Kimbell Royalty Partners Buying Midland Basin Assets for $231M

Dow Jones

Jan 08, 2025

By Paul Ziobro

Kimbell Royalty Partners has agreed to buy mineral and royalty assets in the Midland Basin from a private seller for $231 million.

The oil and natural gas mineral and royalty interests are located under the Mabee Ranch in the core of the Midland Basin in western Texas, with about 875 gross producing wells on over 68,000 gross acres.

Kimbell, which owns energy interests in 28 states, has the option to pay for the deal entirely in cash or through a combination of $207 million in cash and about 1.4 million common units of the partnership.

The board of Kimbell's general partner and the governing body of the seller have both approved the deal, which is expected to close in the first quarter.

Kimbell Chief Executive Bob Ravnaas said the deal will be immediately accretive to distributable cash flow per unit.

Write to Paul Ziobro at paul.ziobro@wsj.com

(END) Dow Jones Newswires

January 07, 2025 16:26 ET (21:26 GMT)

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