2020 Q4 Form 10-K Financial Statement

#000155837021001906 Filed on February 26, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2020 Q2
Revenue $23.29M $18.44M $12.80M
YoY Change -8.18% -44.07% -59.91%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.56M $6.111M $6.865M
YoY Change 10.11% 7.31% 10.36%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.99M $10.70M $12.03M
YoY Change -16.91% -29.1% -2.31%
% of Gross Profit
Operating Expenses $22.54M $6.111M $6.865M
YoY Change -6.16% 7.31% 10.36%
Operating Profit -$24.96M -$75.13M
YoY Change -8.44% 307.95%
Interest Expense -$1.440M $1.603M $1.666M
YoY Change 9.09% 9.17% 15.53%
% of Operating Profit
Other Income/Expense, Net $0.00 -$100.0K
YoY Change
Pretax Income -$94.03M -$26.37M -$76.79M
YoY Change -8.97% -8.47% 286.7%
Income Tax -$190.0K -$694.9K $0.00
% Of Pretax Income
Net Earnings -$62.23M -$17.80M -$48.03M
YoY Change 21.24% 9.44% 308.46%
Net Earnings / Revenue -267.21% -96.48% -375.13%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.617M -$457.1K -$1.340M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q4 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.800M $12.30M $11.30M
YoY Change -30.99% -39.41% -33.14%
Cash & Equivalents $9.805M $12.35M $11.26M
Short-Term Investments
Other Short-Term Assets $0.00 $3.200M
YoY Change -100.0% 60.0%
Inventory
Prepaid Expenses
Receivables $18.50M $17.00M $12.20M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $28.33M $29.33M $26.65M
YoY Change -17.01% -26.85% -30.06%
LONG-TERM ASSETS
Property, Plant & Equipment $1.965M $1.167M $1.231M
YoY Change 48.05% -99.85% -99.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.135M $4.707M $4.148M
YoY Change 73.93% 62.32%
Other Assets $0.00 $0.00
YoY Change -100.0%
Total Long-Term Assets $536.3M $636.1M $668.7M
YoY Change -24.94% -19.34% -19.49%
TOTAL ASSETS
Total Short-Term Assets $28.33M $29.33M $26.65M
Total Long-Term Assets $536.3M $636.1M $668.7M
Total Assets $564.6M $665.5M $695.4M
YoY Change -24.57% -19.7% -19.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $888.7K $995.6K $1.190M
YoY Change -26.41% -9.49% -0.82%
Accrued Expenses $300.0K $200.0K $200.0K
YoY Change 0.0% 100.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.767M $7.831M $5.883M
YoY Change 61.18% 15.16% 8.94%
LONG-TERM LIABILITIES
Long-Term Debt $171.6M $169.7M $171.7M
YoY Change 71.43% 85.87% 96.68%
Other Long-Term Liabilities $6.000M $5.600M $3.300M
YoY Change 93.55% 64.71% 266.67%
Total Long-Term Liabilities $177.6M $175.3M $175.0M
YoY Change 72.09% 85.11% 98.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.767M $7.831M $5.883M
Total Long-Term Liabilities $177.6M $175.3M $175.0M
Total Liabilities $186.3M $183.2M $180.9M
YoY Change 71.42% -55.57% -60.54%
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 $301.3M $368.1M $371.3M
YoY Change
Total Liabilities & Shareholders Equity $564.6M $665.5M $695.4M
YoY Change -24.57% -19.7% -19.95%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income -$62.23M -$17.80M -$48.03M
YoY Change 21.24% 9.44% 308.46%
Depreciation, Depletion And Amortization $11.99M $10.70M $12.03M
YoY Change -16.91% -29.1% -2.31%
Cash From Operating Activities $14.33M $12.37M $14.76M
YoY Change -14.29% -50.2% -36.73%
INVESTING ACTIVITIES
Capital Expenditures -$1.060M -$80.00K -$87.22M
YoY Change -90.09% -86.89% 15201.75%
Acquisitions
YoY Change
Other Investing Activities -$940.0K -$260.0K $9.910M
YoY Change -187.04% -93.42%
Cash From Investing Activities -$2.000M -$340.0K -$77.31M
YoY Change -79.21% -92.54% 13463.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $2.500M $15.00M
YoY Change
Cash From Financing Activities -14.87M -10.95M 59.33M
YoY Change 12.65% -35.01% -405.35%
NET CHANGE
Cash From Operating Activities 14.33M 12.37M 14.76M
Cash From Investing Activities -2.000M -340.0K -77.31M
Cash From Financing Activities -14.87M -10.95M 59.33M
Net Change In Cash -2.540M 1.080M -3.220M
YoY Change -58.36% -68.51% -196.7%
FREE CASH FLOW
Cash From Operating Activities $14.33M $12.37M $14.76M
Capital Expenditures -$1.060M -$80.00K -$87.22M
Free Cash Flow $15.39M $12.45M $102.0M
YoY Change -43.87% -51.08% 326.69%

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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 at the closing of its initial public offering (“IPO”).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;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;text-indent:0pt;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 Partnership’s year-end is December 31. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (‘‘GAAP’’). A summary of the significant accounting policies applied in the preparation of the accompanying consolidated financial statements follows.</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;">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_-_L2x0f3kUaQ11THD1so2g;"><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_OyGyotxr80SeIRMUd_doIQ;"><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;text-indent:0pt;margin:0pt 0pt 10pt 0pt;"><i style="font-style:italic;">Restructuring, Tax Election and Related Transactions</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;">On July 24, 2018, the Partnership entered into a Recapitalization Agreement with Haymaker Minerals &amp; Royalties, LLC, EIGF Aggregator III LLC, TE Drilling Aggregator LLC, Haymaker Management, LLC (collectively, the “Haymaker Holders”), the Kimbell Art Foundation, Haymaker Resources, LP, the General Partner and the Operating Company pursuant to which (a) the Partnership’s equity interest in the Operating Company was recapitalized into 13,886,204 newly issued common units of the Operating Company (“OpCo common units”) and 110,000 newly issued Series A Cumulative Convertible Preferred Units (“Series A preferred units”) in the Operating Company and (b) the 10,000,000 and 2,953,258 common units held by the Haymaker Holders and the Kimbell Art Foundation, respectively, were exchanged for (i) 10,000,000 and 2,953,258 newly issued Class B common units representing limited partner interests of the Partnership (“Class B units”), respectively, and (ii) 10,000,000 and 2,953,258 newly issued OpCo common units, respectively. The Class B units and OpCo common units are exchangeable together into an equal number of common units representing limited partner interests in the Partnership (“common 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;">In May 2018, the General Partner’s Board of Directors (the “Board of Directors”) unanimously approved a change of the Partnership’s federal income tax status from that of a pass-through partnership to that of a taxable entity via a “check the box” election (the “Tax Election”). The Tax Election became effective on September 24, 2018. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">For each Class B unit issued, <span style="-sec-ix-hidden:Hidden_AOzRtno8lUO5hLaAqzPfIg;"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">five</span></span> cents has been paid to the Partnership as additional consideration (the “Class B Contribution”). Holders of the Class B units are entitled to receive cash distributions equal to 2.0% per quarter on their respective <span style="-sec-ix-hidden:Hidden_ua0c4lkELUmy-Lrj8iyTzA;"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">Class B</span></span> Contribution, subsequent to distributions on the Series A preferred units but prior to distributions on the common 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;">Following the effectiveness of the Tax Election and the completion of the related transactions, the Partnership’s royalty and minerals business continues to be conducted through the Operating Company, which is taxed as a partnership for federal and state income tax purposes. The Operating Company passes income to the noncontrolling interest and the Partnership, which is treated as a corporation for federal and state income tax purposes. As of February 19, 2021, 65.2% of the OpCo common units were held by the Partnership and 34.8% were held by third parties.</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 0pt 10pt 0pt;">The global spread of coronavirus (“COVID-19”) created significant volatility, uncertainty, and economic disruption during year ended 2020. On March 11, 2020, the World Health Organization (the “WHO”) declared 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 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 severity of the virus, the consequences of governmental and other measures designed to prevent the spread of the virus, the development, availability and administration of effective treatments and vaccines, the duration of the pandemic, actions taken by members of OPEC and other foreign, oil-exporting countries, governmental authorities and other third parties, workforce availability, and the timing and extent of any return to normal economic and operating conditions.</p>
CY2020 us-gaap Use Of Estimates
UseOfEstimates
<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;">Management Estimates</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 preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, as well as certain financial statement disclosures. The Partnership evaluates estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic and commodity price environment. While management believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from these estimates. Significant estimates made in preparing these financial statements include the estimate of uncollected revenues and unpaid expenses from mineral and royalty interests in properties operated by nonaffiliated entities, the estimates of proved oil, natural gas and NGL reserves and related present value estimates of future net cash flows from those properties, valuation of commodity derivative financial instruments and equity-based compensation.</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 discounted present value of the proved oil, natural gas and NGL reserves is a major component of the ceiling test calculation and requires many subjective judgments. Estimates of reserves are forecasts based on engineering and geological analyses. Different reserve engineers could reach different conclusions as to estimated quantities of oil, natural gas and NGL reserves based on the same information.</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 passage of time provides more qualitative and quantitative information regarding reserve estimates, and revisions are made to prior estimates based on updated information. However, there can be no assurance that more significant revisions will not be necessary in the future. Significant downward revisions could result in ceiling test impairment representing a noncash charge to income. In addition to the impact on the calculation of the ceiling test, estimates of proved reserves are also a major component of the calculation of depletion.</p>
CY2020 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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;">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>
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2018 us-gaap Gain Loss On Sale Of Oil And Gas Property
GainLossOnSaleOfOilAndGasProperty
0
CY2019 us-gaap Gain Loss On Sale Of Oil And Gas Property
GainLossOnSaleOfOilAndGasProperty
0
CY2020 us-gaap Gain Loss On Sale Of Oil And Gas Property
GainLossOnSaleOfOilAndGasProperty
0
CY2018 us-gaap Capitalized Exploratory Well Cost Additions Pending Determination Of Proved Reserves
CapitalizedExploratoryWellCostAdditionsPendingDeterminationOfProvedReserves
0
CY2019 us-gaap Capitalized Exploratory Well Cost Additions Pending Determination Of Proved Reserves
CapitalizedExploratoryWellCostAdditionsPendingDeterminationOfProvedReserves
0
CY2020 us-gaap Capitalized Exploratory Well Cost Additions Pending Determination Of Proved Reserves
CapitalizedExploratoryWellCostAdditionsPendingDeterminationOfProvedReserves
0
CY2018 us-gaap Exploration Expense
ExplorationExpense
0
CY2019 us-gaap Exploration Expense
ExplorationExpense
0
CY2020 us-gaap Exploration Expense
ExplorationExpense
0
CY2020 krp Texas Franchise Tax Percent
TexasFranchiseTaxPercent
0.0075
CY2018Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0
CY2019Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0
CY2020Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0
CY2018 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2019 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2020 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2020 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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;">Concentration of Credit Risk</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 has no involvement or operational control over the volumes and method of sale of oil, natural gas and NGLs produced and sold from the properties. It is believed that the loss of any single purchaser would not have a material adverse effect on the results of operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">During the years ended December 31, 2020, 2019 and 2018, the Partnership’s <span style="-sec-ix-hidden:Hidden_njv-jVINBEK-TdLizT7GYw;"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">top</span></span> purchaser accounted for approximately 7.1%, 6.0% and 10%, respectively, of oil, natural gas and NGL sales revenue. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</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;">At times, the Partnership maintains deposits in federally insured financial institutions in excess of federally insured limits. Management monitors the credit ratings and concentration of risk with these financial institutions on a continuing basis to safeguard cash deposits. The Partnership has not experienced any losses related to amounts in excess of federally insured limits.</p>
CY2018Q2 krp Number Of Purchase And Sale Agreements Executed
NumberOfPurchaseAndSaleAgreementsExecuted
2
CY2018Q2 krp Asset Disposal Sale Price
AssetDisposalSalePrice
10600000
CY2018Q2 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
0
CY2018Q2 krp Number Of Boe Per Day Sold
NumberOfBoePerDaySold
29
CY2018Q2 krp Percent Of Boe Sold To Total Boe
PercentOfBoeSoldToTotalBoe
0.008
CY2018Q2 krp Net Acres Land Sold
NetAcresLandSold
59
CY2018Q2 krp Percent Of Total Net Acres Land Sold To Total Net Acres Land
PercentOfTotalNetAcresLandSoldToTotalNetAcresLand
0.0008
CY2020Q4 krp Percentage Of Daily Oil And Natural Gas
PercentageOfDailyOilAndNaturalGas
0.32
CY2019Q4 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
804501
CY2018Q4 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
4227946
CY2017Q4 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
-318829
CY2020 us-gaap Unrealized Gain Loss On Commodity Contracts
UnrealizedGainLossOnCommodityContracts
-2450541
CY2019 us-gaap Unrealized Gain Loss On Commodity Contracts
UnrealizedGainLossOnCommodityContracts
-1732321
CY2018 us-gaap Unrealized Gain Loss On Commodity Contracts
UnrealizedGainLossOnCommodityContracts
3331548
CY2020 krp Net Cash Received Paid On Settlements Of Derivative Instruments
NetCashReceivedPaidOnSettlementsOfDerivativeInstruments
-4634823
CY2019 krp Net Cash Received Paid On Settlements Of Derivative Instruments
NetCashReceivedPaidOnSettlementsOfDerivativeInstruments
-1691124
CY2018 krp Net Cash Received Paid On Settlements Of Derivative Instruments
NetCashReceivedPaidOnSettlementsOfDerivativeInstruments
1215227
CY2020Q4 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
-6280863
CY2019Q4 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
804501
CY2018Q4 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
4227946
CY2019 us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
-3.92
CY2020 srt Standardized Measure Of Discounted Future Net Cash Flow Relating To Proved Oil And Gas Reserves Accretion Of Discount
StandardizedMeasureOfDiscountedFutureNetCashFlowRelatingToProvedOilAndGasReservesAccretionOfDiscount
38927
CY2019 srt Standardized Measure Of Discounted Future Net Cash Flow Relating To Proved Oil And Gas Reserves Accretion Of Discount
StandardizedMeasureOfDiscountedFutureNetCashFlowRelatingToProvedOilAndGasReservesAccretionOfDiscount
42808
CY2018 srt Standardized Measure Of Discounted Future Net Cash Flow Relating To Proved Oil And Gas Reserves Accretion Of Discount
StandardizedMeasureOfDiscountedFutureNetCashFlowRelatingToProvedOilAndGasReservesAccretionOfDiscount
21555
CY2019Q4 us-gaap Commodity Contract Asset Current
CommodityContractAssetCurrent
687933
CY2019Q4 us-gaap Commodity Contract Asset Noncurrent
CommodityContractAssetNoncurrent
116568
CY2020Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
3113178
CY2020Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
3167685
CY2020Q4 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
-6280863
CY2019Q4 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
804501
CY2020Q4 krp Proved Oil And Gas Property Full Cost Method Gross
ProvedOilAndGasPropertyFullCostMethodGross
923413606
CY2019Q4 krp Proved Oil And Gas Property Full Cost Method Gross
ProvedOilAndGasPropertyFullCostMethodGross
758313233
CY2020Q4 krp Unproved Oil And Gas Property Full Cost Method Gross
UnprovedOilAndGasPropertyFullCostMethodGross
225681626
CY2019Q4 krp Unproved Oil And Gas Property Full Cost Method Gross
UnprovedOilAndGasPropertyFullCostMethodGross
275041784
CY2020Q4 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
628102279
CY2019Q4 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
328913425
CY2020Q4 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
520992953
CY2019Q4 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
704441592
CY2020Q1 krp Oil And Gas Property Transfer To Full Cost Pool
OilAndGasPropertyTransferToFullCostPool
48600000
CY2019 krp Percent Of Proved Undeveloped Reserves Of Estimated Proved Reserves
PercentOfProvedUndevelopedReservesOfEstimatedProvedReserves
0.061
CY2020 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
251600000
CY2020 krp Oil And Gas Property Transfer To Full Cost Pool
OilAndGasPropertyTransferToFullCostPool
48600000
CY2019 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
169200000
CY2018 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
67300000
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y4M6D
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0675
CY2020 us-gaap Operating Lease Expense
OperatingLeaseExpense
500000
CY2019 us-gaap Operating Lease Expense
OperatingLeaseExpense
300000
CY2018 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4149712
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
480025
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
478837
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
480579
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
486323
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
497033
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
1726915
CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1024463
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
3125249
CY2020Q1 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
0.13
CY2020Q3 us-gaap Distribution Made To Limited Partner Distributions Declared Per Unit
DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit
0.19
CY2020Q4 us-gaap Distribution Made To Limited Partner Distributions Declared Per Unit
DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit
0.19
CY2019Q1 us-gaap Distribution Made To Limited Partner Distributions Declared Per Unit
DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit
0.37
CY2019Q2 us-gaap Distribution Made To Limited Partner Distributions Declared Per Unit
DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit
0.39
CY2019Q3 us-gaap Distribution Made To Limited Partner Distributions Declared Per Unit
DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit
0.42
CY2019Q4 us-gaap Distribution Made To Limited Partner Distributions Declared Per Unit
DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit
0.38
CY2018Q1 us-gaap Distribution Made To Limited Partner Distributions Declared Per Unit
DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit
0.42
CY2018Q2 us-gaap Distribution Made To Limited Partner Distributions Declared Per Unit
DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit
0.43
CY2018Q3 us-gaap Distribution Made To Limited Partner Distributions Declared Per Unit
DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit
0.45
CY2018Q4 us-gaap Distribution Made To Limited Partner Distributions Declared Per Unit
DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit
0.40
CY2020 krp Net Income Loss Available To Commona Stockholders Basic
NetIncomeLossAvailableToCommonaStockholdersBasic
-167350893
CY2019 krp Net Income Loss Available To Commona Stockholders Basic
NetIncomeLossAvailableToCommonaStockholdersBasic
-83032282
CY2018 krp Net Income Loss Available To Commona Stockholders Basic
NetIncomeLossAvailableToCommonaStockholdersBasic
-56767549
CY2020 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
34530398
CY2019 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
21192714
CY2018 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
18442234
CY2020 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
34530398
CY2019 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
21192714
CY2018 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
18442234
CY2020 us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
-4.85
CY2018 us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
-3.08
CY2020 us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
-4.85
CY2019 us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
-3.92
CY2018 us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
-3.08
CY2020Q1 krp Income Taxes Receivable Operating Loss Carryforwards Cares Act
IncomeTaxesReceivableOperatingLossCarryforwardsCaresAct
200000
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0034
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-900000
CY2020 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
-812913
CY2019 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
812913
CY2020 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-72280
CY2019 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
86512
CY2018 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
24681
CY2020 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-885193
CY2019 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
899425
CY2018 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
24681
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-885193
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
899425
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
24681
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-256975963
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-157308520
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-52257542
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-53964952
CY2019 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-33034789
CY2018 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-70441
CY2018 krp Income Tax Reconciliation Texas Margins Tax
IncomeTaxReconciliationTexasMarginsTax
24681
CY2018 krp Income Tax Reconciliation Change In Tax Status
IncomeTaxReconciliationChangeInTaxStatus
20038820
CY2020 us-gaap Income Tax Reconciliation Minority Interest Income Expense
IncomeTaxReconciliationMinorityInterestIncomeExpense
-20294890
CY2019 us-gaap Income Tax Reconciliation Minority Interest Income Expense
IncomeTaxReconciliationMinorityInterestIncomeExpense
-18721170
CY2018 us-gaap Income Tax Reconciliation Minority Interest Income Expense
IncomeTaxReconciliationMinorityInterestIncomeExpense
360082
CY2020 us-gaap Income Tax Reconciliation Tax Exempt Income
IncomeTaxReconciliationTaxExemptIncome
-33670062
CY2019 us-gaap Income Tax Reconciliation Tax Exempt Income
IncomeTaxReconciliationTaxExemptIncome
-15130685
CY2018 us-gaap Income Tax Reconciliation Tax Exempt Income
IncomeTaxReconciliationTaxExemptIncome
-10598375
CY2020 krp Income Tax Reconciliation Change In Federal Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInFederalDeferredTaxAssetsValuationAllowance
-749866
CY2019 krp Income Tax Reconciliation Change In Federal Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInFederalDeferredTaxAssetsValuationAllowance
80520
CY2018 krp Income Tax Reconciliation Change In Federal Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInFederalDeferredTaxAssetsValuationAllowance
20771214
CY2020 krp Income Tax Reconciliation Change In State Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInStateDeferredTaxAssetsValuationAllowance
168393
CY2019 krp Income Tax Reconciliation Change In State Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInStateDeferredTaxAssetsValuationAllowance
-70441
CY2018 krp Income Tax Reconciliation Change In State Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInStateDeferredTaxAssetsValuationAllowance
70441
CY2020 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-231440
CY2018 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
3397
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-885193
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
899425
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
24681
CY2020Q4 krp Deferred Tax Assets Outside Basis In Operating Company
DeferredTaxAssetsOutsideBasisInOperatingCompany
17624909
CY2019Q4 krp Deferred Tax Assets Outside Basis In Operating Company
DeferredTaxAssetsOutsideBasisInOperatingCompany
20050732
CY2018Q4 krp Deferred Tax Assets Outside Basis In Operating Company
DeferredTaxAssetsOutsideBasisInOperatingCompany
21036307
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
1675957
CY2018Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
622775
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
238559
CY2018Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
70441
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
19539425
CY2019Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
20050732
CY2018Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
21729523
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
19539425
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
20050732
CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
20841655
CY2018Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
887868
CY2018Q4 us-gaap Deferred Tax Liabilities Derivatives
DeferredTaxLiabilitiesDerivatives
887868
CY2018Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
887868
CY2020 krp Income Tax Outside Basis Investment In Operating Company Deferred Tax Assets Valuation Allowance
IncomeTaxOutsideBasisInvestmentInOperatingCompanyDeferredTaxAssetsValuationAllowance
19500000
CY2020 us-gaap Operating Lease Expense
OperatingLeaseExpense
500000
CY2019 us-gaap Operating Lease Expense
OperatingLeaseExpense
300000
CY2018 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
480025
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
478837
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
480579
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
486323
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
497033
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
1726915
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4149712
CY2018Q4 srt Proved Undeveloped Reserve Volume
ProvedUndevelopedReserveVolume
4018
CY2019Q4 srt Proved Undeveloped Reserve Volume
ProvedUndevelopedReserveVolume
2651
CY2020 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2020Q4 us-gaap Capitalized Costs Mineral Interests In Proved Properties
CapitalizedCostsMineralInterestsInProvedProperties
923413606
CY2019Q4 us-gaap Capitalized Costs Mineral Interests In Proved Properties
CapitalizedCostsMineralInterestsInProvedProperties
758313233
CY2020Q4 us-gaap Capitalized Costs Mineral Interests In Unproved Properties
CapitalizedCostsMineralInterestsInUnprovedProperties
225681626
CY2019Q4 us-gaap Capitalized Costs Mineral Interests In Unproved Properties
CapitalizedCostsMineralInterestsInUnprovedProperties
275041784
CY2020Q4 us-gaap Capitalized Costs Oil And Gas Producing Activities Gross
CapitalizedCostsOilAndGasProducingActivitiesGross
1149095232
CY2019Q4 us-gaap Capitalized Costs Oil And Gas Producing Activities Gross
CapitalizedCostsOilAndGasProducingActivitiesGross
1033355017
CY2020Q4 us-gaap Capitalized Costs Accumulated Depreciation Depletion Amortization And Valuation Allowance For Relating To Oil And Gas Producing Activities
CapitalizedCostsAccumulatedDepreciationDepletionAmortizationAndValuationAllowanceForRelatingToOilAndGasProducingActivities
628102279
CY2019Q4 us-gaap Capitalized Costs Accumulated Depreciation Depletion Amortization And Valuation Allowance For Relating To Oil And Gas Producing Activities
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