Kimbell Royalty Partners, LP

Kimbell agreed to a second related-party dropdown from the same insiders as its 2018 deal -- Rivercrest Capital Partners (now including a second fund, Rivercrest Capital Partners II) and Cupola Royalty Direct -- paying about $75 million cash plus 9.5 million OpCo/Class B units, and also buying out the remaining minority partnership interests in OGM Partners I and RCPTX Ltd. that Kimbell didn't already own -- consolidating full ownership of joint vehicles apparently shared with these same insiders since at least 2018.

capital raising announcement

Kimbell replaced its credit facility again -- room to grow to $1.5 billion, a $625 million initial borrowing base, and maturity pushed to December 2030 (with a conditional step-down to May 2030 if the Apollo preferred units are still outstanding and certain liquidity/leverage tests aren't met) -- explicitly tying the credit facility's terms to the Apollo preferred's status.

debt financing

Kimbell raised about $141.3 million net selling 10 million common units at $14.90 to repay revolver borrowings and help fund the Boren acquisition.

material agreement

Kimbell agreed to buy Permian Basin mineral and royalty interests from Boren Minerals for about $231 million, with flexibility to pay all-cash or a mix of $207 million cash plus 1.43 million common units.

capital raising announcement

Kimbell closed the $455 million LongPoint/Cherry Creek acquisition, funded in large part by selling $325 million of Series A Cumulative Convertible Preferred Units to funds managed by affiliates of Apollo (out of up to $400 million/400,000 units authorized) -- a major new capital partner that also received board representation rights, alongside the July equity raise and revolver borrowings.

asset acquisition disposition

Kimbell raised about $95.9 million net selling 7.25 million common units at $14.00 to pay down revolver borrowings ahead of the LongPoint deal.

material agreement

Kimbell agreed to buy Cherry Creek Minerals from LongPoint Minerals II for approximately $455 million cash -- by far its largest transaction to date, more than tripling the size of the Hatch deal.

capital raising announcement

Kimbell amended its new credit facility to loosen excess-cash-sweep terms and, notably, to permit issuing preferred equity -- laying the groundwork for the Apollo preferred financing signed a week later.

debt financing

Kimbell replaced its credit facility with a new Amended and Restated Credit Agreement -- room to grow to $750 million, an initial $400 million borrowing base, and maturity pushed to June 2027 -- reflecting the partnership's growing scale after Hatch.

debt financing

Closed the Hatch Royalty acquisition at about $270.7 million - $150.4 million cash and 7,272,821 units valued at $120.3 million - adding Permian Basin mineral and royalty interests producing roughly 2,072 barrels of oil equivalent a day, and signed registration rights covering the units issued to Hatch.

asset acquisition disposition

Kimbell raised about $100.7 million net selling 6 million common units at $17.75 -- its highest unit price yet -- to help fund the Hatch acquisition's cash portion.

material agreement

Kimbell agreed to buy Permian Basin mineral and royalty interests (Martin, Loving, Reeves, Winkler, Ward, Pecos and Culberson counties, TX, plus Lea and Eddy counties, NM) from Hatch Royalty LLC for about $150 million cash plus 7.27 million OpCo/Class B units -- its largest deal since Haymaker.

capital raising announcement

Kimbell closed a $57 million all-cash Caritas Royalty Fund acquisition -- an arm's-length deal with no prior relationship to Kimbell -- and simultaneously redeemed the entirety of its outstanding Series A Cumulative Convertible Preferred Units (25,000 units), clearing that earlier preferred layer before later re-entering preferred financing with Apollo in 2023.

asset acquisition disposition

Kimbell amended its credit facility again -- commitments up to $265 million, maturity pushed to June 2024, and Citibank replacing Frost Bank as administrative agent -- refinancing during the pandemic-era oil downturn.

debt financing

Kimbell closed the Springbok acquisition: about $95.0 million cash plus 2,224,358 common units (to Silver Spur Resources and SEP I Holdings) and 2,497,134 OpCo/Class B units (to the Springbok II seller).

capital raising announcement

Kimbell conducted a combined primary/secondary offering of 5 million common units (plus a 750,000-unit over-allotment) at $15.50 -- KKR's Haymaker entities (EIGF Aggregator, TE Drilling Aggregator) sold down part of their stake alongside new units sold by the partnership, netting about $73.3 million to help fund the pending Springbok acquisition.

material agreement

Kimbell agreed to acquire the Springbok Energy Partners I and II portfolios (NGP-backed) for about $95 million cash plus roughly 4.7 million units combined -- another sizable acquisition continuing its serial-consolidator strategy.

capital raising announcement

Kimbell closed the Phillips (PEP I/II/III) acquisition and consolidated its various registration rights agreements -- covering the Haymaker/KKR, Apollo, Rivercrest, Kimbell Art Foundation and Cupola unitholders -- into a single amended and restated agreement, formalizing the growing roster of insider and PE-backed owners (Apollo affiliates appear here as an existing party, predating their larger 2023 preferred investment).

asset acquisition disposition

Kimbell agreed to acquire mineral and royalty interests from three EnCap-affiliated Phillips entities (PEP I/II/III Holdings) for 9.4 million OpCo/Class B units -- introducing EnCap Energy Capital as a major future unitholder.

capital raising announcement

Kimbell agreed to a related-party 'dropdown' acquisition of royalty interests from Rivercrest Capital Partners, Cupola Royalty Direct and its own founding sponsor Kimbell Art Foundation, paying 6.5 million OpCo/Class B units -- the first of what became a recurring pattern of buying more assets from its own insiders and their affiliates.

capital raising announcement

Kimbell converted from a pass-through to a taxable entity and restructured into an Up-C: the Haymaker holders (KKR-affiliated, ending up with 37.3% of the operating subsidiary) and founding sponsor Kimbell Art Foundation (11.0%) exchanged their common units for new Class B units plus a matching stake in operating subsidiary Kimbell Royalty Operating -- a structure letting them defer tax on eventual conversion to full common units while Kimbell itself kept majority (51.7%) control of the OpCo.

capital raising announcement

Kimbell closed the Haymaker acquisition and quadrupled its revolving credit facility, from $50 million to a $200 million borrowing base (expandable to $500 million), to help fund it -- KKR's Haymaker vehicle became a major unitholder in the process.

asset acquisition disposition

Kimbell agreed to acquire Haymaker Minerals & Royalties and Haymaker Resources -- KKR-backed mineral/royalty portfolios -- for $210 million cash plus 10 million common units, by far its largest transaction since the IPO and nearly doubling the size of the young partnership.

capital raising announcement

Kimbell Royalty Partners completed its IPO -- 5,750,000 common units at $18.00 (about $103.5 million gross) -- and simultaneously closed formation transactions contributing the predecessor Kimbell family/founder mineral-and-royalty entities (each controlled by a board member: BJF Royalties, Duncan Management, K3 Royalties, Nail Bay Royalties, Steward Royalties, Taylor Companies) into the new public partnership. Those same entities, plus GP affiliate Kimbell Operating Company, immediately became paid related-party managers under management services agreements -- the externally-managed structure that defines the partnership going forward.

asset acquisition disposition

the New York Stock Exchange certified Kimbell Royalty Partners, LP's securities for listing, clearing them to begin trading.

listing compliance notice