Kimbell Royalty Partners LP

Greetings and welcome to Kimbell Royalty Partners' first quarter earnings conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone cable. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Rick Black, Investor Relations, Thank you, Mr. Black. You may begin.

Thank you, Operator, and good morning, everyone. Welcome to the Kimball 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 it can be accessed through the audio link on the events and presentations page of the IR section of KimballRP.com. Information recorded on this call speaks only as of today, which is May 2nd, 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 by 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. Kimball assumes no obligation to publicly update or revise any forward-looking statements. I would now like to turn the call over to Bob Ravenous, Kimball Realty Partners Chairman and Chief Executive Officer. Bob?

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 Ravnis, our president and chief financial officer, Matt Daley, our chief operating officer, and Blaine Rheinsberger, 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 site 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. Today, we were also very pleased to announce a 49 cent distribution per common unit, a 14% increase compared to last quarter. We are proud of the Kimball track record of delivering value to our unit holders in the form of quarterly cash distributions. Furthermore, we expect that approximately 79% of this distribution will be considered return of capital and not subject to dividend taxes, further enhancing the after tax return to our common unit holders. As we look forward in 2024 and beyond, we remain bullish on the U.S. oil and natural gas industry our role as a leading consolidator in the sector, and the prospects for Kimball to generate long-term unit holder value. I'll now turn the call over to Davis.