Kimbell Royalty Partners LP

Greetings and welcome to the 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. Should anyone 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. Thank you. 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, which ended March 31, 2026. 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, May 7, 2026. 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 are not historical facts, including statements of operational expectations or future events or future financial performance are considered forward-looking statements made pursuant to the Safe Harbors Revisions 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 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 CEO. 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 Ravenous, 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 first quarter results and robust drilling activity across our acreage. Our production exceeded the midpoint of our guidance, demonstrating once again the resilience of our high quality, diversified, and low decline production base. Our active rig count remains strong with 85 rigs drilling across our acreage representing a market share of U.S. land regs at 16%. This favorable first quarter performance allowed us to declare a Q1 2026 distribution of 41 cents per common unit, up 11% from Q4 2025, as we continue to focus on returning value to unit holders. This distribution reflects an annualized tax advantage yield of approximately 11% based on yesterday's closing price. As we look to the remainder of 2026, we expect higher oil prices to support a modest uptick in activity across our oil-weighted basins. Many operators are likely to accelerate the completion of ducts to capture improved pricing while gradually increasing rig counts over time. While oil prices have been volatile in recent weeks due to macro uncertainty stemming from the Middle East conflict, They remain elevated when compared to historical levels, and we believe the current forward strip is conducive to incremental activity. We remain bullish about the U.S. oil and natural gas royalty industry and our role as a leading consolidator in the sector. We are encouraged by the opportunities in front of us and look forward to continuing our growth as we strive to expand our industry-leading portfolio of assets. I'd like to thank all of our employees for their hard work, and dedication in driving Kimball forward and for their role in helping to generate long-term unit holder value. And now I'll turn the call over to Davis.