Kimbell Royalty Partners LP

and welcome to the Kimbell Royalty Partners second quarter earnings conference call. At this time, all participants are in a listen-only mode. A 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, Rick Black. Please go ahead, sir.

Thank you, Operator, and good morning, everyone. Welcome to the Kimbell Royalty Partners conference call to review financial and operational results for the second quarter, which ended June 30, 2025. 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 KimbellRP.com. Information recorded on this call speaks only as of today, which is August 7, 2025. 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 under the pursuant to the Safe Harbors Provision 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 out 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 GAAP measures can be found at the end of today's earnings press release. Kimball assumes no obligation to publicly update or revise any of these 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 Ravenous, our President and Chief Financial Officer, Matt Daley, our Chief Operating Officer, and Blaine Rheinsberger, our Controller. We are pleased to report solid results for the second quarter with strong cash flow, continued debt pay down, and lower cash G&A costs per BOE. Our rig count remains robust and our market share of overall U.S. land rigs actively drilling increased by 1% to 17%. In addition, While the overall U.S. land rig count dropped by 7% quarter over quarter as operators, primarily in the Permian, slow drilling activity, our overall rig count dropped by only 2% to 88 rigs actively drilling at our acreage. In the Permian Basin, our rig count actually increased by four rigs and Haynesville increased by five rigs, while the MidCon experienced a decline in drilling activity. Net ducts increased by 9% quarter-over-quarter, led by the Permian Basin, which bodes well for near-term production contributions from this region. Finally, cash G&A per BOE came in below the low end of guidance, reflecting operator discipline and positive operating leverage. Today, we announced a 38-cent distribution per common unit as we continue to focus on returning value to unit holders. We remain encouraged by the opportunities we see in 2025 and beyond to continue to grow and expand our industry-leading portfolio of assets to generate long-term unit holder value. And now I'll turn the call over to Davis.