Kimbell Royalty Partners, LP (NYSE:KRP) Q1 2024 Results Conference Call May 2, 2024 11:00 AM ET
Company Participants
Rick Black - IR
Bob Ravnaas - Chairman & CEO
Davis Ravnaas - President & CFO
Matthew Daly - COO
Blayne Rhynsburger - Controller
Conference Call Participants
Nate Pendleton - Stifel
Trafford Lamar - Raymond James
Tim Rezvan - KeyBanc Capital Markets
Neal Dingmann - Truist Securities
Operator
Greetings, and welcome to Kimbell Royalty Partners First Quarter Earnings Conference Call. [Operator Instructions]. It is now my pleasure to introduce your host, Mr. Rick Black, Investor Relations. Thank you, Mr. Black. You may begin.
Rick Black
Thank you, operator, and good morning, everyone. Welcome to the Kimbell Royalty Partners conference call to review financial and operational results for the first quarter 2024 ended March 31, 2024. This call is also being webcast and can be accessed through the audio link on the Events and Presentations page of the IR section of kimbellrp.com.
Information recorded on this call speaks only as of today, which is May 2, 2024. So please be advised that any time-sensitive information may no longer be accurate as of the date of any replay listening or transcript reading. I would also like to remind you that the statements made in today's discussion that are not historical facts, including statements of expectations or future events or future financial performance are considered forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
We will be making forward-looking statements as part of today's call, which by their nature, are uncertain and outside of the company's control. Actual results may differ materially. Please refer to today's earnings press release for our disclosure on forward-looking statements. These factors as well as other risks and uncertainties are described in detail in the company's filings with the Securities and Exchange Commission.
Management will also refer to non-GAAP measures, including adjusted EBITDA and cash available for distribution. Reconciliations to the nearest GAAP measures can be found at the end of today's earnings release. Kimbell assumes no obligation to publicly update or revise any forward-looking statements. I would now like to turn the call over to Bob Ravnaas, Kimbell Royalty Partners' Chairman and Chief Executive Officer. Bob?
Bob Ravnaas
Thank you, Rick, and good morning, everyone. We appreciate you joining us on the call this morning. With me today are several members of our senior management team, including Davis Ravnaas, our President and Chief Financial Officer; Matt Daly, our Chief Operating Officer; and Blayne Rhynsburger, our Controller. We had another excellent quarter. Following on the operational momentum from 2023, we achieved several new quarterly records in terms of daily production, revenue and EBITDA. Strong organic run rate production growth this quarter exceeded the midpoint of guidance, and we exited the quarter with a near record number of rigs drilling on our acreage. In addition, our line of sight wells continue to be well above the number needed to maintain flat production, giving us confidence in the resilience of our production as we progress through 2024.