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Kimbell Royalty Partners

Kimbell Royalty Partners (KRP) Q2 2025 Earnings

Reported Aug 7, 2025 at 7:09 AM ET · SEC Source

Q2 25 EPS

$0.02

MISS 89.47%

Est. $0.19

Q2 25 Revenue

$86.5M

BEAT +6.00%

Est. $81.6M

vs S&P Since Q2 25

-11.4%

TRAILING MARKET

KRP +7.5% vs S&P +18.9%

Market Reaction

Did KRP Beat Earnings? Q2 2025 Results

Kimbell Royalty Partners delivered a split verdict in Q2 2025, beating revenue expectations while falling well short on earnings. The oil and gas royalty company posted revenue of $86.55 million, ahead of the $81.65 million consensus by 6.00% and up … Read more Kimbell Royalty Partners delivered a split verdict in Q2 2025, beating revenue expectations while falling well short on earnings. The oil and gas royalty company posted revenue of $86.55 million, ahead of the $81.65 million consensus by 6.00% and up 11.5% year over year, yet GAAP EPS of $0.02 per diluted unit missed the $0.19 estimate by 89.47%, a gap driven almost entirely by a $24.34 million deduction for distributions and accretion on its Series A Cumulative Convertible Preferred Units, nearly five times the preferred burden from the year-ago quarter. Kimbell partially addressed that structural drag by redeeming 50% of its Series A preferred units in May, a move expected to meaningfully reduce the preferred charge going forward. Operationally, the partnership remained active, with 88 rigs drilling on its acreage and run-rate production of 25,355 Boe/d, while net DUCs rose 9% quarter over quarter, supporting near-term output visibility. Management affirmed its 2025 guidance, expressing confidence that line-of-sight wells remain well above the level needed to sustain flat production.

Key Takeaways

  • • 88 active rigs drilling on acreage, representing approximately 17% market share of U.S. land rig count
  • • Permian Basin rig count increased by four rigs and Haynesville increased by five rigs quarter-over-quarter
  • • Net DUCs increased 9% quarter-over-quarter, led by the Permian Basin
  • • Cash G&A per BOE of $2.36, below low end of guidance reflecting operational discipline and positive operating leverage
  • • Run-rate daily production of 25,355 Boe/d with 53% liquids and 47% natural gas
  • • Gain on commodity derivative instruments of $9.3 million versus a loss of $1.0 million in Q2 2024
24/7 Wall St

KRP YoY Financials

Q2 2025 vs Q2 2024, source: SEC Filings

24/7 Wall St

KRP Revenue by Segment

With YoY comparisons, source: SEC Filings

Q4 25 Q1 26

“Kimbell's active rig count remains strong with our market share of U.S. land rigs actively drilling increasing by 1% to 17%. In addition, while the overall U.S. land rig count dropped by 7% quarter over quarter as operators, primarily in the Permian, slowed drilling activity, our overall rig count dropped by only 2% to 88 rigs actively drilling on our acreage. Notably, our rig count in the Permian Basin increased by four rigs and Haynesville increased by five rigs while the Mid-Con experienced a decline in drilling activity. Furthermore, our line-of-site wells continue to be well above the number of wells needed to maintain flat production, giving us confidence in the resilience of our production as we progress through 2025. More specifically, net DUCs increased by 9% quarter over quarter, led by the Permian Basin, which bodes well for near-term production contributions from this region. Finally, cash G&A per BOE was well below the low end of guidance reflecting operational discipline and positive operating leverage.”

— Robert Ravnaas, Q2 2025 Earnings Press Release

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