Business Context and Reporting Period
This Form 8-K Current Report was filed by Kimbell Royalty Partners, LP on April 3, 2018, regarding events occurring on April 2, 2018. The filing focuses on corporate governance changes rather than operational or financial performance updates.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is limited to the appointment of a new director and associated compensation arrangements.
Material Changes
The primary material change reported is the appointment of Erik B. Daugbjerg as a member of the Board of Directors of Kimbell Royalty GP, LLC (the general partner of the Partnership), effective April 2, 2018. Mr. Daugbjerg was also appointed to the Audit Committee and the Conflicts and Compensation Committee.
Management Commentary and Compensation
- Qualifications: Mr. Daugbjerg brings over 20 years of experience in upstream and midstream energy, including founding roles in the Permian Basin and current leadership at RSP Permian, Inc.
- Compensation: He is eligible for an annual cash compensation of $60,000 for his service on the Board and its committees.
- Equity Incentives: He will receive initial and annual grants of restricted units representing limited partner interests under the 2017 Long-Term Incentive Plan.
- Indemnification: Mr. Daugbjerg will be fully indemnified by the Partnership to the fullest extent permitted under Delaware law.
Investor Verification Checklist
- Verify the effective date of Erik B. Daugbjerg's board appointment (April 2, 2018).
- Confirm the annual cash compensation amount of $60,000 and the terms of the restricted unit grants.
- Review the attached news release (Exhibit 99.1) for additional context on the appointment.
- Note that this filing contains no financial performance data; refer to the most recent 10-Q or 10-K for financial metrics.