Kimbell Royalty Partners, LP filed an Amendment No. 1 on Form 10-K/A to its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The amendment addresses an identified error in the application of accounting guidance related to changes in ownership of its direct subsidiary, Kimbell Royalty Operating, LLC (OpCo).
The company stated that the identified error did not result in a material misstatement of its previously issued consolidated financial statements. The error primarily involved a reclassification of amounts between components within unitholders' equity and had no impact on total unitholders' equity, consolidated statements of operations, or cash flows, including revenues, net income, or earnings per unit.
However, in connection with the period-end close process, Kimbell identified a material weakness in its internal control over financial reporting, which was concluded to be present as of December 31, 2023. Despite this, management concluded that the consolidated financial statements included in the amendment fairly present the company's financial condition, results of operations, and cash flows.
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