Kimbell Royalty Partners, LP (NYSE:KRP) Q3 2023 Earnings Call Transcript

Davis Ravnaas: Yes, that’s a great question. I’m not sure we have enough data yet to really give you a full answer on the most recently acquired Mid-Con asset in terms of how those permits have converted to real development. I would say on average, permits convert across the portfolio, Bob, what would you say, 12 to 18 months?

Bob Ravnaas: Yes, usually within that, but yes, yes.

Davis Ravnaas: Yes. And we love our Mid-Con position. In fact, we think that was one of the best buys we’ve ever made, frankly, in terms of bang for your buck and in terms of what we’ve been able to buy in terms of hydrocarbon in place relative to purchase price. A good question. Let us give you a more full answer over the next quarter or two in terms of how we’re seeing activity there. But I think just a little bit too early to probably give you a read on what’s going on there in terms of permit conversions so.

Tim Rezvan: Got you. That’s fair. Thanks.

Davis Ravnaas: Thank you.

Operator: Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I’ll turn the floor back to management for any final comments.

Bob Ravnaas: Yes. We thank you all for joining us this morning, and look forward to speaking with you again when we report fourth quarter results. This completes today’s call.

Operator: Thank you. You may now disconnect your lines. Thank you for your participation and interest.