$KRP
Kimbell Royalty Partners, LP

2021 Q3 Form 10-Q Financial Statement

#000155837021014571 Filed on November 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3
Revenue $31.79M $18.44M
YoY Change 72.38% -44.07%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.767M $6.111M
YoY Change 10.73% 7.31%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.829M $10.70M
YoY Change -17.53% -29.1%
% of Gross Profit
Operating Expenses $6.767M $6.111M
YoY Change 10.73% 7.31%
Operating Profit $10.10M -$24.96M
YoY Change -140.46% -8.44%
Interest Expense $2.495M $1.603M
YoY Change 55.67% 9.17%
% of Operating Profit 24.71%
Other Income/Expense, Net -$397.6K -$100.0K
YoY Change 297.61%
Pretax Income $7.466M -$26.37M
YoY Change -128.31% -8.47%
Income Tax $0.00 -$694.9K
% Of Pretax Income 0.0%
Net Earnings $7.466M -$17.80M
YoY Change -141.96% 9.44%
Net Earnings / Revenue 23.48% -96.48%
Basic Earnings Per Share
Diluted Earnings Per Share $157.3K -$457.1K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.70M $12.30M
YoY Change 3.24% -39.41%
Cash & Equivalents $12.70M $12.35M
Short-Term Investments
Other Short-Term Assets $300.0K $0.00
YoY Change -100.0%
Inventory
Prepaid Expenses
Receivables $31.88M $17.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $44.88M $29.33M
YoY Change 52.99% -26.85%
LONG-TERM ASSETS
Property, Plant & Equipment $2.258M $1.167M
YoY Change 93.54% -99.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.690M $4.707M
YoY Change -0.37% 62.32%
Other Assets $661.3K $0.00
YoY Change -100.0%
Total Long-Term Assets $512.2M $636.1M
YoY Change -19.48% -19.34%
TOTAL ASSETS
Total Short-Term Assets $44.88M $29.33M
Total Long-Term Assets $512.2M $636.1M
Total Assets $557.0M $665.5M
YoY Change -16.29% -19.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.028M $995.6K
YoY Change 3.31% -9.49%
Accrued Expenses $296.6K $200.0K
YoY Change 48.29% 100.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $41.08M $7.831M
YoY Change 424.57% 15.16%
LONG-TERM LIABILITIES
Long-Term Debt $192.7M $169.7M
YoY Change 13.56% 85.87%
Other Long-Term Liabilities $479.2K $5.600M
YoY Change -91.44% 64.71%
Total Long-Term Liabilities $479.2K $175.3M
YoY Change -99.73% 85.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.08M $7.831M
Total Long-Term Liabilities $479.2K $175.3M
Total Liabilities $245.1M $183.2M
YoY Change 33.82% -55.57%
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 $291.8M $368.1M
YoY Change
Total Liabilities & Shareholders Equity $557.0M $665.5M
YoY Change -16.29% -19.7%

Cashflow Statement

Concept 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $7.466M -$17.80M
YoY Change -141.96% 9.44%
Depreciation, Depletion And Amortization $8.829M $10.70M
YoY Change -17.53% -29.1%
Cash From Operating Activities $25.12M $12.37M
YoY Change 103.09% -50.2%
INVESTING ACTIVITIES
Capital Expenditures -$47.47K -$80.00K
YoY Change -40.66% -86.89%
Acquisitions
YoY Change
Other Investing Activities $314.8K -$260.0K
YoY Change -221.07% -93.42%
Cash From Investing Activities $267.3K -$340.0K
YoY Change -178.62% -92.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $2.500M
YoY Change
Cash From Financing Activities -25.65M -10.95M
YoY Change 134.26% -35.01%
NET CHANGE
Cash From Operating Activities 25.12M 12.37M
Cash From Investing Activities 267.3K -340.0K
Cash From Financing Activities -25.65M -10.95M
Net Change In Cash -261.9K 1.080M
YoY Change -124.25% -68.51%
FREE CASH FLOW
Cash From Operating Activities $25.12M $12.37M
Capital Expenditures -$47.47K -$80.00K
Free Cash Flow $25.17M $12.45M
YoY Change 102.17% -51.08%

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 (the “SEC”). 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, 2020 (the “2020 Form 10-K”), which contains a summary of the Partnership’s significant accounting policies and other disclosures. In the opinion of management of the General Partner, 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. All material intercompany balances and transactions are eliminated in consolidation. 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_JPXSMC1ti0yeTzByRsG-HA;"><span style="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_vR5U648cmUWpMx1zOKBBdg;"><span style="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 beginning in the first three months of 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. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;">The pandemic reached more than 200 countries and 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 during the 2020 period. The 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 led to a significantly weaker outlook for oil and gas producers in 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 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 “CDC”), the WHO and other governmental and regulatory authorities. In mid-March 2020, 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 2020, the Partnership opened its offices to employees on a voluntary basis, with employees having the option to work from the office or from home. The Partnership will continue to give employees the option to work from the office or from home until the CDC recommends businesses and employers resume to pre-pandemic operations. 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 remain dependent on a number of factors, including, among others, the ultimate severity of COVID-19, the consequences of governmental and other measures designed to prevent the spread of COVID-19, 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 thirds parties, workforce availability, and the timing and extent of any return to normal economic and operating conditions.</p>
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LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
487787
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
488725
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
497033
CY2021Q3 krp Lessee Operating Lease Liability Payments Due Year Five And After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFiveAndAfterYearFive
1726915
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
872141
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
2935773
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
19400000
CY2021Q1 us-gaap Distribution Made To Limited Partner Distributions Declared Per Unit
DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit
0.27
CY2021Q2 us-gaap Distribution Made To Limited Partner Distributions Declared Per Unit
DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit
0.31
CY2021Q3 us-gaap Distribution Made To Limited Partner Distributions Declared Per Unit
DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit
0.37
CY2020Q1 us-gaap Distribution Made To Limited Partner Distributions Declared Per Unit
DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit
0.17
CY2020Q3 us-gaap Distribution Made To Limited Partner Distributions Declared Per Unit
DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit
0.19
CY2020Q2 us-gaap Distribution Made To Limited Partner Distributions Declared Per Unit
DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit
0.13
CY2021Q3 krp Net Income Loss Available To Commona Stockholders Basic
NetIncomeLossAvailableToCommonaStockholdersBasic
1837579
CY2020Q3 krp Net Income Loss Available To Commona Stockholders Basic
NetIncomeLossAvailableToCommonaStockholdersBasic
-17795643
krp Net Income Loss Available To Commona Stockholders Basic
NetIncomeLossAvailableToCommonaStockholdersBasic
2624532
krp Net Income Loss Available To Commona Stockholders Basic
NetIncomeLossAvailableToCommonaStockholdersBasic
-105125328
CY2021Q3 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
41106157
CY2020Q3 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
35423112
us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
39383172
us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
33540977
CY2021Q3 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
42619472
CY2020Q3 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
35423112
us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
41112824
us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
33540977
CY2021Q3 us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
0.04
CY2020Q3 us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
-0.50
us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
0.07
us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
-3.13
CY2021Q3 us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
0.04
CY2020Q3 us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
-0.50
us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
0.06
us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
-3.13
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
419535
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
13.460

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