Kimbell Royalty Partners announced its fourth-quarter and full-year 2024 financial and operating results, highlighting that production exceeded 25,000 Boe/d for the first time. Including the full Q4 impact of acquired production, run-rate daily production reached 25,946 Boe/d. Full-year 2024 total production grew 23% compared to 2023.
For Q4 2024, the company reported total revenues of $66.7 million and a net loss of approximately $39.3 million, or $0.48 per common unit. This net loss was primarily due to a non-cash ceiling test impairment expense of $56.2 million, driven by a decline in commodity prices. Consolidated Adjusted EBITDA for the quarter was $59.8 million.
Kimbell declared a Q4 2024 cash distribution of $0.40 per common unit, with approximately 100% expected to be a non-taxable return of capital. The company also initiated its 2025 operational guidance, projecting a record high mid-point daily production of 25,500 Boe/d. Proved developed reserves increased by approximately 3% year-over-year to over 67 MMBoe as of December 31, 2024.
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