Kimbell Royalty Partners LP

Greetings and welcome to the Kim Bell Royalty Partners fourth 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, Investor Relations. Thank you, Rick. You may begin.

Thank you, Operator, and welcome, everyone, to the Kimbell Royalty Partners conference call to discuss fourth quarter financial and operational results. This is for the time period ending December 31, 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, February 26, 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 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, 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 gap measures can be found at the end of today's earnings press release. Kimball assumes no obligation to publicly update or revise any forward-looking statements. And with that, 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 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 Reinsberger, our Controller. To start off, we are pleased to report strong fourth quarter results that helped cap off another outstanding year for Kimball. We began 2025 with a $230 million acquisition of mineral and royalty interests beneath a historic Navy ranch in the Midland Basin, strengthening the Permian Basin as our leading area for production activity, and inventory. During the second quarter, we redeemed 50% of the Series A cumulative convertible preferred units, simplifying capital structure and lowering our cost of capital. In the fourth quarter, we grew production organically from the third quarter and exceeded the midpoint of our guidance. The favorable fourth quarter performance allowed us to declare a Q4 2025 distribution of 37 cents per common unit. up 6% from Q3 2025, as we continue to focus on returning value to unit holders. For the year, we return $1.60 per common unit through quarterly distributions, all classified as return of capital and 100% free of dividend income taxes, while also reducing debt through disciplined balance sheet management. I'm also pleased to report that our pre-developed reserves increased approximately 8% in 2025 to record level of nearly 73 million VOE. Our active rig count remains strong with 85 rigs drilling across our acreage, representing a market share of US land rigs at 16%. In addition, our line of site wells continue to be above the number of wells needed to maintain flat production, giving us confidence in the resilience of our production as we progress through 2026. Now, before turning the call over to Davis, I'd like to take a moment to provide some high-level comments on a topic we have received considerable investor interest about recently, which is our Barnett-Woodford potential across the Permian Basin. We own all depths across the vast majority of our massive acreage position in our portfolio, which means that we stand to benefit considerably from any development in new formations including the Barnett Woodford. As a mineral owner, we do not have to pay for test pilot programs or delineation projects, making this a meaningful catalyst for increased free cash flow for our unit holders in the future. We have already seen development of the Barnett Woodford on our assets from some of our major operators, and we expect this to accelerate. Finally, as we reflect on 2025, We are grateful to our employees, board, and advisors for another successful year at Kimball as we remain focused on generating long-term unit holder value. And now I'll turn the call over to Davis.