edy6g"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">single</span></span> operating and <span style="-sec-ix-hidden:Hidden_hH6DCoLrIk-CQod9HNX_og"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">reportable</span></span> segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. The Partnership’s chief operating decision maker allocates resources and assesses performance based upon financial information of the Partnership as a whole.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><i style="font-style:italic;">COVID-19 Pandemic and Impact on Global Demand for Oil and Natural Gas</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">The global spread of coronavirus (“COVID-19”) created significant volatility, uncertainty, and economic disruption during the first six months of 2020. On March 11, 2020, the World Health Organization (the “WHO”) declared </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;">the ongoing COVID-19 outbreak a pandemic and recommended containment and mitigation measures worldwide. The pandemic has reached more than 200 countries and has resulted in widespread adverse impacts on the global economy, the Partnership’s oil, natural gas, and NGL operators and other parties with whom the Partnership has business relations, including a significant reduction in the global demand for oil and natural gas. This significant decline in demand accelerated following the announcement of price reductions and production increases in March 2020 by members of the Organization of Petroleum Exporting Countries (“OPEC”) and other foreign, oil-exporting countries, raising concerns about global storage capacity. The resulting supply and demand imbalance has led to a significantly weaker outlook for oil and gas producers and is having a disruptive impact on the oil and natural gas industry.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">The Partnership has modified certain business practices (including those related to employee travel, employee work locations, and cancellation of physical participation in meetings, events and conferences) to conform to government restrictions and best practices encouraged by the Centers for Disease Control and Prevention, the WHO and other governmental and regulatory authorities. In mid-March, the Partnership restricted access to its offices to only essential employees, and directed the remainder of its employees to work from home to the extent possible. Beginning in mid-May, the Partnership opened its offices to employees on a voluntary basis, with employees having the option to work from the office or from home. These restrictions have had minimal impact on the Partnership’s operations to date and have allowed the Partnership to maintain the engagement and connectivity of its personnel, as well as minimize the number of employees in the office.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">The ultimate impacts of COVID-19 and the volatility currently being experienced in the oil and natural gas markets on the Partnership’s business, cash flows, liquidity, financial condition and results of operations will depend on future developments, including, among others, the ultimate geographic spread of the virus, the consequences of governmental and other measures designed to prevent the spread of the virus, the development of effective treatments, the duration of the outbreak, actions taken by members of OPEC and other foreign, oil-exporting countries, governmental authorities and other thirds parties, workforce availability, and the timing and extent to which normal economic and operating conditions resume. For additional discussion regarding the risks associated with the COVID-19 pandemic and actions announced by OPEC and other foreign, oil-exporting countries, see Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors.</p>
us-gaap Prior Period Reclassification Adjustment Description
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 10pt 0pt;"><i style="font-style:italic;">Reclassification of Prior Period Presentation</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">Certain prior period amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on previously reported net income (loss), total cash flows from operations or working capital.</p>
CY2020Q2 krp Percentage Of Daily Oil And Natural Gas Before Phillips Acquisition Hedged By Derivatives
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krp Net Cash Received Paid On Settlements Of Derivative Instruments
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krp Net Cash Received Paid On Settlements Of Derivative Instruments
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us-gaap Impairment Of Oil And Gas Properties
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CY2020Q2 us-gaap Operating Lease Liability
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krp Temporary Equity Note Disclosure Textblock
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">NOTE 9—PREFERRED UNITS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">In July 2018, the Partnership completed the private placement of 110,000 Series A preferred units to certain affiliates of Apollo Capital Management, L.P. (the “Series A Purchasers”) for $1,000 per Series A preferred unit, resulting in gross proceeds to the Partnership of $110.0 million. Until the conversion of the Series A preferred units into common units or their redemption, holders of the Series A preferred units are entitled to receive cumulative quarterly distributions equal to 7.0% per annum plus accrued and unpaid distributions. In connection with the issuance of the Series A preferred units, the Partnership granted holders of the Series A preferred units board observer rights beginning on the third </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;">anniversary of the original issuance date, and board appointment rights beginning the fourth anniversary of the original issuance date and in the case of events of default with respect to the Series A preferred units.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">The Series A preferred units are convertible by the Series A Purchasers after two years at a 30% discount to the issue price, subject to certain conditions. The Partnership may redeem the Series A preferred units at any time. The Series A preferred units may be redeemed for a cash amount per Series A preferred unit equal to the product of (a) the number of outstanding Series A preferred units multiplied by (b) the greatest of (i) an amount (together with all prior distributions made in respect of such Series A preferred unit) necessary to achieve the Minimum IRR (as defined below), (ii) an amount (together with all prior distributions made in respect of such Series A preferred unit) necessary to achieve a return on investment equal to <span style="-sec-ix-hidden:Hidden_9fvrrmmsvkiHVxnneiqyGw"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">1.2</span></span> times with respect to such Series A p<span style="font-family:'Times';">referred unit and (iii) the Series A issue price plus accrued and unpaid distributions. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;"><span style="font-family:'Times';">For purposes of the </span>Series A preferred units<span style="font-family:'Times';">, “Minimum IRR” means as of any measurement date: (a) prior to the fifth anniversary of the July 12, 2018 (the “Series A Issuance Date”), a </span><span style="font-family:'Times';">13.0%</span><span style="font-family:'Times';"> internal rate of return with respect to the Series A preferred units; (b) on or after the fifth anniversary of the Series A Issuance Date and prior to the sixth anniversary of the Series A Issuance Date, a </span><span style="font-family:'Times';">14.0%</span><span style="font-family:'Times';"> internal rate of return with respect to the Series A preferred units; and (c) on or after the sixth anniversary of the Series A Issuance Date, a </span><span style="font-family:'Times';">15.0%</span><span style="font-family:'Times';"> internal rate of return with respect to the Series A preferred units.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">On February 12, 2020, the Partnership completed the redemption of 55,000 Series A preferred units, representing 50% of the then-outstanding Series A preferred units. The Series A preferred units were redeemed at a price of $1,110.72 per Series A preferred unit for an aggregate redemption price of $61.1 million. As the consideration transferred by the Partnership to redeem the Series A preferred units was greater than 50% of the carrying value of the Series A preferred units as of the redemption date and 50% of the original intrinsic value of the beneficial conversion feature, a deemed dividend distribution of $5.7 million was taken directly to unitholders’ equity and non-controlling interest during the six months ended June 30, 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">The following table summarizes the changes in the number of the Series A preferred units:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:0.0pt;margin:0pt;"><span style="font-size:0pt;visibility:hidden;">​</span></p><table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:79.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:18.42%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:79.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="color:#0563c1;font-size:8pt;font-weight:bold;text-decoration:underline;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.42%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Series A </b></p></td></tr><tr><td style="vertical-align:bottom;width:79.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.42%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Preferred Units</b></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:79.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Balance at December 31, 2019</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:18.42%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 110,000</p></td></tr><tr><td style="vertical-align:bottom;width:79.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0pt 12pt;">Redemption of Series A preferred units</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.42%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"> (55,000)</p></td></tr><tr style="height:11.75pt;"><td style="background-color:#cceeff;vertical-align:bottom;width:79.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Balance at June 30, 2020</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:18.42%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 55,000</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p>
us-gaap Distribution Made To Limited Partner Distributions Declared Per Unit
DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit
0.17
CY2020Q2 us-gaap Distribution Made To Limited Partner Distributions Declared Per Unit
DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit
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us-gaap Distribution Made To Limited Partner Distributions Declared Per Unit
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CY2019Q2 us-gaap Distribution Made To Limited Partner Distributions Declared Per Unit
DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit
0.39
CY2020Q2 krp Net Income Loss Available To Commona Stockholders Basic
NetIncomeLossAvailableToCommonaStockholdersBasic
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CY2019Q2 krp Net Income Loss Available To Commona Stockholders Basic
NetIncomeLossAvailableToCommonaStockholdersBasic
-11758374
krp Net Income Loss Available To Commona Stockholders Basic
NetIncomeLossAvailableToCommonaStockholdersBasic
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krp Net Income Loss Available To Commona Stockholders Basic
NetIncomeLossAvailableToCommonaStockholdersBasic
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CY2020Q2 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
34650317
CY2019Q2 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
21727185
us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
32589568
us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
19859618
CY2020Q2 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
34650317
CY2019Q2 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
21727185
us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
32589568
us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
19859618
CY2020Q2 us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
-1.39
CY2019Q2 us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
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us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
-2.68
us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
-0.78
CY2020Q2 us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
-1.39
CY2019Q2 us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
-0.54
us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
-2.68
us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
-0.78
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
159013
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
14166
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
14.349

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