FORT WORTH, Texas - Kimbell Royalty Partners, LP (NYSE: NYSE:KRP) has announced the death of board member Ben J. Fortson. With a career spanning nearly 60 years in the oil and gas industry, Mr. Fortson's contributions were integral to the company's development and continued success.
Mr. Fortson had been at the helm of Fortson Oil Company as President and CEO since 1986 and held leadership roles at the Kimbell Art Foundation since 1975. His strategic investments in oil and natural gas minerals and royalties in the late 1990s on behalf of the Kimbell Art Foundation, a major sponsor of Kimbell Royalty Partners, were crucial to the foundation's growth.
His involvement with Kimbell Royalty Partners was foundational, starting from its initial public offering in February 2017 and extending through his tenure on the board of directors until 2024.
Robert Ravnaas, Chairman and CEO of Kimbell Royalty Partners' general partner, expressed deep sorrow over Mr. Fortson's passing, recognizing him as a "good friend and wise counselor" whose "wise counsel, vision and prescient investing skills" were pivotal to the firm's achievements.
Kimbell Royalty Partners, based in Fort Worth, Texas, is recognized as a leading entity in the oil and gas mineral and royalty sector. The company boasts mineral and royalty interests across approximately 17 million gross acres in 28 states and significant onshore basins within the continental United States, with stakes in over 129,000 gross wells.
The information in this article is based on a press release statement from Kimbell Royalty Partners, LP.
InvestingPro Insights
As Kimbell Royalty Partners (NYSE: KRP) mourns the loss of board member Ben J. Fortson, the company continues to demonstrate robust financial metrics and strategic initiatives that have been shaping its growth trajectory. According to the latest data from InvestingPro, KRP has a market capitalization of $1.58 billion, reflecting its substantial presence in the oil and gas mineral and royalty sector. The company's impressive gross profit margin stands at 92.55% for the last twelve months as of Q1 2024, underscoring its ability to efficiently manage operations amidst industry challenges.
InvestingPro Tips highlight that Kimbell Royalty Partners has been proactive in enhancing shareholder value, with management aggressively buying back shares and maintaining dividend payments for eight consecutive years. The current dividend yield is notably high at 11.81%, which is particularly attractive for income-focused investors. Additionally, the company has been trading near its 52-week high, with its price at 96.96% of this peak, signaling strong market confidence in its performance.
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As the company navigates through this period of transition, these metrics and insights from InvestingPro can offer investors a clearer picture of Kimbell Royalty Partners' enduring strengths and future potential.
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