Kimbell Royalty Partners LP, an MLP that owns oil and gas mineral and royalty interests across 20 states, reported its $90 million IPO Feb. 3.
It priced 5 million units at $18 each. The units will begin trading on the New York Stock Exchange under the ticker "KRP." The offering is expected to close on Feb. 8.
Underwriters received a 30-day option to purchase up to 750,000 additional units.
When the offering closes, the public will own about 30.6% limited partner interest, and certain parties contributing mineral and royalty interests will collectively own the remaining limited partner interests, the press release said.
The net proceeds will make a cash distribution to the parties who are contributing mineral and royalty interests.
Raymond James is the lead book-running manager. RBC Capital Markets and Stifel are joint book-running managers. Stephens Inc. and Wunderlich are co-managers.
Recommended Reading
E&P Highlights: March 15, 2024
2024-03-15 - Here’s a roundup of the latest E&P headlines, including a new discovery and offshore contract awards.
TotalEnergies Starts Production at Akpo West Offshore Nigeria
2024-02-07 - Subsea tieback expected to add 14,000 bbl/d of condensate by mid-year, and up to 4 MMcm/d of gas by 2028.
CNOOC’s Suizhong 36-1/Luda 5-2 Starts Production Offshore China
2024-02-05 - CNOOC plans 118 development wells in the shallow water project in the Bohai Sea — the largest secondary development and adjustment project offshore China.
Equinor Receives Significant Discovery License from C-NLOPB
2024-02-02 - C-NLOPB estimates recoverable reserves from Equinor’s Cambriol discovery at 340 MMbbl.
Oceaneering Won $200MM in Manufactured Products Contracts in Q4 2023
2024-02-05 - The revenues from Oceaneering International’s manufactured products contracts range in value from less than $10 million to greater than $100 million.