$KRP
Kimbell Royalty Partners, LP

2024 Q3 Form 10-Q Financial Statement

#000155837024015073 Filed on November 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3
Revenue $83.79M
YoY Change 24.67%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.472M
YoY Change -8.56%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $32.16M
YoY Change 39.44%
% of Gross Profit
Operating Expenses $9.472M
YoY Change -8.56%
Operating Profit $34.20M
YoY Change 35.25%
Interest Expense -$6.492M
YoY Change -197.18%
% of Operating Profit -18.98%
Other Income/Expense, Net
YoY Change
Pretax Income $27.71M
YoY Change 48.92%
Income Tax $1.900M
% Of Pretax Income 6.86%
Net Earnings $25.81M
YoY Change 39.63%
Net Earnings / Revenue 30.8%
Basic Earnings Per Share
Diluted Earnings Per Share $0.14
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.71M
YoY Change -12.14%
Cash & Equivalents $34.71M
Short-Term Investments
Other Short-Term Assets $6.818M
YoY Change 354.53%
Inventory
Prepaid Expenses
Receivables $50.65M
Other Receivables $0.00
Total Short-Term Assets $92.17M
YoY Change -12.38%
LONG-TERM ASSETS
Property, Plant & Equipment $361.2K
YoY Change -46.98%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.764M
YoY Change 1663.61%
Total Long-Term Assets $1.123B
YoY Change -12.62%
TOTAL ASSETS
Total Short-Term Assets $92.17M
Total Long-Term Assets $1.123B
Total Assets $1.215B
YoY Change -12.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.865M
YoY Change 115.47%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.74M
YoY Change 17.13%
LONG-TERM LIABILITIES
Long-Term Debt $252.2M
YoY Change -18.76%
Other Long-Term Liabilities $104.2K
YoY Change -54.54%
Total Long-Term Liabilities $104.2K
YoY Change -54.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.74M
Total Long-Term Liabilities $104.2K
Total Liabilities $271.6M
YoY Change -17.51%
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 $847.6M
YoY Change
Total Liabilities & Shareholders Equity $1.215B
YoY Change -12.6%

Cashflow Statement

Concept 2024 Q3
OPERATING ACTIVITIES
Net Income $25.81M
YoY Change 39.63%
Depreciation, Depletion And Amortization $32.16M
YoY Change 39.44%
Cash From Operating Activities $62.42M
YoY Change 71.47%
INVESTING ACTIVITIES
Capital Expenditures $44.72K
YoY Change -99.99%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$44.72K
YoY Change -99.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -58.61M
YoY Change -113.68%
NET CHANGE
Cash From Operating Activities 62.42M
Cash From Investing Activities -44.72K
Cash From Financing Activities -58.61M
Net Change In Cash 3.761M
YoY Change -79.99%
FREE CASH FLOW
Cash From Operating Activities $62.42M
Capital Expenditures $44.72K
Free Cash Flow $62.37M
YoY Change -115.23%

Facts In Submission

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CY2023Q1 us-gaap Partners Capital Including Portion Attributable To Noncontrolling Interest
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
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CY2023Q2 krp Stock Issued For Acquisition Value
StockIssuedForAcquisitionValue
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CY2023Q2 us-gaap Partners Capital Account Unit Based Compensation
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CY2023Q2 us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
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CY2023Q2 us-gaap Distribution Made To Limited Partner Cash Distributions Declared
DistributionMadeToLimitedPartnerCashDistributionsDeclared
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CY2023Q2 krp Accretion Of Redeemable Non Controlling Interest And Write Off Of Deferred Underwriting Commissions
AccretionOfRedeemableNonControllingInterestAndWriteOffOfDeferredUnderwritingCommissions
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CY2023Q2 us-gaap Profit Loss
ProfitLoss
17797031
CY2023Q2 us-gaap Partners Capital Including Portion Attributable To Noncontrolling Interest
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
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CY2023Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2023Q3 krp Conversion Of Stock Value
ConversionOfStockValue
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CY2023Q3 us-gaap Partners Capital Account Unit Based Compensation
PartnersCapitalAccountUnitBasedCompensation
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CY2023Q3 us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
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CY2023Q3 krp Partners Capital Account Distributions Series Redeemable Preferred Units
PartnersCapitalAccountDistributionsSeriesRedeemablePreferredUnits
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CY2023Q3 us-gaap Distribution Made To Limited Partner Cash Distributions Declared
DistributionMadeToLimitedPartnerCashDistributionsDeclared
20854
CY2023Q3 us-gaap Profit Loss
ProfitLoss
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CY2023Q3 us-gaap Partners Capital Including Portion Attributable To Noncontrolling Interest
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
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us-gaap Profit Loss
ProfitLoss
50328915
us-gaap Profit Loss
ProfitLoss
65177607
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
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us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
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us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
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us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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us-gaap Gains Losses On Extinguishment Of Debt
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
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us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
11002749
krp Increase Decrease In Oil And Gas Billing Receivables
IncreaseDecreaseInOilAndGasBillingReceivables
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krp Increase Decrease In Oil And Gas Billing Receivables
IncreaseDecreaseInOilAndGasBillingReceivables
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us-gaap Increase Decrease In Accounts Receivable And Other Operating Assets
IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets
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us-gaap Increase Decrease In Accounts Receivable And Other Operating Assets
IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
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us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
5631591
krp Operating Lease Liabilities
OperatingLeaseLiabilities
-282800
krp Operating Lease Liabilities
OperatingLeaseLiabilities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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krp Payments To Acquire Property Plant And Equipment Excluding Payments To Acquire Oil And Gas Property
PaymentsToAcquirePropertyPlantAndEquipmentExcludingPaymentsToAcquireOilAndGasProperty
154203
krp Payments To Acquire Property Plant And Equipment Excluding Payments To Acquire Oil And Gas Property
PaymentsToAcquirePropertyPlantAndEquipmentExcludingPaymentsToAcquireOilAndGasProperty
107420
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
21605
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
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krp Proceeds From Trust Of Variable Interest Entity
ProceedsFromTrustOfVariableInterestEntity
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-175808
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
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krp Net Proceeds From Issuance Or Sale Of Equity
NetProceedsFromIssuanceOrSaleOfEquity
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krp Proceeds From Contributions Of Class B Unitholders
ProceedsFromContributionsOfClassBUnitholders
268461
krp Refund Of Class B Contributions On Converted Units
RefundOfClassBContributionsOnConvertedUnits
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krp Refund Of Class B Contributions On Converted Units
RefundOfClassBContributionsOnConvertedUnits
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us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
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us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
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krp Distribution Made To Operating Company Common Unitholders Cash Distributions Paid
DistributionMadeToOperatingCompanyCommonUnitholdersCashDistributionsPaid
25777830
krp Distribution Made To Operating Company Common Unitholders Cash Distributions Paid
DistributionMadeToOperatingCompanyCommonUnitholdersCashDistributionsPaid
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krp Distribution Made To Series Redeemable Preferred Stock Paid
DistributionMadeToSeriesRedeemablePreferredStockPaid
14611791
krp Distribution Made To Class B Unitholders Paid
DistributionMadeToClassBUnitholdersPaid
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krp Distribution Made To Class B Unitholders Paid
DistributionMadeToClassBUnitholdersPaid
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us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
4959776
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
201084089
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
47000000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
123700000
us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
57123
us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
4942188
krp Excess Tax Benefits From Share Based Compensation Financing Activities
ExcessTaxBenefitsFromShareBasedCompensationFinancingActivities
-4914149
krp Excess Tax Benefits From Share Based Compensation Financing Activities
ExcessTaxBenefitsFromShareBasedCompensationFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-190455505
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
145656712
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3713506
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
14502291
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
30992670
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
25026568
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
34706176
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
39528859
us-gaap Interest Paid Net
InterestPaidNet
19366963
us-gaap Interest Paid Net
InterestPaidNet
16920473
krp Non Cash Units Issued In Exchange For Oil And Natural Gas Properties
NonCashUnitsIssuedInExchangeForOilAndNaturalGasProperties
92038856
krp Non Cash Deemed Distribution To Temporary Equity
NonCashDeemedDistributionToTemporaryEquity
1183928
krp Non Cash Deemed Distribution To Temporary Equity
NonCashDeemedDistributionToTemporaryEquity
78929
krp Distribution To Classa Preferred Unitholders In Accounts Payable
DistributionToClassaPreferredUnitholdersInAccountsPayable
4901639
krp Capital Expenditures Incurred Tenant Improvement Allowance
CapitalExpendituresIncurredTenantImprovementAllowance
93750
krp Capital Expenditures Incurred Tenant Improvement Allowance
CapitalExpendituresIncurredTenantImprovementAllowance
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us-gaap Nature Of Operations
NatureOfOperations
<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” or “OpCo” 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. 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 consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). As a result, the accompanying unaudited interim consolidated financial statements do not include all disclosures required for complete annual financial statements prepared in conformity with GAAP. Accordingly, the accompanying unaudited interim 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, 2023, as amended (the “2023 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 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 accompanying unaudited interim consolidated financial statements include the accounts of the Partnership and its consolidated subsidiaries. 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;margin:0pt 0pt 10pt 0pt;"><i style="font-style:italic;">Revision of Prior Period Consolidated Financial Statements</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;">In connection with the preparation of the Partnership’s unaudited interim consolidated financial statements for the three and nine months ended September 30, 2024, the Partnership identified an error in its application of accounting guidance related to the changes in ownership of OpCo. The Partnership previously accounted for the changes in ownership of OpCo by reallocating the non-controlling interest associated with such changes at fair value. Under ASC 810-10, changes in ownership of a consolidated subsidiary that is less than wholly owned (such as OpCo) should be accounted for by adjusting the carrying value of such non-controlling interests to reflect the change in ownership interest in the subsidiary. Any difference between fair value of consideration received or paid and the amount by which the non-controlling interest is adjusted should be recognized in equity attributable to the parent. </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 corrected these errors and determined that the related impact was not material to its financial statements for any prior annual or interim period. The Partnership has corrected these errors in the Consolidated Financial Statements for all prior periods presented herein. See Note 18, “Correction of Immaterial Errors”</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;"><i style="font-style:italic;">Use of 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;">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_5Skzd_-1TUS8L77dAzMgDg;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">single</span></span> operating and <span style="-sec-ix-hidden:Hidden_0unHclwBAEGiGzJhSNz9Xw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">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;">Global Conflicts</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;">In February 2022, Russia invaded Ukraine and is still engaged in active armed conflict against the country. In October 2023, armed active conflict escalated in the Middle East between Israel and Hamas and is still active. In April 2024, Iran launched an attack on Israel, further escalating the regional conflict in the Middle East. These conflicts and the sanctions imposed in response have led to regional instability and caused dramatic fluctuations in global financial markets and have increased the level of global economic and political uncertainty, including uncertainty about world-wide oil supply and demand, which in turn has increased volatility in commodity prices. To date, the Partnership has not experienced a material impact to operations or the consolidated financial statements as a result of these conflicts; however, the Partnership will continue to monitor for events that could materially impact them. </p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;"><i style="font-style:italic;">Use of 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;">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>
us-gaap Investment Income Interest
InvestmentIncomeInterest
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CY2024Q2 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
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CY2023Q2 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
2776238
CY2023Q4 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
14046982
CY2022Q4 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
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CY2024Q3 krp Unrealized Gain Loss On Commodity Contracts Excluding Interest Rate Swap
UnrealizedGainLossOnCommodityContractsExcludingInterestRateSwap
9553190
CY2023Q3 krp Unrealized Gain Loss On Commodity Contracts Excluding Interest Rate Swap
UnrealizedGainLossOnCommodityContractsExcludingInterestRateSwap
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krp Unrealized Gain Loss On Commodity Contracts Excluding Interest Rate Swap
UnrealizedGainLossOnCommodityContractsExcludingInterestRateSwap
2802568
krp Unrealized Gain Loss On Commodity Contracts Excluding Interest Rate Swap
UnrealizedGainLossOnCommodityContractsExcludingInterestRateSwap
6215265
CY2024Q3 krp Net Cash Received Paid On Settlements Of Derivative Instruments
NetCashReceivedPaidOnSettlementsOfDerivativeInstruments
-2486842
CY2023Q3 krp Net Cash Received Paid On Settlements Of Derivative Instruments
NetCashReceivedPaidOnSettlementsOfDerivativeInstruments
479005
krp Net Cash Received Paid On Settlements Of Derivative Instruments
NetCashReceivedPaidOnSettlementsOfDerivativeInstruments
-8270247
krp Net Cash Received Paid On Settlements Of Derivative Instruments
NetCashReceivedPaidOnSettlementsOfDerivativeInstruments
4787484
CY2024Q3 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
8579303
CY2023Q3 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
-1321327
CY2024Q3 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
8579303
CY2023Q3 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
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CY2024Q3 us-gaap Commodity Contract Asset Current
CommodityContractAssetCurrent
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CY2023Q4 us-gaap Commodity Contract Asset Current
CommodityContractAssetCurrent
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CY2024Q3 us-gaap Commodity Contract Asset Noncurrent
CommodityContractAssetNoncurrent
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CY2023Q4 us-gaap Commodity Contract Asset Noncurrent
CommodityContractAssetNoncurrent
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CY2023Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
208710
CY2024Q3 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
2295
CY2023Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
60094
CY2024Q3 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
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CY2023Q4 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
14046982
CY2024Q3 krp Proved Oil And Gas Property Full Cost Method Gross
ProvedOilAndGasPropertyFullCostMethodGross
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CY2023Q4 krp Proved Oil And Gas Property Full Cost Method Gross
ProvedOilAndGasPropertyFullCostMethodGross
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CY2024Q3 krp Unproved Oil And Gas Property Full Cost Method Gross
UnprovedOilAndGasPropertyFullCostMethodGross
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CY2023Q4 krp Unproved Oil And Gas Property Full Cost Method Gross
UnprovedOilAndGasPropertyFullCostMethodGross
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CY2024Q3 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
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CY2023Q4 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
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CY2024Q3 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
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CY2023Q4 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
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krp Discounting Percentage At Which Estimated Future Net Revenues Are Calculated
DiscountingPercentageAtWhichEstimatedFutureNetRevenuesAreCalculated
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us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
6000000.0
us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0
CY2023Q3 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0
CY2024Q3 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0
CY2024Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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CY2024Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2024Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
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CY2023Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
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us-gaap Operating Lease Expense
OperatingLeaseExpense
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us-gaap Operating Lease Expense
OperatingLeaseExpense
400000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
122897
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
497033
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
507648
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
511917
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
496785
CY2024Q3 krp Lessee Operating Lease Liability Payments Due Year Five And After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFiveAndAfterYearFive
210565
CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
368874
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1977971
us-gaap Extinguishment Of Debt Amount
ExtinguishmentOfDebtAmount
500000
CY2024Q3 krp Minimum Percentage Of Proved Reserves Constituting Borrowings Based Properties
MinimumPercentageOfProvedReservesConstitutingBorrowingsBasedProperties
0.75
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
47000000.0
CY2023Q3 krp Preferred Units Liquidation Preference In Percentage
PreferredUnitsLiquidationPreferenceInPercentage
0.100
CY2023Q3 krp Increased Percentage Of Distributions Per Annum
IncreasedPercentageOfDistributionsPerAnnum
0.200
CY2024Q3 krp Net Income Attributable To Partnership
NetIncomeAttributableToPartnership
21880569
CY2023Q3 krp Net Income Attributable To Partnership
NetIncomeAttributableToPartnership
14412562
krp Net Income Attributable To Partnership
NetIncomeAttributableToPartnership
42055891
krp Net Income Attributable To Partnership
NetIncomeAttributableToPartnership
51248271
CY2024Q3 us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
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CY2023Q3 us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
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us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
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us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
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CY2024Q3 krp Net Income Loss Attributable To Partnership And Changes In Ownership Of Consolidated Subsidiaries
NetIncomeLossAttributableToPartnershipAndChangesInOwnershipOfConsolidatedSubsidiaries
21300316
CY2023Q3 krp Net Income Loss Attributable To Partnership And Changes In Ownership Of Consolidated Subsidiaries
NetIncomeLossAttributableToPartnershipAndChangesInOwnershipOfConsolidatedSubsidiaries
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krp Net Income Loss Attributable To Partnership And Changes In Ownership Of Consolidated Subsidiaries
NetIncomeLossAttributableToPartnershipAndChangesInOwnershipOfConsolidatedSubsidiaries
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krp Net Income Loss Attributable To Partnership And Changes In Ownership Of Consolidated Subsidiaries
NetIncomeLossAttributableToPartnershipAndChangesInOwnershipOfConsolidatedSubsidiaries
75397345
CY2024Q3 krp Net Income Loss Available To Commona Stockholders Basic
NetIncomeLossAvailableToCommonaStockholdersBasic
17375301
CY2023Q3 krp Net Income Loss Available To Commona Stockholders Basic
NetIncomeLossAvailableToCommonaStockholdersBasic
13580211
krp Net Income Loss Available To Commona Stockholders Basic
NetIncomeLossAvailableToCommonaStockholdersBasic
28954575
krp Net Income Loss Available To Commona Stockholders Basic
NetIncomeLossAvailableToCommonaStockholdersBasic
50368835
krp Temporary Equity Accretion To Redemption Value Adjustment And Write Off Of Deferred Underwriting Commissions
TemporaryEquityAccretionToRedemptionValueAdjustmentAndWriteOffOfDeferredUnderwritingCommissions
-1572737
CY2024Q3 krp Net Income Loss After Temporary Equity Accretion To Redemption Value Adjustment And Write Off Of Deferred Underwriting Commissions
NetIncomeLossAfterTemporaryEquityAccretionToRedemptionValueAdjustmentAndWriteOffOfDeferredUnderwritingCommissions
17375301
CY2023Q3 krp Net Income Loss After Temporary Equity Accretion To Redemption Value Adjustment And Write Off Of Deferred Underwriting Commissions
NetIncomeLossAfterTemporaryEquityAccretionToRedemptionValueAdjustmentAndWriteOffOfDeferredUnderwritingCommissions
13580211
krp Net Income Loss After Temporary Equity Accretion To Redemption Value Adjustment And Write Off Of Deferred Underwriting Commissions
NetIncomeLossAfterTemporaryEquityAccretionToRedemptionValueAdjustmentAndWriteOffOfDeferredUnderwritingCommissions
28954575
krp Net Income Loss After Temporary Equity Accretion To Redemption Value Adjustment And Write Off Of Deferred Underwriting Commissions
NetIncomeLossAfterTemporaryEquityAccretionToRedemptionValueAdjustmentAndWriteOffOfDeferredUnderwritingCommissions
51941572
CY2024Q3 krp Net Income Loss Available To Common Class Stockholders Diluted
NetIncomeLossAvailableToCommonClassStockholdersDiluted
25805447
CY2023Q3 krp Net Income Loss Available To Common Class Stockholders Diluted
NetIncomeLossAvailableToCommonClassStockholdersDiluted
18481038
krp Net Income Loss Available To Common Class Stockholders Diluted
NetIncomeLossAvailableToCommonClassStockholdersDiluted
50328915
krp Net Income Loss Available To Common Class Stockholders Diluted
NetIncomeLossAvailableToCommonClassStockholdersDiluted
66750344
CY2024Q3 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
78977450
CY2023Q3 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
68540786
us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
75321486
us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
64807590
CY2024Q3 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
116414205
CY2023Q3 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
94969077
us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
116240192
us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
85739813
CY2024Q3 us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
0.22
CY2023Q3 us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
0.20
us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
0.38
us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
0.80
CY2024Q3 us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
0.22
CY2023Q3 us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
0.19
us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
0.38
us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
0.78
CY2024Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.084
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.036
CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1900000
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
100000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4600000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2400000
CY2023Q1 krp Limited Partners Common Capital Account
LimitedPartnersCommonCapitalAccount
455538201
CY2023Q1 krp Limited Partners Class B Capital Account
LimitedPartnersClassBCapitalAccount
774220
CY2023Q1 us-gaap Partners Capital Attributable To Noncontrolling Interest
PartnersCapitalAttributableToNoncontrollingInterest
108786572
CY2023Q1 us-gaap Partners Capital Including Portion Attributable To Noncontrolling Interest
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
565098993
CY2023Q2 krp Limited Partners Common Capital Account
LimitedPartnersCommonCapitalAccount
493482818
CY2023Q2 krp Limited Partners Class B Capital Account
LimitedPartnersClassBCapitalAccount
1042681
CY2023Q2 us-gaap Partners Capital Attributable To Noncontrolling Interest
PartnersCapitalAttributableToNoncontrollingInterest
157426625
CY2023Q2 us-gaap Partners Capital Including Portion Attributable To Noncontrolling Interest
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
651952124
CY2023Q3 krp Limited Partners Common Capital Account
LimitedPartnersCommonCapitalAccount
581102093
CY2023Q3 krp Limited Partners Class B Capital Account
LimitedPartnersClassBCapitalAccount
1042365
CY2023Q3 us-gaap Partners Capital Attributable To Noncontrolling Interest
PartnersCapitalAttributableToNoncontrollingInterest
164331722
CY2023Q3 us-gaap Partners Capital Including Portion Attributable To Noncontrolling Interest
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
746476180
CY2024Q1 krp Limited Partners Common Capital Account
LimitedPartnersCommonCapitalAccount
526842237
CY2024Q1 krp Limited Partners Class B Capital Account
LimitedPartnersClassBCapitalAccount
1042365
CY2024Q1 us-gaap Partners Capital Attributable To Noncontrolling Interest
PartnersCapitalAttributableToNoncontrollingInterest
147427804
CY2024Q1 us-gaap Partners Capital Including Portion Attributable To Noncontrolling Interest
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
675312406
CY2024Q2 krp Limited Partners Common Capital Account
LimitedPartnersCommonCapitalAccount
544676251
CY2024Q2 krp Limited Partners Class B Capital Account
LimitedPartnersClassBCapitalAccount
726206
CY2024Q2 us-gaap Partners Capital Attributable To Noncontrolling Interest
PartnersCapitalAttributableToNoncontrollingInterest
97832838
CY2024Q2 us-gaap Partners Capital Including Portion Attributable To Noncontrolling Interest
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
643235295
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

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