Business Context and Reporting Period
This Form 8-K filing by Kimbell Royalty Partners, LP (the "Partnership") reports on executive compensation matters approved by the Conflicts and Compensation Committee of the General Partner. The report date is December 13, 2018, covering events that occurred on December 7, 2018.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation approvals.
Material Changes
The material change reported is the approval of 2019 annual base salaries and 2018 performance-based incentives for three key executives of the General Partner:
- Robert D. Ravnaas (CEO): 2019 Base Salary of $575,000; 2018 Short-Term Incentive Bonus of $300,000; 155,000 restricted units.
- R. Davis Ravnaas (President/CFO): 2019 Base Salary of $550,000; 2018 Short-Term Incentive Bonus of $275,000; 120,000 restricted units.
- Matthew S. Daly (COO/Secretary): 2019 Base Salary of $450,000; 2018 Short-Term Incentive Bonus of $220,000; 85,000 restricted units.
The Committee determined that all three executives met and exceeded their qualitative performance goals for the 2018 fiscal year.
Guidance, Outlook, and Risks
The filing does not provide financial guidance, outlook, or management commentary regarding future business performance. No specific risks or contingencies are detailed in this report, other than the standard disclosure of executive compensation arrangements.
Investor Verification Checklist
- Verify the total cash compensation impact for the General Partner's executives for the 2018 fiscal year and 2019 fiscal year.
- Review the terms of the Kimbell Royalty GP, LLC 2017 Long-Term Incentive Plan regarding the vesting schedule for the awarded restricted units.
- Confirm the methodology used by Pearl Meyer & Partners LLC in the compensation report referenced by the Committee.