Kimbell Royalty Partners LP

Greetings and welcome to Kimbell Royalty Partners' third 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 keypad. 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 third quarter 2024, which ended on September 30th, 2024. This call is also being webcast and 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, November 7th, 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 for future events or future financial performance are considered forward looking statements made pursuant to the Safe Harbor provisions of 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 and 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 gap 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's 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 Ravenous, our President and Chief Financial Officer, Matt Daley, our Chief Operating Officer, and Blaine Reinsberger, our Controller. We are pleased to report solid results for the quarter, which include declaring a third quarter cash distribution of 41 cents per common unit. Returning value to unit holders is always our priority, and we are proud of the record we have established. Including the declared third quarter distribution, Kimball has returned $11.45 per unit in total cash distributed to common unit holders since our IPO in 2017. During the third quarter, drilling activity remained strong, with 90 rigs actively drilling on our acreage, which represents 16% market share of all land rigs drilling in the lower 48. In addition, we had a record number of lease bonuses during the third quarter. This reflects increased operator interest in developing Kimball's acreage. Line of site wells continue to be well above the number of wells needed to maintain flat production, giving us confidence in the resilience of our production as we wrap up 2024. More specifically, the number of net ducts increased by 34% quarter of a quarter to 5.1 net ducts, the second highest level in Kimball's history, led by the Permian Basin. Finally, we are very optimistic about the future for Kimball and its ability to drive unit holder value for years to come. And now I'll turn the call over to Davis.