Kimbell drops on stock offering to fund oil and gas properties acquisition

Kimbell Royalty Partners, LP

04/11/2022 11:17

** Kimbell Royalty Partners  KRP.N  shares down 7.2% at
$18.21 premarket after follow-on prices
    ** Co late Thurs sold 6 mln units at $17.75, raising $106.5
mln to fund pending acquisition of oil and natural gas mineral
and royalty interests held by Austin-based Hatch Royalty LLC
 urn:newsml:reuters.com:*:nPn2HM7Gna
    ** Offering size boosted from 5 mln units, prices at 9.5%
discount to last sale
    ** Kimbell late Thurs announced $290 mln Permian Basin
acquisition in cash and unit deal that it estimates will produce
2,072 Boe/d (barrels of oil equivalent daily production)
    ** Co has ~65.5 mln units outstanding for ~$1.3 bln market
cap, per Refinitiv
    ** KRP units have gained 44% YTD amid rising energy prices
    ** Citigroup and Raymond James acting as lead bookrunners
for stock offering
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))